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2013 Earnings Presentation

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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 plan. 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 warns 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

Milestones

2013 Highlights

Source: Company information

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Network Fleet

Image: Successful launch of

Aviana’s new brand Transition to a single

webpage

Operations: Seamless implementation

of Single commercial code Effective execution of the

fleet interchangeability program

Finance: Bond issue in the

international market of USD$ 300 M

Debut on NYSE through IPO on Nov. 5th raising USD$ 180 M

International: Six new international

destinations were added in the 4Q 2013:

• Bogota-Cancun • Bogota-Guatemala • Bogota-San Juan • Bogota-Newark • Bogota-Chicago • Medellin-Salvador

Domestic One new destination was

added in 4Q 2013: • Bogota-Leticia

52 incremental frequencies

ATR 72 & 42

A320

A330F

A330

+3

+1

+6

+5

-8

Total 155

Face-out

Avianca delivers strong results, consolidating its leading position in its core markets

4 Source: Company information

38,761 31.185

6.7%

125BP 4.6%

R 218 G 41 B 28

Load Factor ASKs – million

Yield - US¢ Passengers – 000’s

36,545

6.1%

1.6%

5.1% 6.6%

90BP

Avianca’s profitability is driven by a significant margin expansion

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Margin 15.8% 19.7% 15.4% 17.8%

Source: Company information

Margin 7.8% 8.9% 6.6% 8.4%

385 828

RASK 11.8 12.2 11.7 11.9 CASK 10.9 11.2 9.3 9.2

OPEX Revenue

EBITDAR EBIT

+240bp +390bp +110bp +180bp

Avianca´s strong capacity growth is driven by the expansion in its key markets

6 * Domestic Market: Colombia, Peru, Ecuador 1 Intra Home markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 2 From our Home Market to North America including Mexico 3From Colombia,Peru, Ecuador and Costa Rica to Bolivia, Chile,Argentina, Brazil ,Uruaguay and Venezeula, 4 Beñlize, Cuba Curazao, Republica Dominciana,Panama, Costa Rica,Guatemala, Honduras, Nicaragua

Central America & Caribbean4

Home Markets to North America2 + 5.2%

+5.22%

Home Markets to Europe + 2.1% + 13.1% 84.2%

+ 0.4%

+ 4.1%

+4.1%

+ 4.7%

81.0%

81.0%

72.7%

4Q ASK Growth

4Q RPK Growth

4Q Load Factor

Total ASK Growth

4.6% RPK Growth

6.3% Load Factor

80.7%

Domestic* + 8.2% + 8.9% 79.6%

Region

LF increased by + 125 BP vs. 4Q 2012

Intra Home Markets1 + 4.8% + 11.1% 76.7%

Home Markets to South America3 - 2.9% + 1.3% 83.8%

Adjust as on roadshow prez as region definition is unclear

Plus change reihenfolge Domestic , Intra

home markets, then rest

* Domestic Market: Colombia, Peru, Ecuador 1 Intra Home markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 2 From our Home Market to North America including Mexico 3From Colombia,Peru, Ecuador and Costa Rica to Bolivia, Chile,Argentina, Brazil ,Uruaguay and Venezeula, 4 Beñlize, Cuba Curazao, Republica Dominciana,Panama, Costa Rica,Guatemala, Honduras, Nicaragua

14.1%

63.4% 10.6%

7.6 %

Other

3.9%

2

Market share in selected Avianca markets

Colombia domestic1 Peru domestic1

1

1 67%

Intra-home markets Home markets to N. America3

1 28%

1 41%

Home markets to S. America3

Home markets to N. America

Home markets to S. America

Home markets to Spain

1 31%

Avianca continues to be market leader in Latin American markets

Source: Aeronautica Civil, MIDT

1 Jan-Dec, 2013

+ 50bp vs 4Q 2012 + 125bp vs 4Q 2012

Despite challenging market conditions Avianca’s cargo unit performed well in 2013

8 Source: Company information

ATKs

RTKs

Revenue

200bp

400bp

LF

4Q-2013 Lifemiles Highlights

9 Source: Company information

5.4M members, 10.1% increase in relation to 4Q2012

4Q 2013 sales to third parties grew by +29.3% vs 4Q 2012

279K active cobranded credit cards, 29.3% increase in relation to 4Q 2012

5.4M members, 10.1% increase in relation to 4Q 2012

67.% Earn/Burn ratio, increasing 7.3% year-over-year

Outlook 2014

Source: Company information

ASK

EBIT %

LF

PAX

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Guidance 2013 Results 2013

(9%-10%)

(7%-8%)

(79%-80%)

(7.0%-8.0%)

8%

6%

80.5%

8.4%

Outlook 2014

(8%-9%)

(7%-8%)

(79%-81%)

(8.75%-9.25%)

In Summary

During the fourth quarter the company has continued with its leadership and consolidation strategy in Latin America

The company continues to expand its passenger network, while optimizing its fleet utilization as we were able to implement the fleet interchangeability program

The cost reduction initiatives implemented so far have resulted into relevant margin expansion:

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• Operating profit increased by USD$ 27.7 million reaching a total of USD$114.7 million. Operating profit for FY 2013 totaled USD$ 384.9 million

• Operating margin increased by 318bp reaching 9.5% in the fourth quarter of 2013. Operating margin for 2013 came in at 8.4%

• EBITDAR Margin of 20.4% in the fourth quarter of 2013 (+460 bp) over the same period of 2012 respectively. For 2013 EBITDAR margin reached 18.0%

Source: Company information

Thank You Investor Relations Contact Information:

Investor Relation Officer Andres Ruiz Andres.ruiz@avianca.com Tel : (57) 1 – 5877700 Ext 2474 www.aviancaholdings.com