Fourth Quarter 2015 Highlights

(1)

Avianca Holdings Reports an Adjusted Operating Profit

¹

of $93.9 Million for the fourth quarter of 2015

Bogota, Colombia, February 29, 2016 – Avianca Holdings S.A. (NYSE: AVH, BVC: PFAVH) presents the following results pertaining to the fourth quarter 2015 (4Q 2015). Financial and operational information is provided in millions of US dollars unless stated otherwise. The following information is presented in accordance with International Financial Reporting Standards (IFRS). The reconciliation between IFRS and non-IFRS financial information can be seen in the financial tables section of this report. Except when noted, all comparisons refer to fourth quarter 2014 (4Q 2014) numbers. Figures and operating metrics of Avianca Holdings S.A. (“Avianca Holdings” or “the Company”) are presented on a consolidated basis.

Fourth Quarter 2015 Highlights

 Operating revenues amounted to $1.07 billion for the quarter. Adjusted Net income, excluding special items totaled $5.6 million while the adjusted net income margin reached 0.5%. As such operating income (EBIT¹) reached $93.9 million, posting an operating margin of 8.8%, a decrease of 32 bps over the same quarter of last year.

 For 2015 operating revenues amounted to $4.36 billion. Adjusted net income, excluding special items totaled $67.8 million while the adjusted net income margin came in at 1.6%. As such, operating income (EBIT¹) reached $249.2 million, posting an operating margin of 5.7%, which stands within the guidance range for the year 2015.

 4Q 2015 results were mainly driven by a 13.8% decrease in total operating costs¹ as the Company continued to further capture benefits from lower oil prices and its aim to have a leaner cost structure. However these figures were offset by a 14.1% decline in total revenues as FX depreciation and economic slowdown in the markets where we operate continued to affect demand, which consequently caused a yield dilution of 22.1%.

Moreover Cargo and Other revenues dropped 11.5%. The latter as a result of a contraction of inbound cargo traffic and lower revenues from miles redemption and other services.

 Cost per available seat kilometer (CASK¹) decreased 21.1% to 8.4 cents in 4Q 2015, compared to 10.7 cents in 4Q 2014. The latter mainly as a result of lower jet fuel prices along with the non-fuel cost reduction discipline. As such CASK ex-fuel¹ declined 14.0%

to 6.6 cents. CASK¹for the twelve-month period of 2015 declined 14.2% to 9.2 cents when compared to the same period of 2014. These results were mainly driven by the actions taken to optimize our network which in hand with the cost control initiatives continued to yield strong efficiencies. Moreover FX depreciation had a positive effect on our Colombian peso denominated costs.

 EBITDAR¹ for the 4Q 2015 was $229.7 million, while the EBITDAR margin¹ reached 21.5%, an increase of 120 bps when compared to 4Q 2014. The EBITDAR¹ for 2015 totaled $797.5 million, reaching an EBITDAR margin of 18.3%, a 168 bps increase over 2014.

 Capacity, measured in ASKs (available seat kilometers), increased 9.3% during 4Q 2015, mostly due to the annualized effect of the international capacity added during the first nine months of the year, such as the new service from Bogota to Los Angeles and incremental frequencies to London, Barcelona and Madrid. Furthermore, passenger traffic, measured in RPKs (revenue passenger kilometers), grew 9.4%, reaching a consolidated load factor of 79.6%.

 Between October and December 2015, the Company took delivery of one A320, two A321 (all equipped with sharklets) and two B787 Dreamliners while phasing-out one A319 and one A330. Consequently, Avianca Holdings S.A. and its subsidiaries ended the quarter with a consolidated operating fleet of 180 aircraft.

AVIANCA HOLDINGS S.A.

NYSE: AVH BVC: PFAVH

Financial Highlights

(12 months ended December 31)

($ millions) 2014 2015

Revenues 4.7Bn 4.4Bn

EBITDAR 777.3 767.1

EBIT 279.5 218.8

EBITDAR¹ 781.2 797.5

EBIT¹ 283.3 249.2

Net Income 128.5 (139.5) Net income*¹ 116.2 67.8

*Excluding Fx and Derivative Charges (3 months ended December 31)

($ millions) 2014 2015

Revenues 1.24Bn 1.07Bn

EBITDAR 248.7 224.7

EBIT 109.4 88.9

EBITDAR¹ 252.6 229.7

EBIT¹ 113.3 93.9

Net Income 105.0 (252.2)

Net income*¹ 43.0 5.6

*Excluding Fx and Derivative Charges

Profitability

2014 2015

EBITDAR% 16.5% 17.6%

EBIT % 5.9% 5.0%

EBITDAR %¹ 16.6% 18.3%

EBIT %¹ 6.0% 5.7%

Net income % 2.7% (3.2%) Net Income%*¹ 2.5% 1.6%

*Excluding Fx and Derivative Charges (3 months ended December 31)

2014 2015

EBITDAR% 20.0% 21.1%

EBIT % 8.8% 8.3%

EBITDAR %¹ 20.3% 21.5%

EBIT %¹ 9.1% 8.8%

Net income % 8.4% (23.6%) Net

Income%*¹ 3.5% 0.5%

*Excluding Fx and Derivative Charges

Operational Highlights

2014 2015

Passengers 26.2M 28.3M

ASKs 41.1Bn 44.5Bn

RPKs 32.6Bn 35.5Bn

Load Factor 79.4% 79.7%

RASK 11.5 9.8

CASK 10.8 9.3

2014 2015

Passengers 6.9M 7.3M

ASKs 10.6Bn 11.6Bn

RPKs 8.4Bn 9.2Bn

Load Factor 79.6% 79.7%

RASK 11.7 9.2

CASK 10.7 8.5

Contact Information:

Avianca Holdings S.A.

Investor Relations Office [email protected]

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1 When indicated the figures exclude one-time expenses: $236.7 million non-operating special charge related to the write-off of the value of Venezuelan bolivars held by the Company; $4.2 million associated to extraordinary fleet maintenance charges; $0.8 million loss on sale of property and equipment. 12M Figures exclude one-time expenses informed on previous earnings releases

2 Net Adjusted Debt to EBITDAR: (Current Portion of Long Term debt + Long Term Debt + (Annual Rents Expense x 7) – Cash*) / EBITDAR

* 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)

CEO Message

Dear Shareholders,

The year 2015 proved to be challenging in the regions were we operate, as the global macroeconomic landscape shifted, mainly driven by a stronger dollar, lower oil prices and China’s economic slowdown. As a result, strong currency depreciation and economic slowdown in the regions where we operate affected consumer spending, which consequently limited our ability to generate incremental passenger revenues.

As part of our efforts to overcome said challenges, we are committed to rationalize our capacity and set forth new commercial initiatives, which alongside with the diversified sources of revenue of the Company, is allowing us to partially offset pressures on our top line. Furthermore, the flexibility and scope of our integrated network allowed us to optimize our Load Factors by adjusting capacity from underperforming regions to high demand markets. As a result, over the course of 2015 we managed to increase our load factor by 29 basis points to 79.7%.

During the year we also redesigned our domestic and international itineraries from our Bogota hub. We are proud to say that the successful implementation of this project, has substantially improved the on-time performance of our operation, delivering a better service to our customers while generating incremental cost savings.

Throughout 2016, we will continue to take the necessary steps to adapt the Company and our business model to the new market reality. Furthermore every decision we are evaluating is geared towards meeting and exceeding our stakeholder expectations. As part of this process, since late 2015, we began working on three key initiatives, which we believe are fundamental to the success and sustainability of our business in the coming years: Capex reduction, Profitability and Leverage improvement.

In terms of Capex, we are targeting a 50% reduction for years 2016, 2017 and 2018. Moreover, we expect to further reduce capital expenditures through several measures currently under consideration, which may include, among others, the postponement of several aircraft deliveries.

Cost controls will continue to be key within our adjustment process in order to ensure profitable long-term results. Over the next coming quarters we will begin to benefit from our brand new maintenance and training facilities, which we expect to have fully operational over the first semester of 2016. Furthermore we will continue to build a solid base for cost productivity and are confident that the Company will continue to benefit from the ongoing cost control initiatives.

In essence, all of these measures mentioned above are geared towards deleveraging and improving free cash flow generation, which in turn will enhance indebtedness metrics and ultimately lead to sustainable margin expansion. As such we estimate for 2016 an operational profitability margin between 5.5% and 7.5% as we modestly increase capacity between 3% - 5%, which will in turn allow us to maintain load factors, between 78%

and 80%.

Finally as 2016 unfolds, we are confident that we are taking the necessary steps in order to deliver profitable growth. We will continue to strive in serving our loyal customers and adding value to all of our stakeholders.

Sincerely,

Álvaro Jaramillo Buitrago Chief Financial Officer

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Consolidated Financial and Operational

Highlights¹ 4Q-14 4Q-15 ∆ Vs. 4Q-14

ASK's (mm) 10,586 11,566 9.3%

RPK's (mm) 8,422 9,216 9.4%

Total Passengers (in millions) 6,909 7,301 5.7%

Load Factor 79.6% 79.7% 13bp

Departures 74.044 75,097 1.4%

Block Hours 135.808 138.894 2.3%

Stage length (km) 1,202 1,023 -14.9%

Fuel Consumption Gallons (000's) 111,104 118,985 7.1%

Yield (cents) 11.6 9.1 -22.1%

RASK (cents) 11.7 9.2 -21.4%

PRASK (cents) 9.3 7.2 -22.0%

CASK (cents) 10.7 8.5 -21.0%

CASK ex. Fuel (cents) 7.7 6.7 -13.8%

CASK (Adjusted) (cents) 10.7 8.4 -21.1%

CASK ex. Fuel (Adjusted) (cents) 7.7 6.6 -14.0%

Foreign exchange (average) COP/US$ $2,185.7 $ 2,935.6 34.3%

Foreign exchange (end of period) COP/US$ $2,392.5 $ 3,121.9 30.5%

WTI (average) per barrel $73.2 $ 44.9 -38.7%

Jet Fuel Crack (average) per barrel $18.7 $ 13.6 -27.3%

US Gulf Coast ( Jet Fuel average) per barrel $91.8 $ 58.5 -36.3%

Fuel price per Gallon (including hedge) $2.85 $ 1.76 -38.2%

Operating Revenues ($M) $ 1,242.9 $ 1,067.5 -14.1%

EBITDAR ($M) $ 248.7 $ 224.7 -9.6%

EBITDAR Margin 20.0% 21.1% 104 bp

EBITDA ($M) $ 165.8 $ 149.5 -9.8%

EBITDA Margin 13.3% 14.0% 67 bp

Operating Income ($M) $ 109.4 $ 88.9 -18.7%

Operating Margin ($M) 8.8% 8.3% -47 bp

Net Income ($M) $ 105.0 $ (252.2) -340.2%

Net Income Margin 8.4% -23.6% -3208 bp

EBITDAR (Adjusted) ($M) $ 252.6 $ 229.7 -9.0%

EBITDAR Margin (Adjusted) 20.3% 21.5% 120 bp

EBITDA (Adjusted) ($M) $ 169.6 $ 154.5 -8.9%

EBITDA Margin(Adjusted) 13.6% 14.5% 83 bp

Operating Income (Adjusted) ($M) 113.3 $ 93.9 -17.1%

Operating Margin ($M) (Adjusted) 9.1% 8.8% -32 bp

Adjusted Net Income ($M) $ 43.0 $ 5.5 -87.1%

Net Income Margin (Adjusted) 3.5% 0.5% -294 bp

(Adjusted: Excluding non-cash Fx charges, gain or loss on derivative instruments and special items associated to one-time expenses described in footnote (1))

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Management Comments on 4Q 2015 Results

Avianca Holdings reached an operating income (EBIT¹) of $93.9 million for 4Q 2015, while the operating income (EBIT¹) margin came in at 8.8%.These results were mainly driven by a 13.8% reduction in total operating costs as the Company continued to capture lower fuel costs and efficiencies from its non-fuel cost cutting initiatives. As such CASK ex-fuel¹ during 4Q 2015 declined 14.0% to 6.6 cents. The latter was offset by a 14.1% decline in total revenues, as passenger revenues continued to be pressured by lower yields as a result of the sensitivity of demand to higher FX rates. Cargo and other revenues declined 11.5% due to a 3.9%

decrease in the total tons of inbound cargo and a decrease in LifeMiles revenues.

Operating income (EBIT¹) for the twelve-month period ending December 31, 2015 totaled $249.2 million, posting an operating margin of 5.7%, which stands within the guidance for 2015. Throughout the year the Company was able to effectively address the pressure on the top line by capturing lower fuel prices and implementing an aggressive cost control discipline. The latter proved to be effective as total operating costs and cost per ASK declined consistently in every quarter, partially offsetting the effect in revenues. As such CASK¹decreased 14.2% to 9.2 cents in 2015, compared to 10.8 cents in 2014, compensating the 14.5%

reduction in revenues per ASKs (RASK).

Total operating revenues amounted to approximately $1.07 billion during 4Q 2015. This represents a decrease of 14.1% over the same quarter in 2014, primarily due to a 14.8% decline in passenger revenues. The latter as a result of the currency depreciation and price sensitivity of demand to higher FX rates which continued to put pressure on yields. Despite the aforementioned, the Company managed to increase load factors by 13 bps to 79.7%. Cargoand other revenues, which represent 21.8% of total revenues, decreased 11.5% to $233.1 million during the quarter. The latter mainly driven by a 3.9% decrease of inbound cargo traffic, partially offset by a 1.6% increase in the average cargo fare. As a result, RTK’s rose 1.8% and the cargo Load Factor for the quarter came in at 62.0%. Furthermore miles-related revenues dropped as lower redemption and FX depreciation affected LifeMiles’ top line.

Operating revenues for FY2015 totaled $4.4 billion a 7.3% decrease over 2014 mainly as a result of a 10.5%

reduction of passenger revenues partly compensated by an increase of 7.4% in cargo and other revenues.

For the LifeMiles Loyalty Program, 2015 was a year of both accomplishments and challenges. During 2015, the retail coalition program was launched in Colombia and Central America, reaching more than 500 participating stores by the end of year. LifeMiles successfully launched a new co-branded card with Bancolombia, for small and medium size companies (PYMES). However currency depreciation in several of LifeMiles’ core markets impacted top line performance as contracts with banks and other commercial partners are denominated in US Dollars. Accordingly, even though a member may have spent the same number of Colombian Pesos on their cobranded credit card in 2015 as in 2014, the number of miles that they will have accrued (and that the bank will have purchased from LifeMiles) will have been reduced by the depreciation of the Peso vs. the US Dollar.

Throughout 2015, the Company carried more than 28 million passengers, an increase of 7.9% when compared to 2014. Traffic figures (RPKs) grew above capacity (ASKs) leading to a consolidated load factor of 79.7%, an increase of 29 bps from 2014. Moreover, the redesign of the domestic and international itineraries has led to significant improvements in On-time performance (OTP) during 2015, reaching 84.5%, an increase of 920 bps compared to 2014. As the Company continues to expand its network connectivity, a new service form Bogota to Barbados was launched during the quarter

Operating expenses¹ for the 4Q 2015 reached $973.6 million. This represents a decrease of 13.8% when compared to the 4Q 2014, mainly driven by a 33.9% fall in fuel expenses as the Company’s effective jet fuel prices dropped 37.7%, from an average of US$2.85 to US$1.77 per gallon, and a 24.5% decrease in Maintenance and Repairs associated to return conditions of the Airbus fleet and lower costs of engine repairs as $10.0 million in adjustments in maintenance reserves for A330 and A320 engines were reclassified as recoverable.

Total operating expenses¹ for 2015 decreased 7.0% to $4.1 billion; this was mainly driven by a 25.2% decrease in fuel expenses. The reduction in operating expenses¹ was also the result of the cost saving initiatives implemented throughout the year which positively impacted cost lines such as Passenger Services, were incremental efficiencies were reached in passenger compensations related to improved OTP performance.

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As part of the Company’s on-going fuel hedging strategy by the end of the 4Q 2015, 102.5 million gallons were hedged, which represents approximately 25.4% of the total expected volume to be consumed over the next twelve months. The average price of the hedges was set at $ 1.71/gallon. With the option strategy fully implemented, hedging expenses (premiums paid on the options) are expected to range from $5 to $7 million per quarter allowing us to capture the additional benefits from lower fuel prices throughout the year.

Between October and December 2015, the Company took delivery of one A320, two A321 (all equipped with sharklets) and two B787 Dreamliners while phasing- out one A319 and one A330. Consequently, Avianca Holdings S.A. and its subsidiaries ended the quarter with a consolidated operating fleet of 180 aircraft.

The Company recorded other non-operating expenses of $296.8 million for the 4Q 2015, compared to a non- operating income of $32.3 million for the same quarter of 2014. Non-operating expenses include interest expenses related to incremental aircraft debt, additional corporate debt and Foreign Exchange losses related to a write-off of cash balances held in Venezuela.

The Company’s cash and cash equivalents and available-for-sale securities, ended the quarter at $479.4 million. Including short-term certificates and bank deposits, adjusted cash and cash equivalents and available- for-sale securities (other current assets) came in at $548.3 million, equivalent to about 12.6% of revenues for the last twelve months. As of December 31, 2015 given the lack of repatriations at the official exchange rates, the Company valuated its cash balances held in Venezuela at the SIMADI exchange rate of 198.7 VEF per 1.00 USD, resulting in a total loss of $236.7 million. Accordingly, the carrying amount of cash balances held in Venezuela of $7.7 million have been classified as follows: $0.4 million as cash and cash equivalents, which is expected to be used over the next three months as part of the normal operations in Venezuela; $0.7 million as short-term restricted cash, which is expected to be used in the following 9 months; and, $6.5 million as long- term restricted cash, which the Company expects to consume after the next 12 months.

As of December 31, 2015, the Company’s leverage position (Net Adjusted debt to EBITDAR²) ended at 6.7x from 5.9x on December 31, 2014. As such, the Company’s total long term debt amounted to $3.06 billion, while total liabilities came in at $5.21 billion.

Full Year 2016 – Outlook

Avianca Holdings continues committed to strengthening its capital structure, enhancing free cash flow generation and expanding future profitability. Thus, further capex reduction initiatives for the coming 30 months will take place as the company rearranges and optimizes its fleet capex schedule for the coming years.

Moreover the company’s capacity growth strategy will adapt the business to the new economic environment, targeting low single digits ASK growth rates. As a result the Company targets an Adjusted Net Debt to EBITDAR ratio within the next 24 months between 4.5x to 5.5x, as well as cash balance as percentage of last twelve month revenues between 12.5% - 13.5%.

As such, the Company presents its guidance for 2016 as follows:

Analysis by ASKs

(in U.S. cents)

Outlook 2016 Range

Total Passengers Increase from 2015 3.0% - 5.0%

Capacity (ASK'S) Increase from 2015 3.0% - 5.0%

Load Factor 78.0% - 80.0%

EBIT Margin 5.5% - 7.5%

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4Q 2014 4Q 2015 Var%

Operating revenue:

Passenger 9,25 7,21 -22,0%

Cargo and other 2,49 2,02 -19,0%

Total Operating revenues 11,74 9,23 -21,4%

Operating expenses:

Flight Operations 0,15 0,10 -31,1%

Aircraft fuel 2,99 1,81 -39,5%

Ground Operations 0,99 0,92 -6,5%

Aircraft rentals 0,78 0,65 -17,0%

Passenger services 0,36 0,35 -3,1%

Maintenance and repairs 0,73 0,55 -25,0%

Air traffic 0,42 0,46 10,1%

Sales and marketing 1,58 1,20 -24,3%

General, administrative, and other 0,52 0,48 -6,8%

Salaries, wages and benefits 1,66 1,41 -14,7%

Depreciation and amortization 0,53 0,52 -1,6%

Total operating expense 10,71 8,46 -21,0%

Operating income 1,03 0,77 -25,6%

Total CASK 10,71 8,46 -21,0%

CASK ex. Fuel 7,72 6,65 -13,8%

Total Cask (Adjusted) 10,71 8,42 -21,4%

CASK ex. Fuel (Adjusted) 7,68 6,61 -14,0%

Yield 11,63 9,05 -22,1%

Non-IFRS Financial Measure Reconciliation

In USD$ Millions

4Q2014 4Q2015 Var%

Net Income as Reported 105,00 (252,23) -340,2%

Special items (adjustments):

(+) Loss on Sale of Property and Equipment 0,8 (+) Extraordinary Fleet Maintenance Charges - 4,2 (-) Derivative Instruments 1,38 (3,59)

(-) Write-Off Venezuela's Cash (236,70)

(-) Foreign exchange gain (loss) 68,37 (12,50)

Net Income Adjusted 35,2 5,6 -84,2%

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Reconciliation of Operating Cost per ASK Excluding Special Items

In US Cents

4Q2014 4Q2015 Var%

Total CASK as reported 10,71 8,46 -21,0%

Aircraft Fuel 2,99 1,81

Total CASK excluding Fuel as reported 7,7 6,65 -13,8%

(+) Loss on Sale of Property and Equipment - (0,01)

(+) Extraordinary Fleet Maintenance Charges - (0,04)

Total CASK excluding Fuel and special items 7,72 6,61 -14,4%

Adjusted EBITDAR Calculation excluding special items

in US$ Millions 4Q2014 4Q2015 Var%

Operating Revenues as Reported 1.242,9 1.067,5

Operating Expenses 817,3 769,5

Aircraft Fuel 316,1 209,1

Operating Income as reported 109,39 88,9 -18,7%

(+) Loss on Sale of Property and Equipment - 0,80

(+) Extraordinary Fleet Maintenance Charges - 4,20

Operating Income adjusted 109,4 93,9 -14,2%

Margin 8,8% 8,8%

(+) Depreciation and amortization 56,37 60,63

Adjusted EBITDA 165,76 154,53 -6,8%

Margin 13,3% 14,5%

(+) Aircraft Rentals 82,96 75,20

Adjusted EBITDAR 248,73 229,73 -7,6%

Margin 20,0% 21,5%

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Interim Condensed Consolidated Statement of Comprehensive Income for the Twelve- month period ended December 31, 2014 and 2015

(Unaudited USD thousands)

2015 2014

Operating revenue:

Passenger $ 3,458,017 $3,862,721

Cargo and other 903,324 840,850

Total operating revenue 4,361,341 4,703,571

Operating expenses:

Flight Operations 58,069 56,695

Aircraft fuel 1,006,792 1,345,755

Ground operations 412,382 397,625

Aircraft rentals 317,505 299,220

Passenger services 149,292 154,464

Maintenance and repairs 309,719 268,894

Air traffic 202,980 206,151

Sales and marketing 612,775 605,674

General, administrative, and other 176,195 165,172

Salaries, wages and benefits 666,084 725,793

Depreciation, amortization 230,732 198,660

Total operating expenses 4,142,525 4,424,103

Operating profit 218,816 279,468

Other non-operating income (expense):

Interest expense (169,407) ^(133,989)

Interest income 19,016 17,099

Derivative instruments 626 ^5,924

Foreign Exchange (177,529) 10,272

Profit before income tax (108,478) 178,774

Income tax expense- current (17,280) ^(33,781)

Income tax expense- deferred (13,748) (16,499)

Total income tax expense (31,028) ^(50,280)

Net profit for the period $ (139,506) $ 128,494

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Interim Condensed Consolidated Statement of Financial Position

(in USD thousands) As of

December 31, 2015

As of December 31,

2014

(Unaudited) (Audited)

Assets

Current assets:

Cash and cash equivalents $ 479,381 $ 640,891

Restricted cash 5,397 1,987

Available-for-sale securities — 1,218

Accounts receivable, net of provision for doubtful accounts 279,620 355,168

Accounts receivable from related parties 23,073 27,386

Expendable spare parts and supplies, net of provision for

obsolescence 68,768 65,614

Prepaid expenses 45,708 56,065

Assets held for sale 3,323 1,369

Deposits and other assets 130,724 174,128

Total current assets 1,035,994 1,323,826

Non-current assets:

Available-for-sale securities 793 237

Deposits and other assets 246,486 218,010

Accounts receivable, net of provision for doubtful accounts 59,713 42,407

Accounts receivable from related parties — 11,247

Intangible assets 413,766 416,070

Deferred tax assets 232,225 35,664

Property and equipment, net 4,599,346 4,128,051

Total non-current assets 5,552,329 4,851,686

Total assets $ 6,588,323 $ 6,175,512

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Interim Condensed Consolidated Statement of Financial Position

(in USD thousands) As of

December 31, 2015

As of December 31,

2014

Liabilities and equity

Current liabilities:

Current portion of long-term debt $ 412,884 $ 458,679

Accounts payable 481,664 547,494

Accounts payable to related parties 9,449 13,797

Accrued expenses 118,192 138,262

Provisions for legal claims 13,386 14,157

Provisions for return conditions 52,636 61,425

Employee benefits 32,876 ^49,193

Air traffic liability 432,503 461,118

Other liabilities 12,691 127,496

Total current liabilities 1,566,281 1,871,621

Non-current liabilities:

Long-term debt 3,060,110 2,711,898

Accounts payable 3,599 21,167

Provisions for return conditions 109,231 70,459

Employee benefits 127,720 173,460

Deferred tax liabilities 239,853 15,760

Air traffic liability 93,519 ^85,934

Other liabilities non-current 15,375 ^8,466

Total non-current liabilities 3,649,407 3,087,144

Total liabilities 5,215,688 4,958,765

Equity:

Common stock 82,600 82,600

Preferred stock 42,023 42,023

Additional paid-in capital on common stock 234,567 234,567 Additional paid-in capital on preferred stock 469,273 469,273

Retained earnings 507,132 355,671

Revaluation and other reserves 18,394 24,550

Total equity attributable to the Company 1,353,989 1,208,684

Non-controlling interest 18,646 8,063

Total equity 1,372,635 1,216,747

Total liabilities and equity $ 6,588,323 $ 6,175,512

Notes with regard to the statement of future expectations This report contains statements of future expectations.

These may include words such as “expect”, “estimate”, “anticipate” “forecast”, “plan”, “believe” and similar expressions. These statements and the statements regarding the Company’s beliefs and expectations do not represent historical facts and are based on current plans, projections, estimates, forecasts and therefore you should not place undue reliance on them. Statements regarding future expectations involve certain risks and uncertainties. Forward-looking statements involve inherent known and unknown risks, uncertainties and other factors, many of which are outside of the Company’s control and difficult to predict. Avianca Holdings S.A.

warns that a significant number of factors may cause the actual results to be materially different from those contained in any statement with regard to future expectations. Statements of this kind refer only to the date on which they are made, and the Company does not take responsibility for publicly updating any of them due to the occurrence of future or other events.

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Glossary of Operating Performance Terms

This report contains terms relating to operating performance that are commonly used in the airline industry and are defined as follows:

A

ASK: Available seat kilometers represents aircraft seating capacity multiplied by the number of kilometers the seats are flown.

ATK: Available ton kilometers represents cargo ton capacity multiplied by the number of kilometers the cargo is flown.

B

Block Hours: Refers to the elapsed time between an aircraft leaving an airport gate and arriving at an airport gate.

C

CASK: Cost per available seat kilometer represents operating expenses divided by available seat kilometers (ASKs).

CASK ex-fuel: Represents operating expenses other than fuel divided by available seat kilometers (ASKs).

Code Share Agreement: refers to our code share agreements with other airlines with whom we have business arrangements to share the same flight. A seat can be purchased on one airline but is actually operated by a cooperating airline under a different flight number or code. The term “code” refers to the identifier used in flight schedules, generally the two-character IATA airline designator code and flight number. Code share alliances allow greater access to cities through a given airline’s network without having to offer extra flights, and makes connections simpler by allowing single bookings across multiple planes.

L

Load Factor: Represents the percentage of aircraft seating capacity that is actually utilized and is calculated by dividing revenue passenger kilometers by available seat kilometers (ASKs).

R

RASK: Operating revenue per available seat kilometer represents operating revenue divided by available seat kilometers.

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Revenue Passenger: Represents the total number of paying passengers (which do not include passengers redeeming LifeMiles, frequent flyer miles or other travel awards) flown on all flight segments (with each connecting segment being considered a separate flight segment).

RPK: Revenue passenger kilometers represent the number of kilometers flown by revenue passengers.

RTK: Revenue ton kilometers represents the total cargo tonnage uplifted multiplied by the number of kilometers the cargo is flown.

T

Technical Dispatch Reliability: Represents the percentage of scheduled flights that are not delayed at departure more than 15 minutes or cancelled, in each case due to technical problems.

Y

Yield: Represents the average amount one passenger pays to fly one kilometer, or passenger revenue divided by revenue passenger kilometers (RPKs).

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The Company has reported the 4Q 2015 numbers to the Colombian Financial Superintendence (Superintendencia Financiera de Colombia) and the U.S. Securities and

Exchange Commission on February 29^th after market close

For further information please contact the Investor Relations Office at [email protected]