The Undersigned Legal Representative of Avianca Holdings S.A. CERTIFIES: According with the ordinary stock register book and the information received from Deposito Centralizado de Valores de Colombia Deceval S.A., legal entity responsible for the preferential stock register electronic book, ADR program included, the ownership structure of Avianca Holdings S.A. as of December 31, 2014 is as follows: Avianca Holdings S.A. Ownership Structure, December 31, 2014 20 Principal Shareholders No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Shareholder Ordinary Shares SYNERGY AEROSPACE CORP AVIANCA HOLDINGS S.A. ADR PROGRAM KINGSLAND HOLDINGS LIMITED NORGES BANK FONDO DE PENSIONES OBLIGATORIAS PORVENIR MODERADO FONDO DE PENSIONES OBLIGATORIAS COLFONDOS MODERADO FDO DE PENSIONES OBLIGATORIAS PROTECCION MODERADO FONDO BURSATIL ISHARES COLCAP FIDUBOGOTA - PA PLAN INCENTI AVIANCA TACA HOLDING BANCO BTG PACTUAL SA CAYMAN BRANCH - APT PR-FONDO 3 INVERSIONES MEGEVE DOS S.A.S. VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND FONDO DE CESANTIAS PROTECCION- LARGO PLAZO FONDO DE CESANTIAS PORVENIR GLOBAL X/INTERBOLSA FTSE COLOMBIA 20 ETF BANCARD INTERNATIONAL INVESTMENT INC FONDO DE PENSIONES OBLIGATORIAS PROTECCION RETIRO THE EMERGING MARKETS SMALL CAP SERIES OF THE DFA I FONDO DE PENSIONES OBLIGATORIAS PROTECCION MAYOR R Others Total Shares Shares repurchased Total Shares subscribed and paid This certification is issued on January 15, 2015. _______________________ Elisa Murgas de Moreno Legal Representative Preferential Shares 516.000.000 Total Shares 660.800.003 17.455.438 9.739.096 7.053.209 5.530.533 4.625.822 4.320.632 3.133.241 2.400.000 2.335.737 2.297.891 2.273.964 2.273.825 2.206.676 1.955.769 1.910.240 1.847.698 1.796.495 99.397.443 340.507.917 516.000.000 167.954.208 144.800.003 17.455.438 9.739.096 7.053.209 5.530.533 4.625.822 4.320.632 3.133.241 2.400.000 2.335.737 2.297.891 2.273.964 2.273.825 2.206.676 1.955.769 1.910.240 1.847.698 1.796.495 99.397.443 1.001.307.920 660.800.003 340.507.917 1.001.307.920 167.954.208 144.800.003 Total % Participation 51,53 16,77 14,46 1,74 0,97 0,70 0,55 0,46 0,43 0,31 0,24 0,23 0,23 0,23 0,23 0,22 0,20 0,19 0,18 0,18 9,93 100,00 100,00