Document:

EX-10.3.1

 Exhibit 10.3.1 
 REPUBLIC OF COLOMBIA 
 CIVIL AERONAUTICS 

Special Administrative Unit 

MODIFYING CONTRACT No. 1 TO THE RENTAL CONTRACT NUMBER BO AR 0011 04 

 

					
	OBJECT:	  	PROPERTY RENTAL – EL DORADO INTERNATIONAL AIRPORT AIR LIFT
			
	AREAS	  	 Item
  
 Parking lot
  

Platform
  
 Land
  
 Terminal
Building
  
 Platform Security Zone

 
 Foxtrot Road between Juliet

 
 And Kilo

 
 Total
	  	 Area
  
 12,487.69 m2
  

16,743.50 m2
  
 86,730.19 m2
  

10,500.74 m2
  

 
  
  

11,572.40 m2
  
 138,035.15

		
	DESTINATION:	  	TERMINAL FOR PASSENGER DISPATCH, AIRCRAFT PLATFORM, VEHICLE PARKING, ACCESS ROADS, HANGAR, WORKSHOP AND WAREHOUSES
		
	MONTHLY WORTH:	  	From January 1st, 2006 to
April 30th 2006:
		
		  	 $556,015,361 discriminated as follows:

 
 $505,468,510 value of the monthly fee

 
 $ 50,546,851 value added tax

 
 From May 1st, 2006 to March 31st,
2009
  
 $593,389,835 discriminated as follows:

 
 $539,444,850 value of the monthly fee

 
 $ 53,944,485 value added tax

			
	TOTAL VALUE:	  	 $22,292,705,669 discriminated as follows:
  

$ 20,902,443,790 rental value
  

$ 2,090,244,379 value added tax
	  	

			
		
	TERM:	  	THREE (3) YEARS FROM JANUARY 1st,
2006
		
	LOCATION:	  	“ELDORADO” INTERNATIONAL AIRPORT OF BOGOTA D.C. CITY

 Among the subscribers, ANDRES BOTERO ARBELAEZ, of legal age, domiciled in Bogotá,
D.C., with citizenship identity card No. 71.690.069 issued in Medellín, whom, as GENERAL MANAGER OF THE ELDORADO AIRPORT acts in name of and in representation of the SPECIAL ADMINISTRATIVE UNIT OF THE CIVIL AERONAUTICS,
specialized entity, of technical character, ascribed to the Ministry of Transportation, with legal entity, administrative autonomy and independent patrimony, according to the delegation of functions established in Resolution number 01583 as of
April 30th, 2004, whom for the purpose of the present
document will be known as the LANDLORD on one side, and on the other side, ELISA MURGAS DE MORENO, of legal age, identified with citizenship identity card No. 41.614.534 issued in Bogotá, whom, as legal representative, acts
in the name of and in representation of AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, (formerly AEROVIAS NACIONALES DE COLOMBIA S.A. “AVIANCA S.A.”), legal person, constituted as a corporation by public deed number 2374 as
of December 5fth, 1919, issued at the Notary Second of the circle of Barranquilla and registered at the Court Third of the same city, modified on several opportunities , being its last amendment that included in public deed number 4023 as of
June 14 of 2005, issued at the Notary 18th of
Bogotá ́s circle, presently active, as is stated in the Certificate of Existence and Legal Representation issued on November 2, 2005, by the Chamber of Commerce of Barranquilla, duly authorized to enter into the present contract by
its Directive Board, whom, for the purposes of this contract will be called the LESSEE or AVIANCA, who also expressly declares, under oath, that neither her, or the legal person she is representing is immersed in any cause of inability or
incompatibility as specified in article 8 of Law 80 of 1993, have agreed in entering into the present rental contract which will be ruled by the said law, its regulatory regulations, the pertinent dispositions

 
included in the Civil and Commercial Codes, Resolutions numbers 3379 of June 3rd, 1996 and 2883 of July 4th, 1999 and all other regulations which may clarify, modify, amend or derogate them from time to time, previous the
following considerations: 1) that the company AVIANCA subscribed with AEROCIVIL the rental contract number BO AR 0011 04 over the areas identified as Air Lift Terminal, contract which is in force. 2) that with office note as of
October 4, 2005 AVIANCA declared to AEROCIVIL, through the area of Airport Infrastructure, that the area available for aircraft parking in the platform Air Lift was insufficient for the operational needs and for that reason submitted to
its consideration the project to build the platform in the property on the area located in the Security Zone Foxtrot road between Juliet and Kilo, which investment, it proposed, could be performed by AVIANCA, in order for AEROCIVIL to
recognize its value as useful improvements through their payment discounting a percentage in the value agreed upon as rental fee for the Air Lift Terminal. 2) That through office note No. 44000 1515 the Direction of Airport Development of
Aerocivil, issued a favorable concept on the construction for A of the platform for aircraft parking in the Security Zone Foxtrot road between Juliet and Kilo, supported in the technical evaluation performed, finding that the project
activities, prices and technical specifications were adjusted. 3) That with Letter No. 1070 847 05 of October 19, 2005, the Commercialization and Investment Office of AEROCIVIL made the recommendations in relation to the project,
which are an integral part of this contract, as follows: a. Reduce the rental fee of the Air Lift Terminal only by 40% instead of the 50% proposed by AVIANCA. b. Same reduction for the land rental and the platform already built. c. Inclusion of the
cost of parking determined in option 2 of annex 2 which is equivalent to five million monthly, with amortizations also of 40%. d. Extend the rental contract for three months. e. It recommends that the direction of the Operations and Technical
Support Group of the Eldorado Airport certify that the proposed construction does not affect the operation or the security of the aircrafts that will use the airport ́s infrastructure. f. It recommends the ElDorado Airport Management to produce
a concept on the appraisal prepared by the company Oscar Velásquez and Cia S. in C. g. For the subscription or amendment of the rental contract of the T.A.L., it recommends previous endorsement by the Legal office both of the entity and of

 
AVIANCA. h. It recommends that the Office of the Aeronautic Advisor in the matter of the El Dorado concession certifies that the proposed business has been coordinated with respect to the new
concession, with the KPMG arranger, as to the way it will affect the income of the future concession. i. The technical conditions for the definite delivery of the platform from AVIANCA to the entity must be clear. 4) That with letter No. 1123
756 of October 19, 2005, THE OPERATIONS AND TECHNICAL SUPPORT GROUP OF THE EL DORADO AIRPORT states the importance of the project since it helps to minimize the movement of clients and aircrafts between terminals, during the next two
years, which increases the airport ́s capacity, and also states the importance of equipping the platform with illumination with floor demarcation of the parking positions. 5) That on November 15, 2005, Avianca presented the
executive summary for the construction of the platform for aircraft parking in the area of the security zone of the Foxtrot road between Juliet and Kilo to Aerocivil ́s Directive Council. 6) That the ELDORADO AIRPORT requests from LONJA
COLOMBIANA the appraisal of rent for the security zone of the Foxtrot road between Juliet and Kilo, located in the old General Aviation Zone. 7) That the LONJA COLOMBIANA, through the company OSCAR VELÁSQUEZ Y CIA S. EIN C,
delivered to the entity the rent appraisal for a monthly value of $23,144,800 for the land area and of $52,121,141 for the same area once it is built, with an area of 11,572.40 m2. 8) That the present amending contract will be ruled by the
following clauses: 
 FIRST: The clause SECOND “AREA” of the initial contract is modified in order to include the area of the
security zone land of Foxtrot Road between Juliet and Kilo, which will state the following: 
 SECOND: AREA. The total area of the
property which is delivered by the present contract is defined as a business unit and has a space of ONE HUNDRED THIRTY EIGHT THOUSAND FIFTY FIVE POINT TWELVE SQUARE METERS (138,055.12 m2), it is composed of two adjacent pieces of land,
according to adjoining maps prepared by the Real Estate Administration Group in the month of December of 2002, which are part of the present contract, discriminated and comprised within the following boundaries: On the NORTH: starting from
point TPA1 to the east and in a straight line until reaching 

 
point TPA2 at a distance of fifty four point ninety eight (54.98 M) lineal meters, from this point to the north and in a straight line up to reaching point TPA3 at a distance of ten point twelve
(10.12 M) lineal meters, from this point to the west and in a straight line up to point TPA4 at a distance of one hundred twenty four point twenty eight (124.28 M) linear meters bordering with freight warehouse No. 165, platform and taxiway.
SOUTH: starting at point TPA5 heading west in a straight line until reaching point TPA6 at a distance of sixty two point fifty seven (62.57 M) linear meters, from this point to the south and in a curved line until reaching point TPA7 at a
distance of forty five point fifteen (45.15 M) linear meters, from this point to the south and in a straight line until reaching point TPA8 at a distance of thirty five point zero eight (35.08 M) linear meters, from this point to the south and in a
curved line until reaching point TPA9 at a distance of seventeen point sixty six (17.66 M) lineal meters bordering green security area, heliports, from this point to the west and in a straight line until reaching point TPA10 at a distance of eighty
one point forty five (81.45 M) linear meters, from this point to the west and in a line until reaching point TPA11 at a distance of nine point eighty seven (9.87 M) linear meters, from this point to the west and in a straight line until reaching
point TPA12 at a distance of thirty six point sixty four (36.64 M) linear meters, from this point to the south and in a straight line until reaching point TPA13 at a distance of four point twenty eight (4.28 M) linear meters, from this point to the
west and in a straight line until reaching point TPA14 at a distance of seven point forty seven (7.47 M) linear meters, from this point to the south and in a straight line until reaching point TPA15 at a distance of twenty seven point ninety two
(27.92 M) linear meters bordering all this extension with security zone taxiway kilo (k), from this point heading west and in line until reaching point TPA16 at a distance of sixty two point fifty two (62.52 M) lineal meters bordering plot number
L-170 rented by Central Charter, from this point to the south and in a straight line until reaching point TPA17 at a distance of twenty nine point nineteen (21.19 M) linear meters, from this point to the south and in a straight line until reaching
point TPA18 at a distance of nine point twelve (9.12 M) linear meters bordering vehicle access to the Air Lift Terminal. On the EAST: Heading south from point TPA4 in a straight line until reaching point TPA5 at a distance of four hundred
thirty eight point ninety (438.90 M) linear meters bordering security zone taxiway Foxtrot and on 

 
the WEST: starting at point TPA18 to the north in a straight line until reaching point TPA19 at a distance of two hundred twenty three point thirty (223.30 M) linear meters, from this
point to the north in a straight line until reaching point TPA20 at a distance of seven point seventy four (7.74 M) linear meters, from this point to the north in a straight line until reaching point TPA21 at a distance of six point thirty one (6.31
M) linear meters, from this point to the north in a straight line until reaching point TPA22 at a distance of eleven point thirty seven (11.37 M) linear meters, from this point to the north in a straight line until reaching point TPA23 at a distance
of eight point twenty five (8.25 M) linear meter, from this point heading north in a straight line until reaching point TPA24 at a distance of twenty five point twenty nine (25.29 M) linear meters, from this point to the north in a straight line
until reaching point TPA25 at a distance of fourteen point ninety nine (14.99 M) linear meters, from this point to the north in a straight line until reaching point TPA26 at a distance of twelve point fifty three (12.53 M) linear meters, from this
point to the north in a straight line until reaching point TPA27 at a distance of nine point ninety nine (9.99 M) linear meters, from this point heading north in a straight line until reaching point TPA28 at a distance of nine point ninety two (9.92
M) linear meters bordering parallel to the Eldorado Avenue. From this point to the north in a straight line until reaching point TPA29 at a distance of twenty seven point ninety seven (27.97 M) linear meters bordering the Air Lift Terminal vehicle
exit, from this point and to the north in a straight line until reaching point TPA30 at a distance of forty nine point ten (49.10 M) linear meters bordering parallel to the Eldorado Avenue, from this point to the east and in a straight line until
reaching point TPA31 at a distance of twenty five point thirty eight (25.38 M) lineal meters, from this point to the north and in a straight line until reaching point TPA32 at a distance of thirteen point zero five (13.05 M) linear meters, from this
point to the north in a straight line until reaching point TPA33 at a distance of twenty point eighty seven (13.87 M) linear meters, from this point to the north in a straight line until reaching point TPA34 at a distance of fifteen point cero eight
(15,08 M) linear meters, heading north 15 in a straight line until reaching point TPA35 at a distance of thirteen point sixty three (13.63 M) linear meters, from this point to the north in a straight line until reaching point TPA36 at a distance of
sixteen point ninety eight (16.98 m) linear meters, from this point to the north in a 

 
straight line until reaching point TPA37 at a distance of thirteen point fourteen (13.14 M) linear meters, from this point to the north in a straight line until reaching point TPA38 at a distance
of fourteen point seventy (14.70 M) linear meters ̧ from this point to the north in a straight line until reaching point TPA39 at a distance of eleven point zero four (11.04 M) linear meters, from this point to the north in a straight line
until reaching point TPA1 at a distance of thirty nine point thirty five (39.35 M) linear meters, bordering the green zone, parallel to the Eldorado Avenue. This land comprises two pieces of land which are contiguous and adjacent, separated by an
imaginary broken line which starts at point AC1 located at the bus parking lot up to point AC22 located at the border of the access platform with the security zone with the Foxtrot road. Piece of land called MALVINAS with an area of 11,572.40
M2 and whose boundaries are determined as follows: On the NORTH: In 92.43 LM with taxi runway. On the SOUTH: In 91.78 LM with taxiway. On the EAST: In 123.47 LM with taxiway. On the WEST: In 123.47 LM with platform.

 PARAGRAPH ONE: The total area of the property being delivered in rental by the present contract, is integrated in one business unit
and includes land and constructions, except the constructions of the annex building next to the Air Lift Terminal and the constructions of the hangar with its warehouses, workshops and offices, which, as they were not built by AEROCIVIL, do not
belong to the latter and thus are delivered as land. Likewise, it is understood that the internal public access road to the Air Lift with its sidewalks, internal vehicle access road, common areas of the Terminal’s commercial zone, boarding
lounges (and) the luggage areas are also included in the rental areas. The security zone of the Foxtrot road between Juliet and Kilo becomes an area of operation and aircraft parking to be exploited by the LESSEE. 

PARAGRAPH TWO: The uses of the areas comprised by this contract may vary according to the operational, commercial and service needs of the
terminal and of the LESSEE, provided that the aeronautic service is not impaired. These being so, the LESSEE expressly waives per ante the LANDLORD any judicial authority or arbitration tribunal, to invoke a right of change in
the rental value due to any change in the destination or use of the areas inside the Air Lift Terminal, except in case the LANDLORD reduces the area which object of the contract. 

 PARAGRAPH THREE: With the present contract, the exclusive use of all the contract areas is being
given to the LESSEE who has the mere possession, and the LANDLORD retains all rights derived from their ownership. Thus, the LANDLORD may cease all contract effects and request the restitution of all areas at any moment for the
purpose of enlargement, remodeling, implementation or development of the Master Plan or when any of the causes stipulated in clauses fourth or twentieth of the present contract are incurred in, without having to pay any indemnity whatsoever and
without prejudice to the right the LESSEE has to obtain from the LANDLORD the areas the latter requires to guarantee his operation. 
 SECOND. Clause FOUR of the contract “CONTRACT TERM “, is modified in order to extend the contract term by three years and three months from the 1st of January, 2006, as follows: 
 FOURTH: CONTRACT TERM. From the 1st of January 2006, the
contract term is of three (3) years and three (3) months. 
 PARAGRAPH: In the event the LESSEE desires to continue
using the property which is the object of the rental, he musty state his interest in writing to the LANDLORD, with anticipation no less than three (3) months prior to its termination date. Once the request is filed, the LANDLORD
will state his acceptance or rejection within three (3) months following the petition and, in case the LESSEE does not receive an answer from the LANDLORD, the contract will be deemed extended for a period of three (3) months
successively, without exceeding the term initially agreed upon. THIRD: Clause FIVE “DELIVERY OF THE PROPERTY” is modified to put on record the obligation to deliver the additional area of the piece of land called MALVINAS,
located in the security zone Foxtrot road between Juliet and kilo, clause which will be as follows: 

 FIFTH: DELIVERY OF THE PROPERTY. The property, object of the rental, through the present contract,
has been occupied by the LESSEE through Rental Contract No. BO AR 0036 00, thus there is no need to make a delivery act, nor inventory, and the present legal business substitutes in all its parts the Rental Contract No. BO AR 0036 00 entered
into between the SPECIAL ADMINISTRATIVE UNIT CIVIL AERONAUTICS and the company AEROVIAS NACIONALES DE COLOMBIA S.A. “AVIANCA S.A.” The piece of land of the Security zone Foxtrot Road between Juliet and kilo will be delivered to the
LESSEE once the present amendment contract is subscribed, through the subscription of the corresponding Act. 
 PARAGRAPH: THE LESSEE
will deliver the platform to the LANDLORD at the end of the amortization period in good maintenance and conservation conditions, except for its normal use. 
 FOURTH; Clause SEVEN “VALUE OF THE CONTRACT AND PAYMENT FORM “ is modified to reflect the increase in value of the contract due to the delivery of additional areas, as well as the proceeding
for the recuperation, by AVIANCA, of the value of the investment, as follows: 
 SEVENTH: VALUE OF THE CONTRACT AND
PAYMENT METHOD. For all legal and fiscal purposes, the total value of the present contract is the amount of TWENTY TWO BILLION NINE HUNDRED NINETY TWO MILLION SEVEN HUNDRED FIVE THOUSAND SIX HUNDRED SIXTY NINE PESOS ($22,992,705,669) LEGAL
TENDER, value which is discriminated as follows: TWENTY BILLION NINE HUNDRED TWO MILLION FOUR HUNDRED FORTY THREE THOUSAND SEVEN HUNDRED NINETY PESOS ($20,902,443,790) COLOMBIAN LEGAL TENDER, as the value of the rent and TWO BILLION
NINETY MILLION TWO HUNDRED FORTY FOUR THOUSAND THREE HUNDRED SEVENTY NINE PESOS (2.,090,244,379) LEGAL TENDER, as value added tax VAT, without including readjustments. The previous value includes, besides the rent appraisal, a monthly cost
of $5,000,000 for parking costs. The rental fee hereby agreed to will be caused from January 1st, 2006, amount that will be paid in the following way: 
 a) During the
months comprised between January 1st, 2006 and
April 30th, 2006, the monthly rent will be FIVE
HUNDRED NINETY THREE MILLION THREE HUNDRED EIGHTY NINE THOUSAND EIGHT HUNDRED THIRTY 

 
FIVE PESOS ($593 ́389,835) LEGAL TENDER, value which is discriminated as follows: FIVE HUNDRED FIVE MILLIONS FOUR HUNDRED SIXTY EIGHT THOUSAND FIVE HUNDRED TEN PESOS
($505,468,510) as monthly rental fee and FIFTY MILLION FIVE HUNDRED FORTY SIX THOUSAND EIGHT HUNDRED FIFTY ONE PESOS ($ 50,546,851) for VAT, b) From the 1st of May, 2006 and until the 31st of March, 2009 a monthly rental fee will be paid in the amount of FIVE HUNDRED NINETY THREE MILLION THREE HUNDRED
EIGHTY NINE THOUSAND EIGHT HUNDRED THIRTY FIVE PESOS ($593,389,835) discriminated as follows: monthly rental fee in the amount of FIVE HUNDRED THIRTY NINE MILLION FOUR HUNDRED FORTY FOUR THOUSAND EIGHT HUNDRED FIFTY PESOS ($ 539,444,850)
legal tender and FIFTY NINE MILLION THREE HUNDRED THIRTY EIGHT THOUSAND NINE HUNDRED EIGHTY THREE PESOS ($59,338,983) for VAT. C) To amortize the value of the improvements, AVIANCA will discount from the monthly payment due, as of the
1st of January 2006, an amount corresponding to FORTY
PER CENT (40%) of the monthly rental fee, without including VAT and thus will effectively deliver AEROCIVIL, as cash payment, 60% of the monthly fee. D) The value of the VAT will be paid in full by the LESSEE monthly. At the date of
signature of the present contract, the estimated value of the works, approved by the Development Division of the LANDLORD with letter 4400 1515 is of SEVEN BILLION FOUR HUNDRED FORTY SIX MILLION TWO HUNDRED FORTY THREE THOUSAND SEVEN
HUNDRED NINETY NINE ($7,446,243,799) legal tender. 
 PARAGRAPH ONE: The monthly value of the contract will be
increased every 12 months counted from the 1st of January
2006, applying over the amount paid in the last month of the immediately previous year, in the same proportion in which the National Government increases the Minimum Monthly Wage. 
 PARAGRAPH TWO: The LESSEE undertakes to pay the rental fee every month in advance, within the five (5) initial calendar days of the contract month, clarifying that the LANDLORD
receives the rental fee in the cashier of the Unit, presently located in the second floor of the Eldorado International Airport, with public attendance every day included Saturdays, Sundays and holidays. The corresponding monthly fee must be paid in
the offices of the Paymaster or Cashier of the Unit which are located in the “El dorado” International Airport of Bogotá D.C. or in the place or account notified by the LANDLORD to this effect. 

 PARAGRAPH THREE: In the event that the monthly rental fee of the value of the public services are
paid by the LESSEE by a check presented on time and not paid due to the latter ́s fault, the latter undertakes to pay to the LANDLORD together with the immediately following rental fee, twenty per cent (20%) of the amount of
the check, established as penalty, previous notice from the LANDLORD to the LESSEE of the devolution of the title by the bank and without prejudice of the LANDLORD persecuting the indemnity for the damages this event may cause
him, by the common ways, according to what is established in article 731 of the Commerce Code. In any case, the payment will only be reputed as made in the moment in which it becomes effective and thus, the LESSEE incurs in arrears in the
payment, which may give way to the anticipated termination of the present contract and the immediate restitution of the property which is the object of the rental.. 
 PARAGRAPH FOUR: in the event the payment of the amount imposed as a penalty for the devolution of the check, as specified in the previous paragraph, is not made, the LESSEE authorizes the
LANDLORD to debit it from the monthly rental fee of the following month to be paid. 
 PARAGRAPH FIVE: According to what is
established in Resolution Nos. 03379 of June 03, 1996 and 02883 of July 27, 1999, the rental fee base of the areas, excluding the security zone of the Foxtrot road between Juliet and Kilo , was determined based on the rent appraisal as of
May 25, 2004, appraisal made by the LONJA COLOMBIANA and that of the MALVINAS zone was determined based on the appraisal made by OSCAR VELÁSQUEZ Y CIA S in C, member of the LONJA COLOMBIANA, on October 3, 2005. 

FIFTH: the TENTH clause, “WARRANTIES”, of the main contract, is clarified stating that the coverage of the Unique Warranty Policy of the
contract will be given by renewable quarters, taking as the insured value the total amount to be paid, that is, the monthly fee plus the VAT to be paid each quarter, until termination of the contract. 

 SIXTH: The FIRST PARAGRAPH “REMOVABLE IMPROVEMENTS” OF THE THIRTEENTH Clause “LOCATIVE
REPARATIONS AND IMPROVEMENTS” of the initial contract is amended in the sense that the LESSEE undertakes to, in case due to the works of the El Dorado International Airport Master Plan development, it is required to demolish the constructions
of the Annex Building contiguous to the Air Lift Terminal and of the constructions of the hangar with its warehouses, workshops and offices, which, since they were not built by the LANDLORD, are not part of the property of the latter but of the
property of the LESSEE, (The LANDLORD) undertakes to program the development of such works with due anticipation in order to guarantee the LESSEE the availability of adequate areas in relation to the size of its operation, in order that the LESSEE
may move his workshops, warehouses and offices, includes the furnishings , in such a way as it doesn ́t affect the continuity of his air transportation and aircraft maintenance according to the quality standards and regulatory requisites of the
different control authorities. Likewise, it is agreed that the LANDLORD, once the movement of the areas of workshops, warehouses and offices of the LESSEE is made , will make, on his own account, the demolition of said constructions, placing at the
disposition of the LESSEE the removable improvements and materials which can be reused. 
 SEVENTH: DOCUMENTS. The Certificate of
Existence and Legal Representation of the LESSEE and the documents referred to in the considerations of this amending contract are part of the same.  
 EIGHTH: NOTIFICATIONS. The notifications that any party may have to give to the other must be done so in writing to the following addresses: to the LANDLORD Management of
“Eldorado” Airport- Real Estate, International “Eldorado” Airport of Bogotá, D.C., Third floor Office 313 or place which may be notified in the future. To the LESSEE in the location of the leased property AIR LIFT.

 NINTH: CONTRACT EXECUTION. The present contract is deemed executed with the voluntary agreement among
the parties, which is manifested by its signature. 
 TENTH: PUBLICATION IN THE UNIQUE CONTRACTING NEWSPAPER AND STAMP TAX. Once the
present contract is subscribed, the LESSEE must proceed, within the following five (5) working days, to publish it in the Unique Contracting Newspaper and to pay the stamp tax, obligations which will be deemed complied with the
presentation of the respective payment receipts. Likewise he must send the compliance policy with the modifications of this contract. 
 The
main contract continues in force in what has not been modified by the present contract and is signed in the city of Bogotá D.C., at. 

The present contract is signed in the city of Bogotá D.C.on December 12, 2005. 

 

			
	LANDLORD	  	LESSEE
	ANDRÉS BOTERO ARBELÁEZ	  	ELISA MURGAS DE MORENO
	C.C. No. 71.690.069 of Medellín	  	C.C. No. 41.614.534 OF Bogotá
	Manager El Dorado Airport	  	Legal Representative
	Civil Aeronautics	  	Avianca

 Prepared by: Germán Gama Cubillos 
 Revised Patricia de Castro Brando 
 Written on official stationaryEX-10.3.2

 Exhibit 10.3.2 
 MODIFYING CONTRACT No. 2 TO THE RENTAL CONTRACT NUMBER BO AR 0011 04 

MODIFYING CONTRACT No. 2 TO THE RENTAL CONTRACT NO. BO AR 0011-04 

Among the subscribers, JUAN ALBERTO PULIDO ARANGO, of legal age, domiciled in Bogotá, D.C., with citizenship identity
card No. 70.876.189 issued in La Estrella, acting as legal Representative of OPAIN S.A., a corporation constituted by public deed number 2335 of September 1st, 2006 subscribed at the Notary 25 of the Bogotá Circle, with Tributary Identification number NIT 900105860-4
and with commercial register No. 01633083, duly authorized by the Directive Board as recorded in Act No. 43 of October 21, 2008, whom from now on and for all the purposes of the present document will be known as OPAIN S.A. and/or
the LANDLORD and ELISA MURGAS DE MORENO, of legal age, identified with citizenship identity card No. 41.614.534 issued in the city of Bogotá D.C., who acts as legal representative of AEROVIAS DEL CONTINENTE AMERICANO S.A.
AVIANCA, as stated in the Certificate of the Chamber of Commerce of Bogotá, commercial company, constituted by public deed number 2374 as of December 5th, 1919, issued at the Notary Second of the circle of Barranquilla with Tributary Identification number NIT
No. 890-100.577-6, whom, from now on and for all the purposes of the present document will be called the AVIANCA and/or the LESSEE, have agreed to enter into the present contract amending rental Contract No. BO AR 0011 04, which will be
ruled by the legal dispositions applicable to the matter, and especially by the clauses which are detailed below, based on the following, 
 CONSIDERATIONS: 
 FIRST: that on the 30th of July, 2004 the rental Contract No. BO AR 0011 – 04 was
subscribed between SAD (Special Administrative Unit) of the Civil Aeronautics (from now on AEROCIVIL) and AVIANCA regarding the areas identified as Air Lift Terminal (from now on The Contract). 

 SECOND: That on the 12th of December, 2005 the amending Contract No. 1 to said contract No. BO AR 0011 – 04 between AEROCIVIL and
AVIANCA was subscribed. 
 THIRD: That on the 30th of August, 2005, AEROCIVIL and AVIANCA subscribed a document transferring the rights and obligations derived from the
rental contracts numbers BO AR 0076-05 as of December 20, 2005 and BO AR 0059 – 04 as of January 31, 2005 corresponding to the rental of advertising areas and television spaces in the common areas of the Air Lift Terminal of the EL
DORADO International Airport. 
 FOURTH: That on the 12th of September, 2006 the AEROCIVIL and OPAIN S.A. subscribed a Concession Contract for the Administration, Operation,
Commercial Exploitation, Maintenance and Modernization and Expansion of the El Dorado International Airport of the city of Bogotá, D.C. 
 FIFTH: That complying with what was established in clause 20 of the referred Concession Contract, as of January 20th, 200, AEROCIVIL transferred to OPAIN S.A. its contract position as LANDLORD in the rental contract number BO AR 0011
– 04 subscribed with AVIANCA company and assumed the totality of the rights and obligations of the transferred contract, being empowered to subscribe all acts needed to extend and /or modify the said contract. 

SIXTH: That the area called Air Lift, object of the present rental contract, is part of the area in concession delivered by AEROCIVIL top OPAIN
S.A., in virtue of the referred concession contract. 
 SEVENTH: that on the 29th of September, 2008, via communication OP-JUR-08-0149, OPAIN notified
AVIANCA of its decision to terminate Rental Contract BO AR 0011 – 04. 
 EIGHTH: That given the present operational limitations of
the El Dorado Airport, the Company AVIANCA has stated its interest to continue using the rented area, as a consequence of the present impossibility by OPAIN and AEROCIVIL to allow AVIANCA to concentrate the integrated operations of the AVIANCA and
S.A.M companies in the International terminal of El Dorado and the PARTIES have deemed it viable and appropriate to accept such a request from AVIANCA. 

 NINTH: That, after the different alternatives for the extension of the contract were evaluated, and
having in mind the actual conditions of the business Unit of the property called Air Lift and what is contemplated in the Concession Contract mentioned before, the parties have agreed to modify the contract in the conditions set in this amending
contract. 
 CLAUSES 
 FIRST: Clause number Two of The Contract is modified to exclude from the rented area an approximate amount of forty two thousand five hundred sixty seven point ten (42,567.10) square meters
from the platform, with eleven (11) aircraft parking positions which, according to Appendix No. 1 “General Identification of amending Contract No. 2 to rental contract No. BO AR 0011 – 04 Map” is highlighted in the
color green, will be delivered to OPAIN on the 1st of
April, 2009. Thus the Second Clause of The Contract will become as follows: 
 CLAUSE SECOND: AREA. With effects as of
April 1, 2009, the total rented area of the property and defined as a business unit will have an approximate space of ninety five thousand four hundred sixty eight point zero five (95,468.05) square meters. Notwithstanding the stated area,
the property will be delivered as a definite body. 
 PARAGRAPH ONE: The platform areas which at the
date of this amending contract are part of the rented area and which are used by the LESSEE as aircraft parking areas of the Passenger Air Lift Terminal will be returned to OPAIN on the 1st of April, 2009 in standard functioning use, except for the normal deterioration due to their use, and thus, will be
excluded from the rental contract from the returning date, but will continue being for AVIANCA and its subsidiary S.A.M.s exclusive use. In Appendix No. 1, the excluded area is identified in the color green. 

PARAGRAPH TWO: THE LESSEE will continue with the operation, administration and exploitation of the
rented areas, as a business unit, as established in The Contract, except what is related to the platform areas which will now be administrated by the LANDLORD from April 1st, 2009 on and will be used exclusively by the LESEE and its subsidiary SAM according to what is prescribed in
the first paragraph of this clause. 

 “SECOND. The Fourth Clause of The Contract is modified for: 

a) Extending the term of The Contract for the rental of the maintenance area by one (1) year and one month, as of
April 1st, 2009 and until April 30th, 2010 and, in any case, until the moment in which the LANDLORD
may provide the required area, furnished as is established in the Concession Contract, for the LESSEE to translate its maintenance operation, included that of its subsidiary, SAM, to another similar area. Prior to that moment, the Parties
will subscribe a new contract in which they will agree on the terms and economic conditions of the negotiation. In Appendix 2, “Maintenance Area Identification Map”, the Maintenance area which has to be returned at the end of the term
stated in this sub section a) is identified by the color purple. 
 b) Extending the term of the rental contract of the
other areas of the Air Lift by three (3) years and six (6) more months, from April 1st, 2009 and until September 30th, 2012, unless the parties agree in writing, before its expiration date, to extend such date, until the moment in which the LESSEE moves its integrated operation, included that of its subsidiary SAM to
the El Dorado Airport terminal. 
 In Consequence, Fourth Clause of The Contract will be as follows: 

“CLAUSE FOUR.- CONTRACT TERM: From April 1st, 2009, the Parties agree to extend the Contract Term in the following manner: 

a) With respect to the maintenance area, by one (1) year and one more month, from April 1st, 2009 and until April 30th, 2010 and, in any case, until the moment in which the LANDLORD
may provide the required area, furnished as is established in the Concession Contract, for the LESSEE to transfer its maintenance operation, included that of its subsidiary, SAM, to another similar area. Prior to that moment, the Parties
will subscribe a new contract in which they will agree the terms and economic conditions of the negotiation. In Appendix 2 “Maintenance Area Identification Map” the Maintenance area which has to be returned at the end of the term stated in
this sub section a) is identified by the color purple. 

 b) With respect to the other rented areas of the Air Lift identified in Appendix
No. 3 “Identification of the other Areas of the Air Lift Terminal Map” with orange and pink colors by Three (3) years and six (6) more months, that is, until the 30th of September, 2012, unless the parties agree in writing, before its expiration date, to extend such date, until the
moment in which the LESSEE moves its integrated operation, included that of its subsidiary SAM to the El Dorado Airport terminal. 

PARAGRAPH: THE LANDLORD will notify the LESSEE, seven (7) months in advance, the definite date in which the latter must return the
maintenance area referred to in sub section a) of this clause. Prior to the expiration of the term for the restitution of the Maintenance Area, the parties will subscribe a new contract by which OPAIN S.A. will deliver to AVIANCA the new zone in
which the latter may install its Maintenance operation and the price and conditions of such negotiation will be agreed upon. 
 THIRD:
Clause Six of the main contract is modified and will be as follows: 
 CLAUSE SIX: RESTITUTION. The LESSEE must restitute the areas
of the Air Lift Terminal which is the object of the rental contract in good maintenance and conservation conditions, except for the natural deterioration caused by the normal use of the same. As for the improvements, the LANDLORD undertakes
to buy from the LESSEE the removable improvements included the furnishings in the conditions they agree in the improvement buy- sale contract which the parties will subscribe in a separate document. 

THE LESSEE undertakes to return to the LANDLORD the areas of the Air Lift Terminal at the termination of the rental contract hereby or of
the extension if there is one, the area object of the contract with its removable and non-removable improvements, in a good state of conservation except for the natural deterioration due to their use and without prejudice of the locative reparations
which, by nature, correspond to the LESSEE and of other needed reparations which correspond to the LANDLORD. 

 FOURTH: Clause Seven of The Contract is modified as follows: 

“CLAUSE SEVEN: VALUE OF THE CONTRACT AND PAYMENT METHOD. The LESSEE will pay to the
LANDLORD, from the 1st of April, 2009 the amount of
SIX HUNDRED FIFTY MILLION PESOS Legal tender ($650.000.000) as monthly rental fee plus the corresponding value added tax VAT. The LESSEE must pay said amount at the latest within the five (5) days following the issuance of the
corresponding invoice by the Fiduciary BBVA Trust. This amount will be paid for in advance by contractual month. 
 PARAGRAPH ONE: Annual increase. The monthly value of the contract will be increased by annual periods from January 1st, 2010 on, in the equivalent of the National Consumer Price Index established for the immediately previous year, plus
one percent point (CPI + 1%). 
 PARAGRAPH TWO: Payment of Rights and Fees from the LESSEE to the LANDLORD. THE
LESSEE will pay to the LANDLORD the total amount of rights and fees established by AEROCIVIL in the applicable Resolutions. The amount paid for such matters is not part of the value of the rental contract. 

PARAGRAPH THREE: Reduction of the rented area. From the moment in which the LESSEE returns to the LANDLORD the
rented maintenance areas as prescribed in the present Amending Contract, THE PARTIES agree that the fee established in the present clause will be reduced in proportion to the area returned, in an equivalent of four thousand pesos per square
meter ($4,000 m2) plus VAT, updated at their present value on the date of return, with the National CPI certified for the immediately previous year. 

 FIFTH: CLAUSE THIRTEEN “LOCATIVE REPAIRS AND IMPROVEMENTS” as well as PARAGRAPH ONE of the same
clause, are modified as follows: 
 CLAUSE THIRTEENTH: LOCATIVE REPAIRS AND IMPROVEMENTS. DEFINITION. According to
article 1998 of the Civil Code, LOCATIVE REPARATIONS are those which, according to what is customary, are on the account of the LESSEE and in general that kind of deterioration which is appropriate for normal use, which will be on
account of the LESSEE who may execute them during the term of the contract without needing previous authorization from the LANDLORD. 
 IMPROVEMENTS are all classes of constructions and, in general, any civil work, architectural, electric, hydraulic, telephone, etc., executed by the LESSEE at his own account and risk, whom,
with no exception, must present to the LANDLORD for his approval the project and plans of the works to be executed, signed or endorsed by dully registered professionals. The LANDLORD reserves itself the right to approve or not the
request submitted and, in the event of its approval, the destination stated in clause Three of this contract will be taken into account, as well as the existing technical infrastructure and the Concession contract work schedule. In any case, the
authorization given to that effect by the LANDLORD is strictly understood to be ruled according to what is stipulated in articles 1823 and 1824 of the Commerce Code and at no moment implies any pact, agreement or commitment from the
LANDLORD to pay to the LESSEE the value of the constructions or works executed by the latter. Once the execution of the works is approved by the LANDLORD, the latter will designate a supervisor, whom, besides supervising the
execution of the works, will present a detailed report of the executed works. The technical specifications of the works to be conducted will be detailed in the authorization given by the LANDLORD for such purposes. 

PARAGRAPH ONE: the LESSEE undertakes to, in case due to the works foreseen in the concession contract, if it is required to
demolish the constructions of the Annex Building contiguous to the Air Lift Terminal and of the constructions of the hangar with its warehouses, workshops and offices (which for the purposes of this contract are identified as maintenance areas), and
which, since they were not built by AEROCIVIL, 

 
are not of the property of the latter but of the property of the LESSEE, the LANDLORD will perform the demolition of said constructions on his own account, placing at the disposition of the
LESSEE the removable improvements and the reusable materials. 
 PARAGRAPH TWO: THE LANDLORD will coordinate with the
LESSEE the efficient use of the platforms contiguous to the Air Lift Terminal once these areas are returned by the LESSEE according to what is foreseen in this contract”. 
 SIXTH: The Contract is supplemented with a new clause as follows: 

CLAUSE THIRTY: Obligation of the LESSEE to perform reparation works in the maintenance area and in position 10 and the entry to
position 11 of the parking (SPOT CERO) which corresponds to an approximate area of 10,631.25 m2) which are part of the area presently under the tenancy of the LESSEE. 

THE LESSEE will perform, at his own account and at his charge, the maintenance works of the paving stones of the platform in the
maintenance area and in position 10 and the entry to position 11 of the parking (SPOT CERO) which are identified in a Map adjoined in APPENDIX No. 4 “Map of identification of the areas of the platform subject to maintenance in charge of
the LESSEE”, according to the design indicated by the LANDLORD, complying with the Horizontal/ Vertical signaling specifications according to RAC and OACI regulations and under the surveillance of the LANDLORD, following his
technical guidelines. 
 THE LANDLORD, on his own account and at his charge, will perform the surveillance of the
maintenance works referred to in the present paragraph. Once said works are received satisfactorily, the LANDLORD will be in charge of the future maintenance of the same areas, as well as all the other areas of the platform which are or will
become, during the life of said (contract), areas of exclusive use by the LESSEE under this contract, undertaking in any case, to coordinate the maintenance activities in such a way that the LESSEE does not suffer damages nor the
continuity of his operation and of the operation of its subsidiary SAM is not affected.” 

 SEVENTH: The Contract is supplemented with a new clause as follows: 

CLAUSE THIRTY ONE: Removal of the Converters for the energy supply in the platform area which will be returned to the LANDLORD.

 THE LANDLORD and the LESSEE agree that, as long as the LESSEE continues operating from the Air Lift Terminal he will not be
obliged to remove the converters for energy supply which are installed in the platform area that he returns to the LANDLORD. If, after the LESSEE transfers his operation to the El Dorado Airport Terminal, the LANDLORD decides to use them, it will be
agreed upon to pay their value to the LESSEE, which failing to do so, the LESSEE may withdraw them at the moment of the definite move of the integrated operation to the El Dorado Terminal. During the life of the contract, the LESSEE of the ALT may
continue having the free usufruct and with no additional charge of this equipment”. 
 EIGHT: Clause FIFTEEN of the Contract
“SUPERVISION” is modified as follows: 
 “CLAUSE FIFTEEN: SUPERVISION. The supervision, inspection and /or
verification of the compliance of the obligations derived from this contract will be by OPAIN responsibility of the Directions of Operations and Commercial, and by AVIANCA responsibility of the Airports Direction.” 

NINTH: Clause Ten- Warranties modified as follows: 
 “CLAUSE TEN: WARRANTIES. The LESSEE undertakes to deliver to the LANDLORD, during the five (5) days following the signing of the present amending contract, the extension of the Unique
Complying Warranty included in the Tenth Clause of the Initial Contract, adjusting it in relation to the insured value and the term in the following conditions: 
 Insured Value: equivalent to 35% of the annual value of the present amending contract No. 2. 

 Term: The warranty must be valid during the entire Contract term, that
is, until the 30th of September, 2012 and three
(3) additional months, or its extensions if there are any, and may be issued by annual renewable periods. 
 PARAGRAPH:
RESPONSIBILITY AND INDEMNITY. Except in the case of fraud or gross negligence by the LANDLORD, the LESSEE is responsible per ante the LANDLORD and before third parties for personal and material damages which directly or
indirectly, through the personnel in his charge, could cause, as a consequence of the development of his activities and in general by the use and exploitation of the areas which are rented in virtue of the present contract. In such circumstances,
the LANDLORD will have no responsibility in case any kind of damage or prejudice is caused. For the effect, the LESSEE expressly undertakes to assume the reparation costs or corresponding indemnity. The LESSEE will keep the
LANDLORD permanently unharmed for any omission, infraction, default, non compliance either his own or his personnel ́s and all damage that may be caused to third parties by acts, events or omissions of his own or by those for whom he is
responsible, and will only be responsible for the losses or damages resulting from or related to his operations, acts, contracts and businesses or as a result of his acts or omissions or that of any of his employees.” 

TENTH: STAMP TAX. Since the initial contract was subscribed with the Special Administrative Unit of the Civil Aeronautics which is a public
entity, the stamp tax was required on 50% of its value according to what is established in article 532 of the Fiscal Statute. With the subscription of this amending contract, the stamp tax that is derived will be required on 100% of the value of the
amending contract and will be paid in full by the LESSEE.  
 ELEVENTH: EXECUTION AND INITIATION IMPLEMENTATION. This contract
will be executed by its signature between the two contracting parties and does not require additional formalities to commence its execution.  

 TWELFTH: SUBSISTENCE OF THE CLAUSES NOT MODIFIED. The parties agree that, in what has not been
modified by this contract and as long as they are not incompatible with it, the clauses of the Initial Contract will continue in force, as well as those of the amending contract number 1, subscribed by the LESSEE with the Special
Administrative Unit of the Civil Aeronautics and transferred by the latter to the LANDLORD. In case of conflict between the dispositions of one or others, the clauses of the present amending contract will prevail. 

THIRTEENTH: DOCUMENTS. The Certificates of Existence and Legal Representation of the parties and the following APPENDICES are part of the present
contract: 
  

	 	1.	Appendix No. 1. General Identification Map of the amending Contract No. 2 to the rental contract No.BO AR 0011 – 04 with demarcation of the
platform area which is restituted and thus excluded, identified in the color green”. 

  

	 	2.	Appendix No. 2. Maintenance Area Identification Map 

  

	 	3.	Appendix No. 3. Identification of the other Areas of the Air Lift Terminal Map 

 

	 	4.	Appendix No. 4. Referential Map of identification of the areas of the platform subject to maintenance in charge of the LESSEE, according to clause
thirty of the amending contract number 2 to the contract BO AR 0011 – 04. 

 The present amending
contract number 2 is signed in two copies of identical content and date, at the fifth (5th) day of January TWO THOUSAND NINE (2009) in the city of Bogotá D.C. 
 BY
OPAIN S.A. 
 /s/ JUAN ALBERTO PULIDO ARANGO 
 JUAN ALBERTO PULIDO ARANGO 
 C.C. No. 70.876.189 of La Estrella

 Legal representative 

 BY AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA 

/s/ ELISA MURGAS DE MORENO 

ELISA MURGAS DE MORENO 
 C.C.
No. 41.614.534 of Bogotá D.C. 
 Legal Representative

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