Avianca Holdings S.A.2Q 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

2Q 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 2Q’18; +9.8%

year on year

• Strongest 2Q revenue

since IPO

• CASK ex-fuel1 reached 6.6

US ¢

• 4.2% EBIT1 margin for

2Q18

• Continuous Yield

recovery since 3Q17

• Yield increase of 9.6% to

9.3 US¢

• Transported 13,082 tons

of Mother’s Day flowers,

+3.4%

• Cargo revenues increase

of 16.8%

• Load Factor of 82.3% +29

bps vs 2Q17

• 7.4 million transported

passengers for 2Q18

• Skytrax: “Best Latam

Airline” and “Best Economy

Class” in the Region

• TripAdvisor awarded Avianca

as one of the ” Best Airlines

in Latin America ”

• Civil Chamber of

Colombian Supreme Court

ratified the verdict of the

Labor Chamber on the

Acdac’ strike illegality

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988

• AVH has been in

discussions with UAL/CPA

regarding the possibility

of a three-way JBA

covering the networks

between the US/LatAm.

FinancialAnd

Operat ionalResults

2Q 2018

• NEO technology allows savings

of up to 20% in jet fuel (-5K in

the emission of CO2 by plane)

6

Embraer 190

ATR 72/42

Cessna 208

Airbus 330

Boeing 787

Airbus 330F

Airbus 300F

Boeing 787F

• (+2) A320neo on April 24th and

June 19th and, 2018

Out In Detail

Executing on our

fleet plan2Q 2018

Airbus 320

116|-1|+2

8

17

13

10

12

5

5

2

189Total Fleet

• Out of fleet: end of Operating

Lease (A319)

10,780 11,575

12,621 12,953

2Q15 2Q16 2Q17 2Q18

24,801 25,687

6M17 6M187

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

2Q RPKs – Millions 2Q Load Factor

2Q ASKs – Millions 2Q Yield - US¢

+3.0%

+29 bps +101 bps

+2.6%

+3.6% +9.6%+7.6%

+4.8%

Quarterly Full Year

1

26

62

21

0,1%

2,6%

5,7%

1,7%

2Q15 2Q16 2Q17 2Q18

131

976,1%

4,1%

6M17 6M18

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

2017

2016

Avianca’s strongest second quarter revenue, reaching nearly USD$ 1.2 billion +9.8%

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

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

9,8

8,3 8,6

9,3

829 741 875

988

232 225

217 211

2Q15 2Q16 2Q17 2Q18

8,7

9,2

1.737 1.960

422 408

6M17 6M18

428

391

19,8%

16,5%

6M17 6M18

136166

211

164

12,8%

17,2%

19,3%

13,7%

2Q15 2Q16 2Q17 2Q18

9,6

8,1 8,6

9,3

829 741 875

988

208 197

217 211

2Q15 2Q16 2Q17 2Q18

8,7

9,2

1.737 1.960

422 408

6M17 6M18

5

38

63

50

0,5%

4,0%

5,7%

4,2%

2Q15 2Q16 2Q17 2Q18

133

151

6,2%

6,4%

6M17 6M18

430 437

19,9%

18,4%

6M17 6M18

140178

212187

13,5%

19,0% 19,4%

15,6%

2Q15 2Q16 2Q17 2Q18

9

2016

2Q EBITDAR – US millions

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

2Q Revenues – US millions

1. When indicated the figures are adjusted by the following one-time items: ACDAC’s operatives expenses; $ -28,988 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)

9,6

7,8 8,2

8,9 8,2

8,6

7,0 6,1 6,3 6,6 6,3 6,4

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

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 2Q Load Factor in company history of82.3%

2Q18 RPK Growth 2Q18 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

2Q18 Load Factor

82.6%

76.2%

84.1%

83.5%

78.6%

82.3%

RPK 3.0% ASK 2.6% Load Factor 82.3%

9.7%

3.2%

2.6%

5.1%

-0.2%

-4.7%

13.9%

2.6%

0.7%

4.7%

-1.1%

-6.8%

Copa1.8%

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: 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

Avianca55.5%

Latam18.7%

VivaCo13.1%

Satena5.2%

Easyfly4.9%

Others0.9%

64.1% 23.1%

33.3%

32.6%

Avianca9.7%

Peruvian14.9%

Latam57.0%

Starup2.5%

Others11.3%

Business Units

2Q 2018

35.8%

8.5% 9.4% 8.2%6.1%

32.1%

AVH Atlas Latam UPS Skylease Others

13.3% 13.3%11.6% 11.5%

8.4%6.4%

35.6%

Atlas Latam AVH UPS Amerijet AmericanAirlines

Others

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 June 2018) (5) Miami-Dade Aviation Statistics, by airline group (as of June 2018)

Segment Overview Key Metrics (Cargo and Courier)

Market Share Colombia (2Q18)4 Market Share Miami (2Q18)5

▪ Strong performance for 2Q 2018 Avianca Cargo moved a total of 13.082 tons

of Mother’s Day flowers, + 3.4% vs 2Q17

▪ Fleet management improvement due to fleet interchangeability

optimization between Taca Peru and Tampa Cargo Colombia

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

Europe through commercial partnerships and increased widebodies capacity

utilization

RTK (MM)(3)

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

Load Factor

-3.0%+16.8%

53.7%56.8%

2Q17 2Q18

53.3%56.7%

6M17 6M18

+2.6%+3.1%

665,2 645,2

2Q17 2Q18

131,8

153,9

2Q17 2Q18

256

300

6M17 6M18

357,2 366,6

2Q17 2Q18

686 706

6M17 6M18

1,285 1,246

6M17 6M18

14

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

Colombia CAM

New Commercial Partners & Awards

SAM

Flight Plan 2018

2Q 2018 2018 OUTLOOK

PAX

ASK

LF

-4.6%5.0% – 7.0%

from 7.0% - 9.0%

2.6% 8.0% – 10.0%

82.3%81.0% – 83.0%

from 80.0% - 82.0%

4.2%6.0% – 8.0%

EBIT¹

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

17

In Summary

CASK ex-fuel1 reached 6.6 US¢

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

revenue since IPO

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%

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; $ -28,988

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com