Avianca Holdings S.A.Corporate Presentation

May 2018

2

DisclaimerThe 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.

3

Agenda

Company Overview and Track Record

Leading Airline in Latin America focused on

service excellence

Strong Operational and Financial Performance

1

2

3

Strategic Projects and Full Year Outlook5

Diversified Sources of Revenue with Growing

Non-Passenger Businesses4

Company Overview and Track

Record

5

Successful Integration with Further Synergy Generation Potential

Source: Company. / (1). Consolidated figures for the eleven months ended December 31, 2010. (2). Includes EBIT contribution of Avianca S.A. and GTH. (3). Maintenance, Repair and Overhaul providers (“MRO”) and Operational Excellence Center (“CEO”).

Well-Defined Integration Plan

Experience operating widebody aircraft

offers new opportunities for traffic from

Central America and Lima

• Complementary networks offer a unique growth

proposition in Central and South America

• Only 2 routes overlapped before combination

Complementary

Routes

Complementary

Fleet

Both airlines shared similar brand and

customer strategies, providing a high

standard of service

Customer

Service

Approach

Valores y Fortalezas Compartidas

Single Management Team

Single Loyalty Program

Network & Commercial Integration

Star Alliance

LifeMilesMaximization

Realized Revenue Synergies: $219MM

EBITMargin:

Core Systems Migration

Single Brand

Single Commercial Code

RevenueManagementOptimization

Ancillary Revenue

ERPIntra Hub Connectivity

Airport Optimization Model

Single Operations Management

Fleet Interchangeability

Cost Control Initiatives

Potential Cost-Reduction Synergies: US$80MM

Network / Fleet Optimization

MRO and CEO(3)

Single Web Page

TotalRevenue’17: $4,625 MM

6% - 8%6.2%6.6% 8.4%5.3% 5.9% 7.2%~4.5%(2) 9.4%

2011 2012

2015

2016

2014

2017

2013

2018

Total Revenue’ 10: $2,815MM(1)

2010

6

Leading Airline with Strategic Footprint in the Americas

Colombia Domestic

#1

54.6% Participación de Mercado(3)

Intra-Home Markets(4)

#1

66.8% Participación de Mercado(3)

Home Markets to Spain

#1

35.4% Participación de Mercado(3)

US$4,625 mm Total Revenues* in 2017

105+ Destinations and 6,000+ Weekly Departures

US$1,006 mm Total EBITDAR* in 2017

188 Aircraft Fleet (176 Pax and 12 Fre Aircraft1) as of 1Q18. Avrg Jet Fleet Age of 6.7 Years as of Mar-18.

3 Hubs:Bogota, San Salvador and Lima

Source: Company, Aeronáutica Civil de Colombia, and internal data derived from Travelport Marketing Information Data Tapes (“MIDT”). Note: market shares based on number of passengers(1). 5 Airbus 330F, 5 Airbus 300F and 2 Boeing 767F(2). Brazilian operations reflect the code-share agreement with Oceanair (“Avianca Brasil”), including the licensing of the Avianca trademark

Leading Loyalty Coalition Programwith 8.1+ mm Members

(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor(NY008B8R) 684268_1.wor

Avianca Brasil(2)Complementary Business Lines –~20% of Consolidated Revenues in 2017

Courier

✓Single commercial code✓

Single Avianca brand✓

Single website

Interchangeability of aircraft✓

(3). Sourced from Company, 2017 for Colombia Domestic, as of Dec 2017 for Intra-Home Markets and Home Markets To Spain(4). International traffic within our Home Markets (Colombia, Ecuador, Peru, El Salvador, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & Caribbean (non-regional)).* When indicated the figures are adjusted by one-time items during 2017

Geographic Footprint

Leading Airl ine in

Latin America focused on

service excellence

8

Leading Airline in Latin America…

Leading Airline with Strategic Footprint in the Americas(4)

Peru(3)

Source: Company and local regulators.(1) Market share based on number of passengers. Colombia: 1Q18, Peru: 1Q18, Ecuador: Jan-18(2) Brazilian operations reflect the code-share agreement with Oceanair (“Avianca Brasil”), including the licensing of the Avianca trademark to 2016(3) Reflects market share in the routes it operates as of April 2017.(4) Based on domestic and international passengers. Colombia and Peru, as of 1Q18(5) Market shares sourced from Company.(6) International traffic within our Home Markets (Colombia, Ecuador, Peru, El Salvador, Costa Rica, Nicaragua, Honduras, Guatemala, Belize, excluding Central American & Caribbean (non-regional).

Significant Market Share Gains in Key Markets – Passenger Evolution (MM)

Colombia(3)

Domestic Operations

#1

#3

Perú Domestic11,3% Market Share

Leading Position in Latin American Markets(1)

#2

Ecuador Domestic24,3% Market Share

▪ Unparalleled route network connecting the Americas

▪ Leadership position in the markets served:

~54.6% domestic market share in Colombia

~68.8% market share in Intra-Home Markets(5)

~35.4% market share in Home Markets to Spain routes

Undisputed leadership connecting passengers across our home markets with

one another and with North America, Europe and South America

Colombia Domestic54,6% Market Share

9

Successful Fleet Optimization Leading to Reduced Complexity

Long Term Fleet – 4 Families by 2020

ATR72

✓ ATR72s for improved

regional capacity

A330F

Boeing 787

✓ More fuel efficient than

many similarly sized

airplanes

A320 Neo

✓ 15% less fuel consumption

✓ Up to 500nm of additional

✓ Range & Up to 3% cost

savings

✓ 40% more cargo capacity vs.

previous cargo fleet

✓ Increased fuel efficiency & Improved

technical dispatch reliability

✓Reduced training costs and maintenance

expenses

✓ Improved range and network

performance

✓Opportunity to up gage in congested

markets & Increased regional capacity

✓New B787-9 (3 for 2019): 250-290

passengers. This variant differs from the

787-8, a greater capacity of fuel, a greater

maximum weight to the takeoff (MTOW).

✓A321S: fuel-saving Sharklets –offers up to

5% fuel-burn savings (+100 nautical

miles/185 kilometers)

Jet passenger operative

Fleet average age: 6.7 years

Fuente: Compañía.

Modern

fleet

providing

platform for

higher

profitability

2018 2019 2020 2021 2022+ Total

B787 1 3 - - - 4

A319 - - 4 4 12 20

A320 5 6 14 17 56 98

A321 2 - 2 2 11 17

Total(1) 8 9 20 23 79 139

2010 – 9 Families

E190 MD83 B757

A320 B767 Regional

A330 B737 F100

Average Jet Fleet Age of 10.1 Years

2017 – 7 Families

Boeing 787

A320 Family(1)

ATR 72 / 42

A330 Pax / 330F /300F

B767F

E190

Cessna 208

Backlog Designed to Enhance Fleet Efficiency(2)

Strong Operational

and Financial Performance

+13,4%

+2,2%

+9,1%

+9,9%

+4,7%

-3,3%

11

Demand outgrows capacity deployment resulting in record Load Factor

Región 1Q18 RPK Growth 1Q18 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

1Q18 Load Factor

83.0%

80.1%

85.1%

87.4%

79.2%

80.7%

Domestic*

Intra Home

Markets1

Home Markets to

North America2

Home Markets to

South America3

Central America &

Caribbean4

Home Markets

to Europe

Total RPK 6.8% ASK 4.5% Load Factor 83.6%

+11,5%

+0,3%

+7,8%

+9,0%

+1,1%

-7,4%

12

Demand recovery in core markets drive yield improvement

1Q RPKs – Millions 1Q Load Factor

1Q ASKs – Millions 1Q Yield - US¢

8,332 9,060

9,972 10,647

1Q15 1Q16 1Q17 1Q18

40,243 40,919

FY 2017 LTM

+6.8%

+1.7%+175 bps +44 bps

79.0% 78.8%

81.9%83.6% 83.1% 83.6%

1Q15 1Q16 1Q17 1Q18 FY 2017 LTM

10,549 11,504

12,180 12,734

1Q15 1Q16 1Q17 1Q18

48,401 48,955

FY 2017 LTM

+4.5%

+1.1% +5.5%+1.4%

10.8

8.7 8.6 9.1 9.3 9.4

1Q15 1Q16 1Q17 1Q18 FY 2017 LTM

8.88.9

Quarterly Full Year Ex-Strike

10.0

8.1 8.2 8.6 8.6 8.7

7.5 6.7 6.4 6.4 6.7 6.7

1Q15 1Q16 1Q17 1Q18 FY 2017 LTM

13

2017

2016

Avianca remains committed to pursue a leaner cost structure (Unadjusted)

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

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

10.6

8.7 8.8 9.2

899 792 862

972

217 213

205 197

1Q15 1Q16 1Q17 1Q18

9.2

9.3

3,550 3,659

891 883

FY 2017 LTM

886 897

19.9% 19.7%

FY 2017 LTM

194

215 216

227

17.4%

21.4%20.3% 19.4%

1Q15 1Q16 1Q17 1Q18

57

72 69

76

5.1%

7.2%

6.4% 6.5%

1Q15 1Q16 1Q17 1Q18

294

301

6.6%

6.6%

FY 2017 LTM

Quarterly Full Year Ex-Strike Non-passanger Revenues EBIT/EBITDAR Margin RASK

14

2017

Quarterly Full Year Ex-Strike Non-passanger Revenues EBIT/EBITDAR Margin RASK

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -25,402

Avianca remains committed to pursue a leaner cost structure (Adjusted)

2017

2016

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

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

10.3

8.5 8.8 9.2

899 792 862

972

189 185

205 197

1Q15 1Q16 1Q17 1Q18

9.6

9.7

3,734 3,843

891 883

FY 2017 LTM

9.7

7.9 8.2 8.4 8.7 8.7

7.2 6.4 6.3 6.2

6.7 6.6

1Q15 1Q16 1Q17 1Q18 FY 2017 LTM

68 72 70

101 6.3%

7.4%6.6%

8.7%

1Q15 1Q16 1Q17 1Q18

434

4659.4%

9.8%

FY 2017 LTM

260,3 301,1 293,2 273,9

1.339

157 141 139 139

350,74

31,6 32,0

549,9

2018 2019 2020 2021 2022+

AIRCRAFT CORPORATE DEBT BONDS

93,23%

1,83%4,94%

59.73%

24.13%

14.46%

1.69%

15

Debt Overview and Deleveraging Plan

By Currency

EURCOP

USD

Type(1) Currency Avg. Rate

Aircraft Debt USD 3.92%

Bonds COP 10.21%

Bonds USD 7.95%

CorporateDebt

USD 6.53%

Total 5.20%

____________________Source: Company.(1) Excludes US$6.3 Millions of corporate debt in COP and US$128.2 Millions of aircraft debt in EUR.(2) Current installments of long term debt + long term debt – cash. Cash includes cash and cash equivalents + restricted cash + available for sale securities + short term certificates of bank deposits + long term restricted cash.(3) Current installments of long term debt + long term debt + (aircraft rentals 12M x 7) – cash. Cash includes cash and cash equivalents + restricted cash + available for sale securities + short term certificates of bank deposits + long term restricted cash.(4) Consolidated net profit for the period plus the sum of income tax expense, depreciation, amortization and impairment and aircraft rentals, minus interest expense, minus interest income, minus derivative instruments, minus foreign exchange.(5) EBITDAR coverage ratio calculated as EBITDAR divided by the sum of aircraft leases and interest expense.

By Type(1)

AircraftDebtUSD

BondsCOPBonds

USD

CorporateDebtUSD

449 474

982

413

1,690

1Q18 Debt Amortization Schedule (US$MM)

1Q18 Debt Profile

Diversi f ied Sources of

Revenue withGrowing Non-

Passenger Businesses

17

Avianca Cargo: Financial and Operative Results

Segment Overview Key Metrics (Cargo and Courier)

Market Share Colombia (2018)(4) Market Share Miami (2018)(5)

▪ Strong performance for 1 Quarter 2018, Transported tons of 11.400 tons

of Valentine’s Day flowers, + 4.4% vs 1Q17

▪ New A330Fs provide reduced unit costs, higher capacity (up to 40%

morethan the previous fleet)(1) and improved reliability

▪ Network improving We are continuing our efforts to strengthen our

connections to and from Asia

13,6%11,3% 10,4%

8,6%6,6%

13,7%

35,9%

Atlas UPS AVH Amerijet AmericanAirlines

Latam Others

36,2%

9,4% 9,4% 8,6%

4,2%

32,3%

AVH Atlas Latam UPS Skylease Others

Load Factor

2.502 2.483

2017 LTM

+3.5%

52,9% 56,5%

1Q17 1Q18

56,7% 57,6%

2017 LTM

125

146

1Q17 1Q18

545

566

2017 LTM

Revenues (US$MM)(2)

+17.2%

620 601

1Q17 1Q18

-3.0%

+3.2%

328 339

1Q17 1Q18

RTK (MM)(3)

1.419,4 1.430,2

2017 LTM

ATK (MM) (3)

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 September 2017) (5) Miami-Dade Aviation Statistics, by airline group (as of March 2018)

4,4 4,9 5,46 6,5 7

7,8 8,1

2011 2012 2013 2014 2015 2016 2017 1T18

18

LIFEMILES COMPAÑÍA DE LEALTAD

Source: Company(1) LifeMiles home markets include Colombia, Peru, Ecuador and Central America.

LifeMiles won 2 categories in the 2017 Freddie Awards

Best Redemption Ability, Best Promotion, Up-and-Coming Program

Selected Air Companies

Selected Financial Institutions

~70 banks with active contracts

Selected Regional Hotels

Other Selected Commercial Partners

Strong Brand RecognitionStrong and Growing Network Commercial Partners

Co-Branded Credit Cards

HomeMarkets(1)

Members (MM) Quarterly HighlightsGeographic Presence

2015

Best Promotion

Up and Coming Program

2016

Redemption Ability

Up and Coming Program

Best Promotion

2017

1

1

1

1

1

Best Promotion

Up and Coming Program

1

1

• 1Q’18 gross billings increased 13.9% vs 1Q´17

• Active cobranded credit cards reached 651K, an increase of 16.6% vs. 1Q’17

• Approximately 8.1 million members, a 12.7% increase vs. 1Q’17

• 347 commercial partners, +6.1% vs 1Q’17

Robust Financial and Performance and Leading Market Positions

FlightPlan2018

1Q 2018 2018 OUTLOOK

PAX

ASK

LF

-1.3% 7.0% – 9.0%

4.5% 8.0% – 10.0%

83.6% 80.0% – 82.0%

8.7%6.0% – 8.0%

EBIT¹

EBIT 6.5%

Source: Company Information

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -25,402

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com