Diario | Latin America

Research evidence excerpt

Diario | Latin America

he Colombian index up c23% in US$ terms in the past 50

month. Join us on Monday, 22 Jun, at 9 am ET/2 pm UK for a call with James Bosworth, founder 4030

of Hxagon, a Latin America focused political risk analysis company. Register here. 20

CAAP (Buy) | Solid international traffic offsets weak domestic flows in Argentina in May-26. 0

CAAP’s monthly traffic report confirmed preliminary data from the regulator, showing a 7% YoY -10

increase in Argentina’s international traffic (CAAP's most profitable segment) and offsetting a 12% -20 US exports to Mex US Imports from Mex Balance

YoY drop in domestic traffic. CAAP’s other markets performed well, keeping CAAP's total traffic .Source: US Census Bureau; Jefferies

flat YoY in May-26. We see the strength Argentina's international traffic along with the ongoing

concession rebalancing and a new contract for the Brasilia airport as the key catalysts for CAAP Exhibit 4 - CAAP - Passenger traffic ('000s)

near term. 9,0008,000

7,000

6,000

USMCA talks - All eyes on July 1st deadline? As the formal start of the USMCA review process on 5,0004,000

July 1st approaches, headlines around a potential deal/no deal are increasing. On July 1st Canada, 3,0002,000

the US & Mexico are to hold a virtual meeting and define next steps, including whether to extend or 1,0000

modify the agreement. As discussed in our recent USMCA Outlook call the base case appears to Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

be that the treaty is likely to be preserved but with higher structural uncertainty, potentially going FranciscoArg - DomBarbosaArg - Intl * Italy| EquityUruguayAnalystArmenia Other

+1. (212) 284-2197 | fbarbosa@jefferies.com