AVIANCA HOLDINGS AND ITS SUBSIDIARIES CARRIED MORE THAN 2.3 MILLION PASSENGERS IN JULY 2014

· In July 2014, Avianca Holdings and its subsidiaries carried 2,314,438 passengers, a 4.3% increase over the same period in 2013

· From January to July, Avianca Holdings and its subsidiaries carried 14.8 million passengers a 4.5% increase over the same period in 2013

In July, the subsidiary companies of Avianca Holdings transported 2,314,438 passengers, up 4.3% compared to July 2013. Capacity (ASKs), increased by 4.8% while passenger traffic (RPKs), increased 2.5%. The load factor for the month was 82.1%.

In the first seven months of 2014, Avianca Holdings S.A. (NYSE: AVH) (BVC: PFAVH) (*) affiliated airlines carried 14,782,475 passengers, a 4.5% increase over the same period in 2013. Capacity, measured in ASKs (available seat kilometers), increased 4.9% while passenger traffic, measured in RPKs (passenger revenue per kilometer flown), increased 3.2%. As a result, the load factor for the year stands at 78.9%.

Domestic markets in Colombia, Peru and Ecuador
In July, the subsidiary airlines of Avianca Holdings transported within these markets a total of 1,350,908 travelers, up 6.1% compared to July 2013. Capacity (ASKs) increased 5.1%, while passenger traffic (RPKs) increased 4.9%. As a result, the load factor was 77.9%.

From January through July 2014, the number of passengers carried by the affiliated companies of Avianca Holdings within the domestic markets of Colombia, Peru and Ecuador was 8,725,753 up 6.3% compared to 2013. Capacity (ASKs) in these markets increased 5.9%, while passenger traffic (RPKs) increased 6.3%. As a result, the load factor was 77.1%.

International markets
In July, the affiliated airlines of Avianca Holdings transported 963,530 passengers on international routes, up 2.0% compared to July 2013. Capacity (ASKs) increased 4.7%, while passenger traffic (RPKs) grew about 1.9%. As a result the load factor increased to 83.1%.

From January through July 2014, the number of passengers carried on international routes was 6,056,722, up 2.1% compared to the same period in 2013. Capacity (ASKs) grew 4.6%, while passenger traffic (RPKs) increased 2.4%. As a result, the load factor increased to 79.4%.