As part of the implementation of the "Avianca 2021 Plan", Avianca management has reached the following agreements to tailor its aircraft commitments to its future requirements:

• In cooperation with Airbus, the Company has reduced its firm commitments to 88 A320neo aircraft (from 108)
• Previously scheduled firm A320neo family deliveries in 2020 through 2024 have been deferred or cancelled
• The 88 remaining commitments are now scheduled for delivery in 2025 through 2028 (20 per year) with the balance in 2029 (8)
• These agreements provide comprehensive financial benefits, with significant Capex reduction in the period through the end of 2024
• Separately, Avianca has agreed to enter into 12-year operating leases for up to 12 A320neo aircraft with BOC Aviation
• Deliveries to occur after 2023, consistent with the Avianca 2021 plan
• Finally, Avianca reached a mutually beneficial agreement with Boeing with regards to the outstanding 787-9 deliveries

CFO Adrian Neuhauser said "The completion of these three major aircraft transactions, coupled with the recently completed financial reprofiling and securing of $375 million of new long-term capital financing, places Avianca in a solid position as it moves forward with the Avianca 2021 Plan."