Avianca Holdings S.A.Corporate Presentation

May 2019

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

Homogeneous

& Complementary

Fleet

Both airlines shared similar brand and

customer strategies, providing a high

standard of service

Customer

Service

Approach

Shared Values and Strengths

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 Optimization

MRO and CEO(3)

Single Web Page

TotalRevenue’17: $4,890 MM

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

5.5% - 7.5%7.0%

2019

Non-Core AssetsDivesting Plan:

Adjust the fleet plan to slower growth

Improve operating profit:

Deliver solidOperational Efficiency:

Strengthen the capital structure:

6

Leading Airline with Strategic Footprint in the Americas

Colombia Domestic

#1

54.6% Market Share(3)

Intra-Home Markets(4)

#1

63.9% Market Share(3)

Home Markets to Spain

#1

33.3% Market Share(3)

US$4,890 mm Total Revenues* in 2018

105+ Destinations and 6,000+ Weekly Departures

US$ 950 mm Total EBITDAR* in 2018

190 Aircraft Fleet (178 Pax and 12 Fre Aircraft1) as of 1Q19. Avrg Jet Fleet Age of 7.4 Years as of Mar-19.

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). Sourced from Company, 2017 for Colombia Domestic, as of Dec 2017 for Intra-Home Markets and Home Markets To Spain

Leading Loyalty Coalition Programwith 9.0+ mm Members

Complementary Business Lines –~17% of Consolidated Revenues in 2018

Courier

✓Single commercial code✓

Single Avianca brand✓

Single website

Interchangeability of aircraft✓

(3). 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 2018

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)

Central America(3)

Source: Company and local regulators.(1) Market share based on number of passengers. Colombia: 1Q19, Central America: 1Q19, Ecuador: Dec-18(2) Brazilian operations reflect the code-share agreement with Oceanair (“Avianca Brasil”), including the licensing of the Avianca trademark to 2016(3) Based on domestic and international passengers. Colombia and Peru, as of 1Q19(4) Market shares sourced from Company.(5) 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

Leading Position in Latin American Markets(1)

#2

Ecuador Domestic24,0% Market Share

▪ Unparalleled route network connecting the Americas

▪ Leadership position in the markets served:

~54.6% domestic market share in Colombia

~63.9% market share in Intra-Home Markets(5)

~33.3% 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

#1

Colombia Domestic54,6% Market Share

#3

Central AmericaDomestic

60,3% 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: 250-290 passengers. This

variant differs from the 787-8, a greater

capacity of fuel, a greater maximum

weight to the takeoff (MTOW).

Jet passenger operative

Fleet average age: 7.4 years

Fuente: Compañía.

Modern

fleet

providing

platform for

higher

profitability

2019 2020 2021 2022 2023+ Total

B787 - 1 2 - - 3

A320-NEO 3 3 - - 79 85

A321-NEO - 3 4 4 15 26

Total(1) 3 7 6 4 24 114

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

11

Demand outgrows capacity deployment resulting in record Load Factor

Región

*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

Domestic*

Intra Home

Markets1

Home Markets to

North America2

Home Markets to

South America3

Central America &

Caribbean4

Home Markets

to Europe

Total

1Q19 RPK Growth 1Q19 ASK Growth 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%

12

Demand recovery in core markets drive yield improvement

Quarterly Full Year Ex-Strike

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

1Q RPKs – Millions 1Q Load Factor

1Q ASKs – Millions 1Q Yield - US¢

+6.5%

-150 bps

+8.5%+2.0%

+1.6%

78,8%

81,9%83,6%

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

1Q16 1Q17 1Q18 1Q19 2018 LTM

13

2017

2016

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

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

2017

2016

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 LTM

389.0505.0 468.0 419.0

1,485

242240 272 369

10

47.0

550.0

2019 2020 2021 2022 2023

AIRCRAFT CORPORATE DEBT BONDS

14

Debt Overview and Deleveraging Plan

By Currency

EURCOP

USD

Type(1) Currency Avg. Rate

Aircraft Debt USD 4.2%

Bonds COP 9.69%

Bonds USD 7.95%

CorporateDebt

USD 6.9%

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

678

1.296

740 788

1.495

1Q19 Debt Amortization Schedule (US$MM)

1Q19 Debt Profile

65.06%

22.43%

11.90%

0.60%

94.89%

1.85% 3.26%

Diversi f ied Sources of

Revenue withGrowing Non-

Passenger Businesses

16

Avianca Cargo: Financial and Operative 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%

147.9242 139.8749

1Q18 1Q19

617.9 611.6

2018 UDM

4.44.9

5.46

6.57

7.88.9 9.0

2011 2012 2013 2014 2015 2016 2017 2018 1Q1917

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

• 1Q19 Gross Billings decreased by 5.2% vs1Q19

• Approximately 9.0 million members,+12.0% increase vs. 1Q19

• 515 commercial partners, +48.4% vs 1Q19• The black-out period related to our new

core system cutover in February 2019resulted in fewer miles redeemed and atemporary freeze of commercial partneronboarding

Robust Financial and Performance and Leading Market Positions

FlightPlan2019

PAX

ASK

LF

1Q 2019 2019 OUTLOOK

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%

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com