3Q Earnings Results Presentation

The present document consolidates information from Avianca Holdings S.A. and its subsidiaries, including unaudited financial figures, operationalmanagerial indicators, financial indicators and managerial projections of future performance, in line with Avianca Holdings S.A. and its subsidiaries’business plans. References to future behaviors are indicative and do not constitute a guarantee of compliance by the Company, its shareholders ordirectors. Unaudited accounting and financial information and projections presented in this document are based on internal data and calculationsmade by the Company, which may be subject to changes or adjustments. Any change in the current economic conditions, the aviation industry, fuelprices, 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 aguarantee of performance and that actual results may differ materially. Every investor or potential investor will be responsible for investment decisionstaken 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 thirdparties’ content. Avianca Holdings may make changes and updates to the information contained herein.

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SAFE HARBOR

PILOT UNION STRIKE: UPDATE

Labor conflict to be resolved by arbitration tribunal as established in Colombia's Labor Code

Nota: Basado en resultados preliminares, sujetos a cambio

WEEK 6WEEK 2 WEEK 4WEEK 3 WEEK 5WEEK 1 WEEK 7

Pilots Begin StrikeDespite various proposalspresented by Avianca S.A. 1

to pilots union, pilots makeunilateral decision to initiateillegal cessation of activitieson Sep. 20th

ArbitrationTribunal Given negative impact onColombia's Air travel andeconomy, Governmentconvenes obligatoryarbitration tribunal, wherethree arbitrators reach acompromise between unionand airline

Rulings are Delayed1) Colombian Supreme

Court returns ruling toHigh Court of Bogota dueto technicality regardingquality of verdictrecording

2)ACDAC files severallawsuits against creationof Arbitration Tribunal todelay process

ArbitrationTribunalThe third arbitratoraccepts appointment

AVIANCA S.A.1

SuesAVIANCA S.A.1 sues“ACDAC” pilot union due toillegal cessation of activities

Court Rules in AVIANCA’s Favor Bogota Superior Tribunalrules in favor of AVIANCAS.A.1, declaring pilot strikeillegal Pilots unionappeals; suit is elevated toColombian Supreme Court(CSC)

Pending Court Action Audio file of initial verdict isreconstructed andresubmitted to theColombian Supreme Court,which will issue a definitiveverdict regarding the illegalcessation of activities

Antecedents to Pilot Strike

1) June 15, “ACDAC”pilot union approveslist of request to bepresented to AVIANCAS.A.1

2) August 8, ACDACpresents list ofrequests to AVIANCAS.A. 1

3) Direct negotiationwith pilot unionACDAC lasts fromAug. 23 – Sep. 11

Source: Company Information1. Avianca S.A. refers to the Colombian entity operating under Avianca Holdings S.A.

Strike Lifted1)ACDAC votes to end the

strike after 51 days

2) 207 Pilots resume workwith AVIANCA S.A. 1

Looking ahead1)The labor tribunal

should define workingconditions going forward

2)CSC will issue definitiveverdict regarding theillegal cessation ofactivities

AVIANCA’s contingency plan mitigates effects of pilot strike

Cost Impact

Strike Impact on EBITRevenue Impact

10 strike days took place in the 3Q17. The resulting impact translates into USD $ 2.0 -$ 2.5 Million per day in forgone revenues, while variable costs decreased betweenUSD $ 1.0 - $ 1.5 Million per day.

Avianca has no restrictions on ticket sales; therefore, all tickets for flights operated byAvianca are currently available for sale, which significantly reduced passengercompensation

Avianca confirms EBIT margin guidance of 7%-9% despite impact of pilot strike

On September 20th approx. 700 Avianca Colombia Pilot members of the ACDAC union, ofa total of 1350 Pilots, went on strike effectively reducing the company's deployablecapacity, measured in ASK, by 45%

Avianca quickly enacted a contingency plan to mitigate the impact, larger capacityaircraft deployment, more efficient use of staff, change in mix of operating carriers,focus on operation of key domestic city pairs, wet lease aircraft deployment. Aviancaalso shifted administrative staff to work at airports and executed an Administrativesavings program

For the Fourth Quarter peak season, Avianca Colombia will continue to incorporate newpilots and returning pilots into its domestic operations, to operate as closely as possibleto its pre-strike capacity (measured in ASK)

9,2%

Source: Company Information

EBIT Adjustedex-ACDAC

Executive Summary

3Q 2017

AVH Network

AvBrasil Network

• Fleet: Incorporated Latin America’s first Airbus A321 NEO Aircraft into Avianca’sFleet

• Routes:- Cali – San Andres- Cali – Bucaramanga- Cali – Santa Marta- Medellín – San Andres

• Second consecutive YoY yield1 increase

• 3Q17 yields1 increased 4.3% to 9.2 cents

• 11.0% EBIT Margin1 for 3Q17 +318 bp vs 3Q16

• Strongest 3Q EBIT since 2013

• US$1.2 Billion total revenues1 in 3Q17

• Strongest 3Q revenue result since 2014

• Load Factor (LF) of 84.6%;+112 bps vs. 3Q16

• The highest LF in companyhistory

• PAX +0.10% YoYincrease during 3Q17

• 3Q17 4.9% RPK growth continues to outpace capacity growth (ASK) of 3.5%

H I G H L I G H T S

STRATEGIC GUIDANCE

O P E R AT I O N A L

F I N A N C I A L

• LifeMiles LTD. raises USD $ 300 million through the Term Loan B Market

• Avianca acquires localground handling serviceSAI ServiciosAeroportuarios Integrados

• Avianca maintains FY EBIT guidance of 7%-9%

• Avianca suspends operations to Venezuela due to operational and security reasons

• Avianca Signs its first JOLCO (Japanese operating lease with a call option)

• CONOPS Project: Redesigned airspace increases Bogota operational capacity

• Strategic Commercial Alliance negotiations with UnitedAirlines continues negotiations term sheet to bepresented by year end

Source: Company Information1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC’s Foregone Revenues; $-14,530M: ACDAC’s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.

FINANCIAL AND OPERATIONAL

RESULTS3Q 2017

Executing on our fleet plan

Source: Company Information1 The Airbus A320 Family is comprised of: 10 A318 18 A319, 49 A320, 2 A321, 8 A319S, 12 A320S and 9 A321S2 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax.

100/194 pax2

68 pax

12 pax

250 pax

96 Pax

252 pax

68 tons

40 tons

48 pax

53 tons

Aircraft Jun-17 In Out Sep-17Airbus A320 Family1 109 1 - 110

ATR – 72 15 - - 15Cessna 208 13 - - 13Boeing 787 11 - - 11

Embraer E190 8 - - 8

Airbus A330 9 - - 9

Airbus A330F 5 - - 5

Airbus A300F 5 - - 5

ATR – 42 2 - - 2Boeing 767F 2 - - 2

Total 179 1 0 180

IN Airbus A321 Neo in: First A321 Neo of the two orders for 2017

First Latin American airline to operate A321 NEO;

NEO technology allows savings of up to 20% in jet fuel, reduces up

to 50% acoustic footprint and reduces the emission of CO2 by plane

by 5K tons;

3Q17 Operating Fleet Fleet Status & Capacity

Detail

11.9

9.5 8.8 8.9

11.9

9.5 8.8

9.2

3Q14 3Q15 3Q16 3Q17

8.6 8.7

8.6

8.8

9M16 9M17

31,172

28,094 30,800

9M16 9M17

12,733

10,683

11,618

11,973 12,389

3Q14 3Q15 3Q16 3Q17

37,535

35,052

37,190

9M16 9M17

Source: Company InformationBp: Basics points

3Q ASKs – Millions 3Q RPKs – Millions

3Q Yield - US¢ 3Q Load Factor

Second, consecutive year on year yield increase since 2014: +91 bp, reaching 8.9 US cents

Quarterly ASK Full Year ASK Quarterly RPK Full Year RPK

+2.1%

+4.3%

ASK ex-Strike

+3.5%

+6.4%

+6.1%

+7.1%

RPK ex-Strike

10,854

8,689 9,441

9,997

10,483

3Q14 3Q15 3Q16 3Q17

+4.9%

+8.6%

+9.6%

+11.0%

Quarterly Yield Full Year Yield Yield, ex-Strike Quarterly Load Factor Full Year Load Factor Load Factor, ex-Strike

85.2%

81.3% 81.3%

83.5% 84.6%

3Q14 3Q15 3Q16 3Q17

83.0%

80.1%82.8%

9M16 9M17

+112 bp

+175 bp

+271 bp

+294 bp

+ 0.9%

+ 0.9%

1,034 895 880 932

184

222 182 229

3Q14 3Q15 3Q16 3Q17

3Q Revenues – US millions 3Q CASK ex Fuel - US¢

3Q EBITDAR – US millions 3Q EBIT – US millions

11

Improved operational performance results in strongest second quarter EBIT margin since 2012

Source: Company Information1. Q: Quarterly2. A: Annual

CASK

EBITDAR Margin

EBITDAR

EBIT Margin

EBIT

CASK Ex-fuel

Passenger RASK US¢Non-passanger Revenues

3,03310.7

9.0 8.2 8.5

7.4 6.8 6.4 6.6

-

2.0

4.0

6.0

8.0

10.0

12.0

3Q14 3Q15 3Q16 3Q17

-

2.0

4.0

6.0

8.0

10.0

12.0

8.1 8.3

6.5 6.4

9M16 9M17

11.29.4 8.9 9.4

2,413 2,669

620 652

9M16 9M17

1,1611,0621,117

1,218

3,321

Unadjusted

610.3 682.6

20.1%

20.6%

9M16 9M17

202.5 212.9 229.1255.0

16.6%19.1%

21.6% 22.0%

3Q14 3Q15 3Q16 3Q17

70 72

83

107

5.8%6.5%

7.9%

9.2%

3Q14 3Q15 3Q16 3Q17

181

237

6.0%

7.1%

9M16 9M17

8,7

8.9

2,413 2,701

563 652

9M16 9M17

1,034 895 880 963

158 198 182

229

3Q14 3Q15 3Q16 3Q17

3Q Revenues1 – US millions 3Q CASK1 ex Fuel - US¢

3Q EBITDAR1 – US millions 3Q EBIT1 – US millions

12

Improved operational performance results in strongest second quarter EBIT margin since 2012

CASK

EBITDAR Margin

EBITDAR

EBIT Margin

EBIT

CASK Ex-fuel

Passenger RASK US¢Non-passanger Revenues

2,977

1,193

1,0621,0931,192

3,352

70

82 83

132

5.9%

7.5% 7.9%

11.0%

3Q14 3Q15 3Q16 3Q17

193

265 6.5%

7.9%

9M16 9M17

Source: Company Information1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC’s Foregone Revenues; $-14,530M: ACDAC’s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.2. Q: Quarterly3. A: Annual

11.2

9.4 8.9 9.6

8.5

9.0

202.5 222.6 229.1278.6

17.0%

20.4%21.6%

23.4%

3Q14 3Q15 3Q16 3Q17

2.0%

7.0%

12.0%

17.0%

22.0%

27.0%

622.4 708.7

20.9%

21.1%

9M16 9M17

15.0%

16.0%

17.0%

18.0%

19.0%

20.0%

21.0%

22.0%

Adjusted

10.5

8.7 8.2 8.6

7.2 6.5 6.4 6.6

-

2.0

4.0

6.0

8.0

10.0

12.0

3Q14 3Q15 3Q16 3Q17

-

2.0

4.0

6.0

8.0

10.0

12.0

7.9 8.3

6.3 6.4

9M16 9M17

*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 and Uruguay, 4 Belize, Cuba Curazao, Republica Dominicana, Panamá, Costa Rica, Guatemala, Honduras, Nicaragua

Avianca reports the strongest 3Q Load Factor in company history of 84.6%, +112 bp vs 3Q16

3Q17

ASK Growth

3Q17

Insights

3Q17

Load Factor

Intra Home

Markets1

HM to North

America2

Central America &

Caribbean4

HM to South

America3

Domestic*

Region

-7,4%

3Q17

RPK Growth

-3,2%

7,5%

6,4%

1,2%

11,9%

Capacity reduction in September

(last 10 days) due to pilots' strike

with slight traffic impact

Strong competitive position in

strategic markets drives demand

growth

Traffic and yield improvement

above capacity growth

Yield and demand growth driven

by economic recovery, supports

capacity increase in core markets

Broad traffic growth with yield

improvement driven by economic

recovery

TotalRPK Growth

4.9%

Load Factor

84.6%

Home Markets to

Europe

3,5%

4,9%

3,5%

1,7%

16,1%12,2%

84,8%

79,0%

86,3%

84,0%

78,5%

87,8%

ASK Growth

3.5%

Strong capacity expansion with

traffic and yield growth

60.7%

14.2%10.9%

Others11.1%

3.0%

54.5%

20.7%

13.2%

4.6…

Others4.2% 1.8%

*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

Source: Aeronáutica Civil, MIDT

1

INTRA-HOME MARKETS

1 68.4%

HOME MARKETSTO NORTH AMERICA

124.6%

HOME MARKETSTO SOUTH AMERICA

1 34,8%

HOME MARKETSTO SPAIN

2 24,6%

COLOMBIA DOMESTIC1 PERU DOMESTIC2

1 Sep 20172 Jul 2017

3

Avianca continues to consolidate its Leadership Position in the Colombian domestic market

CARGO & OTHER3Q 2017

Source: Company Information;1 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F;2 includes Domestic Colombian and Peru

■ Aircraft maintenance, crew training and other airport

services to other carriers

■ Avianca acquires local ground handling service SAI

Servicios Aeroportuarios Integrados

■ Travel-related services to customers

■ In-flight duty-free sales

■ 12 freight aircraft complemented by passenger fleet bellies

■ Deprisa is a leading express courier operating in Colombia

with a broad domestic and international product portfolio;

UPS allied in Colombia

■ Strong brand recognition and reputation in Colombia

■ One of the largest loyalty programs in Latin America

■ 20-year agreement, guaranteed exclusivity and seat

availability from Avianca

■ Solid Gross-Billings growth

■ 12% YoY growth in 2015 in revenue from

external clients

■ 2,700+ hours of flight simulators

commercialized

■ 12 cargo aircraft(1)

■ 1,917 mm ATKs(2)

■ 1,054 mm RTKs(2)

■ 41.1% | 11.0% - market Share Colombia |

MiamiCourier

COURIER AND CARGO

SERVICES

LOYALTYBUSINESS

OTHERSERVICES

Business Overview Brands Key Highlights 9M2017

Avianca Holdings: more than just an airline

■ 7.5+ mm members

■ 526+ active co-branded credit cards

■ 322 Commercial Partners

149

116

140

3Q16 3Q17

13.3%11.5% 11.0%

8.0%6.3% 6.0%

44.0%

Atlas UPS AVH Amerijet American Airlines Latam Others

41.1%

8.6% 8.6% 8.6%4.9%

3.1%

25.2%

AVH Atlas Latam UPS Skylease Cargolux Others

55.20% 58.45%

3Q16 3Q17

Source: Company.(1) On a per trip basis.(2) Includes consolidated revenues from the cargo operation in Mexico / When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC’s Foregone

Revenues; $-14,530M: ACDAC’s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.(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 September 2017)(5) Miami-Dade Aviation Statistics, by airline group (as of September 2017)

Avianca Cargo: financial and operational results

Segment Overview

First A330F operating under Peruvian certification (COA) allowing for more efficient asset utilization and network

optimization

Strong performance for 3 Quarter 2017, with an increase of +8.8% in transported tons when compared to same

period in 2016

New A330Fs provide reduced unit costs, higher capacity (up to 40% more than the previous fleet)(1) and improved

reliability

Key Metrics (Cargo and Courier)

RTK (MM)(3) +18.5%

Market Share Colombia (2017)(4) Market Share Miami (2017)(5)

(% Market share by freight carried) (% Market share by freight carried)

Revenue (US$MM)(2) +28.6% ATK (MM) (3)+11.9%

Load Factor

564 631

3Q16 3Q17

311

369

3Q16 3Q17

325 bp

+20.7%

Revenueex-Strike

LIFEMILES LOYALTY COMPANY

NEW COMMERCIAL PARTNERS & AWARDS

Central America

El Salvador:

• 3Q’17 revenues increased 8.8% vs 3Q´16

• More than 7.5 million members; a 9.0% increase vs. 3Q’16

• 626K active cobranded credit cards 21.7% increase vs. 3Q’16

• 322 commercial partners, +6.3% vs 3Q’16

Source: Company information

Colombia

FLIGHT PLAN2017

Source: Company information.

3Q 2017 2017 OUTLOOK

PAX

ASK

LF

E B I T ¹

0.10% 4.5% – 6.5%

3.5% 7.0% – 9.0%

84.6% 80.0% – 82.0%

11.0%7.0% – 9.0%

9M 2017

4.7%

6.1%

82.8%

7.9%

EBIT 9.2% 7.1%

Source: Company Information1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC’s Foregone Revenues; $-14,530M: ACDAC’s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.

This quarter, Avianca maintained its path of margin expansion and profitable growthdespite the impact of a pilot strike, by achieving:

Strongest Load Factor1 in company history of 84.6%, +112 bp vs 3Q16

Continued yield1 recovery, +4.3% Year on Year, reaching 9.2 US¢

In Summary:

11.0% Adjusted EBIT1 Margin for 3Q17, +318 bp vs 3Q16, strongest 3Q EBIT since 2013

US$1.2 Billion total revenues1 in 3Q17, strongest 3Q result since 2014, +12.3% year on year

Strong Cash Balance of 12.1% Cash/LTM Revenues, while reducing leverage to 5.6X NetDebt /EBITDAR

Source: Company Information1. When indicated the figures are adjusted by the following one-time items:$-31,580m: ACDAC’s Foregone Revenues; $-14,530M: ACDAC’s operatives expenses; $ 6,522M: Aerogal's Reservs Adjust, Opex; $ 1,356MM: Engines Incidents B787, Opex.

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