2Q 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

Executive Summary

2Q 2017

Source: Company Information1. When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount.

AVH Network

AvBrasil Network

• Skytrax Awards: Best LatamAirline and best LatamRegional Airline

• Airbus: Operational Excellence Award in America

• Routes:- Bogotá – Montevideo- Bogotá – Boston- San José – México D.F.

• First YoY yield increase since 1Q14

• 2Q17 yields increased 3.18%, to 8.5 cents

• 5.7% Adjusted EBIT1 Margin for 2Q17 +168 bp vs 2Q16

• Strongest 2Q EBIT since 2013• US$8.8 Million of Net Income

• US$1.09 Billion total revenues in 2Q17

• Strongest 2Q revenue result since 2014

• Load Factor (LF) of 82%; +390bps vs. 2Q16

• The highest 2Q LF since 2012• LF above 82% since 3Q16

• PAX +9% YoYincrease during 2Q17

• The RPK growth of 14.5% significantly outpaces capacity growth (ASK) of 9% in 2Q17

H I G H L I G H T S

GUIDANCE UPDATE

O P E R AT I O N A L

F I N A N C I A L

• Transported 12,652 tons of Mother’s Day flowers; +6% vs. 2016

• PAX: from 4%-6% to4.5% – 6.5%

• ASK: from 6.5%-8.5% to 7% – 9%

• EBIT %, from 6.0% – 8.0% to 7% – 9%

FINANCIAL AND OPERATIONAL

RESULTS2Q 2017

6

We executed 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 mar-17 In Out jun-17Airbus A320 Family1 110 - 1 109

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

Embraer E190 8 - - 8

Airbus A330 9 - - 9

Airbus A330F 5 - - 5

Airbus A300F 6 - 1 5

ATR – 42 2 - - 2Boeing 767F 2 - - 2

Total 181 0 -2 179

OUT Airbus A319 out of fleet: end of

operating lease

OUT Airbus A300F inactive: Tampa sold the

aircraft to Aerounión.

2Q17 Operating Fleet Status Fleet Status & Capacity

Detail

Source: Company InformationBp: Basics points

9.8

8.2 8.5

2Q14 2Q15 2Q16 2Q17

8.47

8.55

6M16 6M17

2Q ASKs – Millions 2Q RPKs – Millions

2Q Yield - US¢ 2Q Load Factor

7

First year on year yield increase since 2014, +318 bpreaching 8.5 US cents

ASK Quarterly

ASK Annual

+7.5%

RPK Quarterly

RPK Annual

Yield Quarterly

Yield Annual

Load Factor Quarterly

Load Factor Annual

7,756 8,488

9,037

10,346

2Q14 2Q15 2Q16 2Q17

18,098

20,317

6M16 6M17

+12.3%

+98 bp+318 bp

78.2% 78.7%78.1%

82.0%

2Q14 2Q15 2Q16 2Q17

78.4%

81.9%

6M16 6M17

+350 bp

+390 bp

+14.5%+9.0%

9,922 10,780

11,575 12,621

2Q14 2Q15 2Q16 2Q17

23,079

24,801

6M16 6M17

12.0

2Q Revenues1 – US millions 2Q CASK1 ex Fuel - US¢

2Q EBITDAR1 – US millions 2Q EBIT1 – US millions

8

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

Source: Company Information1. When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount.2. Q: Quarterly3. A: Annual

CASK

EBITDAR Margin

EBITDAR

EBIT Margin

EBIT

CASK Ex-fuel

Passenger RASK US¢Non-passanger Revenues

1,092

9381,036

1,1441,915 2,160

109.9

133.1

5.7%

6.2%

6M16 6M17

164.3

140.0

178.4

211.914.4%

13.5%

19.0% 19.4%

-

50.000

100.000

150.000

200.000

250.000

2Q14 2Q15 2Q16 2Q17

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

22.0%

393.3

430.0

20.5% 19.9%

320.00

340.00

360.00

380.00

400.00

420.00

440.00

6M16 6M17

15.0%

16.0%

17.0%

18.0%

19.0%

20.0%

21.0%

932 829

741

875

212 208

197

217

2Q14 2Q15 2Q16 2Q17

1,533 1,737

382 422

6M16 6M17

11.0

9.6

7.8 8.2 7.7

7.0 6.1 6.3

-

2.0

4.0

6.0

8.0

10.0

12.0

2Q14 2Q15 2Q16 2Q17

-

2.0

4.0

6.0

8.0

10.0

12.0

7.8 8.2

6.3 6.3

6M16 6M17

50

5

38

62 4.4%

0.5%

4.0%

5.7%

-

10

20

30

40

50

60

70

11.5

9.6

8.1 8.6 8.3

8.7

*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 reports the strongest 2Q Load Factor in company history of 82%, +390bp vs 2Q16

2Q17

ASK Growth

2Q17

Insights

-1.8%

2Q17

RPK Growth

2Q17

Load Factor

22.7%

80.8%

75.5%

83.8%

81.9%

78.1%

85.5%

4.0%

14.3%

14.5%

17.1%

20.3%

Home Markets to

Europe

5.1%

9.4%

16.3%

5.4%

19.1%

Intra Home Markets1

HM to North America2

Central America &

Caribbean4

HM to South America3

Domestic*

Region

Strong capacity expansion outpaced

by traffic growth

Robust position thanks to strong

network and frequencies

Strong competitive position in

strategic markets drives demand

growth

Increase of frequencies and a new

destination (BOS) with traffic and

yield growth

Strong demand growth, support

capacity increases combined with

economic recovery

Broad traffic growth with yield

improvement driven by economic

recovery

TotalRPK Growth

14.5%

Load Factor

82%

ASK Growth

9.0%

*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

Source: Aeronáutica Civil, MIDT

1

INTRA-HOME MARKETS

1 69%

HOME MARKETSTO NORTH AMERICA

124%

HOME MARKETSTO SOUTH AMERICA

136%

HOME MARKETSTO SPAIN

228.5%

COLOMBIA DOMESTIC1 PERU DOMESTIC2

1 June 20172 May 2017

3

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

59.2%

17.4%

13.2%

4.2%

Others4.0% 1.1%

12.0%

58.5%

14.7%

Others11.4%

3.4%

CARGO & OTHER2Q 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

■ Travel-related services to customers

■ In-flight duty-free sales

■ 12 freight aircraft complemented by passenger fleet bellies

■ Deprisa is a leading express courier operation 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 burn-to-earn ratio

■ 12% YoY growth in 2015 in revenue from

external clients

■ 2,700+ hours of flight simulators

commercialized

■ 12 cargo aircraft(1)

■ 1,286 mm ATKs(2)

■ 685.4 mm RTKs(2)

■ 53.5% | 17.06% market Share Colombia |

Miami

■ 7.3+ mm members

■ 591+ active co-branded credit cards

■ 320 Commercial Partners

Courier

COURIER AND CARGO

SERVICES

LOYALTYBUSINESS

OTHERSERVICES

Business Overview Brands Key Highlights Semester 2017

Avianca Holdings: more than just an airline

123.02

131.75

2Q16 2Q17

53.5%

13.4% 11.8% 11.0% 10.2%

3.9%

33.9%

AVH Atlas Latam UPS Skylease Cargolux Others

Source: Company.(1) On a per trip basis.(2) Includes consolidated revenues from the cargo operation in Mexico / When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016

figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0(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 June 2017)(5) Miami-Dade Aviation Statistics, by airline group (as of June 2017)

51.36%

53.57%

2Q16 2Q17

306.0

356.8

2Q16 2Q17

Avianca Cargo: financial and operational results

Segment Overview

During 2Q17 Avianca Cargo moved a total of 12,652 tons of Mother’s Day flowers, +6% YoY increase compared to

last year’s Mother’s Day season

Strong performance for first semester 2017, with an increase of +4.2% in transporting 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) +16.6%

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

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

Revenue (US$MM)(2) +7.10% ATK (MM) (3)

595.8666.0

2Q16 2Q17

+11.8%

Load Factor +221 bp

17.06% 17.06% 15.87%13.10%

8.73% 7.94%

40.08%

AVH Latam Atlas UPS Amerijet Skylease Others

LIFEMILES LOYALTY PROGRAM

NEW COMMERCIAL PARTNERS & AWARDS

Source: Company information

Colombia

Peru:

Ecuador:

Paraguay:

South America Central America

El Salvador:

• 2Q’17 revenues increased 21.6% vs 2Q´16

• 591K active cobranded credit cards, an increase of 23.0% vs. 2Q’16

• More than 7.3 million members, a 8.2% increase vs. 2Q’16

• 320 commercial partners, +9.6% vs 2Q’16

FLIGHT PLAN2017

Source: Company information.

2Q 2017 U P DAT E D 2 0 1 7 O U T LO O K

PAX

ASK

LF

E B I T ¹

9.0% 4.5% – 6.5%

9.0% 7.0% – 9.0%

82.0% 80.0% – 82.0%

5.7% 7.0% – 9.0%

Source: Company Information1. When indicated the figures exclude the following one-time items: $1.7M: extraordinary projects; 1Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount - 1Q2016 cargo discount: $28.0

1H 2017

7.2%

7.5%

81.9%

6.1%

4.0% – 6.0%

6.5% – 8.5%

80.0% – 82.0%

6.0% – 7.0%

2 0 1 7O U T LO O K

The Company continues to successfully optimize its cost structure and enhanceprofitability

Strongest second quarter Load Factor in company history of 82%, +390 bp vs 2Q16

First year over year yield increase since 2014, +318 bp reaching 8.5 US¢

In Summary:

5.7% Adjusted EBIT1 Margin for 2Q17, +168 bp vs 2Q16, strongest 2Q EBIT since 2013

US$1.09 Billion total revenues in 2Q17, strongest 2Q result since 2014, +16.5% year onyear

US$ 34.4 Millions Net Income for the first semester of 2017 (US$ 8.8 Millions for 2Q17),a relevant increase vs 1H16

Source: Company Information1. When indicated the figures exclude the following one-time items: $0.620M: extraordinary projects; 2Q2016 figures exclude one-time expenses disclosed on previous earnings releases and cargo discount.

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