4Q 2014 Earnings Results Presentation B787 Dreamliner

The present document consolidates information from Avianca Holdings SA and its subsidiaries, including unaudited financial figures, operational managerial indicators, financial indicators and managerial projections 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 the Company, its shareholders or directors. Unaudited accounting and financial information and projections presented in this document are based on internal data and calculations made by the Company, which may be subject to changes or adjustments. Any change in the current economic conditions, the aviation industry, fuel prices, international markets and external events, among others, may affect the ongoing business results and future projections. Avianca Holdings S.A. herein after Avianca Holdings and its subsidiaries warn investors and potential investors that future projections are not a guarantee of performance and that actual results may differ materially. Every investor or potential investor will be responsible for investment decisions taken or not taken as a result of his or her assessment of the information contained herein. Avianca Holdings S.A. is not responsible for any third parties’ content. Avianca Holdings may make changes and updates to the information contained herein. The information, tables and logos contained in this presentation may not be reproduced without the consent of Avianca Holdings SA

• Key projects related to our cost saving

synergies, with more than USD $56 million

expected savings (MRO and CEO) throughout this

year and 2016

• Complementary Revenue Initiatives Project

(Ancillary Revenues) that will generate more than

~USD $60M over the next 3 years

• New Routes such as BOG-LAX and an increase in

frequencies to destinations such as London

(expected daily service)

• We estimate an expansion of more than 200 bps

in our operational margin EBIT

Executive Summary

• More than 26 million passengers carried

• A Load Factor above 79%

• More than 387.798 transported tons: +22%

• 5.9 million LifeMiles members +9.4%

• Adjusted EBIT1 Margin of 9.54% for 4Q and

6.23% for FY 2014

2014 Results

Outlook 2015

Source: Company Information

1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet, indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

B787 Dreamliner

ATR 72 - 600

Airbus A319

Airbus A321*

Boeing 787

Airbus A320

Airbus A330

Airbus A330F1

Total 2014 +32 AeroUnion Acquisition +6

Fleet Grounding -12

2014 Operational Fleet 181

During 2014 we increased our capacity (ASK’s) by 5.9% while advancing in our fleet renovation plan

2014 Fleet Incorporation

2

2

2

4

6

6

10

0 2 4 6 8 10 12

During 4Q 2014 we initiated the phase-out process of the ATR42 and Airbus A330 fleet

Capacity

68 pax

120 pax

194 pax

250 pax

150 pax

252 pax

68 Ton

Sorce: Company Information 1 Out of the 2 A330F incorporated during 2014, 1 aircraft was subleased to OceanAir

*First AVH A321’s (2) to initiate operations in the Domestic Colombian market

We continue to strengthen and optimize our Network

International Markets - Bogotá – London - Pereira – Cartagena – New York

Domestic Markets - Lima - Iquitos - Bogotá - Villavicencio

Domestic 64 additional frequencies from Bogota to high density destinations such as:

Cali/ Medellin/ Barranquilla/ Cartagena/ Cucuta International More than 21 additional frequencies from our Bogota Hub to:

Cancún/ Barcelona/ Santiago/ San Juan/ Guatemala/La Habana/

- From Lima to Cali and to Bogota - From Guatemala to San Jose - From San José to Panama City

New Routes

Incremental Frequencies in Key Markets

Source: Company Information

2014 was a year of achievements

Best Airline in South/Latin America

“Best Airline" and “Best Airline Staff Service" in Central America and the

Caribbean

“Best Redemption Ability (Americas)"

and “Best Promotion Redemption Ability”

Reopening of the USD denominated

2020 bond for USD$250M

Acquisition of a stake in mexican cargo freighter

Aerounion

Implementation of code share

agreement with Turkish Airlines

New Commercial Agreement with

Etihad

Our network of routes in Ecuador

became part of Star Alliance

2014 Milestones

Source: Company Information

“Private Placement” for fleet financing for

an amount of USD$ 152.8M

9,837

10,586

38,762

41,052

4Q2013 4Q2014 FY2013 FY2014

13.0

11.7

12.4

11.9

4Q2013 4Q2014 FY2013 FY2014

6,327

6,909

24,625

26,230

4Q2013 4Q2014 FY2013 FY2014

Growth in passenger traffic continues to outperform capacity expansion

Source: Company information

R 218 G 41 B 28

ASKs – millions Passengers – ‘000s

Yield - US¢ Load Factor

+7.6% +9.2%

80.7%

79.6%

80.5%

79.4%

4Q2013 4Q2014 FY2013 FY2014

+6.5%

+5.9%

OPEX1 USD1.09B USD1.12B USD4.22B USD4.41B

11.08

10.61

10.90

10.74

4Q2013 4Q2014 FY2013 FY2014

4Q 2014 results are the outcome of the network optimization initiatives

1,204

1,241

4,610

4,702

4Q2013 4Q2014 FY2013 FY2014

R 218 G 41 B 28

Revenues - millions CASK1 - US¢

RASK-US¢ 12.24 11.73 11.89 11.45

-4.2% -1.5%

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet (1Q2014), indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

+3.1%

+2.0%

EBITDAR Margin 20.40% 14.73% 14.35% 16.63% 20.79%

USD114.7

USD54.6 USD49.8

USD70.3

USD118.36

4Q2013* 1Q2014 2Q2014 3Q2014 4Q2014

During 4Q2014 we were able to get back to the profitability levels of 4Q2013

R 218 G 41 B 28

EBIT Evolution1 – millions

+3.18%

EBITDAR Margin +39bps

EBIT Margin 9.52% 4.97% 4.35% 5.77% 9.54%

- On 4Q2013 we had 100% capacity in Venezuela - Sales in Venezuela amounted close to ~2% of total revenues in 4Q2014 when compared to ~9% in 4Q2013

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet (1Q2014), indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

+ 7.6%

+ 8.8% + 6.7% 86.0%

+ 7.7%

+ 4.8%

+ 8.9%

80.6%

70.3%

+ 9.4% + 8.4% 76.9%

+ 6.1% + 6.8% 74.6%

- 4.4% 81.9% - 3.6%

Central America & Caribbean4

HM to North America2

Home Markets to Europe

Domestic*

Intra Home Markets1

HM to South America3

Avianca’s capacity is primarily focused in Central and North America

Total

FY2014 ASK Growth

FY2014 RPK Growth

FY2014 Load Factor

Region

ASK Growth 5.9%

RPK Growth 4.5%

Load Factor 79.4%

Reduction due to a redistribution of capaccity from Venezuela

+12.4%

*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

58.3% 18.2%

11.0%

Otros 5.4%

4.4% 2.7%

*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 consolidates its leadership in the Colombian Domestic Market

Source: Aeronáutica Civil, MIDT

Intra-home markets Home markets

to North America Home markets

to South America

Home markets

to Spain

1

+250 bps vs FY2013

1 65%

1 28%

1 36%

1 30%

Colombia Domestic1| Peru Domestic2

1 October 2014 2 September 2014

2

CARGO & OTHER

97

108

343

381

4Q2013 4Q2014 FY2013 FY2014

252

306

838

1,052

4Q2013 4Q2014 FY2013 FY2014

392

438

1,399

1,633

4Q2013 4Q2014 FY2013 FY2014

Avianca Cargo continues optimizing the use of its capacity

Source: Company information

R 218 G 41 B 28

Revenues – millions ATKs – ‘000s

RTKs - ‘000s Load Factor

+11.7% +11.7%

64.0%

70.0%

60.0%

64.0%

4Q2013 4Q2014 FY2013 FY2014

+16.7% +11%

+21.4%

+25.5%

OTHER

DHL

CARGOLUX

LAS

MARTINAIR

AEROSUCRE

UPS

CENTURION

LAN

AV

Otros

Fedex

Amerijet

American Airlines

ABX Air

Atlas Air

Sky/Centurion

AVH

UPS

LATAM

2014 2013

39

15

11

7

6

4

2

2

1

11

Market Share (%)

18

11

10

9

8

7

6

6

4

21

Market Share 4Q 2014

Avianca Cargo continues to profitably gain market share: +495 bps COL and +249bps MIA

Miami Airport +249bps Colombia +495 bps

Other Other

Frequent Flyer Program: LifeMiles 4Q 2014

*Source: Company Informationn

• 4Q’14 sales to third parties grew 22.2%* when compared with 4Q’13

• 341K active cobranded credit cards, an increase of 21.0% with respect to 4Q 2013

• 5.9 million members, a 9.4% increase with respect to 4Q 2013

• 69.5% Burn-to-Earn ratio, increasing 320bp YoY

• New online rewards catalog in Colombia

• 22K products, ramping up to 220K, prices starting at LM60

• Continued ramp-up (soft-launch) of Colombian Retail Coalition, 222 stores as of Dec. ‘14

• Accrual of LifeMiles via Avianca Duty-Free on-board

• LM 2 for every US$1 spent

• Launch of Android version of LM Mobile App

• IOS version for launch in Q1’15

Highlights

2014 Results

ASK

EBIT1%

LF

PAX

2014 Outlook

6% - 7%

5% - 6%

77% - 79%

5% - 7%

2014 Results

6.5%

5.9%

79.2%

6.2%

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet (1Q2014), indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

In 2015 major projects aimed at cost saving synergies as well as revenue enhancing initiatives will be executed

Avianca set off the construction of the MRO facility (Maintenance, Repair and Operations) in Medellín and the Line Maintenance Hangar in Bogota

We revised our 2015 outlook accordin to an average oil price of USD65/B

Initiated construction of CEO training facility (Operational Excellence Center), for training pilots and crews

We launched the “Avianca-Ancillary-AlaCarta” (AAA) initiative, focused on achieving an increase in other ancillary revenues, which we estimate will be ~USD60M over the next 3 years

2015 will absorb the benefits associated to the reduction and optimization of our headcount performed in 2014

Source: Company information

2015 Outlook

Source: Company information

ASK

EBIT %

LF

PAX

2015 Outlook

6% - 8%

5% - 7%

78% - 80%

6% - 8%

2015 Revised Outlook

6% - 8%

5% - 7%

78% - 80%

8% - 10%

Thank You Contact Information:

Investor Relations Office ir@avianca.com T: (57) 1 – 5877700 www.aviancaholdings.com