4Q 2016 Earnings Results Presentation B787 Dreamliner The present document consolidates information from 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.

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2 Leading with Strategic Footprint in the

Geographic Footprint US$4.1 Billion Total Revenues1 in 2016

+22,000 Employees

169 Passenger and 12 Freighter Aircraft2

3 Hubs: Bogota, and Lima

(NY008B8R)(NY008B8R)(NY008B8R)(NY008B8R) 684268_1.wor684268_1.wor684268_1.wor684268_1.wor

EBITDAR1 $879.4 Million

Leading Loyalty Program with 7.0+ mm Members

Complementary Business Lines – 110 Destinations 19.5% of Consolidated Total Revenues1 in 2016  29+ Million  passengers carried 5,700 Weekly  Departures Interchangeability of  aircraft Courier

Source: Company, Aeronáutica Civil de , and internal data derived from Travelport Marketing Information Data Tapes (“MIDT”). Note: market shares based on number of passengers. (1) When indicated the figures exclude the following one-time items: $9.9M: severance payments associated to new organizational structure; $4.8M: extraordinary projects; $4.2M: 2017 A330 lease extension cost assumed in 2016; $5.9M: LifeMiles accounting methodology revision. 12M and 4Q2015 figures exclude one-time expenses informed on previous earnings releases and cargo discount - 4Q2015 cargo discount: $35.7 (2) International traffic within our Home Markets (Colombia, Ecuador, Peru, , Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & Caribbean (non-regional)). 3 Executive Summary

• More than 29 million passengers carried: +4.2% vs. 2015 • A Load Factor of 81.1%: +139 bps vs. 2015 • CASK1 reduction of 10.7%, to 8.0¢ FY2016 from 9.0¢ 2016 FY2015 • Adjusted EBIT1 Margin of 7.2% for FY2016 vs. 5.9% Results FY2015, +137 bps • Improved leverage (Net Adjusted Debt to EBITDAR) to 6.0x 4Q2016 from 6.8x on 4Q2015

• Inaugurated MRO facility in Rionegro, with a total area of 44,300 square meters and a capacity of up to 5 single aisle aircraft simultaneously • LifeMiles: Regional Launch of Co-Branded products with Grupo , including LifeMiles-Bancolombia credit 2016 card Milestones • Awarded “Best Airline in in 2016” by Business Traveler magazine • Successfully reduced fleet CAPEX by negotiating a significant reduction of aircraft deliveries with Airbus • Effectively Implemented a new organizational structure aiming to align corporate goals, increase teamwork and productivity 2017 Subsequent Events

• AVH intention to pursue a strategic commercial alliance with United • Synergy’s intention to capitalize AVH of up to U$200M • Synergy’s intention to seek all necessary approvals for combining AVH with AvBrazil on fair and reasonable terms for both companies

Source: Company Information 1. When indicated the figures exclude the following one-time items: $9.9M: severance payments associated to new organizational structure; $4.8M: extraordinary projects; $4.2M: 2017 A330 lease extension cost assumed in 2016; $5.9M: LifeMiles accounting _ methodology revision. 12M and 4Q2015 figures exclude one-time expenses informed on previous earnings releases and cargo discount 4 2016 was a year of achievements

2016 Milestones

“Best Redemption “E-commerce and Ability (Americas)“, “Best Airline in South Online Business Hall of “Best Promotion” America and Latin Fame” and “Up and Coming America” Program of the Year”

Negotiated fleet Implemented a new Inaugurated MRO deferral with Airbus, organizational Facility in Rionegro reducing fleet CAPEX structure one of the most for the next 3 years modern in the world

Signed code share Signed code share Signed code share agreement with Eva agreement with agreement with Air Silver Airways Etihad Airways

Source: Company Information 5 4Q2016

B787 Dreamliner During 2016 we advanced in our fleet plan execution

4Q2016 Operating Fleet Status Capacity Aircraft Type Sep.2016 In Out Dec.2016

1 Airbus A320 Family 110 +2 -2 110 100/194 pax2

ATR – 72 15 - - 15 68 pax

Cessna 208 11 +2 - 13 12 pax

Boeing 787 9 +1 - 10 250 pax

Embraer E190 10 - - 10 96 Pax

Airbus A330 9 - - 9 252 pax

Airbus A330F 5 - - 5 68 tons 40 tons Airbus A300F 4 +1 - 5 48 pax ATR – 42 2 - - 2 53 tons Boeing 767F 2 - - 2 Total 177 +6 -2 181 Projected 2017 +6 -3 184

Source: Company 1 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax. 7 4Q2016 Increasing Load Factors are the result of robust traffic numbers

ASKs – millions RPKs – millions

38,233 +5.9% 47,145 +7.8%

44,513 35,478

+4.6% +10.0% 10,138 12,093 11,566 9,216

4Q2015 4Q2016 FY2015 FY2016 4Q2015 4Q2016 FY2015 FY2016 Yield - US¢ Load Factor

9.7 83.8% 81.1% 9.1 8.6 79.7% 79.7% 8.6

4Q2015 4Q2016 FY2015 FY2016 4Q2015 4Q2016 FY2015 FY2016

Source: Company information 9 FY 2016 results were also driven by a leaner cost structure

Revenues1 – millions CASK1 - US¢

4,251 -4.0% 2.3% 9.0 -10.7% 4,082 8.3 8.1 8.0 +7.1% 1,105 1,032

4Q2015 4Q2016 FY2015 FY2016 4Q2015 4Q2016 FY2015 FY2016 RASK1- CASK1- 8.9 9.1 9.5 8.7 6.3 6.5 6.7 6.4 US¢ ex Fuel EBITDAR1 – millions EBIT1 Margin 879.5 +14bps 10.3% 9.2% 9.1% 797.5 +137bps 7.2% +11.9% 257.1 5.9%

229.7

4Q2015 4Q2016 FY2015 FY2016 4Q2015 4Q2016 FY2015 FY2016 1 1 EBIT Margin 22.3% 23.3% 18.8% 21.5% 93.9 102.1 249.2 295.4 (Mlls)

Source: Company Information 1. When indicated the figures exclude the following one-time items: $9.9M: severance payments associated to new organizational structure; $4.8M: extraordinary projects; $4.2M: 2017 A330 lease extension cost assumed in 2016; $5.9M: LifeMiles accounting methodology revision. 12M and 4Q2015 figures exclude one-time expenses informed on previous earnings releases and cargo discount 10 Increasing Load Factors are the result of Avianca’s network flexibility and strong traffic numbers

FY2016 ASK FY2016 RPK FY2016 Region Growth Growth Load Factor

Domestic* + 1.6% + 4.1% 79.4%

Intra Home Markets1 + 5.6% + 3.2% 73.9%

HM to North + 5.4% 82.6% America2 + 4.0%

HM to South + 6.9% + 10.2% 84.0% America3

Central America & Caribbean4 ++ 9.1%7.7% + 9.9% 71.1%

Home Markets to + 13.6% + 16.5% 86.3%

ASK Growth RPK Growth Load Factor Total 5.9% 7.8% 81.1%

*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, , Argentina, ,Uruguay and Venezuela, 4 Belize, Cuba Curazao, Republica Dominicana, Panamá, Costa Rica, Guatemala, Honduras, Nicaragua 11 Avianca continues to consolidate its leadership in the Colombian Domestic Market

Colombia Domestic1 Perú Domestic2

0.9% Otros 4.2% Otros 5.5% 9.7% 4.5%

13.5% 12.3% 1 3 61.6% 11.9% 18.2% 57.8%

1 Dec 2016 2 Nov 2016

Home markets Home markets Home markets Intra-home markets to North America to South America to Spain

1 1 1 2 66% 24% 35% 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 12 CARGO & OTHER 4Q 2016 Avianca Holdings: More Than an Airline

Business Lines Business Overview Brands Key Highlights (2016)

■ Result of the combination of Avianca and ■ $3,285mm passenger revenue Taca with complementary operations in ■ 169 passenger aircraft(1) Passenger Andean Region and Central America Transport ■ Extensive route network from hubs in ■ 28 countries reached Bogota, San Salvador and Lima ■ 5,700+ weekly departures ■ Member of Star Alliance since 2012

■ 12 freighter aircraft complemented by passenger ■ 12 cargo aircraft(1) fleet bellies ■ 2,346mm ATKs(2) Courier and ■ Deprisa is a leading express courier operation in Cargo Colombia with broad domestic and international ■ 1,291mm RTKs(2) Services product portfolio; UPS allied in Colombia ■ 38% | 11% market Share ■ Strong brand recognition and reputation in Courier Colombia | Miami Colombia

■ 7.0+ mm members (FY2016) ■ One of the largest loyalty programs in Latin America ■ 529+ active co-branded credit Loyalty cards ■ Guaranteed exclusivity and seat availability Business from Avianca ■ 314 commercial Partners ■ Solid burn-to-earn ratio ■ Freddie award winner 2013 – 2016

■ Aircraft maintenance, crew training and other airport services to other carriers Other ■ Travel-related services to customers ■ 2,700+ hours of flight Services including all-inclusive vacation deals 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 114 Deprisa: Leading Express Courier Operation in Colombia

Highlights 4Q2016

• 3.5K active B2B clients, in this segment revenues increased 3.8% vs. 4Q’15

• With the help of a consulting firm, Deprisa started in 2016 an aggressive strategy in order to reach higher market shares (courier), capture short term savings and increase its productivity

• Deprisa has robust information systems that allow it to control its operation and connect with its clients

Market Share FY 2016 Colombia* 43.1%

15.1%

14.6%

12.3%

6.9%

2016 2015 Others 7.5% 15

Source: Aeronautica Civil. Information as of December 2016 : Financial and Operational Results

Revenues – millions ATKs – millions

-2.9% +5.9% 511 2,346 496 2,215

+9.7% +4.3% 140 608 127 583

4Q2015 4Q2016 FY2015 FY2016 4Q2015 4Q2016 FY2015 FY2016 RTKs - millions Load Factor

+2.1% 1,291 60.4% 1,265 58.7% 57.1% 55.0% +7.4% 367 342

4Q2015 4Q2016 FY2015 FY2016 4Q2015 4Q2016 FY2015 FY2016

Source: Company information. includes Domestic Colombian and Peru 16 Avianca Cargo: Market Share

Market Share FY 2016 Colombia Miami1 37.9% 17.4%

13.0% 11.3%

12.5% 11.1%

9.1% 11.0%

2.9% 10.0%

2.8% 8.0%

21.8% Other Other 31.2%

Market Share as of Dec. 31.2016 2016 2015

Source: Aeronautica Civil and Miami International Airport. Information as of December 2016 17 LifeMiles Loyalty Program

Highlights 4Q2016

• 4Q’16 revenues increased 7.7% vs 4Q15

• 529K active cobranded credit cards, an increase of 13.3% vs. 4Q’15

• More than 7.0 million members, an increase of 8.5% vs. 4Q’15

• 314 commercial partners, +10.6% vs 4Q’15

New Commercial Partners Central America / Colombia North America South America “Best Redemption Peru: Ability (Americas)“, “Best Promotion” and “Up and Coming Program of the Year”

Source: Company information 18 2017 Avianca Holdings: Flight Plan 2017

Outlook 2016 2016 Outlook 2017

4.2% 4.0% - 6.0% PAX 3.0% - 5.0%

3.0% - 5.0% 5.9% 6.5% - 8.5% ASK

78.0% - 80.0% 81.1% 80.0% - 82.0% LF

5.5% - 7.5% 7.2% 6.0% - 8.0% EBIT1 %

Source: Company information. 20 In Summary

As the Company successfully continues to optimize its cost structure and enhance profitability it has also:

Increased Load Factors by +139 bps vs 2015 to 81.1% as traffic numbers grew 7.8% outpacing capacity growth

Managed to diminish top line pressure as yield trends start to show recovery

Achieved first year over year increase in Passenger Revenues (+4.5%) since 4Q2014

Improved profitability by more than +290 bps reaching an EBITDAR margin of 21.7% in FY2016 vs 18.8% in 2015, the highest margin in the last 3 years Reduction in total debt (USD -198.7 million) to 3.3 million in 2016 from 3.5 Billion in 2015

Improvement in leverage position (Net Adjusted Debt to EBITDAR) to 6.0x in 2016 from 6.8x on 2015

21 Thank You Contact Information:

Investor Relations Office [email protected] T: (57) 1 – 5877700 www.aviancaholdings.com