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Avianca Holdings S.A. earns a Net Income of USD$75.3 Million



  Avianca Holdings S.A. earns a Net Income of USD$75.3 Million

Business Wire

BOGOTA, Colombia -- May 23, 2013

Avianca Holdings S.A, (BVC:PFAVTA), the following results pertain to the first
quarter of 2013. Financial and operational information is provided in millions
of US dollars, except when noted, and in accordance with International
Financial Reporting Standards (IFRS). See the additional reconciliation of
non-IFRS financial information to IFRS financial information included in
financial tables section of this report. Except when noted, all comparisons
refer to first quarter 2012 (1Q-12) numbers. Avianca Holding S.A.
(“AviancaTaca”, “the Company”, “Issuer Entity” o “Issuer”) corresponds to
figures and operating metrics of the consolidated entity.

                        First Quarter 2013 Highlights

  * Avianca Holdings earns a Net Income of USD$ 75.3 million for 1Q-13, an
    increase of more than USD$ 75 million over the profit recorded for the
    same period in 2012.
  * First quarter operating revenues increased to USD$ 1.11 billion, up 5.9%
    from 1Q 2012 due mainly to a 6.5% increase in passenger revenues driven by
    an 8.6% growth in passenger traffic over 1Q 2012 figures. Cargo and other
    revenue increased by 2.5%, primarily as a result of an increase in our
    Freight and Loyalty revenues.
  * Operating Cost per available seat kilometer (CASK) decreased by 1.5% from
    10.98 cents in 1Q-12 to 10.81 cents in 1Q-13 and CASK excluding Fuel
    decreased by 1.8% from 7.31 cents in 1Q-12 to 7.17 cents in 1Q-13.
  * Operating Income (EBIT) increased to USD$ 108.1 million, a 31.1% increase
    from USD$ 82.4 million in 1Q-12. Excluding special items in 1Q-12
    operating income increased by 48.5%. Operating Margin for 1Q-13 rose to
    9.7% compared to 7.8% in 1Q-12, primarily as a result of lower unit costs.
  * Capacity, measured in ASK’s (available seat kilometers), increased by 5.4%
    during 1Q 2013, mostly due to expansion in our domestic operations in
    Colombia and Peru. In addition, passenger traffic, measured in RPK’s
    (revenue passenger kilometers) grew 7.8%, reaching a consolidated Load
    Factor of 80.8%, surpassing 1Q-12 Load Factor by 2.3 percentage points.
  * In Line with the fleet renewal program, the company continues to
    incorporate new aircraft. During the first quarter, one (1) Airbus
    A330-Freighter, one (1) Airbus A330 and two (2) Airbus A320 passenger
    aircraft (one of which is equipped with sharklets) were incorporated.
  * During the first quarter the Company inaugurated its new VIP lounge in
    Terminal Eldorado International Airport in Bogotá. Lifemiles members can
    now enjoy over 2,000 square meters of services and innovations in
    different environments. The lounge has capacity to simultaneously serve
    nearly 670 travelers, 505 Gold Elite and 165 Diamond Elite members.

Consolidated
Performance           1Q-12                 1Q-13              ∆ Vs. 1Q-12
Indicators
ASK's (mm)                8,876                 9,351          5.4   %      
RPK's (mm)                7,012                 7,559          7.8   %      
Total Passengers          5,501                 5,993          8.9   %      
(in thousands)
Load Factor               79.0      %           80.8     %     1.8   %      
Aircraft
Utilization               9.60                  9.62           0.2   %      
(BH/Day)
Departures                60,449                63,418         4.9   %      
Block Hours               114,938               117,767        2.5   %      
Stage length (km)         1,261                 1,234          -2.1  %      
Fuel Consumption          94,737                97,543         3.0   %      
Gallons (000's)
Yield (cents)             12.6                  12.4           -1.2  %      
RASK (cents)              11.9                  12.0           0.5   %      
PRASK (cents)             9.9                   10.1           1.1   %      
CASK (cents)              11.0                  10.8           -1.5  %      
CASK ex. Fuel             7.3                   7.2            -1.8  %      
(cents)
CASK Adjusted             11.1                  10.8           -2.6  %      
(cents) (1)
CASK ex. Fuel
Adjusted (cents)          7.4                   7.2            -3.4  %      
(1)
Foreign exchange      $   1,800.8           $   1,791.3        -0.5  %      
(average) COP/US$
Foreign exchange
(end of period)       $   1,792.1           $   1,832.2        2.2   %      
COP/US$
WTI (average) per     $   102.9             $   94.3           -8.3  %      
barrel
Jet Fuel Crack
(average) per         $   30.8              $   35.6           15.4  %      
barrel
US Gulf Coast (
Jet Fuel average)     $   133.7             $   129.9          -2.8  %      
per barrel
Fuel price per        $   3.44              $   3.48           1.3   %      
Gallon
Operating             $   1,056.9           $   1,118.8        5.9   %      
Revenues ($M)
EBITDAR ($M)          $   179.6             $   205.2          14.2  %      
EBITDAR Margin            17.0      %           18.3     %     1.3   %      
EBITDA ($M)           $   115.7             $   139.3          20.4  %      
EBITDA Margin             10.9      %           12.4     %     1.5   %      
Operating Income      $   82.4              $   108.1          31.1  %      
($M)
Operating Margin          7.8       %           9.7      %     1.9   %      
($M)
Net Income ($M)       $   (0.0      )       $   75.3           +100  %      
Net Income Margin         0.0       %           6.7      %     6.7   %      
EBITDAR
(Adjusted) (1)        $   170.9             $   206.6          20.9  %      
($M)
EBITDAR Margin            16.2      %           18.5     %     2.3   %      
(Adjusted) (1)
EBITDA (Adjusted)     $   107.1             $   140.7          31.5  %      
(1) ($M)
EBITDA Margin             10.1      %           12.6     %     2.4   %      
(Adjusted) (1)
Operating Income
($M) (Adjusted)       $   73.7              $   109.5          48.5  %      
(1)
Operating Margin          7.0       %           9.8      %     2.8   %      
(Adjusted) (1)
Adjusted Net          $   46.4              $   75.9           63.4  %      
Income ($M) (2)
Net Income Margin         4.4       %           6.8      %     2.4   %      
(Adjusted) (2)
Note: (1) Excluding gain on sale of property and equipment in operating
expenses: 1Q-12 gain: $8.7M vs. 1Q-13 loss: $1.5M, (2) excluding gain on      
sale of property and equipment, derivative instruments and foreign exchange.  

MANAGEMENT COMMENTS ON 1Q-13 RESULTS

The net income in 1Q 2013 reflects the continued implementation of our
integration strategy aimed at capturing revenue synergies as a result of our
enhanced network, improved connectivity through our hubs, our revamped
LifeMiles loyalty program and improved customer service. During 1Q 2013, our
net income was USD$ 75.3 million, an increase of more than USD$ 75 million
over the profit recorded for the same period in 2012.

The financial results reported by Avianca Holdings, S.A. for 1Q-13, reflect a
sustained growth as a result of the strategy implemented by the organization.
Operating revenues increased to USD$ 1.11 billion during the period. This
represents an increase of 5.9% over the same period in 2012.

These results are primarily due to the growth in passenger revenues from
ticket sales, which increased 6.5% during the period. This increase was mainly
driven by an 8.9% increase in the number of total passengers, passing from 5.5
million passengers in the first quarter of 2012 to nearly 6.0 million
passengers in first quarter of 2013.

Avianca continued with its market penetration strategy in the Peruvian
domestic market where the Company experience an increase in the number of
carried passengers of 29.0% when compared to the first quarter of 2012.

During the quarter, the company maintained its leadership in the Colombian
domestic market with a 55% market share, while in Peru it increased its
domestic market participation to 15.0% from 11.7%, an increase of 3.3
percentage points compared to the first quarter of 2012

Avianca increased during the first quarter of 2013 more than 40 weekly
frequencies on its international and domestic routes which include:
Bogota-Miami (+ 7), Bogota, Santo Domingo (+1), Bogota, Havana (+1), Cali -
Guayaquil (+2), Bogota – Guayaquil (+4), San Salvador – Quito (+3), among
others. In Line with the fleet renewal program, the company continues to
incorporate new aircraft. During the first quarter, one (1) Airbus
A330-Freighter, one (1) Airbus A330 and two (2) Airbus A320 passenger aircraft
(one of which is equipped with sharklets) were incorporated.

Operating expenses for the first quarter of 2013 increased 3.7% to USD$ 1.01
billion, including a 4.3% increase in fuel costs associated with a larger
consumption of fuel gallons  as a result of the capacity expansion. Excluding
fuel cost, total operating expenses grew 3.4%, below the increase of
consolidated operating revenues recorded for the period. Operating expenses
excluding fuel costs, for the first quarter of 2012, were affected by a credit
of USD$ 8.7 million related to a gain on sale of property and flight equipment
compared to a loss of $1.5 million recorded in first quarter 2013. Excluding
these items, operating expenses excluding fuel grew 1.8%.

Consequently operating profit between January and March 2013, reached USD$
108.1 million, 31.1% higher than that recorded in the same period of 2012.

At the end of first quarter of 2013, the company has hedged approximately 25%
of the consolidated volume for the next twelve months as follows:
approximately 28% for 2Q-13, 24% for 3Q-13, 23% for 4Q-13 and 25% for 1Q-14.

The company recorded for first quarter 2013, other non-operating expenses of
USD$ 19.8 million compared to USD$ 76.0 million for the same period of 2012.
Non-operating expenses include the change in fair value for derivative
instruments (mark-to-market loss) of USD $4.7 million compared to loss of USD
$8.1 million in first quarter 2012, including also a net gain related to the
foreign exchange adjustment of USD $5.6 million (including loss related to
devaluation of Venezuelan Bolivar) compared to a net loss of USD$ 47.0 million
for the same period of 2012.

2013 - OUTLOOK

During 2013, Avianca expects to continue with a capacity expansion in its key
markets, as a result the company forecasts ASK growth between 8% and 10%, in
line with a net increase of 7 new aircraft for passenger operations.

In terms of passenger traffic, the company expects a sustained growth during
2013. Passenger numbers are expected to increase between 11% and 13%, as a
result the load factor should stand between 77% and 79%.

In terms of operating profitability the company expects to maintain operating
margins between 6.5% and 7.5%, slightly above 2012 levels despite the
incremental investments related to the implementation of different initiatives
related to the brand unification and operational standardization.

Outlook Summary    FY13
Capacity (ASK'S)   Between 8% and 10%
Total Passengers   Between 11% and 13%
Load Factor        Between 77% and 79%
EBIT Margin        Between 6.5% and 7.5%

CONSOLIDATED FINANCIAL RESULTS

Operating revenue

Our operating income was USD$ 1.11 billion in 1Q 2013, a 5.9 % increase over
USD$ 1.06 billion in 1Q 2012, as a result of a USD$ 57.6 million increase in
passenger revenue, and a USD$ 4.3 million increase in revenue from cargo and
other revenues. Our operating revenue per ASK was US$ 12.0 cents in 1Q 2013, a
0.5% increase from US$ 11.9 cents in 1Q 2012, primarily as a result of the
implementation of improvements and consolidation of our combined network.

Passenger revenue. Our passenger revenue was USD$ 940.3 million in 1Q 2013, a
6.5% increase over US$ 882.7 million in 1Q 2012, primarily as a result of an
8.9% increase in passengers carried in 1Q 2013, from 5.5 million in 1Q 2012 to
nearly 6.0 million in 1Q 2013, reflecting our 5.4% capacity increase
(consisting of a 2.9% increase in international capacity and a 15.7% increase
in our domestic capacity) in terms of ASKs in 1Q 2013. Our passenger load
factor increased 2.3 percentage points to 80.8%. Our passenger yield slightly
decreased 1.2% from US$ 12.6 cents in 1Q 2012 to US$ 12.4 cents in 1Q 2013.

Cargo and other. Our revenue from cargo and other was USD$ 178.5 million in 1Q
2013, a 2.5% increase over USD$ 174.3 million in 1Q 2012, primarily as a
result of incremental revenues from Loyalty program LifeMiles and other
revenues related to administrative fees and complimentary services provided to
third parties.

Operating expenses

Operating expenses were US$ 1.01 billion in 1Q 2013, a 3.7% increase over US$
974.5 million in 1Q 2012, primarily as a result of a US$ 14.1 million increase
in aircraft fuel expenses, a US$ 6.8 million increase in ground operations, a
USD$ 4.5 million increase in salaries, wages and benefits. Operating expenses
excluding fuel costs, for the first quarter of 2012, were affected by a credit
of USD$ 8.7 million related to a gain on sale of property and flight equipment
compared to a loss of $1.5 million recorded in first quarter 2013. Excluding
these items, operating expenses excluding fuel costs grew 1.8%. As a
percentage of operating revenue, operating expenses decreased from 92.2% in 1Q
2012 to 90.3% in 1Q 2013.

Our operating expenses excluding fuel cost increased at a slower pace, 3.4%,
compared to the increase in our operating revenue, 5.9%, reflecting our
efforts to optimize controllable costs. As a result, our CASK excluding fuel
decreased 1.8% in 1Q 2013. The breakdown of operating expenses per available
seat kilometer (CASK) is as follows:

                                                 First Quarter Ended March 31,
                                                 1Q 2012    1Q 2013   % Change
                                                 (in US cents)
Operating expenses per ASK (CASK):
                                                                       
Flight Operations                                0.26       0.27      2.1%
Aircraft Fuel                                    3.67       3.63      -1.0%
Ground Operations                                0.85       0.88      3.5%
Aircraft rentals                                 0.72       0.70      -2.1%
Passenger services                               0.36       0.35      -2.0%
Maintenance and repairs                          0.64       0.52      -18.5%
Air Traffic                                      0.50       0.49      -0.7%
Sales and marketing                              1.49       1.39      -6.7%
General, administrative, and other               0.52       0.56      7.7%
Salaries, wages and benefits                     1.68       1.65      -2.2%
Depreciation and amortization                    0.38       0.33      -11.1%
Gain/loss on property and equipment (special     (0.10)     0.02      +115.9%
item)
Total                                            10.98      10.81     -1.5%
Total (excluding fuel)                           7.31       7.17      -1.8%
Total (excluding fuel and special item)          7.41       7.16      -3.4%

Flight operations. Flight operations expense was USD$ 25.3 million in 1Q 2013,
a 7.5% increase over US$ 23.5 million in 1Q 2012, primarily as a result of a
2.5% increase in block hours, and the growth in domestic operations in Peru
and Colombia. In terms of unit cost per ASK flight operations increased 2.1%
from 0.26 in 1Q 2012 to 0.27 in 1Q 2013.

Fuel. Fuel expense was USD$ 339.8 million in 1Q 2013, a 4.3% increase over
USD$ 325.7 million in 1Q 2012, primarily as a result of a 3.0% growth in fuel
consumption during 1Q 2013 reflecting a 2.5% increase in our block hours and a
1.3% increase in our average “into-plane” fuel cost (fuel price plus taxes and
distribution costs), which increased from US$3.44 per gallon in 1Q 2012 to
US$3.48 per gallon in 1Q 2013. The cost of fuel per ASK decreased 1.0% in 1Q
2013 as a result of the foregoing.

Ground operations.  Ground operations expense was USD$ 82.5 million in 1Q
2013, a 9.0% increase over US$ 75.6 million in 1Q 2012, primarily as a result
of a 4.9% increase in departures in 1Q 2013 compared to 1Q 2012, including
incremental prices for navigation services in Colombia and incremental landing
and ramp services unit prices in certain South American airports. In terms of
unit cost per ASK, ground operations increased 3.5% from 0.85 in 1Q 2012 to
0.88 in 1Q 2013.

Aircraft rentals. Aircraft rentals expense was US$ 65.9 million in 1Q 2013, a
3.2% increase over US$ 63.9 million in 1Q 2012, primarily as a result of
incorporation of six new aircraft (four A320s and two A330s) under operating
leases in 1Q 2013, partially offset by the return during the last twelve
months of four aircraft (two A320s, one A319 and one B737). In terms of unit
cost per ASK, aircraft rentals decreased from 0.72 in 1Q 2012 to 0.70 in 1Q
2013.

Passenger services. Passenger services expense was US$ 32.7 million in 1Q
2013, a 3.2% increase over US$ 31.8 million in 1Q 2012, primarily as a result
of an 8.9% increase in passengers carried.. In terms of unit cost per ASK,
passenger services expense slightly decreased from 0.36 in 1Q 2012 to 0.35 in
1Q 2013.

Maintenance and repairs. Maintenance and repairs expense was US$49.1 million
in 1Q 2013, a 14.2% decrease over US$ 57.2 million in 1Q 2012, primarily as a
result of benefits related to the fleet modernization program. In terms of
unit cost per ASK, maintenance and repairs decreased 18.5% from 0.64 in 1Q
2012 to 0.52 in 1Q 2013.

Air traffic.  Air traffic expense was USD$ 46.2 million in 1Q 2013, a 4.6%
increase over USD$ 44.1million in 1Q 2012, primarily as a result of an 8.9%
increase in passengers carried and also a 4.9% increase in departures in 1Q
2013 compared to 1Q 2012. In terms of unit cost per ASK, air traffic expense
decreased from 0.50 in 1Q 2012 to 0.49 in 1Q 2013, primarily as a result of
initiatives implemented to increase cost efficiency in 1Q 2013.

Sales and marketing. Sales and marketing expenses were US$ 129.8 million in 1Q
2013, an 1.7% decrease over US$ 132.1 million in 1Q 2012, primarily as a
result of a USD$ 3.5 million decrease in advertising and promotions costs. In
terms of unit cost per ASK, sales and marketing expenses decrease from 1.49 in
1Q 2012 to 1.39 in 1Q 2013.

General, administrative and other. General, administrative and other expenses
were US$ 54.2 million in 1Q 2013, $16.4M above 1Q 2012, including a credit of
$8.7 million recorded related to a gain on sale of property and flight
equipment in 2012 compared with a loss of $1.5 million recorded in first
quarter 2013.In terms of unit cost per ASK, general, administrative and other
expenses increased 7.7% from 0.52 in 1Q 2012 to 0.56 in 1Q 2013.

Salaries, wages and benefits. Salaries, wages and benefits expenses were USD$
154.1 million in 1Q 2013, a 3.0% increase over USD$ 149.6 million in 1Q 2012,
primarily as a result of a 4.7% increase in total personnel, mainly related to
growth of our operations during 1Q 2013, particularly as a result of the
growth in our domestic Peruvian operations and average salary inflation
adjustments. In terms of unit cost per ASK, salaries, wages and benefits
decreased by 2.2% from 1.68 in 1Q 2012 to 1.65 in 1Q 2013.

Depreciation and amortization. Depreciation and amortization expense was USD$
31.2 million in 1Q 2013, a 6.3% decrease over USD$ 33.3 million in 1Q 2012. In
terms of unit cost per ASK, depreciation and amortization expense decreased
11.1% from 0.38 in 1Q 2012 to COP 0.33 in 1Q 2013.

Operating profit and operating margin

Our operating income was USD$ 108.1 million in 1Q 2013, a 31.1% increase from
USD$ 82.4 million in 1Q 2012. Our operating margin increased from 7.8% in 1Q
2012 to 9.7% in 1Q 2013 as a result of the lower increase rate in operating
expenses of 3.7% relative to our total operating revenues of 5.9%, primarily
due to a 6.5% increase in passenger revenue, a 2.5% increase in cargo and
other revenue, and a 3.4% increase in operating expenses excluding fuel.

EBITDAR Calculation

in US$ Millions                     1Q-12     1Q-13     Var %
Operating Revenues                  1,056.9   1,118.8
Operating Expenses                  648.8     670.9
Aircraft Fuel                       325.7     339.8      
Operating Income as reported        82.4      108.1     31.1%
                                                         
(+) Depreciation and amortization   33.3      31.2       
EBITDA                              115.7     139.3     20.4%
Margin                              10.9%     12.4%
                                                         
(+) Aircraft Rentals                63.9      65.9       
EBITDAR                             179.6     205.2     14.2%
Margin                              17.0%     18.3%

Results of Operations for the First Quarter Ended March 31, 1Q 2012 and March
31, 1Q 2013

The following table sets forth certain income statement data for the periods
indicated:

                                                                      From 1Q-
                        1Q-12       1Q-13       1Q-12       1Q-13    
                                                                      12 to
                                                                      1Q-13
                                                (As a percentage of   (%
                        (In US$ thousands)                            change)
                                                total revenue)
Operating revenue:                                                   
Passenger               882,653     940,280     83.5%       84.0%     6.5%
Cargo and other         174,237     178,508     16.5%       16.0%     2.5%
Total operating         1,056,890   1,118,788   100.0%      100.0%    5.9%
revenues
Operating expenses:
Flight Operations       23,489      25,260      2.2%        2.3%      7.5%
Aircraft Fuel           325,653     339,798     30.8%       30.4%     4.3%
Ground Operations       75,643      82,450      7.2%        7.4%      9.0%
Aircraft rentals        63,867      65,905      6.0%        5.9%      3.2%
Passenger services      31,754      32,772      3.0%        2.9%      3.2%
Maintenance and         57,166      49,061      5.4%        4.4%      -14.2%
repairs
Air Traffic             44,127      46,178      4.2%        4.1%      4.6%
Sales and Marketing     132,098     129,806     12.5%       11.6%     -1.7%
General,
administrative, and     37,806      54,202      3.6%        4.8%      43.4%
other
Salaries, wages and     149,561     154,076     14.2%       13.8%     3.0%
benefits
Depreciation and        33,334      31,225      3.2%        2.8%      -6.3%
Amortization
Total operating         974,498     1,010,733   92.2%       90.3%     3.7%
expense
Operating Income        82,392      108,055     7.8%        9.7%      31.1%
Other non-operating
income (expense):
Interest Expense        (27,589)    (24,585)    -2.6%       -2.2%     -10.9%
Interest Income         6,739       3,923       0.6%        0.4%      -41.8%
Derivative              (8,126)     (4,719)     -0.8%       -0.4%     -41.9%
instruments
Foreign Exchange        (46,988)    5,626       -4.4%       0.5%      -112.0%
Total other
non-operating income    (75,964)    (19,755)    -7.2%       -1.8%     -74.0%
(expense)
Profit before income    6,428       88,300      0.6%        7.9%      1273.7%
taxes
Provision for income    -6,430      -12,962     -0.6%       -1.2%     101.6%
tax expense
Net Income              -2          75,338      0.0%        6.7%      +100%

NON IFRS FINANCIAL MEASURE RECONCILIATION

Reconciliation of Net Income excluding Special Items             
                                                       
In USD$ Millions                              1Q-12     1Q-13     Var %
Net Income as Reported                        $ (0.0)   $ 75.3    +100%
Special items (adjustments):
Gain on sale of property and equipment        $ (8.7)   $ 1.5
Derivative Instruments loss in fair value     $ 8.1     $ 4.7
Foreign exchange (gain) / loss                $ 47.0    $ (5.6)    
Net Income Adjusted                           $ 46.4    $ 75.9    63.4%
                                                                   
Reconciliation of Operating Cost per ASK excluding special items
                                                                   
in US$ cents                                  1Q-12     1Q-13     Var %
Total CASK as reported                        11.0      10.8      -1.5%
Aircraft Fuel                                 3.7       3.6
Total CASK excluding Fuel as reported         7.3       7.2       -1.8%
Gain on sale of property and equipment        0.1       (0.0)      
Total CASK excluding Fuel and special items   7.4       7.2       -3.4%
                                                                   
EBITDAR Calculation excluding special items
                                                                   
in US$ Millions                               1Q-12     1Q-13     Var %
Operating Revenues as reported                1,056.9   1,118.8
Operating Expenses                            648.8     670.9
Aircraft Fuel                                 325.7     339.8      
Operating Income as reported                  82.4      108.1     31.1%
Gain on sale of property and equipment        (8.7)     1.5        
Operating Income adjusted                     73.7      109.5     48.5%
                                                                   
(+) Depreciation and amortization             33.3      31.2       
EBITDA Adjusted                               107.1     140.7     31.5%
Margin                                        10.1%     12.6%
                                                                   
(+) Aircraft Rentals                          63.9      65.9       
EBITDAR Adjusted                              170.9     206.6     20.9%
Margin                                        16.2%     18.5%

Notes with regard to the statement of future expectations

This report contains statements of future expectations.

These may include words such as “expect”, “estimate”, “anticipate” “forecast”,
“plan”, “believe” and similar expressions. These statements and the statements
regarding the Company’s beliefs and expectations do not represent historical
facts and are based on the plans, current projects, estimates, forecasts and
therefore should not be overestimated. Statements regarding future
expectations involve certain risks and uncertainties. AviancaTaca Holding S.A.
warns that a significant number of factors may cause the current results to be
materially different from those contained in any statement with regard to
future expectations. Statements of this kind refer only to the date on which
they are made, and the Company does not take responsibility for publicly
updating any of them, due to the occurrence of future or other events.

Contact:

Avianca Holdings S.A
Media:
Gilma Úsuga, (57+1) - 587 77 00 ext. 2246
gilma.usuga@avianca.com / janeth.benitez@avianca.com
or
Claudia Arenas, (50+2) 2279-5700 - (502) 2279-5600
claudia.arenas@avianca.com
or
Investor Relations:
Andrés Felipe Ruíz Vesga, (57 +1) 587 77 00 ext. 2474
andres.ruiz@avianca.com
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