Avianca Holdings S.A. 1Q 2019 Earnings Presentation 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 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 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 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. Transforming AVH Moving from a growth-focused to a profit-focused company allows AVH to accelerate deleveraging

Strategic Initiatives Current Status

Adjust the fleet plan to slower growth: 35 A320N rescheduled and canceled 17 A320N. This agreement will reduce Avianca’s fleet CapEx • Drive cost savings through sub-fleet needs by more than $350 million over the next three years. simplification AVHs BoD authorized the Management to commence negotiate the sale of up to ten (10) Embraer aircraft. • Renegotiate order book

Non-Core Assets Divesting Plan: AVH has entered into an agreement with CAE Int., for the sale of the Company’s participation in • Allows management to focus on core the training business with flight simulators Avianca-CAE Flight Training Business unites 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. • Demonstrated execution in 2019

Improve operating profit: AVH reduced the services offered within Peru’s domestic aviation market, directing its focus on • Rationalize network to remove international connectivity via Lima’s Jorge Chávez International Airport and keeping the LIM-CUZ insufficiently profitable routes 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

4 AVH actively evaluates options to refinance its outstanding 2020 Bond

20-F Format Liability Management S&P Corporate Filing Transaction Downgrade

• On April 29th the company filed • As Avianca Holdings reported on • S&P Global Ratings took a its 2018 20-F with the SEC May 6, 2019, the BoD Rating Action on May 13, authorized the management of downgrading Avianca Holdings • In the Risk Factors of the 20F the Company on May 2, 2019, S.A. Corporate Credit from “B” Avianca disclosed the to proceed with a liability to “CCC+” incompliance of its shareholder management transaction in BRW with certain covenants set relation to its outstanding • The report issued by S&P states forth under the United Loan 8.375% notes due 2020 that Avianca’s plans to refinance agreement its $550 million senior • Avianca is currently evaluating unsecured notes has taken the best alternatives to longer than expected refinances the outstanding 2020 bond • AVH is actively working to amend certain specific agreements in regards to the risk factors identified under 20F

5 Executive Summary 1Q 2019 • Load Factor of 82.1% for • Cargo business unit • Cancelled Routes: • Domestic Peru Capacity 1Q19 continues focus on yield • Lima-Mendoza improvement • Bogota-Montevideo • Bogota-Chicago • 7.7 million transported • Transported 11,600’ of • Bogota-Boston passengers for 1Q19 +4.3% Valentine’s Day flowers, +5.0% YoY

• US$ 1.15 Billion in • CASK ex-fuel reached 6.0 • Avianca's Regional Executive Revenues in 1Q19; -1.5% US¢ a 6.3% YoY reduction express carrier began YoY vs 1Q18 operations allowing the Summary company to improve the • CASK reached 8.2 US¢ a connectivity within the 4.5% YoY reduction vs Colombian domestic 1Q18 market

• AVH renegotiated Airbus • Avianca is awarded 2019 • Avianca continues with Backlog as follows: Kayak Award for best its non core asset • Canceling delivery of , in two categories divesting initiatives 17 A320N for Latin America: • Rescheduling delivery • Comfort of 35 A320N • On-Board Entertainment F i n a n c i a l A n d Operational R e s u l t s 1Q 2019 Airbus 320 116 Embraer 190 8* ATR 72/42 17 Cessna 208 13* Airbus 330 9 Boeing 787 Executing 12 Airbus 330F 5 on our Airbus 300F 5 fleet plan Boeing 787F 1Q 2019 2 Total Fleet 190

Out In Details

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

9 *Note: Avianca plans to phase out its Embraer Fleet, Avianca has signed an agreement to divest its regional Carrier SANSA and LA COSTEÑA ASK growth rate decelerates as Avianca shifts from a growth to profit focused business model

1Q RPKs – Millions 1Q Load Factor

+6.5%

+1.6% -150 bps 11.341 10.647 9.972 43.730 44.423 83,6% 9.060 83,1% 82,7% 81,9% 82,1% 78,8%

1Q16 1Q17 1Q18 1Q19 2018 LTM 1Q16 1Q17 1Q18 1Q19 2018 LTM

1Q ASKs – Millions 1Q Yield - US¢

+8.5% +2.0%

13.811 53.701 9,1 9,3 9,2 12.180 12.734 52.624 8,7 8,6 8,6 11.504

1Q16 1Q17 1Q18 1Q19 2018 LTM 1Q16 1Q17 1Q18 1Q19 2018 LTM 10 Quarterly Full Year Cask and Cask Ex Fuel decrease by 4.8% and 6.8% respectively

1Q Revenues – US millions 1Q EBITDAR – US millions 9,2 8,7 8,8 8,3 227 9,3 215 216 9,1 889 170 832 197 180 21,4% 205 20,3% 18,2% 213 811 794 19,4%

14,7% 17,1% 972 970 792 862 4.080 4.079

1Q16 1Q17 1Q18 1Q19 2018 LTM 1Q16 1Q17 1Q18 1Q19 2018 LTM 1Q CASK and CASK ex Fuel - US¢ 1Q EBIT – US millions

7,2% 6,5% 2016 6,4% 8,9 8,7 4,7% 8,6 72 76 8,1 8,2 8,2 69 232 3,6% 6,7 6,5 6,4 6,4 6,4 6,0 2017 175

1,6% 18

1Q16 1Q17 1Q18 1Q19 2018 LTM 1Q16 1Q17 1Q18 1Q19 2018 LTM 11 Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK Cask Avianca Holdings S.A. reports a 82.1% Load Factor

Region 1Q19 RPK Growth 1Q19 ASK Growth 1Q19 Load Factor

3,00% 6,03% 81.4% Domestic*

Intra Home 5,60% 3,13% Markets1 82.1%

Home Markets to 17,44% 22,32% North America2 81.7%

Home Markets to -6,64% -3,72% South America3 84.8%

Central America & 3,04% 4,26% Caribbean4 78.3%

Home Markets 7,89% 5,72% to Europe 82.4%

Total RPK 6.6% ASK 8.5% Load Factor 82.1%

*Domestic Market: , 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, 12 Panamá, Costa Rica, Guatemala, Honduras, Nicaragua Avianca’s market share in the Colombian domestic market begins to recover from late 2017 Pilot strike

Latam Copa 18.3% 37.0%

Avianca Avianca VivaCo 15.1% 60.3% 54.6% Colombia Domestic1 Central America Domestic2

Others Satena 2.6% 4.4% 1%

Others Copa 0.7% 1.6% 5.3%

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

63.9% 25.4% 33.3%

31.0%

13 Source: Aeronáutica Civil, MIDT 1: 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 Business Units 1Q 2019 : financial and operational results

Segment Overview Key Metrics (Cargo and Courier)

Revenue (US$MM)(2) ATK (MM) (3) -1.0% ▪ Strong performance: 147,9 +9.3% 617,9 611,6 • Throughout Valentines day peak season we transported more 139,9 656,6 2.487 2.543 than 11,600 Tons of flowers (+ 5% vs 2018) 600,8

• 2.4% growth in the volume of cargo transported (vs 2018) 1Q18 1Q19 2018 LTM 1Q18 1Q19 2018 LTM • 7.4% growth in Kg On Board In & Out MIA and 2.4% In & Out RTK (MM)(3) Load Factor Colombia 5.8% -49 pbs ▪ Network improvements 358,9 1.424 1.444 57,3% 56,8% • Own operation Consolidation of MIA-BRU-MIA in A330F 339,4 56,5% 54,7%

1Q18 1Q19 2018 LTM 1Q18 1Q19 2018 LTM Market Share Colombia (1Q19)4 Market Share Miami (1Q19)5 38,4% 33,7% 34%

15% 14% 12% 9,7% 11% 7,8% 08% 5,6% 4,8% 06%

AVH Atlas Latam Skylease Cargolux 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 15 (4) International Cargo – Aeronáutica Civil de Colombia (as of Mar 2019) (5) Miami-Dade Aviation Statistics, by group (as of Mar 2019) LifeMiles: Loyalty Company

• 1Q19 Gross Billings increased 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 16 Flight Plan 2019 1Q 2019 2019 OUTLOOK

PAX 4.3% 0.0% - 2.0%

ASK 8.5% 0.0% - 2.0%

LF 82.1% 81.0% – 83.0%

5.5% – 7.5% EBIT 1.6% From 7.0% – 9.0% In Summary 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:

Adjusted fleet plan will decelerate growth

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

19 Thank You Contact Information: Investor Relations Office [email protected] T: (57) 1 – 5877700 www.aviancaholdings.com