Avianca Holdings S.A.1Q 2019 Earnings Presentation

Disclaimer

The present document consolidates information from Avianca Holdings S.A. and its

subsidiaries, including unaudited financial figures, operational managerial

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 or directors. Unaudited accounting and financial

information and projections presented in this document are based on internal data

and calculations made by the Company, which may be subject to changes or

adjustments. Any change in the current economic conditions, the aviation industry,

fuel prices, 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 a guarantee of

performance and that actual results may differ materially. Every investor or

potential investor will be responsible for investment decisions taken 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 fourth parties’ content. Avianca Holdings

may make changes and updates to the information contained herein.

The information, tables and logos contained in this presentation may not be

reproduced without the consent of Avianca Holdings S.A.

TransformingAVH

4

Moving from a growth-focused to a profit-focused company allows AVH to accelerate deleveraging

Adjust the fleet plan to slower growth:

• Drive cost savings through sub-fleet

simplification

• Renegotiate order book

Non-Core Assets Divesting Plan:

• Allows management to focus on core

Business unites

• Demonstrated execution in 2019

Improve operating profit:

• Rationalize network to remove

insufficiently profitable routes

Strategic Initiatives Current Status

35 A320N rescheduled and canceled 17 A320N. This agreement will reduce Avianca’s fleet CapEx

needs by more than $350 million over the next three years.

AVHs BoD authorized the Management to commence negotiate the sale of up to ten (10) Embraer

aircraft.

AVH reduced the services offered within Peru’s domestic aviation market, directing its focus on

international connectivity via Lima’s Jorge Chávez International Airport and keeping the LIM-CUZ

route with 35 weekly frequencies

AVH continues with the strategy which emphasizes route and network profitability by reducing

underperforming flights and ensuring Avianca’s network optimization

AVH has entered into an agreement with CAE Int., for the sale of the Company’s participation in

the training business with flight simulators Avianca-CAE Flight Training

AVH reached a 50% sale agreement for its stake in Getcom Int'l Investments S.L, a

company incorporated in Spain and specialized in Contact Center and BPO services.

5

AVH actively evaluates options to refinance its outstanding 2020 Bond

20-F Format Filing

• On April 29th the company filedits 2018 20-F with the SEC

• In the Risk Factors of the 20FAvianca disclosed theincompliance of its shareholderBRW with certain covenants setforth under the United Loanagreement

Liability Management Transaction

• As Avianca Holdings reported onMay 6, 2019, the BoDauthorized the management ofthe Company on May 2, 2019,to proceed with a liabilitymanagement transaction inrelation to its outstanding8.375% notes due 2020

• Avianca is currently evaluatingthe best alternatives torefinances the outstanding 2020bond

S&P Corporate Downgrade

• S&P Global Ratings took aRating Action on May 13,downgrading Avianca HoldingsS.A. Corporate Credit from “B”to “CCC+”

• The report issued by S&P statesthat Avianca’s plans to refinanceits $550 million seniorunsecured notes has takenlonger than expected

• AVH is actively working toamend certain specificagreements in regards to therisk factors identified under 20F

ExecutiveSummary

1Q 2019

Executive Summary

• Cancelled Routes:• Domestic Peru Capacity• Lima-Mendoza• Bogota-Montevideo• Bogota-Chicago• Bogota-Boston

• US$ 1.15 Billion in

Revenues in 1Q19; -1.5%

YoY

• CASK ex-fuel reached 6.0

US¢ a 6.3% YoY reduction

vs 1Q18

• CASK reached 8.2 US¢ a

4.5% YoY reduction vs

1Q18

• Avianca's Regional

express carrier began

operations allowing the

company to improve the

connectivity within the

Colombian domestic

market

• Cargo business unit

continues focus on yield

improvement

• Transported 11,600’ of

Valentine’s Day flowers,

+5.0% YoY

• Load Factor of 82.1% for

1Q19

• 7.7 million transported

passengers for 1Q19 +4.3%

• Avianca is awarded 2019

Kayak Award for best

airlines, in two categories

for Latin America: • Comfort

• On-Board Entertainment

• Avianca continues with

its non core asset

divesting initiatives

• AVH renegotiated Airbus

Backlog as follows:• Canceling delivery of

17 A320N

• Rescheduling delivery

of 35 A320N

Financial And

Operat ional Results

1Q 2019

9

Embraer 190

ATR 72/42

Cessna 208

Airbus 330

Boeing 787

Airbus 330F

Airbus 300F

Boeing 787F

Out In

Executing on our

fleet plan1Q 2019

Airbus 320

116

8*

17

13*

9

12

5

5

2

190Total Fleet

• The A330pax and A330F from Ocean Air were returned to AV. Subleases finished.

Details

*Note: Avianca plans to phase out its Embraer Fleet, Avianca has signed an agreement to divest its regional Carrier SANSA and LA COSTEÑA

8,7 8,6 9,1 8,6

9,3 9,2

1Q16 1Q17 1Q18 1Q19 2018 LTM

11.504 12.180 12.734

13.811

1Q16 1Q17 1Q18 1Q19

52.624 53.701

2018 LTM

9.060 9.972

10.647 11.341

1Q16 1Q17 1Q18 1Q19

43.730 44.423

2018 LTM

10

ASK growth rate decelerates as Avianca shifts from a growth to profit focused business model

1Q RPKs – Millions 1Q Load Factor

1Q ASKs – Millions 1Q Yield - US¢

+6.5%

-150 bps

+8.5%+2.0%

+1.6%

Quarterly Full Year

78,8%

81,9%83,6%

82,1%83,1% 82,7%

1Q16 1Q17 1Q18 1Q19 2018 LTM

Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK11

2017

2016

Cask and Cask Ex Fuel decrease by 4.8% and 6.8% respectively

1Q Revenues – US millions 1Q EBITDAR – US millions

1Q CASK and CASK ex Fuel - US¢ 1Q EBIT – US millions

8,7 8,8 9,2

8,3

792 862 972 970

213 205

197 180

1Q16 1Q17 1Q18 1Q19

9,3

9,1

4.080 4.079

811 794

2018 LTM

889 832

18,2%

17,1%

2018 LTM

215 216227

17021,4%

20,3% 19,4%

14,7%

1Q16 1Q17 1Q18 1Q19

72 69

76

18

7,2%6,4%

6,5%

1,6%

1Q16 1Q17 1Q18 1Q19

232

175

4,7%

3,6%

2018 LTM

8,1 8,2 8,6 8,2 8,9 8,7

6,7 6,4 6,4 6,0

6,5 6,4

1Q16 1Q17 1Q18 1Q19 2018 LTMCask

Region

Domestic*

Intra Home

Markets1

Home Markets to

North America2

Home Markets to

South America3

Central America &

Caribbean4

Home Markets

to Europe

Total

12

Avianca Holdings S.A. reports a 82.1% Load Factor

1Q19 RPK Growth 1Q19 ASK Growth

*Domestic Market: Colombia, Peru, Ecuador 1 Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 2 From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, Chile, Argentina, Brazil and Uruguay, 4 Belize, Cuba Curazao, Republica Dominicana,

Panamá, Costa Rica, Guatemala, Honduras, Nicaragua

1Q19 Load Factor

81.4%

82.1%

81.7%

84.8%

78.3%

82.4%

RPK 6.6% ASK 8.5% Load Factor 82.1%

5.72%

4.26%

-3.72%

22.32%

3.13%

6.03%

7.89%

3.04%

-6.64%

17.44%

5.60%

3.00%

Copa1.6%

13

1%

Intra-HomeMarkets

Home Markets To North America

Home Markets To South America

Home MarketsTo Spain

Avianca’s market share in the Colombian domestic market recovers from late 2017 ilegal Pilot strike

Colombia Domestic1 Central America

Domestic2

Source: Aeronáutica Civil, MIDT1: Mar-19; 2: Mar-19, Excluding flights from an to Panama; *Domestic Market: Colombia, Peru, Ecuador; Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, Costa Rica, Guatemala; 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

Avianca54.6%

Latam18.3%

VivaCo15.1%

Satena4.4%

Easyfly5.3%

Others0.7%

63.9% 25.4%

31.0%

33.3%

Avianca60.3%

Copa37.0%

Others2.6%

Business Units

1Q 2019

15

Avianca Cargo: financial and operational results

Source: Company.

(1) On a per trip basis. (2) Includes consolidated revenues from the cargo operation in Mexico and Deprisa (Other Business Unit) (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 Mar 2019) (5) Miami-Dade Aviation Statistics, by airline group (as of Mar 2019)

Segment Overview Key Metrics (Cargo and Courier)

Market Share Colombia (1Q19)4 Market Share Miami (1Q19)5

▪ Strong performance:

• Throughout Valentines day peak season we transported more

than 11,600 Tons of flowers (+ 5% vs 2018)

• 2.4% growth in the volume of cargo transported (vs 2018)

• 7.4% growth in Kg On Board In & Out MIA and 2.4% In & Out

Colombia

▪ Network improvements

• Own operation Consolidation of MIA-BRU-MIA in A330F

RTK (MM)(3)

Revenue (US$MM)(2)ATK (MM) (3)

Load Factor

5.8%

38.4%

9.7%7.8%

5.6% 4.8%

33.7%

AVH Atlas Latam Skylease Cargolux Others

15% 14%12% 11%

08%06%

34%

Atlas Latam AVH UPS Amerijet AmericanAirlines

Others

600.8656.6

1Q18 1Q19

2,487 2,543

2018 LTM

+9.3%

339.4358.9

1Q18 1Q19

1,424 1,444

2018 LTM

56.5% 54.7%

1Q18 1Q19

57.3% 56.8%

2018 LTM

-49 pbs

-1.0%

147.9 139.9

1Q18 1Q19

617.9 611.6

2018 LTM

16

LifeMiles: Loyalty Company

• 1Q19 Gross Billings decreased by 5.2% vs 1Q18:

• Commercial gross billings increased by 8.0% YoY

• Approximately 9.0 million members, +12.0% increase vs. 1Q18

• 515 commercial partners, +48.4% vs 1Q18

• The black-out period related to our new core system cutover in February 2019 resulted in

fewer miles redeemed and a temporary freeze of commercial partner onboarding

New Commercial Partners & Awards

Colombia CAM ROW1

(1) Signed up via Kaligo

Flight Plan 2019

1Q 2019 2019 OUTLOOK

PAX

ASK

LF

4.3%

8.5% 0.0% - 2.0%

82.1% 81.0% – 83.0%

1.6%5.5% – 7.5%

From 7.0% – 9.0%EBIT

0.0% - 2.0%

19

In Summary

Enhance operational efficiency

Adjusted fleet plan will decelerate growth

Divestiture of non-core assets

Re-prioritization of capex investments

Avianca’s transformation is based on moving from a

growth to a profitability focused business model and

we started this process by executing key drivers:

Enhance operational efficiency

Divestiture of non-core assets

Re-prioritization of capex investments

Strengthen the capital structure

Further capacity reductions will drive margin

expansion going forward

Strengthen the capital structure

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com