The Undersigned Legal Representative of Avianca Holdings S.A.

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