Avianca Holdings S.A.3Q 2018 Earnings Presentation 2018

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 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

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.

ExecutiveSummary

3Q 2018

Executive Summary

• New routes:• Lima-Orlando 7F per week• Salvador-Orlando 4F per

Week• Guatemala-Orlando 3F per

week• Salvador-Boston 4F per week

• US$ 1.2 Billion in

Revenues in 3Q’18; +6.1%

year on year

• Strongest 3Q revenue

since IPO

• CASK ex-fuel1 reached 6.3

US ¢ a 5.1% reduction

• 7.0% EBIT1 margin for

3Q18

• Continuous Yield

recovery since 3Q17

• Yield increase of 6.0% to

9.4 US¢

• Cargo business unit

continues focus on yield

improvement

• Cargo revenues increase

of 6.4%

• Load Factor of 84.7% +10

bps vs 3Q17

• 7.9 million transported

passengers for 3Q18

• Skytrax: “Best LaTam

Airline” y “Best Economy

Class” in the region

• AVH inaugurated its new VIP

lounge in the domestic

terminal At El Dorado

• Avianca Holdings S.A.

celebrates 5 year listing

anniversary on NYSE

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -17,854M

• AVH returned all wet

leased aircraft and

recoverd 100% of its

domestic and

international post strike

operation

FinancialAnd

Operat ionalResults

3Q 2018

• Fleet incorporation pace

reduction:

• Targeted deferral of ~50

AC

• Reassessing status of

additional ~50 AC6

Embraer 190

ATR 72/42

Cessna 208

Airbus 330

Boeing 787

Airbus 330F

Airbus 300F

Boeing 787F

• (+2) A320neo and +1 787-8

Out In Fleet Update

Executing on our

fleet plan3Q 2018

Airbus 320

116|-2|+2

8

17

13

9

12 |+1

5

5

2

190Total Fleet

• Out of fleet: end of Operating

Lease one A319+ one A320

9.5 8.8 8.9

9.4 8.7

9.3

3Q15 3Q16 3Q17 3Q18 9M17 9M18

11,618

11,973

12,389

13,220

3Q15 3Q16 3Q17 3Q18

37,190 38,907

9M17 9M18

9,441

9,997

10,483

11,194

3Q15 3Q16 3Q17 3Q18

30,800 32,496

9M17 9M18

7

Fifth consecutive quarterly Yield YoY increase; 3Q18 Yield increased 6.0% to 9.4 cents

3Q RPKs – Millions 3Q Load Factor

3Q ASKs – Millions 3Q Yield - US¢

+6.8%+6 bps

+71 bps

+6.7%

+4.6% +6.0%+7.0%

+5.5%

Quarterly Full Year

81.3%

83.5%84.6% 84.7%

82.8% 83.5%

3Q15 3Q16 3Q17 3Q18 9M17 9M18

9.0 8.2 8.5 8.8

8.3 8.8

6.8 6.4 6.6 6.4 6.4 6.5

3Q15 3Q16 3Q17 3Q18 9M17 9M18

683

604

20.6%

16.8%

9M17 9M18

213

229

255

213

19.1%

21.6%

22.0%

17.3%

3Q15 3Q16 3Q17 3Q18

72 83

107

68

6.5%

7.9%

9.2%

5.6%

3Q15 3Q16 3Q17 3Q18

237

1657.1%

4.6%

9M17 9M18

9.6 8.9

9.4 9.3

895 880 932 1,054

222 182 229

177

3Q15 3Q16 3Q17 3Q18

8.9

9.3

2,669 3,014

652 585

9M17 9M18

Quarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK8

2017

2016

Avianca’s strongest third quarter revenue ever, reaching nearly USD$ 1.2 billion +6.1%

3Q Revenues – US millions 3Q EBITDAR – US millions

3Q CASK and CASK ex Fuel - US¢ 3Q EBIT – US millions

9

2016

3Q EBITDAR – US millions

3Q CASK and CASK ex Fuel - US¢ 3Q EBIT – US millions

3Q Revenues – US millions

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses $-17,854MQuarterly Full Year Non-passanger Revenues EBIT/EBITDAR Margin RASK

Passenger Revenue for the 3Q18 results in the strongest passenger for a 3Q (Adjusted)

709

665

21.1%

18.5%

9M17 9M18

223 229279

22920.4%21.6%

23.4%

18.6%

3Q15 3Q16 3Q17 3Q18

9.4 8.9

9.6 9.3

895 880 963 1,054

198 182 229

177

3Q15 3Q16 3Q17 3Q18

9.0 9.3

2,701 3,014

652 585

9M17 9M18

82 83

132

86

7.5% 7.9%

11.0%

7.0%

3Q15 3Q16 3Q17 3Q18

265

237

7.9%

6.6%

9M17 9M18

8.7 8.2 8.6 8.7 8.3 8.6

6.5 6.4 6.6 6.3 6.4 6.4

3Q15 3Q16 3Q17 3Q18 9M17 9M18

Region

Domestic*

Intra Home

Markets1

Home Markets to

North America2

Home Markets to

South America3

Central America &

Caribbean4

Home Markets

to Europe

Total

10

Avianca reports the strongest Load Factor in company history of 84.7%

3Q18 RPK Growth 3Q18 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

3Q18 Load Factor

84.9%

81.0%

86.0%

82.8%

76.8%

88.5%

RPK 6.8% ASK 6.7% Load Factor 84.7%

12.13%

7.16%

-5.78%

15.11%

1.59%

3.05%

13.04%

4.86%

-7.13%

14.72%

4.16%

3.14%

Copa1.6%

11

1%

Intra-HomeMarkets

Home Markets To North America

Home Markets To South America

Home MarketsTo Spain

Despite the strike, Avianca continues to consolidate its Leadership Position in the Colombian domestic market

Colombia Domestic1 Peru Domestic2

Source: Aeronáutica Civil, MIDT1: Sep-18; 2: Ago-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

Avianca53.8%

Latam20.7%

VivaCo13.4%

Satena4.7%

Easyfly5.0%

Others0.8%

63.7% 25.5%

33.4%

28.6%

Avianca9.9%

Peruvian12.8%

Latam59.2%

Starup2.7%

Others9.4%

Business Units

3Q 2018

59.7% 56.5%

3Q17 3Q18

140.2

149.1

3Q17 3Q18

397

449

9M17 9M18

13

Avianca Cargo: financial and operational 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 Sep 2018) (5) Miami-Dade Aviation Statistics, by airline group (as of Sep 2018)

Segment Overview Key Metrics (Cargo and Courier)

Market Share Colombia (3Q18)4 Market Share Miami (3Q18)5

▪ Strong performance for the first 9M18 and for 3Q 2018 Avianca Cargo focused

in yield boosting trough fare increase, awaiting for best cargo prices in the

4Q18 season

▪ Network improving thanks to the connections increase to and from Asia and

Europe through commercial partnerships and increased widebodies capacity

utilizationRTK (MM)(3)

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

Load Factor

+13.3%

-3.2%

+6.4%

617.8 590.5

3Q17 3Q18

1,903 1,836

9M17 9M18

-4.4%

369.0 333.5

3Q17 3Q18

1,055 1,039

9M17 9M18

-9.6%

55.4% 56.6%

9M17 9M18

38.5%

7.4% 9.0% 8.1%5.4%

31.7%

AVH Atlas Latam UPS Skylease Others

13.3% 14.5%11.4% 12.0%

8.1%6.2%

34.5%

Atlas Latam AVH UPS Amerijet AmericanAirlines

Others

14

LifeMiles: Loyalty Company

• 3Q18 gross billings increased 17.4% vs 3Q17

• Active cobranded credit cards reached 671K, an increase of 7.1% vs. 3Q17

• Approximately 8.6 million members, +14.5% increase vs. 3Q17

• 433 commercial partners, +28.9% vs 3Q17

New Commercial Partners & Awards

Colombia CAM SAM

NAM

Flight Plan 2018

3Q 2018 2018 OUTLOOK

PAX

ASK

LF

3.3% 5.0% – 7.0%

6.7% 8.0% – 10.0%

84.7% 81.0% – 83.0%

7.0%6.0% – 8.0%

EBIT¹

EBIT 5.6%

Source: Company Information

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -17,854

17

In Summary

CASK ex-fuel1 reached 6.3 US¢ - 5.1% year over year

US$1.2 B in revenues a +6.1% YoY increase, best 3Q

revenue since IPO

Continuous yield1 recovery of +6.0% vs 3Q17 reaching

9.4 US¢

7.0% EBIT1 margin for 3Q18

Avianca reports strongest 3Q Load Factor in company

history of 84.7%

This quarter Avianca, perceives strong demand across

its network, despite remaining impact of pilot strike,

jet fuel price increase and FX volatility achieving:

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $-17,854M

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com