2Q 2016 Earnings Results Presentation B787 Dreamliner

The present document consolidates information from Avianca Holdings SA and its subsidiaries, includingunaudited financial figures, operational managerial indicators, financial indicators and managerialprojections 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 theCompany, its shareholders or directors. Unaudited accounting and financial information and projectionspresented in this document are based on internal data and calculations made by the Company, whichmay be subject to changes or adjustments. Any change in the current economic conditions, the aviationindustry, fuel prices, international markets and external events, among others, may affect the ongoingbusiness results and future projections.

Avianca Holdings S.A. herein after Avianca Holdings and its subsidiaries warn investors and potentialinvestors that future projections are not a guarantee of performance and that actual results may differmaterially. Every investor or potential investor will be responsible for investment decisions taken or nottaken as a result of his or her assessment of the information contained herein. Avianca Holdings S.A. isnot responsible for any third parties’ content. Avianca Holdings may make changes and updates to theinformation contained herein.

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• Avianca Cargo transported more than 11k tons

of flowers for Mothers Day

• Signed a new agreement with GDS provider

Amadeus

• 26th Freddie Awards- Lifemiles received

distinctions in the following categories: “Best

Promotion”, “Best Redemption Ability in the

America´s” and “Award 210”

• New Non-stop service from Bogota to Cuzco

• Signed a new code share agreement with Etihad

Executive Summary

• More than 7.0 million passengers carried:

+2.0% vs. 2Q2015

• A Load Factor of 78.1%

• More than 132k transported tons

• More than 6.7 million members :

+9.3 %

• Adjusted EBIT1 Margin of 3.9% for 2Q2016: +

341 bps vs. 2Q2015

2Q2016Results

2Q2016Milestones

_

Source: Company Information1. When indicated the figures exclude the following one-time items: $2.0M: Accounting gain on sale of a Fokker 100; $6.4M: Accounting loss on sale of an Airbus A319; $7.7M: Accounting loss on adjustment of aircraft reasonable value

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B787 Dreamliner

2Q 2016

Aircraft Type Mar.2016 In Out Jun.2016

Airbus A320 Family1 111 +1 -3 109

ATR – 72 15 - - 15

Embraer E190 12 - -2 10

Airbus A330 8 +1 - 9

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 177 +2 -5 174

During 2Q2016 we advanced in our fleet plan

execution

2Q2016 Operating Fleet Status Capacity

100/194 pax2

68 pax

96 pax

252 pax

12 Pax

68 tons

40 tons

48 pax

250 pax

53 tons

Source: Company Information1 The Airbus A320 Family is comprised of: 10 A318 19 A319, 49 A320, 2 A321, 8 A319S, 12 A320S and 9 A321S2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax. 5

2Q2016

10,780

11,575

21,329

23,079

2Q2015 2Q2016 1H2015 1H2016

9.8 8.2

10.3 8.5

2Q2015 2Q2016 1H2015 1H2016

8,488

9,037

16,820

18,098

2Q2015 2Q2016 1H2015 1H2016

Stable Load Factors are the result of a detailed network optimization process

Source: Company information

ASKs – millions RPKs – millions

Yield - US¢ Load Factor

+7.4% +6.5%

78.7% 78.1%

78.9% 78.4%

2Q2015 2Q2016 1H2015 1H2016

+7.6%+8.2%

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1,061 966

2,177

1,971

2Q2015 2Q2016 1H2015 1H2016RASK-US¢

9.85 8.35 10.21 8.54

139.9

178.4

345.1

393.3

2Q2015 2Q2016 1H2015 1H2016

9,80

8,02

9,86

8,06

2Q2015 2Q2016 1H2015 1H2016

2Q 2016 results were mainly driven by a leaner cost structure

Revenues – millions CASK1 - US¢

EBITDAR1 – millions EBIT1 Margin - US¢

-9.0%

-18.1%

0.5%

3.9% 3.4%

5.6%

2Q2015 2Q2016 1H2015 1H2016

-18.2%-9.5%

+27.5% +341bps

CASK-ex Fuel

7.27 6.37 7.34 6.52

Margin 13.2% 18.5% 15.9% 20.0% EBIT(Mllns)

5.1 37.6 73.5 109.9

14.0%

+220bps

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Source: Company Information1. When indicated the figures exclude the following one-time items: $2.0M: Accounting gain on sale of a Fokker 100; $6.4M: Accounting loss on sale of an Airbus A319; $7.7M: Accounting loss on adjustment of aircraft reasonable value

EBITDAR Margin 13.0% 14.4% 13.2% 18.5%

3.2%

4.4%

0.5%

3.9%

2Q2013 2Q2014 2Q2015 2Q2016

EBIT USDM 35.3 49.8 5.1 37.6

During 2Q2016 profitability gained traction as macro landscape continued to stabilize

EBIT Margin Evolution1–

EBITDAR Margin +~543bps

+341bps

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Source: Company Information1. When indicated the figures exclude the following one-time items: $2.0M: Accounting gain on sale of a Fokker 100; $6.4M: Accounting loss on sale of an Airbus A319; $7.7M: Accounting loss on adjustment of aircraft reasonable value

+ 7.5%

+ 19.2% + 17.7% 83.0%

+ 7.7%

+ 5.1%

+ 10.0%

80.0%

68.4%

+ 1.0% + 2.1% 76.3%

+ 8.2% + 1.5% 69.4%

+ 3.1% 81.4%+ 7.8%

Central America & Caribbean4

HM to North America2

Home Markets to Europe

Domestic*

Intra Home Markets1

HM to South America3

Steady Load Factors are the result of Avianca’snetwork flexibility and healthy traffic numbers

Total

2Q2016 ASK Growth

2Q2016 RPK Growth

2Q2016Load Factor

Region

ASK Growth 7.4%

RPK Growth 6.5%

Load Factor78.1%

+ 14.0%

*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

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61.3%

12.0%

12.2%

9.7%

Otros

4.7%

59.5%16.7%

12.6%

Otros5.6%

4,3%1.3%

*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 continues to consolidate its leadership in the Colombian Domestic Market

Source: Aeronáutica Civil, MIDT

Intra-home marketsHome markets

to North AmericaHome markets

to South AmericaHome markets

to Spain

1

1 66%

124%

137%

228%

Colombia Domestic1 Perú Domestic2

1 May 20162 April 2016

3

11

CARGO & OTHER2Q 2016

160

151

315

298

2Q2015 2Q2016 1H2015 1H2016

309306

608 610

2Q2015 2Q2016 1H2015 1H2016

-1.0%

+0.3%

550

596

1,059

1,155

2Q2015 2Q2016 1H2015 1H2016

Avianca Cargo: Financial and Operational Results

Source: Company information. Does not include Domestic Ecuador and Colombia

Revenues – millions ATKs – millions

RTKs - millions Load Factor

-5.5%+8.0%

56.1%

51.4%

57.4%

52.8%

2Q2015 2Q2016 1H2015 1H2016

+9.1%-5.4%

13

40

15

13

9

3

2

18

Market Share as of June 30 (%)

17

12

12

11

9

8

32

Market Share 2Q 2016

Avianca Cargo: Market Share

Miami1Colombia

Other

Source: Aeronautica Civil and Miami International Airport. Information as of June, 2016

Other

2016 2015

14

Peru

Uruguay

LifeMiles Loyalty Program

• 2Q’16 revenues increased 33.5% vs 2Q15

• 485K active cobranded credit cards, an increase of 25.5% vs. 2Q’15

• More than 6.7 million members, a 9.3% increase vs. 2Q’15

• 300 commercial partners, +13.2% vs 2Q’15

Highlights 2Q2016

Colombia

New Commercial Partners

Central America South America

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Source: Company information

2016

Avianca Holdings: 2016 Guidance

ASK

LF

PAX

Outlook FY2016

3% - 5%

3% - 5%

78% - 80%

5.5% - 7.5%

Source: Company information.

EBIT1 %

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In Summary

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1

As the Company successfully continues to optimize its coststructure and enhance profitability it has:

2

Maintained leadership in key markets while keeping a healthy loadfactor above +78%

4

5

Finalized key strategic projects such as the MRO and CEOFacilities that will enhance productivity

3

Improved profitability by more than +528 bps reaching an EBITDARmargin of 18,5% vs 13.2% in 2Q 2015, the highest margin in the last3 years

Continued to enhance the cost reduction initiatives. Cask ex-fueldropped 12,3% reaching 6,37 cents per ASK

Deleveraged the balance sheet. As such we have progressivelyreduced our Adjusted Net debt to EBITDAR multiple from 6.8x to 6.3x

Thank YouContact Information:

Investor Relations Officeir@avianca.comT: (57) 1 – 5877700 www.aviancaholdings.com