3Q Earnings Results Presentation

3Q 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.

PILOT UNION STRIKE: UPDATE

Labor conflict to be resolved by arbitration tribunal as established in Colombia's Labor Code Antecedents to Pilot Strike 1) June 15, ACDAC pilot union approves list of request to be presented to AVIANCA S.A. 1 AVIANCA S.A. 1 Sues AVIANCA S.A. 1 sues ACDAC pilot union due to illegal cessation of activities Court Rules in AVIANCA s Favor Bogota Superior Tribunal rules in favor of AVIANCA S.A. 1, declaring pilot strike illegal Pilots union appeals; suit is elevated to Colombian Supreme Court (CSC) Pending Court Action Audio file of initial verdict is reconstructed and resubmitted to the Colombian Supreme Court, which will issue a definitive verdict regarding the illegal cessation of activities Strike Lifted 1)ACDAC votes to end the strike after 51 days 2) 207 Pilots resume work with AVIANCA S.A. 1 2) August 8, ACDAC presents list of requests to AVIANCA S.A. 1 3) Direct negotiation with pilot union ACDAC lasts from Aug. 23 Sep. 11 WEEK 1 WEEK 2 WEEK 3 WEEK 4 WEEK 5 WEEK 6 WEEK 7 Pilots Begin Strike Despite various proposals presented by Avianca S.A. 1 to pilots union, pilots make unilateral decision to initiate illegal cessation of activities on Sep. 20 th Arbitration Tribunal Given negative impact on Colombia's Air travel and economy, Government convenes obligatory arbitration tribunal, where three arbitrators reach a compromise between union and airline Rulings are Delayed 1) Colombian Supreme Court returns ruling to High Court of Bogota due to technicality regarding quality of verdict recording 2)ACDAC files several lawsuits against creation of Arbitration Tribunal to delay process Arbitration Tribunal The third arbitrator accepts appointment Looking ahead 1)The labor tribunal should define working conditions going forward 2)CSC will issue definitive verdict regarding the illegal cessation of activities Source: Company Information 1. Avianca S.A. refers to the Colombian entity operating under Avianca Holdings S.A. Nota: Basado en resultados preliminares, sujetos a cambio

AVIANCA s contingency plan mitigates effects of pilot strike Strike Impact on EBIT Revenue Impact Cost Impact 9,2% EBIT Adjusted ex-acdac 10 strike days took place in the 3Q17. The resulting impact translates into USD $ 2.0 - $ 2.5 Million per day in forgone revenues, while variable costs decreased between USD $ 1.0 - $ 1.5 Million per day. Avianca has no restrictions on ticket sales; therefore, all tickets for flights operated by Avianca are currently available for sale, which significantly reduced passenger compensation Avianca confirms EBIT margin guidance of 7%-9% despite impact of pilot strike On September 20 th approx. 700 Avianca Colombia Pilot members of the ACDAC union, of a total of 1350 Pilots, went on strike effectively reducing the company's deployable capacity, measured in ASK, by 45% Avianca quickly enacted a contingency plan to mitigate the impact, larger capacity aircraft deployment, more efficient use of staff, change in mix of operating carriers, focus on operation of key domestic city pairs, wet lease aircraft deployment. Avianca also shifted administrative staff to work at airports and executed an Administrative savings program For the Fourth Quarter peak season, Avianca Colombia will continue to incorporate new pilots and returning pilots into its domestic operations, to operate as closely as possible to its pre-strike capacity (measured in ASK) Source: Company Information

Executive Summary 3Q 2017

H I G H L I G H T S Fleet: Incorporated Latin America s first Airbus A321 NEO Aircraft into Avianca s Fleet LifeMiles LTD. raises USD $ 300 million through the Term Loan B Market Routes: - Cali San Andres - Cali Bucaramanga - Cali Santa Marta - Medellín San Andres Avianca suspends operations to Venezuela due to operational and security reasons F I N A N C I A L US$1.2 Billion total revenues 1 in 3Q17 Strongest 3Q revenue result since 2014 11.0% EBIT Margin 1 for 3Q17 +318 bp vs 3Q16 Strongest 3Q EBIT since 2013 Second consecutive YoY yield 1 increase 3Q17 yields 1 increased 4.3% to 9.2 cents Avianca Signs its first JOLCO (Japanese operating lease with a call option) O P E R AT I O N A L 3Q17 4.9% RPK growth continues to outpace capacity growth (ASK) of 3.5% Load Factor (LF) of 84.6%; +112 bps vs. 3Q16 The highest LF in company history PAX +0.10% YoY increase during 3Q17 CONOPS Project: Redesigned airspace increases Bogota operational capacity AVH Network STRATEGIC GUIDANCE AvBrasil Network Avianca maintains FY EBIT guidance of 7%-9% Strategic Commercial Alliance negotiations with United Airlines continues negotiations term sheet to be presented by year end Avianca acquires local ground handling service SAI Servicios Aeroportuarios Integrados Source: Company Information 1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC s Foregone Revenues; $-14,530M: ACDAC s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.

FINANCIAL AND OPERATIONAL RESULTS 3Q 2017

Executing on our fleet plan 3Q17 Operating Fleet Aircraft Jun-17 In Out Sep-17 Airbus A320 Family 1 109 1-110 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 5 - - 5 ATR 42 2 - - 2 Boeing 767F 2 - - 2 Total 179 1 0 180 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 IN Airbus A321 Neo in: First A321 Neo of the two orders for 2017 First Latin American airline to operate A321 NEO; NEO technology allows savings of up to 20% in jet fuel, reduces up to 50% acoustic footprint and reduces the emission of CO2 by plane by 5K tons; 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.

Second, consecutive year on year yield increase since 2014: +91 bp, reaching 8.9 US cents 3Q ASKs Millions 3Q RPKs Millions Quarterly ASK Full Year ASK ASK ex-strike Quarterly RPK Full Year RPK RPK ex-strike 10,683 11,618 +6.4% 12,733 11,973 12,389 +3.5% +7.1% 37,535 37,190 35,052 8,689 9,441 +8.6% 10,854 9,997 10,483 +4.9% +11.0% 31,172 30,800 28,094 +6.1% +9.6% 3Q Yield - US 3Q Load Factor Quarterly Yield Full Year Yield Yield, ex-strike Quarterly Load Factor Full Year Load Factor Load Factor, ex-strike 11.9 11.9 9.5 9.5 +4.3% 8.8 9.2 8.8 8.9 8.6 8.6 +2.1% + 0.9% 8.8 8.7 81.3% 81.3% +175 bp 85.2% 83.5% 84.6% +112 bp 80.1% +294 bp 83.0% 82.8% + 0.9% +271 bp Source: Company Information Bp: Basics points

Improved operational performance results in strongest second quarter EBIT margin since 2012 Unadjusted 3Q Revenues US millions 3Q CASK ex Fuel - US Passenger Non-passanger Revenues RASK US CASK 11.2 1,218 184 1,034 9.4 8.9 9.4 1,161 1,117 1,062 222 182 229 895 880 932 8.9 8,7 3,033 3,321 620 652 2,413 2,669 CASK Ex-fuel 12.0 10.0 8.0 6.0 4.0 10.7 7.4 9.0 8.2 8.5 6.8 6.4 6.6 12.0 10.0 8.1 8.3 8.0 6.5 6.4 6.0 4.0 2.0 2.0 3Q EBITDAR US millions - 3Q EBIT US millions - EBITDAR EBIT EBITDAR Margin 21.6% 22.0% 19.1% 16.6% 255.0 202.5 212.9 229.1 20.1% 610.3 20.6% 682.6 EBIT Margin 5.8% 70 6.5% 72 7.9% 83 9.2% 107 181 237 7.1% 6.0% Source: Company Information 1. Q: Quarterly 2. A: Annual 11

Improved operational performance results in strongest second quarter EBIT margin since 2012 Adjusted 3Q Revenues 1 US millions 3Q CASK 1 ex Fuel - US Passenger 11.2 9.4 Non-passanger Revenues 9.6 8.9 8.5 9.0 RASK US CASK CASK Ex-fuel 1,192 158 1,034 1,093 1,062 198 182 895 880 1,193 229 963 2,977 3,352 563 652 2,413 2,701 12.0 10.0 8.0 6.0 4.0 10.5 7.2 8.7 8.2 8.6 6.5 6.4 6.6 12.0 10.0 7.9 8.3 8.0 6.3 6.4 6.0 4.0 2.0 2.0 3Q EBITDAR 1 US millions - 3Q EBIT 1 US millions - EBITDAR EBITDAR Margin 17.0% 202.5 20.4% 21.6% 222.6 229.1 23.4% 278.6 27.0% 22.0% 20.9% 17.0% 12.0% 622.4 7.0% 21.1% 708.7 22.0% 21.0% 20.0% 19.0% 18.0% 17.0% 16.0% EBIT EBIT Margin 5.9% 70 7.5% 82 7.9% 83 11.0% 132 6.5% 193 7.9% 265 2.0% 15.0% Source: Company Information 1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC s Foregone Revenues; $-14,530M: ACDAC s operatives expenses; $ 6,522M: Aerogal'sReservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex. 2. Q: Quarterly 3. A: Annual 12

Avianca reports the strongest 3Q Load Factor in company history of 84.6%, +112 bp vs 3Q16 Region 3Q17 RPK Growth 3Q17 ASK Growth 3Q17 Load Factor 3Q17 Insights Domestic* -3,2% -7,4% 84,8% Capacity reduction in September (last 10 days) due to pilots' strike with slight traffic impact Intra Home Markets 1 7,5% 3,5% 79,0% Strong competitive position in strategic markets drives demand growth HM to North America 2 6,4% 4,9% 86,3% Traffic and yield improvement above capacity growth HM to South America 3 1,2% 3,5% 84,0% Yield and demand growth driven by economic recovery, supports capacity increase in core markets Central America & Caribbean 4 11,9% 1,7% 78,5% Broad traffic growth with yield improvement driven by economic recovery Home Markets to Europe 12,2% 16,1% 87,8% Strong capacity expansion with traffic and yield growth Total RPK Growth 4.9% ASK Growth 3.5% Load Factor 84.6% *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 and Uruguay, 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 4.6 Others 4.2% 1.8% 60.7% 13.2% 1 54.5% 3.0% Others 11.1% 3 20.7% 10.9% 14.2% 1 Sep 2017 2 Jul 2017 INTRA-HOME MARKETS HOME MARKETS TO NORTH AMERICA HOME MARKETS TO SOUTH AMERICA HOME MARKETS TO SPAIN 1 68.4% 1 24.6% 1 34,8% 2 24,6% 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 3Q 2017

Avianca Holdings: more than just an airline Business Overview Brands Key Highlights 9M2017 COURIER AND CARGO SERVICES 12 freight aircraft complemented by passenger fleet bellies Deprisa is a leading express courier operating 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) 1,917 mm ATKs (2) 1,054 mm RTKs (2) 41.1% 11.0% - 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 Gross-Billings growth 7.5+ mm members 526+ active co-branded credit cards 322 Commercial Partners OTHER SERVICES Aircraft maintenance, crew training and other airport services to other carriers Avianca acquires local ground handling service SAI Servicios Aeroportuarios Integrados Travel-related services to customers 12% YoY growth in 2015 in revenue from external clients 2,700+ hours of flight simulators commercialized In-flight duty-free sales 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 First A330F operating under Peruvian certification (COA) allowing for more efficient asset utilization and network optimization Strong performance for 3 Quarter 2017, with an increase of +8.8% in transported tons when compared to same period in 2016 Key Metrics (Cargo and Courier) Revenue (US$MM) (2) +28.6% ATK (MM) (3) +11.9% Revenue ex-strike 116 +20.7% 149 140 564 631 New A330Fs provide reduced unit costs, higher capacity (up to 40% more than the previous fleet) (1) and improved reliability 3Q16 RTK (MM) (3) +18.5% 3Q17 Load Factor 3Q16 325 bp 3Q17 311 369 55.20% 58.45% Market Share Colombia (2017) (4) Market Share Miami (2017) (5) (% Market share by freight carried) (% Market share by freight carried) 41.1% 3Q16 3Q17 3Q16 3Q17 44.0% 25.2% 8.6% 8.6% 8.6% 4.9% 3.1% 13.3% 11.5% 11.0% 8.0% 6.3% 6.0% AVH Atlas Latam UPS Skylease Cargolux Others Atlas UPS AVH Amerijet American Airlines Latam Others Source: Company. (1) On a per trip basis. (2) Includes consolidated revenues from the cargo operation in Mexico / When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC s Foregone Revenues; $-14,530M: ACDAC s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex. (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 September 2017) (5) Miami-Dade Aviation Statistics, by airline group (as of September 2017)

LIFEMILES LOYALTY COMPANY 3Q 17 revenues increased 8.8% vs 3Q 16 More than 7.5 million members; a 9.0% increase vs. 3Q 16 626K active cobranded credit cards 21.7% increase vs. 3Q 16 322 commercial partners, +6.3% vs 3Q 16 NEW COMMERCIAL PARTNERS & AWARDS Colombia Central America El Salvador: Source: Company information

FLIGHT PLAN 2017

3Q 2017 9M 2017 2017 OUTLOOK PAX 0.10% 4.7% 4.5% 6.5% ASK 3.5% 6.1% 7.0% 9.0% LF 84.6% 82.8% 80.0% 82.0% E B I T ¹ 11.0% 7.9% EBIT 9.2% 7.1% 7.0% 9.0% Source: Company information. Source: Company Information 1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC s Foregone Revenues; $-14,530M: ACDAC s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.

In Summary: This quarter, Avianca maintained its path of margin expansion and profitable growth despite the impact of a pilot strike, by achieving: Strongest Load Factor 1 in company history of 84.6%, +112 bp vs 3Q16 Continued yield 1 recovery, +4.3% Year on Year, reaching 9.2 US US$1.2 Billion total revenues 1 in 3Q17, strongest 3Q result since 2014, +12.3% year on year 11.0% Adjusted EBIT 1 Margin for 3Q17, +318 bp vs 3Q16, strongest 3Q EBIT since 2013 Strong Cash Balance of 12.1% Cash/LTM Revenues, while reducing leverage to 5.6X Net Debt /EBITDAR Source: Company Information 1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC s Foregone Revenues; $-14,530M: ACDAC s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.

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