2Q 2016 Earnings Results Presentation. B787 Dreamliner

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1 2Q 2016 Earnings Results Presentation B787 Dreamliner

2 2 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

Executive Summary More than 7.0 million passengers carried: +2.0% vs. 2Q2015 2Q2016 Results A Load Factor of 78.1% More than 132k transported tons More than 6.7 million members : +9.

3 Executive Summary More than 7.0 million passengers carried: +2.0% vs. 2Q2015 2Q2016 Results A Load Factor of 78.1% More than 132k transported tons More than 6.7 million members : +9.3 % Adjusted EBIT 1 Margin of 3.9% for 2Q2016: bps vs. 2Q2015 Avianca Cargo transported more than 11k tons of flowers for Mothers Day 2Q2016 Milestones Signed a new agreement with GDS provider Amadeus 26 th Freddie Awards- Lifemiles received distinctions in the following categories: Best Promotion, Best Redemption Ability in the America s and Award 210 New Non-stop service from Bogota to Cuzco Signed a new code share agreement with Etihad Source: Company Information 1. When indicated the figures exclude the following one-time items: $2.0M: Accounting gain on sale of a Fokker 100; $6.4M: Accounting loss on sale of an Airbus A319; $7.7M: Accounting loss on adjustment of aircraft reasonable value _ 3

4 2Q 2016 B787 Dreamliner

42 2 - - 2 Boeing 787 7 - - 7 Boeing 767F 2 - - 2 Total 177 +2-5 174 Capacity 100/194 pax 2 68 pax 96 pax 252 pax 12 Pax 68 tons 40 tons 48 pax 250 pax 53 tons

5 During 2Q2016 we advanced in our fleet plan execution 2Q2016 Operating Fleet Status Aircraft Type Mar.2016 In Out Jun.2016 Airbus A320 Family ATR Embraer E Airbus A Cessna Airbus A330F Airbus A300F ATR Boeing Boeing 767F Total Capacity 100/194 pax 2 68 pax 96 pax 252 pax 12 Pax 68 tons 40 tons 48 pax 250 pax 53 tons Source: Company Information 1 The Airbus A320 Family is comprised of: 10 A A319, 49 A320, 2 A321, 8 A319S, 12 A320S and 9 A321S 2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax. 5

6 2Q2016

7 Stable Load Factors are the result of a detailed network optimization process ASKs millions RPKs millions +8.2% 23, % 18,098 21,329 16, % 11, % 9,037 10,780 8,488 Yield - US Load Factor % 78.1% 78.9% 78.4% Source: Company information 7

8 2Q 2016 results were mainly driven by a leaner cost structure Revenues millions CASK 1 - US 2, % 1,971 9, % 8,02 9, % 8,06 1, % 966 RASK- US CASKex Fuel EBITDAR 1 millions EBIT 1 Margin - US % bps 5.6% +27.5% bps 3.9% 3.4% % Margin 13.2% 18.5% 15.9% 20.0% EBIT (Mllns) Source: Company Information 1. When indicated the figures exclude the following one-time items: $2.0M: Accounting gain on sale of a Fokker 100; $6.4M: Accounting loss on sale of an Airbus A319; $7.7M: Accounting loss on adjustment of aircraft reasonable value 8

During 2Q2016 profitability gained traction as macro landscape continued to stabilize

5% 2Q2013 2Q2014 2Q2015 2Q2016 EBIT USDM 35.3 49.8 5.1 37.6 EBITDAR Margin 13.0% 14.

When indicated the figures exclude the following one-time items: $2.

9 During 2Q2016 profitability gained traction as macro landscape continued to stabilize EBIT Margin Evolution 1 4.4% 3.9% 3.2% +341bps 0.5% 2Q2013 2Q2014 2Q2015 2Q2016 EBIT USDM EBITDAR Margin 13.0% 14.4% 13.2% 18.5% EBITDAR Margin +~543bps Source: Company Information 1. When indicated the figures exclude the following one-time items: $2.0M: Accounting gain on sale of a Fokker 100; $6.4M: Accounting loss on sale of an Airbus A319; $7.7M: Accounting loss on adjustment of aircraft reasonable value 9

10 Steady Load Factors are the result of Avianca s network flexibility and healthy traffic numbers Region 2Q2016 ASK Growth 2Q2016 RPK Growth 2Q2016 Load Factor Domestic* Intra Home Markets % + 2.1% 76.3% + 8.2% + 1.5% 69.4% HM to North America % + 5.1% 80.0% HM to South America % + 7.8% 81.4% Central America & Caribbean % 7.7% % 68.4% Home Markets to Europe % % 83.0% Total ASK Growth 7.4% RPK Growth 6.5% Load Factor 78.1% *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 10

11 Avianca continues to consolidate its leadership in the Colombian Domestic Market Colombia Domestic 1 Perú Domestic 2 Otros 5.6% 4,3% 1.3% 9.7% Otros 4.7% 12.6% % % 59.5% 12.0% 61.3% 1 May April 2016 Intra-home markets Home markets to North America Home markets to South America Home markets to Spain 1 66% 1 24% 1 37% 2 28% Source: Aeronáutica Civil, MIDT *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 11

12 CARGO & OTHER 2Q 2016

13 Avianca Cargo: Financial and Operational Results Revenues millions ATKs millions % % % , % 1,155 RTKs - millions Load Factor -1.0% % % 51.4% 57.4% 52.8% Source: Company information. Does not include Domestic Ecuador and Colombia 13

Avianca Cargo: Market Share Market Share 2Q 2016 Colombia Miami 1 40 17 15 12 13 12 9 11 3 9 2 8 Other 18 Other 32 Market

14 Avianca Cargo: Market Share Market Share 2Q 2016 Colombia Miami Other 18 Other 32 Market Share as of June 30 (%) Source: Aeronautica Civil and Miami International Airport. Information as of June,

15 LifeMiles Loyalty Program Highlights 2Q2016 2Q 16 revenues increased 33.5% vs 2Q15 485K active cobranded credit cards, an increase of 25.5% vs. 2Q 15 More than 6.7 million members, a 9.3% increase vs. 2Q commercial partners, +13.2% vs 2Q 15 New Commercial Partners Colombia Central America South America Peru Uruguay Source: Company information 15

16 2016

17 Avianca Holdings: 2016 Guidance Outlook FY2016 PAX 3% - 5% ASK 3% - 5% LF EBIT 1% 78% - 80% 5.5% - 7.5% Source: Company information. 17

18 18 In Summary As the Company successfully continues to optimize its cost structure and enhance profitability it has: Deleveraged the balance sheet. As such we have progressively reduced our Adjusted Net debt to EBITDAR multiple from 6.8x to 6.3x Improved profitability by more than +528 bps reaching an EBITDAR margin of 18,5% vs 13.2% in 2Q 2015, the highest margin in the last 3 years Maintained leadership in key markets while keeping a healthy load factor above +78% 4 Continued to enhance the cost reduction initiatives. Cask ex-fuel dropped 12,3% reaching 6,37 cents per ASK 5 Finalized key strategic projects such as the MRO and CEO Facilities that will enhance productivity

19 Thank You Contact Information: Investor Relations Office T: (57)

3Q 2016 Earnings Results Presentation. B787 Dreamliner

3Q 2016 Earnings Results Presentation B787 Dreamliner 2 The present document consolidates information from Avianca Holdings SA and its subsidiaries, including unaudited financial figures, operational managerial