Avianca Holdings S.A.4Q 2019 Earnings Presentation

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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.

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ExecutiveSummary

4Q 2019

Preparing the company for the coming 100 years

Finance

Operations

Customer

One Team

❑ Convertible bond offering to preferredshareholders of min. US 125 mil

❑ Sale and leaseback of 15 Airbus A320 ❑ 1Q 2020 EBIT margin guidance of 2.0% -

3.0%

Successful execution of Financial reprofiling✓ US 550 mil. Bond Exchange, 88.1% tendered✓ Agreement with creditors, lessors and ECAs

on payment deferral (US 220 mil.) ✓ Funding of US 250 mil stakeholder loan✓ Funding of additional USD 125 mil financing

✓ Aircraft Sale; 10 A318, 4 A320, 10 E190 → + USD 100 mil. Net cash

✓ Orderbook reduction from 108 to 88 A320 Neo Aircraft to be delivered starting 2025

✓ Canceled 25 unprofitable routes, ✓ Capacity reduction of 6.9% in 4Q 2019

✓ Branded fare launch in domestic Ecuador and Colombia

✓ 4Q On time Perfomance +504 bps YoY✓ APEX 2020 reward award for “Best Airline in

Latin America

✓ Elimination of organizational silos improvingcross functional sharing of best practices

Management Execution

❑ Densification of A320 Aircraft to increasing seats per aircraft from 150 to 174 seats

❑ Sale of 2 A330, 2 A319 and 1 A320 Pax AC❑ Sale of 1 A330 Cargo Aircraft

❑ Branded fare roll out to international routes❑ Tailor made travel options for AV clients❑ Planes on time, Bags on time ❑ On Time Performance target of at least 80%

for 2020

❑ Work in multidisciplinary teams that involve all stakeholders in decision making

❑ Drive empowerment of teams to make effective and quick decisions

2020 Milestones

Avianca 2021

4

Financial and Operational

Results

4Q 2019

Avianca Holdings successfully concludes financial reprofiling

Financial Reprofiling Milestones

Reached Agreements with substantially all financial counterparties remedying all payment defaults

Stakeholder loan boosts liquidity levels and strengthens capital structure to Cash / LTM Revenue at ~ 10%

1Please check the material fact published on November 18, 2019.

The Preferred Shareholder facility allows shareholders to participate in:• Minimum US$125 million convertible bond financing• Under similar conditions as United Airlines and Kingsland Holdings shareholder loan• To be offered in 2Q 2020

Successful bond exchange US$ 550 million, with a total of 88,1% of bonds tendered

New 2023 bond will pay semiannual coupon of 9% in May and November and mature in May 2023

Untendered Bonds will be paid at par on May 10, 2020

Bond Exchange

Stakeholder Loan

Preferred Shareholder Facility

Upon complying with conditions precedent Avianca drew on the $250 Million stakeholder Loan with following conditions:

• No Upfront fees• 3% PIK Interest

• Maturity in December 2023

• Mandatory conversion to equity at US $ 4.6217 per ADS, subject to certain conditions1

Avianca secured USD 125 million in additional financing:• Private third party contributes USD 50 million under same economic conditions as United and Kingsland• Investment vehicle of Citadel Advisors LLC provides USD 50 million senior secured convertible bond• Group of private investors commit senior secured convertible loan for USD 25 million

6

One-time events on 4Q19 results (USD Million)

Passenger Revenues $ 17.127

Maintenance and Repair expense(E190 repairs)

($3.575)

Selling expenses ($3.000)

Fees and other expenses(prof. charges)

($85.685)

Salaries, wages and benefits ($18.159)

Depreciation, amortization and impairment

($249.931)

One – Time – Event

7

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

8

2016

4Q Revenues – US millions 4Q EBITDAR – US millions

4Q CASK and CASK ex Fuel - US¢ 4Q EBIT – US millions

Cask

CASK ex fuel below 6 US¢ for first time since IPO

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan and accounting adjustments: Passenger Revenue USD 17,1 million, Maintenance and repairs USD (3,6 million), Selling expenses USD (3 million), Fees and other expenses USD (85,7 million), Salaries, wages and benefits USD (18,2 million) and Depreciation, amortization and impairment USD (249,9 million)

11,4

9,18,8

1.033 1.066 977

240 226192

4Q17 4Q18 4Q19

12,5

11,3

4.080 3.922

811 721

FY2018 FY2019

169,1

106,098,6

13,3%

8,2%8,4%

4Q17 4Q18 4Q19

343

181

7,0%

4.0%

FY2018 FY2019

298285

229

23,4%

22,1%

19,6%

4Q17 4Q18 4Q19

950

787

19,4%

16,9%

FY2018 FY2019

9,8

8,3 8,18,5 8,2

7,6

6,1 5,9 6,2 6,0

4Q17 4Q18 4Q19 FY2018 FY2019

9

OPEX Focus: drivers for the fourth quarter

Maintenance and repairs

+12.8%

Fees and other expenses

+43.3%

D&A

19.6%

Passenger services

-21.8%

Flights operations

-79.3%

47.4

53.5

4Q18 4Q19

46.7

66.9

4Q18 4Q19

Jet fuel

-10.3%

323.4

290.1

4Q18 4Q19

50.0

39.1

4Q18 4Q19

49.5

10.2

4Q18 4Q19

104.8

125.3

4Q18 4Q19

10

Executing on our

fleet plan4Q 2019

Detail

AVH continues adjusting its jet capacity to the new strategy

• Sold two Airbus A320 Aircraft and nine Airbus A318 during 4Q • Aircraft held for sale:

Passenger: • Two A330, • Two A319, • One A320

• One A330Cargo:

130108 105

23

23 21

13

13 12

2018 2019 2020

Narrow Body Wide Body Freighter

-12.7%

-16.3%

166145 139

11

4Q RPKs – Millions 4Q Load Factor

4Q ASKs – Millions 4Q Yield1 - US¢

-6.9% +1.8%

Quarterly Full Year

-8.7%

+0.6%

Avianca Holdings Airlines carried more than 30.5 million passangers in 2019

9.443

11.61310.600

4Q17 4Q18 4Q19

44.109 44.367

FY2018 FY2019

84,2%

81,7%80,1%

82,5% 81,7%

4Q17 4Q18 4Q19 FY2018 FY2019

10,9

9,2 9,2 9,2 8,8

4Q17 4Q18 4Q19 FY2018 FY2019

11.211

14.21513.241

4Q17 4Q18 4Q19

53.445 54.410

FY2018 FY2019

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan and accounting adjustments: Passenger Revenue USD 17,1 million, Maintenance and repairs USD (3,6 million), Selling expenses USD (3 million), Fees and other expenses USD (85,7 million), Salaries, wages and benefits USD (18,2 million) and Depreciation, amortization and impairment USD (249,9 million)

Business Units

4Q 2019

617,9

567,6

2018 2019

154

146,2

4Q18 4Q19

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. (4) International Cargo – Aeronáutica Civil de Colombia (as of Dec 2019) (5) Miami-Dade Aviation Statistics, by airline group (as of Dec 2019)

Segment Overview Key Metrics (Cargo and Courier)

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

▪ Cargo performance:

• Cargo revenues decrease for 4Q19, as global air cargo industry

faces challenging macro environment

• Overcapacity deployed throughout the region pressures

pricing and topline. AVH managed to partially offset decreases

in pricing by an increase in transported tons of 6.7%

• We launched our Dallas cargo flight as well as consolidated

our Dominican Republic cargo operationRTK (MM)(3)

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

Load Factor

-8.1%

Avianca Cargo: financial and operational results

16,6%13,7% 12,7%

10,8%7,4%

4,5%

34,3%

Latam AVH Atlas UPS Amerijet AmericanAirlines

Others

43,7%

8,0% 6,2% 5,3% 4,1%

32,7%

AVH Latam Cargolux Atlas Skylease Others

650,5 697,5

4Q18 4Q19

2.487 2.734

2018 2019

385

4Q18 4Q19

1.424 1.580

2018 2019

59,1% 60,4%

4Q18 4Q19

57,3% 57,8%

2018 2019

+7.2%

+9.5%

13

14

New Commercial Partners

LifeMiles: Loyalty Company

COLCAMNAM

• 4Q’19 gross billings increased 4.0% vs. 4Q´18

• Approximately 9.7 million members, +9.4% vs. 4Q’18

• 586 active commercial partners, +13.8% vs. 4Q’18

• Co-branded credit cards grew 8.1% YoY reaching 734,000 cards

Flight Plan 2020

4Q 2019 2020 OUTLOOK

PAX

ASK

LF

-7.0%

-6.9% (2.0%) - 0.0%

80.1% 80.0% – 82.0%

-24.2% 2.0% – 3.0%2EBIT

EBIT 1

(1.0% - 3.0%)

8.4%

2019

-0.3%

1.8%

81.5%

-12.0%

4.0%

(1) When indicated the figures are adjusted by the following one-time items related to the company's transformation plan and accounting adjustments: Passenger Revenue USD 17,1 million, Maintenance and repairs USD (3,6 million), Selling expenses USD (3 million), Fees and other expenses USD(85,7 million), Salaries, wages and benefits USD (18,2 million) and Depreciation, amortization and impairment USD (249,9 million)

(2) EBIT margin guidance applies to 1Q 2020. We expect to provide incremental guidance once we have more visibility regarding COVID 19

Guidance is provided for 1Q 2020

Q&A

Thank YouContact Information:

Investor Relations Office

ir@avianca.com

T: (57) 1 – 5877700

www.aviancaholdings.com