Corporate Presentation August 2017

Corporate Presentation August 2017

Disclaimer The material that follows comprises information about Avianca Holdings S.A. (the Company ) and its subsidiaries, as of the date of the presentation. It has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving legal, tax, investment or other advice to potential investors. The information presented or contained herein is in summary form and does not purport to be complete. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. Neither the Company nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice, and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives makes any undertaking to update any such information subsequent to the date hereof. This presentation contains forward-looking statements, which are based upon the Company and/or its management s current expectations and projections about future events. When used in this presentation, the words believe, anticipate, intend, estimate, expect, should, may and similar expressions, or the negative of such words and expressions, are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. Additionally, all information, other than historical facts included in this presentation is forward-looking information. Such statements and information are subject to a number of risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated due to many factors. As for forward-looking statements that relate to future financial results and other projections, actual results may be different due to the inherent uncertainty of estimates, forecasts and projections. Because of these uncertainties, potential investors should not rely on these forward-looking statements. Neither the Company nor any of its affiliates, directors, officers, agents or employees, nor any of the shareholders or initial purchasers shall be liable, in any event, before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. Certain data in this presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified such data with independent sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. In addition to IFRS financials, this presentation includes certain non-ifrs financial measures, including Adjusted EBITDAR, which is commonly used in the airline industry to view operating results before depreciation, amortization and aircraft operating lease charges, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other asset acquisitions. However, Adjusted EBITDAR should not be considered as an alternative measure to operating profit, as an indicator of operating performance, as an alternative to operating cash flows or as a measure of the Company s liquidity. Adjusted EBITDAR as calculated by the Company and as presented in this document may differ materially from similarly titled measures reported by other companies due to differences in the way these measures are calculated. Adjusted EBITDAR has important limitations as an analytical tool and should not be considered in isolation from, or as a substitute for an analysis of, the Company s operating results as reported under IFRS. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or this proposed offering. 2

Agenda 1 Company Overview and Track Record 2 Leading Airline in Latin America focused on service excellence 3 Strong Operational and Financial Performance 4 Diversified Sources of Revenue with Growing Non-Passenger Businesses 5 Strategic Projects and Full Year Outlook 3

Company Overview and Track Record

Successful Integration with Further Synergy Generation Potential Well-Defined Integration Plan Realized Revenue Synergies: $219MM Total Revenue 16: $4,081MM Star Alliance Single Brand Single Commercial Code Single Web Page LifeMiles Maximization Ancillary Revenue Revenue Management Optimization 2016 2017 Total Revenue 10: $2,815MM (1) 2010 Single Management Team 2011 Single Loyalty Program Network & Commercial Integration 2012 Core Systems Migration 2013 Fleet Interchangeability 2014 ERP Intra Hub Connectivity 2015 Single Operations Management Airport Optimization Model MRO and CEO (3) Cost Control Initiatives Potential Cost-Reduction Synergies: US$80MM Network / Fleet Optimization EBIT Margin: ~4.5% (2) 5.3% 6.6% 8.4% 6.2% 5.7% 7.2% 7.0% - 9.0% Shared Strengths and Values Complementary Fleet Experience operating widebody aircraft offers new opportunities for traffic from Central America and Lima Customer Service Approach Both airlines shared similar brand and customer strategies, providing a high standard of service Complementary Routes Complementary networks offer a unique growth proposition in Central and South America Only 2 routes overlapped before combination Great Talent Talent and commitment aligned with objectives and similar cultures 5 Source: Company. (1) Consolidated figures for the eleven months ended December 31, 2010. (2) Includes EBIT contribution of Avianca S.A. and GTH. (3) Maintenance, Repair and Overhaul providers ( MRO ) and Operational Excellence Center ( CEO ).

Leading Airline with Strategic Footprint in the Americas US$4,081 mm Total Revenues in 2016 Geographic Footprint US$879mm Total EBITDAR in 2016 167 Passenger and 12 Freighter Aircraft (1) as of June 2017 Average Jet Fleet Age of 5.9 Years 3 Hubs: Bogota, San Salvador and Lima (NY008B8R) 684268_1.wor 100+ Destinations and 6,000+ Weekly Departures Leading Loyalty Coalition Program with 7.3+ mm Members Complementary Business Lines 20% of Consolidated Revenues in 2016 Single commercial code Single Avianca brand Single website Interchangeability of aircraft Avianca Brasil (2) Colombia Domestic Intra-Home Markets (4) Home Markets to Spain #1 #1 #2 Courier 59.2% Market Share (3) 68.8% Market Share (3) 28.5% Market Share (3) 6 Source: Company, Aeronáutica Civil de Colombia, and internal data derived from Travelport Marketing Information Data Tapes ( MIDT ). Note: market shares based on number of passengers. (1) 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F (2) Brazilian operations reflect the code-share agreement with Oceanair ( Avianca Brasil ), including the licensing of the Avianca trademark (3) Sourced from Company (4) International traffic within our Home Markets (Colombia, Ecuador, Peru, El Salvador, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & Caribbean (non-regional))

Leading Airline in Latin America focused on service excellence

Leading Airline in Latin America Leading Position in Latin American Markets (1) Significant Market Share Gains in Key Markets Passenger Evolution (MM) Colombia (4) Peru (4) #1 #2 Ecuador Domestic 23.6% Market Share #3 Colombia Domestic 59.2% Market Share #4 Leading Airline with Strategic Footprint in the Americas (5) Unparalleled route network connecting the Americas Leadership position in the markets served: ~60% domestic market share in Colombia ~69% market share in Intra-Home Markets (6) Peru Domestic 12.0% Market Share Brazil Domestic (2) 11.8% Market Share 24.0% Market Share in Core Network (3) ~28.5% market share in Home Markets to Spain routes Domestic Operations Avianca Brasil (2) Undisputed leadership connecting passengers across our home markets with one another and with North America, Europe and South America 8 Source: Company and local regulators. (1) Market share based on number of passengers. As of June 2017. (2) Brazilian operations reflect the code-share agreement with Oceanair ( Avianca Brasil ), including the licensing of the Avianca trademark. (3) Reflects market share in the routes it operates as of April 2017. (4) Based on domestic and international passengers. (5) Market shares sourced from Company. (6) International traffic within our Home Markets (Colombia, Ecuador, Peru, El Salvador, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & Caribbean (non-regional)).

Successful Fleet Optimization Leading to Reduced Complexity 2010 9 Families Average Jet Fleet Age of 10.1 Years 2015 7 Families Average Jet Fleet Age of 5.9 Years Long Term Fleet 4 Families by 2020 A330 B737 F100 Boeing 787 B767F Boeing 787 A320 Neo A320 B767 Regional A320 Family (1) E190 More fuel efficient than many similarly sized airplanes 15% less fuel consumption Up to 500nm of additional range Up to 3% cost savings ATR 72 / 42 Cessna 208 ATR72 A330F E190 MD83 B757 A330 Pax / 330F /300F ATR72s for improved regional capacity 40% more cargo capacity vs. previous cargo fleet Backlog Designed to Enhance Fleet Efficiency (2) Modern fleet providing platform for higher profitability Increased fuel efficiency Improved technical dispatch reliability Reduced training costs and maintenance expenses Improved range and network Opportunity to upgage in congested markets Increased regional capacity Jet passenger operative Fleet average age: 5.9 years 2017 2018 2019 2020 2021 Total B787 2-3 - - 5 A319 2 - - 4 4 10 A320-5 6 14 17 42 A321 2 - - 2 2 6 performance Total (1) 6 5 9 20 23 63 9 Source: Company. (1) The Airbus A320 Family is comprised of 10 A318, 16 A319, 49 A320, 2 A321, 10 A319sharklets, 13 A320sharklets and 9 A321sharklets. (2) Avianca also has rights to purchase up to 10 Boeing 787 Dreamliners and 15 ATR72s. In April 30, 2015, the Company signed a Purchase Contract for a total of 100 A320 New Engine Option (NEO) family aircraft with deliveries between 2019 and 2024, which are included in the contractual delivery schedule set above. In line with our initiatives directed towards enhancing profitability, achieving a leaner capital structure and reducing the current levels of debt, in April 2016, Avianca negotiated with Airbus a significant reduction of its scheduled aircraft deliveries for 2016, 2017, 2018 and 2019 and certain changes to the type of aircraft (both upgrades and downgrades), but did not alter the total deliveries scheduled between 2016 and 2025.

Strong Operational and Financial Performance

Demand outgrows capacity deployment resulting in record Load Factor 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% 11 *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

Demand recovery in core markets drive yield improvement RPKs Millions: Strong demand growth outpaces Aviancas ASKs Millions: capacity deployment across the network RPK Quarterly ASK Quarterly RPK Annual 7,756 8,488 9,037 +14.5% 10,346 18,098 +12.3% 20,317 ASK Annual 9,922 10,780 11,575 +9.0% 12,621 23,079 +7.5% 24,801 2Q14 2Q15 2Q16 2Q17 6M16 6M17 2Q14 2Q15 2Q16 2Q17 6M16 6M17 Load Factor: 1Q17 (strongest 1Q LF since TACA integration) & 2Q17 (highest 2Q LF since 2012) Load Factor Quarterly Load Factor Annual Yield Quarterly Yield Annual Yield - US : First YoY yield increase since 1Q14 +390 bp 78.2% 78.7% 78.1% 82.0% 78.4% +350 bp 81.9% 12.0 9.8 +318 bp 8.2 8.5 8.47 +98 bp 8.55 2Q14 2Q15 2Q16 2Q17 6M16 6M17 2Q14 2Q15 2Q16 2Q17 6M16 6M17 12 Source: Company Information Bp: Basics points

Avianca remains committed to pursue a leaner cost structure Revenues 1 US M: Network flexibility and positive demand drive revenue increase Continuous cost cutting initiatives decrease unitary ex fuel cost Passenger 11.5 Non-passanger Revenues RASK US CASK CASK Ex-fuel 1,144 212 932 9.6 1,036 208 829 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 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 6M16 6M17-2Q14 2Q15 2Q16 2Q17-6M16 6M17 EBITDAR 1 US Millions EBIT 1 US M: Avianca continuous its path to sustainable margin expansion EBITDAR EBIT EBITDAR Margin EBIT Margin 250.000 200.000 150.000 100.000 50.000-19.0% 19.4% 211.9 14.4% 164.3 13.5% 178.4 140.0 2Q14 2Q15 2Q16 2Q17 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% 70 60 50 40 30 20 10-5.7% 4.4% 4.0% 62 50 38 0.5% 5 2Q14 2Q15 2Q16 2Q17 109.9 5.7% 6M16 133.1 6.2% 6M17 13 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

Debt Overview and Deleveraging Plan 2Q17 Debt Profile By Type (1) By Currency Type (1) Currency Avg. Rate Aircraft Debt U.S. Dollars 3.50% Bonds Colombian Pesos 11.19% COP Bonds USD Bonds 2.83% 13.95% 17.71% 65.51% Euros Colombian Pesos 2.91% 3.96% Bonds U.S. Dollars 7.95% Corporate Debt U.S. Dollars 4.56% Total 4.65% USD Corporate Debt USD Aircraft Debt 93.13% U.S. Dollars 2Q17 Debt Amortization Schedule (US$MM) 1.308 881 133 550 270 29 113 128 403 371 28 29 73 59 60 301 283 272 1,175 2017 2018 2019 2020 2021+ 14 AIRCRAFT CORPORATE DEBT BONDS Source: Company. (1) Excludes US$6.3 Millions of corporate debt in COP and US$128.2 Millions of aircraft debt in EUR. (2) Current installments of long term debt + long term debt cash. Cash includes cash and cash equivalents + restricted cash + available for sale securities + short term certificates of bank deposits + long term restricted cash. (3) Current installments of long term debt + long term debt + (aircraft rentals 12M x 7) cash. Cash includes cash and cash equivalents + restricted cash + available for sale securities + short term certificates of bank deposits + long term restricted cash. (4) Consolidated net profit for the period plus the sum of income tax expense, depreciation, amortization and impairment and aircraft rentals, minus interest expense, minus interest income, minus derivative instruments, minus foreign exchange. (5) EBITDAR coverage ratio calculated as EBITDAR divided by the sum of aircraft leases and interest expense.

Diversified Sources of Revenue with Growing Non-Passenger Businesses

Avianca Holdings: More Than an Airline Business Lines Business Overview Brands Key Highlights (2017) Result of the combination of Avianca and Taca with $1,7 Billions passenger revenue Passenger Transport complementary operations in Andean Region and Central America Extensive route network from hubs in Bogota, San 167 passenger aircraft (1) 28 countries reached Salvador and Lima Member of Star Alliance since 2012 6,000+ weekly departures Courier and Cargo Services 13 freighter aircraft complemented by passenger fleet bellies Deprisa is a leading express courier operation in Colombia with broad domestic and international product portfolio; UPS allied in Colombia Strong brand recognition and reputation in Colombia Courier 12 cargo aircraft (1) $531mm revenue 1,286 mm ATKs (2) 685.4 mm RTKs (2) 53.5% 17.06% market Share Colombia Miami Loyalty Business One of the largest coalition loyalty programs in Latin America 20-year agreement, guaranteed exclusivity and seat availability from Avianca 7.3+ mm members (3) 591k+ active co-branded credit cards +320 commercial Partners Solid burn-to-earn ratio Freddie award winner 2013 2017 Other Services Aircraft maintenance, crew training and other airport services to other carriers Travel-related services to customers including allinclusive vacation deals In-flight duty-free sales 12% YoY growth in 2015 in revenue from external clients 2,700+ hours of flight simulators commercialized 16 Source: Company. (1) Considers 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F. (2) Includes bellies and excludes Colombia domestic operations. Includes commercial agreements with OceanAir Linhas Aereas, not included in official statistics. (3) Last twelve month figures ending June 30, 2017.

LifeMiles

LifeMiles at-a-glance Strong Brand Recognition Strong and Growing Network Commercial Partners Co-Branded Credit Cards Selected Air Companies LifeMiles won 2 categories in the 2017 Freddie Awards Selected Financial Institutions Best Redemption Ability, Best Promotion, Up-and-Coming Program 1 2015 Best Promotion 1 2016 Redemption Ability 1 2017 Best Promotion ~70 banks with active contracts Selected Regional Hotels 1 Up and Coming Program 1 1 Best Promotion Up and Coming Program 1 Up and Coming Program Other Selected Commercial Partners Members (MM) Robust Financial and Performance and Leading Market Positions Geographic Presence Quarterly Highlights 2Q 17 revenues increased 21.6% vs 2Q 16 4.4 4.9 5.4 6 6.5 7 7.3 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 2011 2012 2013 2014 2015 2016 2Q17 Home Markets (1) 320 commercial partners, +9.6% vs 2Q 16 18 Source: Company. (1) LifeMiles home markets include Colombia, Peru, Ecuador and Central America.

Avianca Cargo

Increasing Footprint in Latin American Markets Segment Overview Key Metrics (Cargo and Courier) Attractive opportunity for growth, complementing passenger operations and diversifying sources of revenue Revenue (US$MM) (2) +7.10% ATK (MM) (3) +11.8% Avianca carries cargo in the bellies of passenger aircraft and has a dedicated freighter fleet to cover market segments that cannot be served with passenger aircraft 123.02 131.75 595.8 666.0 More than 100 destinations with expanded network scope through acquisition of part of AeroUnion and commercial agreements with OceanAir Linhas Aereas 2Q16 RTK (MM) (3) 2Q17 2Q16 2Q17 Load Factor New A330Fs provide reduced unit costs, higher capacity (up to 40% more than the previous fleet) (1) and improved reliability 306.0 +16.6% 356.8 +221 bp 53.57% Strong performance for first semester 2017, with an increase of +4.2% in transporting tons when compared to same period in 2016 2Q16 2Q17 Market Share Colombia (2017) (4) Market Share Miami (2017) (5) (% Market share by freight carried) (% Market share by freight carried) 53.5% 51.36% 2Q16 2Q17 40.08% 33.9% 13.4% 11.8% 11.0% 10.2% 17.06% 17.06% 15.87% 13.10% 8.73% 7.94% 3.9% 20 AVH Atlas Latam UPS Skylease Cargolux Others Source: Company. (1) On a per trip basis. (2) Includes consolidated revenues from the cargo operation in Mexico. (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) (5) Miami-Dade Aviation Statistics, by airline group (as of June 2017) AVH Latam Atlas UPS Amerijet Skylease Others

Strategic Projects and Full Year Outlook

Avianca is committed to achieve its full year outlook 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: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount

Partnership Considerations and Closing Remarks 1 Avianca proceeds in its negotiation with United Airlines Avianca is committed to pursue a long term strategic alliance with United Airlines, to enhance and deepen the companies' commercial and strategic relationships Negotiations are proceeding according to schedule; a term sheet shall be presented within the next 3-6 months 2 Capitalization of Avianca Holdings Synergy corp. intends to make a capital contribution to AVH of up to USD 200 million All shareholders, including preferred shareholders, are invited to participate on a pro rata basis 3 Potential Integration with OceanAir (Avianca Brasil) Synergy s intention to seek all necessary approvals for combining AVH with AvBrazil on fair and reasonable terms for both companies Avianca has recently begun the due diligence process and is proceeding according to schedule 4 Lawsuit at the New York State Supreme Court New York State Supreme Court, denies request of expedited discovery A final verdict on the lawsuit is still pending at this point in time 23

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

Reconciliation of Adjusted EBITDAR This presentation includes certain references to non-ifrs measures such as our Adjusted EBITDAR and Adjusted EBITDAR margin. Adjusted EBITDAR represents our consolidated net profit for the year plus the sum of income tax expense, depreciation, amortization and impairment, aircraft rentals and interest expense, minus interest income, minus derivative instruments, minus foreign exchange. Adjusted EBITDAR is presented as supplemental information, because we believe it is a useful indicator of our operating performance and is useful in comparing our operating performance with other companies in the airline industry. However, Adjusted EBITDAR should not be considered in isolation, as a substitute for net profit determined in accordance with IFRS or as a measure of a company s profitability. These supplemental financial measures are not prepared in accordance with IFRS or Colombian GAAP. Accordingly, you are cautioned not to place undue reliance on this information and should note that Adjusted EBITDAR and Adjusted EBITDAR margin, as calculated by us, may differ materially from similarly titled measures reported by other companies, including our competitors. Adjusted EBITDAR is commonly used in the airline industry to view operating results before depreciation, amortization and aircraft operating lease charges, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other asset acquisitions. However, Adjusted EBITDAR should not be considered as an alternative measure to operating profit, as an indicator of operating performance, as an alternative to operating cash flows or as a measure of our liquidity. Adjusted EBITDAR as calculated by us and as presented in this presentation may differ materially from similarly titled measures reported by other companies due to differences in the way these measures are calculated. Adjusted EBITDAR has important limitations as an analytical tool and should not be considered in isolation from, or as a substitute for an analysis of, our operating results as reported under IFRS or Colombian GAAP. Some of the limitations are: Adjusted EBITDAR does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDAR does not reflect changes in, or cash requirements for, working capital needs; Adjusted EBITDAR does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on debt; Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDAR does not reflect any cash requirements for such replacements; Adjusted EBITDAR does not reflect expenses related to leases of flight equipment and other related expenses; and other companies may calculate Adjusted EBITDAR or similarly titled measures differently, limiting its usefulness as a comparative measure. 25