Fourth quarter 2013 Highlights. Financial Highlights (First 12 months ended Dec. 31 st )

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1 AVIANCA HOLDINGS S.A. NYSE: AVH BVC: PFAVH Avianca Holdings Reports Operating Profit of $114.7 Million for the fourth quarter of 2013 a 31.8% improvement Bogota. Colombia. February (NYSE: AVH. BVC: PFAVH), the following results pertain to the fourth quarter of Financial and operational information is provided in millions of US dollars, except when IFRS financial information to IFRS financial information included in financial tables section of this report. Except when noted, all comparisons refer to fourth quarter 2012 (4Q 2012) numbers. Figures and operating metrics of ( Avianca. the Company. Issuer Entity or Issuer ) are presented on a consolidated basis. Fourth quarter 2013 Highlights Avianca Holdings would have earned an adjusted net income of $63.4 million excluding special items, a 98.3% increase over adjusted net income of $32.0 million for the same period in Adjusted net income margin increased 239 basis points, reaching an all-time high of 5.3%. Net income for the quarter stands at $65.4 million for 4Q Avianca Holdings accumulated adjusted net income for $234.1 million, a 132.5% increase from the adjusted net income in 2012 of $100.7 million. Operating revenues increased to $1.2 billion up 8.3% from 4Q 2012 due mainly to a 9.5% increase in passenger revenues including revenues related to the redemption of miles associated to ticket sales in the 4Q of 2012, as well as a 6.3% growth in passenger traffic, carried over 4Q 2012 and a 3.1% increase in adjusted yields. Cargo and other revenues, excluding revenues related to the redemption of miles associated to ticket sales in the 4Q 2012 increased by 1.8% primarily as a result of an increase in our cargo and loyalty program revenues. Accumulated operating revenues totaled $4.6 billion 8.0% above 2012 s operating revenues of $4.2 billion. RASK improved 3.5% in the fourth quarter while cost per available seat kilometer (CASK) for the same period increased only by 1.6%. EBITDAR was $245.8 million an increase of 39.8% compared with 4Q 2012, and EBITDAR margin reached 20.4%. EBITDAR in 2013 totaled $828.2 million an increase of 25.8% from $ million in Operating income (EBIT) increased to $114.7 million a 31.8% increase from $ 87.0 million in 4Q Operating Margin for 4Q-13 rose to 9.5% compared to 7.8% in 4Q 2012 as operating revenues grew at a higher pace when compared to operating costs. Accumulated operating income (EBIT) in 2013 was $ million, 37.0% above $280.9 million in Capacity, measured in ASKs (available seat kilometers), increased by 4.6% during 4Q 2013, mostly due to the continued expansion in our home markets and the addition of larger aircraft. Furthermore, passenger traffic, measured in RPKs (revenue passenger kilometers) grew 6.3%, reaching a consolidated load factor of 80.7%, surpassing the 4Q 2012 load factor by 125 basis points. In accordance with the fleet renovation and modernization plan, between October and December 2013, the company took delivery of one Airbus A320 aircraft equipped with sharklets three ATR , one ATR 42 and one A330- Freighter. As a result and subsidiaries ended the quarter with a consolidated operating fleet of 155 aircraft. Financial Highlights (First 12 months ended Dec. 31 st ) Revenues 4.3bn 4.6bn EBITDAR 658.5m 828.2m EBIT 280.9m 384.9m Net Income 38.3m 248.8m Net Income* 100.7m 234.1m (12 months ended Dec. 31 st ) *Excluding Special Items Q4-12 Q4-13 Revenues 1.1bn 1.2bn EBITDAR 175.8m 245.8m EBIT 87.8m 114.7m Net Income 27.7m 65.4m Net Income* 32.0m 63.5m *Excluding Special Items Profitability EBITDAR % 15.4% 18.0% EBIT% 6.6% 8.4% Net Income % 0.9% 5.4% Net Income* 2.4% 5.1% (12 months ended Dec. 31 st *Excluding Special Items Q4-12 Q4-13 EBITDAR% 15.8% 20.4% EBIT % 7.8% 9.5% Net Income % 2.5% 5.4% Net Income* 2.9% 5.3% *Excluding Special Items Operational Highlights Passengers ASKs RPKs Load Factor 79.6% 80.5% RASK 11.7c 11.9c CASK 10.9c 10.9c (12 months ended Dec. 31 st ) Q4-12 Q4-13 Passengers 6.0m 6.3m ASKs 9.4m 9.8m RPKs 7.5m 7.9m Load Factor 79.4% 80.7% RASK 11.8c 12.2c CASK 10.9c 11.1c Contact Information: Andres Ruiz Investor Relations Officer Andres.ruiz@avianca.com

2 CEO s Message I am pleased to share with you Avianca Holdings results for the year The past year saw our Company take important steps in strengthening our position throughout the aviation industry and the global capital markets. On a macro level, the year also brought us interesting challenges. Beginning with the mild economic growth in Latin America, which according to the International Monetary Fund grew only 2.6%, while the global airline industry increased 5.2% according to IATA. Regardless of the difficult operating environment, Avianca reached several key milestones as part of our consolidation strategy which enabled us to deliver strong results. In 2013, and its subsidiaries recorded operating revenues of USD$ 4.6 billion, up 8.0% over the same period in Thus, our operating profit for the period reached USD$ million, 37.0% above the previous year. As a result, the operating margin for the year was 8.4%, exceeding our 2013 outlook upper range of 8.0% by more than 40 basis points. These results were achieved through our continuous effort to provide a stronger product and better service for our customers. As part of this improvement process, on May 28 th, 2013 the integrated airlines under Avianca Holdings presented a new single commercial brand Avianca. The image of the new Avianca reflects a milestone in our commercial history and will be fully displayed in over 150 aircraft by the end 2015, 14 thousand seats onboard, 214 ticket offices and 100 airports and VIP lounges throughout 25 countries. Without a doubt, one key achievement for in 2013 was its debut in the international capital markets. On May 20 th, the Company successfully entered the international bond markets with a USD$ 300 million seven year bond. Furthermore on November 5 th the company listed its level 3 ADR s (NYSE:AVH) on the New York Stock Exchange (NYSE), raising USD$ million. With these key milestones, the Company has now open access to an entirely new, incredibly deep pool of liquid funding sources in the international capital markets that come with greater visibility and exposure. Hence, Avianca is now better positioned to compete and compare itself with its global airline industry peers. Finally, and as part of our fleet renewal and modernization program, Avianca Holdings incorporated to its fleet, through its operating subsidiaries, 15 brand new aircraft. As a result, our jet fleet life was reduced to an average age of 5.2 years by year end, placing us among the youngest fleets within the region and the world. Moreover, and as part of our continuous efforts to expand future profitability, we continued to set the foundation for our future growth by expanding our current fleet order backlog, which last year reached a total of 90 brand new aircraft which will be incorporated during the next five years, increasing our operational fleet by 14%. It is prudent to anticipate that 2014 will bring more opportunities, as well as challenges. Thanks to the important steps that we have taken over the past year and our strategic business model, we at Avianca are well positioned to keep growing, delivering strong results and creating more value for our shareholders. Sincerely, Fabio Villegas Ramirez Chief Executive Officer

3 Consolidated Financial and Operating Highlights Avianca Holdings Performance Drivers IVQ-13 vs. IVQ-12 Performance Driver IVQ-12 IVQ-13 Vs. IVQ-12 ASK's (mm) 9,402 9, % RPK's (mm) 7,469 7, % Total Passengers (in millions) 6,022 6, % Load Factor 79.4% 80.7% 1.3% Departures 64,261 62, % Block Hours 120, , % Stage length (km) 1,248 1, % Fuel Consumption Gallons (000's) 98, , % Yield (cents) % RASK (cents) % PRASK (cents) % CASK (cents) % CASK ex. Fuel (cents) % CASK Adjusted (cents) (1) % CASK ex. Fuel Adjusted (cents) (1) % Foreign exchange (average) COP/US$ $ 1,806.0 $ 1, % Foreign exchange (end of period) COP/US$ $ 1,768.2 $ 1, % WTI (average) per barrel $ 88.0 $ % Jet Fuel Crack (average) per barrel $ 38.2 $ % US Gulf Coast ( Jet Fuel average) per barrel $ $ % Fuel price per Gallon (including hedge) $ 3.37 $ % Operating Revenues ($M) $ 1,112.5 $ 1, % EBITDAR ($M) $ $ % EBITDAR Margin 15.8% 20.4% 4.6% EBITDA ($M) $ $ % EBITDA Margin 10.0% 14.6% 4.6% Operating Income ($M) $ 87.0 $ % Operating Margin ($M) 7.8% 9.5% 1.7% Net Income ($M) $ 27.8 $ % Net Income Margin 2.5% 5.4% 2.9% EBITDAR (Adjusted) (1) ($M) $ $ % EBITDAR Margin (Adjusted) (1) 15.7% 20.0% 4.3% EBITDA (Adjusted) (1) ($M) $ $ % EBITDA Margin (Adjusted) (1) 9.9% 14.2% 4.3% Operating Income ($M) (Adjusted) (1) $ 86.1 $ % Operating Margin (Adjusted) (1) 7.7% 9.1% 1.4% Adjusted Net Income ($M) (2) $ 32.0 $ % Net Income Margin (Adjusted) (2) 2.9% 5.3% 2.4% Note: (1) Excluding gain on sale of property and equipment in operating expenses: IVQ-12 gain: $918K vs. IVQ-13 gain: $4.8 million, (2) excluding gain on sale of property and equipment. derivative instruments and foreign exchange

4 MANAGEMENT COMMENTS ON 4Q 2013 AND FULL YEAR 2013 RESULTS Avianca Holdings reached an operating income (EBIT) of $114.7 million for 4Q 2013, a significant improvement of 31.8% over 4Q 2012 results. Operating income (EBIT) margin climbed to 9.5%, an increase of 170 basis points over the same period for These figures reflect the execution of integrated network strategy improving connectivity through our hubs and customer experience, the implementation of our fleet interchangeability program in place since July 2013, the consolidated market leadership in our key markets, the continuous revenue diversification through our different business units and continuous efforts to increase efficiency and control over our operational and administrative costs. Operating income (EBIT) for 2013 amounted to $384.9 million, 37.0% above 2012 s $280.9 million. Operating revenues increased to $1.2 billion during the period. This represents an increase of 8.3% over the same period in These results are primarily due to the growth in passenger revenues from a 9.3% increase in ticket sales during the period. This result was mainly driven by a 5.1% increase in the number of total passengers carried, increasing from 6.0 million in the fourth quarter of 2012 to 6.3 million in the fourth quarter of Accumulated operating revenues in 2013 totaled $4.6 billion when compared to $4.3 billion in The company continued with its market penetration strategy in the Peruvian domestic market where the company experienced an increase in the number passengers carried of 15.8% when compared to the fourth quarter of During the quarter the company added Newark (+7) and Guatemala (+4) as a new destination from our San Salvador and Bogota hub respectively. Furthermore 17 additional weekly frequencies were added to the international network from the Lima hub to Central America, South America and the Caribbean as well as 18 additional frequencies from the San Salvador hub. In accordance with the fleet renovation and modernization plan, between October and December 2013, the company took delivery of one Airbus A320 aircraft equipped with sharklets, three ATR , one ATR 42 and one A330-Freighter. As a result, and subsidiaries ended the year with a consolidated operating fleet of 155 aircraft. Operating expenses for the fourth quarter of 2013 increased 6.3% to $ 1.1 billion. These results included a 1.0% increase in fuel costs associated with a higher consumption of fuel (as measured in gallons) of 5.6% as a result of capacity expansion, partially offset by a decrease of 4.4% in fuel (Gulf Coast) prices (WTI + crack spread). Operating expenses excluding fuel costs for Q were affected by a gain of 0.9M related to the gain on sale of property and flight equipment compared to a $4.8 million gain recorded in Q Excluding these items, operating expenses grew 9.4%. Operating expenses in 2013 rose 5.9% compared to the $ 4.0 billion in As part of the company s on-going fuel hedging 1 strategy, by the end of fourth quarter of 2013 the company has hedged 151 million gallons ( 1 Hedge In Heating Oil) which represent approximately 37% of the expected volume to be consumed over the next twelve months at an average price of $ 2.93 / Gallon which were hedged as follows: approximately 45% for 1Q 2013, 38% for 2Q 2014, 36% for 3Q 2014 and 28% for 4Q The company recorded other non-operating expenses of $37.9 million for the fourth quarter 2013, compared to $38.4 million for the same period of Non-operating expenses include expenses related to derivative instruments (including mark-to-market gain or losses) of $2.2 million compared to $5.9 million for the same period of 2012, and a net loss related to the foreign exchange non-cash translation adjustments of $0.7 million compared to a net gain of $0.8 million for the same period of Foreign exchange translation adjustments consist primarily of the net non-cash gain or loss from our monetary assets and liabilities denominated in Colombian pesos, related to the appreciation or depreciation of Colombian Pesos against US dollars. During 2013 non-operating expenses totaled $89.7 million, 49.6% below 2012.

5 The company also improved the strength of its balance sheet; cash and cash equivalents 2 ended Q at $774.0 million, representing 16.8% of the last twelve month s revenues, improving by 280 basis points from 13.9% in September Of such cash $294 million were subject to exchange controls in Venezuela and were pending repatriation. Furthermore the company s leverage position (Net Adjusted debt to EBITDAR 1 ) decreased from 4.9x in December 2012 to 4.1x in December These improvements for the liquidity and leverage position are a result of the issuance of $ million preferred shares in November 2013 related to our initial public offering in the US equity capital markets and the operational margin improvement for the Q4 quarter over the same period in 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 + Long Term Restricted Cash 2 Cash and cash equivalents: Cash and Cash Equivalents + Restricted cash + Deposits and Other Assets (Certificates of Bank Deposits) OUTLOOK, through its affiliated airlines, anticipates a 7.0% to 8.0% capacity increase, greater than the estimated capacity increase in Latin America due mainly to Avianca Holdings ongoing fleet renovation and modernization plan, as well as the expansion of its existing network in the international and domestic markets of Peru and Colombia. Based on the economic performance of Avianca Holdings home markets the Company forecasts passenger numbers to increase between 8.0% and 9.0% from the prior year. As a result TRASK (total revenue per available seat kilometer) is expected to improve between 1.5% - 2.5%. Finally the projected average Load Factor for the year is expected to be between 79% - 81%. In terms of operating profitability the company expects to maintain operating margins between 8.75% and 9.25%, above 2013 levels despite the increased investments related to different initiatives related to the incorporation of 28 new aircraft. Outlook Summary FY 2014 Capacity (ASK'S) Increase from % - 8% Total Passengers Increase from % - 9% Load Factor 79% - 81% EBIT Margin 8.75% % *CASK & RASK measures include all business units CONSOLIDATED FINANCIAL RESULTS Operating revenue Our operating revenue was $1.2 billion in 4Q 2013, a 8.3% increase over $ 1.1 billion in 4Q 2012, as a result of a $88.9 million increase in passenger revenue mainly due to increased passenger volume, and a 1.8% increase in revenue from cargo and other revenues related mainly to an increase in revenues from the LifeMiles loyalty program. Our operating revenue per ASK was 12.2 cents in 4Q 2013, a 3.5% increase from 11.8 cents in 4Q Operating revenue for 2013 totaled $4.6 billion. 8.0% above $ 4.3 billion registered in Passenger revenue. Our passenger revenue was $1.2 billion in 4Q 2013, a 9.5% increase over 4Q Primarily as a result of a 5.1% increase in passengers carried from 6.0 million in 4Q 2012 to 6.3 million in 4Q This reflects a 4.6% ASK capacity increase (consisting of a 4.2% increase in international markets and a 13.6% increase in domestic markets). Passenger load factor increased 125 percentage points to 80.7%, while passenger yields increased 6.7% from 12.1 cents in 4Q 2012 to 13.0 cents in 4Q In accumulated terms, passenger revenue was $3.9 billion, 7.8% over Cargo and other. Our revenue from cargo, excluding revenues related to the redemption of miles associated to ticket sales in the 4Q 2012, was $175.7 million in 4Q 2013, a 1.8% increase from $172.7

6 million in 4Q 2012, primarily as a result of an increase in our cargo and loyalty program revenues. In accumulated terms, cargo and other revenue was $747.2 million, 8.8% over Operating expenses Operating expenses were $1.1 billion in 4Q 2013, a 6.3% increase over $1.0 billion in 4Q 2012, primarily as a result of two factors: (1) a $37.1 million increase in depreciation and amortization related mainly to a change in the depreciation methodology of the A320 aircraft family, who s salvage value passed form 15% to 20%, while the asset useful life went from 30 to 25 years, (2) a $32.7 million increase in sales and marketing expenses primarily related to an increase in the burn ratio of miles associated to the Lifemiles program, an increase in the GDS costs associated to a 9.3% rise in ticket sales. Operating expenses for 4Q 2012 were affected by gain of $ 0.92 million related to a sale of property and flight equipment compared to a $4.8 million gain recorded in 4Q Excluding these items, operating expenses costs grew 6.6%. As a percentage of operating revenue, operating expenses decreased from 92.2% in 4Q 2012 to 90.5% in 4Q Operating expenses for 2013 amounted to $ 4.2 billion, a 5.9% increase over $4.0 billion in Our operating expenses cost and the effect of gain/loss on sale of property and flight equipment increased at a slower pace compared to the increase in our operating revenue reflecting our efforts to optimize controllable costs. As a result, our CASK excluding fuel and special items (the gain on sale of property and flight equipment described on the preceding paragraph) increased 4.5% in 4Q The breakdown of operating expenses per available seat kilometer (CASK) is as follows: Analysis by ASK's 4Q2012 4Q2013 FY13 vs. FY12 Operating revenue: Passenger % Cargo and other % Total operating revenues % Operating expenses: Flight operations % Aircraft fuel % Ground operations % Aircraft rentals % Passenger services % Maintenance and repairs % Air traffic % Sales and marketing % General. administrative. and other % Salaries. wages and benefits % Depreciation and amortization % Impairment - - Total operating expense % Operating income % Total CASK % CASK ex. Fuel % Total CASK Adjusted % CASK ex. Fuel Adjusted % *CASK & RASK measures include all business units

7 Flight operations. Flight operations expense was $22.1 million in 4Q 2013, a 0.2% decrease over $22.2 million in 4Q 2012, mainly as a result of a reduction in cycles of 2.4%. a $ 1.4 million in savings related to consulting fees, partially offset by a 3.2 million increase in staff and crew travel expenses as well as a 1.0% increment in block hours. In terms of unit cost per ASK, flight operations decreased 4.6% from 0.24 in 4Q 2012 to 0.23 in 4Q Accumulated flight operations expenses totaled $ 82.9 million in a 2.2% decrease over $ 84.8 million in Fuel. Fuel expense was $ million in 4Q 2013, a 1.0% increase over $333.0 million in 4Q 2012, primarily as a result of expenses associated to hedging instruments and a 5.6% increase in fuel consumption (gallons), partially offset by a 4.4% decrease in our average into-plane fuel cost (fuel price plus taxes and distribution costs), from 3.4 per gallon in 4Q 2012 to $3.2 per gallon in 4Q The cost of fuel per ASK decreased 3.5% in 4Q 2013 as a result of the foregoing. Fuel expense during 2013 amounted to $ 1.33 billion. 1.0% above $1.3 billion in 2012, primarily as a result of a 6.0% increase in fuel consumption during Ground operations. Ground operations expense was $ 89.5 million in 4Q 2013, a 6.5% increase over $84.1 million in 4Q 2012, primarily driven by an increase in prices for landing and ramp services in Colombia and US airports related to a rise in parking times. The aforementioned increments were partially offset by a decrease in labor expenses related to ground personnel of $ 1.5 million. In terms of unit cost per ASK, ground operations augmented 1.8% from 0.89 in 4Q 2012 to 0.91 in 4Q Accumulated ground operations expense for 2013 was $ million, a 6.9% increase over $321.6 million in Aircraft rentals. Aircraft rentals expense was $69.7 million in 4Q 2013, an 8.0% increase over $64.6 million in 4Q 2012, primarily as a result of the incorporation of new aircraft (four A320 and one A330) under operating leases, partially offset by the phase-out of one A319 and one Cessna 208. In terms of unit cost per ASK, aircraft rentals increased 3.2% from 0.69 in 4Q 2012 to 0.71 in 4Q Aircraft rentals expense for 2013 amounted to $273.6 million, 7.1% above $255.6 million in 2012, primarily as a result of the incorporation of 5 new aircraft. Passenger services. Passenger services expense was $37.6 million in 4Q 2013, a 6.6% increase over $35.3 million in 4Q 2012, primarily as a result of a 5.1% increase in passengers carried and customer experience improvements related to the new Avianca brand launch. In terms of unit cost per ASK, passenger services expense remained constant from at 0.38 in 4Q Accumulated passenger services expense in 2013 was $143.5 million, an 8.0% increase over $132.8 million in 2012, primarily as a result of a 6.6% increase in passengers carried. Maintenance and repairs. Maintenance and repairs expense was $35.5 million in 4Q 2013, a 47.9% decrease over $68.1 million in 4Q 2012, primarily as a result of a 2.4% decrease in departures, lower material and consumption of components and lower line maintenance expenses related to regional fleet. In terms of unit cost per ASK, maintenance and repairs decreased from 0.72 to During 2013 maintenance and repairs expense was $188.7 million, -15.3% below $222.7 million in Air traffic. Air traffic expense was $46.8 million in 4Q 2013, a 7.1% increase over $ 43.7 million in 4Q 2012, primarily as a result of a 5.1% increase in passengers carried, additional passenger compensation costs, partially offset by a 2.4% decrease in cycles in 4Q 2013 compared to 4Q In terms of unit cost per ASK, air traffic expense increased from 0.46 in 4Q 2012 to 0.48 in 4Q Air traffic expense for 2013 was $180.1 million 2013, 6.2% above $ million in 2012, primarily as a result of a 6.6% increase in passengers carried and a 2.7% increase in departures. Sales and marketing. Sales and marketing expenses were $152.1 million in 4Q 2013, a $32.6 million increase over 4Q 2012, primarily as a result of an increase in costs related to a 9.3% increment in ticket

8 sales (Commissions, Global Distribution Systems and Hosting Costs). In terms of unit cost per ASK, sales and marketing expenses increased from 1.27 in 4Q 2012 to 1.55 in 4Q Accumulated sales and marketing expenses in 2013 totaled $584.5 million, a 11.8% increase over $522.6 million in General, administrative and other. General, administrative and other expenses were $65.9 million in 4Q 2013, a 27.2% increase from 4Q 2012, mainly due to provision expenses related to the Valorem claim that was ruled in favor of Avianca S.A. a subsidiary of Avianca Holdings, regarding the pension liabilities of Avianca s ground staff prior to December 2001, the date on which the shareholders of ACES (an entity controlled by Avianca S.A. s former controlling shareholders) agreed on the framework contract for the integration of both companies. Furthermore incremental legal costs associated with the incorporation of new fleet as well as losses associated to the phase-out and sale of 4 aircraft (1 ATR72. 1 CESSNA and 2 B767F). Accumulated General administrative and other expenses for 2013 were million, excluding gain and loss on sale of assets, this expense increased by 15.5%. Salaries wages and benefits. Salaries wages and benefits expenses were $ million in 4Q 2013, a 3.5% decrease over $179.1 million in 4Q 2012, primarily as a result of lower pension expense provision of based on updated actuarial calculations, partially offset by an increase of 4.6% in the number of operational staff as well as higher costs associated to new uniforms related to the launch of the New Avianca brand. Furthermore an increase in the adjustments related to the new agreement reached with the Avianca S.A pilots. In terms of unit cost per ASK, salaries, wages and benefits decreased by 7.7% from 1.90 in 4Q 2012 to 1.76 in 4Q Salaries, wages and benefits expenses for 2013 were $ million, increasing 4.7% over $644.9 million in Depreciation and amortization. Depreciation and amortization expense was $61.3 million in 4Q 2013, an increase of $37.1 million in 4Q 2012, primarily as a result of two factors: (1) a $37.1 million increase in depreciation and amortization related mainly to a change in the depreciation methodology of the A320 aircraft family, who s salvage value passed form 15% to 20%, while the asset useful life went from 30 to 25 years. In terms of unit cost per ASK, depreciation and amortization expense increased to 0.62 in 4Q 2013 from 0.26 in 4Q Depreciation and amortization in 2013 amounted to $169.6 million, a $47.5 million increase over $122.1 million in EBITDAR Calculation Excluding special Items in US$ Millions 4Q-12 4Q-13 Var % Operating Revenues 1, ,204.4 Operating Expenses Aircraft Fuel Operating Income - EBIT % Margin 7.8% 9.5% (+) Depreciation and amortization EBITDA % Margin 10.0% 14.6% (+) Aircraft Rentals EBITDAR % Margin 15.8% 20.4%

9 Results of Operations for the Quarters Ended December 31, 2012 and Decemeber 31, 2013 % of Operating Revenues Change YOY (%) FY12 FY13 FY12 FY13 FY13 Operating revenue: Passenger 3,550,559 3,862, % 83.8% 8.8% Cargo and other 719, , % 16.2% 3.9% Total operating revenues 4,269,656 4,609, % 100.0% 8.0% Operating expenses: Flight operations 84,774 82, % 1.8% -2.2% Aircraft fuel 1,305,396 1,325, % 28.8% 1.6% Ground operations 321, , % 7.5% 6.9% Aircraft rentals 255, , % 5.9% 7.1% Passenger services 132, , % 3.1% 8.0% Maintenance and repairs 222, , % 4.1% -15.3% Air traffic 169, , % 3.9% 6.2% Sales and marketing 522, , % 12.7% 11.8% General. administrative. and Other 206, , % 5.6% 24.5% Salaries. wages and benefits 644, , % 14.6% 4.7% Depreciation and amortization 122, , % 3.7% 38.9% Total operating expense 3,988,758 4,224, % 91.6% 5.9% Operating income 280, , % 8.4% 37.0% Other non-operating income (expense): Interest expense -122, , % -2.5% -7.2% Interest income 25,006 11, % 0.3% -53.8% Derivative instruments -24,042-11, % -0.2% 52.6% Foreign exchange -56,788 23, % 0.5% 141.4% Total other non-operating income (expense) -177,936-89, % -1.9% 49.6% Profit from before income taxes 102, , % 6.4% 186.8% Provision for income tax expense -64,705-46, % -1.0% -28.2% Net profit Gain $38,257 $248, % 5.4% 550.4% Net Income Ex. FOREX and Derivative instruments & Gain $100,704 $234, % 5.13% 98.8%

10 The following table sets forth certain income statement data for the periods indicated: Interim Consolidated Statement of Financial Position Consolidated Statement of Financial Position (In USD thousands. except share and per share data) As of December As of December Assets Current assets: Cash and cash equivalents 735, ,997 Restricted cash 23,538 6,547 Available-for-sale securities 19,460 Accounts receivable. net of provision for doubtful accounts 276, ,962 Accounts receivable from related parties 26,425 29,427 Expendable spare parts and supplies. net of provision for obsolescence 53,158 48,796 Prepaid expenses 46,745 54,512 Assets held for sale 7,448 9,832 Deposits and other assets 125, ,028 Total current assets 1,295, ,561 Non-current assets: Available-for-sale securities 14,878 13,165 Deposits and other assets 189, ,558 Accounts receivable. net of provision for doubtful accounts 32,441 64,540 Accounts receivable from related parties 24,001 Intangible assets 363, ,908 Deferred tax assets 50,893 73,644 Property and equipment. net 3,233,358 2,699,546 Total non-current assets 3,883,849 3,441,362 Total assets 5,179,037 4,320,923

11 Earnings Liabilities Release and equity Third Quarter 2013 Current liabilities: Current portion of long-term debt 314, ,145 Accounts payable 509, ,568 Accounts payable to related parties 7,553 7,309 Accrued expenses 134, ,802 Provisions for legal claims 14,984 7,903 Provisions for return conditions 33,033 7,598 Employee benefits 52,392 57,241 Air traffic liability 564, ,789 Other liabilities 27,432 29,470 Total current liabilities 1,658,231 1,530,825 Non-current liabilities: Long-term debt 1,951,330 1,572,299 Accounts payable 2,735 3,041 Provisions for return conditions 56,065 59,297 Employee benefits 276, ,831 Deferred tax liabilities 7,940 2,528 Other liabilities non-current 11,706 Equity: Total non-current liabilities 2,306,060 2,037,996 Total liabilities 3,964,291 3,568,821 Common stock 83,225 92,675 Preferred stock 41,398 19,473 Additional paid-in capital on common stock 236, ,178 Additional paid-in capital on preferred stock 467, ,061 Retained earnings 351,102 68,153 Revaluation and other reserves 28,857 25,418 Total equity attributable to the Company 1,208, ,958 Non-controlling interest 6,324 13,144 Total equity 1,214, ,102 Total liabilities and equity 5,179,037 4,320,923

12 NON IFRS FINANCIAL MEASURE RECONCILIATION Reconciliation of Net Income excluding Special Items In USD$ Millions 4Q-12 4Q-13 Var % Net Income as Reported $ 27.8 $ % Special items (adjustments): (-) Gain on sale of property and equipment $ 0.9 $ 4.9 (-) Derivative Instruments $ (6.0) $ (2.2) (-) Foreign exchange gain (loss) $ 0.8 $ (0.7) Net Income Adjusted $ 32.0 $ % *CASK & RASK measures include all business units Reconciliation of Operating Cost per ASK excluding special items in US$ cents 4Q-12 4Q-13 Var % Total CASK as reported % Aircraft Fuel Total CASK excluding Fuel as reported % Gain on sale of property and equipment Total CASK excluding Fuel and special items % *CASK & RASK measures include all business units EBITDAR Calculation excluding special items in US$ Millions 4Q-12 4Q-13 Var % Operating Revenues as reported 1, ,204.4 Operating Expenses Aircraft Fuel Operating Income as reported % (-) Gain on sale of property and equipment Operating Income adjusted % (+) Depreciation and amortization EBITDA Adjusted % Margin 9.9% 14.2% (+) Aircraft Rentals EBITDAR Adjusted % Margin 15.7% 20.0% 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. 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.

13 GLOSSARY OF OPERATING PERFORMANCE TERMS This prospectus contains terms relating to operating performance that are commonly used in the airline industry and are defined as follows: Aircraft utilization represents the average number of block hours operated per day per aircraft for an aircraft fleet. Available seat kilometers, or ASKs, represents aircraft seating capacity multiplied by the number of kilometers the seats are flown. Available ton kilometers, or ATKs, represents cargo ton capacity multiplied by the number of kilometers the cargo is flown. Block hours refers to the elapsed time between an aircraft leaving an airport gate and arriving at an airport gate. CASK excluding fuel represents operating expenses other than fuel divided by available seat kilometers (ASKs). Code share alliance refers to our code share agreements with other airlines with which 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. Cost per available seat kilometer, or CASK, represents operating expenses divided by available seat kilometers (ASKs). 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)., Operating revenue per available seat kilometer, or RASK represents operating revenue divided by available seat kilometers (ASKs). Revenue passenger kilometers. or RPKs. represent the number of kilometers flown by revenue passengers. Revenue passengers represents the total number of paying passengers (which do not include passengers redeeming LifeMiles (previously known as AviancaPlus or Distancia) frequent flyer miles or other travel awards) flown on all flight segments (with each connecting segment being considered a separate flight segment). Revenue ton kilometers. or RTKs. represents the total cargo tonnage uplifted multiplied by the number of kilometers the cargo is flown. 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. Yield represents the average amount one passenger pays to fly one kilometer, or passenger revenue divided by revenue passenger kilometers (RPKs).

14 4Q 2013 Conference Call Date: March 3 rd 2014 Spanish Call Registration Link: Time: 8:00 am. Bogota Time Dial in Colombia: Dial In US: 1 (888) Dial in Brazil: Passcode: # PIN: Will be provided once the online registration is submitted This event will be held through an audio conference call and an online presentation. To correctly follow the presentation in real time please go to the following link: English Call Time: 9:00. NY time Dial in Colombia: Dial In US: 1 (888) Dial in Brazil: Passcode: # PIN: Will be provided once the online registration is submitted This event will be held through an audio conference call and an online presentation. To correctly follow the presentation in real time please go to the following link: