Avianca Holdings S.A. and its subsidiaries Preliminary 2014 Full Year Guidance


• Avianca Holdings and its subsidiaries expect a consolidated EBIT margin of 8.75% - 9.25%

• For the full year 2014 the Company, through its operating subsidiaries, expects a capacity increase from 2013 measured in ASKs of 7.0% - 8.0%

International estimates for the Latin American air travel industry indicate that capacity, measured in ASKs (available seat kilometers), is expected to increase by 6.5%*. For this same period, Avianca Holdings S.A., through its affiliated airlines, anticipates a 7.0% to 8.0% capacity increase, greater than the estimated capacity increase in Latin America due mainly to Avianca Holdings' ongoing fleet renovation and modernization plan, as well as the expansion of its existing network in the international and domestic markets of Peru and Colombia. Based on the economic performance of Avianca Holdings´ home markets the Company forecasts passenger numbers to increase between 8.0% and 9.0% from the prior year. As a result TRASK (total revenue per available seat kilometer) is expected to improve between 1.5% - 2.5%.


Finally the projected average Load Factor for the year is expected to be between 79% - 81%.


2014 Full Year Guidance

Passenger Growth    8.0% - 9.0%
ASKs                            7.0% - 8.0%
Load Factor (LF)         79% - 81%
EBIT Margin              8.75% - 9.25%

We have based these forward-looking statements largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements. The words "believe," "may," "should," "aim," "estimate," "continue," "anticipate," "intend," "will," "expect" and similar words are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or to revise any forward-looking statements after the fact or because of new information, future events or other factors. In light of the risks and uncertainties described above, the future events and circumstances discussed in this current report might not occur or come into existence and forward-looking statements are thus not guarantees of future performance. Considering these limitations, you should not make any investment decision in reliance on forward-looking statements contained in this prospectus.

The terms "Avianca Holdings" or "the Company" refer to the consolidated entity.
The original source-language text of this announcement is the official, authoritative version. Translations are provided as an accommodation only, and should be cross-referenced with the source-language text, which is the only version of the text intended to have legal effect.

*IATA, Financial Forecast, December 2013, p. 1

About Avianca Holdings S.A. Avianca Holdings S.A. (NYSE: AVH, BVC:PFAVH) is an integration of the airlines: Aerovías del Continente Americano S.A. Avianca (Avianca),Tampa Cargo SA incorporated in Colombia, Aerolineas Galapagos SA Aerogal incorporated in Ecuador, and the TACA Group companies: TACA International Airlines SA, incorporated in El Salvador, Lineas Aereas Costarricenses SA, LACSA, incorporated in Costa Rica, Transamérican Airlines SA TACA Perú incorporated in Perú, Servicios Aéreos Nacionales SA, SANSA incorporated in Costa Rica, Aerotaxis La Costeña SA, incorporated in Nicaragua and Isleña de Inversiones CA de CV ISLEÑA incorporated in Honduras.



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