2Q Earnings Results Presentation

2Q Earnings Results Presentation

SAFE HARBOR The present document consolidates information from Avianca Holdings S.A. and its subsidiaries, including unaudited financial figures, operational managerial 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 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 S.A.

Executive Summary 2Q 2017

H I G H L I G H T S Skytrax Awards: Best Latam Airline and best Latam Regional Airline Airbus: Operational Excellence Award in America Transported 12,652 tons of Mother s Day flowers; +6% vs. 2016 Routes: - Bogotá Montevideo - Bogotá Boston - San José México D.F. F I N A N C I A L US$1.09 Billion total revenues in 2Q17 Strongest 2Q revenue result since 2014 5.7% Adjusted EBIT 1 Margin for 2Q17 +168 bp vs 2Q16 Strongest 2Q EBIT since 2013 US$8.8 Million of Net Income First YoY yield increase since 1Q14 2Q17 yields increased 3.18%, to 8.5 cents O P E R AT I O N A L The RPK growth of 14.5% significantly outpaces capacity growth (ASK) of 9% in 2Q17 Load Factor (LF) of 82%; +390 bps vs. 2Q16 The highest 2Q LF since 2012 LF above 82% since 3Q16 PAX +9% YoY increase during 2Q17 AVH Network GUIDANCE UPDATE AvBrasil Network EBIT %, from 6.0% 8.0% to 7% 9% PAX: from 4%-6% to 4.5% 6.5% ASK: from 6.5%-8.5% to 7% 9% Source: Company Information 1. When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount.

FINANCIAL AND OPERATIONAL RESULTS 2Q 2017

We executed on our fleet plan 2Q17 Operating Fleet Status Aircraft mar-17 In Out jun-17 Airbus A320 Family 1 110-1 109 ATR 72 15 - - 15 Cessna 208 13 - - 13 Boeing 787 11 - - 11 Embraer E190 8 - - 8 Airbus A330 9 - - 9 Airbus A330F 5 - - 5 Airbus A300F 6-1 5 ATR 42 2 - - 2 Boeing 767F 2 - - 2 Total 181 0-2 179 Fleet Status & Capacity Detail 100/194 pax 2 68 pax 12 pax 250 pax 96 Pax 252 pax 68 tons 40 tons 48 pax 53 tons OUT Airbus A319 out of fleet: end of operating lease OUT Airbus A300F inactive: Tampa sold the aircraft to Aerounión. 6 Source: Company Information 1 The Airbus A320 Family is comprised of: 10 A318 18 A319, 49A320, 2 A321, 8 A319S, 12 A320S and 9 A321S 2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax.

First year on year yield increase since 2014, +318 bp reaching 8.5 US cents 2Q ASKs Millions 2Q RPKs Millions ASK Quarterly RPK Quarterly ASK Annual 9,922 10,780 11,575 +9.0% 12,621 23,079 +7.5% 24,801 RPK Annual 7,756 8,488 9,037 +14.5% 10,346 18,098 +12.3% 20,317 2Q14 2Q15 2Q16 2Q17 6M16 6M17 2Q14 2Q15 2Q16 2Q17 6M16 6M17 2Q Yield - US 2Q Load Factor Yield Quarterly Yield Annual Load Factor Quarterly Load Factor Annual +390 bp 12.0 9.8 +318 bp 8.2 8.5 8.47 +98 bp 8.55 78.2% 78.7% 78.1% 82.0% 78.4% +350 bp 81.9% 7 Source: Company Information Bp: Basics points 2Q14 2Q15 2Q16 2Q17 6M16 6M17 2Q14 2Q15 2Q16 2Q17 6M16 6M17

Improved operational performance result in strongest second quarter EBIT margin since 2012 2Q Revenues 1 US millions 2Q CASK 1 ex Fuel - US Passenger 11.5 1,144 212 932 9.6 1,036 208 829 Non-passanger Revenues 8.7 8.1 8.6 8.3 1,092 1,915 2,160 938 217 382 422 197 875 1,533 1,737 741 RASK US CASK CASK Ex-fuel 12.0 10.0 8.0 6.0 4.0 11.0 7.7 9.6 7.0 7.8 8.2 6.1 6.3 12.0 10.0 8.0 7.8 8.2 6.0 6.3 6.3 4.0 2.0 2.0 2Q14 2Q15 2Q16 2Q17 2Q EBITDAR 1 US millions 6M16 6M17-2Q14 2Q15 2Q16 2Q17 2Q EBIT 1 US millions - 6M16 6M17 EBITDAR EBIT EBITDAR Margin 250.000 200.000 150.000 100.000 50.000-14.4% 164.3 13.5% 140.0 19.0% 19.4% 178.4 211.9 2Q14 2Q15 2Q16 2Q17 440.00 420.00 400.00 380.00 360.00 340.00 320.00 22.0% 20.0% 18.0% 20.5% 19.9% 16.0% 14.0% 430.0 12.0% 10.0% 8.0% 393.3 6.0% 4.0% 2.0% 6M16 6M17 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% 15.0% EBIT Margin 70 60 50 40 30 20 10-4.4% 50 0.5% 5 4.0% 38 5.7% 62 109.9 5.7% 6M16 133.1 6.2% 6M17 8 Source: Company Information 1. When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount. 2. Q: Quarterly 3. A: Annual

Avianca reports the strongest 2Q Load Factor in company history of 82%, +390bp vs 2Q16 Region 2Q17 ASK Growth 2Q17 RPK Growth 2Q17 Load Factor 2Q17 Insights Domestic* -1.8% 4.0% 80.8% Robust position thanks to strong network and frequencies Intra Home Markets 1 5.1% 14.3% 75.5% Strong competitive position in strategic markets drives demand growth HM to North America 2 9.4% 14.5% 83.8% Increase of frequencies and a new destination (BOS) with traffic and yield growth HM to South America 3 16.3% 17.1% 81.9% Strong demand growth, support capacity increases combined with economic recovery Central America & Caribbean 4 5.4% 20.3% 78.1% Broad traffic growth with yield improvement driven by economic recovery Home Markets to Europe 19.1% 22.7% 85.5% Strong capacity expansion outpaced by traffic growth Total ASK Growth 9.0% RPK Growth 14.5% Load Factor 82% *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 COLOMBIA DOMESTIC 1 PERU DOMESTIC 2 4.2% Others 4.0% 1.1% 12.0% 13.2% 1 3.4% Others 11.4% 3 58.5% 17.4% 59.2% 14.7% 1 June 2017 2 May 2017 INTRA-HOME MARKETS HOME MARKETS TO NORTH AMERICA HOME MARKETS TO SOUTH AMERICA HOME MARKETS TO SPAIN 1 69% 1 24% 1 36% 2 28.5% 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

CARGO & OTHER 2Q 2017

Avianca Holdings: more than just an airline Business Overview Brands Key Highlights Semester 2017 COURIER AND CARGO SERVICES 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 Courier 12 cargo aircraft (1) 1,286 mm ATKs (2) 685.4 mm RTKs (2) 53.5% 17.06% market Share Colombia Miami LOYALTY BUSINESS One of the largest loyalty programs in Latin America 20-year agreement, guaranteed exclusivity and seat availability from Avianca Solid burn-to-earn ratio 7.3+ mm members 591+ active co-branded credit cards 320 Commercial Partners OTHER SERVICES Aircraft maintenance, crew training and other airport services to other carriers Travel-related services to customers In-flight duty-free sales 12% YoY growth in 2015 in revenue from external clients 2,700+ hours of flight simulators commercialized Source: Company Information; 1 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F; 2 includes Domestic Colombian and Peru

Avianca Cargo: financial and operational results Segment Overview During 2Q17 Avianca Cargo moved a total of 12,652 tons of Mother s Day flowers, +6% YoY increase compared to last year s Mother s Day season Strong performance for first semester 2017, with an increase of +4.2% in transporting tons when compared to same period in 2016 New A330Fs provide reduced unit costs, higher capacity (up to 40% more than the previous fleet) (1) and improved reliability Key Metrics (Cargo and Courier) Revenue (US$MM) (2) +7.10% ATK (MM) (3) 131.75 123.02 2Q16 2Q17 RTK (MM) (3) +16.6% Load Factor 356.8 306.0 +11.8% 666.0 595.8 2Q16 2Q17 +221 bp 53.57% 51.36% Market Share Colombia (2017) (4) Market Share Miami (2017) (5) (% Market share by freight carried) (% Market share by freight carried) 53.5% 2Q16 2Q17 2Q16 40.08% 2Q17 33.9% 13.4% 11.8% 11.0% 10.2% 17.06% 17.06% 15.87% 13.10% 8.73% 7.94% 3.9% AVH Atlas Latam UPS Skylease Cargolux Others AVH Latam Atlas UPS Amerijet Skylease Others Source: Company. (1) On a per trip basis. (2) Includes consolidated revenues from the cargo operation in Mexico / When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0 (3) Includes bellies and excludes Colombia domestic operations. Includes commercial agreements with OceanAir Linhas Aereas, not included in official statistics. (4) International Cargo Aeronáutica Civil de Colombia (as of June 2017)

LIFEMILES LOYALTY PROGRAM 2Q 17 revenues increased 21.6% vs 2Q 16 591K active cobranded credit cards, an increase of 23.0% vs. 2Q 16 More than 7.3 million members, a 8.2% increase vs. 2Q 16 320 commercial partners, +9.6% vs 2Q 16 NEW COMMERCIAL PARTNERS & AWARDS Colombia South America Ecuador: Central America El Salvador: Peru: Paraguay: Source: Company information

FLIGHT PLAN 2017

2Q 2017 1H 2017 2017 O U T LO O K U P DAT E D 2 0 1 7 O U T LO O K PAX 9.0% 7.2% 4.0% 6.0% 4.5% 6.5% ASK 9.0% 7.5% 6.5% 8.5% 7.0% 9.0% LF 82.0% 81.9% 80.0% 82.0% 80.0% 82.0% E B I T ¹ 5.7% 6.1% 6.0% 7.0% 7.0% 9.0% Source: Company information. Source: Company Information 1. 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 Summary: The Company continues to successfully optimize its cost structure and enhance profitability Strongest second quarter Load Factor in company history of 82%, +390 bp vs 2Q16 First year over year yield increase since 2014, +318 bp reaching 8.5 US US$1.09 Billion total revenues in 2Q17, strongest 2Q result since 2014, +16.5% year on year 5.7% Adjusted EBIT 1 Margin for 2Q17, +168 bp vs 2Q16, strongest 2Q EBIT since 2013 US$ 34.4 Millions Net Income for the first semester of 2017 (US$ 8.8 Millions for 2Q17), a relevant increase vs 1H16 Source: Company Information 1. When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount.

Thank You Contact Information: Investor Relations Office ir@avianca.com T: (57) 1 5877700 www.aviancaholdings.com