Document:

EX-10.3.3

 Exhibit 10.3.3 
 AMENDING AGREEMENT No. 3 TO RENTAL AGREEMENT No. BO-AR-0011-04 

Among the undersigned, namely: JUAN ALBERTO PULIDO ARANGO, of legal age, identified with identification document
No. 70.876.189, domiciled in Bogotá, acting in his capacity as Legal Representative for SOCIEDAD CONCESIONARIA OPERADORA AEROPORTUARIA INTERNACIONAL S.A. – OPAIN S.A., a corporation incorporated by means of Public Deed
No. 2335 of September 1, 2006, issued by the
25th Notary Public of the Bogota Circuit, with TIN.
900.105.860-4 and Trade Registration No. 01633083, who hereinafter and for all the purposes hereof will be called OPAIN S.A. and/or the LANDLORD; and ELISA MURGAS DE MORENO, of legal age, identified with identification
document No. 41.614.534, domiciled in Bogotá, acting in her capacity as Legal Representative for AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, as evidenced in the certificate of existence and legal representation issued by the
Barranquilla Chamber of Commerce attached hereto, a business corporation incorporated by means of Public Deed No. 2374 of December 5, 1919, issued by the 2nd Notary Public of the Barranquilla Circuit, with TIN. 890.100.577-6 and Trade Register No. 6135, who hereinafter
and for all the purposes hereof will be called AVIANCA S.A. and/or the LESSEE and, together with OPAIN S.A. and/or the LANDLORD, the PARTIES; have agreed to enter into this AMENDING AGREEMENT No. 3 to
LEASING AGREEMENT No. BO-AR-0011-04, which will be ruled by the provisions of the Commercial Code and any other legal provisions applicable thereon, and specially, by the clauses detailed below, based on the following 

CONSIDERATIONS 

FIRST. On July 30, 2004, Leasing Agreement No. BO-AR-0011-04 was signed between the Special Administrative Unit of Civil Aeronautics
(hereinafter, “UDEAC”) and AVIANCA, with regard to areas identified as Air Lift Terminal and that integrate a single business unit, for a period of 2 years from its execution, and in which, among other things, the UDEAC authorized the
subleasing of the business premises, recognizing that these are part of AVIANCA’s business unit (hereinafter, the “Leasing Agreement”). 
 SECOND. On December 12, 2005, the UDEAC and AVIANCA signed Amending Agreement No. 1 to Leasing Agreement whereby, among others, (I) an additional area was included, corresponding to
the plot of land of the safety zone of Foxtrot road between Juliet and Kilo; (ii) its term of duration was extended by 3 years and 3 months more, as of January 1, 2006; and (iii) the value of the Leasing Agreement was adjusted, due to
the effects of the delivery of the additional area. 
 THIRD. On August 30, 2006, the UDEAC and AVIANCA signed the document for the
Assignment of Rights and Obligations derived from Leasing Agreements No. BO-AR-0076-05 of December 20, 2005 and BO-AR-0059-04 of January 31, 2005, corresponding to the lease of advertising areas and spaces for televisions in the common
areas of the Air Lift Terminal. 
 FOURTH. On September 12, 2006, the UDEAC and OPAIN S.A. signed Concession Agreement
No. 60001690K of 2006, whose purpose is the “Management, Operation, Commercial Exploitation, Maintenance and Modernization and Expansion of the El Dorado International Airport of the city of Bogota D.C.,” (hereinafter, the
“Concession Agreement”). 
 FIFTH. As established in Clause 20 of the Concession Agreement, as of January 20, 2007, the
UDEAC assigned to OPAIN S.A. its contractual position as landlord, among others, in the Leasing Agreement, with the latter assuming all the rights and obligations arising from the same. 

  
 Page 1 of 4

 AMENDING AGREEMENT No. 3 TO RENTAL AGREEMENT No. BO-AR-0011-04 

 

 SIXTH. In addition, the property subject matter of the Leasing Agreement is part of the area
under concession that has been delivered by the UDEAC to OPAIN S.A., under the Concession Agreement. 
 SEVENTH. On January 5, 2009,
OPAIN S.A. and AVIANCA signed Amending Agreement No. 2 to the Leasing Agreement, whereby the PARTIES agreed on, among other things: 
  

	 	1.	Exclude an area of approximately 42,567.10 square meters from the Platform, with 11 parking spaces for aircraft, as of April 1, 2009; 

 

	 	2.	Expand the term of the Leasing Agreement for the maintenance area, by one year and one month more, as of April 1, 2009 and, in any case, until the moment when
OPAIN S.A. is able to provide the area required, having been prepared as established in the Concession Agreement, for AVIANCA to move its maintenance operation to another similar area; 

 

	 	3.	Extend the term of the Leasing Agreement for other areas that make up the Air Lift Terminal, by 3 years and 6 months more, as of April 1, 2009 and, in any case,
until the moment when OPAIN S.A. is able to provide the area required for AVIANCA to move its integrated operation to the Terminal of the El Dorado International Airport; 

 

	 	4.	Adjust the value of the Leasing Agreement, improvements and guarantees. 

 EIGHTH. As established in the Concession Agreement, OPAIN S.A. as a concessionaire for the El Dorado International Airport, is empowered to perform any acts aimed at generating resources, thereupon
it can enter into and perform leasing agreement, renegotiate existing agreements, exploit the commercial areas of the El Dorado International Airport, which have been given in concession by the UDEAC, excluding commercial areas that are part of the
property subject matter of the Leasing Agreement, among others. 
 NINTH. Likewise, OPAIN S.A., as a private company and for purposes of
performing the agreement it is allowed to within the framework of the Concession Agreement for complying with the purpose thereof, is required to fulfill the existing agreements, private law and public order rules that may be applicable. 

TENTH. As established in Article 518 of the Commercial Code, AVIANCA is entitled to the renewal of the Leasing Agreement upon its expiration for a
period equal to that agreed upon in Amending Agreement No. 2 to Leasing Agreement No. BO-0011-04-AR, whenever that, as an entrepreneur, it has occupied the property subject matter of the Leasing Agreement for more than 2 consecutive years with
its business establishment and, to date, none of the grounds expressly set forth in the Commercial Code in the aforementioned article have occurred, which prevent the renewal of the term of such agreements. 

ELEVENTH. By virtue of the principle of good faith and the autonomy of will, the PARTIES have agreed to amend the Leasing Agreement in order to
adjust the value of the rental fee by mutual agreement. 
 Therefore, the PARTIES declare that the Rental Agreement has been performed according
to the terms and conditions whereon it was entered into and amended, and that, as the PARTIES are legal private entities, in compliance with any applicable and valid regulations, they proceed to sign this Amending Agreement No. 3 to the Rental
Agreement, which shall be governed, in general, by the provisions of the Commercial Code and, in particular, by the following 

CLAUSES 

  
 Page 2 of 4

 AMENDING AGREEMENT No. 3 TO RENTAL AGREEMENT No. BO-AR-0011-04 

 

 FIRST: Retroactively as of October 01, 2012, the Seventh Clause of the Rental Agreement
“Value of the Agreement and Payment Method” is partially amended, in matters pertaining to its value and annual increases, first subsection and first paragraph, which will be as follows: 

“SEVENTH.-VALUE OF THE AGREEMENT AND PAYMENT METHOD. The LESSEE shall pay to the LANDLORD the sum of eight hundred
fifteen million pesos ($815,000,000), plus VAT, as monthly rent fee for the use and benefit of the assets subject matter of this agreement that make up a business unit. The LESSEE must pay the aforementioned sum on an early basis, no later than
within five (5) days of the filing of the appropriate invoice by the LANDLORD at the offices indicated by the LESSEE for this purpose. 

FIRST PARAGRAPH: Annual Increase: The monthly rent fee agreed upon will be increased in annual periods, starting from October 1,
2013, in proportion to the Consumer Price Index (CPI) certified by the DANE (National Administrative Department of Statistics for its acronym in Spanish) for the immediately preceding calendar year plus one percentage point (IPC+1%).”

 SECOND PARAGRAPH: Payment of Duties and Fees by the LESSEE to the LANDLORD. The LESSEE shall pay the LANDLORD all the Duties and Fees
established by AEROCIVIL in any applicable Resolutions. The value paid on such account is not part of the value of the Rental Agreement. 

THIRD PARAGRAPH: Reduction of the rented area. Subsequent to the LESSEE having returned to the LANDLORD the maintenance areas rented pursuant to
the provisions of this Amending Agreement, the PARTIES agree that the fee established in this clause will be reduced proportionately to the area returned, equivalent to four thousand pesos per square meter ($4,000 m2) plus VAT, updated to
present value on the date of delivery with the domestic CPI certified for the immediately preceding year. 
 THIRD: This Amending
Agreement No. 3 to the Rental Agreement is formalized with the memorandum of understanding between the PARTIES, evidenced with the signing of the same and which performance does not require any further formalities. 

FOURTH: The LESSEE undertakes to deliver to the LANDLORD within five (5) days following the signing of this Amending Agreement No. 3,
the amendment to the Sole Performance Guarantee contained in Clause Ten of the Rental Agreement, adjusted as to the insured value and validity thereof under the following conditions: 
 Insured Value: Equivalent to 35% of the annual value of this Amending Agreement No. 3. 

Term: The guarantee shall be in force until the end of the term of the Agreement or its extensions, if applicable. 

FIFTH: The other clauses of the Rental Agreement will continue in force, notwithstanding the provisions of this document. 

  
 Page 3 of 4

 AMENDING AGREEMENT No. 3 TO RENTAL AGREEMENT No. BO-AR-0011-04 

 

 This Amending Agreement No. 3 to the Rental Agreement is signed in 2
counterparts of the same value and date, in the city of Bogota D.C., on the 7th day of the month of November of 2012. 
  

	
	BY OPAIN S.A.
	
	/s/ JUAN ALBERTO PULIDO ARANGO
	JUAN ALBERTO PULIDO ARANGO
	 Legal Representative

OPAIN S.A.

  

	
	BY THE LESSEE
	
	/s/ ELISA MURGAS DE MORENO
	ELISA MURGAS DE MORENO

	
	 Legal Representative

AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA

  
 Page 4 of 4EX-10.3.4

 Exhibit 10.3.4 
 AMENDING AGREEMENT No. 4 TO RENTAL AGREEMENT No. BO-AR-0011-04 

Among the undersigned, namely: JUAN ALBERTO PULIDO ARANGO, of legal age, identified with identification document
No. 70.876.189, domiciled in Bogotá, acting in his capacity as Legal Representative for SOCIEDAD CONCESIONARIA OPERADORA AEROPORTUARIA INTERNACIONAL S.A. – OPAIN S.A., a corporation incorporated by means of Public Deed
No. 2335 of September 1, 2006, issued by the
25th Notary Public of the Bogota Circuit, with TIN.
900.105.860-4 and Trade Registration No. 01633083, who hereinafter and for all the purposes hereof will be called OPAIN S.A. and/or the LANDLORD; and ELISA MURGAS DE MORENO, of legal age, identified with identification
document No. 41.614.534, domiciled in Bogotá, acting in her capacity as Legal Representative for AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA, as evidenced in the certificate of existence and legal representation issued by the
Barranquilla Chamber of Commerce attached hereto, a business corporation incorporated by means of Public Deed No. 2374 of December 5, 1919, issued by the 2nd Notary Public of the Barranquilla Circuit, with TIN. 890.100.577-6 and Trade Register No. 6135, which hereinafter
and for all the purposes hereof will be called AVIANCA S.A. and/or the LESSEE and, together with OPAIN S.A. and/or the LANDLORD, the PARTIES; have agreed to enter into this AMENDING AGREEMENT No. 4 to RENTAL
AGREEMENT No. BO-AR-0011-04, which will be ruled by the provisions of the Commercial Code and any other legal provisions applicable thereon, and specially, by the clauses detailed below, based on the following 

CLAUSES 
 FIRST:
The SECOND clause of the Rental Agreement is amended, to exclude an area of 11,950 square meters from the Maintenance Area currently rented, indicated in the blue area in Annex No. 1 – Drawing of Area to be returned, which is an integral
part hereof, from the date of execution of this document, whereupon the return and delivery of this area by the LESSEE to the LANDLORD is deemed made, which will be as follows: 

“SECOND. AREA: Effective as of March 1, 2013, the total rented area of the property and defined as a business
unit, will have an approximate area of eighty-three thousand five hundred eighteen point zero five square meters (83,518.05 m2 approx.) indicated in Annex No. 2 – Drawing of the Area to be Retained of Amending Agreement No. 4.
Notwithstanding the indication of the area, the property is delivered as specified. 
 FIRST PARAGRAPH: The
LESSEE will continue with the operation, management and exploitation of the other areas subject matter of the rental agreement, as a business unit, including the operation of its related companies, subsidiaries, affiliates,
parent companies, holding companies or those under common control with the LESSEE,1 as
established in the Agreement as according to the area delimited in the Drawing of Annex No. 2 – Drawing of the Area to be Retained of Amending Agreement No. 4.” 
 SECOND: As a consequence of the exclusion of the area indicated in the above clause and that gave rise to the amendment of clause SECOND of the Agreement, the PARTIES agree that the fee established
in this clause will be reduced in proportion to the area returned, which is equivalent to four thousand four hundred seventy-three pesos per square meter ($4,473 M2) plus VAT. Due to the foregoing, clause SEVENTH of the Rental Agreement is
amended as follows: 
  

	1 	The companies of the LESSEE that are subsidiaries and affiliates are, in particular: TAMPA CARGO S.A. and AEROLINEAS GALAPAGOS S.A. AEROGAL S.A. and as related
companies and those under common control with the LESSEE are: GRUPO TACA, which to date include: Taca International Airlines S.A., Avianca S.A., Nicaraguense de Aviacion S.A., Taca de Honduras S.A. de C.V., Lineas Aereas Costarricenses S.A., Trans
American Airlines S.A. (d.b.a. TACA PERU), Transportes Aereos Inter S.A., Isleña de Inversiones S.A. de C.V., Aerotaxis la Costeña S.A., Servicios Aereos Navionales S.A., Aerolinea Pacifico Atlantico S.A., Taca Costa Rica S.A. and any
other entity that may be incorporated in the future. However, each airline acts individually and will not assume any responsibility or obligation derived from this document collectively or as joint guarantors or obligors. 

 “SEVENTH.-VALUE OF THE AGREEMENT AND PAYMENT METHOD. The LESSEE shall
pay to the LANDLORD from March 1, 2013 the sum of SEVEN HUNDRED SIXTY-ONE MILLION FIVE HUNDRED FORTY-NINE THOUSAND FORTY-EIGHT PESOS (761,549,048.00), plus VAT, as monthly rent fee for the use and benefit of the assets subject matter of this
agreement that make up a business unit. The LESSEE must pay the aforementioned sum on an early basis, no later than within five (5) days of the filing of the appropriate invoice by the LANDLORD at the offices indicated by the LESSEE for this
purpose. 
 FIRST PARAGRAPH: Annual Increase: The monthly rent fee agreed upon will be increased in annual
periods, starting from October 1, 2013, in proportion to the Consumer Price Index (CPI) certified by the DANE (National Administrative Department of Statistics for its acronym in Spanish) for the immediately preceding calendar year plus one
percentage point (IPC+1%). 
 SECOND PARAGRAPH: Payment of Duties and Fees by the LESSEE to the LANDLORD.
The LESSEE shall pay the LANDLORD all the Duties and Fees established by AEROCIVIL in any applicable Resolutions. The value paid on such account is not part of the value of the rental agreement.” 

THIRD: This Amending Agreement No. 4 to the Rental Agreement is formalized with the memorandum of understanding between the PARTIES,
evidenced with the signing of the same. 
 FOURTH: The LESSEE undertakes to deliver to the LANDLORD within five (5) days following
the signing of this Amending Agreement No. 4, the amendment to the Sole Performance Guarantee contained in Clause TEN of the Rental Agreement, adjusted as to the insured value and validity thereof under the following conditions: 

 

	 	•	 	 Insured Value: Equivalent to 35% of the annual value of this Amending Agreement No. 3. 

 

	 	•	 	 Validity: The guarantee shall be in force until the end of the term of the Agreement or its extensions, if applicable. 

FIFTH: OPAIN S.A. declares that the area replaced under this Amending Agreement determined in Annex No. 1 will be intended for parking spaces
and/or to fulfill the functions determined by Concession Agreement No. 6000169OK/2006 or any other function determined by the Special Administrative Unit of Civil Aeronautics or the entity performing its functions. 

Moreover, while the purpose of the platforms is not changed by the Civil Aviation Authority and AVIANCA S.A. continues exploiting the TPA as the lessee,
OPAIN S.A. is required to give preferential treatment to AVIANCA S.A. as to the use of four (4) of the six (6) parking spaces (see Annex No. 3 – Parking spaces in platform) that will be opened in the platform once the
construction of the same is completed. This preferential treatment will not involve in any way the exclusive use of said parking spaces, irrespective of the use given to the same, and provided that such special treatment does not affect the proper
operation of the airport. 
 This preference will be maintained while AVIANCA S.A. remains as the lessee of the TPA. 

SIXTH: The other considerations and clauses of the Rental Agreement and Amending Agreements 1, 2 and 3 that were not expressly amended hereunder,
will continue in force and unchanged, according to the time, form and place how these were drafted and agreed upon by the PARTIES; and it is signed under the understanding of not revoking the effects of other documents produced by the PARTIES for
the performance of Rental Agreement BO-AR-0011-04. 

 This Amending Agreement No.4 to the Rental Agreement is signed in 2 counterparts of the same value and date,
in the city of Bogota D.C., on the first (1) day of March of two thousand thirteen (2013). 
  

	
	BY OPAIN S.A.
	
	/s/ JUAN ALBERTO PULIDO ARANGO
	JUAN ALBERTO PULIDO ARANGO
	 Legal Representative

OPAIN S.A.

  

	
	BY THE LESSEE
	
	/s/ ELISA MURGAS DE MORENO
	ELISA MURGAS DE MORENO

	
	 Legal Representative

AEROVIAS DEL CONTINENTE AMERICANO S.A. AVIANCA

 AMENDING AGREEMENT No. 4 TO LEASING AGREEMENT No. BO-AR-0011-04 

ANNEX No. 1 
 -DRAWING OF AREA TO BE RETURNED- 
  
 

 
 Conventions: 
  

	 	•	 	 The excluded area of 11,950 m2 in this amendment to rental agreement No. BO-AR-0011-04 is delimited within the blue area in the drawing.

  

	 	•	 	 The yellow area corresponds to the area currently used by Opain S.A. or the performance of the Modernization and Expansion Works provided for in the
Concession Agreement under its responsibility. 

  

	 	•	 	 The red area corresponds to a portion of the area included in rental agreement No. BO-AR-0011-04. 

 AMENDING AGREEMENT No. 4 TO LEASING AGREEMENT No. BO-AR-0011-04 

ANNEX No. 2 
 -DRAWING OF AREA TO BE RETAINED- 
  
 

 
 Total rented area: 83,518.05 m2 differentiated as follows: 

Maintenance Area: 60,529.62 m2 
 Building
Area: 10,500.74 m2 
 Parking Area: 12,487.69 m2 

 AMENDING AGREEMENT No. 4 TO LEASING AGREEMENT No. BO-AR-0011-04 

ANNEX No. 2 
 -PARKING SPACES IN PLATFORM ASSOCIATE WITH EAST DOMESTIC CARGO TERMINAL- 
  

 
 Note: 
 The
preferential treatment given to AVIANCA hereunder, refers to the use of four (4) of the six (6) parking spaces on the east end of the above drawing, highlighted in a red circle. The preferential use of these four (4) spaces does not
involve increased AVIANCA parking spaces, but corresponds to a redistribution of those currently used.

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