Alejandra Soto Ayech
Investor Relations & Social Responsibility Officer & Non-Independent Director

Good morning, and welcome to GAP's FIBRA Conference Call.

[Operator Instructions] In the next hour, we want to walk you through FIBRA GAP, what it is, why we are doing this now, and what it means for GAP's current shareholders and for investors considering the vehicle itself.

For those who may not be familiar with FIBRA-E structure, let me provide a brief overview. FIBRA-E is a Mexican listed trust vehicle, designed for the energy and infrastructure asset that allows investors to participate in the cash flows, generated by mature operating investments.

In this case, the mature business will be GAP's 12 Mexican airports. The vehicle issued trust certificates listed on the Mexican Stock Exchange and is intended to provide an efficient mechanism to monetize and recycle capital while at the same time, maintaining operational control of the underlying assets. From a tax perspective, the FIBRA-E benefits from a pass-through structure.

It is required that at least 95% of its annual taxable income be distributed to certificate holders. Following the transaction, distributions received at the GAP Holding company level would continue to be subject to taxation, up on subsequent distributions to our shareholders, consistent