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Cargo revenues decreased by 4.7% during fourth quarter of 2014, as we reduced capacity by 3.6%, resulting in a load factor of 62.3%, which represents an improvement of 0.4 percentage points as compared to the fourth quarter 2013. Despite the weakness in cargo trends mainly due to the slowdown in imports into Latin America and competitive pressures from regional and international cargo carriers, various initiatives allowed us to control yields during the fourth quarter of the year. As a result, cargo yields decreased only 1.8%, which also incorporates the 11.9% depreciation of the Brazilian real in the domestic Brazil cargo market.

During the quarter and in line with the Company’s approach towards a more rational and disciplined freighter capacity, the Company materialized the lease of two of its 767-300Fs to another cargo operator in a different market for a period of three years. An additional 767-300F was also leased to this same operator starting in 2015.

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