November 2018

Investor Day

2

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.

Hernán Rincon

Chief Executive Officer

■ Longstanding trajectory in the technology and

telecommunications sectors, holding leadership

positions at Microsoft, Ferag Americas, Cocelco

and Grupo Unysis

■ Previously served as CEO of Microsoft Latin

America

Silvia Mosquera

Chief Commercial Officer

■ Over 12 years experience in Aviation industry

■ Previously served as Chief Commercial Officer of

Iberia express

■ Served as Director of Strategy, Network and

Revenue Management at Vueling

Santiago Aldana

Chief Digital and Technology Officer

■ Extensive experience in the transformation of

the companies and the use of mobile and digital

technologies

■ Founding Partner and CEO of UFF Mobile before

joining AV

Gerardo Grajales

Executive of Strategic Business Units

■ With Avianca since 2002

■ 25+ years of management experience

■ Previously served as CEO for two thermal power

plants in Colombia operated by AES and as CFO

for Baxter Pharmaceutical

Roberto Held

Chief Financial Officer

■ Served as CFO of Juan Valdez prior to joining

Avianca

■ Extensive experience in Banking and Capital

Markets

■ Worked at Colombian Stock Exchange on the

development of the value markets

Todays speakers

Agenda

Avianca – 100 years of operation

Pax – The backbone of Avianca

Digitalizing Avianca

1

2

3

Deleveraging and Cash generation5

Non-Passenger Businesses Proven Value Creation4

Hernan Rincon CEOAvianca 100 yearsThe longest f l ight in the world

6Source: Company.

The Sociedad Colombo

Alemana de Transporte

Aéreo (“SCADTA”) is

founded in Barranquilla,

Colombia on December 5,

1919

1919

SCADTA and SACO

merge into Aerovías

Nacionales de Colombia

S.A. (Avianca)

1940Avianca System is

created as result of a

strategic alliance

between Avianca,

SAM and HELICOL

1994Avianca and SAM,

along with Aerolíneas

Centrales de Colombia

(ACES), merge into

Alianza Summa

2002 Synergy Aerospace

becomes Avianca’s major

shareholder. Avianca

establishes a new strategic

north and renews its

image, initiating a new era

of consolidation and

expansion

2004 – 2005

Avianca acquires Tampa

Cargo, a freighter

operation with 35 years of

experience in the

Colombian market

2008The Avianca and Taca

combination

strengthens their

strategic position in the

region and enhances

their growth potential

2010

Avianca executes its IPO

in the Colombian

Stock Exchange and

establishment of Life

Miles as a separate

entity

2011

Avianca joins Star

Alliance

2012

Avianca acquires

100% of Ecuador’s

AeroGal and 25% of

Mexican freight

specialist,

AeroUnion

2011 – 2014

Avianca launches its

new image and

unifies all member

airlines under the

single Avianca

commercial brand

2013

Avianca prices its

IPO of ADR listed

on the NYSE

(“AVH”)

2013

Advent acquires

minority stake in

LifeMiles

2015

Avianca is the world's second oldest operating airline

AVH begins

negotiations of

strategic alliance

2017

6

56

A customer-centric focus throughout the organization drives our success

7

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

8

…make Avianca our customers' undisputed preference for travel within the Americas

“Best Latam Airline ”

“Best Economy Class”

“Best Airlines in Latam”

“Best Regional Airline in Latam”

Intra-Home Markets(2)

64.1% Market Share

Home Markets to Spain

Home Marketsto N. America

#1

23.1% Market Share

Home Markets To S. America

33.3% Market Share 32.6% Market Share

#1 #1 #1

“Best Airlines in Latam”

78,8%78,1%

83,5% 83,8%

81,9%82,0%

84,6% 84,2%83,6%

82,3%

9,0%7,4%

3,1%4,6%

5,9%

9,0%

3,5%

-7,3%

4,5%2,6%

8,7%6,5% 5,9%

10,0% 10,1%

14,5%

4,9%

6,9%

6,8%

3,0%

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

Load Factor Total Total ASK Var% Total RPK Var%

7.132 7.073

7.609 7.6667.521

7.706 7.617

6.615

7.421 7.351

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

Total Pax (Thousands)

▪ Thoughtful capacity deployment ensured that RPKs

outgrew ASK by 2.1% since 2016

▪ On average, transported passengers grew by 5.2% year

over year until the pilot strike

▪ Avianca quickly adapted to the strike by streamlining its

operations, enabling the company to:

• Reconfigure its crew schedule

• Substitute small seat capacity Aircraft with high seat

capacity Aircraft

• Optimize its network

▪ Avianca estimates that it transported approximately 1.8

million fewer passengers due to the pilot's strike

(-11% YoY)

Strong RPK trends ensure improving load factors

Post Strike passenger numbers have not fully recovered

9

Avianca was quick to adapt to the 2017 pilot strike- however, this significantly but temporarily disrupted important positive operational trends

7,2%

2,6%

7,9%

7,0%6,4%

5,7%

9,2%

5,0% 6,5%

1,7%

8,7

8,2

8,8

8,6 8,6

8,5

8,9

9,3

9,1 9,3

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

EBIT % Yield

10

Avianca has demonstrated its resilience despite short-term headwinds

Despite strike impact, unitary profit shows positive development

Profitability remains under pressure despite positive yield trend

0,6

0,3 0,7

0,8

0,6 0,5

1,1

1,5

0,8

0,4 0,6

0,2

0,7

0,6

0,6

0,5

0,9

0,5 0,6

0,2

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18Rask - CASK Spread Adj Rask - CASK Spread Lineal (Rask - CASK Spread Adj)

▪ Although yield reflects a strong upward trend, fuel

price increase and pilot strike effect have

impacted profitability

▪Margin impact of pilot strike US 245 million in the last

12 months

▪ Additional fuel costs were offset by ticket price

increase of 15% on average

▪ Avianca maintains EBIT margin guidance of 6-8% for

full year 2018

3Q 2018 2018 OUTLOOK

PA X

A S K

LF

4.6% 5.0% – 7.0%from 7.0% - 9.0%

2.6% - 5.0% 8.0% – 10.0%

82.3% 81.0% – 83.0%from 80.0% - 82.0%

6.0% – 8.0%EBIT ¹

EBIT11

6.0% - 8.0%

4.5 – 6.5%

(1) Estimated range adjusted for the Pilot Strike

14

Silvia MosqueraChief Commercial OfficerPA X – Av i a n ca ' s B a c k b o n e

Commercial Overview 2018

Revenuepremium to peers

Additionalgrowth in ancillaries

Increasedirectsales

Reduce cost ofsales

Enhancecustomer

preference

Launch12 new routes

1513

KPIs 1H- 2017

ASKs (M) 25,687.0

RPKs (M) 21,302.6

1H-2018

24,801.4

Var. YoY (%)

3.6%

20,317.3 4.8%

Passenger Revenues* (USD M) 1,964.41,737.4 13.1%

RASK* (¢) 7.67.0 9.2%

Yield (¢) 9.28.6 7.8%

LF 82.9%81.9% 1.2 pp

CASK sales & marketing** (¢) 0.820.85 -3,5%

*Includes: ticket sales, ancillaries, charters, write-offs and loyalty redemptions**Cask sales & marketing: direct costs of VP sales, marketing and revenue (distribution, commissions, etc.) + indirect costs (credit card fees, AV Tours, Fraud, etc.) excludes intercompany charges

27

Solid Revenue Performance

14

Optimize ancillaryportfolio

Growth productportfolio

Digital

Transformation

• Dynamic pricing

• Channel pricing

• Incentives

• Communications

• Upgrade your meal

• Fare lock AV.com

• WiFi

• Digital duty free

• Insurance portfolio

• Neighbor free seat

• Trip packages

• Omni channel approach

• Real time merchandising

• Online conversionoptimization

Expected Growth (2019 Vs 2017)

15%-20% Revenue/Pax

USD $30-$40M Ancillary Revenue 28

Ancillary revenue growth

15

AGY

49,4%

COM

22,4%

OTA

20,1%

OTH

8,0%

5,30%

11,40%

7,90%

2,10%

6,80%

AGY COM OTA OTH Total

Objective: increase share of direct channel sales, as well as revenue per pax

Fastestgrowingchannel

29

Channel Mix Strategy

Channel Distribution Mix * Channel Growth – Sales (1H18 vs 1H17)

16

*AGY: Agency, OTA: Online Travel Agency, COM: Avianca website, OTH: Others

Hub

Focus City

CAM13%

CAR2%

COL INTER27%

DOM CO15%

ECU2%

EUR9%

NAM12%

PER11%

SAM9%

31

San SalvadorCiudad de Guatemala

Medellín

Bogotá

Lima

AV Global Capacity Exposure

Capacity by region (ASK 2018 1H)

-0,5%

14,8%

8,8%

-8,3%

4,6%

10,4%

4,8%2,6% 3,8% 3,6%

CAM CAR COLINTER

DOM CO ECU EUR NAM PER SAM Newtork

Change in Capacity YoY (2018 vs 2017)

17

*SAM: South America, NAM: North America, CAM: Central America, CAR: Caribbean, PER: Peru, ECU: Equator, EUR: Europe, DOM DO: Colombia Domestic, COL Inter: Colombia International

20

Our brand promise

“Avianca has built its culture on a foundation of impeccable service and on investing in our client-facing team- focused on every aspect of our interactions to ensure our customers' satisfaction. ”

Makes me fall in love

We strive We listen We go to the extra mile We surprise

We are detail-oriented We innovateWe address mistakes

Means End

We giveeven more

3218

imagine experience & enjoy remember

• More space• Better ergonomics• 11,6” HD screens

Moment:

IN FLIGHT

• Chairs with greater angle of inclination

• Adjustable head-rest• 10,1” screens with USB port

Business Class

VIP LoungesTotal investment: 6,7MM USD

New and improved VIP Lounges in:• Bogotá (Diamond and Gold)• Cali (International)• Bucaramanga• Santa Marta

According to the category (premium, basic, medium) we offer a great variety of services: live-cooking, showers, connectivity, business centre, family rooms, Service staff and others

Moment:

VIP LOUNGES

Moment:

IN FLIGHT

Europe new Service StandardBusiness Class

New express menuWarm desserts

New menu designImproved food presentation

Moment:

IN FLIGHT

Entertainment

We improved our offering from 56 movies to 140, 146 TV episodes to 360 and 9 records to 288

This year we will begin offering Inflight Wi-Fi

33

Ongoing improvement of customer experience

Economy Class

19

Total Spontaneous Awareness

(TSA): 56% +7pp

*In EUR and NAM tracking was modified, we are now evaluating those individuals interested only in travel to Latin America

Source: Strategic Study 2018 - Brand Tracking Study. IPSOS 34

+14pp

+14pp

+5pp

+0pp+0pp

+7pp

+7pp

+18pp

+17pp

What have we achieved in Spontaneous Awareness (H1-2018)?

20

World travelAwardsSouth America’s Leading Airline Brand (2018)

APEXBest Airline in South America(2018)

SKYTRAXBest Airline in South America and BestEconomy Class in South America(2018)

Effie AwardsColombiaGold award in activations and services & Transport, tripsand tourism(2018)

Effie AwardsLatin AmericaGold award in transport, tripsand tourism & Corporatereputation(2018)

2018

Trip AdvisorIncluded as one of thebest Airlines in LatinAmerica and one of theBest Economy Class in Latin America(2018)

KAYAKIncluded as one ofthe best Airlines in Latin America withBest Boarding, BestComfort, Best Crew, Best Entertainmentand Best Food.(2018)

Consumer and User OrganizationSecond best airlinein the world(2017)

SKYTRAXBest South American Airline and bestregional Airline(2017)

Trip AdvisorBest airline in LatinAmerica(2017)

Business Traveller AwardsBest airline in South America(2017)

EcommerceAwardsBest mobile initiativefor Ecommerce(2017)

Effie AwardsColombiaSilver award in activations and services(2017)

Effie AwardsColombiaGold award in activations and services(2017)

2018

34

2017

Awards and Recognitions of Excellence

21

• Branded Fares/Personalization

• Dynamic pricing

• Expand Direct Connect Channel /NDC

• Keep growing ancillary revenue

• Continue optimizing cost of sales: direct sales, GDS, incentives

• New routes

• 100 year anniversary

36

2019 Focus

22

25

Santiago AldanaChief Digital andTechnology OfficerDigitizing Avianca

• Digital Technology will be used to:✓ Optimization and financial recovery

✓ TACA integration process

✓ Strong fleet management

✓ Competitive position

✓ Stock market participation

✓ Low investment in technology:

- Obsolete Architecture and applications- Null adoption of new technologies such as cloud- No ERP, no CRM

Improve customer experience

Increase team's productivity

2016

A look into Avianca's past...

24

Source: Leading Digital: Turning technology into bussinessSource: MIT SMR Article: Is your company ready for a digital future?

53

Efficiency

IntegratedExperience

Digital Masters

Silos and complexity

Industrialized

Exp

eri

en

ce

Revenue Generation Efficiency

+6% +6%Fashionistas Digital Masters

Beginners Conservatives

-11% +26%

Why a digital transformation?

Dig

ital

Cap

abili

ty

Dig

ital

Cap

abili

ty

Leadership Capability Leadership Capability

Fashionistas Digital Masters

Beginners Conservatives

-4% -10% -24% +9%

Revenue Generation Efficiency ProfitabilityPath to digital mastery

25

DIGITIZED DIGITAL

Integration/Standardization of entreprise processes Digital Offerings

Centralized investments in programs and projects New offerings funded locally; Digital business unitfunding

Release managementFormalized QA

Customer co-creation;Test, learn, enhance or discard

Process owners Product or service owners

Process efficiencies, cost reductions New revenues from new value propositions

Organizing Principle

Funding

Quality control

Key role

Business case

OPERATIONAL EXCELLENCE RAPID BUSINESS INNOVATION

Source: Ross, Beath, Sebastian, “Digitized vs. Digital”, MIT, CISR Research briefing54

Avianca's challenge: building a digitized and digital organization

26

BEFORE

Imagine

Investigate

Plan

Purchase

Prepare

DURING AFTER

Leave

Get to airport

Flow from Lobby to Checkin

Baggage Registration

Security, Migration, Customs

VIP Lounges

Boarding

Flight

Claims

Return Remember

Agile, Consistent and Personalized

Supported by an Operational Digital Journey

55

The challenge is to transform the customer’s experience exponentially

27

KEY

ACHIEVEMENTS

6028

31

Status65

Key Elements to achieve DT

Data CenterOutsourcing/ User Access management

Process Management,

Corporate risks and Enterprise

Architecture

IT service andHelp Desk OutsourcingMAURO

Network, TELCO and security

transformation

Journey toCloud

SoftwareFactories

We defined and implemented projects to clean house, and take control of our operations

29

reflects an exponential change in Avianca´s culture

62

SFB – Conference Organizer SFB – Conference Participant

8mill.

7mill.

6mill.

5mill.

4mill.

3mill.

2mill.

1mill.

0mill.

2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018

0,5mill.0,0mill.

3,2mill.

0,0mill.

4,4mill.

0,1mill.

4,9mill.

0,1mill.

6,3mill.

0,1mill.

7,5mill.

0,1mill.

0,3mill.

$700.000,00

$600.000,00

$500.000,00

$400.000,00

$300.000,00

$200.000,00

$100.000,00

$-

2017-Q1 2017-Q2 2017-Q3 2017-Q4 2017-Q1 2017-Q2 2017-Q3

350

300

250

200

150

100

50

0

2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 30

DIGITAL CUSTOMER

DIGITAL ENTERPRISE

DIGITAL OPERATIONSDIGITAL

TRANSFORMATION

DIGITAL CUSTOMER

DIGITAL OPERATIONS

DIGITAL ENTERPRISE

• CRM (Sales and customer care)• New App• New Website Av.com• Campaign Management• Direct Connect/ NDC• Irregular operations• New Website Av Cargo

• Fleet and crew management and optimization• App for Crew interaction• Fleet asset management• Electronic Flight Bag• Turn around management system

• Work2gether- 0365-Intranet• Success Factors• SAP-Ariba• Electronic Billing• Documentary Management• Project Online

66

Have also implemented important projects to enable our digital transformation

31

35

TECHNOLOGY SHOULD SHIFT FROM ENABLINGTRANSFORMATION…

…TO INSPIRING IT

6832

37

Gerardo GrajalesVP of Business UnitsProven Value Creation

25%(1)

Business Units will increase its contribution to AVH total revenues: From 18% in 2018 to 25% in 2022

(1) % of AVH forecasted revenues

2022New business

❑ Avianca Tours

❑ Simulators

❑ Academy

❑ Regions

1996-2015❑ Deprisa (1996)

❑ Avianca Services (2002)

❑ Avianca Cargo (2008)

❑ LifeMiles (2011)

❑ OneLink Getcom (2013)

❑ Sansa – La Costeña (2013)

❑ Aerounión (2014)

❑ Viajes Éxito (2015)

2017Servicios Aeroportuarios

Integrados SAI

Creation of Strategic Business Units

2016

2018

36

18%

23%

Headquarters in 5 countries

Operation in 12 countries

Presence in 6 industries

11 operating companies

More than 10,000 workers

OperationHeadquarters

37

Airline industry growth requires innovative solutions and strategic geographicallocation

SBUs operation supported by Avianca’s entrenched position Key Highlights

38

NetworkBusiness Overiew

BOG

GYE

PTYSJO

MAO

LIM

MIA

UIO

SCL

VCP

CWB

ASU

SJU

MVD

LAX

GUA

MEX

MDE

GDL

GRU

GIG

SAL

EZE

is an affiliated company

Cargo and Passenger HUB

Passenger HUB

Cargo HUB

commercial agreementwith Ocean Air

• Cargo airline with a unique network in Latin America that offers a diverse portfolio of products and services based on freighters and bellies of the PAX airline

• Through 4 HUBS (Passenger and Cargo) serving 24 countries

• With 29 offline stations in Asia and Europe (GSAs), 92 Interline Agreements, we reach more than 400 destinations

• 143 points of sales in 52 countries

Live Animals & Pet Care

CoolCare & Pharma

Dangerous Goods

Perishable Goods

Valuables

Courier

Oversized & Overweight

Human Remains

Pro

ducts

Serv

ices

Premium Cargo Must Go

MUC

LPB

AUA, CUR

PUJ, SDQHAV

JFK

BOS

ORD

39

Avianca Cargo at a Glance

Product portfolio

Highlights

60%

4 A330-200F from Tampa

5 A300F from AeroUnion

2 B767-300F from AeroUnion

Avianca Cargo has a Hard Block Space Agreement in a freighter operated by Ocean Air under the brand Avianca Brazil.

Load Factor

Shanghai (PVG) – Santiago de Chile (SCL) operation twice a week, connecting in the MIA HUB, to increase Avianca Cargo’s participation in the Asian market

GSA for El Al in the MIA-TLV route and GHA service for the airlines in MIA

12 Freighter aircraft give AVH in the most modern mid-size freighter fleet in Latin America

1 A330-200F from Taca Peru

+150 Passenger aircraft (WB and NB)

*Jan-Aug 2018

2017 and 2017 Cargo Airlineof the Year by Miami Dade

Aviation Department

Jan-Sep 2018

1.0 bil RTK

1.7 bil ATK

+11.2% Revenue vs. 2017

40

Avianca Cargo leverages its diverse network and partnerships to connect Latin America with key European & Asian destinations

Market Share & Market Position* Performance

Fleet Strategic Partnerships

41

~8.3 Million Members

Gross Billings16.0% YoY Growth

+666K Active Co-branded

Credit Cards(+12.5% YoY Growth)

+359 Active

Commercial Partners(+12.2% YoY Growth)

Exclusive Loyalty Program for Avianca

(until 2040) Award Winning Program

1

Premier Airlines

Auto/Gas

Apparel

Renowned Restaurants

& Eateries

Best Hotels

Largest Banks

Note: data as of June 2018. 42

LifeMiles: Industry Leader at the Center of the Loyalty Ecosystem

New Booking Engine Credit Card on File Geolocation in LifeMiles App

Cardless

• Shorter redemption process

• Discount coupons for cobrands

• Improved visibility of LifeMiles + Money

• Simpler redemption summary

• Ability to store credit card information for future purchases

• Mapping of commercial partners and push notifications

• Option of automatic payment through application

• Accrual and redemption transactions using ID number only

• Rolled-out to POS terminals in Colombia & El Salvador

• Miles purchase subscription plans, enabling members to accumulate and save more miles over time

• Qualifying miles can be purchased when redeeming miles on sponsor airline (e.g. Avianca)

• Enables members to maintain and improve their Elite Status more quickly

43

Ongoing innovation enhancing our members’ experience

Roberto HeldCFOD e l e ve ra g i n g & C a s h G e n e rat i o n

Executing cost savings and efficiency initiatives since 2017 CASK Ex Fuel reduction target: 5% YoY

Technology

Business Units

General & Admin

Fleet Maintenance

Operations

Airports

Customer Experience

Sales & Marketing

US$121Min 2017

>80 initiativesin 2017

+US$190MBeyond 2018

>50 initiativesbeyond 2018

IMPACTCost Performance Improvement Program (CPI)

45

AVH Fleet Plan, decelerate aircraft incorporation optimizing level of indebtedness

• A-Check & Maintenance Optimization: fewer new aircraft required to support operations

• Young fleet enables new strategy: current average fleet age (6.7 years) enables a deceleration of new aircraft incorporation and of lease extensions

• Fleet incorporation pace reduction: currently negotiating Avianca’s proposed* deferral of up to 50 aircraft, reviewing and reassessing status of 50 additional aircraft

• Targeted Net aircraft growth from 2018 to 2022: 13

• Reduce ASK growth rates: network deployment allows a reduced pace of ASKs growth rate to levels of 6.3% in 2018-2022

• Target PDPs reduction of +$500M from 2019 to 2022

• Proposed reduction/reorganization of current order would reduce indebtedness requirements and enhance cash optimization by more than US$1bn in the immediate term (subsequent three years)

Target Fleet Plan AVH 2018 2019 2020 2021 2022

Total Fleet 188 187 193 198 201

Narrow Body 126 129 134 137 138

Wide Body 21 20 21 23 25

Other 41 38 38 38 38

Target Fleet Plan

46

*currently under negotiation, final plan may differ from target plan

24

MRO: Capturing efficiencies at our maintenance facility

47

• MRO Slot Optimization: planning and utilization based on airline operational requirements, passenger/cargo seasonality.

• Labor Costs: efficiency due to low-cost, highly technically skilled labor force, creating an aviation cluster in Colombia

• Strategically Located: conveniently located within the José María Córdova International Airport, centrally located within the Americas

• Cost optimization: two consecutive years of MRO operation has resulted in $25M-$30M in cost reduction

• MRO capacity: Increased to six narrow body aircraft bays. 787 heavy checks rating also granted by FAA.

• Reduction of Turn Around Time (TAT): 6Y/12Y checks on A320 fleets reduced to 3 days, increasing aircraft available for commercial operation.

(360)

122

2016 2017 2018* 2019 2020 2022

Note: Graphical representations for future years are to be considered as approximate estimates only 20

The targeted fleet plan will accelerate debt reduction…

48

Net Debt additions and repayments

Fleet and engines…

Other Fixed Assets Capex

9,9%Rotables

8,0%Intangibles

6,6%

Overhaul42,2%

Fleet and engines16,4%

Other Fixed Assets Capex

7,9%

Rotables7,5%

Intangibles4,5%

Overhaul63,7%

21

…and significantly reduce future fleet CAPEX requirements

49

2018 2022

* Other: Includes overhaul capex, intangible and other; Average Fleet Age only includes Jets, 2018, 2019 and 2020 are estimated numbers** Adjusted information by TransAsia transaction. YTD information. Note: Graphical representations for future years are to be considered as approximate estimates only

889

503

47

303

69 109

147

154

113

241

27

147

6,25,4

5,8

6,9 6,7 6,8

6,80 8,40

10,0

2014 2015 2016 2017 1Q18** 2Q18** 2018 2020 2022

Fleet Capex Other* Average Fleet Age*

8,8

10,8

16

Avianca's strong ongoing focus on capital structure improvement

15%

85%

Short

Term

Debt

Long

Term

Debt 21%

79%

Variable

Fixed

81%

14%

5%

COPUSD

EUR

183,6300,7 291,9 272,5

1.333

139

148 148 148

359,6

29,8

30,6

549,9

2018 2019 2020 2021 2022+

AIRCRAFT CORPORATE DEBT BONDS

Type Currency Avg. Rate

Aircraft Debt USD 3.93%

Bonds COP 10.58%

Bonds USD 7.95%

Corporate Debt USD 6.52%

Total 5.26%

Debt Profile2Q18 Debt Amortization Schedule (US$MM)

Debt Term Debt Rate Debt Currency

352.4480

990

420.5

1,693

50

Note: Graphical representations for future years are to be considered as approximate estimates only

Aircraft Debt Structure

61%15%

24%

Aircraft

Debt

62%10%

28%

ECA &

EXIM

Priv.

Placement

Comm

Priv.

Placement

Comm

2Q17 2Q18

Debt Type Aircraft Debt Structure

2Q18

18

Corp.

Debt

BondsECA & EXIM

JOLCO

48%

20%

24%9%

Innovative financing solutions are a key strategic pillar

Corporate Debt

▪ COMMERCIAL DEAL (Deutsche Bank) AVH seeks only highly competitive financing terms in

the commercial financing markets

Aircraft Debt

▪ RCF AVH closed USD 80 MM in one transaction with competitive rates in the range of 5-7%

▪ JOLCO Since same quarter last year AVH increased it’s portion of JOLCOs (Japanese

Operating Lease with a Call Option) from 0% to 9% as part of it’s financing solutions with

competitive low rates.

▪ BANKS COMMERCIAL ARRENGEMENTS AVH continually finds competitive deals in the

commercial banks market

Corporate Bonds

▪ Avianca’s local currency bond (COP) matures in August 2019, will not be rolled over

▪ The company remains focused on evaluating market opportunities to optimize its capital

structure 51

Note: Graphical representations for future years are to be considered as approximate estimates only

5.265

5.696

5.476

5.704

5.882

2014 2015 2016 2017 1Q18 2018 2020 2022

5,886,69

5,98 5,79 5,86 6,16

2014 2015 2016 2017 1Q18 2Q18 2018 2020 2022

54

Debt Indicators

53

Adjusted Net Debt / EBITDAR (X)

Adjusted Debt (USD $000)

Note: Graphical representations for future years are to be considered as approximate estimates only

Cash % Revenue & Revenue Sources

14,8%

12,9%

10,5%

12,9%

13,8%

10,4%

2014 2015 2016 2017 1Q18 2Q18 2018 2020 2022

Cash % Revenue Company Goal

3.837 3.452 3.291 3.566 3.675 3.783

760 782 783

880 886 874

2014 2015 2016 2017 1Q18 2Q18 2018 2020 2022

Passenger Revenue Cargo and Other

4.597 4.234 4.074

4.446 4.561 4.657

2252

Cash % Revenue

Total Revenue by Source

Note: Graphical representations for future years are to be considered as approximate estimates only

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

WTI USDCOP

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

WTI USDARS USDBRL

54

Correlation between WTI and EM Currencies:has it been disrupted?

Note: Graphical representations for future years are to be considered as approximate estimates only

55

EBIT Margin Perspectives

• Widebody operation: 787-8 fleet 100% fully operational since September 1, 2018 – No more wet leases required

• Pilot Training: Staff requirements fully covered

• Fuel impact: Fares & Pricing have absorbed oil & jet fuel price increases

• High Load Factors: Record high load factors (~83%) are delivering strong results

• Optimization Program: Capturing and delivering efficienciesthroughout our operations

• Network planning: focused on moving towards more profitable routes

• Technology driving efficiencies: Digitalization of processes

• Strong Business Unit Results: Value creation across the holding organization

7,2%

2,6%

7,9%

7,0%6,4%

5,7%

9,2%

5,0% 6,5%

1,7%

8,7

8,2

8,8

8,6 8,6

8,5

8,9

9,3

9,1 9,3

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

EBIT % Yield

Note: Graphical representations for future years are to be considered as approximate estimates only

60

Thank YouInvestor Relationsir@avianca.com T: (57) 1 – 5877700 www.aviancaholdings.com

Contact Information: