Avianca Holdings S.A.2Q 2019 Earnings Presentation

Disclaimer

The present document consolidates information from Avianca 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 Stakeholders 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

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.

TransformingAVH

New Board of Directors and Management Team

Managing Director at Caoba CapitalTalento & Talante – Expert in labour strategy

Roberto Kriete

20+ years in Financial Sector, founder of LaFise

Previous CEO during transformational period (2005-15)

26+ years in airline industry, co-founded VivaColombia

25+ years as commercial lawyer in the US & Europe

Juan Emilio Posada

James P. Leshaw

Oscar Darío Morales

Álvaro Jaramillo

Rodrigo Salcedo

Sergio Michelsen

Richard Schifter

Jairo Burgos de la Espriella

Fabio Villegas

Roberto ZamoraSenior advisor at TPG Capital

Partner at Brigard & Urrutia since 1994

Previous Partner & Board President for Deloitte in Colombia

President of Banco de Colombia (1994-96)

35+ years in Airline Industry (TACA, Avianca, Volaris)

Anko van der Werff Adrian Neuhauser

Bo

ard

of

Dir

ec

tors

Ma

na

ge

me

nt

CEO CFO

• ~20 years of experience in airline industry

• Previously Chief Commercial Officer at

Aeromexico

• Senior executive roles at Aeromexico,

Qatar Airways and KLM

• ~20 years of experience in Investment

Banking, focused on Aviation with strong

experience in Latin America

• Senior roles at Credit Suisse, Deutsche

Bank, and Bank of America Merrill Lynch

New Management kicks off “Avianca 2021” strategic plan

Slogan “We are an airline first” Focus on core business Passenger, Cargo and Loyalty

VisionBuild Bogotá into a super-focused, highly profitable hub

Privileged geographic location for international connectivity Strong domestic market (21 million local PAX)

Driving Mantra

Profitable and cost-efficientwhile deleveraging

Focus on margin expansion

Fleet Network drives the fleet plan 10 E190, 10 A318, 4 A320, 12 Cessna and 2 ATR 42 SaleTarget fleet for end of year 2019 ~ 155 Aircraft

Stakeholders Support

Kingsland & United support

Stakeholder financing of up to USD 250 Million

Avianca 2021

Avianca advances on the execution of the Avianca 2021 strategic plan

• On June 25th Avianca commences negotiation with financial stakeholders‒ Deferral of lease payments for 3 months

‒ Extension of maturity for near term maturities (~6 to 9 months)

‒ Target deferral of ~ USD 270 million

‒ Realign covenants where necessary, to reflect reprofiling

‒ Day-to-Day operation of AVH unaffected

‒ Converstaions with stakeholders to date have been constucive

Liquidity Preservation

Bond update • Avianca launches Exchange Offer for its outstanding 2020 notes

- Any and all $550 million of existing 8.375% Senior Notes due May 2020 on a par for par basis

- New $550 million Notes coupon remains at 8.375% with maturity in May 2020 but are collateralized by Avianca Brand, certain other IP and equity interest in AC

- Secured Note will automatically convert into new Secured note (Same collateral) with a 9.000% Coupon and May 2023 maturity if and when reception of stakeholder financing of $ 250 million by United Airlines and Kingsland Holding

One-time events on 2Q results

Embraer 190 ($152.7M) + $8M- $15M*

A318 + A320 ($52.9M) + $90M - $100M*

One time EventsTransformation fees

Rolls RoyceAeromar

($80.0M) ($9.7M)

Total ($285.6M) $90M - $100M*

P&L Impact Net cash Impact

*Note: Expected cash inflows expected throughout the second half of 2019

ExecutiveSummary

2Q 2019

Executive Summary

- Load Factor of 81.8% for 2Q19

- 7.5 million transported passengers for 2Q19 +2.7%

- Lifemiles’ Loyalty Company program reaches approximately 9.2 million members and increased its active commercial partners (537 ), +49.6% vs. 2Q’18

Operating updates

- Avianca launches Exchange Offer for its outstanding 2020 notes

- The company successfully executes it’s Liquidity Preservation program

- US$ 1.12 Billion in Revenues in 2Q19; -6.9% YoY

- CASK ex-fuel1 reached 6.1 US¢ a 6.7% reduction vs 2Q18

- CASK1 reached 8.5 US¢ a 4.8% reduction vs 2Q18

Financials

Network - Cancelled Routes (+25): Lima-Mendoza, Bogota-Montevideo, Bogota-Chicago, Bogota-Boston, El Salvador-Boston and Guatemala-Chicago.

- 13 routes with decreased frequencies (Weekly Routes): Bogotá-Cartagena -7X and Bogotá-Pereira -10X (65X)

- Increased frequencies (+34, Weekly Routes): Aruba-Bogotá +3X (14X), Bogotá-Curazao+4X (11X), Bogotá-Ezeiza +7X (14X), Bogotá-Nueva York +7X (21X), Dallas-Salvador +2X (7X) , Newark-Salvador +2X (7X), Guatemala-Miami +3X (5X), Habana-Salvador +1X (7X), Washington-Salvador +5X (19X), Houston-Salvador +2X (7X), Lima-Santiago +7X (14X) and Salvador-San Francisco +2X (14X).

Executive Summary

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 million

Financial And

Operational Results

2Q 2019

11

Embraer 190

ATR 72/42

Airbus 330

Boeing 787

Airbus 330F

Airbus 300F

Boeing 787F

Out In

Executing on our

fleet plan2Q 2019

Airbus 320

118

2*

15

9

13

6

5

2

170Total Fleet

*Note: Avianca plans to phase out its Embraer Fleet, Avianca has signed an agreement to sell (4) A320 and (10) A318.

• 6 Embraer 190 (AOG), 13Cessna 208 and 2 ATR42(Sale of Sansa and LaCosteña)

• +A300F• -A300F (AOG)• +A330F (ex O6)

12

2Q RPKs – Millions 2Q Load Factor

2Q ASKs – Millions 2Q Yield - US¢

+4.1%-46 bps

+5.3%

Quarterly Full Year

9.037 10.346 10.655 11.093

2Q16 2Q17 2Q18 2Q19

21.303 22.434

6M18 6M19

78,1%

82,0% 82,3% 81,8%82,9%

82,0%

2Q16 2Q17 2Q18 2Q19 6M18 6M19

11.575 12.621 12.953 13.562

2Q16 2Q17 2Q18 2Q19

25.687

27.373

6M18 6M19

8,2 8,5 9,3

8,4 9,2

8,5

2Q16 2Q17 2Q18 2Q19 6M18 6M19

+4.7%+6.6%

ASK growth rate decelerates as Avianca shifts from a growth to profit focused business model

Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK13

2017

2016

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

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

Cask(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 million

Cask1 and Cask Ex Fuel1 decrease by 4.8% and 6.7% respectively

8,1 8,6

9,3

8,2

741 875 988 934

197 217

211 176

2Q16 2Q17 2Q18 2Q19

9,2 8,3

1.960 1.904

408 356

6M18 6M19

38 63

50

-36

4,0%5,7% 4,2%

-3,2%

2Q16 2Q17 2Q18 2Q19

151

-18

6,4%

-0,8%

6M18 6M19

178

212

187

116

19,0% 19,4%

15,6%

10,5%

2Q16 2Q17 2Q18 2Q19

437

286 18,4%

12,7%

6M18 6M19

7,8 8,2 8,9

8,5 8,6 8,3

6,1 6,3 6,6 6,1 6,4 6,1

2Q16 2Q17 2Q18 2Q19 6M18 6M19

14

Aircraft fuel Fees and other expenses

OPEX Focus: drivers for the second quarter

Maintenance and repairs

296,0

312,1

2Q18 2Q19

44,5

63,4

2Q18 2Q19

69,1

107,0

2Q18 2Q19

49,0

44,9

2Q18 2Q19

200,3

179,9

2Q18 2Q19

Passenger services Salaries, wages and benefitsAir traffic

+5.4% +42.5% +54.8%

-10.2%-5.7%-8.3%

70,8

66,8

2Q18 2Q19

Region

Domestic*

Intra Home

Markets1

Home Markets to

North America2

Home Markets to

South America3

Central America &

Caribbean4

Home Markets

to Europe

Total

15

2Q19 RPK Growth 2Q19 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

2Q19 Load Factor

79.6%

76.9%

85.1%

80.5%

77.1%

83.5%

RPK 4.1% ASK 4.7% Load Factor 81.8%

3,10%

1,00%

-4,42%

12,93%

8,52%

1,42%

4,58%

-0,92%

-7,83%

14,33%

9,54%

-2,25%

Avianca Holdings S.A. achieves a 81.8% Load Factor

Copa1.6%

16

1%

Intra-HomeMarkets

Home Markets To North America

Home Markets To South America

Home MarketsTo Spain

Colombia Domestic1 Central America

Domestic2

Source: Aeronáutica Civil, MIDT

1: Jun-19; 2: Jun-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

Avianca52.3%

Latam18.7%

VivaCo15.1%

Satena4.5%

Easyfly6.5%

Others1.3%

65.6% 25.0%

30.2% 33.3%

Avianca61.3%

Copa35.9%

Others2.8%

Avianca’s market share is stable regardless of the Domestic Capacity reduction

Business Units

2Q 2019

18Source: 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 June 2019) (5) Miami-Dade Aviation Statistics, by airline group (as of June 2019)

Segment Overview Key Metrics (Cargo and Courier)

Market Share Colombia (2Q19)4 Market Share Miami (2Q19)5

▪ Cargo performance:

• Despite global air cargo markets shrinking for 6M19, Avianca

Cargo’s performance is similar to 6M18 numbers,

• The company has taken actions to minimize the fall in

revenues: cancellation of some alliances and directly

operating own fleet, among others

• The stability of Avianca Cargo's business in a year where global

market volumes have fallen significantly has required a

balance between mobilized volumes and tariff reductions in

relevant markets

RTK (MM)(3)

Revenue (US$MM)(2)ATK (MM) (3)

Load Factor

7.2%

-1.0%

Avianca Cargo: financial and operational results

154

143

2Q18 2Q19

617,9611,6

2018 LTM

+7.8%

645,2 695,6

2Q18 2Q19

2.487 2.593

2018 LTM

366,6 392,8

2Q18 2Q19

1.424 1.470

2018 LTM

56,82% 56,48%

2Q18 2Q19

57,3% 56,7%

2018 LTM

38,3%

9,3% 8,5%6,6% 4,9%

32,3%

AVH At las Latam Skylease Cargolux Others

14,0% 14,1% 13,7%11,0%

8,8%

5,2%

33,3%

At las Latam AVH UPS Amerijet American

Airlines

Others

19

• 2Q’19 gross billings decreased 15.2% vs. 2Q´18

• Excluding non-recurring impacts, commercial gross billings grew +4.9% vs. 2Q’18 (1)

• Approximately 9.2 million members, +10.7% vs. 2Q’18

• Active members in core markets increased +18.7% vs. 2Q’18

• 537 active commercial partners, +49.6% vs. 2Q’18

• Launched new co-branded credit card with Itau for Gold and Signature segments in Colombia

New Commercial Partners

COLCAMNAM

SAM

(2)

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 m

(2) Signed-up via Kaligo.

LifeMiles: Loyalty Company

Flight Plan 2019

2Q 2019 2019 OUTLOOK

PAX

ASK

LF

2.7%

4.7% 0.0% - 2.0%

81.8% 81.0% – 83.0%

-28.8% 4.0% – 6.0%From 5.5% – 7.5%

EBIT

EBIT 1

0.0% - 2.0%

-3.2%

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan: USD 285 million

22

In Summary

Enhance operational efficiency

Adjusted fleet plan will decelerate growth

Divestiture of non-core assets

Re-prioritization of capex investments

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:

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

Strengthen the capital structure

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com