Common use of INTERPRETATION AND LAW Clause in Contracts

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name : Name : Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERY

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 3.3 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 3.3 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 3.3 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE GRUPO TACA HOLDINGS LIMITED AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name : Name : Title: Title: Signature: Signature: Date: December August , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERY.

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 2.5 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. [*** ] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 2.5 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Senior Vice President Contracts Signature: /s/ Xxxxxxxxxx Xxxxxx Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. AVIANCA GRUPO TACA HOLDINGS LIMITED Name Name: Name : Xxxxxx Covelo Title: Secretary General/ Officer Signature: /s/ Xxxxxx Covelo Name: WND Limited Title: Director Signature: Signature: /s/ WND Limited Date: December March 31, 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant 0000 Xxxxxxxx to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 Letter Agreement 9 DELIVERY

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 4 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 A320neo Family PA – March 2015 Letter Agreement 4 - Page 217 of 246 LETTER AGREEMENT N° 2.4 4 If the foregoing correctly sets forth our understanding, please execute three four (34) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 4 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to CT1307579 A320neo Family PA – March 2015 Letter Agreement 4 - Page 218 of 246 LETTER AGREEMENT N° 2 9 DELIVERY5 AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, Xxxxxxx Xxxxx 00 Xx. 00-00 Xxxxxx, Xxxxxxxx GRUPO TACA HOLDINGS LIMITED, Winterbotham Place, Marlborough and Xxxxx Xxxxxxx X.X. Xxx X-0000 Nassau, the Bahamas Subject: ECAs GRUPO TACA HOLDINGS LIMITED, AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA (jointly and severally referred to as the “Buyer”) and AIRBUS S.A.S. (the “Seller”) have entered into an A320neo Family Purchase Agreement (the “Agreement”) dated as of event date herewith, which covers, among other things, the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft under the terms and conditions in said Agreement. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°5 (the “Letter Agreement No5”) certain additional terms and conditions regarding the Aircraft. Capitalized terms used herein and not otherwise defined in this Letter Agreement N°5 shall have the meanings assigned thereto in the Agreement. Both parties agree that this Letter Agreement N°5, upon execution hereof, shall constitute an integral, nonseverable part of said Agreement, that the provisions of said Agreement are hereby incorporated herein by reference, and that this Letter Agreement N°5 shall be governed by all the provisions of the Agreement; as such provisions have been specifically amended pursuant to this Letter Agreement N°5. If there is any inconsistency between the provisions of the Agreement and the provisions of this Letter Agreement N°5 then the provisions of this Letter Agreement N°5 will govern. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 A320neo Family PA – March 2015 Letter Agreement 5 - Page 219 of 246 LETTER AGREEMENT N° 5

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 3 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 LETTER AGREEMENT N° 2.4 3.1 If the foregoing correctly sets forth our understanding, please execute three four (34) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 3.1 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE GRUPO TACA HOLDINGS LIMITED AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERYCT1307579

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 2.2 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 2.2 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 2.2 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE GRUPO TACA HOLDINGS LIMITED AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December April , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 0 to LETTER AGREEMENT N° 2 9 DELIVERY2.2

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 3 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 LETTER AGREEMENT N° 2.4 3 If the foregoing correctly sets forth our understanding, please execute three four (34) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 3 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to CT1307579 LETTER AGREEMENT N° 2 9 DELIVERY4 AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, Xxxxxxx Xxxxx 00 Xx. 00-00 Xxxxxx, Xxxxxxxx GRUPO TACA HOLDINGS LIMITED, Winterbotham Place, Marlborough and Xxxxx Xxxxxxx X.X. Xxx X-0000 Nassau, the Bahamas Subject: *** GRUPO TACA HOLDINGS LIMITED, AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA (jointly and severally referred to as the “Buyer”) and AIRBUS S.A.S. (the “Seller”) have entered into an A320neo Family Purchase Agreement (the “Agreement”) dated as of event date herewith, which covers, among other things, the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft under the terms and conditions in said Agreement. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°4 (the “Letter Agreement No4”) certain additional terms and conditions regarding the Aircraft. Capitalized terms used herein and not otherwise defined in this Letter Agreement N°4 shall have the meanings assigned thereto in the Agreement. Both parties agree that this Letter Agreement N°4, upon execution hereof, shall constitute an integral, nonseverable part of said Agreement, that the provisions of said Agreement are hereby incorporated herein by reference, and that this Letter Agreement N°4 shall be governed by all the provisions of the Agreement; as such provisions have been specifically amended pursuant to this Letter Agreement N°4. If there is any inconsistency between the provisions of the Agreement and the provisions of this Letter Agreement N°4 then the provisions of this Letter Agreement N°4 will govern. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 A320neo Family PA – March 2015 Letter Agreement 4 - Page 216 of 246 LETTER AGREEMENT N° 4 1 ***

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 7.1 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 Nº 7.1 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 7.1 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE GRUPO TACA HOLDINGS LIMITED AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name : Name : Title: Title: Signature: Signature: Date: December April , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERY.

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 5 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 A320neo Family PA – March 2015 Letter Agreement 5 - Page 220 of 246 LETTER AGREEMENT N° 2.4 5 If the foregoing correctly sets forth our understanding, please execute three four (34) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 5 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to CT1307579 A320neo Family PA – March 2015 Letter Agreement 5 - Page 221 of 246 LETTER AGREEMENT N° 2 9 DELIVERY6 AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, Xxxxxxx Xxxxx 00 Xx. 00-00 Xxxxxx, Xxxxxxxx GRUPO TACA HOLDINGS LIMITED, Winterbotham Place, Marlborough and Xxxxx Xxxxxxx X.X. Xxx X-0000 Nassau, the Bahamas Subject: *** GUARANTEES GRUPO TACA HOLDINGS LIMITED, AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA (jointly and severally referred to as the “Buyer”) and AIRBUS S.A.S. (the “Seller”) have entered into an A320neo Family Purchase Agreement (the “Agreement”) dated as of event date herewith, which covers, among other things, the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft under the terms and conditions in said Agreement. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°6 (the “Letter Agreement No6”) certain additional terms and conditions regarding the Aircraft. Capitalized terms used herein and not otherwise defined in this Letter Agreement N°6 shall have the meanings assigned thereto in the Agreement. Both parties agree that this Letter Agreement N°6, upon execution hereof, shall constitute an integral, nonseverable part of said Agreement, that the provisions of said Agreement are hereby incorporated herein by reference, and that this Letter Agreement N°6 shall be governed by all the provisions of the Agreement; as such provisions have been specifically amended pursuant to this Letter Agreement N°6. If there is any inconsistency between the provisions of the Agreement and the provisions of this Letter Agreement N°6 then the provisions of this Letter Agreement N°6 will govern. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 LETTER AGREEMENT N° 6 0 DEFINITIONS In the appendixes to this Letter Agreement No6, the word “Guarantees” and the word “Specification” shall have the meanings assigned thereto in each such appendix.

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 3.2 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 Nº 3.2 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 3.2 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE GRUPO TACA HOLDINGS LIMITED AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name : Name : Title: Title: Signature: Signature: Date: December April , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERY.

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 No 2 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. [*** *] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. amended CT1307579 LETTER AGREEMENT N° 2.4 2 If the foregoing correctly sets forth our understanding, please execute three two (32) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 No 2 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 [*** *] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. amended CT1307579 APPENDIX 9 2 to LETTER AGREEMENT N° 2 9 DELIVERY2 SPECIFICATION

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 1.1 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 No 1.1 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 1.1 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE GRUPO TACA HOLDINGS LIMITED AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name : Name : Title: Title: Signature: Signature: Date: December April , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERY.

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 4.1 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. LETTER AGREEMENT N° 2.4 Nº 4.1 If the foregoing correctly sets forth our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 4.1 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name : Name : Title: Title: Signature: Signature: Date: December April , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to LETTER AGREEMENT N° 2 9 DELIVERY.

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 6 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. CT1307579 A320neo Family PA – March 2015 Letter Agreement 6 - Page 223 of 246 LETTER AGREEMENT N° 2.4 6 If the foregoing correctly sets forth our understanding, please execute three four (34) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 6 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 CT1307579 Appendix 1 to LETTER AGREEMENT the Letter Agreement N° 2 9 DELIVERY6

INTERPRETATION AND LAW. THIS LETTER AGREEMENT N°2.4 1 SHALL BE GOVERNED BY AND CONSTRUED AND THE PERFORMANCE THEREOF SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION. *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. amended CT1307579 LETTER AGREEMENT N° 2.4 1 If the foregoing correctly sets forth our understanding, please execute three four (34) originals in the space provided below and return one (1) original of this Letter Agreement N°2.4 1 to the Seller. Agreed and Accepted For and on behalf of AIRBUS S.A.S. Title: Title: Signature: Agreed and Accepted Agreed and Accepted For and on behalf of For and on behalf of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA. GRUPO TACA HOLDINGS LIMITED Name Name: Name Name: Title: Title: Signature: Signature: Date: December , 2016 *** Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. APPENDIX 9 to amended CT1307579 A320neo Family PA – March 2015 Letter Agreement 1 - Page 153 of 246 LETTER AGREEMENT N° 2 9 DELIVERYAEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, Xxxxxxx Xxxxx 00 Xx. 00-00 Xxxxxx, Xxxxxxxx GRUPO TACA HOLDINGS LIMITED, Winterbotham Place, Marlborough and Xxxxx Xxxxxxx X.X. Xxx X-0000 Nassau, the Bahamas Subject: MISCELLANEOUS GRUPO TACA HOLDINGS LIMITED, AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA (jointly and severally referred to as the “Buyer”) and AIRBUS S.A.S. (the “Seller”) have entered into an A320neo Family Purchase Agreement (the “Agreement”) dated as of event date herewith, which covers, among other things, the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft under the terms and conditions in said Agreement. The Buyer and the Seller have agreed to set forth in this Letter Agreement N°2 (the “Letter Agreement No2”) certain additional terms and conditions regarding the Aircraft. Capitalized terms used herein and not otherwise defined in this Letter Agreement N°2 shall have the meanings assigned thereto in the Agreement. Both parties agree that this Letter Agreement N°2, upon execution hereof, shall constitute an integral, nonseverable part of said Agreement, that the provisions of said Agreement are hereby incorporated herein by reference, and that this Letter Agreement N°2 shall be governed by all the provisions of the Agreement; as such provisions have been specifically amended pursuant to this Letter Agreement N°2. If there is any inconsistency between the provisions of the Agreement and the provisions of this Letter Agreement N°2 then the provisions of this Letter Agreement N°2 will govern. [***] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended CT1307579 A320neo Family PA – March 2015 Letter Agreement 2 - Page 154 of 246 LETTER AGREEMENT N° 2