1Q Earnings Results Presentation

The present document consolidates information from Avianca Holdings S.A. and its subsidiaries, including unaudited financial figures, operationalmanagerial indicators, financial indicators and managerial projections of future performance, in line with Avianca Holdings S.A. and its subsidiaries’business plans. References to future behaviors are indicative and do not constitute a guarantee of compliance by the Company, its shareholders ordirectors. Unaudited accounting and financial information and projections presented in this document are based on internal data and calculationsmade by the Company, which may be subject to changes or adjustments. Any change in the current economic conditions, the aviation industry, fuelprices, 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 aguarantee of performance and that actual results may differ materially. Every investor or potential investor will be responsible for investment decisionstaken 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 thirdparties’ 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 S.A.

SAFE HARBOR

Executive Summary

1Q 2017

• Strategic Commercial Alliance negotiations with United Airlines

• Capitalization of USD 200 million

• Potential AVH and AvBrasilIntegration under review

• Routes: Bogota – Boston Bogota – Montevideo Medellin – Monteria

• Transported 11,200 tons of Valentine’s Day flowers ;+15% vs. 2016

• CASH to LTM Revenue of 10.5%; +100bps when compared to Dec. 2016

• 6.6% Adjusted EBIT1

Margin for Q1 2017• US$1.07 Billion total

revenues in 2017

• Load Factor of 81.9%;+311 bps vs. 1Q 2016

• -1.4% CASK1 ex fuel reduction in 1Q 2017 to 6.3¢,

• Fourth CASK1 ex fuel reduction in the last five quarters

• More than 7.5 mil passengers transported; +5.5% Year on Year

H I G H L I G H T S

F I N A N C I A L

O P E R AT I O N A L

SUBSEQUENT EVENTS

• Awarded TripAdvisor “Travelers’ Choice Awards for Airlines” as the 2017 best Airline in Latin America

• New York State Supreme Court, denies request of expedited recovery

Source: Company Information1. When indicated the figures exclude the following one-time items: $1.7M: extraordinary projects; 1Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0

AVH Network

AvBrasil Network

FINANCIAL AND OPERATIONAL

RESULTS1Q 2017

Aircraft Dec 2016 In Out Mar. 2017

Airbus A320 Family1 110 - -- 110

ATR – 72 15 - - 15

Cessna 208 13 - - 13

Boeing 787 10 1 - 11

Embraer E190 10 - 2 8

Airbus A330 9 - - 9

Airbus A330F 5 - - 5

Airbus A300F 5 1 - 6

ATR – 42 2 - - 2

Boeing 767F 2 - - 2

Total 181 +2 -2 181

WE EXECUTED ON OUR FLEET PLAN

1Q2017 OPERATING FLEET STATUS CAPACITY

100/194 pax2

68 pax

12 pax

250 pax

96 Pax

252 pax

68 tons

40 tons

48 pax

53 tons

Source: Company Information1 The Airbus A320 Family is comprised of: 10 A318 19 A319, 49 A320, 2 A321, 8 A319S, 12 A320S and 9 A321S2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax.

11,504 12,180

47,145

47,821

1Q2016 1Q2017 FY2016 LTM

8.7

8.6 8.6 8.6

1Q2016 1Q2017 FY2016 LTM

9,060

9,972

38,233

39,144

1Q2016 1Q2017 FY2016 LTM

INCREASE IN LOAD FACTOR DRIVEN BY ROBUSTTRAFFIC NUMBERS

Source: Company information

ASKs – millions RPKs – millions

Yield - US¢ Load Factor

+5.9% +10.1%

78.8% 81.9%

81.1% 81.9%

1Q2016 1Q2017 FY2016 LTM

+2.4%+1.4%

977 1,068

4,0824,172

1Q2016 1Q2017 FY2016 LTM

RASK1-US¢ 8.5 8.8 8.7 8.7

215218

879 883

1Q2016 1Q2017 FY2016 LTM

6.46.3

6.4 6.3

1Q2016 1Q2017 FY2016 LTM

1Q´2017 RESULTS WERE ALSO SUPPORTED BY A LEANER COST STRUCTURE

Revenues1 – millions CASK1 ex Fuel - US¢

EBITDAR1 – millions EBIT1 – millions

+9.3%

72 70

295 293

1Q2016 1Q2017 FY2016 LTM

-0.3%+2.2%

CASK1 7.9 8.2 8.0 8.1

EBITDAR1

Margin22.0% 20.4% 21.5% 21.2%

EBIT1

Margin 7.4% 6.6% 7.2% 7.0%

0.4%

Source: Company Information1. When indicated the figures exclude the following one-time items: $1.7M: extraordinary projects; 1Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0

-1.4%

1.5%

+ 18.1%

+ 2.5%

+ 13.9%

+ 1.4%

- 0.8%

Central America & Caribbean4

HM to North America2

Home Markets to Europe

Domestic*

Intra Home Markets1

HM to South America3

LOAD FACTORS ALSO CONTINUE TO BENEFIT FROM AVIANCA’S NETWORK FLEXIBILITY

Total

1Q 2017 ASK Growth

1Q 2017RPK Growth

1Q 2017Load Factor

Region

ASK Growth 5.9%

RPK Growth 10.1%

Load Factor81.9%

*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

1Q 2017Insights

Robust position thanks tostrong network and frequencies

Strong demand and yieldgrowth slight capacity increase

Economic improvement inSouth America drives demandto Caribbean markets

Strong capacity expansionslightly outpacing demandgrowth

Demand growth ahead ofcapacity growth in mainmarkets

Strong demand growth, supportcapacity increases combinedwith economic recovery

+ 2.7%

+ 16.7%

+ 7.6%

+ 13.4%

+ 2.3%

+ 8.7%

+ 19.0%

77.8%

84.4%

79.4%

80.3%

77.3%

86.4%

58.6%

12.2%

13.8%

Otros9.6%

4.6%

57.8%

16..2%

15.7%

Otros5.5%

4.2%1.1%

*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 LEADERSHIPPOSITION IN THE COLOMBIAN DOMESTIC MARKET

Source: Aeronáutica Civil, MIDT

1

INTRA-HOME MARKETS

1 69%

HOME MARKETSTO NORTH AMERICA

125%

HOME MARKETSTO SOUTH AMERICA

2 31%

HOME MARKETSTO SPAIN

1 33%

COLOMBIA DOMESTIC1 PERU DOMESTIC2

1 Mar 20172 Feb 2017

3

CARGO & OTHER1Q 2017

AVIANCA HOLDINGS: MORE THAN JUST AN AIRLINE

Source: Company Information; 1 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F; 2 includes Domestic Colombian and Peru

■ Aircraft maintenance, crew training and other airport

services to other carriers

■ Travel-related services to customers including all-

inclusive vacation deals

■ In-flight duty-free sales

■ 12 freight aircraft complemented by passenger fleet bellies

■ Deprisa is a leading express courier operation in Colombia

with a broad domestic and international product portfolio;

UPS allied in Colombia

■ Strong brand recognition and reputation in Colombia

■ One of the largest loyalty programs in Latin America

■ 20-year agreement, guaranteed exclusivity and seat

availability from Avianca

■ Solid burn-to-earn ratio

■ 12% YoY growth in 2015 in revenue from

external clients

■ 2,700+ hours of flight simulators

commercialized

■ 12 cargo aircraft(1)

■ 2,346mm ATKs(2)

■ 1,291mm RTKs(2)

■ 38% | 11% market Share Colombia | Miami

■ 7.2+ mm members (FY2016)

■ 558+ active co-branded credit cards

■ 327 commercial Partners

■ Freddie award winner 2013 – 2017

Courier

COURIER AND CARGO

SERVICES

LOYALTYBUSINESS

OTHERSERVICES

Business Overview Brands Key Highlights

121

125

1Q2016 1Q2017

306

329

1Q2016 1Q2017

+7.3%

578

620

1Q2016 1Q2017

AVIANCA CARGO: FINANCIAL AND OPERATIONAL RESULTS

Source: Company information. includes Domestic Colombian and Peru

Revenues – millions ATKs – millions

RTKs - millions Load Factor

+2.9% +7.2%

52.9% 53.0%

1Q2016 1Q2017

• 1Q’17 revenues increased 20.9% Year on Year

• 558K active co-branded credit cards; a 22.7% increase vs. 1Q’16

• Almost 7.2 million members; an 8.2% increase vs. 1Q’16

• 327 commercial partners; +25.8% vs. 1Q’16

LIFEMILES LOYALTY PROGRAM

Peru:Ecuador:

Uruguay:

Best Promotion

Best up and coming program

Colombia:

Source: Company information

Awards:

NEW COMMERCIAL PARTNERS & AWARDS

FLIGHT PLAN2017

Source: Company information.

1Q 2017 2017 OUTLOOK

PAX

ASK

LF

E B I T ¹

5.5% 4.0% – 6.0%

5.9% 6.5% – 8.5%

81.9% 80.0% – 82.0%

6.6% 6.0% – 8.0%

Source: Company Information1. When indicated the figures exclude the following one-time items: $1.7M: extraordinary projects; 1Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0

IN SUMMARYThe Company continues to successfully optimize its cost structure and enhanceprofitability while:

Increasing cash to LTM revenue to 10.5%, to USD 442 million

Achieving a +8.9% quarter over quarter increase in Passenger Revenues

Strengthening the top line through improving yield trends

Reducing CASK – ex fuel by 1.4%, reaching 6.3¢ as compared to 6.7¢ in 1Q 2016

Increasing Load Factors by +311 bps vs 2016, to 81.9%, with a 10.1% increase in trafficnumbers - outpacing capacity growth

Source: Company Information1. When indicated the figures exclude the following one-time items: $1.7M: extraordinary projects; 1Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0

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