Avianca Holdings S.A. 2Q 2018 Earnings Presentation 2018 The present document consolidates information from Holdings S.A. and its subsidiaries, including unaudited financial figures, operational managerial indicators, financial indicators and managerial projections of future performance, in line with 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 Disclaimer 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 third 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. Executive Summary 2Q 2018 • Load Factor of 82.3% +29 • Transported 13,082 tons • New routes: • -Orlando 7F per week bps vs 2Q17 of Mother’s Day flowers, • Salvador-Orlando 4F per +3.4% Week • -Orlando 3F per • 7.4 million transported • Cargo revenues increase week passengers for 2Q18 of 16.8% • Salvador-Boston 4F per week

• US$ 1.2 Billion in • CASK ex-fuel1 reached 6.6 • Continuous Yield Executive Revenues in 2Q’18; +9.8% US ¢ recovery since 3Q17 year on year Summary • 4.2% EBIT1 margin for • Yield increase of 9.6% to • Strongest 2Q revenue 2Q18 9.3 US¢ since IPO

• AVH has been in • Skytrax: “Best Latam • Civil Chamber of discussions with UAL/CPA Airline” and “Best Economy Colombian Supreme Court regarding the possibility Class” in the Region ratified the verdict of the of a three-way JBA • TripAdvisor awarded Avianca Labor Chamber on the covering the networks as one of the ” Best Airlines Acdac’ strike illegality between the US/LatAm. in Latin America ” 1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 F i n a n c i a l A n d Operational R e s u l t s 2Q 2018 Airbus 320 116|-1|+2 Embraer 190 8 ATR 72/42 17 Cessna 208 13 Airbus 330 10 Boeing 787 Executing 12 Airbus 330F 5 on our Airbus 300F 5 fleet plan Boeing 787F 2Q 2018 2 Total Fleet 189

Out In Detail

• NEO technology allows savings • Out of fleet: end of Operating • (+2) A320neo on April 24th and of up to 20% in jet fuel (-5K in Lease (A319) June 19th and, 2018 the emission of CO2 by plane)

6 Fourth consecutive quarterly Yield YoY increase; 2Q18 Yield increased 9.6% to 9.3 cents

2Q RPKs – Millions 2Q Load Factor

+3.0% +4.8% +29 bps +101 bps

2Q ASKs – Millions 2Q Yield - US¢

+2.6% +3.6% +9.6% +7.6% 12,621 12,953 11,575 10,780 25,687 24,801

2Q15 2Q16 2Q17 2Q18 6M17 6M18 7 Quarterly Full Year Avianca’s strongest second quarter revenue, reaching nearly USD$ 1.2 billion +9.8%

2Q Revenues – US millions 2Q EBITDAR – US millions

9,8 19,3% 9,3 8,6 9,2 17,2% 8,3 8,7 19,8% 13,7% 211 12,8% 232 217 422 408 225 211 428 16,5% 988 166 164 875 1.960 136 829 741 1.737 391

2Q15 2Q16 2Q17 2Q18 6M17 6M18 2Q15 2Q16 2Q17 2Q18 6M17 6M18

2Q CASK and CASK ex Fuel - US¢ 2Q EBIT – US millions

2016 62 5,7% 131

6,1% 97 2017 26 2,6% 21 4,1%

1,7% 1

2Q150,1% 2Q16 2Q17 2Q18 6M17 6M18 8 Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK 12.9% Passenger Revenue growth results in the strongest 2Q passenger revenue since IPO (Adjusted)

2Q Revenues – US millions 2Q EBITDAR – US millions

19,0% 19,4% 9,6 9,3 8,6 9,2 8,1 8,7 15,6% 19,9% 13,5% 211 18,4% 208 217 422 408 197 212 187 178 437 988 430 875 1.960 140 829 741 1.737

2Q15 2Q16 2Q17 2Q18 6M17 6M18 2Q15 2Q16 2Q17 2Q18 6M17 6M18

2Q CASK and CASK ex Fuel - US¢ 2Q EBIT – US millions

2016 9,6 63 8,9 8,6 8,2 8,2 50 151 7,8 5,7% 7,0 6,6 6,4% 6,1 6,3 6,3 6,4 38 4,0% 4,2% 133

5 6,2%

0,5% 2Q15 2Q16 2Q17 2Q18 6M17 6M18 2Q15 2Q16 2Q17 2Q18 6M17 6M18 9 Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK 1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 Avianca reports the strongest 2Q Load Factor in company history of 82.3%

Region 2Q18 RPK Growth 2Q18 ASK Growth 2Q18 Load Factor

82.6% Domestic* -4.7% -6.8%

Intra Home Markets1 -0.2% -1.1% 76.2%

Home Markets to North America2 5.1% 4.7% 84.1%

Home Markets to South America3 2.6% 0.7% 83.5%

Central America & Caribbean4 3.2% 2.6% 78.6%

Home Markets to Europe 9.7% 13.9% 82.3%

Total RPK 3.0% ASK 2.6% Load Factor 82.3%

*Domestic Market: , , 1 Local Intra-Markets: Colombia, Peru, Ecuador, Salvador, , Guatemala; 2 From Local Markets to North América including México 3 From Colombia, Perú, Ecuador and Costa Rica to Bolivia, Chile, , and , 4 Belize, Cuba Curazao, Republica Dominicana, 10 Panamá, Costa Rica, Guatemala, Honduras, Nicaragua Despite the strike, Avianca continues to consolidate its Leadership Position in the Colombian domestic market

Latam Others 18.7% 11.3%

Avianca VivaCo Avianca 13.1% 2 Starup 1 Peru Domestic 55.5% Colombia Domestic 9.7% 2.5%

Satena 5.2% 1%

Others Copa Peruvian Latam 0.9% 1.8% 4.9% 14.9% 57.0%

Intra-Home Home Markets To North Home Markets To South Home Markets Markets America America To Spain

64.1% 23.1% 32.6%

33.3%

11 Source: Aeronáutica Civil, MIDT 1: Jun-18; 2: May-18; *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 Business Units 2Q 2018 Avianca Cargo: financial and operational results

Segment Overview Key Metrics (Cargo and Courier)

Revenue (US$MM)(2) ATK (MM) (3) ▪ Strong performance for 2Q 2018 Avianca Cargo moved a total of 13.082 tons +16.8% 153,9 300 -3.0% of Mother’s Day flowers, + 3.4% vs 2Q17 1,285 256 665,2 645,2 1,246 ▪ Fleet management improvement due to fleet interchangeability 131,8 optimization between Taca Peru and Tampa Cargo Colombia 2Q17 2Q18 6M17 6M18 2Q17 2Q18 6M17 6M18 ▪ Network improving thanks to the connections increase to and from Asia and RTK (MM)(3) Load Factor Europe through commercial partnerships and increased widebodies capacity +2.6% utilization +3.1% 366,6 686 706 357,2 56.8% 56.7% 53.7% 53.3%

2Q17 2Q18 6M17 6M18 2Q17 2Q18 6M17 6M18 Market Share Colombia (2Q18)4 Market Share (2Q18)5

35.8% 35.6% 32.1%

13.3% 13.3% 11.6% 11.5% 8.5% 9.4% 8.2% 8.4% 6.1% 6.4%

AVH Atlas Latam UPS Skylease Others Atlas Latam AVH UPS Amerijet American Others 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. Airlines 13 (4) International Cargo – Aeronáutica Civil de Colombia (as of June 2018) (5) Miami-Dade Aviation Statistics, by airline group (as of June 2018) LifeMiles: Loyalty Company

• 2Q18 gross billings increased 17.8% vs 2Q17 • Active cobranded credit cards reached 666K, an increase of 12.5% vs. 2Q17 • Approximately 8.3 million members, +14.0% increase vs. 2Q17 • 359 commercial partners, +12.2% vs 2Q17

New Commercial Partners & Awards

Colombia CAM

SAM

14 Flight Plan 2018 2Q 2018 2018 OUTLOOK

5.0% – 7.0% PAX -4.6% from 7.0% - 9.0%

ASK 2.6% 8.0% – 10.0%

81.0% – 83.0% LF 82.3% from 80.0% - 82.0%

EBIT¹ 4.2% 6.0% – 8.0% EBIT 1.7%

Source: Company Information 1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 In Summary This quarter Avianca, perceives strong demand across its network, despite remaining impact of pilot strike, jet fuel price increase and FX volatility achieving:

US$1.2 B in revenues a +9.8% YoY increase, best 2Q revenue since IPO

CASK ex-fuel1 reached 6.6 US¢

Continuous yield recovery of +9.6% vs 2Q17 reaching 9.3 US¢

4.2% EBIT1 margin for 2Q18

Avianca reports strongest 2Q Load Factor in company history of 82.3%

17 1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 Thank You Contact Information: Investor Relations Office [email protected] T: (57) 1 – 5877700 www.aviancaholdings.com