#1Grupo Aeroportuario del Pacífico The best is yet to come R.I. 20 27 60 19 Annual Report#284 06#3Content 44 8 GAP Overview 2019 Highlights Our Network Business Strategy Letter from our Chairwoman Message from our CEO Our Leadership Team Upward Trend: 2019 Operating and Financial Review Commercial Strategy Airport Results 10 12 14 16 18 22 24 32 40 41 42 44 46 50 Code of Ethics 51 Risk Management 53 Investor Information The New Path: 2020-2024 Master Development Program Environment, Social and Corporate Governance Our Approach to Sustainability GAP Foundation Employees Corporate Governance On October 10, 2019, the company took control and began to operate the Kingston airport; therefore, figures corresponding to 2019 include information of this airport as of that date. 23 THE BEST IS YET TO COME 2019 ANNUAL REPORT#4>> ERRA ARTURES SALIDAS 18:43 VOI 605 CANCUN 18:45 40 2216 MEXICO 17:05 AMEX 225 MEXICO 17:08 40 233 MONTERREY 843 RETRASADO 18:50 17:19 VOI 696 TORREON AS ABORDANDO 18:56 AMEX, 17:30 VIV 3110 TIJUANA DABORDANDO 10:00 CERRADO 18:15 STAR STRETRASADO 18:34 18:40 T 2019 Highlights 17:27 VOI 628 CANCUN 007 ABORDANDO 18:50 VOI 17:27 VOI 634 MEXICALI CERRADO 18:00 VIV 17:40 3040 CULIACAN 18:00 TAO 17:09 VOI 240 CD JUAREZ 18:29 AMX 17:55 40 900 L ANGELES 18:04 745 MEXICO 18:36 18:05 AMX 109 MEXICO D04 18:50 14 airports GAP" OVERVIEW CAPEX MXP 2.5 billion#5372 destinations 39 1,540 48.7 million airlines employees passengers; 8.4% increase vs 2018 $ MXP 5.4 billion net income; 6.2% increase vs 2018 MXP 9.8 billion EBITDA; 11.1% increase vs 2018 68.4% EBITDA margin¹ ($ MXP 14.31 billion in revenues; 12.9% increase vs 2018 1 Excluding IFRIC 12 45 THE BEST IS YET TO COME 2019 ANNUAL REPORT#6theval D37 13 airports have the Civil Aerodrome Certification that ensures that the infrastructure and airport's services comply with ICAO's Annex 14th MXP 19.2 million invested in environmental projects 2019 Highlights#712 Mexican airports certified under ISO 9001:2015 Quality Management System and ISO 14001:2015 Environmental Management System Kingston, Jamaica Beginnning of operations of Norman Manley International Airport ESR EMPRESA SOCIALMENTE RESPONSABLE 11th consecutive year with the Socially Responsible Company (ESR) Distinction, awarded by Cemefi (Mexican Center for Philanthropy) 4 Community Education Centers were inaugurated by GAP Foundation New 2020-2024 MDP Master Development Programs approved All our Mexican airports have the Safety Management System (SMS) certification to accomplish ICAO's Annex 19th. GAP is the only operator in the country with 100% airports certified THE BEST IS YET TO COME 2019 ANNUAL REPORT 6 7#8Tijuana 8,926 Mexicali 1,199 Hermosillo 1,874 Los Mochis 391 La Paz 1,008 Los Cabos 5,609 Puerto Vallarta Guadalajara 14,846 5,052 Manzanillo 175 Morelia 898 OUR NETWORK Montego Bay 4,708 Aguascalientes 858 Guanajuato 2,756 At GAP, we operate a Kingston* diversified 1,824 portfolio of 14 international airports. Passengers (thousands) *GAP took control of the airport in the 4Q19, but the figure considers 12M19#923% USD 43% International TOTAL REVENUES¹ PASSENGER DISTRIBUTION 18% Others 11% Puerto Vallarta REVENUE BY AIRPORT 77% Pesos 14% Tijuana 57% Domestic 24% Business 26% Visiting friends and relatives (VFR) 15% Montego Bay PASSENGER PROFILE IN OUR AIRPORTS 3% Other 27% Guadalajara 15% Los Cabos 47% Leisure 1 Excluding IFRIC 12 8 9 THE BEST IS YET TO COME 2019 ANNUAL REPORT#10Auton penel Quality & Passenger Experience Ensure that the quality of our services and facilities provides positive experiences to our clients and stakeholders Financial Health Optimize use of resources to maintain a solid financial structure, based on the profitability of the business, with an efficient financial and operating leverage Business STRATEGY#11Team-building Lead the team effectively, encouraging trust, commitment and cooperation, with training and recognition, with equal opportunities among employees Airport Marketing Network and connectivity to drive progressive air demand, with new routes and added frequencies Commercial Development Strengthen commercial revenue through new layouts, new terminals and expansions, capitalization of emerging market trends and development of new business lines Infrastructure Develop and improve infrastructure to increase capacity and maximize airport safety levels and quality of service to passengers and users Sustainability Innovation Social Commitment Balance of financial, natural resources, environmental risk, social and economic development of our airport communities, that ensure transcendency and permanency Achieve efficiency in our activities and processes, through the development and implementation of innovative technological solutions and groundbreaking innovation, that create added value Continue our commitment with the airport communities, providing high level education to children, through the GAP schools, and to the adult community, through the new Community Education Centers Merger & Acquisitions Constant analysis of opportunities for expansions, that will have accretive value for the company Shareholder Distributions Investor Relations A dividend policy with constant and growing distributions, in accordance with profitability Provide clear information to the market and maintain constant communications with investors and analysts THE BEST IS YET TO COME 2019 ANNUAL REPORT 10 11#12Dear Shareholders, This letter is being printed as we are facing one of the most challenging times in the business world and specifically in our industry. The worldwide lockdown as a result of the COVID-19 pandemic and the uncertainty surrounding it created an unprecedented halt to travel operations to a level never experienced in the past. I feel confident in the way GAP's management and Board reacted to the changing times by ensuring that our company's financial position remains solid, our employees stay healthy and our business model adapts to the new health and travel standards in our industry. Our business model has proven to be resilient during these trying times. GAP is in a solid financial position, with ample financial liquidity and limited upcoming maturities enabling us to maneuver these challenging times. As local and international travel picks up, our business will benefit from increased traffic. Our Letter from Cleffers JR CHAIRWOMAN#13diversified airport portfolio including a healthy mix of city centers and tourism destinations in Mexico and Jamaica further strengthens our position as one of the leading airport operators in the region. As the world is slowly opening up, we at GAP are committed to maintaining the highest levels of standards and safety that this new normalcy requires. We have made vital changes to our day-to-day operations, including training and assessments of all our personnel. We have made it our mission to implement all international health and safety standards, following the recommendations of the World Health Organization (WHO), the Mexican Ministry of Health and the Airports Council International (ACI), regarding the proper disinfection of common areas and aircraft boarding equipment, as well as implementing distancing parameters in passenger documentation and boarding areas, among others. We have remained committed to support our local communities and governments by donating medical supplies to various regional institutions and hospitals that specialize in treating COVID-19 patients. Part of our Social Responsibility Strategy is focused on investing in education as a tool to ensure intellectual, social and economic development within our community. Specifically, through the GAP Foundation, we offer full-time elementary education to over 700 children throughout the three GAP schools located in underprivileged areas near our airports. In 2020, as part of our commitment to our current students and their families, we launched the operation of our first middle school, for grades 7th through 9th. In addition, we began operating Community Centers in some of our airports in Mexico, which provide free adult education programs for our employees to help them obtain better positions and improve their quality of life. Our commitment to our shareholders, partners, communities and our employees is as steadfast as ever. We will continue to operate with the unwavering hand and vision which has proven successful in the past, whilst adapting to the new challenges of the future. We thank you for your support. continued Sincerely. Laura Díez Barroso Azcárraga Chairwoman of the Board 12 13 THE BEST IS YET TO COME 2019 ANNUAL REPORT#14Dear Shareholders, 2019 was a year filled with great achievements for GAP, despite the challenges we faced. During the year, we reached a total of 48.7 million passengers, and we successfully concluded the three tariff negotiations in Mexico, Montego Bay and Kingston. This translates into an average tariff increase of roughly 15%. Additionally, during October 2019, we took control of Kingston airport's operations, which, with the new strategies and necessary optimizations, will provide additional value to our shareholders. Looking forward, we understand the risks we will face in 2020, not only because of the health emergency, but also because of its potential impacts on economic growth. As you know, COVID-19 has severely affected our industry. It has led to government- imposed travel restrictions, flight cancellations, and a marked decline in passenger demand for air travel, both domestically and worldwide. As a result, we have identified various mechanisms, in order to react swiftly and thus mitigate some of the unfavorable results stemming from the economic slowdown and the reductions in passenger traffic. Message from OUR CEO#15One example is the implementation of a service cost-control plan, whereby operational areas that are not in use have been closed temporarily. Another example is the delayed non-obligatory capital investments; we will also request the postponement of committed investments from the proper authorities, among others. We have taken steps and implemented policies to protect our employees, businesses and communities that surround our operations from some of the threats posed by the pandemic. To support the liquidity of our airline customers, we also have granted them payment deferrals. Additionally, GAP is implementing worldwide best practices, including the highest level of safety and compliance, focusing on flows, social distancing measures and diligent sanitization throughout all the facilities. New technology will also drive the solutions that will offer our passengers the confidence to travel again. These include, automating certain routine processes, via robots and technologies, in order to minimize human interaction and maintain social distancing. Our aim is to adopt these and any added sanitation practices that will offer airport users the greatest sense of comfort and safety in all the airport areas. At GAP, one of our priorities is to ensure the quality and experience of passengers, guaranteeing excellence in our processes, services and facilities, which generates a positive, continuous and unique experience for our users. The extraordinary growth we have experienced in passenger traffic, drives us not only to expand current infrastructure with new terminals and operating areas, but also to implement cutting-edge technology, which will facilitate passenger mobility and increase operating safety. We are aware of the importance of the airline industry for this and any country. In Mexico, the airline industry contributes around 3.5% of GDP, according to the latest data published by IATA. One of the main challenges for strengthening global air connectivity is the continuous improvement of sustainable, efficient infrastructure, in accordance with the demand and modernization required models. As such, by leveraging the new investments, we are confident that we will achieve optimum standards of safety and quality, both domestically and internationally. In order to maintain a positive growth rate, we must take into account several important aspects, such as the environment, the use and implementation of top technology, and above all, a well-defined long-term vision. The new investment plan will give us the ability to maximize the use of clean and less polluting energy, as well as carbon neutral and self-sustaining terminal areas. In 2019, we concluded a five-year operating cycle; the most successful in GAP's history, achieving truly outstanding results. We integrated the Kingston Airport in Jamaica into our company and strengthened airport marketing strategies that helped with passenger traffic development and growth, as well as commercial strategies to encourage consumption within our airports, which contributed to overall shareholder value. 2020 initiates a new cycle, a new five-year period, and new challenges. It will also undoubtedly represent a trying period that will put to the test our resilience and the strength of our airport portfolio. We, at GAP, are confident that we will emerge even stronger when the health crisis is over. We are confident the best is yet to come! Raúl Revuelta Musalem Chief Executive Officer 14 15 THE BEST IS YET TO COME 2019 ANNUAL REPORT#16Experienced leaders to achieve our goals and reach further. Raúl Revuelta Musalem Chief Executive Officer Welcome to José Ángel Martínez Sánchez Chief of Airports & Regulated Revenues NORMAN MAY Internation KIN Saúl Villarreal García Chief Financial Officer OurEADERSHIP Team#17Martín Zazueta Chávez Guadalajara Airport Director Internacional de la Juan Francisco M. Martínez Mira Director of Quality, Innovation & IT 16 17 Alejandro Vallarino Marusich Infrastructure Director Alejandro Mañón Hernández Director of Culture & Human Capital Sergio Enrique Flores Ochoa General Counsel THE BEST IS YET TO COME 2019 ANNUAL REPORT#18D Upward TREND: 2019 Operating and Financial Review#19Consolidated Statements of Profit or Loss and Other Comprehensive Income For the years ended December 31, 2017, 2018 and 2019 (thousands of Mexican pesos) 2017 2018 2019 19 vs 18 Revenues Aeronautical services Non-aeronautical services Sum of aeronautical and non-aeronautical services Improvements to concession assets (IFRIC 12) Total revenues Operating costs Cost of services Technical assistance fees Concession taxes 8,280,522 9,499,154 10,547,720 11.0% 2,772,905 3,183,532 3,771,500 18.5% 18 11,053,427 12,682,686 14,319,220 12.9% 1,312,491 1,440,204 1,906,801 32.4% 19 12,365,918 14,122,890 16,226,021 14.9% 2,110,407 2,453,722 2,744,864 11.9% 357,451 411,477 461,549 12.2% 944,197 1,076,350 1,318,220 22.5% Depreciation and amortization 1,443,562 1,569,637 1,776,137 13.2% Cost of improvements to concession assets (IFRIC 12) 1,312,491 1,440,204 1,906,801 32.4% Other (income) expense - net (83,921) (73,152) Total operating costs 6,084,187 6,878,238 Income from operations Finance cost Share of (loss) profit of associate Income before income taxes Income taxes 6,281,731 7,244,652 1,212 8,208,783 8,017,238 (101.7%) 19.3% 10.7% 2019 ANNUAL REPORT (99,389) (236,033) (671,132) 184.3% (10,620) (947) 79 (108.3%) 6,171,722 7,007,672 (1,440,641) (1,869,041) 7,346,185 (1,891,443) 4.8% 1.2% Profit for the year 4,731,080 5,138,631 5,454,742 6.2% Exchange differences on translating foreign operations (226,494) (103,569) (269,440) 160.2% Cash flow hedges effective portion of change in fair value, net of income tax (172,094) 100.0% Remeasurements of employee benefit - net of income tax (2,602) (161) (1,404) 770.8% Total comprehensive income for the year 4,501,985 5,034,901 5,011,804 (0.5%) THE BEST IS YET TO COME EBITDA EBITDA Margin % (excluding IFRIC12) 7,725,293 8,814,289 9,793,375 11.1% 70% 69% 68% (1.6%) *Figures audited by KPMG#20405,007 411,677 395,418 394,919 403,964 Total Operations 416,719 474,220 512,942 526,922 541,833 556,996 2,134 2,441 2,597 Passenger Traffic THOUSANDS 19,287 20,223 20,208 21,287 23,173 24,719 31,364 36,549 40,709 EBITDA MXP MILLIONS 3,266 3,716 44,948 48,709 3,902 Total Revenues¹ MXP MILLIONS 4,374 4,787 5,264 7,556 9,431 11,053 12,683 09 10 11 12 13 14 *15 16 17 18 19 09 10 11 12 13 14 *15 16 17 18 19 09 10 11 12 13 14 *15 16 17 18 2,939 3,556 3,690 5,404 6,583 7,725 09 10 11 12 13 14 15 16 17 18 19 09 10 11 12 13 14 15 16 17 18 19 09 10 11 12 13 14*15 16 17 18 19 2,212 8,814 9,793 2,577 2,290 2,661 2,965 3,460 4,905 5,641 Cash Flows from Operating Activities MXP MILLIONS 6,169 7,236 8,164 14,319 Net Income MXP MILLIONS 1,199 1,500 1,484 1,772 2,246 2,243 2,873 3,354 4,731 5,139 19 5,455#214.2% 5.2% 6.0% 7.2% 8.9% Return on Assets (ROA) CAPEX MXP MILLIONS 542 935 1,287 983 681 633 1,126 1,875 09 10 11 12 13 14 *15 16 17 18 19 9.2% 9.1% 9.3% 12.0% 12.7% 13.0% 1,939 2,501 2,479 09 10 11 12 13 14 *15 16 17 18 19 1 Excluding IFRIC 12 * Figures consolidate information for MBJ as if the acquisition had taken place January 1, 2015 (rather than April 1, 2015) and are presented solely for the convenience of the reader. Balda THE BEST IS YET TO COME 19 ANNUAL REPORT FALSAS DEPARTURES 22 20 21#22VER AGÁRD” M ading Zone Layout reconfiguration Redesign our layouts in accordance with the new consumption trends Our strategies aim to increase commercial revenues and improve passenger experience. 72% Third-party operated businesses 28% Directly operated businesses Commercial STRATEGY#23Expand parking lots Expand and redesign parking lots to increase capacity and implement long-term stay Customer Experience Develop a more comfortable and enjoyable experience to incentivize consumption per passenger Well-known brands Boost commercial revenues through international and domestic brands Advertising innovation Modernize advertising infrastructure, balancing traditional and digital advertising More business lines Get to know our client better to develop business lines according to their needs New VIP Lounges Open new VIP Lounges and launch our loyalty program Redefine commercial offerings Develop the optimal mix of retail, food and beverage offerings THE BEST IS YET TO COME 2019 ANNUAL REPORT 22 23#24marional de Guadalajara "Perto de Gijin Airport RESULTS#25Guadalajara Main destinations Mexico City, Tijuana and Los Angeles Main airlines Volaris, VivaAerobus and Aeromexico MXP 263.8 Aeronautical and non-aeronautical revenues per passenger 14.8 Traffic share million passengers 60 71% Domestic 29% International MXP 990.6 million CAPEX destinations 14 airlines THE BEST IS YET TO COME 2019 ANNUAL REPORT 24 225 25#26CBX STERE Tijuana Aeropuerto Internacional de T Main destinations Mexico City, Guadalajara and Culiacan Main airlines Volaris, VivaAerobus, Interjet and Aeromexico M Traffic share MXP 226.6 Aeronautical and non-aeronautical revenues per passenger 67% Domestic 33% International MXP 7 airlines 356.2 million CAPEX 8.9 37 destinations million passengers#27Traffic share Los Cabos Aeropuerto Internacional de Los Calors 34% Domestic 66% International MXP 343.3 million CAPEX Main destinations Mexico City, Los Angeles and Dallas Main airlines American, Alaska, United, Southwest and Volaris MXP 383.7 Aeronautical and non-aeronautical revenues per passenger 48 destinations 18 5.6 airlines million passengers THE BEST IS YET TO COME 2019 ANNUAL REPORT 26 27#28Puerto Vallarta 23 Main destinations airlines Mexico City, Los Angeles and Dallas Main airlines American, United, Alaska, Interjet, Volaris, Aeromexico and Southwest GAP al de Puerto Vallarta MXP 324.5 5.0 million passengers Aeronautical and non-aeronautical revenues per passenger MXP 70.5 million CAPEX Traffic share 52 destinations 36% Domestic 64% International#29MXP Aeronautical and non-aeronautical 445.5 revenues per passenger Main destinations Toronto, New York and Atlanta Main airlines 34 4.7 airlines American, Southwest, Delta and JetBlue 60 destinations Traffic share 100% International MXP 224.6 million CAPEX Montego Bay 28 million passengers NGSTER 29 INTERNATIONA THE COME 2019 ANNUAL REPORT#30Other Nine Airports A Traffic share 72% Domestic MXP 440.3 28% International million CAPEX MXP 273.3 Aeronautical and non-aeronautical revenues per passenger#31Main destinations Mexico City, Tijuana and Guadalajara Main airlines Volaris, Aeromexico, VivaAerobus, Interjet, United and American VIP LOUNGE HERMOSILLO 50 20 destinations airlines 9.7 million passengers THE BEST IS YET TO COME 2019 ANNUAL REPORT 30 31#32The New Path: 2020-2024 MASTER DEVELOPMENT PROGRAM LO 08 The renovations will focus on three fundamental components: Functionality Operating safety complying with the highest international standards and regulations Environment Carbon-neutral terminal buildings Passenger experience Use of technology and designs that enhance passenger comfort and experience#33volaris olaris.com The new 2020-2024 Master Development Plan (MDP) consists of investments aimed to increase capacity at our airports; thus demonstrating, once more, our ability to transform investment into value. THE BEST IS YET TO COME 2019 ANNUAL REPORT 33 33 32#34The main projects we will undertake are: Premium hotel with 180 rooms Guadalajara Airport#352 new waste water treatment plants 13,800 sqm of parking lot 2nd runway 34 35 THE BEST IS YET TO COME 2019 ANNUAL REPORT#36New processor terminal building Easier passenger transit to Mexico and international destinations 4 additional boarding gates Tijuana Airport New terminal for international passenger transit 15,000 sqm#373 new aprons Development of new international routes Exit Salida USA / México Border CBX THE BEST IS YET TO COME 2019 ANNUAL 36 37#388 new aprons 1 new waste water treatment plant ovom W PUERTO VALLARTA 15 additional boarding gates New net-zero terminal building 42,000 sqm Puerto Vallarta Airport#394 LO 5 2 additional boarding gates 38 28 additional aprons Los Cabos Airport Expansion of national and international terminal buildings 10,500 sqm THE BEST IS YET TO COME 2019 ANNUAL REPORT 39#40Environment Social AND CORPORATE Governance#41Our Approach to Sustainability Our Comprehensive Management System standardizes, controls and improves our processes continuously. Furthermore, it simplifies the identification of the best practices in order to promote sustainable developments through social responsibility and environmental protection initiatives, counteracting pollution and reducing greenhouse gas emissions. • All 12 Mexican airports are certified under ISO 9001:2015 Quality Management System and ISO 14001:2015 Environmental Management Systems. During 2019, we continued implementing GAP's Comprehensive Management System in Jamaica's airports to achieve these certifications. • Seven new airports attained the Airport Carbon Accreditation (ACA), from the Latin America and Caribbean Region of Airports Council International (ACI-LAC); we currently have nine airports with this accreditation. Guadalajara, Aguascalientes, Morelia and Los Mochis airports maintained the best level of Environmental Quality Certification (NDA 2), granted by PROFEPA (Federal Office for the Protection of the Environment) GAP's Comprehensive Management Policy establishes our commitment to provide sustainable services and reduce our environmental impact. THE BEST IS YET TO COME 2019 ANNUAL REPORT 40 41#4203 130 GAP Foundation Since 2013, when we instituted the GAP Foundation, we have strived to improve social welfare through education in the communities where we operate. Ser Colegle GAP atarya el present par formar parte de la ganar Fundeders, 203, an al que feed sweñas valer GAP Foundation GAP Schools Community support Community Centers Airport employee training#43Foundation timeline /|\ E=MC ° A ED 2014 Guadalajara 1st school, 344 students enrolled 2016 Los Cabos, 240 students enrolled 2018 Guadalajara 2nd school, 108 students enrolled 2019 4 Community Centers, 323 participants During 2019, we opened four Community centers in Guadalajara, Los Cabos, Aguascalientes and Puerto Vallarta. These centers aim to provide continuous and quality training for our employees; therefore, improving their quality of life and increasing their personal growth. We developed specialized modules to enhance employees' capabilities and competences for their daily activities, so they can aspire to better job positions. In addition, we offer them the opportunity to conclude elementary, middle and high school. THE BEST IS YET TO COME 2019 ANNUAL REPORT 42 43#44Employees Our corporate culture respects professional, cultural and gender diversity. We categorically reject any type of discrimination; we focus on stimulating personal development based on talent, character, education, knowledge, discipline and effort, without considering gender, race, religion or any other subjective issue. Our Code of Ethics fosters corporate inclusion; advocating for diversity and promoting the selection of the best candidates for specific positions based on their capabilities, both within our workforce and management bodies. Currently, 20% of our managers are female, and we are actively developing initiatives to increase the number of female employees, specifically in upper management positions and in the Board of Directors. 1,540 employees 39% Union 61% ▶We strive to maintain the best working conditions and relations with our employees, looking to improve their quality of life and thus, provide an exceptional service. Non-union 30% 70%#45GAP seeks to attract and retain the most qualified and professional employees through the daily recognition of their abilities and reiteration of GAP values; thus, fostering an exceptional work environment for their professional and personal development. Furthermore, we provide competitive benefits, well beyond the law's requirements, such as: Food coupons Additional vacation days Annual bonus Transport Life insurance Major medical insurance Productivity bonus Lunchroom Superior vacation bonus Savings plan Social secutiry Corporate gratification |-($)- Superior Christmas bonus End of year food package Scholarships Annual Training Plan Goal To develop employees' technical and soft skills based on detected training needs from performance reviews employee knowledge, abilities and self-improvement aspiration for positions of greater responsibility within the company GAP's efficiency and productivity We designed and implemented the EIVA - Essential and Virtual Education- E-learning platform in order to improve and make training processes more efficient. This system offers two recurring courses to comply with regulations: Annex 14, for the operating area and Code of Ethics, for all our staff. Additionally, we grant scholarships to our employees and their families so they can continue their studies. We developed the AENA Scholarship Program, through which employees have the opportunity to study at the Polytechnic University of Madrid at the Higher Technical School of Aeronautical and Space Engineering. Moreover, we have an unwavering commitment with our employees' health and safety. Due to all our wellbeing initiatives and efforts, we had a voluntary turnover rate of 3.0% during the year. 92,279 hours of training during 2019; approximately 74 hours per employee 44 45 THE BEST IS YET TO COME 2019 ANNUAL REPORT#46Anquet Mamaina de ww Corporate Board of DIRECTORS The Board of Directors is responsible for the strategic management of our company. Its members are elected for one-year terms at the Annual Ordinary Shareholders' Meeting; currently it is comprised by 11 members, seven are independent complying with Mexican regulation. During 2019, the Board met on five occasions, with a 97% of attendance. Board Members appointed by Series BB Shareholders Proprietary Members Laura Díez Barroso Azcárraga Chairwoman of the Board Juan Gallardo Thurlow Eduardo Sánchez Navarro Redo María José Cuenda Chamorro Alternate Members Carlos Laviada Ocejo Alejandro Cortina Gallardo Carlos Alberto Rohm Campos Juan José Álvarez Gallego Board Members appointed by Series B Shareholders Independent Members Carlos Cárdenas Guzmán Joaquín Vargas Guajardo Álvaro Fernández Garza Juan Díez-Canedo Ruíz Ángel Losada Moreno Luis Tellez Kuenzler Alfredo Casar Pérez (appointed by Grupo México) GOVERNANCE#47Operating COMMITTEE Comprised by seven proprietary and three alternate members, it is responsible, among other things, for proposing and approving certain plans and policies related to GAP's business, investments and management. During 2019, the committee met on 12 occasions. Proprietary Members Raúl Revuelta Musalem Carlos Alberto Rohm Campos Juan Gallardo Thurlow Saúl Villarreal García José Ángel Martínez Sánchez Alejandro Vallarino Martin Zazueta Alternate Members Carlos Manuel Porrón Suárez Santiago Riveroll Mendoza Alejandro Cortina Gallardo Audit and Corporate PRACTICES COMMITTEE The Committee must be comprised by at least three independent members and the majority must be in the Board of Directors. It is responsible, among other things, for monitoring that (i) Board members, company executives and GAP subsidiaries' officers comply with the bylaws, applicable law and general policies that must be prepared in accordance with the bylaws (ii) appoint annually and supervise independent auditors' work², (iii) receive and investigate internal complaints or other information concerning internal control systems and related issues. In addition, this committee must supervise Corporate Governance practices and operations that the company has with related parties (in the terms of GAP's bylaws, the Airports Law and the Securities Market Act), including AMP (Aeropuertos Mexicanos del Pacífico) and its shareholders. During 2019, the committee met on five occasions. Carlos Cárdenas Guzmán Ángel Losada Moreno Juan Díez-Canedo Ruíz We strive to increase gender, perspective and expertise diversity in the Board. In 2019, 2 Board members were female. 2 For the last three years, the independent auditors have not issued any opinions with exceptions, negative estimations, nor have they refrained from issuing any judgements relating to the company's consolidated statements. THE BEST IS YET TO COME 2019 ANNUAL REPORT 46 47#48AVX GDLPS30#49GAP complies with national and international corporate governance best practices in order to maximize value creation for our stakeholders, streamline decision- making and promote a culture of compliance and accountability. Acquisitions COMMITTEE This Committee's responsibilities include to ensure compliance with the contracting policies and regulations established in the bylaws. Among other things, these policies require that the Acquisitions Committee approves any operation or series of related operations between the company and a third party, representing an amount above U.S. $400,000 and any contract between the company and AMP or any of its related parties; on the other hand, it must carry out a bidding process that involves at least three other participants. During 2019, the committee met on 11 occasions. Proprietary Members Alternate Members Carlos Alberto Rohm Campos Juan José Álvarez Gallego Joaquín Vargas Guajardo Nominations and COMPENSATIONS COMMITTEE This Committee is responsible for presenting candidates to the Board of Directors, as well as for making recommendations on Board Members and Executives' compensation. During 2019, the committee met twice. Proprietary Members Laura Díez Barroso Azcárraga Álvaro Fernández Garza Alternate Members Juan José Álvarez Gallego THE BEST IS YET TO COME 2019 ANNUAL REPORT 48 49#50Code of HICS Our Code of Ethics describes GAP's values, conducts and culture that guide the daily behaviors of all parties related to the company. The main topics addressed are: L-D Treatment of confidential information Health, safety and environment All our activities and operations are based on an ethical culture, adhering to ideals of honesty and integrity. The relationships among GAP's employees must be based on mutual respect and tolerance, with strict adherence to the principles of this code, GAP's internal policies and applicable laws, in order to ensure a harmonious environment that leads to productive work and to the achievement of GAP's aims. All employees are expected to perform their daily activities in accordance with the established objectives and goals, unequivocally avoiding any situations of discrimination, harassment and abuse -psychological, physical, sexual or of the workplace- in the employment relationship. Whistleblowing line Our whistleblowing line is a tool -managed by an independent third party to avoid any retaliation- that allows us to stay in touch with our stakeholders. All executives, employees, suppliers and clients can anonymously report conditions or conducts that violate GAP's values or Code of Ethics. Funds, resources and assets' protection .($). Customer and supplier dealings 色 Knowledge and compliance with laws and regulations Books and records Antibribery and anticorruption guidelines Channels: www Website https://www.lineadedenuncia.com/GAP/default.html @ Email [email protected] Phone 01800 563 0047#51Risk Management At GAP, we manage risks based on an internal methodology that allows us to identify and classify risks according to the impact they can cause on service levels, operations' safety and our profitability. The risk management systems we use are: • Sarbanes-Oxley Act, through which accounting and auditing financial risks are monitored and mitigated. • Comprehensive Management System, which complies with the guidelines of ISO 9001:2015 and ISO 14001:2015, and through which we identify and manage any risks to the achieve GAP's strategic objectives. Safety Management System (SMS), which identifies and manages airports' operating safety risks. Our Code defines the way we do business in the right way, driven by results with responsibility and our commitment to sustainable growth. 50 51 THE BEST IS YET TO COME REPORT#523 2 Gripe Aeroportua del Pacifice#53In inventor FORMATION 52 53 Exchange Listings Mexican Stock Exchange (Bolsa Mexicana de Valores) BMV (Mexico) Ticker Symbol: GAP Share series: B series Saúl Villarreal Chief Financial Officer [email protected] Alejandra Soto IR & Financial Planning Manager [email protected] New York Stock Exchange NYSE (United States) Ticker symbol: PAC Share series: ADR (representing 10 B shares) Gisela Murillo Investor Relations [email protected] Corporate Headquarters Av. Mariano Otero No. 1249-B 6th floor Torre Pacífico, Rinconada del Bosque Guadalajara, Jalisco, México Zip Code 44530 +(52) 33 3880 1100 Website www.aeropuertosgap.com.mx THE BEST IS YET TO COME 2019 ANNUAL REPORT#54Grupo Aeroportuario del Pacífico This document may contain forward-looking statements. These statements are statements that are not historical facts and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting our financial condition, liquidity or results of operations are examples of forward-looking statements. Such state- ments reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. In considering the performance information contained herein, prospective investors should bear in mind that past performance is not indicative of future results, and there can be no assurance that GAP will achieve comparable results or that the company will be able to implement its business strategy and approach or achieve its business objectives.