Investor Day November 2018 Disclaimer The 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. 2 Todays speakers Hernán Rincon Silvia Mosquera Santiago Aldana Chief Executive Officer Chief Commercial Officer Chief Digital and Technology Officer ■ Longstanding trajectory in the technology and ■ Over 12 years experience in Aviation industry ■ Extensive experience in the transformation of telecommunications sectors, holding leadership ■ Previously served as Chief Commercial Officer of the companies and the use of mobile and digital positions at Microsoft, Ferag Americas, Cocelco Iberia express technologies and Grupo Unysis ■ Served as Director of Strategy, Network and ■ Founding Partner and CEO of UFF Mobile before ■ Previously served as CEO of Microsoft Latin Revenue Management at Vueling joining AV America Gerardo Grajales Roberto Held Executive of Strategic Business Units Chief Financial Officer ■ With Avianca since 2002 ■ Served as CFO of Juan Valdez prior to joining ■ 25+ years of management experience Avianca ■ Previously served as CEO for two thermal power ■ Extensive experience in Banking and Capital plants in Colombia operated by AES and as CFO Markets for Baxter Pharmaceutical ■ Worked at Colombian Stock Exchange on the development of the value markets Agenda 1 Avianca – 100 years of operation 2 Pax – The backbone of Avianca 3 Digitalizing Avianca 4 Non-Passenger Businesses Proven Value Creation 5 Deleveraging and Cash generation Hernan Rincon CEO Avianca 100 years The longest flight in the world Avianca is the world's second oldest operating airline 2004 – 2005 1919 1940 2002 Synergy Aerospace 1994 becomes Avianca’s major 2008 2010 The Sociedad Colombo Avianca and SAM, Avianca System is shareholder. Avianca The Avianca and Taca Alemana de Transporte SCADTA and SACO created as result of a along with Aerolíneas establishes a new strategic Avianca acquires Tampa combination Aéreo (“SCADTA”) is merge into Aerovías strategic alliance Centrales de Colombia north and renews its Cargo, a freighter strengthens their founded in Barranquilla, Nacionales de Colombia between Avianca, (ACES), merge into image, initiating a new era operation with 35 years of strategic position in the Colombia on December 5, S.A. (Avianca) SAM and HELICOL Alianza Summa of consolidation and experience in the region and enhances 1919 expansion Colombian market their growth potential 2011 2012 2011 – 2014 2013 2013 2015 2017 Avianca executes its IPO Avianca acquires Avianca launches its Avianca prices its Advent acquires AVH begins in the Colombian Avianca joins Star 100% of Ecuador’s new image and IPO of ADR listed minority stake in negotiations of Stock Exchange and Alliance AeroGal and 25% of unifies all member on the NYSE LifeMiles strategic alliance establishment of Life Mexican freight airlines under the (“AVH”) Miles as a separate specialist, single Avianca entity AeroUnion commercial brand 6 6 Source: Company. A customer-centric focus throughout the organization drives our success 567 Avianca's best in class product is tailored to customer preferences Avianca's full service product and focus on impeccable customer service… The latest additions to Avianca's expanding network …make Avianca our customers' undisputed preference for travel within the Americas Intra-Home Home Markets Home Markets Home Markets Markets(2) to N. America To S. America to Spain #1 #1 #1 #1 64.1% Market Share 23.1% Market Share 33.3% Market Share 32.6% Market Share “Best “Best “Best Regional Airline “Best Airlines in “Best Airlines in Latam Airline ” Economy Class” in Latam” Latam” Latam” 8 Avianca was quick to adapt to the 2017 pilot strike- however, this significantly but temporarily disrupted important positive operational trends Strong RPK trends ensure improving load factors 14,5% 84,6% 84,2% ▪ Thoughtful capacity deployment ensured that RPKs 83,5% 83,8% 83,6% 10,0% 10,1% outgrew ASK by 2.1% since 2016 8,7% 82,0% 82,3% 6,5% 6,8% 5,9% 81,9% 4,9% 9,0% 9,0% 7,4% 3,0% On average, transported passengers grew by 5.2% year 78,8% 5,9% ▪ 78,1% 4,6% 4,5% 3,1% 3,5% 2,6% over year until the pilot strike 6,9% ▪ Avianca quickly adapted to the strike by streamlining its -7,3% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 operations, enabling the company to: Load Factor Total Total ASK Var% Total RPK Var% Post Strike passenger numbers have not fully recovered • Reconfigure its crew schedule 7.666 7.706 7.609 7.521 7.617 7.421 7.351 • Substitute small seat capacity Aircraft with high seat 7.132 7.073 capacity Aircraft 6.615 • Optimize its network ▪ Avianca estimates that it transported approximately 1.8 million fewer passengers due to the pilot's strike 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 9 (-11% YoY) Total Pax (Thousands) Avianca has demonstrated its resilience despite short-term headwinds Despite strike impact, unitary profit shows positive development ▪ Although yield reflects a strong upward trend, fuel 1,5 1,1 price increase and pilot strike effect have 0,8 0,8 0,9 0,7 impacted profitability 0,6 0,6 0,7 0,6 0,5 0,6 0,3 0,6 0,6 0,4 0,5 0,5 ▪ Margin impact of pilot