Corporate Presentation B787 Dreamliner

December 2016

Disclaimer

The material that follows comprises information about Avianca Holdings S.A. (the “Company”) and its subsidiaries, as of the date of the presentation. It has been prepared solely for

informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving legal, tax, investment or other advice to potential

investors. The information presented or contained herein is in summary form and does not purport to be complete.

No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. Neither the Company

nor any of its affiliates, advisers or representatives accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The

information presented or contained in this presentation is current as of the date hereof and is subject to change without notice, and its accuracy is not guaranteed. Neither the Company nor

any of its affiliates, advisers or representatives makes any undertaking to update any such information subsequent to the date hereof.

This presentation contains forward-looking statements, which are based upon the Company and/or its management’s current expectations and projections about future events. When used in

this presentation, the words “believe,” “anticipate,” “intend,” “estimate,” “expect,” “should,” “may” and similar expressions, or the negative of such words and expressions, are intended to

identify forward-looking statements, although not all forward-looking statements contain such words or expressions. Additionally, all information, other than historical facts included in this

presentation is forward-looking information. Such statements and information are subject to a number of risks, uncertainties and assumptions. Forward-looking statements are not guarantees

of future performance and actual results may differ materially from those anticipated due to many factors. As for forward-looking statements that relate to future financial results and other

projections, actual results may be different due to the inherent uncertainty of estimates, forecasts and projections. Because of these uncertainties, potential investors should not rely on these

forward-looking statements. Neither the Company nor any of its affiliates, directors, officers, agents or employees, nor any of the shareholders or initial purchasers shall be liable, in any

event, before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or

for any consequential, special or similar damages.

Certain data in this presentation was obtained from various external sources, and neither the Company nor its affiliates, advisers or representatives has verified such data with independent

sources. Accordingly, neither the Company nor any of its affiliates, advisers or representatives makes any representations as to the accuracy or completeness of that data, and such data

involves risks and uncertainties and is subject to change based on various factors.

In addition to IFRS financials, this presentation includes certain non-IFRS financial measures, including Adjusted EBITDAR, which is commonly used in the airline industry to view operating

results before depreciation, amortization and aircraft operating lease charges, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and

other asset acquisitions. However, Adjusted EBITDAR should not be considered as an alternative measure to operating profit, as an indicator of operating performance, as an alternative to

operating cash flows or as a measure of the Company’s liquidity. Adjusted EBITDAR as calculated by the Company and as presented in this document may differ materially from similarly titled

measures reported by other companies due to differences in the way these measures are calculated. Adjusted EBITDAR has important limitations as an analytical tool and should not be

considered in isolation from, or as a substitute for an analysis of, the Company’s operating results as reported under IFRS.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or

services of the Company or this proposed offering.

2

Avianca at a glance

A leading airline in Latin America

1

Colombia Domestic1

Intra Home Markets2

Home Markets – N. America2

Home Markets – S. America2

A Star Alliance Member

Source: Company, Aeronáutica Civil de Colombia, and internal data derived from Travelport Marketing Information Data Tapes (“MIDT”) 1 Based on passengers transported during the 12-month period ended December 31, 2016; 2 In 2014. According to internal information Avianca derives from MIDT, the Company believes they are the market leader in terms of passengers carried on international flights within the Andean region and Central America (home markets), and leader in terms of international air passengers carried from home markets to both North America and South America; 3 Includes Jet Operative Fleet only; 4 As of December 30, 2016

26 countries

100+ Destinations

Average Jet Passenger Aircraft Age of 5.96Years 3,4

5,700 Weekly Departures

3 Hubs:Bogota, San Salvador, and Lima

181 Aircraft 4

2014 2015 2016 CAGR

Passengers (mm) 26.2 28,3 29,5 6.1%

ASKs (bn) 41.1 44,6 47,1 7.1%

RPKs (bn) 32.6 35,4 38,2 8.2%

Revenues (US$bn) $4.7 $4.4 $4.1 -6.6%

EBITDAR (US$mm) $787 $797 $879 5.7%

EBITDAR Margin 16.7% 18.8% 21.5% -

3

4

Avianca Holdings S.A. Strong Fundamentals

Leading Airline in High Potential Latin American Markets1

Demonstrated Track Record of Business Combinations and Value Creation2

Successful Operational Improvements Paving the Way for Profitable Growth3

Diversified Sources of Revenue with Growing Non-Passenger Businesses4

5Near-Term Focus on Cash Flow Generation

5

SUCCESSFUL INTEGRATION

Avianca-Taca: an integration plan with significant profitable growth potential

Avianca’s successful strategy since the February 2010 combination…

… is only the first part of a well-defined integration plan

Focus on organizationand people

• A single management team was

promptly appointed

• PMI project management drove

synergy capture

Complementary networksand fleet

• 2 overlapping routes pre merger; 40

new routes since 2010

• Multi-hub system provides better

geographic coverage

Focus on service and clear customer strategy

• “Latin Excellence”

• Target customer: “Modern Latin”

Phase 1: Commercial and Passenger Service Integration

6

7,0% -8,0%

8,7% -9,2%

6.6%5.3%

2010 2011 2012 2013 2014 2015

Single Brand

Core Systems Migration

Star Alliance Single Web Page

Single Commercial Code

Revenue Management Optimization

Ancillary Revenue

LifeMiles Maximization

Single Loyalty Program

Single Management Team

Single Operations Management

Fleet Interchange

Airport Optimization Model MRO

Network & Commercial Integration

EBIT Margin

Year

5.3% 6.6% 6.2%

Phase 2: Operational and Administrative Integration

ERP

Intra Hub connectivity

8.4% 5.9%

6

Cost Control Initiatives

Network/Fleet Optimization

CEO

~4.5*%

* Singles sum of the EBIT contribution of both Avianca S.A. and GTH

100% lower fuel benefits

Revenue Enhancing Initiatives

Cost Reduction Initiatives

2016

7.2%

7

FOOTPRINTIn high growthLatin AmericanMarkets

88

• San Salvador Hub

Operate from CAM, Caribbean and MEX, and SAM

• Lima Hub

Connect From the South to MIA, JFK, MEX and MAD

• Increase banks during the Day

Operate Morning and afternoon banks with wide body

• Evaluate New Destinations

Toronto and Boston from BOG

Europe (Frankfurt)

• Immigration to US from EDR+ Global Entry for COL, ECU and PE

Comprehensive network in Latin America Convert Bogota into the “Super” HUB

Create Alternative Banks

Improve Connectivity

Source: Company Information

Avianca’s footprint connects Latin America with robust fundamentals to the world

New destinations to the U.S. improve competitive position with other U.S. Carriers

Strengthen Strategy to Europe From Bogota and Lima

• From Ecuador

To the central and western US through SAL (as an option LAX from BOG

• From Medellin, Cali

To MEX, CAM, US Central and SFO through SAL

• From Medellin, Cali & Dom Col

To Lax, US and rest of Europe Through BOG

• From BAQ /CTG

To CAM, Caribbean, and US Mex Through SAL

• From PERU

to CAM, US central and SFO through SAL

9

61.6%

11.9%

12.3%

4.5%

Others

9.7%

3,2

7,6

1,3

3,7 1.9

3,9

2002 2014

Colo

mbia

Dom

estic

1

4,1

16,6

2,1

9,1 2.0

7,5

2002 2015

11,0

34,9

8,1

23,1 2,9

11,8

2002 2016

Avianca is a market leader in Latin American markets with strong passenger growth trends

Source: Colombian Civil Aviation Authority, Peruvian Civil Aviation Authority, and Ecuadorian Civil Aviation Authority.Note: Market share based on number of passengers1 As of December 2016; 2 As of July 2016

Market Share in Key Markets

50,2%

Others

1.4%

48,4%1

Passenger evolution (mm)

Colombia1 Peru2

15,2 16,7

2,4 2,6

12,8 14,1

2010 2014

EcuadorCentral America

166%

Intra-home markets

124%

Home marketsto N. America

137%

Home marketsto S. America

Peru

Dom

estic

2Centr

al Am

eri

ca

3,1x4,0x

2.2x

1,1x

Domestic International

9

57.8%

18.2%

13.5%

Others

5.5%4.2%

0.9%

1

32010 market share:

Avianca: 2.7%

LAN: 70.3%

+ 4.0%

+ 13.6% + 16.5% 86.3%

+ 7.7%

+ 5.4%

+ 9.9%

82.6%

71.1%

+ 1.6% + 4.1% 79.4%

+ 5.6% + 3.2% 73.9%

+ 6.9% 84.0%+ 10.2%

Central America & Caribbean4

HM to North America2

Home Markets to Europe

Domestic*

Intra Home Markets1

HM to South America3

Increasing Load Factors are the result of Avianca’snetwork flexibility and strong traffic numbers

Total

FY2016 ASK Growth

FY2016 RPK Growth

FY2016Load Factor

Region

ASK Growth 5.9%

RPK Growth 7.8%

Load Factor81.1%

+ 9.1%

*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

10

MODERN

FLEETPassenger

Aircraft Type Sep.2016 In Out Dec.2016

Airbus A320 Family1 110 +2 -2 110

ATR – 72 15 - - 15

Cessna 208 11 +2 - 13

Boeing 787 9 +1 - 10

Embraer E190 10 - - 10

Airbus A330 9 - - 9

Airbus A330F 5 - - 5

Airbus A300F 4 +1 - 5

ATR – 42 2 - - 2

Boeing 767F 2 - - 2

Total 177 +6 -2 181

Projected 2017 +6 -3 184

During 2016 we advanced in our fleet plan execution

4Q2016 Operating Fleet Status Capacity

100/194 pax2

68 pax

12 pax

250 pax

96 Pax

252 pax

68 tons

40 tons

48 pax

53 tons

Source: Company 1 A320 Family Seating Capacity: A318: 100pax, A319: 120pax, A320: 150pax, A321: 194pax. 12

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total

B-787 3 2 - 3 - - - - - - 8

A320s 5 - - - - - - - - - 5

A320neo - 2 5 8 20 23 20 20 20 18 136

Total 8 4 5 11 20 23 20 20 20 18 149

… and a renewed calendar of incorporations

Source: Company, Airbus, and Boeing1 Comparisons made against the original A320 family2 According to Boeing3 Nautical miles

Fleet CAPEX financing:

• ~20% Equity and ~80% Debt:

– Multilateral facilities (ECAS&EXIM): 59%

– Sale & Lease Back: 41%

Future orders create footprint for higher profitability going forward

Cost reductions

• A320 Neos: 15% less fuel consumption1

• Sharklets: Up to 3% cost savings1

• B787s: More fuel efficient than many similarly sized

airplanes2

Improved range and network performance

• A320neos provide up to 500nm1,3 of additional range

• Opportunity to upgage in congested markets

Increased regional capacity

• ATR72s to replace Fokker 50s

Increased cargo capacity• A330Fs: 40% more cargo capacity vs. previous cargo

fleet

A320 Neo

A330FATR72

Boeing 787

13

Long Term Fleet

Fleet Backlog

2011 to2016

11,566 12,093

44,513

47,145

4Q2015 4Q2016 FY2015 FY2016

9.1

8.6

9.7

8.6

4Q2015 4Q2016 FY2015 FY2016

9,216

10,138

35,478

38,233

4Q2015 4Q2016 FY2015 FY2016

Increasing Load Factors are the result of robust traffic numbers

Source: Company information

ASKs – millions RPKs – millions

Yield - US¢ Load Factor

+4.6%+10.0%

79.7% 83.8%

79.7% 81.1%

4Q2015 4Q2016 FY2015 FY2016

+7.8%+5.9%

15

1,032 1,105

4,251

4,082

4Q2015 4Q2016 FY2015 FY2016RASK1-US¢

8.9 9.1 9.5 8.7

229.7

257.1

797.5

879.5

4Q2015 4Q2016 FY2015 FY2016

8.18.3

9.0

8.0

4Q2015 4Q2016 FY2015 FY2016

FY 2016 results were also driven by a leaner cost structure

Revenues1 – millions CASK1 - US¢

EBITDAR1 – millions EBIT1 Margin

+7.1%

9.1% 9.2%

5.9%

7.2%

4Q2015 4Q2016 FY2015 FY2016

-10.7%-4.0%

+11.9%

+14bps

CASK1-ex Fuel

6.3 6.5 6.7 6.4

Margin1 22.3% 23.3% 18.8% 21.5% EBIT1

(Mlls) 93.9 102.1 249.2 295.4

10.3%

+137bps

16

Source: Company Information1. When indicated the figures exclude the following one-time items: $9.9M: severance payments associated to new organizational structure; $4.8M: extraordinary projects; $4.2M: 2017 A330 lease extension cost assumed in 2016; $5.9M: LifeMiles accounting methodology revision. 12M and 4Q2015 figures exclude one-time expenses informed on previous earnings releases and cargo discount

2.3%

Aircraft

67.8%

Bonds

19.5%

Corporate

Debt

12.8%

Debt evolution and amortization

Debt evolution

Debt amortization schedule (US$MM)

1 Current Installments of Long Term Debt + Long Term Debt – Cash* 2 Current Installments of Long Term Debt + Long Term Debt + (Aircraft Rentals 12M x 7) – Cash** Cash: Cash and cash equivalents + Restricted Cash + Available for sale securities + Short Term Certificates of bank deposits (Financial Statements -Note 8) + Long Term Restricted Cash (Financial Statements -Note 11)

Total debt by type (Dec,2016)

US$MM Dec.14 Dec.15 Dec.16

Total Debt 3,172 3,473 3,274

Cash & Cash Equivalents* 650 486 381

Net Debt¹ 2,522 2,987 2,893

Adjusted Net Debt² 4,617 5,210 5,094

266 293 273 261 233

30 29 29

550

0

111 61 58

59

70

2017 2018 2019 2020 2021

Aircraft Debt Bonds Corporate Debt

17

Balance sheet ratios

Capitalization ratio2

Net Adjusted debt to adjusted EBITDAR4

Cash1 as percentage of revenue

Adjusted EBITDAR – coverage ratio3

16.8%

13.8% 12.6%

9.5%

2013 2014 2015 2016

73.7%

79.3% 78.9% 78.2%

2013 2014 2015 2016

2,1x1,8x

1,58x1,73x

2013 2014 2015 2016

4,1x

5,9x

6.8x6.0x

2013 2014 2015 2016

Source: Company Note: All financial information is in accordance with IFRS 1 Cash at end of period; 2 Capitalization ratio calculated as adjusted net debt (including capitalized leases at 7.0x) divided by equity value plus adjusted net debt; 3 Adjusted EBITDAR coverage ratio calculated as adjusted EBITDAR divided by the sum of aircraft leases and interest expense; 4 Calculated as net adjusted debt (including capitalized leases at 7.0x) divided by adjusted EBITDAR

18

DIVERSIFIED SOURCESOF

REVENUE

Avianca Holdings: More Than an Airline

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

Business Lines

PassengerTransport

Loyalty Business

Other Services

Courier and Cargo

Services

Business Overview Brands Key Highlights (2016)

■ Result of the combination of Avianca and

Taca with complementary operations in

Andean Region and Central America

■ Extensive route network from hubs in

Bogota, San Salvador and Lima

■ Member of Star Alliance since 2012

■ Aircraft maintenance, crew training and

other airport services to other carriers

■ Travel-related services to customers

including all-inclusive vacation deals

■ In-flight duty-free sales

■ 12 freighter aircraft complemented by passenger

fleet bellies

■ Deprisa is a leading express courier operation in

Colombia with 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

■ Guaranteed exclusivity and seat availability

from Avianca

■ Solid burn-to-earn ratio

■ $3,285mm passenger revenue

■ 169 passenger aircraft(1)

■ 28 countries reached

■ 5,700+ weekly departures

■ 2,700+ hours of flight

simulators commercialized

■ 12 cargo aircraft(1)

■ 2,346mm ATKs(2)

■ 1,291mm RTKs(2)

■ 38% | 11% market Share

Colombia | Miami

■ 7.0+ mm members (FY2016)

■ 529+ active co-branded credit

cards

■ 314 commercial Partners

■ Freddie award winner 2013 –

2016

Courier

120

Deprisa: Leading Express Courier Operation in Colombia

21

• 3.5K active B2B clients, in this segment revenues increased 3.8% vs. 4Q’15

• With the help of a consulting firm, Deprisa started in 2016 an aggressive strategy in order to reach higher market shares (courier), capture short term savings and increase its productivity

• Deprisa has robust information systems that allow it to control its operation and connect with its clients

Highlights 4Q2016

Source: Aeronautica Civil. Information as of December 2016

Market Share FY 2016

Colombia*

15.1%

2016 2015

12.3%

6.9%

7.5%

14.6%

43.1%

Others

127

140

511

496

4Q2015 4Q2016 FY2015 FY2016

342367

1,265 1,291

4Q2015 4Q2016 FY2015 FY2016

+7.4%

+2.1%

583608

2,215

2,346

4Q2015 4Q2016 FY2015 FY2016

Avianca Cargo: Financial and Operational Results

Source: Company information. includes Domestic Colombian and Peru

Revenues – millions ATKs – millions

RTKs - millions Load Factor

+9.7% +4.3%

58.7% 60.4%

57.1% 55.0%

4Q2015 4Q2016 FY2015 FY2016

+5.9%-2.9%

22

LifeMiles Loyalty Program

23

• 4Q’16 revenues increased 7.7% vs 4Q15

• 529K active cobranded credit cards, an increase of 13.3% vs. 4Q’15

• More than 7.0 million members, an increase of 8.5% vs. 4Q’15

• 314 commercial partners, +10.6% vs 4Q’15

Highlights 4Q2016

New Commercial Partners

Peru:

Central America /North America South America

Source: Company information

Colombia“Best Redemption

Ability (Americas)“, “Best Promotion”

and “Up and ComingProgram of the Year”

2017

Avianca Holdings: Flight Plan 2017

ASK

LF

PAX

2016

4.2%

5.9%

81.1%

7.2%

Source: Company information.

EBIT1 %

25

Outlook 2017

4.0% - 6.0%

6.5% - 8.5%

80.0% - 82.0%

6.0% - 8.0%

Outlook 2016

3.0% - 5.0%

3.0% - 5.0%

78.0% - 80.0%

5.5% - 7.5%

In Summary

26

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

Reduction in total debt (USD -198.7 million) to 3.3 million in 2016from 3.5 Billion in 2015

Improvement in leverage position (Net Adjusted Debt to EBITDAR)to 6.0x in 2016 from 6.8x on 2015

Achieved first year over year increase in Passenger Revenues(+4.5%) since 4Q2014

Managed to diminish top line pressure as yield trends start toshow recovery

Improved profitability by more than +290 bps reaching an EBITDARmargin of 21.7% in FY2016 vs 18.8% in 2015, the highest margin inthe last 3 years

Increased Load Factors by +139 bps vs 2015 to 81.1% as trafficnumbers grew 7.8% outpacing capacity growth

Thank YouContact Information:

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

Reconciliation for Adjusted EBITDAR

This presentation includes certain references to non-IFRS measures such as our Adjusted EBITDAR and Adjusted EBITDAR margin. Adjusted

EBITDAR represents our consolidated net profit for the year plus the sum of income tax expense, depreciation, amortization and impairment,

aircraft rentals and interest expense, minus interest income, minus derivative instruments, minus foreign exchange. Adjusted EBITDAR is

presented as supplemental information, because we believe it is a useful indicator of our operating performance and is useful in comparing our

operating performance with other companies in the airline industry. However, Adjusted EBITDAR should not be considered in isolation, as a

substitute for net profit determined in accordance with IFRS or as a measure of a company’s profitability. These supplemental financial measures

are not prepared in accordance with IFRS or Colombian GAAP. Accordingly, you are cautioned not to place undue reliance on this information and

should note that Adjusted EBITDAR and Adjusted EBITDAR margin, as calculated by us, may differ materially from similarly titled measures

reported by other companies, including our competitors.

Adjusted EBITDAR is commonly used in the airline industry to view operating results before depreciation, amortization and aircraft operating lease

charges, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other asset

acquisitions. However, Adjusted EBITDAR should not be considered as an alternative measure to operating profit, as an indicator of operating

performance, as an alternative to operating cash flows or as a measure of our liquidity. Adjusted EBITDAR as calculated by us and as presented in

this presentation may differ materially from similarly titled measures reported by other companies due to differences in the way these measures

are calculated. Adjusted EBITDAR has important limitations as an analytical tool and should not be considered in isolation from, or as a substitute

for an analysis of, our operating results as reported under IFRS or Colombian GAAP. Some of the limitations are:

• Adjusted EBITDAR does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments;

• Adjusted EBITDAR does not reflect changes in, or cash requirements for, working capital needs;

• Adjusted EBITDAR does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on debt;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the

future, and Adjusted EBITDAR does not reflect any cash requirements for such replacements;

• Adjusted EBITDAR does not reflect expenses related to leases of flight equipment and other related expenses; and

• other companies may calculate Adjusted EBITDAR or similarly titled measures differently, limiting its usefulness as a comparative measure.

28