Fourth Quarter 2015 Highlights

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1 AVIANCA HOLDINGS S.A. NYSE: AVH BVC: PFAVH Avianca Holdings Reports an Adjusted Operating Profit of $93.9 Million for the fourth quarter of 05 Bogota, Colombia, February 9, 06 Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) presents the following results pertaining to the fourth quarter 05 (4Q 05). Financial and operational information is provided in millions of US dollars unless stated otherwise. The following information is presented in accordance with International Financial Reporting Standards (IFRS). The reconciliation between IFRS and non-ifrs financial information can be seen in the financial tables section of this report. Except when noted, all comparisons refer to fourth quarter 04 (4Q 04) numbers. Figures and operating metrics of Avianca Holdings S.A. ( Avianca Holdings or the Company ) are presented on a consolidated basis. Fourth Quarter 05 Highlights Operating revenues amounted to $.07 billion for the quarter. Adjusted Net income, excluding special items totaled $5.6 million while the adjusted net income margin reached 0.5%. As such operating income (EBIT ) reached $93.9 million, posting an operating margin of 8.8%, a decrease of 3 bps over the same quarter of last year. For 05 operating revenues amounted to $4.36 billion. Adjusted net income, excluding special items totaled $67.8 million while the adjusted net income margin came in at.6%. As such, operating income (EBIT ) reached $49. million, posting an operating margin of 5.7%, which stands within the guidance range for the year 05. 4Q 05 results were mainly driven by a 3.8% decrease in total operating costs as the Company continued to further capture benefits from lower oil prices and its aim to have a leaner cost structure. However these figures were offset by a 4.% decline in total revenues as FX depreciation and economic slowdown in the markets where we operate continued to affect demand, which consequently caused a yield dilution of.%. Moreover Cargo and Other revenues dropped.5%. The latter as a result of a contraction of inbound cargo traffic and lower revenues from miles redemption and other services. Cost per available seat kilometer (CASK ) decreased.% to 8.4 cents in 4Q 05, compared to 0.7 cents in 4Q 04. The latter mainly as a result of lower jet fuel prices along with the non-fuel cost reduction discipline. As such CASK ex-fuel declined 4.0% to 6.6 cents. CASK for the twelve-month period of 05 declined 4.% to 9. cents when compared to the same period of 04. These results were mainly driven by the actions taken to optimize our network which in hand with the cost control initiatives continued to yield strong efficiencies. Moreover FX depreciation had a positive effect on our Colombian peso denominated costs. EBITDAR for the 4Q 05 was $9.7 million, while the EBITDAR margin reached.5%, an increase of 0 bps when compared to 4Q 04. The EBITDAR for 05 totaled $797.5 million, reaching an EBITDAR margin of 8.3%, a 68 bps increase over 04. Capacity, measured in ASKs (available seat kilometers), increased 9.3% during 4Q 05, mostly due to the annualized effect of the international capacity added during the first nine months of the year, such as the new service from Bogota to Los Angeles and incremental frequencies to London, Barcelona and Madrid. Furthermore, passenger traffic, measured in RPKs (revenue passenger kilometers), grew 9.4%, reaching a consolidated load factor of 79.6%. Between October and December 05, the Company took delivery of one A30, two A3 (all equipped with sharklets) and two B787 Dreamliners while phasing-out one A39 and one A330. Consequently, Avianca Holdings S.A. and its subsidiaries ended the quarter with a consolidated operating fleet of 80 aircraft. Financial Highlights ( months ended December 3) ($ millions) Revenues 4.7Bn 4.4Bn EBITDAR EBIT EBITDAR EBIT Net Income 8.5 (39.5) Net income* *Excluding Fx and Derivative Charges (3 months ended December 3) ($ millions) Revenues.4Bn.07Bn EBITDAR EBIT EBITDAR EBIT Net Income 05.0 (5.) Net income* *Excluding Fx and Derivative Charges Profitability ( months ended December 3) EBITDAR% 6.5% 7.6% EBIT % 5.9% 5.0% EBITDAR % 6.6% 8.3% EBIT % 6.0% 5.7% Net income %.7% (3.%) Net Income%*.5%.6% *Excluding Fx and Derivative Charges (3 months ended December 3) EBITDAR% 0.0%.% EBIT % 8.8% 8.3% EBITDAR % 0.3%.5% EBIT % 9.% 8.8% Net income % 8.4% (3.6%) Net Income%* 3.5% 0.5% *Excluding Fx and Derivative Charges Operational Highlights ( months ended December 3) Passengers 6.M 8.3M ASKs 4.Bn 44.5Bn RPKs 3.6Bn 35.5Bn Load Factor 79.4% 79.7% RASK CASK (3 months ended December 3) Passengers 6.9M 7.3M ASKs 0.6Bn.6Bn RPKs 8.4Bn 9.Bn Load Factor 79.6% 79.7% RASK.7 9. CASK Contact Information: Avianca Holdings S.A. Investor Relations Office extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases

2 CEO Message Dear Shareholders, The year 05 proved to be challenging in the regions were we operate, as the global macroeconomic landscape shifted, mainly driven by a stronger dollar, lower oil prices and China s economic slowdown. As a result, strong currency depreciation and economic slowdown in the regions where we operate affected consumer spending, which consequently limited our ability to generate incremental passenger revenues. As part of our efforts to overcome said challenges, we are committed to rationalize our capacity and set forth new commercial initiatives, which alongside with the diversified sources of revenue of the Company, is allowing us to partially offset pressures on our top line. Furthermore, the flexibility and scope of our integrated network allowed us to optimize our Load Factors by adjusting capacity from underperforming regions to high demand markets. As a result, over the course of 05 we managed to increase our load factor by 9 basis points to 79.7%. During the year we also redesigned our domestic and international itineraries from our Bogota hub. We are proud to say that the successful implementation of this project, has substantially improved the on-time performance of our operation, delivering a better service to our customers while generating incremental cost savings. Throughout 06, we will continue to take the necessary steps to adapt the Company and our business model to the new market reality. Furthermore every decision we are evaluating is geared towards meeting and exceeding our stakeholder expectations. As part of this process, since late 05, we began working on three key initiatives, which we believe are fundamental to the success and sustainability of our business in the coming years: Capex reduction, Profitability and Leverage improvement. In terms of Capex, we are targeting a 50% reduction for years 06, 07 and 08. Moreover, we expect to further reduce capital expenditures through several measures currently under consideration, which may include, among others, the postponement of several aircraft deliveries. Cost controls will continue to be key within our adjustment process in order to ensure profitable long-term results. Over the next coming quarters we will begin to benefit from our brand new maintenance and training facilities, which we expect to have fully operational over the first semester of 06. Furthermore we will continue to build a solid base for cost productivity and are confident that the Company will continue to benefit from the ongoing cost control initiatives. In essence, all of these measures mentioned above are geared towards deleveraging and improving free cash flow generation, which in turn will enhance indebtedness metrics and ultimately lead to sustainable margin expansion. As such we estimate for 06 an operational profitability margin between 5.5% and 7.5% as we modestly increase capacity between 3% - 5%, which will in turn allow us to maintain load factors, between 78% and 80%. Finally as 06 unfolds, we are confident that we are taking the necessary steps in order to deliver profitable growth. We will continue to strive in serving our loyal customers and adding value to all of our stakeholders. Sincerely, Álvaro Jaramillo Buitrago Chief Financial Officer extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

3 Consolidated Financial and Operational Highlights 4Q-4 4Q-5 Vs. 4Q-4 ASK's (mm) 0,586, % RPK's (mm) 8,4 9,6 9.4% Total Passengers (in millions) 6,909 7,30 5.7% Load Factor 79.6% 79.7% 3bp Departures ,097.4% Block Hours % Stage length (km),0,03-4.9% Fuel Consumption Gallons (000's),04 8,985 7.% Yield (cents) % RASK (cents) % PRASK (cents) % CASK (cents) % CASK ex. Fuel (cents) % CASK (Adjusted) (cents) % CASK ex. Fuel (Adjusted) (cents) % Foreign exchange (average) COP/US$ $,85.7 $, % Foreign exchange (end of period) COP/US$ $,39.5 $ 3, % WTI (average) per barrel $73. $ % Jet Fuel Crack (average) per barrel $8.7 $ % US Gulf Coast ( Jet Fuel average) per barrel $9.8 $ % Fuel price per Gallon (including hedge) $.85 $ % Operating Revenues ($M) $,4.9 $, % EBITDAR ($M) $ 48.7 $ % EBITDAR Margin 0.0%.% 04 bp EBITDA ($M) $ 65.8 $ % EBITDA Margin 3.3% 4.0% 67 bp Operating Income ($M) $ 09.4 $ % Operating Margin ($M) 8.8% 8.3% -47 bp Net Income ($M) $ 05.0 $ (5.) -340.% Net Income Margin 8.4% -3.6% -308 bp EBITDAR (Adjusted) ($M) $ 5.6 $ % EBITDAR Margin (Adjusted) 0.3%.5% 0 bp EBITDA (Adjusted) ($M) $ 69.6 $ % EBITDA Margin(Adjusted) 3.6% 4.5% 83 bp Operating Income (Adjusted) ($M) 3.3 $ % Operating Margin ($M) (Adjusted) 9.% 8.8% -3 bp Adjusted Net Income ($M) $ 43.0 $ % Net Income Margin (Adjusted) 3.5% 0.5% -94 bp (Adjusted: Excluding non-cash Fx charges, gain or loss on derivative instruments and special items associated to one-time expenses described in footnote ()) extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

4 Management Comments on 4Q 05 Results Avianca Holdings reached an operating income (EBIT ) of $93.9 million for 4Q 05, while the operating income (EBIT ) margin came in at 8.8%.These results were mainly driven by a 3.8% reduction in total operating costs as the Company continued to capture lower fuel costs and efficiencies from its non-fuel cost cutting initiatives. As such CASK ex-fuel during 4Q 05 declined 4.0% to 6.6 cents. The latter was offset by a 4.% decline in total revenues, as passenger revenues continued to be pressured by lower yields as a result of the sensitivity of demand to higher FX rates. Cargo and other revenues declined.5% due to a 3.9% decrease in the total tons of inbound cargo and a decrease in LifeMiles revenues. Operating income (EBIT ) for the twelve-month period ending December 3, 05 totaled $49. million, posting an operating margin of 5.7%, which stands within the guidance for 05. Throughout the year the Company was able to effectively address the pressure on the top line by capturing lower fuel prices and implementing an aggressive cost control discipline. The latter proved to be effective as total operating costs and cost per ASK declined consistently in every quarter, partially offsetting the effect in revenues. As such CASK decreased 4.% to 9. cents in 05, compared to 0.8 cents in 04, compensating the 4.5% reduction in revenues per ASKs (RASK). Total operating revenues amounted to approximately $.07 billion during 4Q 05. This represents a decrease of 4.% over the same quarter in 04, primarily due to a 4.8% decline in passenger revenues. The latter as a result of the currency depreciation and price sensitivity of demand to higher FX rates which continued to put pressure on yields. Despite the aforementioned, the Company managed to increase load factors by 3 bps to 79.7%. Cargo and other revenues, which represent.8% of total revenues, decreased.5% to $33. million during the quarter. The latter mainly driven by a 3.9% decrease of inbound cargo traffic, partially offset by a.6% increase in the average cargo fare. As a result, RTK s rose.8% and the cargo Load Factor for the quarter came in at 6.0%. Furthermore miles-related revenues dropped as lower redemption and FX depreciation affected LifeMiles top line. Operating revenues for FY05 totaled $4.4 billion a 7.3% decrease over 04 mainly as a result of a 0.5% reduction of passenger revenues partly compensated by an increase of 7.4% in cargo and other revenues. For the LifeMiles Loyalty Program, 05 was a year of both accomplishments and challenges. During 05, the retail coalition program was launched in Colombia and Central America, reaching more than 500 participating stores by the end of year. LifeMiles successfully launched a new co-branded card with Bancolombia, for small and medium size companies (PYMES). However currency depreciation in several of LifeMiles core markets impacted top line performance as contracts with banks and other commercial partners are denominated in US Dollars. Accordingly, even though a member may have spent the same number of Colombian Pesos on their cobranded credit card in 05 as in 04, the number of miles that they will have accrued (and that the bank will have purchased from LifeMiles) will have been reduced by the depreciation of the Peso vs. the US Dollar. Throughout 05, the Company carried more than 8 million passengers, an increase of 7.9% when compared to 04. Traffic figures (RPKs) grew above capacity (ASKs) leading to a consolidated load factor of 79.7%, an increase of 9 bps from 04. Moreover, the redesign of the domestic and international itineraries has led to significant improvements in On-time performance (OTP) during 05, reaching 84.5%, an increase of 90 bps compared to 04. As the Company continues to expand its network connectivity, a new service form Bogota to Barbados was launched during the quarter Operating expenses for the 4Q 05 reached $973.6 million. This represents a decrease of 3.8% when compared to the 4Q 04, mainly driven by a 33.9% fall in fuel expenses as the Company s effective jet fuel prices dropped 37.7%, from an average of US$.85 to US$.77 per gallon, and a 4.5% decrease in Maintenance and Repairs associated to return conditions of the Airbus fleet and lower costs of engine repairs as $0.0 million in adjustments in maintenance reserves for A330 and A30 engines were reclassified as recoverable. Total operating expenses for 05 decreased 7.0% to $4. billion; this was mainly driven by a 5.% decrease in fuel expenses. The reduction in operating expenses was also the result of the cost saving initiatives implemented throughout the year which positively impacted cost lines such as Passenger Services, were incremental efficiencies were reached in passenger compensations related to improved OTP performance. extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

5 As part of the Company s on-going fuel hedging strategy by the end of the 4Q 05, 0.5 million gallons were hedged, which represents approximately 5.4% of the total expected volume to be consumed over the next twelve months. The average price of the hedges was set at $.7/gallon. With the option strategy fully implemented, hedging expenses (premiums paid on the options) are expected to range from $5 to $7 million per quarter allowing us to capture the additional benefits from lower fuel prices throughout the year. Between October and December 05, the Company took delivery of one A30, two A3 (all equipped with sharklets) and two B787 Dreamliners while phasing- out one A39 and one A330. Consequently, Avianca Holdings S.A. and its subsidiaries ended the quarter with a consolidated operating fleet of 80 aircraft. The Company recorded other non-operating expenses of $96.8 million for the 4Q 05, compared to a nonoperating income of $3.3 million for the same quarter of 04. Non-operating expenses include interest expenses related to incremental aircraft debt, additional corporate debt and Foreign Exchange losses related to a write-off of cash balances held in Venezuela. The Company s cash and cash equivalents and available-for-sale securities, ended the quarter at $479.4 million. Including short-term certificates and bank deposits, adjusted cash and cash equivalents and availablefor-sale securities (other current assets) came in at $548.3 million, equivalent to about.6% of revenues for the last twelve months. As of December 3, 05 given the lack of repatriations at the official exchange rates, the Company valuated its cash balances held in Venezuela at the SIMADI exchange rate of 98.7 VEF per.00 USD, resulting in a total loss of $36.7 million. Accordingly, the carrying amount of cash balances held in Venezuela of $7.7 million have been classified as follows: $0.4 million as cash and cash equivalents, which is expected to be used over the next three months as part of the normal operations in Venezuela; $0.7 million as short-term restricted cash, which is expected to be used in the following 9 months; and, $6.5 million as longterm restricted cash, which the Company expects to consume after the next months. As of December 3, 05, the Company s leverage position (Net Adjusted debt to EBITDAR ) ended at 6.7x from 5.9x on December 3, 04. As such, the Company s total long term debt amounted to $3.06 billion, while total liabilities came in at $5. billion. Full Year 06 Outlook Avianca Holdings continues committed to strengthening its capital structure, enhancing free cash flow generation and expanding future profitability. Thus, further capex reduction initiatives for the coming 30 months will take place as the company rearranges and optimizes its fleet capex schedule for the coming years. Moreover the company s capacity growth strategy will adapt the business to the new economic environment, targeting low single digits ASK growth rates. As a result the Company targets an Adjusted Net Debt to EBITDAR ratio within the next 4 months between 4.5x to 5.5x, as well as cash balance as percentage of last twelve month revenues between.5% - 3.5%. As such, the Company presents its guidance for 06 as follows: Outlook 06 Range Total Passengers Increase from % - 5.0% Capacity (ASK'S) Increase from % - 5.0% Load Factor 78.0% % EBIT Margin 5.5% - 7.5% Analysis by ASKs (in U.S. cents) extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

6 4Q 04 4Q 05 Var% Operating revenue: Passenger 9,5 7, -,0% Cargo and other,49,0-9,0% Total Operating revenues,74 9,3 -,4% Operating expenses: Flight Operations 0,5 0,0-3,% Aircraft fuel,99,8-39,5% Ground Operations 0,99 0,9-6,5% Aircraft rentals 0,78 0,65-7,0% Passenger services 0,36 0,35-3,% Maintenance and repairs 0,73 0,55-5,0% Air traffic 0,4 0,46 0,% Sales and marketing,58,0-4,3% General, administrative, and other 0,5 0,48-6,8% Salaries, wages and benefits,66,4-4,7% Depreciation and amortization 0,53 0,5 -,6% Total operating expense 0,7 8,46 -,0% Operating income,03 0,77-5,6% Total CASK 0,7 8,46 -,0% CASK ex. Fuel 7,7 6,65-3,8% Total Cask (Adjusted) 0,7 8,4 -,4% CASK ex. Fuel (Adjusted) 7,68 6,6-4,0% Yield,63 9,05 -,% Non-IFRS Financial Measure Reconciliation In USD$ Millions 4Q04 4Q05 Var% Net Income as Reported 05,00 (5,3) -340,% Special items (adjustments): (+) Loss on Sale of Property and Equipment 0,8 (+) Extraordinary Fleet Maintenance Charges - 4, (-) Derivative Instruments,38 (3,59) (-) Write-Off Venezuela's Cash (36,70) (-) Foreign exchange gain (loss) 68,37 (,50) Net Income Adjusted 35, 5,6-84,% extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

7 Reconciliation of Operating Cost per ASK Excluding Special Items In US Cents 4Q04 4Q05 Var% Total CASK as reported 0,7 8,46 -,0% Aircraft Fuel,99,8 Total CASK excluding Fuel as reported 7,7 6,65-3,8% (+) Loss on Sale of Property and Equipment - (0,0) (+) Extraordinary Fleet Maintenance Charges - (0,04) Total CASK excluding Fuel and special items 7,7 6,6-4,4% Adjusted EBITDAR Calculation excluding special items in US$ Millions 4Q04 4Q05 Var% Operating Revenues as Reported.4,9.067,5 Operating Expenses 87,3 769,5 Aircraft Fuel 36, 09, Operating Income as reported 09,39 88,9-8,7% (+) Loss on Sale of Property and Equipment - 0,80 (+) Extraordinary Fleet Maintenance Charges - 4,0 Operating Income adjusted 09,4 93,9-4,% Margin 8,8% 8,8% (+) Depreciation and amortization 56,37 60,63 Adjusted EBITDA 65,76 54,53-6,8% Margin 3,3% 4,5% (+) Aircraft Rentals 8,96 75,0 Adjusted EBITDAR 48,73 9,73-7,6% Margin 0,0%,5% extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

8 Interim Condensed Consolidated Statement of Comprehensive Income for the Twelvemonth period ended December 3, 04 and 05 (Unaudited USD thousands) Operating revenue: Passenger $ 3,458,07 $3,86,7 Cargo and other 903,34 840,850 Total operating revenue 4,36,34 4,703,57 Operating expenses: Flight Operations 58,069 56,695 Aircraft fuel,006,79,345,755 Ground operations 4,38 397,65 Aircraft rentals 37,505 99,0 Passenger services 49,9 54,464 Maintenance and repairs 309,79 68,894 Air traffic 0,980 06,5 Sales and marketing 6, ,674 General, administrative, and other 76,95 65,7 Salaries, wages and benefits 666,084 75,793 Depreciation, amortization 30,73 98,660 Total operating expenses 4,4,55 4,44,03 Operating profit 8,86 79,468 Other non-operating income (expense): Interest expense (69,407) (33,989) Interest income 9,06 7,099 Derivative instruments 66 5,94 Foreign Exchange (77,59) 0,7 Profit before income tax (08,478) 78,774 Income tax expense- current (7,80) (33,78) Income tax expense- deferred (3,748) (6,499) Total income tax expense (3,08) (50,80) Net profit for the period $ (39,506) $ 8,494

9 Interim Condensed Consolidated Statement of Financial Position (in USD thousands) As of December 3, 05 As of December 3, 04 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 479,38 $ 640,89 Restricted cash 5,397,987 Available-for-sale securities,8 Accounts receivable, net of provision for doubtful accounts 79,60 355,68 Accounts receivable from related parties 3,073 7,386 Expendable spare parts and supplies, net of provision for obsolescence 68,768 65,64 Prepaid expenses 45,708 56,065 Assets held for sale 3,33,369 Deposits and other assets 30,74 74,8 Total current assets,035,994,33,86 Non-current assets: Available-for-sale securities Deposits and other assets 46,486 8,00 Accounts receivable, net of provision for doubtful accounts 59,73 4,407 Accounts receivable from related parties,47 Intangible assets 43,766 46,070 Deferred tax assets 3,5 35,664 Property and equipment, net 4,599,346 4,8,05 Total non-current assets 5,55,39 4,85,686 Total assets $ 6,588,33 $ 6,75,5

10 Interim Condensed Consolidated Statement of Financial Position (in USD thousands) As of December 3, 05 As of December 3, 04 Liabilities and equity Current liabilities: Current portion of long-term debt $ 4,884 $ 458,679 Accounts payable 48, ,494 Accounts payable to related parties 9,449 3,797 Accrued expenses 8,9 38,6 Provisions for legal claims 3,386 4,57 Provisions for return conditions 5,636 6,45 Employee benefits 3,876 49,93 Air traffic liability 43,503 46,8 Other liabilities,69 7,496 Total current liabilities,566,8,87,6 Non-current liabilities: Long-term debt 3,060,0,7,898 Accounts payable 3,599,67 Provisions for return conditions 09,3 70,459 Employee benefits 7,70 73,460 Deferred tax liabilities 39,853 5,760 Air traffic liability 93,59 85,934 Other liabilities non-current 5,375 8,466 Total non-current liabilities 3,649,407 3,087,44 Total liabilities 5,5,688 4,958,765 Equity: Common stock 8,600 8,600 Preferred stock 4,03 4,03 Additional paid-in capital on common stock 34,567 34,567 Additional paid-in capital on preferred stock 469,73 469,73 Retained earnings 507,3 355,67 Revaluation and other reserves 8,394 4,550 Total equity attributable to the Company,353,989,08,684 Non-controlling interest 8,646 8,063 Total equity,37,635,6,747 Total liabilities and equity $ 6,588,33 $ 6,75,5 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 current plans, projections, estimates, forecasts and therefore you should not place undue reliance on them. Statements regarding future expectations involve certain risks and uncertainties. Forward-looking statements involve inherent known and unknown risks, uncertainties and other factors, many of which are outside of the Company s control and difficult to predict. Avianca Holdings S.A. warns that a significant number of factors may cause the actual 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. extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

11 Glossary of Operating Performance Terms This report contains terms relating to operating performance that are commonly used in the airline industry and are defined as follows: A ASK: Available seat kilometers represents aircraft seating capacity multiplied by the number of kilometers the seats are flown. ATK: Available ton kilometers represents cargo ton capacity multiplied by the number of kilometers the cargo is flown. B Block Hours: Refers to the elapsed time between an aircraft leaving an airport gate and arriving at an airport gate. C CASK: Cost per available seat kilometer represents operating expenses divided by available seat kilometers (ASKs). CASK ex-fuel: Represents operating expenses other than fuel divided by available seat kilometers (ASKs). Code Share Agreement: refers to our code share agreements with other airlines with whom we have business arrangements to share the same flight. A seat can be purchased on one airline but is actually operated by a cooperating airline under a different flight number or code. The term code refers to the identifier used in flight schedules, generally the two-character IATA airline designator code and flight number. Code share alliances allow greater access to cities through a given airline s network without having to offer extra flights, and makes connections simpler by allowing single bookings across multiple planes. L Load Factor: Represents the percentage of aircraft seating capacity that is actually utilized and is calculated by dividing revenue passenger kilometers by available seat kilometers (ASKs). R RASK: Operating revenue per available seat kilometer represents operating revenue divided by available seat kilometers. extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

12 Revenue Passenger: Represents the total number of paying passengers (which do not include passengers redeeming LifeMiles, frequent flyer miles or other travel awards) flown on all flight segments (with each connecting segment being considered a separate flight segment). RPK: Revenue passenger kilometers represent the number of kilometers flown by revenue passengers. RTK: Revenue ton kilometers represents the total cargo tonnage uplifted multiplied by the number of kilometers the cargo is flown. T Technical Dispatch Reliability: Represents the percentage of scheduled flights that are not delayed at departure more than 5 minutes or cancelled, in each case due to technical problems. Y Yield: Represents the average amount one passenger pays to fly one kilometer, or passenger revenue divided by revenue passenger kilometers (RPKs). extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

13 The Company has reported the 4Q 05 numbers to the Colombian Financial Superintendence (Superintendencia Financiera de Colombia) and the U.S. Securities and Exchange Commission on February 9 th after market close For further information please contact the Investor Relations Office at extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. M Figures exclude one-time expenses informed on previous earnings releases (Financial Statements -Note )

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