4Q 2014 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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Executive Summary

• More than 26 million passengers carried

• A Load Factor above 79%

2014 • More than 387.798 transported tons: +22%

Results • 5.9 million LifeMiles members +9.4%

• Adjusted EBIT1 Margin of 9.54% for 4Q and 6.23% for FY 2014

• Key projects related to our cost saving synergies, with more than USD $56 million expected savings (MRO and CEO) throughout this year and 2016

• Complementary Revenue Initiatives Project Outlook (Ancillary Revenues) that will generate more than ~USD $60M over the next 3 years 2015 • New Routes such as BOG-LAX and an increase in frequencies to destinations such as London (expected daily service)

• We estimate an expansion of more than 200 bps in our operational margin EBIT

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet, indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

B787 Dreamliner During 2014 we increased our capacity (ASK’s) by 5.9% while advancing in our fleet renovation plan

2014 Fleet Incorporation Capacity

ATR 72 - 600 10 68 pax

Airbus A319 6 120 pax

Airbus A321* 6 194 pax

Boeing 787 4 250 pax

Airbus A320 2 150 pax

Airbus A330 2 252 pax

Airbus A330F1 2 68 Ton

Total 2014 0 +32 2 *First 4AVH A321’s (2)6 to initiate8 operations 10in the Domestic12 Colombian market AeroUnion Acquisition +6 Fleet Grounding -12

2014 Operational Fleet 181

During 4Q 2014 we initiated the phase-out process of the ATR42 and Airbus A330 fleet

Sorce : Company Information 1 Out of the 2 A330F incorporated during 2014, 1 aircraft was subleased to OceanAir We continue to strengthen and optimize our Network

New Routes

International Markets - Bogotá – London - Pereira – Cartagena – New York

Domestic Markets - Lima - Iquitos - Bogotá - Villavicencio

Incremental Frequencies in Key Markets

Domestic 64 additional frequencies from Bogota to high density destinations such as:

Cali/ Medellin/ Barranquilla/ Cartagena/ Cucuta

International More than 21 additional frequencies from our Bogota Hub to: Cancún/ Barcelona/ Santiago/ San Juan/ Guatemala/La Habana/

- From Lima to Cali and to Bogota - From Guatemala to San Jose - From San José to Panama City

Source: Company Information 2014 was a year of achievements

2014 Milestones

“Best Airline" and “Best “Best Redemption Best Airline in Airline Staff Service" in Ability (Americas)" South/ Central America and the and “Best Promotion Redemption Ability”

Reopening of the USD denominated “Private Placement” Acquisition of a 2020 bond for for fleet financing for stake in mexican USD$250M an amount of cargo freighter USD$ 152.8M Aerounion

Implementation of Our network of code share New Commercial routes in Ecuador agreement with Agreement with became part of Star Turkish Airlines Etihad Alliance

Source: Company Information

R 218 Growth in passenger traffic continues to outperform G 41 B 28 capacity expansion ASKs – millions Passengers – ‘000s

+5.9% 26,230 41,052 +6.5%

38,762 24,625

+7.6% 10,586 +9.2% 6,909

9,837 6,327

4Q2013 4Q2014 FY2013 FY2014 4Q2013 4Q2014 FY2013 FY2014 Yield - US¢ Load Factor

80.7% 80.5% 13.0 12.4 79.6% 79.4%

11.7 11.9

4Q2013 4Q2014 FY2013 FY2014 4Q2013 4Q2014 FY2013 FY2014

Source: Company information R 218 4Q 2014 results are the outcome of the network G 41 B 28 optimization initiatives

Revenues - millions CASK1 - US¢

+2.0% 4,702

4,610

11.08 -4.2% 10.90 -1.5% +3.1% 1,241 10.61 10.74

1,204

4Q2013 4Q2014 FY2013 FY2014 4Q2013 4Q2014 FY2013 FY2014 RASK-US¢ 12.24 11.73 11.89 11.45 OPEX1 USD1.09B USD1.12B USD4.22B USD4.41B

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet (1Q2014), indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

R 218 During 4Q2014 we were able to get back to the G 41 B 28 profitability levels of 4Q2013

EBIT Evolution1 – millions

+3.18% USD118.36

USD114.7

USD70.3

USD54.6 USD49.8

4Q2013* 1Q2014 2Q2014 3Q2014 4Q2014 EBIT Margin 9.52% 4.97% 4.35% 5.77% 9.54%

EBITDAR Margin 20.40% 14.73% 14.35% 16.63% 20.79%

EBITDAR Margin +39bps

- On 4Q2013 we had 100% capacity in Venezuela - Sales in Venezuela amounted close to ~2% of total revenues in 4Q2014 when compared to ~9% in 4Q2013

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet (1Q2014), indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

Avianca’s capacity is primarily focused in Central and North America

FY2014 ASK FY2014 RPK FY2014 Region Growth Growth Load Factor

Domestic* + 9.4% + 8.4% 76.9%

Intra Home Markets1 + 6.1% + 6.8% 74.6%

HM to North + 4.8% 80.6% America2 + 7.6%

HM to South - 4.4% - 3.6% 81.9% America3

Central America & Caribbean4 +12.4%+ 7.7% + 8.9% 70.3%

Home Markets to + 8.8% + 6.7% 86.0% Europe

ASK Growth RPK Growth Load Factor Total 5.9% 4.5% 79.4%

Reduction due to a redistribution of capaccity from Venezuela

*Domestic Market: , 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 consolidates its leadership in the Colombian Domestic Market

Colombia Domestic1| Peru Domestic2

2.7% Otros 4.4% 5.4%

11.0% 1 2

58.3% 18.2%

1 October 2014 2 September 2014 +250 bps vs FY2013

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

1 1 1 1 65% 28% 36% 30%

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 R 218 continues optimizing the use of its G 41 B 28 capacity Revenues – millions ATKs – ‘000s

381 +11% 1,633 +16.7% 343

1,399

+11.7% 108 +11.7% 438 97 392

4Q2013 4Q2014 FY2013 FY2014 4Q2013 4Q2014 FY2013 FY2014 RTKs - ‘000s Load Factor 1,052 +25.5% 70.0%

838 64.0% 64.0% 60.0% 306 +21.4%

252

4Q2013 4Q2014 FY2013 FY2014 4Q2013 4Q2014 FY2013 FY2014

Source: Company information Avianca Cargo continues to profitably gain market share: +495 bps COL and +249bps MIA

Market Share 4Q 2014 Colombia +495 bps Miami Airport +249bps

AV 39 LATAM 18

LAN 15 UPS 11

CENTURION 11 AVH 10

UPS 7 Sky/Centurion 9

AEROSUCRE 6 Atlas Air 8

MARTINAIR 4 ABX Air 7

LAS 2 American Airlines 6

CARGOLUX 2 Amerijet 6

DHL 1 Fedex 4

OTHEROther 11 OtherOtros 21

Market Share (%) 2014 2013 Frequent Flyer Program: LifeMiles 4Q 2014

Highlights

• 4Q’14 sales to third parties grew 22.2%* when compared with 4Q’13

• 341K active cobranded credit cards, an increase of 21.0% with respect to 4Q 2013

• 5.9 million members, a 9.4% increase with respect to 4Q 2013

• 69.5% Burn-to-Earn ratio, increasing 320bp YoY

• New online • Continued • Accrual of • Launch of rewards catalog ramp-up (soft- LifeMiles via Android in Colombia launch) of Avianca Duty- version of LM • 22K products, Colombian Free on-board Mobile App Retail Coalition, ramping up to • LM 2 for every • IOS version for 220K, prices 222 stores as of Dec. ‘14 US$1 spent launch in starting at Q1’15 LM60

*Source: Company Informationn 2014 Results

2014 Outlook 2014 Results

6% - 7% 6.5% PAX

5% - 6% 5.9% ASK

77% - 79% 79.2% LF

1 5% - 7% 6.2% EBIT %

Source: Company Information 1. Does not include extraordinary items for the period: Incremental costs associated to the grounding of the Fokker 50 fleet (1Q2014), indemnization of administrative personnel as part of the overhead reduction strategy, preoperational costs associated to the entry into service of AVH cargo operations in Brazil and incremental costs related to the delivery of the B787 Dreamliners (Wetlease)

In 2015 major projects aimed at cost saving synergies as well as revenue enhancing initiatives will be executed

Avianca set off the construction of the MRO facility (Maintenance, Repair and Operations) in Medellín and the Line Maintenance Hangar in Bogota

Initiated construction of CEO training facility (Operational Excellence Center), for training pilots and crews

2015 will absorb the benefits associated to the reduction and optimization of our headcount performed in 2014

We revised our 2015 outlook accordin to an average oil price of USD65/B

We launched the “Avianca-Ancillary-AlaCarta” (AAA) initiative, focused on achieving an increase in other ancillary revenues, which we estimate will be ~USD60M over the next 3 years

Source: Company information 2015 Outlook

2015 Outlook 2015 Revised Outlook

6% - 8% 6% - 8% PAX

5% - 7% 5% - 7% ASK

78% - 80% 78% - 80% LF

6% - 8% 8% - 10% EBIT %

Source: Company information Thank You Contact Information:

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