3Q 2016 Earnings Results Presentation B787 Dreamliner

The present document consolidates information from Avianca Holdings SA and its subsidiaries, includingunaudited financial figures, operational managerial indicators, financial indicators and managerialprojections of future performance, in line with Avianca Holdings SA and its subsidiaries’ business plans.References to future behaviors are indicative and do not constitute a guarantee of compliance by theCompany, its shareholders or directors. Unaudited accounting and financial information and projectionspresented in this document are based on internal data and calculations made by the Company, whichmay be subject to changes or adjustments. Any change in the current economic conditions, the aviationindustry, fuel prices, international markets and external events, among others, may affect the ongoingbusiness results and future projections.

Avianca Holdings S.A. herein after Avianca Holdings and its subsidiaries warn investors and potentialinvestors that future projections are not a guarantee of performance and that actual results may differmaterially. Every investor or potential investor will be responsible for investment decisions taken or nottaken as a result of his or her assessment of the information contained herein. Avianca Holdings S.A. isnot responsible for any third parties’ content. Avianca Holdings may make changes and updates to theinformation contained herein.

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• Began operation of MRO facility in Medellin enabling maintenance of up to 5 single isle aircraft

• LifeMiles launched Co-Branded products with Grupo Bancolombia, a key milestone

• Starting November 2016: Bogota-Madrid +4 Bogota-Buenos Aires +3

• Signed a new code share agreement with Eva Air in Taiwan as part of connectivity efforts

Executive Summary

• Over 7.6 million passengers carried: +3.2% vs. 3Q2015

• A Load Factor of 83.5% +223 BP; vs 3Q 2015

• First sequential yield increase since 2Q 2014, from 8.2 2Q2016 to 8.8 3Q2016 +7.4%

• CASK reduction of 6.01% from 8.7 3Q2016 to 8.23Q2016

• Adjusted EBIT1 Margin of 7.9% for 3Q2016: +36 bps vs. 3Q2015

• Improved Leverage (Net Adjusted Debt to EBITDAR)from 6.79x on Dec. 31st, 2015 to 5.99x today

• More than 6.9 million members : +8.9%

3Q2016Results

3Q2016Milestones

_

Source: Company Information1. When indicated the figures are adjusted for Cargo Discount

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B787 Dreamliner

3Q 2016

Aircraft Type Jul.2016 In Out Sep.2016

Airbus A320 Family1 109 +1 - 110

ATR – 72 15 - - 15

Embraer E190 10 - - 10

Airbus A330 9 - - 9

Cessna 208 11 - - 11

Airbus A330F 5 - - 5

Airbus A300F 4 - - 4

ATR – 42 2 - - 2

Boeing 787 7 +2 - 9

Boeing 767F 2 - - 2

Total 174 +3 - 177

Advanced in our fleet plan execution in 3Q 2016

3Q2016 Operating Fleet Status Capacity

100/194 pax2

68 pax

96 pax

252 pax

12 Pax

68 tons

40 tons

48 pax

250 pax

53 tons

Source: Company Information1 The Airbus A320 Family is comprised of: 10 A318 20 A319, 49 A320, 2 A321, 8 A319S, 12 A320S and 9 A321S2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax. 5

3Q 2016

11,618 11,973

32,947

35,052

3Q2015 3Q2016 9M2015 9M2016

9.0

8.7

8.2

8.8

4Q2015 1Q2016 2Q2016 3Q2016

9,441

9,997

26,262

28,094

3Q2015 3Q2016 9M2015 9M2016

Increasing Load Factors and Higher Yields as a Result of the Network Optimization Process

Source: Company information

ASKs – millions RPKs – millions

Yield - US¢ Load Factor

+3.1% +5.9%

81.3% 83.5% 79.7%

80.2%

3Q2015 3Q2016 9M2015 9M2016

+7.0%+6.4%

7

+7.4%

1,0911,062

3,214

2,983

3Q2015 3Q2016 9M2015 9M2016RASK1-US¢

9.4 8.9 9.8 8.5

222.6

229.1

567.7

622.4

3Q2015 3Q2016 9M2015 9M2016

8.7

8.2

9.3

8.0

3Q2015 3Q2016 9M2015 9M2016

3Q 2016 Results Were Also Driven by a Leaner Cost Structure

Revenues1 – millions CASK1 - US¢

EBITDAR1 – millions EBIT1 Margin

-2.7%

-6.0%

7.5%

7.9% 4.8%

6.5%

3Q2015 3Q2016 9M2015 9M2016

-14.3%-7.2%

+2.9%

+36bps

CASK1-ex Fuel

6.5 6.4 6.9 6.3

Margin1 20.4% 21.6% 17.7% 20.9% EBIT1

(Mllns) 81.8 83.4 155.3 193.3

9.6%

+165bps

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Source: Company Information1. Cargo Discount Adjustment

EBITDAR1

Margin 17.0% 20.4% 21.6%

5.9%

7.5%

7.9%

3Q2014 3Q2015 3Q2016

EBIT1

USDM 70.3 81.8 83.4

Profitability Gained Traction in 3Q 2016 as Macro Landscape Continued to Stabilize

EBIT Margin Evolution1–

EBITDAR Margin +~460bps

+36bps

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Source: Company Information1. When indicated the figures are adjusted for Cargo Discount

+ 1.4%

+ 1.1% + 4.4% 90.9%

+ 7.7%

+ 5.0%

+ 5.8%

85.2%

71.4%

+ 0.9% + 2.6% 81.1%

+ 2.2% + 1.1% 76.1%

+ 10.5% 85.9%+ 15.9%

Central America & Caribbean4

HM to North America2

Home Markets to Europe

Domestic*

Intra Home Markets1

HM to South America3

Strong Load Factors are the Result of Avianca’s Network Flexibility and Healthy Traffic Numbers

Total

3Q2016 ASK Growth

3Q2016 RPK Growth

3Q2016Load Factor

Region

ASK Growth 3.1%

RPK Growth 5.9%

Load Factor83.5%

+ 4.5%

*Domestic Market: Colombia, Peru, Ecuador 1 Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 2 From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, Chile, Argentina, Brazil ,Uruguay and Venezuela, 4 Belize, Cuba Curazao, Republica Dominicana, Panamá, Costa Rica, Guatemala, Honduras, Nicaragua

10

61.5%

11.4%

12.2%

4.7%

Otros

10.1%

57.2%19.3%

13.2%

Otros5.3%

4.3%0.6%

*Domestic Market: Colombia, Peru, Ecuador 1 Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 2 From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, Chile, Argentina, Brazil ,Uruguay and Venezuela, 4 Belize, Cuba Curazao, Republica Dominicana, Panamá, Costa Rica, Guatemala, Honduras, Nicaragua

Avianca Continues to Consolidate its Leadership Position in the Colombian Domestic Market

Source: Aeronáutica Civil, MIDT

Intra-home marketsHome markets

to North AmericaHome markets

to South AmericaHome markets

to Spain

1

1 65%

125%

1 37%

2 23%

Colombia Domestic1 Peru Domestic2

1 Sep 20162 Jul 2016

3

11

CARGO & OTHER3Q 2016

119

115

434

413

3Q2015 3Q2016 9M2015 9M2016

314311

921 921

3Q2015 3Q2016 9M2015 9M2016

-1.0%

-0.1%

558563

1,617

1,719

3Q2015 3Q2016 9M2015 9M2016

Avianca Cargo: Financial and Operational Results

Source: Company information. Does not include Domestic Ecuador and Colombia

Revenues – millions ATKs – millions

RTKs - millions Load Factor

-3.2%+1.0%

56.2%

55.2%

57.0%

53.6%

3Q2015 3Q2016 9M2015 9M2016

+6.3%-5.0%

13

39

12

12

9

3

2

22

Market Share as of Sept. 30 (%)

18

12

12

11

8

8

31

Market Share 3Q 2016

Avianca Cargo: Market Share

Miami1Colombia

Other

Source: Aeronautica Civil and Miami International Airport. Information as of June, 2016

Other

2016 2015

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Peru:

LifeMiles Loyalty Program

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• 3Q’16 revenues increased 11.7% year on year

• 520K active co-branded credit cards, a 22.3% increase of vs. 3Q’15

• Over 6.9 million members; an 8.9% increase vs. 3Q’15

• 303 commercial partners, +6.7% vs 3Q’15

Highlights 3Q2016

Colombia

New Commercial Partners

Central America South America

Source: Company information

Bancolombia Extends Reach Across LatAm

LifeMiles Loyalty Program

• Regional launch of Co-Branded products with Grupo Bancolombia, one of the leading franchises in Colombia and Central America

• First SMEs Product in the Region (previously launched in COL)

• This partnership is a key stepping stone to consolidate LifeMilesposition in the region, further strengthening our coalition network

• Protect market share among SMEs and increase loyalty for AV

• Reach and penetrate a significant part of the Credit Card market in COL and CAM

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Source: Company information

2016

Avianca Holdings: 2016 Guidance

ASK

LF

PAX

FY2016 Outlook

3% - 5%

3% - 5%

78% - 80%

5.5% - 7.5%

Source: Company information.

EBIT1 %

18

2016 YTD

3.9%

6.4%

80.2%

6.5%

In Summary

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As the Company successfully continues to optimize its coststructure and enhance profitability it has:

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Substantial reduction in total debt of 6.5% (USD -224.6 million)from 3,473 million to 3,248 million

4

5

3

Significant improvement in leverage position (Net Adjusted Debt toEBITDAR) from 6.79x on December 31st, 2015 to 5.99x today.

Substantial increase in PRASK of 14.9% from 6.4 in 2Q 2016 to 7.4in 3Q 2016

Achieved the first yield increase of 7.4% from 8.2 (2Q 2016) to 8.8(3Q 2016) quarter over quarter since 2Q 2014

Improved profitability by more than +118 bps reaching an EBITDARmargin of 21.6% vs 20.4% in 3Q 2015, the highest margin in the last3 years

Increased Load Factor by +223 bps vs 3Q 2015 to 83.5% as trafficnumbers outpaced capacity by 280bps

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Source: Company Information1. When indicated the figures are adjusted for Cargo Discount

Thank YouContact Information:

Investor Relations Officeir@avianca.comT: (57) 1 – 5877700 www.aviancaholdings.com