Document:

EX-4.3

 EXHIBIT 4.3 
  

 
  

JOINT ACTION AGREEMENT 

of 
 AVIANCA HOLDINGS
S.A. 
 dated as of September 11, 2013 
  

 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.01
	  	Certain Defined Terms	  	 	1	  
	 Section 1.02
	  	Other Defined Terms	  	 	5	  
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS
	  	 	6	  
	 Section 2.01
	  	Organization and Authority	  	 	6	  
	 Section 2.02
	  	No Conflict	  	 	7	  
		
	 ARTICLE III GOVERNANCE
	  	 	7	  
	 Section 3.01
	  	General	  	 	7	  
	 Section 3.02
	  	Agreement to Vote	  	 	7	  
	 Section 3.03
	  	Size and Composition of Board	  	 	7	  
	 Section 3.04
	  	Frequency of Meetings	  	 	9	  
	 Section 3.05
	  	Nomination and Election of Directors	  	 	10	  
	 Section 3.06
	  	Removal of Directors; Vacancies	  	 	10	  
	 Section 3.07
	  	Approval Required	  	 	11	  
	 Section 3.08
	  	Synergy Purchase Right	  	 	13	  
	 Section 3.09
	  	Officer Vacancies	  	 	16	  
	 Section 3.10
	  	Termination of Certain Rights	  	 	17	  
		
	 ARTICLE IV TRANSFER OF SHARES
	  	 	17	  
	 Section 4.01
	  	Legends	  	 	17	  
	 Section 4.02
	  	Certain Restrictions on Sale and Encumbrance	  	 	17	  
	 Section 4.03
	  	Improper Sale or Encumbrance	  	 	18	  
	 Section 4.04
	  	Tag-Along Right	  	 	18	  
		
	 ARTICLE V ANNUAL BUSINESS PLAN AND BUDGET
	  	 	21	  
	 Section 5.01
	  	Annual Business Plan and Budget	  	 	21	  
		
	 ARTICLE VI ADDITIONAL AGREEMENTS
	  	 	21	  
	 Section 6.01
	  	Certain Transferees to Execute Agreement	  	 	21	  
		
	 ARTICLE VII MISCELLANEOUS
	  	 	22	  
	 Section 7.01
	  	Termination	  	 	22	  
	 Section 7.02
	  	Notices	  	 	23	  
	 Section 7.03
	  	Public Announcements	  	 	23	  
	 Section 7.04
	  	Cumulative Remedies	  	 	23	  
	 Section 7.05
	  	Binding Effect	  	 	23	  
	 Section 7.06
	  	Interpretation	  	 	23	  
	 Section 7.07
	  	Severability	  	 	23	  
	 Section 7.08
	  	Counterparts	  	 	24	  
	 Section 7.09
	  	Entire Agreement	  	 	24	  
	 Section 7.10
	  	Governing Law; Dispute Resolution	  	 	24	  

							
	 	  	 	  	Page	 
	 Section 7.11
	  	Specific Performance	  	 	25	  
	 Section 7.12
	  	Expenses	  	 	25	  
	 Section 7.13
	  	Amendments and Waivers; Assignment	  	 	25	  
	 Section 7.14
	  	No Third Party Beneficiaries	  	 	26	  
	 Section 7.15
	  	Headings	  	 	26	  
	 Section 7.16
	  	Construction	  	 	26	  
	 Section 7.17
	  	Stockholders	  	 	26	  
	 Section 7.18
	  	Effectiveness	  	 	26	  

 JOINT ACTION AGREEMENT 

This JOINT ACTION AGREEMENT (the “Agreement”), dated as of September 11, 2013, is entered into by and among
(i) AVIANCA HOLDINGS S.A. (formerly AviancaTaca Holding S.A.), a corporation organized under the laws of the Republic of Panamá (the “Company”), (ii) KINGSLAND HOLDINGS LIMITED, a company organized
under the laws of the Commonwealth of the Bahamas (“Kingsland”), (iii) SYNERGY AEROSPACE CORP., a corporation organized under the laws of the Republic of Panamá (“Synergy”), and (iv) such
other Persons (as defined in Section 1.01 hereof) as may, from time to time, become parties to this Agreement in accordance with the provisions hereof (each of Kingsland, Synergy and such other Persons who may hereafter become a party to
this Agreement are sometimes referred to herein individually as a “Stockholder” and, collectively, as the “Stockholders”). 

WITNESSETH: 

WHEREAS, the Kingsland Group, the Synergy Group, Alfredo Daniel Ratti Vásquez and Joaquin Alberto Palomo are the holders of all
of the Company’s outstanding common shares par value US$0.125 per share (the “Common Stock”) as set forth in Schedule I hereto, and are parties to that certain Amended and Restated Stockholders’ Agreement dated as of
March 16, 2011 (the “Current Stockholders’ Agreement”); 
 WHEREAS, in accordance with its terms, the
Current Stockholders Agreement will terminate immediately following the consummation of a Qualified Offering (as defined in the Current Stockholders’ Agreement) provided that the parties thereto first enter into an agreement that, among other
things, provides the Company, the Synergy Group and the Kingsland Group with certain of the rights and obligations set forth in the Current Stockholders’ Agreement (the “Surviving Provisions”); 

WHEREAS, the Company has filed with the United States Securities and Exchange Commission a Registration Statement on Form F-1 with
respect to the Proposed US IPO (as hereinafter defined) which, if consummated, would constitute a Qualified Offering, and, accordingly, (i) the Stockholders desire to enter into this Agreement to evidence their agreement with respect to the
Surviving Provisions and such other matters as are set forth herein, and (ii) the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company to enter into this Agreement; 

NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements and covenants contained herein, and intending to be
legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01
Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 
 “ADSs”
means the American Depository Shares of the Company, each representing shares of Preferred Stock and trading on the NYSE. 

  
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 “Affiliate” means, with respect to any specified Person, any other Person that
directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 

“Beneficial Owner” or “Beneficially Own” (including, with correlative meaning, the term “Beneficial
Ownership”) has the meaning given such terms in Rule 13d-3 under the Exchange Act. 
 “Business Day” shall mean
any day other than Saturday, Sunday, a day which is a legal holiday in the City of New York, United States, Nassau, the Bahamas, Panamá City, Panamá, Bogotá, Colombia or in San Salvador, El Salvador or a day on which commercial
banks in the City of New York, United States, Nassau, the Bahamas, Panamá City, Panamá, Bogotá, Colombia or San Salvador, El Salvador are authorized or required by Law to close. 

“Business Plan and Budget” means the business plan and budget for the Company in effect on the date hereof, and each
subsequent business plan and budget reviewed and adopted by the Board in accordance with the procedures set forth in Section 5.01. 

“Capital Stock” means, on any given date, the issued and outstanding shares of Common Stock and Preferred Stock as of such
date. 
 “Charter Documents” of a Person means the estatutos, bylaws, pacto social, charter, memorandum,
certificate of incorporation, articles of association or other similar document of such Person. 
 “Competing Business”
means an airline based in, or whose business includes the transportation of passengers and/or cargo to, from or within, any one or more of Mexico, Central America, South America and/or the Caribbean; provided that helicopter or private air
taxi services and other non-scheduled passenger charter services using aircraft having less than 25 seats shall not be considered a “Competing Business.” 

“Contract” means any agreement, contract, arrangement or understanding, whether formal or informal, written or oral, that is
legally binding. 
 “Control” (including the terms “Controlled by” and “under common Control
with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or
otherwise, including, without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 

“Director” means a Person who is a member of the Board. 

“Dispute” means any controversy, claim or dispute. 

“Dividend Policy” means the Company’s dividend policy, as adopted by the Board on March 16, 2011, that provides for
the annual payment of dividends to the holders of the Company’s outstanding Capital Stock in an aggregate amount equal to a minimum of 15% of the 

  
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Company’s consolidated net income for each year, subject to (i) restrictions on the payment of such dividends under applicable Law, (ii) mandatory reserve requirements or similar
restrictions, including on a Subsidiary’s ability to pay dividends to the Company or any other Subsidiary and (iii) any restrictions set forth in any Contract binding on the Company or any of its Subsidiaries from time to time. 

“Encumbrance” means any security interest, pledge, mortgage, lien, charge, adverse claim of ownership or use, or other
encumbrance of any kind. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 “Family Member” means, in the case of a natural person, the spouse of such
person or a parent, sibling, or descendent of such person (or a spouse thereof) or a partnership, trust or other entity established for the benefit of any of the foregoing. 

“IFRS” International Financial Reporting Standards as adopted by the International Accounting Standards Board from time to
time. 
 “Kingsland Change of Control” means any transaction or series of related transactions involving (A) the Sale
of all or substantially all of the airline related assets of Kingsland and its Affiliates, or (B) a Sale of equity securities (by merger or otherwise) of Kingsland or any other Person, or other transaction, following which one or more of Gloria
Kriete’s children and/or one or more of the Family Members and/or Affiliates thereof do not, immediately after such Sale or other transaction, Beneficially Own equity securities representing a majority of the voting power of Kingsland (or the
surviving entity of any merger involving Kingsland) and the ability to elect a majority of the directors of Kingsland (or the surviving entity of any such merger). 

“Kingsland Directors” means all of the Directors Kingsland is entitled to appoint pursuant to Section 3.03, other
than any Independent Directors. 
 “Kingsland Group” means Kingsland and its Permitted Transferees. For the avoidance of
doubt, for purposes of this Agreement, Alfredo Daniel Ratti Vásquez and Joaquin Alberto Palomo are not members of the Kingsland Group. 

“Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order
issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Company or its Subsidiaries. 

“Majority Vote” means a majority of the Directors present (by telephone, proxy or otherwise) at a meeting of the Board at
which there is a quorum. 
 “Material Subsidiaries” means, collectively: (i) the following Subsidiaries of the
Company: Taca International Airlines, S.A.; Lineas Aereas Costarricenses, S.A.; Aviateca, S.A.; Trans American Airlines, S.A.; Isleña de Inversiones, S.A. de C.V.; Aerotaxis La Costeña, S.A.; Servicios Aereos Nacionales, S.A.;
Aerovías del Continente Americano S.A. Avianca; Aerolineas Galapagos S.A. Aerogal and 

  
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Tampa Cargo S.A.S.; and (ii) any future operating Subsidiaries of the Company which from time to time are “significant subsidiaries” as defined by Rule 405 under the United States
Securities Act of 1933, as amended. 
 “Non-Permitted Holder” means (i) a Person whose Beneficial Ownership of
securities of the Company would violate applicable Law or would cause the Company or any of its Subsidiaries to no longer comply with local ownership restrictions or aviation bilateral treaties that govern the Company’s or its
Subsidiaries’ operations or (ii) a Person that is engaged directly or indirectly in a Competing Business or is an Affiliate of such a Person. 

“NYSE” means the (i) the New York Stock Exchange or (ii) if the ADSs are no longer quoted on the New York Stock
Exchange, the principal U.S. stock exchange or securities market on which the ADSs are then listed or quoted. 
 “Permitted
Transferee” means, with respect to a specified Person, (i) any Affiliate of such Person, (ii) in the case of a Person which is a natural person, a Family Member of such Person, and (iii) a transferee of Common Stock who
receives such Common Stock by will or the laws of descent and distribution; provided that in each case no transferee of a Person shall be a Non-Permitted Holder. 

“Person” means any individual, partnership, firm, corporation, association, trust, unincorporated organization or other
entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act. 

“Preferred Stock” means the Company’s preferred shares, par value US$0.125 per share. 

“Proposed US IPO” means the initial underwritten public offering of ADSs evidencing shares of Preferred Stock (excluding ADSs
subject to the Underwriters’ overallotment option), (i) which offering will consist of ADSs representing not less than (A) 70,000,000 shares of Preferred Stock (excluding ADSs subject to the underwriters’ overallotment option)
offered by the Company, (B) approximately 105,000,000 shares of Preferred Stock offered by Kingsland (not including any ADSs sold by other members of the Kingsland Group), and (C) approximately 7,000,000 shares of Preferred Stock offered
by the Synergy Group, or, if the Company, Kingsland and Synergy mutually agree on different numbers of ADSs to be offered and sold to the public, as evidenced by the consummation of such underwritten public offering, such other number of ADSs as are
actually offered and sold by the Company, the Kingsland Group and the Synergy Group in such public offering, and (ii) which ADSs will be listed for trading on the New York Stock Exchange following such offering. 

“Sale” means, in respect of any securities, property or other asset, any direct or indirect sale, assignment, transfer,
distribution or other disposition thereof or of a participation therein, or other conveyance of any legal or beneficial interest therein (including, without limitation, through the sale or other transfer of securities of any Person that is a
Beneficial Owner of or Controls any Person that is a Beneficial Owner of such securities), or any short position in a security, or any other action or position otherwise reducing risk related to ownership through hedging or other derivative
instruments, whether voluntarily or involuntarily or by operation of law or any agreement or commitment to do any of the foregoing. 

  
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 “Senior Management of the Company” means the Company’s Chief Executive
Officer, Chief Operating Officer, and Chief Financial Officer. 
 “Special Approval Matter” means a matter for which each
of Kingsland and Synergy has approval rights pursuant to Section 3.07(a). 
 “Stockholder Group” means the
Kingsland Group or the Synergy Group, as the context may require. 
 “Subsidiary” or “Subsidiaries” of any
Person means corporation, partnership, limited liability company, joint venture, association or other legal entity of which such Person (either alone or together with any other subsidiary, or by means of a contractual arrangement with a Third
Party), owns, directly or indirectly, more than 50% of the stock or other equity interests, the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal
entity. 
 “Synergy Change in Control” means any transaction or series of related transactions involving (A) the Sale
of all or substantially all of the airline related assets of Synergy and its Affiliates, or (B) a Sale of equity securities (by merger or otherwise) of Synergy or any other Person, or other transaction, following which German Efromovich and/or
Jose Efromovich and/or any one or more of the Family Members and/or Affiliates thereof do not, immediately after such Sale or other transaction, Beneficially Own equity securities representing a majority of the voting power of Synergy (or the
surviving entity of any merger involving Synergy) and the ability to elect a majority of the directors of Synergy (or the surviving entity of any such merger). 

“Synergy Directors” means all of the Directors Synergy is entitled to appoint pursuant to Section 3.03, other
than any Independent Directors. 
 “Synergy Group” means Synergy and its Permitted Transferees. 

“Third Party” means, with respect to any Stockholder, any other Person (other than a Permitted Transferee or an Affiliate,
officer, director or employee of such Stockholder). 
 Section 1.02 Other Defined Terms. The following capitalized terms, when used
in this Agreement without definition, shall have the meanings set forth in the Sections of this Agreement indicated below: 
  

			
	 Defined Term
	  	Section Reference
	 Accession Agreement
	  	Section 6.01(a)
	 Approval Request
	  	Section 3.07
	 Board
	  	Recitals
	 Board Observer
	  	Section 3.03
	 Buyout Closing Date
	  	Section 3.08(c)
	 Buyout Closing Notice
	  	Section 3.08(c)

  
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	 Defined Term
	  	Section Reference
	 Buyout Determination Date
	  	Section 3.08(a)
	 Buyout Notice Date
	  	Section 3.08(a)
	 Buyout Purchase Price
	  	Section 3.08(c)
	 Buyout Share Purchase Closing
	  	Section 3.08(c)
	 Buyout Share Purchase End Date
	  	Section 3.08(c)
	 Buyout Shares
	  	Section 3.08(c)
	 Buyout Shares Value
	  	Section 3.08(c)
	 CEO
	  	Section 3.09
	 CFO
	  	Section 3.09
	 Common Stock
	  	Recitals
	 Company
	  	First Paragraph
	 Current Stockholders’ Agreement
	  	Recitals
	 Delivery Date
	  	Section 3.07(c)
	 Disapproval Notice
	  	Section 3.07(c)
	 Dispute Notice
	  	Section 7.10(b)
	 Fair Value of the Company
	  	Section 4.04(b)
	 Independent Director
	  	Section 3.03(a)(i)
	 Incumbent CEO
	  	Section 3.09
	 Kingsland
	  	First Paragraph
	 Kingsland Election Date
	  	Section 4.04(a)
	 Market Value of the Company
	  	Section 3.08(b)
	 Nomination Notice
	  	Section 3.03(a)(i)
	 Stockholder
	  	First Paragraph
	 Successor Designation
	  	Section 3.09
	 Synergy
	  	First Paragraph
	 Synergy Buyout Notice
	  	Section 3.08(a)
	 Tag Along Price
	  	Section 4.04(b)

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

OF THE STOCKHOLDERS 
 Each
Stockholder severally, but not jointly, represents and warrants to the Company and each other Stockholder as follows: 
 Section 2.01
Organization and Authority. To the extent such Stockholder is not a natural person, it is duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization and has
all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to perform the actions contemplated hereby. The execution and delivery of this Agreement by such Stockholder, the performance by it of its
obligations hereunder and the performance by it of the actions contemplated hereby have been duly authorized by all requisite action on its part. This Agreement has been duly executed and delivered by such Stockholder, and (assuming due
authorization, execution and delivery by the other Persons signatory hereto) this Agreement constitutes a legal, valid and binding obligation of such Stockholder enforceable against it in accordance with its terms. 

  
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 Section 2.02 No Conflict. The execution, delivery and performance of this Agreement by
such Stockholder does not and will not (a) violate, conflict with or result in the breach of any provision of its organizational documents, to the extent it has such, (b) conflict with or violate any law, governmental regulation or
governmental order applicable to such party or any of its assets, properties or businesses or (c) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a
default) under, require any consent under, or give to others any rights pursuant to, any contract, agreement or arrangement by which such party is bound. 

ARTICLE III 
 GOVERNANCE

 Section 3.01 General. From and after the date hereof, each Stockholder shall take all actions necessary to give effect to the
provisions of this Agreement and to ensure that the Charter Documents of the Company and any of its Material Subsidiaries give effect to the provisions of this Agreement and do not conflict with the provisions of this Agreement including, without
limitation, voting to approve amendments to the Charter Documents of the Company and any of its Material Subsidiaries and to remove any Directors of the Company or directors of any of its Material Subsidiaries or any officer of the Company or of its
Material Subsidiaries who take actions in violation of this Agreement. In addition, each Stockholder shall vote or cause to be voted all Capital Stock Beneficially Owned by such Stockholder at any stockholders meeting or in any written consent
executed in lieu of such a meeting with respect to the Common Stock or the Preferred Stock, as the case may be, upon any matter submitted for action by the Company’s stockholders, in conformity with the specific terms and provisions of this
Agreement and the Charter Documents of the Company or of its Material Subsidiaries. To the extent permitted by applicable Law, in the event that there is any conflict between the Charter Documents of the Company or of any of its Material
Subsidiaries and this Agreement, the latter shall prevail and the Stockholders and the Company shall to the extent necessary, cause the Charter Documents of the Company or of its Material Subsidiaries to be changed, amended or modified to eliminate
any such inconsistency. 
 Section 3.02 Agreement to Vote. Each Stockholder agrees to vote all of its Capital Stock, and the Company
agrees to take all necessary measures, in order to carry out the agreements set forth in this Article III. 
 Section 3.03
Size and Composition of Board. 
 (a) Except as set forth in Section 3.03(c), the composition of the Board
shall be determined as follows: 
 (i) A majority of the Directors serving on the Board at any time shall consist of
individuals who qualify as “independent” under the rules and regulations of the New York Stock Exchange (each, an “Independent Director”), of whom each Stockholder Group shall be entitled to nominate a number of such

  
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Independent Directors, proportional to its ownership of the Common Stock in relation to the other Stockholder Group equal to the product (rounded up or down to the nearest whole number) of:
(A) the total number of Independent Directors and (B) a fraction, the numerator of which is the aggregate number of shares of Common Stock owned by such Stockholder Group and the denominator of which is the total number of shares of Common
Stock then owned by the Synergy Group and the Kingsland Group. Each Independent Director nominee of a Stockholder Group shall be subject to the approval of the other Stockholder Group, which approval shall not be unreasonably withheld, delayed or
conditioned; provided that at the time the Synergy Group owns more than four (4) times the amount of Common Stock as the Kingsland Group owns and the Kingsland Group owns less than 16.5% of the Common Stock, the Kingsland Group shall
have the right to approve a number of the Synergy Group’s nominees for Independent Director, proportional to its ownership of the Common Stock equal to the product (rounded up or down to the nearest whole number) of: a fraction, the numerator
of which is the aggregate number of shares of Common Stock owned by the Kingsland Group and the denominator of which is the total number of shares of Common Stock then outstanding. Each Stockholder Group having an approval right with respect to a
prospective Independent Director nominated by the other Stockholder Group shall be permitted to request an opportunity to interview such nominee within ten (10) Business Days after it receives a written notice from the nominating Stockholder
Group (“Nomination Notice”) that includes the nominee’s resume and other relevant information concerning the nominee; and if requested, such interview shall take place at a date and time mutually convenient for the nominee and
representatives of the Stockholder Group requesting such meeting as soon as reasonably practicable following such request. A Stockholder Group shall be deemed to have approved a nominee of the other Stockholder Group on the fourth
(4th) Business Day following the meeting between the nominee and representatives of the Stockholder Group requesting the meeting, if one is requested, or on the eleventh (11th) Business
Day following the receipt of a Nomination Notice if no meeting is requested, unless prior to such date the Stockholder Group communicates in writing its decision to disapprove of the nominee to the Company and the nominating Stockholder Group. If a
Stockholder Group disapproves a nominee of the other Stockholder Group it shall provide in reasonable detail an explanation of the reasons therefor. 

(ii) Of the total number of Directors who are not Independent Directors, each Stockholder Group shall be entitled at its sole
option to appoint a number of such Directors proportional to its ownership of the Common Stock in relation to the other Stockholder Group, equal to the product (rounded up or down to the nearest whole number) of: (A) the total number of
Directors who are not Independent Directors and (B) a fraction, the numerator of which is the aggregate number of shares of Common Stock owned by such Stockholder Group and the denominator of which is the total number of shares of Common Stock
then owned by the Synergy Group and the Kingsland Group. 

  
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 (iii) The Board shall have a non-executive chairman to be elected by Majority
Vote. 
 (iv) After such time as the Kingsland Group would no longer have the right to appoint any Kingsland Director
pursuant to Section 3.03(a)(ii), the Kingsland Group shall nevertheless retain the right to appoint Roberto Kriete (but no other Person) to serve as a Director, until such time as the Kingsland Group owns less than 1% of the outstanding
Common Stock. 
 (b) So long as the Kingsland Group owns at least five percent (5%) of the outstanding Common Stock,
Roberto Kriete is no longer serving as a Director and the Kingsland Group is no longer entitled to nominate any individual for appointment as a Kingsland Director as a consequence of its reduction in ownership of Common Stock, it nevertheless shall
continue to be entitled to designate one individual and one alternate individual to act in his/her absence chosen by the Kingsland Group in its sole discretion, to attend all meetings of the Board as an observer (each, a “Board
Observer”) as well as any and all committees thereof. Each Board Observer shall be entitled to receive all notices and written materials provided to the Directors including, but not limited to, Board and committee meeting agendas,
presentations and analyses, which are provided to the Directors. A Board Observer will not be entitled to any voting rights. 

(c) If a majority of the Independent Directors determine that (i) it is in the best interests of the Company to appoint to
the Board, in addition to the Directors appointed by the Synergy Group and the Kingsland Group pursuant to clause (i) and (ii) of Section 3.03(a), an individual to represent the interests of a significant holder or group of
related holders of Capital Stock (other than the Synergy Group and the Kingsland Group), or (ii) the Company is required by law to appoint to the Board, in addition to the Directors appointed by the Synergy Group and the Kingsland Group
pursuant to clause (i) and (ii) of this Section 3.03(a) any other individual; provided, in each case, that such individual shall qualify as an Independent Director (an individual to be appointed to the Board pursuant to
clause (i) or (ii) of Section 3.03(c) is referred to herein as an “Additional Director”), then for so long as the majority of the Independent Directors determine that the Company should or must appoint an
Additional Director, (A) the size of the Board shall be increased to accommodate such Additional Director, (B) the additional Board seat(s) created by the increase in the size of the Board shall be filled only by Additional Director(s),
and (C) all Directors other than any Additional Directors shall continue to be nominated and appointed pursuant to clause (i) and (ii) of this Section 3.03(a). 

Section 3.04 Frequency of Meetings. 

(a) The Board shall meet no less frequently than quarterly (or other frequency as determined by the Board in its sole
discretion), at such place and time as shall be determined by Majority Vote. Special meetings of the Board, to be held at the offices of the Company (or such other place as shall be agreed by Majority Vote), shall be called at the direction of the
CEO or one or more Directors, and for reasonable cause shown (which is understood to include, without limitation, any meeting called by a Director to review any determination made by the Company pursuant to this Agreement), upon not less than

  
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five (5) Business Days’ notice given by or one or more Directors, the CEO, the President or the Secretary of the Company (which officers shall give such notice if properly directed to
do so as aforesaid). Emergency meetings of the Board may be held at the offices of the Company (or such other place as shall be agreed by Majority Vote) upon not less than one (1) Business Day’s telephone notice specifying in reasonable
detail the nature of such emergency (to be confirmed by written facsimile notice) by any Director, the CEO, the President or the Secretary of the Company. 

(b) With respect to regular Board meetings, not later than five (5) Business Days before each such meeting, the Secretary
shall deliver to each Director, together with the notice of each such meeting, an agenda specifying in reasonable detail the matters to be discussed at the applicable Board meeting. Any Director that wishes to have any additional matter discussed at
any such meeting shall give the Secretary of the Company and each other Director not later than two (2) Business Days prior to any such meeting, notice of each matter it so wishes to discuss. 

Section 3.05 Nomination and Election of Directors. The Stockholders shall make the nominations to which they are entitled hereunder not
later than 30 days prior to each annual meeting of the Company’s stockholders, and the Board shall be elected at such meeting or by unanimous written consent in accordance herewith. Except as set forth in Section 3.06(c), all of the
Independent Directors shall be elected, together on a single unified slate, at each annual meeting of the Company’s stockholders. 

Section 3.06 Removal of Directors; Vacancies. 

(a) A Stockholder Group may at any time remove any Director designated or nominated by such Stockholder Group (other than an
Independent Director) pursuant to Section 3.03 and Section 3.05, with or without cause. In the event that at any time after the effectiveness of this Agreement the number of Directors designated by a Stockholder Group differs
from the number that such Stockholder Group has the right to designate, (i) if the number of such Directors exceeds the appropriate number, the Stockholder Group shall promptly take all appropriate action to cause to resign that number of
Directors as is required to make the remaining number of Directors designated by such Stockholder Group conform to the provisions of this Agreement or (ii) if the number of such Directors is less than the appropriate number, the Board and the
other Stockholder Group shall take all necessary action to create sufficient vacancies on the Board to permit the Stockholder Group to designate the full number of Directors which it is entitled to designate pursuant to the provisions of this
Agreement. 
 (b) In the event a vacancy occurs on the Board as a result of the retirement, removal, resignation or death of
either a Synergy Director or Kingsland Director such vacancy shall be filled by either Synergy or Kingsland, as the case may be, at its sole option. The Stockholders agree to vote their respective Common Stock for the election of any person so
nominated to fill a vacancy on the Board. Any Director elected pursuant to this Section 3.06(b) shall serve until the next annual election of Directors. 

  
 10 

 (c) In the event a vacancy occurs on the Board as a result of the retirement,
removal, resignation or death of an Independent Director (or non-approval of any nominated Independent Director), the Stockholder Group that initially nominated such Independent Director shall submit the name of a nominee to replace such Independent
Director. Any such nominee for Independent Director shall be approved in accordance with Section 3.03(a)(i) and upon mutual agreement by the Stockholders, such nominee shall be appointed to the Board. Any Director appointed pursuant to
this Section 3.06(c) shall serve until the next annual election of Directors. 
 Section 3.07 Approval Required. 

(a) In general, a Majority Vote shall constitute an act of the Board. Notwithstanding the foregoing, but subject to
Section 3.08, neither the Company nor any Material Subsidiary shall take any of the following actions without the approval of each of Kingsland and Synergy: 

(i) materially modify, waive or repeal any material provision contained in its Charter Documents, unless required to comply
with applicable law; 
 (ii) merge or consolidate the Company or any Material Subsidiary with, or sell, transfer or otherwise
dispose of, all or substantially all of the assets of the Company or any Material Subsidiary, to any Third Party; 
 (iii)
issue or Sell any voting Capital Stock of or other voting equity interest (or other security exercisable for or convertible into any voting Capital Stock or other voting equity interest) in the Company or any Subsidiary; 

(iv) except as contemplated by the Business Plan and Budget, make any acquisition of assets or securities or an equity
investment in a joint venture or partnership (x) related to the airline business or activities ancillary or related thereto in each case in an amount greater than (1) US$30.0 million in any single instance or (2) US$75.0 million in
the aggregate during any fiscal year, or (y) not related to the airline business or activities ancillary or related thereto; 

(v) except as contemplated by the Business Plan and Budget, make capital expenditures in excess of US$120.0 million in the
aggregate during any fiscal year; 
 (vi) authorize, adopt, amend or modify the Business Plan and Budget; 

(vii) enter into a Contract with a Stockholder, Director or an officer of the Company or a Family Member or Affiliate of any of
the foregoing, whether for the performance of services or purchase of goods or property or the leasing of same or otherwise; and 

(viii) issue a loan to a Stockholder, Director or an officer of the Company or a Family Member or Affiliate of any of the
foregoing. 

  
 11 

 (b) Subject to Section 3.08, neither the Company nor any Material
Subsidiary shall take any of the following actions without both a Majority Vote and the approval of a majority of the Independent Directors: 

(i) acquire, repurchase or redeem any Capital Stock or other equity interest (or other security exercisable for or convertible
into any Capital Stock or other equity interest) in the Company or any Subsidiary or (ii) issue or Sell any non-voting Capital Stock of or other non-voting equity interest (or other security exercisable for or convertible into any non-voting
Capital Stock or other non-voting equity interest) in the Company or any Subsidiary; 
 (ii) unless required by law or a
change in IFRS make any material change in accounting methods (other than (x) a change permitted by IFRS and recommended in writing by the Company’s external auditors or (y) a change recommended by management and unanimously approved
by the Audit Committee of the Board); 
 (iii) commence any bankruptcy or insolvency proceeding; 

(iv) dissolve or liquidate, or agree to dissolve or liquidate; 

(v) execute a settlement agreement or confess a judgment, the result of which would be to cause the Company to pay over US$5.0
million to a Third Party; 
 (vi) commence any litigation for an amount in excess of US$5.0 million; 

(vii) except as contemplated by the Business Plan and Budget, incur indebtedness for borrowed money (other than working capital
debt incurred in the ordinary course of business), involving an aggregate annual amount greater than ten percent (10%) of the amount budgeted therefor in the Business Plan and Budget; 

(viii) adopt or amend any stock option plan or other equity incentive plan, or implement any methodology or structure
(including compensation ranges) for determining the compensation of the Senior Management and the vice presidents of the Company; 

(ix) select or replace its independent auditors; 

(x) except as contemplated by the Business Plan and Budget, enter into any material Contract outside the ordinary course of
business (including the giving of any guaranty or indemnity) or of any long-term nature, in each case involving an aggregate annual payment greater than 0.3% of consolidated gross revenues of the Company for the most recent four consecutive fiscal
quarters; 
 (xi) modify the Dividend Policy; 

  
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 (xii) increase or decrease the size of the Board (other than an increase approved
by a majority of the Independent Directors pursuant to Section 3.03(c)); 
 (xiii) change the jurisdiction of
organization of the Company; and 
 (xiv) terminate or relinquish any material governmental license, permit or concession
obtained or held by the Company or any of its Material Subsidiaries. 
 (c) Prior to the Board’s considering or acting
upon any Special Approval Matter at any Board meeting, and/or prior to the Company or the Board submitting any Special Approval Matter to a vote of the Company’s stockholders, as applicable, the Company shall send to each of Kingsland and
Synergy a written notice requesting that each of them approve a Special Approval Matter (an “Approval Request”) (A) with respect to any Board meeting at which a Special Approval Matter is to be considered, at least fifteen
(15) days before the date such Board meeting is scheduled to occur, or (B) with respect to any stockholders meeting at which a Special Approval Matter is to be considered, at least fifteen (15) days before the earlier of the date of
such stockholders meeting and the date on which the notice of such stockholders meeting is sent to the Company’s stockholders. Any Approval Request shall be accompanied by any materials that will be presented to the Board or stockholders in
respect of the subject Special Approval Matter(s). Subject to Section 3.08, unless Kingsland or Synergy, as applicable, delivers to the Company and each other Stockholder within fifteen (15) days following receipt of an Approval
Request and prior to the applicable Board meeting or stockholders meeting, as the case may be, a written notice that Kingsland or Synergy, as applicable, disapproves a Special Approval Matter that is the subject of such Approval Request (a
“Disapproval Notice;” and the date on which Kingsland delivers a Disapproval Notice to both the Company and Synergy is referred to herein as the “Delivery Date”), Kingsland or Synergy, as applicable, shall be deemed
to have approved of such Special Approval Matter (as described in the particular Approval Request), provided that such Special Approval Matter is submitted to the Board and/or, if required, the Company’s stockholders, for their consideration
and approval, and is approved by the Board and/or the Company’s stockholders, as applicable. 
 Section 3.08 Synergy Purchase
Right. 
 (a) If the Company delivers to Kingsland an Approval Request with respect to a Special Approval Matter and
Kingsland delivers to the Company and Synergy a Disapproval Notice, then at any time within fifteen (15) days following the Delivery Date, if Synergy determines that the Company should implement the proposed Special Approval Matter
(notwithstanding the opposition of Kingsland), subject to Section 3.08(e), it shall send to Kingsland and the Company a written notice to that effect (the “Synergy Buyout Notice”; and the date on which Synergy delivers a
Synergy Buyout Notice to both the Company and Kingsland is referred to herein as the “Buyout Notice Date”) which notice shall request that the Company submit such Special Approval Matter to the Board and/or, if required, the
stockholders of the Company, for their consideration and approval and state Synergy’s intention, subject to this Section 3.08, to purchase from the Kingsland 

  
 13 

 
Group the Buyout Shares on the terms set forth herein if such Board and/or stockholder approval is obtained. The Company shall comply with such request to call the applicable Board and/or
stockholder meetings within five (5) days of receipt of the Synergy Buyout Notice (it being understood that the Synergy Directors will vote, and Synergy will vote its Capital Stock, in favor of such Special Approval Matter). For a period of
twenty-one (21) days following the issuance of a Synergy Buyout Notice, (i) Synergy and Kingsland shall use their reasonable efforts to agree on the implementation of the Special Approval Matter through discussions by their representatives
and (ii) to facilitate such discussions, Synergy and Kingsland shall solicit from the Independent Directors their non-binding recommendation regarding approval or disapproval of the Special Approval Matter. The Company shall request the
Independent Directors to deliver their non-binding recommendation to Synergy and Kingsland as soon as practicable after being requested to do so, which recommendation shall be considered and discussed by Synergy and Kingsland. If (i) all
necessary approvals of the Special Approval Matter are obtained from the Board and/or the stockholders of the Company and (ii) Synergy and Kingsland are not able to agree on the implementation of the Special Approval Matter on or prior to the
later of (i) the date that is twenty-one (21) days after the date of the Synergy Buyout Notice and (ii) the third (3rd) Business Day following the last to occur of such Board
and/or stockholder approvals (the “Buyout Determination Date”), then, subject to Section 3.08(e), the Synergy Buyout Notice shall become binding on Synergy and Kingsland, and Synergy shall proceed with the purchase of
the Buyout Shares in accordance with and subject to Section 3.08(c); provided that, to the extent such necessary approval is not received from the Board and/or the stockholders of the Company within 60 days after the Buyout Notice
Date (or such longer period as is necessary to get approval from any government, administrative or regulatory body having jurisdiction over such Board and/or stockholders approval), the Synergy Buyout Notice shall be deemed to be withdrawn, and the
limitations on Synergy’s exercise of its buyout rights in the event of such withdrawal set forth in Section 3.08(d) shall not apply. 

(b) For purposes of this Agreement, the term “Market Value of the Company” means the sum determined by
multiplying (i) the weighted average price, rounded to two decimal places, of the closing price of the ADSs measured over the 60 trading days immediately preceding the Delivery Date, as reported on the NYSE, times (ii) a fraction, the
numerator of which is the total number of shares of Common Stock and Preferred Stock of the Company outstanding on the Delivery Date and the denominator of which is the number of shares of Preferred Stock represented by each such ADS. 

(c) Following the Buyout Determination Date (unless Synergy and Kingsland shall have agreed on the implementation of the
applicable Special Approval Matter), Synergy shall purchase from the Kingsland Group 100 million shares of Common Stock or, if less, all shares of Common Stock then owned by the Kingsland Group (the “Buyout Shares”) at a price,
payable in cash via wire transfer of immediately available U.S. dollars, equal to the Market Value of the Company multiplied by a fraction, the numerator of which is the number of Buyout Shares and the denominator of which is the total number of
outstanding shares of Preferred Stock and Common Stock (the “Buyout Shares Value”), and further multiplied by 1.10 (the “Buyout Purchase Price”). Unless Kingsland notifies Synergy and the Company that it agrees with
Synergy’s original position on the Special 

  
 14 

 
Approval Matter on or prior to the Buyout Determination Date, Kingsland and Synergy shall cause the closing of the purchase of the Buyout Shares (the “Buyout Share Purchase
Closing”) to take place as soon as reasonably practicable but in no event later than 180 days after the Buyout Notice Date (the “Buyout Share Purchase End Date”) unless otherwise mutually agreed by Kingsland and Synergy.
Notwithstanding anything to the contrary set forth in this Section 3.08 or otherwise, (i) Synergy may withdraw the Synergy Buyout Notice and agree with Kingsland’s position on the Special Approval Matter at any time on or prior
to the 120th day following the Buyout Notice Date and (ii) the Company shall not consummate the applicable Special Approval Matter unless either (1) Kingsland shall have notified Synergy
and the Company that it agrees with Synergy’s original position on the Special Approval Matter or (2) Synergy shall have made payment of the Buyout Purchase Price to Kingsland in accordance with this Agreement. At the Buyout Share Purchase
Closing, which shall take place not later than the Buyout Share Purchase End Date at a time, date and place designated by Synergy upon at least five (5) Business Days’ notice to Kingsland (such time and date, the “Buyout Closing
Date;” and such notice of designation, the “Buyout Closing Notice”), the Kingsland Group shall surrender to Synergy any stock certificates representing the Buyout Shares, properly endorsed for transfer to Synergy or its
designee, free and clear of any Encumbrances, against payment of the Buyout Purchase Price for the Buyout Shares, in cash via wire transfer of immediately available U.S. Dollars to an account or accounts designated by Kingsland not less than three
(3) Business Days prior to the date of the Buyout Share Purchase Closing. If the Kingsland Group is not paid the Buyout Purchase Price on or before the Buyout Share Purchase End Date (a “Buyout Default”), then Synergy shall be
obligated to pay to Kingsland an amount equal to ten percent (10%) of the Buyout Shares Value, payable in full in immediately available U.S. dollars, and upon such payment by Synergy, neither Synergy nor Kingsland shall be obligated to
consummate the Buyout Share Purchase Closing; provided that it shall not be a Buyout Default if Kingsland fails to designate to Synergy the account(s) for the payment of the Buyout Purchase Price within two (2) Business Days following
the date of delivery to Kingsland of the Buyout Closing Notice, in which event and at which time the Company shall be permitted to commence the consummation of such Special Approval Matter on the Buyout Closing Date. 

(d) If in respect of any Special Approval Matter (i) Kingsland elects on or prior to the Buyout Determination Date to
agree with Synergy’s original position on the Special Approval Matter and approve the Company’s implementation of the Special Approval Matter, then Kingsland shall not have the ability to exercise its approval rights pursuant to
Section 3.07 with respect to the relevant Special Approval Matter during the twelve-month period following the date of the Synergy Buyout Notice, or (ii) Synergy withdraws the Synergy Buyout Notice in order to agree with
Kingsland’s original position on the Special Approval Matter or delivers a Synergy Buyout Notice but fails to pay the Buyout Purchase Price on or before the Buyout Share Purchase End Date, then Synergy shall not have the right to exercise its
rights pursuant to this Section 3.08 with respect to the relevant Special Approval Matter during the twelve-month period following the date of the Synergy Buyout Notice. 

(e) A Special Approval Matter in respect of which Kingsland shall have delivered a Disapproval Notice shall not be implemented
by the Company unless and until 

  
 15 

 
the earlier of such time as (i) the Company has been provided with evidence that the Buyout Purchase Price has been paid in full to Kingsland or (ii) Kingsland has notified the Company
and Synergy of its election to agree with Synergy’s original position on the Special Approval Matter. If a disagreement arises with respect to the Special Approval Matter set forth in Section 3.07(a)(vi), each of the Stockholders
shall cooperate in good faith to continue the operations of the Company and its Subsidiaries in the ordinary course of business and in accordance with the most recently approved Business Plan and Budget (the approval for which shall be automatically
extended until a new Business Plan and Budget has been approved or deemed to have been approved by Kingsland and Synergy in accordance with Section 3.07 or Section 3.08, as applicable), and to minimize the impact of
continuing to operate in accordance with the most recently approved Business Plan and Budget on the business and operations of the Company and its Subsidiaries. 

Section 3.09 Officer Vacancies. 

(a) In the event that any vacancy occurs in the office of the Chief Executive Officer (“CEO”) of the Company,
the incumbent CEO of the Company (the “Incumbent CEO”) shall engage an internationally recognized search firm (other than the search firm that was engaged in connection with assessing the organization of the business resulting from
the business combination of Aerovías del Continente Americano – Avianca S.A. and Grupo Taca Holdings Limited in 2010) to identify and recommend successor CEO candidates; provided that in the event there is no Incumbent CEO or in the
judgment of a majority of the Independent Directors it would not be advisable for the Incumbent CEO to engage such search firm, such firm shall be selected by the Board and approved by a majority of the Independent Directors. The search firm shall
be directed to recommend to the Board a slate of at least three (3) individuals to serve in such vacant CEO position; provided that to the extent (a) a slate of three (3) to (and including) five (5) individuals is recommended, each of
Kingsland and Synergy shall have the right to remove any one (1) individual from such slate, and (c) to the extent a slate of six (6) or more individuals is recommended, each of Kingsland and Synergy shall have the right to remove up
to one-third (1/3) of the individuals from such slate. The remaining slate of candidates (following any removal of candidates by Kingsland or Synergy) shall be presented to and interviewed by the full Board, which shall select from among such
candidates by a Majority Vote a successor CEO (the “Successor Designation”). As promptly as practicable following any Successor Designation, the Board shall take all actions as may be necessary pursuant to and in accordance with
applicable Law and the governing documents of the Company to appoint the successor CEO. 
 (b) In the event that any vacancy
occurs in the office of the Chief Financial Officer (“CFO”) of the Company, the Incumbent CEO shall identify and recommend successor CFO candidates. The Incumbent CEO shall recommend a slate of at least three (3) individuals to serve
in such vacant CFO position; provided that to the extent (a) a slate of three (3) to (and including) five (5) individuals is recommended, each of Kingsland and Synergy shall have the right to remove any one (1) individual from
such slate, and (c) to the extent a slate of six (6) or more individuals is recommended, each of Kingsland and Synergy shall have the right to remove up to one-third (1/3) of the individuals from such slate. The Incumbent CEO shall
then identify from the remaining slate of candidates 

  
 16 

 
(following any removal of candidates by Kingsland or Synergy) one (1) individual to be recommended to the Human Resource committee of the Board (the “HR Committee”) for such vacant
CFO position. If the HR Committee approves and recommends such individual to the full Board for approval, then, subject to Board’s approval of such individual, the Board shall take all actions as may be necessary pursuant to and in accordance
with applicable Law and the governing documents of the Company to appoint such individual as the successor CFO. 
 Section 3.10
Termination of Certain Rights. 
 (a) At the time the Synergy Group owns more than four (4) times the amount of
Common Stock as the Kingsland Group owns and the Kingsland Group owns less than 16.5% of the outstanding Common Stock, Kingsland’s rights to approve the Special Approval Matter set forth in paragraphs (iv) and (vi) of
Section 3.07(a) that require the approval of Kingsland and Synergy, paragraphs (iii) through (xi) and (xiv) of Section 3.07(b) that require the approval of a majority of the Independent Directors, and the
references to Material Subsidiaries in the remaining Special Approval Matters, shall automatically terminate. 
 (b) At the
time the Synergy Group owns more than five and one half (5.5) times the amount of Common Stock as the Kingsland Group owns, the provisions of Section 3.03 (other than Section 3.03(a)(iv)), and Sections 3.05,
3.06, 3.07 and 3.09 shall automatically terminate. 
 (c) For the avoidance of doubt, Kingsland’s
rights to approve the Special Approval Matters set forth in Section 3.07(a) shall automatically terminate upon the payment of the Buyout Purchase Price in accordance with Section 3.08(c). 

ARTICLE IV 
 TRANSFER OF
SHARES 
 Section 4.01 Legends. The Company shall affix to each certificate evidencing Common Stock issued to the Stockholders a
legend in substantially the following form: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER AS SET FORTH IN A JOINT ACTION AGREEMENT DATED AS OF SEPTEMBER 11, 2013, AS IT MAY BE AMENDED OR RESTATED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THESE
SHARES WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
 Section 4.02
Certain Restrictions on Sale and Encumbrance. Notwithstanding anything to the contrary set forth in this Agreement, including but not limited to this Article IV, no Stockholder shall, or shall permit any of its Affiliates or Beneficial
Owners to, under any 

  
 17 

 
circumstance, directly or indirectly (including, without limitation, through the Sale or other transfer of securities of any Person that is a Beneficial Owner of or Controls any Person that is a
Beneficial Owner of such securities) make, solicit or permit any Sale, transfer, assignment or other disposition of any Capital Stock Beneficially Owned by such Stockholder, Affiliate or Beneficial Owner to a Non-Permitted Holder. The provisions of
this Section 4.02 shall not apply to any open market sale on any an established U.S. or foreign securities exchange or automated quotation system on which the Capital Stock is listed or quoted; provided that the relevant
Stockholder or its Affiliates or Beneficial Owners acts in good faith without any intention to circumvent the provisions of this Section 4.02 and has no knowledge that the purchaser in such open market sale is or is likely to be a
Non-Permitted Holder or acting in concert with, or as a part of a group that includes, any Non-Permitted Holder. 
 Section 4.03 Improper
Sale or Encumbrance. Any attempt not in compliance with this Agreement to make any Sale of, or create, incur or assume any Encumbrance with respect to, any Capital Stock shall be null and void and of no force and effect, the purported transferee
shall have no rights or privileges in or with respect to the Company or under this Agreement, and the Company shall not give any effect in the Company’s stock records to such attempted Sale or Encumbrance. 

Section 4.04 Tag-Along Right 

(a) In the event that Synergy intends to effect a transaction that would constitute a Synergy Change in Control (a
“Synergy Change in Control Transaction”), Synergy shall provide to Kingsland written notice of its intention to enter into such Synergy Change in Control Transaction which notice shall set forth the name and address of the Person
with whom Synergy is entering into such Synergy Change in Control Transaction (the “Synergy Buyer”) and the value ascribed for the shares of Common Stock in connection with such Synergy Change in Control Transaction. Upon receipt of
such notice, Kingsland shall have thirty (30) days to irrevocably elect to sell all but not less than all of the Kingsland Group’s shares of Common Stock (the “Tag-Along Shares”) to the Synergy Buyer or, if the Synergy
Buyer fails to purchase such shares, Synergy. Failure by Kingsland to make an election pursuant to this Section 4.04(a) within the 30-day election period shall constitute an election to decline to sell pursuant to this
Section 4.04(a). If Kingsland elects not to sell the Tag-Along Shares pursuant to this Section 4.04(a), the Synergy Buyer shall be required to execute and deliver an Accession Agreement that has the effect of making this
Agreement a legal, valid and binding obligation of the Synergy Buyer enforceable against it in accordance with its terms. If Kingsland elects to sell the Tag-Along Shares pursuant to this Section 4.04(a) (the date on which Kingsland
delivers notice to Synergy of such election, the “Kingsland Election Date”), (i) Synergy shall cause the Synergy Buyer to purchase all of the Tag-Along Shares at the closing of the Synergy Change in Control Transaction and if
the Synergy Buyer fails to do so and the closing of the Synergy Change in Control Transaction occurs, then Synergy (or, if the reason that the purchase of the Tag-Along Shares has not been completed is due to the ongoing valuation procedures in
accordance with Section 4.04(b)(ii), the Synergy Buyer if the Synergy Buyer confirms in writing its obligation to make such purchase in accordance with this Section 4.04) shall be obligated to purchase the Tag-Along Shares,
and (ii) the Kingsland Group shall take all lawful action reasonably requested by the Synergy Buyer to complete the 

  
 18 

 
Sale contemplated by the Synergy Change in Control Transaction, including, without limitation, the surrender to the Synergy Buyer of any stock certificates representing such shares properly
endorsed for transfer to the Synergy Buyer against payment of the sale price for such shares, and if so reasonably requested by the Synergy Buyer, the execution of all sale and other agreements in the form requested; provided that the
Kingsland Group shall not be required to make any representation, warranty, or commitment in any such agreement except representations and warranties as to their power and authority to transfer such shares free and clear of all liens and
encumbrances, their unencumbered title to such shares, and the absence of any litigation, laws or agreements which would impede the transfer of such shares. The consideration to be paid to the Kingsland Group by either the Synergy Buyer or Synergy
for the Tag-Along Shares pursuant to a transaction contemplated by this Section 4.04(a), shall be equal to Tag-Along Price (as defined in Section 4.04(b)). If the Synergy Change in Control Transaction does not close, the
notice provided pursuant to this Section 4.04(a) shall be deemed to have been withdrawn and the obligation to comply with this Section 4.04(a) shall continue in effect. 

(b) For purposes of this Section 4.04, 

(i) the term “Tag-Along Price” means (x) to the extent the Synergy Change in Control Transaction involves
only equity securities of the Company, Kingsland’s pro rata portion of the amount paid or proposed to be paid for such equity securities based on Kingsland’s shares of Common Stock (on a fully-diluted basis) relative to all
outstanding shares of Capital Stock (on a fully-diluted basis), or (y) to the extent the Synergy Change in Control Transaction does not involve only equity securities of the Company, the value per share of Common Stock, determined on the basis
of the amount paid or proposed to be paid for the assets or equity securities of Synergy or other Person(s) involved in the Synergy Change in Control Transaction either (A) by agreement between Synergy and Kingsland within fifteen
(15) days after the date Kingsland elects to sell the Tag-Along Shares pursuant to Section 4.04(a) or (B) by utilizing the Fair Value of the Company; and 

(ii) the term “Fair Value of the Company” means the value of the Company determined in accordance with the
procedure set forth in Section 4.04(c). 
 (c) In the event that Synergy and Kingsland are unable to agree on the
Tag-Along Price within fifteen (15) days after the Kingsland Election Date pursuant to Section 4.04(b)(i)(y)(A), the parties shall proceed to determine the “Fair Value of the Company” as of the date of notice of the
Synergy Change in Control Transaction in accordance with the following procedures: 
 (i) Synergy and Kingsland shall
(x) attempt to mutually agree on a single internationally recognized investment banking or valuation firm (the “Mutual Appraiser”), and if they are unable to do so prior to the twentieth (20th) Business Day after the Kingsland Election Date, each of Synergy and Kingsland shall (y) appoint its own internationally recognized investment banking or valuation firm (each an
“Initial Appraiser”, and together, the “Initial Appraisers”). 

  
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 (ii) Within thirty (30) days after it becomes necessary to determine the
Fair Value of the Company (the “Initial Valuation Date”), the Mutual Appraiser (if appointed) or each of the Initial Appraisers, as applicable, shall deliver its fair value determination to each of Kingsland and Synergy. For
purposes of this Agreement, the Fair Value of the Company shall be determined as follows: (x) by the Mutual Appraiser (if appointed) or (y) if the Initial Appraisers are appointed then (A) the fair value of the Company determined by
the Initial Appraisers, if the fair value amounts so determined by them are the same, or (B) if the fair value amounts determined by the Initial Appraisers are not the same, an amount equal to the quotient of: (i) the sum of the fair value
amounts determined by the Initial Appraisers, divided by (ii) two (2); provided that if the fair value amounts as determined by the Initial Appraisers are different and the difference between the two valuations is greater than ten
percent (10%) of the lower of the two valuation amounts, then: (1) within five (5) Business Days after the Initial Valuation Date, the Initial Appraisers shall jointly select one of the top ten investment banking or valuation firms as
set forth on Bloomberg’s latest league table list (the “Bloomberg League Table”) of such firms (the “Final Appraiser”) to determine which of the Initial Appraisers properly determined the fair value of the
Company; (2) the Company shall engage the Final Appraiser within ten (10) Business Days after such selection; (3) within thirty (30) days after the Final Appraiser is engaged by the Company, the Final Appraiser shall notify
Kingsland and Synergy of its determination of which Initial Appraiser properly determined the Fair Value of the Company; and (4) the fair value amount determined by the Initial Appraiser selected by the Final Appraiser as having properly
determined such fair value amount shall constitute the Fair Value of the Company. 
 (iii) For purposes of determining the
Fair Value of the Company, each Appraiser shall be instructed (x) that the Fair Value of the Company shall not exceed the total amount paid in connection with the Synergy Change in Control Transaction, (y) to employ such valuation
techniques as are customarily used by investment banks or valuation firms in performing independent valuations in transactions involving the sale of the entire equity interest in a company, including, without limitation: (A) discounted cash
flows, (B) publicly available terms of sale transactions involving companies comparable to the companies involved, including the Company, and the consideration paid in such transactions, (C) to the extent publicly available, valuation
multiples on comparable companies and other conventional metrics, and (D) if the capital stock of any of the companies involved, including the Company, is listed for trading on a U.S. or foreign stock exchange or quoted on a U.S. or foreign
recognized automated quotation or over-the-counter trading system, the historic and current trading price of such capital stock on such exchange, over-the-counter or automated quotation system on which such capital stock is listed or traded, and
(z) that it may take into account the value of any other assets being acquired by the Synergy Buyer in the Synergy Change of Control Transaction. Each Appraiser shall use the same 

  
 20 

 
valuation techniques as each other Appraiser. The Company shall provide the Appraisers appointed hereunder with equal time and access to the books and records of the Company, and Synergy shall
use its reasonable best efforts to provide the Appraisers appointed hereunder with equal time and access to the books and records of the other companies involved in the Synergy Change of Control Transaction, including but not limited to all
financial and accounting information reasonably necessary to conduct such valuation. The fees and expenses of the Mutual Appraiser (if appointed) and both Initial Appraisers shall be borne by the Company. If a Final Appraiser is appointed, the fees
and expenses of the Final Appraiser shall be borne solely by (i) Synergy, if the Final Appraiser determines that the Initial Appraiser appointed by Kingsland properly determined the Fair Value of the Company or (ii) Kingsland, if the Final
Appraiser determines that Initial Appraiser appointed by Synergy properly determined the Fair Value of the Company. 
 ARTICLE V 

ANNUAL BUSINESS PLAN AND BUDGET 

Section 5.01 Annual Business Plan and Budget. The Company shall conduct the Business in accordance with the Business Plan and Budget.
The Board shall review a Business Plan and Budget for each fiscal year not less than 30 days prior to the beginning of such fiscal year which Business Plan and Budget shall be approved, subject to Section 3.07, no less than fifteen
(15) days prior to the beginning of the following fiscal year and updated by the Board no less frequently than quarterly to take into consideration changing market conditions. The Business Plan and Budget must: 

(a) give the Directors, to the extent possible, a true and fair view of the current and anticipated future financial position
of the Company; 
 (b) set out in detail particulars of the Company’s proposed business strategy, business activities,
marketing plans, sales targets, expected revenues and expenditures, financing plans including proposed debt and equity funding, timeline for implementation, staff requirements, and other relevant matters affecting or in relation to the Business
during the current and next fiscal year; and 
 (c) contain a forecast comprised of (i) a statement of financial
performance for the fiscal year, (ii) a statement of financial position as at the end of the fiscal year and (iii) a statement of cash flows including a detail of the capital expenditures for such fiscal year. 

ARTICLE VI 
 ADDITIONAL
AGREEMENTS 
 Section 6.01 Certain Transferees to Execute Agreement. 

(a) Each Stockholder agrees that it will not, during the term of this Agreement, directly or indirectly, make any Sale with
respect to any shares of Common Stock Beneficially Owned by such Stockholder to any Permitted Transferee, unless prior to the 

  
 21 

 
consummation of any such Sale, the Permitted Transferees to whom such Sale is proposed to be made executes and delivers to the Company and each other Stockholder an Accession Agreement in the
form attached hereto as Exhibit A (the “Accession Agreement”). Upon the execution and delivery by such Permitted Transferee of such an Accession Agreement, this Agreement shall be amended to reflect the addition of such
Permitted Transferee and any other changes in the ownership of Common Stock, and such Permitted Transferee shall be deemed a “Stockholder” for purposes of this Agreement and shall have the rights and be subject to the obligations of a
Stockholder under this Agreement, in each case with respect to the Common Stock owned by such Permitted Transferee. 
 (b)
All rights hereunder exercisable by the Synergy Group or any member thereof shall be exercised by Synergy on behalf all members of the Synergy Group, and each Permitted Transferee of the Synergy Group shall in its Accession Agreement irrevocably
constitute and appoint Synergy as his or its attorney-in-fact and agent in connection with the transactions contemplated by this Agreement, such power to be irrevocable and coupled with an interest and not affected by the death, incapacity, illness
or other inability to act of such Permitted Transferee. Without limiting the foregoing, Synergy shall have the power and authority on behalf of each member of the Synergy Group to give any and all notices, consents, approvals or waivers, and to make
or agree to make any and all amendments or modifications to this Agreement deemed by Synergy in its sole discretion to be necessary or appropriate. 

(c) All rights hereunder exercisable by the Kingsland Group or any member thereof shall be exercised by Kingsland on behalf all
members of the Kingsland Group, and each Permitted Transferee of the Kingsland Group shall in its Accession Agreement irrevocably constitute and appoint Kingsland as his or its attorney-in-fact and agent in connection with the transactions
contemplated by this Agreement, such power to be irrevocable and coupled with an interest and not affected by the death, incapacity, illness or other inability to act of such Permitted Transferee. Without limiting the foregoing, Kingsland shall have
the power and authority on behalf of each member of the Kingsland Group to give any and all notices, consents, approvals or waivers, and to make or agree to make any and all amendments or modifications to this Agreement deemed by Kingsland in its
sole discretion to be necessary or appropriate. 
 ARTICLE VII 

MISCELLANEOUS 
 Section
7.01 Termination. This Agreement shall terminate only: 
 (a) by virtue of a written agreement to that effect, signed
by all parties hereto or all parties then possessing any rights hereunder; 
 (b) at such time as the Kingsland Group owns
less than 3% of the then outstanding Common Stock; provided that following such termination Kingsland shall retain its right to appoint Roberto Kriete as a Director so long as the Kingsland Group owns more than 1% of the outstanding Common
Stock; or 

  
 22 

 (c) upon a Kingsland Change of Control; 

provided that no termination of this Agreement pursuant to paragraph (a), (b) or (c) above shall affect the right of any party to recover
damages or collect indemnification for any breach of the representations, warranties or covenants herein that occurred prior to such termination and provided further that Sections 7.01, 7.02, and Section 7.04 through
Section 7.16 shall survive the termination of this Agreement. 
 Section 7.02 Notices. All notices, consents, waivers and
other communications required or permitted by this Agreement shall be in writing and shall be deemed received by a party when (a) delivered to the appropriate address by hand or by internationally recognized overnight courier service (costs
prepaid), or (b) sent by facsimile (with oral confirmation of receipt), in each case to the addresses and facsimile numbers and marked to the attention of the person (by name and title) designated on Schedule II hereto (or to such other
address, facsimile number, email address or person as a party may designate by notice to the other parties). The sender of the notice shall also send a copy of all notices, consents, waivers and other communications required or permitted by this
Agreement to the parties’ legal representatives set forth on Schedule II hereto which copies shall not be deemed to be notice for purposes of this Agreement and such communication shall be sent to the facsimile number and the email
address of such legal representative. 
 Section 7.03 Public Announcements. Except as required by Law or by the requirements of any
securities exchange on which the securities of a party hereto are listed, no party to this Agreement shall make, or cause to be made, any press release or public announcement in respect of this Agreement or otherwise communicate with any news media
without the prior written consent of the other parties hereto, and the parties hereto shall cooperate as to the timing and contents of any such press release or public announcement. 

Section 7.04 Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or
remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by law, statute, ordinance or otherwise. 

Section 7.05 Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent
permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 Section 7.06
Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to
“Articles”, “Sections” and paragraphs shall refer to corresponding provisions of this Agreement. For purposes of this Agreement, “US$” and “Dollars” are also deemed to mean the equivalent thereof in other
currencies. 
 Section 7.07 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or
incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected
in any manner 

  
 23 

 
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent
possible. 
 Section 7.08 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or
more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of
executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 7.08. 

Section 7.09 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 Section 7.10 Governing Law; Dispute
Resolution. 
 (a) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York. 
 (b) Dispute Resolution. Any Dispute arising out of or in connection with this Agreement
between or among the parties hereto shall be resolved in accordance with this Section 7.10. In the event of a Dispute, the parties shall exercise commercially reasonable efforts to resolve the matter amicably. If a party gives the other
parties notice that a Dispute has arisen (a “Dispute Notice”) and the parties are unable to resolve the Dispute within thirty (30) days of such notice, then (i) if any of the disputing parties is not a natural Person, the
Dispute shall be referred to the management officers of each of the disputing parties who is not a natural Person; (ii) if the Dispute has been referred to the management officers of the disputing parties who are not natural Persons and such
management officers, together with any disputing parties who are natural Persons, are unable to resolve the Dispute within fifteen (15) days of such referral, then the Dispute shall be referred to the senior executives of each of the disputing
parties who is not a natural Person; and (iii) if the Dispute has been referred to the senior executives of the disputing parties who are not natural Persons and such management officers, together with any disputing parties who are natural
Persons, are unable to resolve the Dispute within fifteen (15) days of such referral, then the Dispute shall be referred to the stockholders of each of the disputing parties who is not a natural Person for which purposes they shall appoint a
designee to resolve the Dispute. The parties shall not resort to the courts of the State of New York to resolve the Dispute, until at least thirty (30) days after the referral of the Dispute to the stockholders. 

(c) Consent to Jurisdiction. Any action or proceeding against the Stockholders relating to this Agreement may be brought
and enforced in the federal courts of the United States for the Southern District of New York, and each Stockholder hereby irrevocably submits to the jurisdiction of such court in respect of any such action or proceeding. So long as a Stockholder
has any obligations under this Agreement, such Stockholder will 

  
 24 

 
maintain a duly appointed agent in New York City for the service of such process or summons, and if it fails to maintain such an agent, any such process or summons may be served by mailing a copy
thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder. 

(i) Each Stockholder irrevocably waives, to the fullest extent permitted by applicable Law, any objection that it may now or
thereafter have to the laying of venue of any such action or proceeding in the federal courts of the United States for the Southern District of New York located in the city of New York, Borough of Manhattan, and any claim that any such action or
proceeding brought in any such court has been brought in an inconvenient forum. 
 (ii) Each Stockholder further irrevocably
waives, to the fullest extent permitted by applicable Law, any claim that any action or proceeding commenced by another Stockholder in New York relating to this Agreement should be dismissed or stayed by reason, or pending the resolution of, any
action or proceeding commenced by such Stockholder (other than in a court referred to in Section 7.10(c)) relating to this Agreement, whether or not commenced earlier. To the fullest extent permitted by applicable Law, each Stockholder
shall take all measures necessary for any such action or proceeding commenced by any other Stockholder in New York to proceed to judgment prior to the entry of judgment in any such action or proceeding commenced by such Stockholder in another
jurisdiction. Each Stockholder agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 

(iii) Each party hereto irrevocably waives any right it may now or hereafter have to a trial by jury in respect of this
Agreement. 
 Section 7.11 Specific Performance. The parties hereto agree that irreparable damage would occur in the event any
provision of this Agreement was not performed in accordance with the terms hereof and that the parties hereto shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. 

Section 7.12 Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including, without limitation, fees and
disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 

Section 7.13 Amendments and Waivers; Assignment. 

(a) Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and
signed, in the case of an amendment, by Synergy and Kingsland (acting on behalf of the Synergy Group and Kingsland Group, respectively, pursuant to Section 6.01(b) and (c), as the case may be) and the Company or, in the case of a
waiver, by the party or parties against whom the waiver is to be effective. 

  
 25 

 (b) No failure or delay by any party in exercising any right, power or privilege
hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

(c) This Agreement, and the rights or obligations hereunder, shall not be directly or indirectly assigned without the express
written consent of all the parties hereto (which consent may be granted or withheld in the sole discretion of any party). For the avoidance of doubt, none of the rights or obligations hereunder may be directly or indirectly transferred, by a Sale or
otherwise, to any Person other than to a Permitted Transferee. 
 Section 7.14 No Third Party Beneficiaries. This Agreement shall be
binding upon and inure solely to the benefit of the parties hereto and their permitted assigns and successors, and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right,
benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.15 Headings. The headings and
subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 

Section 7.16 Construction. Each party hereto acknowledges and agrees it has had the opportunity to draft, review and edit the language
of this Agreement and that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any Dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereto
hereby waive the benefit of any rule of Law or any legal decision that would require, in cases of uncertainty, that the language of a contract should be interpreted most strongly against the party who drafted such language. 

Section 7.17 Stockholders. This Agreement shall be considered to be a “shareholders agreement” for purposes of the
Corporation Law of Panama, Law 32 of February 26, 1927 and other applicable law of the Republic of Panamá, and references herein to the “Stockholders” shall be deemed to be references to “shareholders” of the
Company for such purposes. 
 Section 7.18 Effectiveness. This Agreement shall become effective on the date of consummation of a
Qualified Offering, which for the avoidance of doubt shall include the Proposed US IPO, and until such time the Current Stockholders’ Agreement shall remain in full force and effect in accordance with its terms. 

[the remainder of this page was intentionally left blank; signature page follows] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized signatories hereunto duly authorized as of the date first above written. 
  

			
	AVIANCA HOLDINGS S.A.
		
	By:	 	 /s/ Fabio Villegas Ramirez

	Name: Fabio Villegas Ramirez
	Title:   Chief Executive Officer

 [Signature Page to Joint Action Agreement] 

 
			
	KINGSLAND HOLDINGS LIMITED
		
	By:	 	 /s/ German Efromovich

	Name: German Efromovich
	Title:   Authorized Representative

 [Signature Page to Joint Action Agreement] 

 
			
	SYNERGY AEROSPACE CORP.
		
	By:	 	 /s/ Robert Kriete

	Name: Robert Kriete
	Title:   Chairman

 [Signature Page to Joint Action Agreement] 

 SCHEDULE I – Ownership of Common Stock 

 

									
	 Name of Stockholder
	  	Number of Shares	 	  	% Outstanding	 
	 Synergy Group
	  				  			
	 Synergy Aerospace Corp.
	  	 	521,000,000	  	  	 	70.3	% 
	 Kingsland Group
	  				  			
	 Kingsland Holdings Limited.
	  	 	214,800,000	  	  	 	29.0	% 
	 Other Stockholders
	  				  			
	 Alfredo Daniel Ratti Vásquez
	  	 	2,800,000	  	  	 	0.4	% 
	 Joaquin Alberto Palomo
	  	 	2,800,000	  	  	 	0.4	% 

 SCHEDULE II – Addresses for Notices 

Synergy Group 
 c/o Synergy Group Corp. 

Prof.a Heloísa Carneiro, 21 
 CEP 04630-050 –
São Paulo – SP 

					
	 Attention:        
	 	Raul Campos Rua	 	
		 	Germán Efromovich	 	
		 	José Efromovich	 	
		 	Marcela Quental	 	

 Phone: (55) 11 3797-5005 

Fax: (55) 11-3797-5063 
 E-mail:
raul.campos@synergygroupcorp.com 
 E-mail: efromovich@avianca.com.br 

E-mail: jefromovich@synergygroupcorp.com 
 E-mail:
marcela.quental@synergygroupcorp.com 
 Legal Representatives of Synergy Group 

Gómez-Pinzón Zuleta Abogados S.A. 
 Calle 67
No. 7-35 Oficina 1204 
 Bogota, Colombia 
 Attention:
Andrés Hoyos 
 Tel.: (571) 319 2900 
 Facsimile:
(571) 321 0295 
 Email: ahoyos@gpzlegal.com 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New
York, NY 10017 
 Attention: Caroline Gottschalk 
 Telephone:
(212) 455-3523 
 Facsimile: (212) 455-2502 
 Email:
cgottschalk@stblaw.com 
 Kingsland Group 
 Kingsland
Holdings Limited 
 c/o The Winterbotham Trust Company Limited 

Winterbotham Place 
 Marlborough and Queen Streets 

Nassau, Commonwealth of the Bahamas 
 Attention: WND Limited 

Facsimile: (242) 356-9432 

 With copies to: 

Roberto Kriete 
 c/o Taca International Airlines, S.A. 

Avenida El Espino y Boulevard Sur 
 Santa Elena, Antiguo
Cuscatlán 
 La Libertad, El Salvador 
 Fax:
(503) 2247-2006 
 Email: Roberto.Kriete@avianca.com 

Rodrigo Salcedo 
 Caoba Capital 

Boulevard El Hipódromo #103 
 Colonia San Benito, El
Salvador 
 Fax: (503) 2267-2770 
 Email:
rsalcedo@caobacapital.com 
 Legal Representative of Kingsland Group 

Greenberg Traurig, P.A. 
 333 SE 2nd Avenue 
 Miami, Florida 33131 

Attention: Kenneth Hoffman 
 Telephone: (305) 579-0809 

Facsimile: (305) 961-5809 
 Email: hoffmank@gtlaw.com 

Avianca Holdings S.A. 
 c/o ICAZA,
GONZALEZ-RUIZ & ALEMAN 
 Calle Aquilino de la Guardia No. 8 

Ciudad de Panamá, 
 República de Panamá 

Facsimile: (507) 269-4891 
 Attention: Roberto Alemán

 Email: robertoa@icazalaw.com 
 With a copy to: 

Avianca Holdings S.A. 
 Calle 26 No. 59-15 Bogotá,
Colombia 
 Telephone: (571) 5877700 
 Facsimile:
(571) 4235500 
 Attention: Fabio Villegas 
 Email:
fabio.villegas@avianca.com 

 Exhibit A to Joint Action Agreement 

FORM OF ACCESSION AGREEMENT 

The undersigned is executing and delivering this Accession Agreement pursuant to the Joint Action Agreement by and among Avianca Holdings S.A.
(the “Company”), Kingsland Holdings Limited, Synergy Aerospace Corp. and the other stockholders of the Company dated as of September 11, 2013 (as amended, supplemented or otherwise modified in accordance with the terms thereof, the
“Joint Action Agreement”). Capitalized terms used but not defined in this Accession Agreement shall have the respective meanings ascribed to them in the Joint Action Agreement. 

By executing and delivering this Accession Agreement to the Joint Action Agreement, the undersigned hereby agrees to become a party to, to be
bound by, and to comply with the provisions of the Joint Action Agreement as a Stockholder. In connection therewith, effective as of the date hereof the undersigned hereby makes the representations and warranties contained in the Joint Action
Agreement. The undersigned hereby irrevocably: (i) agrees that all rights under the Joint Action Agreement exercisable by the [Kingsland Group] [Synergy Group] or any member thereof (including the undersigned) shall be exercised solely by
[Kingsland] [Synergy] on behalf of all members of the [Kingsland Group] [Synergy Group], (ii) appoints [Kingsland] [Synergy] its attorney-in-fact and agent in connection with all transactions contemplated by the Joint Action Agreement, such
power to be irrevocable and coupled with an interest and not affected by the death, incapacity, illness or other inability to act of the undersigned, (iii) agrees [Kingsland] [Synergy] shall have the power and authority on behalf of each member
of the [Kingsland Group] [Synergy Group] (including the undersigned) to give any and all notices, consents, approvals or waivers, and to make or agree to make any and all amendments or modifications to the Joint Action Agreement deemed by
[Kingsland] [Synergy] in its sole discretion to be necessary or appropriate and (iv) agrees to bind itself to the [Kingsland Group] [Synergy Group] in all respects under the Joint Action Agreement. 

Accordingly, the undersigned has executed and delivered this Accession Agreement as of the      day of
                    , 2          . 

 

	
	  

	Signature of StockholderEX-4.5

 Exhibit 4.5 
 AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT 

dated as of September 11, 2013 
 by and among 
 AVIANCA HOLDINGS S.A., 

SYNERGY AEROSPACE CORP. 
 and 
 KINGSLAND HOLDINGS LIMITED 

 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
September 11, 2013, by and among AVIANCA HOLDINGS S.A., a corporation organized under the laws of the Republic of Panamá (the “Company”), KINGSLAND HOLDINGS LIMITED, a company organized under the laws of the Commonwealth
of the Bahamas (“Kingsland”), and SYNERGY AEROSPACE CORP., a corporation organized under the laws of the Republic of Panamá ( “Synergy” and, together with Kingsland, the “Holders”).

 WHEREAS, the Company and the Holders entered into that certain Registration Rights Agreement dated as of
February 1, 2010 and amended March 16, 2011 (the “Registration Rights Agreement”); 
 WHEREAS, the
Board of Directors of the Company (the “Board”) has authorized the Company to effect the Initial U.S. Public Offering (as defined below); 
 WHEREAS, the Holders and the Company desire to amend and restate the Registration Rights Agreement to give effect to the Initial U.S. Public Offering and their agreements relating thereto, and the
Board has determined that it is in the best interests of the Company to enter into this Agreement; 
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual agreements and covenants contained herein, and intending to be legally bound hereby, the parties hereto agree to amend and restate the Registration Rights Agreement as follows: 

ARTICLE 1  

DEFINITIONS 
 1.1. Definitions. In addition to the words and terms defined elsewhere in this Agreement, the following terms and phrases shall, for purposes of this Agreement, have the meanings set forth below:

 (a) Adverse Disclosure means public disclosure of material non-public information, disclosure of which, in the good
faith judgment of the Company’s board of directors, after consultation with outside legal counsel, (i) would be required to be made in any Registration Statement filed by the Company so that such Registration Statement would not be false
or misleading in any material respect, (ii) would not be required to be made at such time but for the filing or publication of such Registration Statement and (iii) the Company has a bona fide business purpose for not
disclosing publicly. 
 (b) Affiliates means, with respect to any Person, any other Person that, alone or together with
any other Person, directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, such Person. For the purpose of this definition, “control” (including the terms
“controlling”, “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
policies of such Person, whether through the ownership of voting securities, by contract, agency or otherwise. 

 (c) Applicable Regulator means, in respect of the registration by the Company of any
of the Registrable Securities, any Governmental Authority or self-regulatory body or other body having jurisdiction, including any domestic or foreign stock exchange, over the registration, listing, marketing or sale of such securities. 

(d) Applicable Securities Law means all Laws of any Governmental Authority applicable to the offer, issuance, registration and
regulation of the Registrable Securities. 
 (e) Common Stock means common shares, par value US$0.125 per share, of the
Company. 
 (f) Company Sale has the meaning set forth in Section 2.2. 

(g) Cutback Event has the meaning set forth in Section 2.3(a). 

(h) Demand Notice has the meaning set forth in Section 2.1(c). 

(i) Demand Registration has the meaning set forth in Section 2.1(a). 

(j) Demand Request has the meaning set forth in Section 2.1(a). 

(k) Demand Request Commencement Date means the date that is 180 days after the completion of the Initial U.S. Public Offering.

 (l) Demand Suspension has the meaning set forth in Section 2.1(d). 

(m) Exchange Act means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 (n) Governmental Authority means any governmental, regulatory or administrative body, agency, commission, board,
arbitrator or authority, any court or judicial authority, any public, private or industry regulatory authority, to which a party, by the nature of its activities, is subject, whether international, national, federal, state or local, and any entity
or official exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any Laws to which a party, by the nature of its activities, is subject. 

(o) Holdback has the meaning set forth in Section 2.6(c). 

(p) Initial U.S. Public Offering means the initial Underwritten Offering to the public of American Depositary Shares evidencing
shares of Preferred Stock (excluding American Depositary Shares subject to the Underwriters’ overallotment option) pursuant to a registration statement filed under the Securities Act, (i) in which offering (A) the Company shall have
offered and sold American Depositary Shares representing not less than 70,000,000 shares of Preferred Stock (excluding American Depositary Shares subject to the Underwriters’ overallotment option), (B) Kingsland shall have offered and sold
American Depositary Shares representing not less than approximately 105,000,000 shares of Preferred Stock (not including any American Depository Shares sold by other members of the Kingsland Group), and (C) the

  
 2 

 
Synergy Group shall have offered and sold American Depositary Shares representing not less than approximately 7,000,000 shares of Preferred Stock, or, if the Company, Kingsland and Synergy
mutually agree on different numbers of American Depositary Shares to be offered and sold to the public, as evidenced by the consummation of such underwritten public offering, such other number of American Depositary Shares as are actually offered
and sold by the Company, the Kingsland Group and the Synergy Group in such public offering, and (ii) following which offering the American Depositary Shares so offered shall have been listed for trading on the New York Stock Exchange.

 (q) Joint Action Agreement means the Joint Action Agreement dated as of the date hereof, among the Company, Synergy
and Kingsland. 
 (r) Kingsland means Kingsland Holdings Limited., a company organized under the laws of the Commonwealth
of the Bahamas. 
 (s) Kingsland Group means (i) Kingsland and its Permitted Transferees (as defined in the Joint
Action Agreement) and (ii) so long as they continue to hold Registrable Securities following the Initial U.S. Public Offering, Alfredo Daniel Ratti Vásquez and Joaquin Alberto Palomo. 

(t) Laws means and includes: (i) any statute, decree, constitution, rule, regulation, ordinance, code, requirement,
announcement, order, judgment, decree, directive or other binding action of or by any Governmental Authority; (ii) any treaty, pact, compact or other agreement to which any Governmental Authority is a signatory or party; (iii) any judicial
or administrative interpretation of application of any Law described in (i) or (ii) above; and (iv) any amendment or revision of any Law described in (i), (ii) or (iii) above. 

(u) Person means any natural person, corporation, association, partnership, organization, business, firm, trust, joint venture,
unincorporated organization or any other entity or organization, including a Governmental Authority. 
 (v) Piggyback
Registration has the meaning set forth in Section 2.2. 
 (w) Preceding Registration Statement has the meaning
set forth in Section 2.4. 
 (x) Preferred Stock means the preferred shares, par value US$0.125 per share, of the
Company. 
 (y) Prospectus means the prospectus included in any Registration Statement, including any preliminary
prospectus, all amendments and supplements to such prospectus, including post-effective amendments, all related stock exchange listing materials and all other material incorporated by reference in such prospectus. 

(z) Registrable Securities means: (i) Common Stock or Preferred Stock, (ii) any American Depositary Shares or American
Depositary Receipts evidencing shares of Common Stock, Preferred Stock or the American Depositary Receipts, as the case may be, (iii) securities of the Company convertible into, or exchangeable or exercisable for, Common Stock

  
 3 

 
or Preferred Stock and (iv) any other securities into which the Common Stock or Preferred Stock may be converted or exchanged in order to facilitate an Initial U.S. Public Offering; provided
that any particular Registrable Securities shall cease to be Registrable Securities to the extent (i) a Registration Statement with respect to the sale of such Registrable Securities has been declared effective under the Securities Act or
declared effective or approved and published, as applicable, under the applicable Law of the relevant jurisdiction and such Registrable Securities have been disposed of in accordance with the plan of distribution set forth in such Registration
Statement and/or Prospectus in each case in accordance with applicable laws, (ii) such Registrable Securities have been sold pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act or any other exemption from
registration under applicable Law or (iii) such Registrable Securities shall have been otherwise sold or transferred and, if applicable, new certificates for them not bearing a legend restricting transfer shall have been delivered by the
Company and such securities may be publicly resold without registration or qualification under the Securities Act or any similar law then in force or under the applicable Law of the relevant jurisdiction. 

(aa) Registration Expenses has the meaning in Section 2.7. 

(bb) Registration Statement means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and
regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such
registration statement. 
 (cc) SEC means the United States Securities Exchange Commission or any successor thereof.

 (dd) Securities Act means the Securities Act of 1933, as amended, and the rules and the regulations promulgated
thereunder. 
 (ee) Selling Shareholders means the Persons whose Registrable Securities are included in a registration
pursuant to this Agreement. 
 (ff) Stockholder Group has the meaning set forth in the Joint Action Agreement.

 (gg) Synergy means Synergy Aerospace Corp., a company organized under the laws of the Republic of Panamá.

 (hh) Synergy Group has the meaning set forth in the Joint Action Agreement. 

(ii) Underwritten Offering means an offering in which Registrable Securities of the Company are sold to an underwriter or
underwriters for reoffering to the public or in which an underwriter or underwriters commit to acquire such securities if and to the extent they are not acquired by third parties. 

  
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 ARTICLE 2 
 REGISTRATION RIGHTS 
 2.1. Demand Registrations. 

(a) From time to time and subject to the limitations set forth herein, after the Demand Request Commencement Date each Holder may request
in writing (a “Demand Request”) that the Company effect the registration or listing of all or a portion of the Registrable Securities held by such Holder’s Stockholder Group (a “Demand Registration”). Each
Demand Request shall specify the number of Registrable Securities to be registered. The Company shall file as expeditiously as reasonably possible a Registration Statement relating to such Demand Registration (a “Demand Registration
Statement”) and shall use its best efforts to effect such registration under applicable Law in the form of an Underwritten Offering. 
 (b) In no event shall the Company be required to effect and complete (i) more than three (3) Demand Registrations requested by Kingsland and (ii) more than three (3) Demand Registrations
requested by Synergy; provided that a request for registration will not count for the purposes of this limitation if (A) prior to the sale of at least 80% of the Registrable Securities included in the registration relating to such
request, such registration is adversely affected by any stop order, injunction or other order or requirement of the Applicable Regulator or other Governmental Authority or court for any reason and the Company fails to have such stop order,
injunction or other order or requirement removed, withdrawn or resolved within 30 days of the date of such order or (B) the conditions to closing specified in the underwriting agreement or purchase agreement entered into in connection with the
registration relating to such request are not satisfied (other than as a result of acts or omissions of the Holder making the Demand Request), (ii) more than two (2) Demand Registrations in any twelve (12) month period or
(iii) any Demand Registration that would register in the aggregate less than $50.0 million of the capital stock of the Company; provided further, that for purposes of determining the number of Demand Registrations available to the
Kingsland Group and/or the Synergy Group, the Initial U.S. Public Offering shall not be considered a Demand Registration. 
 (c)
Promptly upon receipt of any request for a Demand Registration pursuant to Section 2.1(a) (but in no event more than ten (10) business days thereafter), the Company shall deliver a written notice of any such registration request
specifying the number of Registrable Securities requested to be registered and the intended method of distribution of the Registrable Securities (a “Demand Notice”) to all other Holders of Registrable Securities, and the Company
shall include in such Demand Registration all additional Registrable Securities of other Holders with respect to which the Company has received written requests for inclusion therein within 20 days after the date on which the Demand Notice has been
delivered. All requests made pursuant to this Section 2.1(c) shall specify the class and aggregate amount of Registrable Securities to be registered. 
 (d) If the filing, initial effectiveness, publication or continued use of a Demand Registration Statement at any time would require the Company to make an Adverse Disclosure or to utilize financial
statements that in the opinion of the independent public accountants of the Company do not comply with applicable Law, the Company may, upon giving 

  
 5 

 
prompt written notice of such action to the Holders, delay the filing, publication or initial effectiveness of, or suspend use of, the Demand Registration Statement (a “Demand
Suspension”); provided that in the case of an Adverse Disclosure such Demand Suspensions shall not extend for more than 90 days in any twelve-month period. In the case of a Demand Suspension, the Holders agree to suspend use of the
applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately (i) notify the Holders upon the termination of any
Demand Suspension, (ii) amend or supplement the Prospectus, if necessary, so it does not contain any untrue statement or omission therein and (iii) furnish to the Holders such numbers of copies of the Prospectus as so amended or
supplemented as the Holders may reasonably request. 
 (e) The Company shall have the right to select the underwriters to
administer any Demand Offering, subject to the approval of the Holder who initiated the offering or submitted the Demand Request (which approval shall not be unreasonably withheld or delayed), as applicable. 

2.2. Piggyback Registrations. If the Company at any time proposes to file or publish a Registration Statement under the Securities
Act, respectively, with respect to any offering of its securities for its own account or for the account of any other Persons (other than (i) a registration under Section 2.1 or (ii) a registration on Form S-4, F-4 or S-8 or any
similar or successor form to such Forms (such registration pursuant to clause (ii), a “Company Sale”)), then, as soon as practicable (but in no event less than 15 business days prior to the proposed date of filing or publishing, as
the case may be, such Registration Statement), the Company shall give written notice of such proposed filing to all Holders of Registrable Securities and such notice shall offer the Holders of such Registrable Securities the opportunity, subject to
Section 2.3, to register under such Registration Statement such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Pursuant and subject to Section 2.3,
the Company shall include in such Registration Statement all such Registrable Securities which are requested to be included therein within 21 days after the receipt by such Holder of any such notice; including, if necessary, filing with the SEC, a
post-effective amendment or a supplement to such Registration Statement or the related Prospectus or any document incorporated therein by reference or filing any other required document or otherwise supplementing or amending such Registration
Statement, if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Registration Statement or by the Securities Act, any state securities or blue sky laws, or any rules and regulations
thereunder; provided that if at any time after giving written notice of its intention to register any securities of the Company and prior to the effective date of the Registration Statement filed in connection with such registration, the
Company shall determine for any reason not to register or to delay registration of all of such securities, the Company may, at its election, give written notice of such determination to each Holder and, thereupon, (i) in the case of a
determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in connection therewith) and (ii) in
the case of a determination to delay registering, shall be permitted to delay registering any Registrable Securities, for the same period as the delay in registering such other securities. If the offering pursuant to such Registration Statement is
to be an Underwritten Offering, then each Holder 

  
 6 

 
making a request for a Piggyback Registration pursuant to this Section 2.2 must, and the Company shall make such arrangements with the underwriters so that each such Holder may,
participate, subject to Section 2.3, in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback Registration pursuant to this
Section 2.2 must, and the Company will make such arrangements so that each such Holder may, participate, subject to Section 2.3, in such offering on such basis. Each Holder of Registrable Securities shall be permitted to
withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration at any time prior to the effective date thereof. For purposes of Sections 2.5(a)(ix), 2.6(c) and (d), 2.7 and 2.8 of
this Agreement, the Initial U.S. Public Offering shall be considered as a Piggyback Registration and the Kingsland Group and Synergy Group shall be deemed to have made a request for Piggyback Registration with respect to the respective number of
shares of Preferred Stock set forth in the definition of “Initial U.S. Public Offering”. 
 2.3. Priority on
Registrations 
 (a) Notwithstanding anything to the contrary in this Agreement, subject to Section 2.3(b), if
the managing underwriter(s) of a registered offering of Registrable Securities advise(s) the Company that in its reasonable opinion the number of securities requested to be included in any registration pursuant to this Article 2 exceeds the
number which can be sold without adversely affecting the price, timing or distribution of the securities offered or on the marketability of such offering (including an adverse effect on the per share offering price) (a “Cutback
Event”), the Company will include in such registration or prospectus only such number of securities of the Holders that in the reasonable opinion of such managing underwriter(s) can be sold without causing a Cutback Event, which securities
will be allocated as follows: 
 (i) for Demand Registrations, first, an equal number of the Registrable Securities of
the members of the Stockholder Group that issued a Demand Request for registration of their Registrable Securities pursuant to Section 2.1 and the members of the Stockholder Group that did not issue the Demand Request for registration of
their Registrable Securities pursuant to Section 2.1, and second, any Registrable Securities proposed to be registered by the Company or any other Person; and 

(ii) for Piggyback Registrations pursuant to Section 2.2, first, Registrable Securities proposed to be registered by
the Company, second, Registrable Securities of any Holders (or members of such Holders’ Stockholder Group) who have requested registration of their Registrable Securities pursuant to Section 2.2, pro rata on the basis
of their respective ownership interest in the Company at the time of the offering and third, any Registrable Securities proposed to be registered by any other Person. 
 2.4. Black-out Periods. The Company shall not be obligated to file any Registration Statement during the period (A) commencing with the date on which either (1) the Company previously
received a request to file a Registration Statement pursuant to Section 2.1 or (2) the Company, pursuant to Section 2.2, previously or simultaneously notified the Holders of Registrable Securities of its intention to
file a Registration Statement (in either case, such Registration Statement being hereinafter referred to as the “Preceding Registration Statement”) 

  
 7 

 
and (B) ending with the earliest of (1) if such Preceding Registration Statement has been filed but has not become effective, 180 days following the filing of such Preceding
Registration Statement, (2) if such Preceding Registration Statement has not been filed, 270 days after notification of intention to file, (3) if such Preceding Registration Statement has become effective, 180 days after such Preceding
Registration Statement has become effective (subject to any period after such Preceding Registration Statement becomes effective, which the managing Underwriter has designated as the minimum period during which the Company and the Holders shall not
engage in any new registered offerings) and (4) the date of abandonment by the Company of its intention to file such Preceding Registration Statement or the date of withdrawal of the request under Section 2.1 by the Party making the
request. 
 2.5. Registration Procedures. 
 (a) In the event that a Holder requests that its or any of its Stockholder Group’s Registrable Securities be registered pursuant to this Article 2, the Company will use its best efforts to
effect the registration to permit the sale of such Registrable Securities in accordance with the intended method of disposition thereof as expeditiously as reasonably practicable, and in connection therewith the Company will: 

(i) prepare and file with the Applicable Regulator a registration statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such registration statement to become effective as soon as practicable thereafter; and before filing a registration statement or prospectus or any amendments or supplements thereto, furnish to the Selling
Shareholders and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by reference in the Prospectus and, if requested by the Selling Shareholders, the Selling Shareholders (and
the underwriter(s), if any) shall have a reasonable opportunity to review and comment thereon; 
 (ii) prepare and file with
the Applicable Regulator such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be required to keep such Registration Statement effective for a period of not less than 120 days, or such
shorter period as is necessary to complete the distribution of the securities covered by such registration statement and comply with the provisions of Applicable Securities Law with respect to the disposition of all securities covered by such
registration statement during such period in accordance with the intended methods of disposition by the Selling Shareholders set forth in such registration statement; 
 (iii) furnish to the Selling Shareholders such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including
each preliminary prospectus) and such other documents as any underwriter(s) or Selling Shareholder may reasonably request in order to facilitate the disposition of the Registrable Securities; 

(iv) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any underwriter(s) or Selling Shareholder reasonably requests and do any and all other acts and 

  
 8 

 
things that may be reasonably necessary or advisable to enable any Selling Shareholders and any underwriter(s) to consummate the disposition in such jurisdictions of the Registrable Securities;
provided that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such
jurisdiction where it is not then so subject; 
 (v) in the case of an underwritten offering, (A) enter into such
agreements (including underwriting agreements in customary form) as are customary in an underwritten offering and all of the representations and warranties by, and the other agreements on the part of, the Company in the underwriting agreement and
other agreements to and for the benefit of such underwriters, shall also be made for the benefit of the Selling Shareholders for the limited purpose of its participation in such offering, (B) take all such other actions as the underwriter(s)
reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, using best efforts to cause senior management and other Company personnel to cooperate with the Selling Shareholders
and the underwriter(s) in connection with performing due diligence) and (C) use its reasonable best efforts to cause its counsel to issue opinions of counsel in form, substance and scope as are customary in primary underwritten offerings,
addressed and delivered to the underwriter(s); 
 (vi) use its reasonable best efforts to cause all such Registrable Securities
to be listed on each securities exchange or automated quotation system on which the equity securities of the Company are then listed, if any; 
 (vii) provide a transfer agent and registrar for all Registrable Securities not later than the effective date of such Registration Statement; 

(viii) if requested, use its reasonable best efforts to cause to be delivered, immediately prior to the pricing of any underwritten
offering, immediately prior to effectiveness of each Registration Statement (and, in the case of an underwritten offering, at the time of closing of the sale of the Registrable Securities pursuant thereto), letters from the Company’s
independent registered public accountants addressed to each underwriter, if any, stating that such accountants are independent public accountants within the meaning of the Securities Act (and the applicable rules and regulations adopted by the SEC
thereunder) or other Applicable Securities Laws, rule or regulation, and otherwise in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent registered public accountants delivered
in connection with primary underwritten public offerings; and 
 (ix) promptly notify the Selling Shareholders and the
underwriter or underwriters, of the following events, if any: 
 (A) when the Registration Statement, any pre-effective
amendment, the Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement has been filed with the SEC and, with respect to the Registration Statement or any post-effective amendment, when the same has become
effective; 

  
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 (B) of any written request by the Applicable Regulator for amendments or supplements to the
Registration Statement or Prospectus; 
 (C) of the notification to the Company by the Applicable Regulator of its initiation
of any proceeding with respect to the issuance by the Applicable Regulator of any stop order suspending the effectiveness of the Registration Statement; 
 (D) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the Applicable Securities Laws of any jurisdiction;
and 
 (E) of the happening of any event that requires the making of any changes in any Registration Statement or the
Prospectus included therein in order that the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (at the request of any Selling
Shareholders or any underwriter(s), the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a
material fact or omit to state any material fact necessary to make the statements therein not misleading). 
 (b) Each Holder
agrees that, upon receipt of any notice from the Company pursuant to Section 2.5(a)(ix)(B) through (E), such Holder will discontinue disposition of any Registrable Securities until such Holder’s receipt of copies of a supplemental
or amended Prospectus or until advised in writing (the “Advice”) by the Company and its outside legal counsel that the use of the applicable Prospectus may be resumed. In the event the Company shall give any such notice, the period
during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller
of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or receives Advice. 
 2.6. Underwritten Offerings. 
 (a) If requested by the underwriters for any
Underwritten Offering, the Company shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company and the underwriters. Such agreement shall
contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including, without limitation, indemnities generally to the effect and to the extent of those provided in
Section 2.8. The Holders of any Registrable Securities to be included in any Underwritten Offering by such underwriters shall enter into such underwriting agreement at the request of the underwriters. 

(b) No Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements. 

  
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 (c) Each Holder of Registrable Securities agrees, if so required by the managing underwriter
of any underwritten registration pursuant to Section 2.1 or 2.2, that it will agree to “Holdbacks” to the extent that (A) such Holdbacks apply to the Company and Selling Shareholders on equal or more restrictive
terms and (B) such Holdbacks are limited to one hundred eighty (180) days after the Registration Statement for such Underwritten Offering has become effective. For the purpose of this Agreement, to “Holdback” is to refrain
from selling, making any short sale of, loaning, granting any option for the purchase of, effecting any public sale or distribution of or otherwise disposing of any securities of the Company, except as part of such underwritten registration, whether
or not such holder participates in such registration. Each Holder of Registrable Securities agrees that the Company may instruct its transfer agent to place stop transfer notations in its records to enforce such Holdbacks. The Company agrees
(A) if so required by the managing underwriter, that it would be subject to the same Holdbacks as the holders of Registrable Securities, except pursuant to registrations on Form F-4, S-4, S-8 or any successor or similar forms thereto, and
(B) to cause each holder of its securities or any securities convertible into or exchangeable or exercisable for any of such securities, in each case purchased from the Company at any time after the date of this Agreement (other than in a
public offering) to agree to such Holdbacks. 
 (d) In addition to any Holdback requested by the underwriters of the Initial
U.S. Public Offering, Synergy agrees for the sole benefit of Kingsland that, without the prior written consent of Kingsland, Synergy will not, for a period of 360 days after the date of the final prospectus relating to the Initial U.S. Public
Offering, (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly,
any Common Stock, any Preferred Stock, any American Depositary Shares or any securities convertible into or exercisable or exchangeable for Common Stock, Preferred Stock or American Depositary Shares (including without limitation, Common Stock,
Preferred Stock, American Depositary Shares or such other securities which may be deemed to be beneficially owned by Synergy in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option
or warrant), or publicly disclose the intention to make any offer, sale, pledge or disposition, (2) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Stock,
Preferred Stock, American Depositary Shares or such other securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock, Preferred Stock, American Depositary Shares or such other
securities, in cash or otherwise or (3) make any demand for or exercise any right with respect to the registration of any Common Stock, Preferred Stock, or American Depositary Shares, in each case other than (A) the American Depositary
Shares and (and Preferred Stock underlying such American Depositary Shares) to be sold by Synergy in the Initial U.S. Public Offering, (B) transfers of Common Stock, Preferred Stock or American Depositary Shares as a bona fide gift or gifts,
(C) distributions of Common Stock, Preferred Stock or American Depositary Shares to members or shareholders of Synergy and (D) pledges of Common Stock, Preferred Stock or American Depositary Shares (collectively, the “Synergy
Lock-up”); provided that in the case of any transfer, distribution or pledge pursuant to clauses 

  
 11 

 
(B), (C) or (D), other than the pledges referred to in the last sentence of this Section 2.6, each donee, distributee or pledgee shall be required as a condition to such transfer,
distribution or pledge to (x) execute and deliver to Kingsland a lock-up letter in the form of this paragraph and (y) agree to execute a joinder to, and become bound by, the Joint Action Agreement with respect to any shares of Common Stock
it acquires pursuant to such pledge. For the avoidance of doubt, Synergy shall be permitted to pledge its shares of Common Stock, Preferred Stock or American Depositary Shares, in connection with its financing activities or otherwise, provided that
the pledgee complies, or agrees in writing to comply, as applicable, with respect to any such pledged securities with the requirements of clause (x) and (y) of the immediately preceding sentence. Kingsland acknowledges that Synergy has
pledged approximately 89.2 million shares of Common Stock to Citibank N.A. and its Affiliates (“Citi”), and agrees that further transactions by Citi and its Affiliates regarding such shares of Common Stock, as long as not taken
at the direction of Synergy, shall not be deemed to violate this Section 2.6(d). 
 2.7. Expenses.

 (a) All expenses incurred in connection with each Demand Registration or a Piggyback Registration pursuant to, and incident
to the Company’s performance of or compliance with, this Article II, including, without limitation, (i) all registration and filing fees, (ii) fees and expenses of compliance with securities or blue sky laws, (iii) listing
application fees, printing expenses, transfer agent’s and registrar’s fees, cost of distributing prospectuses in preliminary and final form as well as any supplements thereto and (iv) fees and disbursements of counsel for the Company
and all accountants and other Persons retained by the Company and the fees and disbursements of counsel for all Selling Shareholders with Registrable Securities included in such registration (all such expenses being herein called
“Registration Expenses”) shall be borne by the Company. All underwriting discounts or commissions or transfer taxes, if any, attributable to the sale of Registrable Securities shall be borne ratably by all Selling Shareholders in
proportion to the number of their respective Registrable Securities that are included in such registration. The Company shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities on the exchange or automated quotation system on which they are
listed. 
 (b) The obligation of the Company to bear the Registration Expenses described in Section 2.7(a) shall
apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the foregoing shall occur. 

2.8. Indemnification. 
 (a) The Company shall indemnify and hold harmless, to the fullest extent permitted by Law, the Selling Shareholders and each underwriter and each of their respective officers, directors, employees and
Affiliates and each Person who controls the Selling Shareholders and each such underwriter (within the meaning of the Securities Act) against any losses, claims, damages, liabilities, joint or several, or actions or proceedings, whether

  
 12 

 
commenced or threatened, in respect thereof, and expenses arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or in any application, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading or (iii) any violation or alleged violation by the Company of Applicable Securities Laws, except insofar as the same are made in reliance and in conformity with written information prepared and furnished to the Company by the Selling
Shareholders or such underwriter, as the case may be, expressly for use therein. In addition, the Company will reimburse the Selling Shareholders and each such director, officer, shareholder, underwriter and controlling Person of the Selling
Shareholders for any legal or any other expenses actually and reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding. 

(b) In connection with any Registration Statement that includes Registrable Securities owned by any Selling Shareholder, such Selling
Shareholder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and will indemnify and hold harmless the Company,
severally and not jointly, its directors and officers, each underwriter and each other Person who controls the Company (within the meaning of the Securities Act) and each such underwriter against any losses, claims, damages, liabilities, to which
the Company or any such director or officer, any such underwriter or controlling Person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon (i) any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or in any application or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is
made in such Registration Statement, any such Prospectus or preliminary Prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information prepared and furnished to the Company by a
Selling Shareholder expressly for use therein, and such Selling Shareholder will reimburse the Company and each such director, officer, shareholder, underwriter and controlling Person for any legal or any other expenses actually and reasonably
incurred by them in connection with investigating, defending or settling any such loss, claim, liability, action or proceeding; provided that the obligation to indemnify and hold harmless will be limited to the net amount of proceeds received
by such Selling Shareholder from the sale of Registrable Securities pursuant to such registration statement. 
 (c) The
provisions of this Section 2.8 shall survive the transfer of securities and any termination of this Agreement. 

(d) If the indemnification provided for in or pursuant to this Section 2.8 is due in accordance with the terms hereof, but is
held by a court to be unavailable or unenforceable in respect of any losses, claims, damages, liabilities or expenses referred to herein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to
the amount paid or payable by such indemnified Person as a result of such losses, claims, 

  
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damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other hand, in
connection with the statements or omissions that result in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative fault of the indemnifying party, on the one hand, and of the
indemnified Person, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. In no event shall the liability of a Selling
Shareholder be greater in amount than the amount of net proceeds received by such Selling Shareholder upon such sale. 
 2.9.
Rule 144. The Company covenants that, to the extent the Registrable Securities are registered under the Securities Act, it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and
regulations adopted by the SEC thereunder, and it will take such further action as any Holder may reasonably request to make available adequate current public information with respect to the Company meeting the current public information
requirements of Rule 144(c) under the Securities Act, to the extent required to enable the Holders and their respective Stockholder Groups to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company will deliver to
the Holders a written statement as to whether it has complied with such information and requirements. 
 2.10. Transfer of
Registration Rights. The rights of the Holders pursuant to Section 2.1 are not transferable, directly or indirectly, and Kingsland and Synergy shall be the only Persons that may submit a Demand Request pursuant to this Agreement.

 2.11. Termination of Registration Rights. The rights of a Holder under this Article 2 will terminate at such
time as all of the Registrable Securities held by such Holder and members of such Holder’s Stockholders Group have been sold in a public offering or may be sold by such Holder to the public on any market on which such Registrable Securities are
traded without any restriction as to volume. 
 ARTICLE 3 

MISCELLANEOUS 
 3.1. Notices. All notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed received by a party when (a) delivered to
the appropriate address by hand or by internationally recognized overnight courier service (costs prepaid), or (b) sent by facsimile (with oral confirmation of receipt), in each case to the addresses and facsimile numbers and marked to the
attention of the person (by name and title) designated on Schedule A (or to such other address, facsimile number, email address or person as a party may designate by notice to the other parties). The sender of the notice shall also send a
copy of all notices, consents, waivers and other communications required 

  
 14 

 
or permitted by this Agreement to the parties’ legal representatives set forth on Schedule A which copies shall not be deemed to be notice for purposes of this Agreement and such
communication shall be sent to the facsimile number and the email address of such legal representative. 
 3.2. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

3.3. Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter,
singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles”, “Sections” and paragraphs shall refer to corresponding provisions of this Agreement. 

3.4. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced
by any rule of law (including but not limited to Applicable Securities Laws), or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 3.5. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed
counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.5. 
 3.6. Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto. 
 3.7. Governing Law; Dispute Resolution. 

(a) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 (b) Dispute Resolution. Any dispute, disagreement, controversy or claim arising out of or in connection with this
Agreement between or among the parties hereto (a “Dispute”) shall be resolved in accordance with this Section 3.7. In the event of a Dispute, the parties shall exercise commercially reasonable efforts to resolve the
matter amicably. If a party gives the other notice that a Dispute has arisen (a “Dispute Notice”) and the parties are unable to resolve the Dispute within fifteen (15) days of such notice, then the Dispute shall be referred to

  
 15 

 
the senior executives of the parties to the Dispute. If the senior executives of the parties to the Dispute are unable to resolve the Dispute within fifteen (15) days of such referral, then
the parties to the Dispute may go to the courts of the State of New York to resolve the Dispute. 
 (c) Consent to
Jurisdiction. Any action or proceeding against the Holders or the Company relating to this Agreement may be brought and enforced in the federal courts of the United States for the Southern District of New York, and the Company and each Holder
hereby irrevocably submits to the jurisdiction of such court in respect of any such action or proceeding. So long as the Company or any Holder has any obligations under this Agreement, it will maintain a duly appointed agent in New York City for the
service of such process or summons, and if it fails to maintain such an agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address
as provided for notices hereunder. 
 (i) The Company and each Holder irrevocably waives, to the fullest extent permitted by
applicable Law, any objection that it may now or thereafter have to the laying of venue of any such action or proceeding in the federal courts of the United States for the Southern District of New York located in the city of New York, Borough of
Manhattan, and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (ii) Each party hereto irrevocably waives any right it may now or hereafter have to a trial by jury in respect of this Agreement. 
 3.8. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that
the parties hereto shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. 
 3.9. Amendments and Waivers; Assignment. 
 (a) Any provision of this
Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by all parties hereto or, in the case of a waiver, by the party or parties against whom the waiver is to be
effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure
or delay beyond a period of time specified herein) shall operate as a waiver thereof and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights
and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 3.10. No
Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto, and except for the provisions herein for the benefit of Selling Shareholders, nothing herein, express or implied, is intended
to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

  
 16 

 3.11. Headings. The headings and subheadings in this Agreement are included for
convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
 3.12. Construction. Each party hereto acknowledges and agrees it has had the opportunity to draft, review and edit the language of this Agreement and that no presumption for or against any party
arising out of drafting all or any part of this Agreement will be applied in any Dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereto hereby waive the benefit of any rule of law or any legal decision
that would require, in cases of uncertainty, that the language of a contract should be interpreted most strongly against the party who drafted such language. 
 3.13. Effectiveness. This Agreement shall become effective on the date of consummation of the Initial U.S. Public Offering, and until such time the Registration Rights Agreement shall remain in
full force and effect in accordance with its terms. 
 [the remainder of this page was intentionally left blank; signature
page follows] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement
to be duly executed by their respective authorized signatories hereunto duly authorized as of the day and year first above written. 
  

			
	AVIANCA HOLDINGS S.A.
		
	By:	 	 /s/ Fabio Villegas Ramirez

	Name: Fabio Villegas Ramirez
	Title:   Chief Executive Officer

 [Signature Page to Registration Rights Agreement] 

 
			
	SYNERGY AEROSPACE CORP.
		
	By:	 	 /s/ German Efromovich

	Name: German Efromovich
	Title:   Authorized Representative

 [Signature Page to Registration Rights Agreement] 

 
			
	KINGSLAND HOLDINGS LIMITED
		
	By:	 	 /s/ Robert Kriete

	Name: Roberto Kriete
	Title:   Chairman

 [Signature Page to Registration Rights Agreement] 

 Schedule A 
 Synergy Aerospace Corp. 
 c/o Synergy Group Corp. 

Prof.a Heloísa Carneiro, 21 
 CEP
04630-050 – São Paulo – SP 
 Attention:        Raul Campos Rua 

                        
Germán Efromovich 

                        
José Efromovich 

                        Marcela
Quental 
 Phone: (55) 11 3797-5005 

Fax: (55) 11-3797-5063 
 E-mail:
raul.campos@synergygroupcorp.com 
 E-mail: efromovich@avianca.com.br 
 E-mail: jefromovich@synergygroupcorp.com 
 E-mail: marcela.quental@synergygroupcorp.com 

Legal Representatives of Synergy Aerospace Corp. 
 Gómez-Pinzón Zuleta Abogados S.A. 
 Calle 67 No. 7-35 Oficina 1204 

Bogota, Colombia 
 Attention: Andrés Hoyos

 Tel.: (571) 319 2900 

Facsimile: (571) 321 0295 
 Email:
ahoyos@gpzlegal.com 
 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, NY 10017 
 Attention: Caroline Gottschalk 
 Telephone: (212) 455-3523 

Facsimile: (212) 455-2502 
 Email:
cgottschalk@stblaw.com 
 Kingsland Holdings Limited 
 Kingsland Holdings Limited 
 c/o The Winterbotham Trust Company Limited 

Winterbotham Place 
 Marlborough and Queen
Streets 
 Nassau, Commonwealth of the Bahamas 
 Attention: WND Limited 
 Facsimile: (242) 356-9432 

 With copies to: 
 Roberto Kriete 
 c/o Taca International Airlines, S.A. 

Avenida El Espino y Boulevard Sur 
 Santa Elena,
Antiguo Cuscatlán 
 La Libertad, El Salvador 
 Fax: (503) 2247-2006 
 Email: Roberto.Kriete@avianca.com 

Rodrigo Salcedo 
 Caoba Capital 

Boulevard El Hipódromo #103 
 Colonia San
Benito, El Salvador 
 Fax: (503) 2267-2770 
 Email: rsalcedo@caobacapital.com 
 Legal Representative of Kingsland Holdings Limited

 Greenberg Traurig, P.A. 
 333 SE 2nd
Avenue 
 Miami, Florida 33131 

Attention: Kenneth Hoffman 
 Telephone:
(305) 579-0809 
 Facsimile: (305) 961-5809 
 Email: hoffmank@gtlaw.com 
 Avianca Holdings S.A. 

Avianca Holdings S.A. 
 c/o ICAZA,
GONZALEZ-RUIZ & ALEMAN 
 Calle Aquilino de la Guardia No. 8 
 Ciudad de Panamá, 
 República de Panamá 

Facsimile: (507) 269-4891 
 Attention:
Roberto Alemán 
 Email: robertoa@icazalaw.com 
 With a copy to: 
 Avianca Holdings S.A. 
 Calle 26 No. 59-15 Bogotá, Colombia 
 Telephone: (571) 5877700 

Facsimile: (571) 4235500 
 Attention: Fabio
Villegas 
 Email: fabio.villegas@avianca.com

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