1Q 2016 Earnings Results Presentation B787 Dreamliner

The present document consolidates information from Avianca 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. The information, tables and logos contained in this presentation may not be reproduced without the consent of Avianca Holdings SA

• The Company reduced its fleet CAPEX by USD 1.4

billion for the next 30 months and reaffirmed its

leverage target of no more than 5.0x by 2019

• Improvement in 2016 On-time Performance (OTP): ~81% vs. 77% in 2015 +400bp

• Avianca Cargo transported 9.6k tons of flowers for St. Valentine’s Day

• Lifemiles was awarded as “Up and Coming Program of the Year “, “Best Promotion” and “Best Redemption Ability” in the Freddie Awards

• We successfully began test trials in our MRO facilities, which we expect to be fully operational by 2H2016

Executive Summary

• More than 7.1 million passengers carried:

+6.8% vs. 1Q2015

• A Load Factor of 78.8%

• More than 127k transported tons

• 6.6+ million members: +9.7%

• EBIT1 Margin of 7.2 % for 1Q2016: +106bps vs.

1Q2015

1Q2016 Results

1Q2016 Milestones

_

Source: Company Information 1. When indicated 1Q2015 Figures used for comparison purposes exclude one-time expenses informed on its correspondent earnings release

1er avión del MRO – Martes 3 de Mayo. We launched a new VIP Lounge in Miami International Airport

B787 Dreamliner

1Q 2016

Aircraft Type Dec.2015 In Out Mar.2016

Airbus A320 Family1 113 - -2 111

ATR – 72 15 - - 15

Embraer E190 12 - -5* 7

Airbus A330 9 - -1 8

Cessna 208 11 - - 11

Airbus A330F 5 - - 5

Airbus A300F 4 - - 4

ATR – 42 2 - - 2

Boeing 787 7 - - 7

Boeing 767F 2 - - 2

Total 180 - -8 172*

During 1Q2016 we started our fleet optimization

plan

1Q2016 Adjusted Operating Fleet Status Capacity

Sorce: Company Information 1 The Airbus A320 Family is comprised by 10 - A318, 25 - A319, 50 – A320, 3 – A321, 7 – A319sharklets, 7 – A320sharklets and 6 – A321sharklets. 2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax. * Total fleet adjusted by operational changes of the E190 fleet

100/194 pax2

68 pax

96 pax

252 pax

12 Pax

68 tons

40 tons

48 pax

250 pax

53 tons

Grounded 1 321 – Grounded 9 de Enero para Devolución al Lessor 1 330 – 14 Enero 1 320 - Out of Fleet 04 Marzo

1Q 2016

10,549

11,504

44,513

45,467

1Q2015 1Q2016 FY2015 LTM

10.8 8.7

9.7 9.3

1Q2015 1Q2016 FY2015 LTM

8,332

9,060

35,478

36,206

1Q2015 1Q2016 FY2015 LTM

Passenger traffic growth matches capacity expansion

Source: Company information

R 218 G 41 B 28

ASKs – millions RPKs –millions

Yield - US¢ Load Factor

+9.0% +8.7%

79.0% 78.8%

79.7% 79.6%

1Q2015 1Q2016 FY2015 LTM

+2.1% +2.1%

CASK-ex fuel 7.41 6.67

9.93

8.11

1Q2015 1Q2016

1Q 2016 results are the outcome of the network optimization initiatives

1,116

1,005

1Q2015 1Q2016

R 218 G 41 B 28

Revenues – millions CASK1 - US¢

RASK-US¢ 10.58 8.74

-18.3%

Source: Company Information 1- When indicated 1Q2015 Figures used for comparison purposes exclude one-time expenses informed on its correspondent earnings release

-9.9%

EBITDAR1 – millions EBIT Margin1 - US¢

6.1%

7.2%

1Q2015 1Q2016

205.1

214.9

1Q2015 1Q2016

Margin 18.4% 21.4% EBIT million 68.4 72.2

+4.7% +106bps

-10.1%

EBITDAR Margin 14.7% 18.4% 21.4%

4.6%

6.1%

7.2%

1Q2014 1Q2015 1Q2016

EBIT USDM 50.0 68.4 72.2

Profitability levels during 1Q2016 continued to improve

R 218 G 41 B 28

EBIT Margin Evolution1 –

EBITDAR Margin +~660bps

Source: Company Information 1- When indicated 1Q2015 and 1Q2014 Figures used for comparison purposes exclude one-time expenses informed on its correspondent earnings release

+264bps

+ 8.2%

+ 20.3% + 24.7% 82.7%

+ 7.7%

+ 4.9%

+ 11.6%

79.5%

68.3%

+ 4.4% + 9.4% 77.8%

+ 12.4% + 7.0% 73.0%

+ 2.2% 82.7% + 1.7%

Central America & Caribbean4

HM to North America2

Home Markets to Europe

Domestic*

Intra Home Markets1

HM to South America3

Healthy Load Factors are the result of Avianca’s network flexibility and stable traffic growth

Total

1Q2016 ASK Growth

1Q2016 RPK Growth

1Q2016 Load Factor

Region

ASK Growth 9.0%

RPK Growth 8.7%

Load Factor 78.8%

+ 17.4%

*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

Región

ASK Growth

RPK Growth

Load Factor

DOM COL

4.9% 8.9% 77.3%

DOM PER

0.5% 1% 81.3%

DOM ECU

5.7% -0.9% 68.2%

Región

ASK Growth

RPK Growth

Load Factor

BOG MAD

2.2% 7.9% 85.1%

BCN BOG

5.6% 9.6% 87.0%

BOG LHR

81.5% 88.2% 77.7%

60.7%

12.5%

12.6%

5.2%

Otros 9.0%

58.8% 17.2%

13.4%

Otros 5.2%

4,0% 1.4%

*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 consolidates its leadership in the Colombian Domestic Market

Source: Aeronáutica Civil, MIDT

Intra-home markets Home markets

to North America Home markets

to South America

Home markets

to Spain

1

1 65%

1 23%

2 32%

2 31%

Colombia Domestic1 Peru Domestic2

1 March 2016 2 February 2015

2

CARGO & OTHER 1Q 2016

155

147

1Q2015 1Q2016

300

304

1Q2015 1Q2016

509

559

1Q2015 1Q2016

Avianca Cargo: Financial and Operational Results

Source: Company information. Dos not include Domestic Ecuador and Colomnia.

R 218 G 41 B 28

Revenues – millions ATKs – millions

RTKs - millions Load Factor

-5.1% +9.8%

58.9%

54.4%

1Q2015 1Q2016

+1.5%

Otros

Amerijet

Atlas Air

UPS

AVH

Cent./Sky

LATAM

2015 2014

Otros

DYA

MARTINAIR

UPS

LAN

CENT & SKY

AV 38

15

15

10

3

3

17

Market Share as of March 31 (%)

18

12

11

11

9

8

31

Market Share 1Q 2016

Avianca Cargo: Market Share

Miami Colombia

Other Other

2016 2015

LifeMiles:“Up and Coming Program of the Year”

• 1Q’16 revenues increased 31.7% vs 1Q15 • 453K active cobranded credit cards, an increase of 28.2% vs. 1Q’15

• More than 6.6 million members, a 9.7% increase vs. 1Q’15

• 251 commercial partners, +17% vs 1Q’15

Highlights 1Q2016

Freddie Awards 2016 “Best Redemption Ability” in the Americas “Best Promotion” in the Americas” “Up and Coming Program of the Year” 210 Award

In Summary

16

1

As the Company successfully rationalized its Capex for the next 30

months, which will average ~USD280 million from 2017 to 2019, we expect to:

2

Maintain and further enhance the levels of profitability and

productivity

4

5

Continue with our initiatives of revenue diversification through

ancillary revenues, Cargo and LifeMiles

3

Improve free cash flow generation

Continue our cost reduction initiatives through our corporate

programs

Deleverage the balance sheet (reaffirming our Net Debt to EBITDAR

target of no more than 5x by 2019)

2016

Avianca Holdings maintains its 2016 Guidance

ASK

LF

PAX

Outlook FY2016

3% - 5%

3% - 5%

78% - 80%

5.5% - 7.5%

Fuente: Información de la Compañía

EBIT1 %

1. Does not include extraordinary items for the period:_________

Thank You Contact Information:

Investor Relations Office ir@avianca.com T: (57) 1 – 5877700 www.aviancaholdings.com