FILED: NEW YORK COUNTY CLERK 03/27/ :34 PM INDEX NO /2017 NYSCEF DOC. NO. 69 RECEIVED NYSCEF: 03/27/2017. Exhibit 13

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1 Exhibit 13

2 Avianca Holdings Reports Fourth Quarter 2016 Adjusted Operating Profit 1 of $102.1 Million Bogota, Colombia, February 28, 2017 Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) today reported its financial results for the fourth quarter of 2016 (4Q 2016). All figures are expressed in millions of US dollars unless otherwise stated. The information within 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 2015 (4Q 2015) numbers. Figures and operating metrics of Avianca Holdings S.A. ( Avianca Holdings or the Company ) are presented on a consolidated basis. Fourth Quarter 2016 Highlights 4Q2016 results were primarily driven by a 7.1% increase in total operating revenues 1 as the Company benefited from increased traffic, strong load factors and continuing yield recovery, coupled with FX appreciation and macro stabilization. Moreover, Cargo and Other revenues 1 increased 18.0%, in part as a result of higher revenues from mile redemption and other services. This was partially offset by a 6.9% increase in operating expenses 1. Adjusted Net income excluding special items totaled $36.8 million compared to $5.6 million in 4Q2015. Adjusted net income margin 1 for 4Q 2016 therefore reached 3.3%; a 279 bps increase vs. 4Q2015. Operating income (EBIT 1 ) reached $102.1 million, posting an operating margin 1 of 9.2%. Further, operating revenues 1 reached $1.1 billion for the quarter; a 7.1% increase 1 when compared to 4Q2015. This represents Avianca s first yearon-year operating revenue increase since the last quarter of For the fourth quarter 2016, yields reached 8.6 cents; a 5.0% decrease when compared to 4Q This represents Avianca s lowest year-over-year decrease since yields began their double digit decline in early This trend was supported by a 10.0% increase in fourth quarter 2016 traffic numbers (RPKs) when compared to the same quarter last year. Cost per available seat kilometer (CASK 1 ) increased 2.3% to 8.3 cents in 4Q 2016, compared to 8.1 cents in 4Q This was primarily driven by higher jet fuel prices, which increased by 7.1% during the quarter, as well as by a 25.8% year-on-year increase in Depreciation and Amortization, with additional planes in service and 17.4% in Air Traffic expenses. CASK 1 for the twelve-month period of 2016 declined 10.7% to 8.0 cents when compared to the same period of These results were mainly driven by the Company s successful network optimization which, combined with effective cost control initiatives, continued to yield strong efficiencies CASK ex-fuel 1 therefore declined 5.4%, to 6.4 cents. EBITDAR for the 4Q 2016 was $257.1 million, while the EBITDAR margin 1 reached 23.3% EBITDAR 1 totaled $879.4 million, reaching an EBITDAR margin of 21.5%; a 279 bps increase when compared to Avianca s leverage position (Net Adjusted debt to EBITDAR) decreased to 6.0x, from 6.8x on December 31, 2015, in line with the Company s strategic plan. Capacity, measured in Available Seat Kilometers (ASKs), increased 4.6% during 4Q 2016, primarily due to the effect of the international capacity deployed to Europe during 2016, including the addition of seven weekly frequencies from Colombia to Spain. Further, the Company continued to see robust traffic numbers on its international routes, particularly to Europe, North and South America. Passenger traffic, measured in Revenue Passenger Kilometers (RPKs), increased by 10.0%, reaching a strong consolidated load factor of 83.8% across the network. The Company took delivery of one sharklet-equipped A320, one A319, one new widebody B787-8, one A300F and two Cessna 208 aircraft between October and December 2016, while phasing-out two A319 in line with the Company s fleet plan. Avianca Holdings S.A. and its subsidiaries therefore ended the quarter with a consolidated operating fleet of 181 aircraft. 1 When indicated the figures exclude the following one-time items: $9.9M: severance payments associated with the new organizational structure; $4.8M: extraordinary projects; $4.2M: 2017 A330 lease extension cost assumed in 2016; $5.9M: LifeMiles accounting methodology revision. 12M and 4Q2015 figures exclude one-time expenses disclosed on AVIANCA HOLDINGS S.A. NYSE: AVH BVC: PFAVH Financial Highlights (12 months ended December 31 st ) ($ millions) Revenues 4.4Bn 4.1Bn EBITDAR EBIT EBITDAR EBIT Net Income (139.5) 44.2 Net income* *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 (3 months ended December 31 st ) ($millions) Revenues 1.1Bn 1.1Bn EBITDAR EBIT EBITDAR EBIT Net Income (252.2) 26.4 Net income* *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 Profitability (12 months ended December 31 st ) EBITDAR% 17.6% 20.4% EBIT % 5.0% 6.2% EBITDAR % % 21.5% EBIT % 1 5.9% 7.2% Net income % (3.2%) 1.1% Net income%* 1 1.6% 2.5% *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 (3 months ended December 31 st ) EBITDAR% 21.1% 21.0% EBIT % 8.3% 7.0% EBITDAR % % 23.3% EBIT % 1 9.1% 9.2% Net income % (23.6%) 2.4% Net Income%* 1 0.5% 3.3% *Excluding Fx and Derivative Charges 1 Excluding items on footnote 1 Operational Highlights (12 months ended December 31 st ) Passengers 28.3M 29.5M ASKs 44.5Bn 47.1Bn RPKs 35.5Bn 38.2Bn Load Factor 79.7% 81.1% RASK CASK (3 months ended December 31 st ) Passengers 7.3M 7.7M ASKs 11.6Bn 12.1Bn RPKs 9.2Bn 10.1Bn Load Factor 79.7% 83.8% RASK CASK Contact Information: Avianca Holdings S.A. Investor Relations Office

3 CEO Message Dear Shareholders, I am pleased to let you know that the new customer centric business plan we began implementing mid-year is already showing strong signs of success. Supported by advances in technology, the plan is broadly aimed at enhancing the customer experience and boosting our productivity. We also remain focused on strengthening our hubs and core markets and developing a world class technology platform to consistently improve customer satisfaction. Combined with our drive to increase operational excellence and promote the growth and sustainability of all of our other business units, have been supported in the second half of the year by a more stable macroeconomic environment in Latin America. Our network continued to mature during 2016, delivering strong passenger traffic numbers, measured in RPK s, which grew 7.8% when compared to the same period in Driven by reinvigorated demand on both the domestic and international front, we decided to upgauge our long haul service from Bogota to São Paulo and to New York, in order to provide our clients with a best in class product. These routes are now served by wide-body aircraft. Accordingly, Avianca recorded a consolidated load factor of 81.1% for the full year; the strongest yearly load factor registered since its integration with TACA Group. In Q1, I reiterated our commitment to improving Avianca s capital structure. We have made strong strides on this front, through implementing a three pronged approach during the year. Firstly, we began by renegotiating aircraft deliveries for the 2016 through 2019 period, resulting in a significant reduction in capital expenditure for the Company totaling USD 1.4 billion. Secondly, we implemented an organizational restructuring in the second quarter of last year; streamlining Avianca s administrative layers and thus enabling the Company to make faster and smarter decisions. Finally, we reduced the company s debt by USD 198 million, ending the year at 6.0 x net adjusted debt to EBITDAR as compared to 6.8x at the end of 2015 on improved profitability and debt amortization. In addition, our LifeMiles loyalty program achieved several milestones in Apart from receiving three Freddie Awards -the oldest and most prominent recognition award for frequent traveler reward programs- in the categories of Best Redemption Ability, Best Promotion and Up and Coming Program of the Year, we also signed a new partnership between LifeMiles and Bancolombia, thereby consolidating our loyalty program s leading position in the region. For the year, Lifemiles generated solid results, increasing its co-branded credit card base by 13.3%; reaching a total of 529,000 credit cards. As a result, the year ended with more than 7.0 million members, representing an 8.5% increase, compared to the same period last year. Through steadfast focus on implementing our Plan, and the benefit of improved macroeconomic tailwinds, 2016 was a strong year for Avianca. We achieved revenues 1 of more than USD $4.0 billion and reduced operational costs 1 by 5.4%, to USD $3.8 billion. As a result, our operating margin 1 grew by 137 bps year over year, reaching a consolidated EBIT margin of 7.2% for the year and 9.2% for the 4Q Our EBIT margin expansion was weighed on by the recovery in global energy prices. After a thorough due diligence process, in January our Board announced that we will seek to implement as soon as possible an agreement to enhance and deepen our commercial and strategic relationship with United Airlines, our Star Alliance partner. Our focus is to create a long-term strategic partnership that will provide our customers with the best possible travel experience when travelling to or from the United States. A dedicated team is currently working together with United to make this new enhanced relationship a reality. Finally, as we look ahead we have defined several milestones for In terms of capacity, we estimate growth in the range of 6.5% - 8.5%, while maintaining our load factors between 80% - 82%. As a result, we estimate that our EBIT margin for 2017 will be in the range of 6.0% and 8.0%. We are confident that our strategy for 2017 will yield profitable growth for all our stakeholders while providing best in class service to our customers. Sincerely, Hernán Rincón Chief Executive Officer 2

4 Consolidated Financial and Operational Highlights 1 4Q-15 4Q-16 Vs. 4Q-15 ASK's (mm) 11,566 12, % RPK's (mm) 9,216 10, % Total Passengers (in millions) 7,301 7, % Load Factor 79.7% 83.8% 415bp Departures 75,097 74, % Block Hours , % Stage length (km) 1,023 1, % Fuel Consumption Gallons (000's) 118, , % 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$ $ 2,935.6 $ 3, % Foreign exchange (end of period) COP/US$ $ 3,121.9 $ 3, % WTI (average) per barrel $ 42.0 $ % Jet Fuel Crack (average) per barrel $ 11.2 $ % US Gulf Coast ( Jet Fuel average) per barrel $ 53.2 $ % Fuel price per Gallon (including hedge) $ 1.76 $ % Operating Revenues ($M) $ 1,067.5 $ 1, % EBITDAR ($M) $ $ % EBITDAR Margin 21.1% 21.0% -4bp EBITDA ($M) $ $ % EBITDA Margin 14.0% 13.9% -11bp Operating Income ($M) $ 88.9 $ % Operating Margin ($M) 8.3% 7.0% -133bp Net Income ($M) $ (252.2) $ % Net Income Margin -23.6% 2.4% 2601bp EBITDAR (Adjusted) ($M) $ $ % EBITDAR Margin (Adjusted) 22.3% 23.8% 100bp EBITDA (Adjusted) ($M) $ $ % EBITDA Margin(Adjusted) 15.0% 16.1% 117bp Operating Income (Adjusted) ($M) $ 93.9 $ % Operating Margin ($M) (Adjusted) 9.1% 9.2% 14bp Adjusted Net Income ($M) $ 5.6 $ % Net Income Margin (Adjusted) 0.5% 3.8% 279bp (Adjusted: Excluding non-cash Fx charges, gain or loss on derivative instruments and special items associated to one-time expenses described in footnote (1)) 3

5 Management Comments on 4Q 2016 Results Avianca Holdings reached an operating income (EBIT 1 ) of $102.1 million, with an operating income (EBIT 1 ) margin of 9.2%. These results were primarily driven by a 7.1% increase in total operating revenues 1 as the Company effectively addressed top line pressure, with benefit of increased passenger traffic, strong load factors and lower pressure on yields. Consequently, passenger revenues registered its first year-on-year increase (4.5%) since 3Q2014. Moreover, Non-Passenger Revenues 1 increased 18.0% in part as a result of higher revenues from mile redemption and other services. The latter was partly offset by an increase in operational expenses 1, primarily driven by higher fuel costs and a 25.8% increase in Depreciation and Amortization, which was largely associated with aircraft incorporated throughout the year. Total operating revenues 1 amounted to approximately $1.1 billion during 4Q This represents a 7.1% year-on-year increase, mainly due to a 4.5% increase in passenger revenues, as pressure on yields continues to moderate, as well as a 18.0% increase in cargo and other revenues 1. The latter was primarily driven by higher revenues from mile redemption, as well as a 6.1% increase in cargo average fare coupled with a 3.4% increase in the total tons transported. This was primarily due to the positive spillover across our cargo network resulting from Avianca s commercial agreement with Etihad. Cargo and other revenues 1 represented 21.1% of total revenues in the fourth quarter Operating revenues 1 for FY2016 totaled $4.1 billion; a 4.0% year-over-year decrease primarily due to a 5.0% reduction of passenger revenues partly offset by a 0.5% increase in cargo and other revenues 1. The LifeMiles Loyalty Program continued to deliver strong results during the 4Q2016, with a 7.7% increase in revenues as compared to the same period of In terms of membership growth, the quarter ended with more than 7.0 million members, which represents an 8.5% year-on-year increase. During the same period, the LifeMiles retail partnership program continued to expand, with a 10.6% increase in the number of new commercial partners, to 314. Finally, LifeMiles active co-branded cards ended the quarter with more than 529,000 cards; a 13.3% year-on-year increase. Avianca transported more than 7.6 million passengers in the fourth quarter of 2016; a 5.0% year-on-year increase. Traffic figures (RPKs) increased well above capacity (ASKs), resulting in a consolidated load factor of 83.8%, as the international capacity deployed during 2016, such as the addition of seven weekly frequencies from Colombia to Spain, continues to mature. Therefore, routes to Europe during the fourth quarter 2016 reached an average consolidated load factor of 88.4%, while the route from Bogota to Rio de Janeiro reached 91.8%, contributing to the strong 15.2% traffic growth from home markets to South America. 4Q 2016 operating expenses 1 were $1.0 billion; a 6.9% year-on-year increase. This was primarily driven by a 4.9% increase in Fuel Expenses associated with higher jet fuel prices as the Company s effective jet fuel prices increased by 7.1%, from an average of US$1.58 to US$1.70 per gallon. Further, Depreciation and Amortization increased 25.8%, associated with aircraft incorporated into Avianca s fleet over the last 12 months, and to MRO and CEO facilities entry into operation. Salaries and Wages remained flat when adjusted for severance payments in line with the organizational restructuring. The increase in Air Traffic expenses is mainly driven by strong demand for both international and domestic routes. These results were partially offset by a 24.4% decrease in Maintenance and Repairs due to lower engine repair costs, as $9.1 million of maintenance reserves for A330 and A320 engines were reclassified as recoverable, along with lower non-reimbursable maintenance reserve expenses. As part of the Company s ongoing fuel hedging strategy, a total of 79.8 million gallons of fuel were hedged at the end of the fourth quarter 2016, out of which 56.8 million gallons correspond to approximately 12.6% of the total expected volume to be consumed over The remaining volume represents approximately 5.0% of the total expected fuel consumption for Coverage levels were set at $1.42 per gallon. In accordance with the Company s fleet plan, Avianca took delivery of one sharklet-equipped A320, one A319, one new wide-body B787-8, one A300F and two Cessna 208 aircraft between September and 4

6 December 2016, while phasing-out two A319. Avianca Holdings S.A. and its subsidiaries therefore ended the quarter with a consolidated operating fleet of 181 aircraft. The Company recorded other non-operating expenses of $24.0 million for the 4Q 2016, compared to a nonoperating expense of $60.1 million for the same quarter of Interest expenses decreased $7.2 million as the Company continues to effectively reduce its corporate debt, in line with its deleveraging strategy. The Company also recorded a $15.9 million income related to the foreign exchange non-cash translation adjustments, compared to a $12.5 million expense for the same period of This effect is primarily due to a loss related to foreign exchange translation adjustments, consisting of the net non-cash gain (or loss) from monetary assets and liabilities denominated in Colombian Pesos, Argentinian Pesos, and Venezuelan Bolivares subject to the USD exchange rate. The Company ended the quarter with cash and cash equivalents and available-for-sale securities, in the amount of $375.8 million. Including short-term certificates and bank deposits, adjusted cash and cash equivalents and available-for-sale securities (other current assets) were $392.4 million, equivalent to approximately 9.5% of revenues for the last twelve months. As of December 31, 2016 the Company valuated its cash balances held in Venezuela at the latest DICOM exchange rate of VEF per 1.00 USD, resulting in a cumulative loss of $4.9 million. Accordingly, the carrying amount of cash balances held in Venezuela have been classified as follows: $1.3 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 and $0.2 million as short-term restricted cash, which is expected to be used in the subsequent nine months. In line with the Company s deleveraging strategy, as of December 31, 2016, the Company s leverage position (Net Adjusted debt to EBITDAR 3 ) decreased to 6.0x, from 6.8x on December 31, As such, the Company s total long-term debt amounted to $2.87 billion, while total liabilities came in at $4.93 billion. Full Year 2017 Outlook Avianca Holdings remains committed to strengthening its capital structure, enhancing free cash flow generation and expanding future profitability while generating value for all stakeholders. Cost controls and revenue enhancing actions will continue to be an important focus throughout the adjustment process in order to deliver profitable long-term growth while ensuring best-in-class service for Avianca s customers. Furthermore, Avianca s capacity growth strategy coupled with the current robust traffic trends throughout its network, will ensure continued healthy load factors. Outlook Summary Full Year 2017 Total Passenger Increase from % - 6.0% Capacity (ASK) Increase from % - 8.5% Load Factor 80.0% % EBIT Margin 6.0% - 8.0% 5

7 Analysis by ASKs (in U.S. cents) 4Q Q 2016 Var% Operating revenue: Passenger 7,21 7,21 0,0% Cargo and other 2,02 1,93-4,4% Total Operating revenues 9,23 9,14-1,0% Operating expenses: Flight Operations 0,10 0,13 26,1% Aircraft fuel 1,81 1,81 0,3% Ground Operations 0,92 0,92 0,0% Aircraft rentals 0,65 0,65 0,1% Passenger services 0,35 0,34-3,1% Maintenance and repairs 0,55 0,40-27,0% Air traffic 0,46 0,52 12,3% Sales and marketing 1,20 1,13-5,9% General, administrative, and other 0,48 0,53 10,9% Salaries, wages and benefits 1,41 1,43 1,3% Depreciation and amortization 0,52 0,63 20,3% Total operating expense 8,46 8,50 0,4% Operating income 0,77 0,64-16,9% Total CASK 8,46 8,50 0,4% CASK ex. Fuel 6,65 6,68 0,5% Total Cask (Adjusted) 8,11 8,29 2,3% CASK ex. Fuel (Adjusted) 6,30 6,48 2,8% Yield 9,05 8,60-5,0% Non-IFRS Financial Measure Reconciliation In USD Millions 4Q2015 4Q2016 Var% Net Income as Reported (252,2) 26,4 110,4% Special items (adjustments): (+) Loss on sale of property and equipment 0,8 - (+) Extraordinary Fleet Maintenance Charges (Op. Profit) 4,2 4,2 (+) Extraordinary Projects - 4,8 (+) Severance Payments - 9,9 (+) LifeMiles Accounting Methodology Adj. - 5,9 (-) Derivative Instruments (3,5) (1,5) (-) Write-Off Venezuela (236,7) - (-) Foreign exchange gain (loss) (12,5) 15,9 Net Income Adjusted 5,6 36,8 561,9% 6

8 Reconciliation of Operating Cost per ASK excluding special items in US$ cents 4Q2015 4Q2016 Var% Total CASK as reported 8,5 8,5 0,4% Aircraft Fuel 1,8 1,8 Total CASK excluding Fuel as reported 6,7 6,7 0,5% (+) Cargo Discount (0,3) - (+) Loss on sale of property and equipment (0,0) - (+) Extraordinary Fleet Maintenance Charges (Op. Profit) (0,0) (0,0) (+) Extraordinary Projects - (0,0) (+) Severance Payments - (0,1) (+) LifeMiles Accounting Methodology Adj - (0,0) Total CASK excluding Fuel and special items 6,3 6,5 2,8% 7

9 Interim Condensed Consolidated Statement of Comprehensive Income for the Twelvemonth period ended December 31, 2015 and 2016 (In USD thousands) 2016 (Unaudited) 2015 (Audited) Operating revenue: Passenger $ 3,285,217 $ 3,458,017 Cargo and other 853, ,324 Total operating revenue 4,138,338 4,361,341 Operating expenses: Flight Operations 58,381 58,069 Aircraft fuel 785,273 1,006,792 Ground operations 426, ,382 Aircraft rentals 314, ,505 Passenger services 151, ,292 Maintenance and repairs 260, ,719 Air traffic 218, ,980 Sales and marketing 545, ,775 General, administrative, and other 187, ,195 Salaries, wages and benefits 661, ,084 Depreciation, amortization 269, ,732 Total operating expenses 3,879,868 4,142,525 Operating profit 258, ,816 Other non-operating income (expense): Interest expense (172,630) (169,407) Interest income 13,054 19,016 Derivative instruments 3, Foreign Exchange (23,939) (177,529) Profit before income tax 78,276 (108,478) Income tax expense- current (27,448) (17,280) Income tax expense- deferred (6,642) (13,748) Total income tax expense (34,090) (31,028) Net profit for the period $ 44,186 $ (139,506)

10 Interim Condensed Consolidated Statement of Financial Position (in USD thousands) As of December 30, 2016 As of December 31, 2015 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 375,753 $ 479,381 Restricted cash 5,371 5,397 Accounts receivable, net of provision for doubtful accounts 313, ,620 Accounts receivable from related parties 19,283 23,073 Expendable spare parts and supplies, net of provision for obsolescence 82,362 68,768 Prepaid expenses 59,725 45,708 Assets held for sale 3,323 Deposits and other assets 160, ,724 Total current assets 1,016,486 1,035,994 Non-current assets: Available-for-sale securities Deposits and other assets 174, ,486 Accounts receivable, net of provision for doubtful accounts 92,048 59,713 Intangible assets 412, ,766 Deferred tax assets 5,845 5,847 Property and equipment, net 4,649,929 4,599,346 Total non-current assets 5,334,849 5,325,951 Total assets $ 6,351,335 $ 6,361,945

11 Interim Condensed Consolidated Statement of Financial Position (in USD thousands) As of December 31, 2016 As of December 31, 2015 Liabilities and equity Current liabilities: Current portion of long-term debt $ 406,739 $ 412,884 Accounts payable 493, ,592 Accounts payable to related parties 9,072 9,449 Accrued expenses 138, ,192 Provisions for legal claims 18,516 13,386 Provisions for return conditions 53,116 52,636 Employee benefits 39,581 32,876 Air traffic liability 521, ,575 Other liabilities 11,085 12,691 Total current liabilities 1,691,202 1,566,281 Non-current liabilities: Long-term debt 2,867,496 3,060,110 Accounts payable 2,734 3,599 Provisions for return conditions 120, ,231 Employee benefits 115, ,720 Deferred tax liabilities 20,352 13,475 Air traffic liability 98,088 93,519 Other liabilities non-current 14,811 15,375 Total non-current liabilities 3,239,872 3,423,029 Total liabilities 4,931,074 4,989,310 Equity: Common stock 82,600 82,600 Preferred stock 42,023 42,023 Additional paid-in capital on common stock 234, ,567 Additional paid-in capital on preferred stock 469, ,273 Retained earnings 544, ,132 Revaluation and other reserves 27,365 18,394 Total equity attributable to the Company 1,400,509 1,353,989 Non-controlling interest 19,752 18,646 Total equity 1,420,261 1,372,635 Total liabilities and equity $ 6,351,335 $ 6,361,945 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. 10

12 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). Cargo Discount: The cargo discount is the incremental revenue under Cargo and Other Revenue, which recorded the difference between the selling price charged by third party agencies to final customers and the price Avianca Cargo charged third party agencies. The cargo discount was then subsequently discounted as an incremental expense under Sales and Marketing having no impact on nominal profitability. Commencing third quarter 2016 the company no longer records cargo discount. 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. 11

13 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 15 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). 12

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