Avianca Terminates Offer to Purchase, Consent Solicitation

Aerovias del Continente Americano (Avianca) –formerly known as Aerovias Nacionales de Colombia S.A.)- has wrapped up its offer to purchase for cash up to $11.7 million in outstanding Fixed Principal Amount, or $14 million in original Fixed Principal Amount of its United States Dollar Denominated Notes due April 30, 2011.

Avianca terminated its Offer for the Notes pursuant to the conditions of the Offer which, among other things, provided that Avianca shall not be required to accept for payment or pay for any tendered Notes and may terminate the Offer if, on or prior to the Expiration Date (3:00 pm New York time, on March 2, 2006).

Accordingly, Avianca will not accept for purchase and will not pay for any of the Notes tendered. All tendered Notes will be returned to the tendering Holder as soon as practicable.