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XXXXX Exhibit 1

Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY


Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Valuation Summary

Valuation Summary - XXXX


3

89.300
DCF - Exit multiple 2

70.300
DCF - Long-term growth rate 1

0
0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 90.000 100.000
XXXXX Exhibit 2
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Discounted Cash Flow Methodology: Valuation Summary of the Equity of XXXX (with long-term growth rate)

Projected Terminal
US$ thousand 2015 6M 2016 2017 2018 2019 2020 period

Net Income after Tax 1.285,7 8.539,1 12.567,5 19.718,6 21.337,6 24.187,4 21.756,2
Plus:Depreciation and Amortization 1.200,6 3.095,5 4.218,8 5.648,4 7.228,7 8.996,6 13.475,6
Less:Capital Expenditures (1.263,4) (6.310,9) (10.601,0) (14.296,9) (15.803,0) (17.678,7) (16.238,9)
Less: Investment in Working Capital (1.483,0) (9.976,0) (11.515,2) (9.721,3) (3.969,6) (4.910,4) (1.398,5)
Equals: Cash Flow Available (260,1) (4.652,3) (5.329,9) 1.348,8 8.793,7 10.594,9 17.594,4
Perpetuity growth 3,0%
Terminal period multiplier 10,0
Mid-term period 0,25 0,75 1,75 2,75 3,75 4,75
Times: Present Value Factor @ 13% 0,97 0,91 0,81 0,71 0,63 0,56 0,56
Equals: Discounted Cash Flow (252) (4.243) (4.302) 963 5.558 5.926 98.417
Sum of Discounted Cash Flow 102.068

Plus: Excess cash 397,8


Less: Financial debt (24.301,3)
Equals: Equity Value before adjustments 78.164,4
Less: Discount for Lack of Marketability @ 10% (7.816,4)
Equals: Equity Value after adjustments 70.348,0

Fair Market Value of XXXX (rounded) 70.300


XXXXX Exhibit 3
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Discounted Cash Flow Methodology: Valuation Summary of the Equity of XXXX (with exit multiple)

Projected Terminal
US$ thousand 2015 6M 2016 2017 2018 2019 2020 period

Net Income after Tax 1.285,7 8.539,1 12.567,5 19.718,6 21.337,6 24.187,4 21.756,2
Plus:Depreciation and Amortization 1.200,6 3.095,5 4.218,8 5.648,4 7.228,7 8.996,6 13.475,6
Less:Capital Expenditures (1.263,4) (6.310,9) (10.601,0) (14.296,9) (15.803,0) (17.678,7) (16.238,9)
Less: Investment in Working Capital (1.483,0) (9.976,0) (11.515,2) (9.721,3) (3.969,6) (4.910,4) (1.398,5)
Equals: Cash Flow Available (260,1) (4.652,3) (5.329,9) 1.348,8 8.793,7 10.594,9 17.594,4
EBITDA Terminal Period 42.483,9
Exit Multiple 5,2 x
Mid-term period 0,25 0,75 1,75 2,75 3,75 4,75 5,01
Times: Present Value Factor @ 13% 0,97 0,91 0,81 0,71 0,63 0,56 0,54
Equals: Discounted Cash Flow (252) (4.243) (4.302) 963 5.558 5.926 119.456
Sum of Discounted Cash Flow 123.107

Plus: Excess cash 397,8


Less: Financial debt (24.301,3)
Equals: Equity Value before adjustments 99.203,1
Less: Discount for Lack of Marketability @ 10% (9.920,3)
Equals: Equity Value after adjustments 89.282,8

Fair Market Value of Air Panama (rounded) 89.300


XXXXX Exhibit 4
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Projected Income Statement

Real Projected Projected


US$ thousand 2013 2014 2015 (6M) 2015 (6M) 2015 2016 2017 2018 2019 2020

Domestic Business 34.839,6 38.018,9 15.161,1 15.161,1 30.322,2 35.881,9 36.005,2 38.670,6 40.473,9 41.801,2
% growth 18,3% 0,3% 7,4% 4,7% 3,3%

International Business - 2.426,7 1.684,6 1.684,6 3.369,1 48.263,0 105.341,3 151.955,3 170.233,3 193.914,4
% growth 38,8% 1332,5% 118,3% 44,3% 12,0% 13,9%

Revenues 34.839,6 40.445,6 16.845,7 16.845,7 33.691,4 84.144,9 141.346,5 190.625,9 210.707,2 235.715,7
% growth 7,1% 16,1% -16,7% 149,8% 68,0% 34,9% 10,5% 11,9%

Operating expenses (25.069,5) (27.435,8) (11.703,7) (11.703,7) (23.407,3) (63.496,4) (114.007,1) (152.605,3) (168.536,4) (187.556,6)
% revenues -72,0% -67,8% -69,5% -69,5% -69,5% -75,5% -80,7% -80,1% -80,0% -79,6%

Gross Income 9.770,2 13.009,8 5.142,0 5.142,0 10.284,0 20.648,5 27.339,4 38.020,6 42.170,7 48.159,0
% revenues 28,0% 32,2% 30,5% 30,5% 30,5% 24,5% 19,3% 19,9% 20,0% 20,4%

Other Incomes 121,0 72,5 94,2 94,2 188,5 374,4 629,0 848,3 937,7 1.048,9
% revenues 0,3% 0,2% 0,6% 0,6% 0,6% 0,4% 0,4% 0,4% 0,4% 0,4%
SG&A expenses (3.112,0) (4.316,6) (2.321,2) (2.321,2) (4.642,5) (6.541,9) (6.993,0) (6.929,0) (7.429,5) (7.961,5)
% revenues -8,9% -10,7% -13,8% -13,8% -13,8% -7,8% -4,9% -3,6% -3,5% -3,4%

EBITDA 6.779,0 8.765,6 2.914,9 2.914,9 5.829,9 14.481,0 20.975,4 31.939,9 35.678,9 41.246,4
% revenues 19,5% 21,7% 17,3% 17,3% 17,3% 17,2% 14,8% 16,8% 16,9% 17,5%

Financial charges (1.764,8) (2.117,3) (950,7) - (950,7) - - - - -


Others (non-operative) (3.207,7) (2.401,2) 0,2 - 0,2 - - - - -
Depreciation and Amortization (1.760,6) (1.942,8) (1.200,6) (1.200,6) (2.401,2) (3.095,5) (4.218,8) (5.648,4) (7.228,7) (8.996,6)

Net Income before Tax 45,8 2.304,2 763,8 1.714,3 2.478,3 11.385,5 16.756,6 26.291,4 28.450,1 32.249,8
% revenues 0,1% 5,7% 4,5% 10,2% 7,4% 13,5% 11,9% 13,8% 13,5% 13,7%

Tax expenses @ 25% (467,4) (12,5) - (428,6) (428,6) (2.846,4) (4.189,2) (6.572,9) (7.112,5) (8.062,5)

Net Income after Tax (421,6) 2.291,7 763,8 1.285,7 2.049,7 8.539,1 12.567,5 19.718,6 21.337,6 24.187,4
% revenues -1,2% 5,7% 4,5% 7,6% 6,1% 10,1% 8,9% 10,3% 10,1% 10,3%
XXXXX Exhibit 5
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Projected Balance Sheet

Real Projected
US$ thousand 2013 2014 2015 jun 2015 2016 2017 2018 2019 2020

ASSETS

Cash and equivalents 330 401 398 138 (4.515) (9.845) (8.496) 298 10.893
Receivables 1.260 1.159 1.300 1.783 4.452 7.479 10.087 11.149 12.473
Inventory 5.024 4.740 5.174 7.196 19.521 35.050 46.916 51.814 57.661
Other assets 608 2.528 4.140 5.193 12.970 21.787 29.382 32.478 36.332
Total Current Assets 7.222 8.828 11.012 14.310 32.429 54.471 77.890 95.739 117.359

PP&E 34.320 32.409 31.415 31.478 34.693 41.076 49.724 58.298 66.980
Intangible assets 1.288 1.288 1.288 1.288 1.288 1.288 1.288 1.288 1.288
Other assets 991 1.217 1.389 1.389 1.389 1.389 1.389 1.389 1.389
Total Non-Current Assets 36.598 34.914 34.093 34.155 37.371 43.753 52.402 60.976 69.658
Total Assets 43.821 43.742 45.105 48.465 69.799 98.224 130.291 156.715 187.017

LIABILITIES

Bank obligations 2.350 2.284 264 264 264 264 264 264 264
Financial debt 195 1.403 - - - - - - -
Payables 5.752 3.643 4.694 6.248 16.950 30.433 40.737 44.989 50.067
Other liabilities 851 1.250 877 1.398 3.492 5.866 7.911 8.744 9.782
Total Current Liabilities 9.148 8.580 5.836 7.911 20.706 36.563 48.911 53.997 60.113

Bank obligations 20.549 18.437 24.037 24.037 24.037 24.037 24.037 24.037 24.037
Financial debt 1.756 2.251 - - - - - - -
Other liabilities 682 536 356 356 356 356 356 356 356
Total Non-Current Liabilities 22.986 21.224 24.393 24.393 24.393 24.393 24.393 24.393 24.393
Total Liabilities 32.134 29.804 30.229 32.304 45.099 60.956 73.305 78.391 84.506

Total Equity 11.687 13.938 14.876 16.162 24.701 37.268 56.987 78.324 102.512

Total Liabilities + Equity 43.821 43.742 45.105 48.465 69.799 98.224 130.291 156.715 187.017
XXXXX Exhibit 6
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Projected Working Capital requirements

Real Projected
US$ thousand 2013 2014 2015 jun 2015 2016 2017 2018 2019 2020
Revenues 34.840 40.446 16.846 33.691 84.145 141.347 190.626 210.707 235.716
Operating expenses (25.069) (27.436) (11.704) (23.407) (63.496) (114.007) (152.605) (168.536) (187.557)
days of Revenues
Receivables 13 10 28 19 19 19 19 19 19
Inventory 73 63 161 112 112 112 112 112 112
Other assets 6 23 90 56 56 56 56 56 56

Payables 84 48 146 97 97 97 97 97 97
Other liabilities 9 11 19 15 15 15 15 15 15

Receivables 1.260,4 1.159,2 1.300,0 1.783 4.452 7.479 10.087 11.149 12.473
Inventory 5.024,3 4.740,3 5.174,1 7.196 19.521 35.050 46.916 51.814 57.661
Other assets 607,8 2.527,9 4.140,2 5.193 12.970 21.787 29.382 32.478 36.332

Payables 5.751,7 3.642,9 4.694,4 6.248 16.950 30.433 40.737 44.989 50.067
Other liabilities 850,7 1.250,4 877,3 1.398 3.492 5.866 7.911 8.744 9.782

Total Working Capital 290 3.534 5.042 6.526 16.502 28.017 37.738 41.707 46.618
% revenues 0,8% 8,7% 29,9% 19,4% 19,6% 19,8% 19,8% 19,8% 19,8%
Variation in Working Capital 1.483 9.976 11.515 9.721 3.970 4.910
XXXXX Exhibit 7
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Projected CAPEX and Depreciations

US$ thousand

Present Value of Investments in the perpetuity 162.389

(1) 16.239
Investments cash flow in the perpetuity

Present Value of Depreciations in the perpetuity 134.756

(1) 13.476
Depreciations cash flow in the perpetuity

Investments - 1.263 6.311 10.601 14.297 15.803 17.679 18.209 18.755 19.318 19.898 20.494 21.109 21.743 22.395 23.067 23.759 24.471 25.206 25.962 26.741 27.543 28.369 29.220 30.097 31.000 31.930 32.888 33.874 34.890 35.937

Depreciation 10 years - 2.401 3.095 4.219 5.648 7.229 8.997 10.818 12.693 14.625 16.615 18.664 20.081 21.132 19.739 20.267 20.875 21.501 22.146 22.810 23.495 24.199 24.925 25.673 26.443 27.237 28.054 28.895 29.762 30.655 27.981

5 años
Investment 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Current fixed assets - - 2.401 2.401 2.401 2.401 2.401 2.401 2.401 2.401 2.401 2.401 2.401 2.401 2.401 199 - - - - - - - - - - - - - - - -
- Investments 2013 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- Investments 2014 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- Investments 2015 1.263 - - 63 126 126 126 126 126 126 126 126 126 63 - - - - - - - - - - - - - - - - - -
- Investments 2016 6.311 - - 631 631 631 631 631 631 631 631 631 631 - - - - - - - - - - - - - - - - - - -
- Investments 2017 10.601 - - - 1.060 1.060 1.060 1.060 1.060 1.060 1.060 1.060 1.060 1.060 - - - - - - - - - - - - - - - - - -
- Investments 2018 14.297 - - - - 1.430 1.430 1.430 1.430 1.430 1.430 1.430 1.430 1.430 1.430 - - - - - - - - - - - - - - - - -
- Investments 2019 15.803 - - - - - 1.580 1.580 1.580 1.580 1.580 1.580 1.580 1.580 1.580 1.580 - - - - - - - - - - - - - - - -
- Investments 2020 17.679 - - - - - - 1.768 1.768 1.768 1.768 1.768 1.768 1.768 1.768 1.768 1.768 - - - - - - - - - - - - - - -
- Investment in perpet 2021 18.209 - - - - - - - 1.821 1.821 1.821 1.821 1.821 1.821 1.821 1.821 1.821 1.821 - - - - - - - - - - - - - -
- Investment in perpet 2022 18.755 - - - - - - - - 1.876 1.876 1.876 1.876 1.876 1.876 1.876 1.876 1.876 1.876 - - - - - - - - - - - - -
- Investment in perpet 2023 19.318 - - - - - - - - - 1.932 1.932 1.932 1.932 1.932 1.932 1.932 1.932 1.932 1.932 - - - - - - - - - - - -
- Investment in perpet 2024 19.898 - - - - - - - - - - 1.990 1.990 1.990 1.990 1.990 1.990 1.990 1.990 1.990 1.990 - - - - - - - - - - -
- Investment in perpet 2025 20.494 - - - - - - - - - - - 2.049 2.049 2.049 2.049 2.049 2.049 2.049 2.049 2.049 2.049 - - - - - - - - - -
- Investment in perpet 2026 21.109 - - - - - - - - - - - - 2.111 2.111 2.111 2.111 2.111 2.111 2.111 2.111 2.111 2.111 - - - - - - - - -
- Investment in perpet 2027 21.743 - - - - - - - - - - - - - 2.174 2.174 2.174 2.174 2.174 2.174 2.174 2.174 2.174 2.174 - - - - - - - -
- Investment in perpet 2028 22.395 - - - - - - - - - - - - - - 2.239 2.239 2.239 2.239 2.239 2.239 2.239 2.239 2.239 2.239 - - - - - - -
- Investment in perpet 2029 23.067 - - - - - - - - - - - - - - - 2.307 2.307 2.307 2.307 2.307 2.307 2.307 2.307 2.307 2.307 - - - - - -
- Investment in perpet 2030 23.759 - - - - - - - - - - - - - - - - 2.376 2.376 2.376 2.376 2.376 2.376 2.376 2.376 2.376 2.376 - - - - -
- Investment in perpet 2031 24.471 - - - - - - - - - - - - - - - - - 2.447 2.447 2.447 2.447 2.447 2.447 2.447 2.447 2.447 2.447 - - - -
- Investment in perpet 2032 25.206 - - - - - - - - - - - - - - - - - - 2.521 2.521 2.521 2.521 2.521 2.521 2.521 2.521 2.521 2.521 - - -
- Investment in perpet 2033 25.962 - - - - - - - - - - - - - - - - - - 2.596 2.596 2.596 2.596 2.596 2.596 2.596 2.596 2.596 2.596 - -
- Investment in perpet 2034 26.741 - - - - - - - - - - - - - - - - - - - - 2.674 2.674 2.674 2.674 2.674 2.674 2.674 2.674 2.674 2.674 -
2.754 Investment in perpet 2035 27.543 - - - - - - - - - - - - - - - - - - - - - 2.754 2.754 2.754 2.754 2.754 2.754 2.754 2.754 2.754 2.754
5.674 Investment in perpet 2036 28.369 - - - - - - - - - - - - - - - - - - - - - - 2.837 2.837 2.837 2.837 2.837 2.837 2.837 2.837 2.837
8.766 Investment in perpet 2037 29.220 - - - - - - - - - - - - - - - - - - - - - - - 2.922 2.922 2.922 2.922 2.922 2.922 2.922 2.922
12.039 Investment in perpet 2038 30.097 - - - - - - - - - - - - - - - - - - - - - - - - 3.010 3.010 3.010 3.010 3.010 3.010 3.010
15.500 Investment in perpet 2039 31.000 - - - - - - - - - - - - - - - - - - - - - - - - - 3.100 3.100 3.100 3.100 3.100 3.100
19.158 Investment in perpet 2040 31.930 - - - - - - - - - - - - - - - - - - - - - - - - - - 3.193 3.193 3.193 3.193 3.193
23.021 Investment in perpet 2041 32.888 - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.289 3.289 3.289 3.289
27.099 Investment in perpet 2042 33.874 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.387 3.387 3.387
31.401 Investment in perpet 2043 34.890 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.489 3.489
35.937 Investment in perpet 2044 35.937 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(1) perpetuity growth rate = 3,0%


(2) discount rate = 13,0%
XXXXX Exhibit 8
Valuation of the Equity of XXXX DRAFT FOR DISCUSSION PURPOSES ONLY
Valuation as of June 30th, 2015. SUBJECT TO MATERIAL CHANGES
Discount Rate Calculation

Debt /
Comparable companies Equity Beta Tax rate Assets Beta Source
Equity
Comparable company 1 1,00 0,37 40% 0,82 Google Finance
Comparable company 2 0,32 0,49 40% 0,25 Google Finance
Comparable company 3 1,04 0,14 40% 0,96 Google Finance
Comparable company 4 0,90 0,17 40% 0,82 Google Finance
Comparable company 5 0,76 0,75 40% 0,52 Google Finance
Comparable company 6 1,58 0,01 40% 1,57 Google Finance
Comparable company 7 0,87 0,09 40% 0,83 Google Finance
Median 0,90 0,17 0,82

Cost of Capital Calculation Detail Cost of Capital Calculation Notes


Cost of Equity
Unlevered Equity Beta 0,82 Unleverd Equity Beta = Levered Equity Beta / [1 + (1 - Tax Rate) x Debt-to-Equity]
Debt-to-Equity 0,17 Source: Google Finance
Tax rate 40%
Releverd Equity Beta 0,90 Levered Equity Beta = Unlevered Equity Beta x [1 + (1 - Tax Rate) x Debt-to-Equity]

Risk Free Rate 2,2% 10 year T-Bond. Source: US Treasury


Equity Risk Premium 6,3% Source: Damodaran
Levered Equity Beta 0,90
Cost of Equity Capital 7,8% Cost of Equity Capital = Risk Free Rate + [Equity Beta x Equity Risk Premium].

Unsystematic Risk Factors


Size Premium 3,8% Source: Ibbotson Associates
Country Risk Premium 2,9% Source: Damodaran
Cost of Equity 14,5%
After-Tax Cost of Equity Capital 14,5%

Cost of Debt
Subject's Estimated Pre-Tax Cost of Debt Capital 9,0% Source: Own Estimation based on Corporate Bonds issuance.
Tax Rate 40,0%
After-Tax Cost of Debt 5,4%
Debt-to-Capital 14% Source: Google Finance
Equity-to-Capital 86%
Weighted Average Cost of Capital - Nominal 13,2% WACC = [(Debt-to-Capital x Cost of Debt x (1 - Tax Rate)] + [Equity-to-Capital x Cost of Equity Capital]

WACC - Nominal (rounded) 13,0%