Volaris: The #1 ULCC Serving , USA and Central America

August 2019 Disclaimer

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This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee or assurance of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In addition, in this presentation, the words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “predict,” “potential” and similar expressions, as they relate to our company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this presentation. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward- looking statements. Who is Volaris? Volaris is one of the fastest growing ULCCs in the continent with a point-to-point network in Mexico, the U.S. and Central America

Serving 66 destinations throughout Mexico (40), U.S. (23) and Central America (3)

CAGR The growth path 2008 2018 (08-18) Unit cost (CASM 5.5 4.1(2) -2.9% ex-fuel; cents,USD)(1)

ASMs 4.9 21 15.7%

Aircraft 21 77 13.8% (End of period)

Routes 42 194 16.5% (End of period)

Passengers (mm) 3.5 18.4 17.9%

Destinations Operating revenue 4.4 27.3 20.1% (bn, MXN) Volaris Frontier Adj. EBITDAR 0.7 5.9 23.8% (bn. MXN)

(1) Converted to USD at an average period exchange rate 4 (2) Information includes IFRS 16 for purposes of the presentation. Excluding IFRS 16 CASM ex-fuel at 4.5 USD cents We continued to deliver top tier operational performance

Capacity and demand metrics Operational statistics

Jun18 Jun19 Var % 1H19 LTM LTM

RPMs On-time performance (arrival (in millions, scheduled & 16,653 19,370 16.3% 82.0% +15min) charter) ASMs Schedule completion (in millions, scheduled 19,790 22,752 15.0% 99.5% (% ops revenue /ops scheduled) & charter) Maintenance reliability Seats 20,417 24,005 17.6% (% Ops revenue - Delays)/Ops 99.4% revenue) Load Factor 84.1% 85.1% +1 p.p. (in %, scheduled) Avaliable seat miles per aircraft 842k per day (ASM / aircraft / day) Passengers (in thousands, scheduled & 17,153 20,259 18.1% charter) Stage Length 953 (miles) Domestic market share +2.6 27.6% 30.2% (on board passengers) p.p. Employees per aircraft 60 International market share +0.4 6.7% 7.1% (on board passengers) p.p.

Average Base Fare (USD) $54.6 $52.5 -3.8% 5 Source: Company data Volaris’ Costa Rica and El Salvador AOC provides growth potential within Central America, U.S. and South America

Central America key insights Long-term potential markets • Volaris holds foreign air carrier permit in El Salvador and Costa Rica • Volaris operates direct flights from El Salvador to: - Los Angeles (LAX) - Nueva York (JFK) - Washington Dulles (IAD) • The right market - Costa Rica and El Salvador are top middle- class markets • The right moment - No ULCC presence in the region • The ULCC model - Proven model, easily translatable to Central America - USD denominated revenue contributing to FX natural hedge

+1 million total passengers since the beginning of operations in Central America; however it represents 3.4%(1) of total ASMs (1) Information as of 2Q19 period 6 Source: World Bank, ALTA, MI-DIIO, CEPAL Infare, Banco Central de Costa Rica The between Frontier and Volaris supports presence in the U.S. market First codeshare between two Ultra Volaris and Frontier’s networks Low-Cost Carriers • Frontier business model is aligned to Volaris’ ULCC model • Volaris and Frontier share 23 airports in the U.S. • The codeshare allows Volaris to operate more than 100 new connecting routes • This represents 77 new US destinations for Volaris Benefits

• Volaris is one of the foreign carriers with most direct routes to the US, including the Frontier codeshare we now connect almost 100 US destinations with our Mexican markets • Strong connectivity potential

In 1H19, the codeshare with Frontier represented 3.3% of the load factor on the transborder market

7 Volaris is the leader in the domestic market and total onboard passengers

Domestic Market International Market Market share Market share (On board passengers, M) (On board passengers, M) 30 32 36 39 44 47 25 30 33 37 42 45 50 26 5 5 6 7 7 7 7 53 15 15 34 13 9 9 25 12 16 11 08 10 12 16 712 17 713 17 713 17 715 17 617 16 518 15 47 44 44 45 45 46 46

3 4 6 7 8 9 3 5 7 9 1 1 1 1 0 0 01 01 H' 201 2 2015 201 2 201 20 2014 2 2016 2 2018 1 1H'1 Since March, Volaris is the largest Mexican carrier in the total market (domestic + international) 8 Source: DGAC Volaris’ most diversified network is less dependent from airport

Total market seats per competitor Mexico City seat share by competitor (1H19) (1H19)

Volaris only operates 14% of the total in Mexico City airport

Note: Excluding small competitors and Central America for Volaris; Mutually Exclusively and Collectively Exhustive 9 Source: MI-DIIO Volaris is among the three lowest unit-cost publicly traded in the world Volaris has one of the lowest unit-cost structures globally, materially better than other Latin American publicly traded airlines Sustainable unit cost advantage

CASM and CASM ex-fuel (2Q 2019(1) USD cents) Cost structure • Among the top 3 lowest unit- cost publicly traded airlines CASM ex-fuel in the world In line with best-in-class ULCCs CASM • Young and fuel-efficient fleet - Average age of 4.7 years - Maximum seat configuration (allowed by the regulator) ~184 seats per A320 aircraft - New technology: NEO engines and sharklet roll-out with fuel consumption reduction ~14-19% per seat(2) - 100% operating leases with competitive lease rates

• Productive network - Point-to-point - Efficient use of aircraft / crew - High density aircraft

(1) Presenting average CASM and CASM ex-fuel; , Azul, Latam and Copa information is as of 1Q 2019. AirAsia information FY2018 for purposes of the presentation (2) According to Airbus public information 11 Latin American carriers: Avianca, Azul, Copa, Aeromexico, LATAM and Gol US LCCs: Southwest, Allegiant, Jet Blue, Spirit. DCOMPS (Legacy carriers in the US): Delta, , and United Note: Non-USD data converted to USD using an average exchange rate for the period Volaris’ fleet plan drives lower unit costs; fast adoption of NEO fleet is the main competitive structural

NEO fleet commitments (number of aircraft including CEO)(1)

102 • A321 (CEO and NEO) 97 - 230 seats (up-gauge) 87 12 20 - ~10% CASM dilution(2) 77 80 6 69 71 4 5 • A320 NEO 1 6 12 16 25 32 - Fuel consumption reduction by 10 37 56 10 approx. 14-19% per seat (2) 2 10 10 10 10 • A320 CEO with sharklets 10 - Fuel consumption reduction by 36 43 43 43 41 approx. 3%(2) 40 40 32 • All PDP requirements fully 18 15 12 financed for next three-year 8 8 6 3 3 deliveries 2015 2016 2017 2018 2019E 2020E 2021E 2022E 6 • 22 aircraft secured with sale and lease back transactions A319 A320 A321 A320neo A321neo • Average aircraft utilization of 12.9 block hours (1H19) NEO % 8 21 26 36 45 56 • 186 Seats per aircraft as of June 2019

To support fleet replacement and growth: 80 aircraft follow-on order from 2022 to 2026

Note: NEO includes new P&W GTF engine option; CEO includes classic IAE V2500 engine option (1) Net fleet after contractual additions and returns, although the Company cannot guarantee that our fleet will increase as indicated in the table above 12 (2) Source: Airbus public information Non-ticket revenues continue to grow, with upside potential Non-ticket revenue per passenger Ancillaries • Apply revenue management techniques - Pricing by route, season, day - Fully dynamic pricing for some products - Focus on our most important ancillary products • Add products - New products & services: Third fare, membership programs (Vclub, Vpass), YaVas travel experience platform - Enhancements to existing products • Improve digital channels - Expansion of our payment portfolio, now Volaris (MXN) per passenger offering deferred payments in the US

2011-2018 CAGR: 19% - Multi-currency processing service - More touch-points to sell ancillaries 514 479 throughout the journey 429 381 • Benefit from network diversification 338 279 204 211 142 Increasing non-ticket revenue allows

2011 2012 2013 2014 2015 2016 2017 2018 2Q19 to reduce base fares further and 13 (1) Airlines public information for 2Q19 stimulate demand (2) Financial information converted to USD using an average exchange rate for the period only for purposes of the presentation Volaris is the lead operator in the domestic market Volaris has grown passengers in the domestic market at a faster rate than other competitors

Passenger evolution - Domestic Passenger evolution - International (1Q15 - 2Q19) (1Q15 – 2Q19)

Volaris with 40% more passengers carried than our Volaris closest competitor (June 2019)

Aeromex Aeromex

Interjet

Viva

Volaris

Viva

15 Source: Airlines public information; DGAC Volaris is one of the foreign carriers with most direct routes to the US Volaris capacity in the U.S. is increasing, reaching 16M passengers historically transported until June 2019

Volaris in the U.S. Destinations Passengers

+23% +21%

Over a 100 routes in 23 destinations, and 77 new US additional destinations through Frontier’s codeshare 17 Note: Current routes up to June 2019 Volaris’ new passenger generation through bus switching In Mexico, there is a significant Bus Switching market potential

Volaris Massive bus market Population potential + = Bus Switching

Total bus Total air travel passengers in passengers in Mexico (M) Mexico (M) Indirect High = 4% market 5.1 M Current Middle high = 9% market 11.6 M Current Middle = 11% market 14.2 M More likely st Middle low = 30% to be 1 time flyers 38.7 M

Vulnerable Low = 45% population 58.1 M

México total population: 129.2M

Underpenetrated Volaris target: 38.7M population available 4.1M 1st time flyers air market for Bus Switching (Middle low) since 2014

Sources: World Bank 2017, NPS, Navitaire 19 (1) Internal Data for 2018, Secretaría de Comunicaciones y Transportes (SCT), 2018 More passengers fly with Volaris due to low fares, even lower than buses(1)

Growing demand through lower fares Average total fare (MXN, 2018)

Route Volaris Hrs. Bus* Hrs. Culiacan- 564 2.2 1,100 15.5 - 979 3.1 2,774 31.0 Tijuana Mexico - Tijuana 1,097 3.8 1,805 29.7

Bajio-Tijuana 842 3.2 2,676 25.8

Cancun- Mexico 664 2.6 1,205 25.9

Durango-Tijuana 1,497 2.6 2,263 20.2

24.5% of our total ASM’s capacity (2) 9 3 5 7 has no airline competition 08 0 10 11 12 1 14 1 16 1 18 0 0 0 0 0 0 2 20 2 20 2 20 2 20 2 20 2 Jun19M LT

(1) In segments above 6 hours (2) FY2018 information *Fares by segment observed in December 2018 20 Source: Banco de México and ground carriers public information Volaris’ healthy and dollarized balance sheet Strong balance sheet and liquidity, well funded for continued growth

• Unrestricted cash of $8.1 billion pesos Cash and cash equivalents as a % of June LTM 2019(1) (US $424 million) as of June 30th, 2019 Op. Revenue • Total Financial Debt $4.0 billion pesos (US $213 million) which includes $1.5 billion pesos related to the issuance of 29% asset backed trust notes- CEBUR (5- 27% 26% year program) and US $183 million on PDPs financing facility • Negative net debt position of $4.0 billion pesos (US $211 million) as of th (2) 15% June 30 , 2019 14% • Fully financed pre-delivery 11% payments for aircraft deliveries until 2022 6% • Adjusted net debt to EBITDAR ratio 3% at 4.4x

• U.S. dollar-denominated collections Copa Gol Volaris Aeromexico Azul Latam Avianca Interjet from tickets sold were 44% by the end of 2Q19 • Expected 2019 net CAPEX (US $170 to $190 million): - PDPs: from US $95 to $105 million, net of PDP reimbursements Aircraft deliveries until 2022 are fully (includes 3 A/c delivery) financed, including the pre-delivery - Major maintenance: from US $65 to $70 million payments - Other: from US $10 to $15 million

(1) Public information for 2Q19. In the case of Avianca, Azul, Latam, Interjet, Gol and Copa information is as of 1Q19 (2) Excluding lease liability recognized under the IFRS16 adoption 22 Source: Airlines public information .

Volaris among the top three publicly traded airlines in profitability and growth 2Q 2019 EBITDAR margin(1) Revenue CAGR 2011 – 2018(2)

19% 31% 17% 29% 28% 27% 23% 22% 18% 17% 10% 15% 9% 6% 6% 5% 4%

Allegiant Azul Volaris Copa Gol SW AeromexLatamAvianca Azul Volaris Aeromex Latam Copa Gol AllegiantAvianca EBITDAR (MXN bn) Revenues (MXN bn)

2011 – LTM Jun19 CAGR: +26% 2011 – LTM Jun19 CAGR: +16% 8.9 8.0 ASMs growth guidance 30.7 6.6 for 3Q19 at high teens 6.5 27.3 5.9 24.8 23.5

18.2 14.0 2.8 3.1 13.0 2.5 11.7 8.9 1.2

2011 2012 2013 2014 2015 2016 2017 2018 LTM 2011 2012 2013 2014 2015 2016 2017 2018 LTM Jun19 Jun19 (1) In the case of In the case of Avianca, Azul, Latam and Copa information is as of 1Q19 23 (2) Airlines public information December LTM 2018 Volaris as a digital leader Almost 70% of our sales are made through our own digital channels: mobile app is an important contributor to our sales

High growth in revenues Great user acceptance Proven functionallity . $136M USD in sales . 6M App downloads . 99.7% reliability Q2 2019 compared (AWS) with $81M USD in . 1.1M users in Q2 2018, +169% June´19 (813K in . Our mobile app is June´18) the #5 downloaded app in Mexico . App rating iOS 4.8 and Android 4.1

. App store position #5

90% of Mexican internet users have a smart phone vs. 22% in 2009 25 Source: ODS, Google Analytics, iOS App and Google stores Macroeconomic drivers Air traffic market development in Mexico is not directly correlated to GDP

Total Mexican air market growth - GDP and passengers (2013-2018) 30% GDP Market Volaris 20

10

0 2013 2014 2015 2016 2017 2018 Volaris multiplier vs GDP 15.2 3.6 6.9 8.7 4.2 5.8 Market multiplier vs GDP 6.1 3.0 3.8 3.7 4.4 3.8

Note: Volaris and market passengers are on board 27 Source: DGAC; Banxico For Volaris’ specific markets, the economy is performing well

GDP per state - Mexico Volaris domestic – Top 10 core markets (2018 vs 2017) (2018 vs 2017) -1M Volaris’ domestic additional seats (M) GDP per state (%) -0.8 Mexico’s GDP 2018

-0.6

-0.4

-0.2

-0

Note: Volaris seats Not Mutually Exclusive and Collectively Exhaustive 28 Source: INEGI; Citi Research Appendix Sequential TRASM improvement and Continuous CASM ex-fuel reduction TRASM improvement (% y-o-y)

CASM ex fuel (% y-o-y) CASM ex-fuel variation vs. previous year (MXN) **

-

29 * TRASM Does not includes accounting “natural hedge” adoption ** CASM ex-fuel 2017 does not include IFRS 16 Traffic Report

July July July July Variance Variance 2019 2018 YTD 2019 YTD 2018 RPMs (in millions, scheduled & charter) Domestic 1,319 1,158 13.8% 8,516 7,154 19.0% International 626 501 25.1% 3,542 2,996 18.2% Total 1,945 1,659 17.2% 12,058 10,150 18.8% ASMs (in millions, scheduled & charter) Domestic 1,470 1,271 15.7% 9,692 8,205 18.1% International 720 599 20.1% 4,356 3,780 15.3% Total 2,190 1,870 17.1% 14,048 11,985 17.2% Load Factor (in %, scheduled) Domestic 89.7% 91.1% (1.4) pp 87.9% 87.2% 0.7 pp International 87.0% 83.7% 3.3 pp 81.4% 79.3% 2.1 pp Total 88.8% 88.8% 0.0 pp 85.9% 84.7% 1.2 pp Passengers (in thousands, scheduled & charter) Domestic 1,567 1,347 16.4% 10,139 8,351 21.4% International 437 347 25.9% 2,482 2,096 18.4% Total 2,004 1,694 18.4% 12,621 10,447 20.8%

Approximately 6% of our passengers are first time flyers and 10% considered taking a bus before purchasing a ticket on Volaris(1)

31 (1) 2018 NPS internal survey Risk management on jet fuel

Avg. price & Period Total % hedged(1) ranges Instrument (gal/USD$)

20% $1.87 Asian Call options

Jul19 - Dec19

10% $1.68 / $1.88 Zero-cost collars

32 (1) Percentage of gallons hedged as of June 2019 Analyst Coverage

Report Target Price Analyst Bank Rating Latest Comment Date USD

Deutsche Solid June Q; results reflect improving Michael Linenberg Buy Jul 26th 12.0 Bank operating environment

2Q19 Results; Strong Revenue Growth, with Pedro Bruno Santander Buy Jul 26th 11.0 Costs Still Under Control

Powerful Combination Drives Strong Duane Pfennigwerth Evercore Outperform Jul 26th 14.0 Margin Expansion in June Quarter

The strategy is working in the current Helane Becker Cowen Outperform Jul 26th 12.5 environment We reiterate OW and raise our PT to $12 to Morgan Joshua Milberg Overweight Jul 26th 12.0 incorporate the 2Q19 beat and a better Stanley profitability outlook

Outstanding 2Q19 results: More capacity growth, Rogerio Araújo UBS Buy Jul 26th 13.5 higher utilization, more TRASM, less CASM

We see upside for shares of Volaris, given its Pablo Monsiváis Barclays Overweight Jul 29th 12.0 simple model with the lowest possible costs Bullish 2Q Results Call Makes Today’s Stephen Trent Citi Buy May 23rd 12.0 Weakness Look Like A False Dip

Goldman We reiterate our Buy rating as we continue to Bruno Amorim Buy Jul 26th 13.9 Sachs see room for further margin expansion

* Volaris reports better than expected 2Q19 th 21 Ronny Berger HSBC Buy Jul 26 (MXN TP) results; yields continue to improve on moderating competition 33 Consolidated statements of operations summary

Three months ended Unaudited June 30, 2019 Three months Three months ended Variance (In millions of Mexican pesos) (US Dollars)* ended June 30, 2019 June 30, 2018 (%) Operating revenues: Passenger revenues 419 8,038 5,990 34.2% Fare revenues 283 5,431 4,137 31.3% Other passenger revenues (1) 136 2,607 1,853 40.6% Non-passenger revenues 16 302 240 25.6% Other non-passenger revenues (1) 13 250 187 33.5% Cargo 3 52 53(2.5%) Non-derivatives financial instruments (1) (11) - NA Total operating revenues 435 8,329 6,230 33.7%

Other operating income (6) (123) (231) (46.7%) Total fuel expense, net (2) 161 3,087 2,445 26.3% Depreciation and amortization 70 1,335 1,135 17.6% Landing, take-off and navigation expenses 62 1,188 1,149 3.4% Salaries and benefits 46 887 750 18.4% Maintenance expenses 19 369 376 (1.7%) Sales, marketing and distribution expenses 18 350 382 (8.3%) Aircraft and engine rent expense 16 316 105 >100% Other operating expenses 14 260 283 (8.1%) Operating expenses 400 7,670 6,393 20.0% Operating income (loss) 34 659 (163) NA Finance income 3 54 37 45.9% Finance cost (27) (520) (443) 17.4% Exchange gain (loss), net - 3 (1,926) NA Comprehensive financing result (24) (462) (2,332) (80.2%) Income (loss) before income tax 10 197 (2,495) NA Income tax (expense) benefit (4) (78) 728 NA Net income (loss) 6 119 (1,766) NA

* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only (1) 2Q 2018 figures include a reclassification from “other non-passenger revenues” to “Other passenger revenues” of Ps.61 million, as result of the IFRS 15 adoption 34 (2) 2Q 2019 figures include a benefit from non-derivatives financial instruments by an amount of Ps.14 million Consolidated statements of financial position summary

June 30, 2019 Unaudited (In millions of Mexican pesos) (US Dollars)* June 30, 2019 Unaudited December 31, 2018 Assets Cash and cash equivalents 424 8,124 5,863 Accounts receivable 111 2,123 1,467 Inventories 15 294 297 Prepaid expenses and other current assets 49 939 443 Financial instruments 5 92 62 Guarantee deposits 39 743 791 Total current assets 642 12,314 8,923 Rotable spare parts, furniture and equipment, net 305 5,840 5,782 Right of use assets 1,691 32,416 31,986 Intangible assets, net 9 170 179 Other assets 499 9,569 9,431 Total non-current assets 2,504 47,995 47,378 Total assets 3,146 60,309 56,301 Liabilities Unearned transportation revenue 220 4,226 2,439 Accounts payable 79 1,506 1,103 Accrued liabilities 138 2,644 2,318 Lease liabilities 236 4,517 4,970 Financial debt 86 1,648 1,212 Other liabilities 148 2,848 2,085 Total short-term liabilities 907 17,389 14,127 Financial debt 127 2,426 2,311 Lease liabilities 1,806 34,625 34,586 Other liabilities 27 530 483 Deferred income taxes 65 1,244 1,096 Total long-term liabilities 2,025 38,825 38,476 Total liabilities 2,933 56,214 52,603 Total equity 213 4,095 3,698 Total liabilities and equity 3,146 60,309 56,301 Total shares outstanding fully diluted 1,011,876,677 1,011,876,677 * Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only 35 As of June 30, 2019, the figures include a benefit of Ps.345 million from non-derivatives financial instruments Consolidated statements of cash flows summary

Three months Three months Three months Unaudited Ended June 30, 2019 ended June 30, ended June 30, (In millions of Mexican pesos) (US Dollars)* 2019 2018

Net cash flow provided by operating activities 80 1,527 913 Net cash flow provided by (used in) investing activities 9 171 (348) Net cash flow used in financing activities** (30) (571) (1) (1,610) Increase (decrease) in cash and cash equivalents 59 1,127 (1,045) Net foreign exchange differences (4) (74) 499 Cash and cash equivalents at beginning of period 369 7,071 7,317 Cash and cash equivalents at end of period 424 8,124 6,771

* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only **Includes aircraft rental payments of Ps.1,582 million and Ps.1,406 million for the three months ended period June 30, 2019 and, 2018, respectively 36 1) Includes inflows of Ps.1,500 million related to the issuance of 15,000,000 asset backed trust notes (certificados bursátiles fiduciaries)