Gersan Zurita SVP CSS Strategy Moody's Investors Service

Gersan Zurita is a Senior Vice President – Group Credit Officer at Moody’s InvestorsService, managing the development and implementation of credit policy in LatinAmerica. Gersan’s 25-year career in credit analysis and corporate banking encompasses a broad geography and wide scope of asset classes, including StructuredFinance as well as sovereign and sub- sovereign finance in the emerging markets, corporate finance in the US and infrastructure and project finance globally.

Prior to Moody’s, Gersan was with MBIA where he led the credit analysis for the team focused on transactions in Latin America. This includes the development of a new program, in collaboration with the IFC, to enhance the creditworthiness of project bonds issued in the local capital markets of Chile, Colombia and Peru.

Prior to MBIA, Gersan was 11 years with Fitch serving in various capacities, more recently in the Global Infrastructure and Project Finance Group

and member of the corporate finance credit policy committee. Gersan’s corporate banking career began at UBS in New York, where he structured loans and other credit facilities for electric utilities and other public service entities in the US.

Gersan received a M.S. from the School of Architecture at Pratt Institute and an MBA in Finance from The Wharton School of the University of Pennsylvania.

Renzo Merino Vice President - Senior Analyst, Sovereign Risk Group Moody’s Ratings

Renzo Merino es vicepresidente y analista sénior del grupo de riesgo soberano de Moody's Ratings. Se incorporó a Moody's en 2011 y ha sido analista líder de calificaciones soberanas y supranacionales en América Latina desde 2014. Su cartera incluye México, Colombia, Panamá y Uruguay. También es el analista principal del Banco Interamericano de Desarrollo. Renzo ha publicado investigaciones sobre temas relevantes para el crédito soberano que afectan a la región de América Latina. Se graduó de la Universidad de Nueva York con una Maestría en Economía y también tiene un BA en Economía de la Universidad de Pennsylvania.

Alejandro Santos Mission Chief for Panama IMF

Alejandro Santos, a national of Mexico, is the IMF Mission Chief for Panama. Mr. Santos holds a BA in Economics from Universidad Autónoma de Nuevo León in Mexico and a PhD in Economics from Yale University. He has been Advisor and Division Chief in the Western Hemisphere Department (WHD) as well as IMF Mission Chief to many countries in the region. Mr. Santos was IMF Resident Representative in Russia, Peru and Paraguay. He has participated in many financial rescue operations of the Fund, including Argentina, Korea, Indonesia and Russia. Prior to joining WHD, he worked in the European Department and the Strategy, Policy and Review Department of the IMF, where he worked on many emerging market economies with IMF-supported programs.

He recently negotiated the Precautionary and Liquidity Line (PLL) arrangement with Panama (the first in Latin America), which was approved by the IMF Board in January 2021. His most recent book is on Peru: Staying the Course of Economic Success (2015), and his most recent blog is on Panama: Economic Quantum Leap (2019).

Alejandro Santos, es ciudadano de México, es el Jefe de Misión del FMI para Panamá. El Sr. Santos tiene una licenciatura en Economía de la Universidad Autónoma de Nuevo León en México y un doctorado en Economía de la Universidad de Yale. Ha sido Asesor y Jefe de División en el Departamento del Hemisferio Occidental (WHD), así como Jefe de Misión del FMI en muchos países de la región. El Sr. Santos fue Representante Residente del FMI en Rusia, Perú y Paraguay. Ha participado en muchas operaciones de rescate financiero del Fondo, incluidas Argentina, Corea, Indonesia y Rusia. Antes de unirse a WHD, trabajó en el Departamento de Europa y el Departamento de Estrategia, Política y Revisión del FMI, donde trabajó en muchas economías de mercados emergentes con programas respaldados por el FMI. Recientemente negoció el acuerdo de Línea de Precaución y Liquidez (PLL) con Panamá (el primero en América Latina), que fue aprobado por el Directorio del FMI en enero de 2021. Su libro más reciente es sobre Perú: Mantener el rumbo del éxito económico (2015), y su blog más reciente es Panamá: Economic Quantum Leap (2019).

José Montano Vice President, Senior Credit Office Moody's Investors Service

With Moody’s for almost 10 years, José oversees insurance ratings in Mexico and Colombia. Also, he is the team leader for the Managed Investments Group in Latin America, supervising bond and equity funds and asset managers ratings. Prior to Moody’s, José was a senior equity analyst –for banking and retail sectors at BBVA Bancomer and he also participated in the group’s investment strategy for the private banking unit. José holds an accounting degree from Universidad Panamericana in Mexico; MBA from ITAM and postgraduate studies in finance at ITESM.

Aimeé Sentmat de Grimaldo Presidente de Banistmo, S.A. Presidente de la Asociación Bancaria de Panamá

Banquera comercial y de banca de consumo con 30 años de servicio. Obtuvo el título de Licenciada en Finanzas en la Universidad Santa María La Antigua y posee una Maestría en Administración de Empresas de Nova Southeastern University.

Inicia su carrera en el ABN AMRO Bank, como Oficial de Crédito de Banca Comercial e Instituciones Financieras; y en su hoja se destacan posiciones en instituciones como Bladex y HSBC, en esta última labora por 11 años, ejerciendo diferentes cargos entre los que podemos mencionar: VP de Banca Comercial y Corporativa, VP de Banca de Personas, Directora de Canales de Distribución, Directora de Banca Global, VP de Banca Comercial y Comercio Exterior.

En octubre del año 2013 es elegida como presidente de Banistmo, y en el 2018 se convierte en la primera mujer en la historia de la banca panameña responsable de liderar a la Asociación Bancaria de Panamá para el periodo 2019-2021.

Marcos Schmidt VP-Senior Credit Officer Moody's Investors Service

Marcos Schmidt is a Vice President – Senior Credit Officer in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of media & telecommunication, airlines, and building materials companies in South America.

Prior to joining Moody’s in 2014, Marcos worked at Morgan Stanley as a credit risk analyst. He previously worked for Moody’s from 2007 to 2012, Citibank and Deutsche Bank.

Marcos received his bachelor’s degree in industrial engineering from Escola de Engenharia Maua in Brazil. He also holds an MBA from FIA - Fundacao Instituto de Administracao.

Jose Antonio Montero Director Financiero Copa Airlines

Mr. Jose Montero 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’s Financial Advisory Council.

Gersan Zurita SVP CSS Strategy Moody's Investors Service

Gersan Zurita is a Senior Vice President – Group Credit Officer at Moody’s InvestorsService, managing the development and implementation of credit policy in LatinAmerica. Gersan’s 25-year career in credit analysis and corporate banking encompasses a broad geography and wide scope of asset classes, including StructuredFinance as well as sovereign and sub- sovereign finance in the emerging markets, corporate finance in the US and infrastructure and project finance globally.

Prior to Moody’s, Gersan was with MBIA where he led the credit analysis for the team focused on transactions in Latin America. This includes the development of a new program, in collaboration with the IFC, to enhance the creditworthiness of project bonds issued in the local capital markets of Chile, Colombia and Peru.

Prior to MBIA, Gersan was 11 years with Fitch serving in various capacities, more recently in the Global Infrastructure and Project Finance Group

and member of the corporate finance credit policy committee. Gersan’s corporate banking career began at UBS in New York, where he structured loans and other credit facilities for electric utilities and other public service entities in the US.

Gersan received a M.S. from the School of Architecture at Pratt Institute and an MBA in Finance from The Wharton School of the University of Pennsylvania.

Renzo Barbieri O'Hara General Manager Moody’s Local Peru

Renzo Barbieri O'Hara is General Manager of Moody's Local for Peru and Bolivia. In his role Renzo has been with Moody's since 2015 when Equilibrium -a Peruvian rating agency- was acquired by Moody's to further develop the Moody's Local platform.

Renzo is responsible for managing key clients and developing new relationships including day-to-day operations for Peru and Bolivia.

Previously, Renzo worked in lmpregilo, a Fiat Group company, dedicated to large-scale civil engineering works, based in Milan, Italy, being responsible for credit insurance, liability management and consolidation of financial operations. He also served one year in the Italian Army. Renzo began his career in Peru in 1989 as Data Analyst at the National Confederation of Private Entrepreneurship under the CAF-CONFIEP agreement. Renzo is a Business Administrator from the University of Lima and is a member of the Advisory Committee of the Business Administration Faculty of the same university. He is fluent in Spanish, Italian and English.

Mauro Leos Associate Managing Director, Sovereign Risk Moody’s Investors Service

Mauro has been with Moody’s Sovereign Risk Group since 1996. He is currently Associate Managing Director for the Americas responsible for sovereign ratings in Latin America, the Caribbean, US and Canada. Mauro is also responsible for ratings of multilateral banks in the region. Prior to joining Moody’s, he was Managing Director for Latin America at Wharton Econometrics (WEFA) in Philadelphia. Mauro completed graduate studies at the University of Wisconsin in the areas of International Finance and Econometrics. He did his undergraduate studies -- major in Economics -- at the Instituto Tecnológico y de Estudios Superiores de Monterrey (I.T.E.S.M.) in Mexico.

José Montano Vice President, Senior Credit Office Moody's Investors Service

With Moody’s for almost 10 years, José oversees insurance ratings in Mexico and Colombia. Also, he is the team leader for the Managed Investments Group in Latin America, supervising bond and equity funds and asset managers ratings. Prior to Moody’s, José was a senior equity analyst –for banking and retail sectors at BBVA Bancomer and he also participated in the group’s investment strategy for the private banking unit. José holds an accounting degree from Universidad Panamericana in Mexico; MBA from ITAM and postgraduate studies in finance at ITESM.

Aimeé Sentmat de Grimaldo Presidente de Banistmo, S.A. Presidente de la Asociación Bancaria de Panamá

Banquera comercial y de banca de consumo con 30 años de servicio. Obtuvo el título de Licenciada en Finanzas en la Universidad Santa María La Antigua y posee una Maestría en Administración de Empresas de Nova Southeastern University.

Inicia su carrera en el ABN AMRO Bank, como Oficial de Crédito de Banca Comercial e Instituciones Financieras; y en su hoja se destacan posiciones en instituciones como Bladex y HSBC, en esta última labora por 11 años, ejerciendo diferentes cargos entre los que podemos mencionar: VP de Banca Comercial y Corporativa, VP de Banca de Personas, Directora de Canales de Distribución, Directora de Banca Global, VP de Banca Comercial y Comercio Exterior.

En octubre del año 2013 es elegida como presidente de Banistmo, y en el 2018 se convierte en la primera mujer en la historia de la banca panameña responsable de liderar a la Asociación Bancaria de Panamá para el periodo 2019-2021.

Marcos Schmidt Associate Managing Director, Corporate Finance Moody's Investors Service

Marcos Schmidt is a Vice President – Senior Credit Officer in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of media & telecommunication, airlines, and building materials companies in South America. Prior to joining Moody’s in 2014, Marcos worked at Morgan Stanley, Citibank and Deutsche Bank. Marcos received his bachelor’s degree in industrial engineering from Escola de Engenharia Maua in Brazil. He also holds an MBA from FIA - Fundacao Instituto de Administracao.

Alejandro Santos Mission Chief for Panama IMF

Alejandro Santos, a national of Mexico, is the IMF Mission Chief for Panama. Mr. Santos holds a BA in Economics from Universidad Autónoma de Nuevo León in Mexico and a PhD in Economics from Yale University. He has been Advisor and Division Chief in the Western Hemisphere Department (WHD) as well as IMF Mission Chief to many countries in the region. Mr. Santos was IMF Resident Representative in Russia, Peru and Paraguay. He has participated in many financial rescue operations of the Fund, including Argentina, Korea, Indonesia and Russia. Prior to joining WHD, he worked in the European Department and the Strategy, Policy and Review Department of the IMF, where he worked on many emerging market economies with IMF-supported programs.

He recently negotiated the Precautionary and Liquidity Line (PLL) arrangement with Panama (the first in Latin America), which was approved by the IMF Board in January 2021. His most recent book is on Peru: Staying the Course of Economic Success (2015), and his most recent blog is on Panama: Economic Quantum Leap (2019).

Alejandro Santos, es ciudadano de México, es el Jefe de Misión del FMI para Panamá. El Sr. Santos tiene una licenciatura en Economía de la Universidad Autónoma de Nuevo León en México y un doctorado en Economía de la Universidad de Yale. Ha sido Asesor y Jefe de División en el Departamento del Hemisferio Occidental (WHD), así como Jefe de Misión del FMI en muchos países de la región. El Sr. Santos fue Representante Residente del FMI en Rusia, Perú y Paraguay. Ha participado en muchas operaciones de rescate financiero del Fondo, incluidas Argentina, Corea, Indonesia y Rusia. Antes de unirse a WHD, trabajó en el Departamento de Europa y el Departamento de Estrategia, Política y Revisión del FMI, donde trabajó en muchas economías de mercados emergentes con programas respaldados por el FMI. Recientemente negoció el acuerdo de Línea de Precaución y Liquidez (PLL) con Panamá (el primero en América Latina), que fue aprobado por el Directorio del FMI en enero de 2021. Su libro más reciente es sobre Perú: Mantener el rumbo del éxito económico (2015), y su blog más reciente es Panamá: Economic Quantum Leap (2019).

Jose Antonio Montero Director Financiero Copa Airlines

Mr. Jose Montero 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’s Financial Advisory Council.