Volaris: The Leading ULCC Serving , USA and Central America January 2019 Disclaimer

The information ("Confidential Information") contained in this presentation is confidential and is provided by Controladora Vuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") confidentially to you solely for your reference and may not be retransmitted or distributed to any other persons for any purpose whatsoever. The Confidential Information is subject to change without notice, its accuracy is not guaranteed, it has not been independently verified and it may not contain all material information concerning the Company. Neither the Company, nor any of their respective directors makes any representation or warranty (express or implied) regarding, or assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. None of the Company nor any of their respective directors, officers, employees, stockholders or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness.

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This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ significantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. 2 Volaris: snapshot at 30,000 feet

Serving 70 destinations throughout Mexico (41), USA (26) and Central America (3)

CAGR 2008 2017 (08-17) Unit cost (CASM ex-fuel; cents, 5.5 4.7 -1.7% USD)(1) Passenger demand (RPMs, 3.2 15.9 19.5% bn) Aircraft 21 71 14.5% (End of period) Routes 42 174 17.11% (End of period)

Passengers (mm) 3.5 16.4 18.7%

Operating revenue 4.4 24.8 21.2% (bn, MXN) Adj. EBITDAR 0.7 6.6 28.3% (bn. MXN) Adj. ROIC (pre- 11% 12.6% +1.5 pp. tax)

3 (1) Converted to USD at an average period exchange rate Volaris’ flight path for demand stimulation and continued growth

4 Volaris’ consistent execution of its ULCC business model well positioned for growth

Accomplishments Opportunities

Strong penetration of Mexican air Attractive emerging air travel market in travel market Mexico Continue geographic diversification Diversified and resilient point-to-point through international growth and network Codeshare (1)

Bus to air substitution Continue route frequency increase

Successful price unbundling Upside in ancillary revenue

Flexible fleet plan and utilization; Proven ancillary revenue model capacity management

Sustained profitability with strong Continue cost reductions balance sheet

(1) On January 16, 2018; Volaris and Frontier executed a , which has gotten regulatory approvals 5 On August 23, 2018; Volaris began operations of codeshare flights with Frontier Accomplishments

6 Volaris has a best-in-class unit cost structure

Long-term unit cost advantage

CASM and CASM ex-fuel (3Q 2018 (1), USD cents) Cost structure • Economies of scale - Dilute fixed costs - High seat density • Young and fuel efficient fleet - Sharklet roll-out - Average age of 4.7 years - NEO Engines rollout - Lower fuel burn • Productive network - Point-to-point - No connections complexity • High aircraft utilization - 3Q 2018 average 13.1 block hours per day

CASM ex-fuel Continued cost

CASM improvement potential

(1) Public information for 3Q 2018. (2) Viva Aerobus CASM pro forma, excludes extraordinary items such as a reclassification of selling expenses, gains on sale and leasebacks and other non recurring items. (3) DCOMPS = Direct Competitors: Delta, , and United, showing average CASM and CASM ex-fuel. 7 Note: Non-USD data converted to USD using an average exchange rate for the period Source: Airlines public information Non-ticket revenues continue to grow, with upside potential

Non-ticket revenue per passenger Volaris (MXN) per passenger Ancillaries • Apply revenue management techniques 2011-2017 CAGR: + 20% - Pricing by route, season, day 462 429 - Fully dynamic pricing for some products 381 338 - Focus on our most important ancillary products 279 • Add products 204 211 142 - New products & services - Enhancements to existing products • Improve digital channels 2011 2012 2013 2014 2015 2016 2017 LTM Sep - Expansion of our payment portfolio, now 2018 offering deferred payments to US citizens Best-in class ULCCs, including first bag fee - Multi-currency processing service (3Q 2018 (1), as % of total operating revenue)(2) - More touch-points to sell ancillaries throughout the journey 47% • Benefit from network diversification 36% 30% - More international capacity 24% • First checked bag - USA Costa Rican AOC

Ryan Air Volaris Wizz Spirit Increasing non-ticket revenue allows to Non-ticket revenue per pax (USD) $19 $25 $34 $54 reduce fare further and stimulate demand (1) Airlines public information for 3Q 2018. 8 (2) Financial information converted to USD using an average exchange rate for the period only for purposes of the presentation. Network enhancement: connecting the dots and diversifying further

During 2018, Volaris diversified its network by launching 33 routes and 4 stations

New routes

Domestic International Mexico 8 - 4 2 5 - Bajio 5 2 Other 7 -

New stations Central DOM USA America Washington Puerto D.C. - Escondido Alburquerque Destinations Charlotte Volaris Codeshare agreement between Volaris and Frontier Frontier New access to cities in the U.S. offering customers the ability to purchase the lowest fares across an extensive and well-served network.

9 Note: Excludes routes and stations announced to start operations …supporting strong capacity growth

2018 capacity growth contribution

+ Additional frequencies 8.6%

+ Joining existing airports 0.6%

+ New airports 0.1%

+ Volaris Costa Rica 2.1%

= Total ASM growth 11.4%

Our network is well positioned for diversified growth 10 Growth opportunities

11 In recent years, Mexico’s volume growth has been robust despite challenging economic environment

Mexico passenger market volume has increased since 2011 Passenger volume (millions)

2011 - 2017 CAGR: +9.6% 90 Main industry growth drivers 82 75 15 • Strong demand and 66 13 increasing middle class 61 12 57 11 52 10 30 • LCC gaining market through 9 27 8 26 low fares 21 23 19 19 48% LCC domestic share(1) 45 37 42 • High improvement potential: 25 28 30 33 -Domestic air trips per 2011 2012 2013 2014 2015 2016 2017 capita in Mexico 0.37 vs. Chile 0.63 Domestic USA Other international

Yoy growth 8.3% 8.3% 8.3% 12.3% 10.4% 8.6% 4.2x GDP multiplier in recent (2) GDP growth 4.0% 1.4% 2.1% 2.5% 2.3% 2.3% years GDP multiplier 2.1 5.8 4.0 4.9 4.5 3.7

(1) Considers Volaris and VivaAerobus domestic market share as of November 2018 (2) Values according to INEGI´s new methodology 12 Source: DGAC-SCT, INEGI and Banco de México Volaris growth has surpassed market growth in both domestic and international markets

Domestic passenger growth (%)

25.2% 24.8% 23.0% 19.7%

13.0% 12.8% 10.3% 8.6% 8.7% 7.9% 7.7% 6.6%

2012 2013 2014 2015 2016 2017 Market Volaris

International passenger growth (%)

33.3%

26.9% 23.4% 19.6%

12.4% 10.3% 11.6% 11.0% 8.1% 8.8% 6.5% 8.0%

2012 2013 2014 2015 2016 2017 Market Volaris 13 Source: DGAC Volaris has been the engine of growth for VFR and leisure markets in Mexico

Segment passenger CAGR Volaris vs. market (2010-2017) Volaris’ main growth drivers Tijuana

10% 12% • Low costs allow Volaris to offer Hermosillo lower fares and make flying Market Volaris possible growth growth 5% 17% • Fleet - Up-gauging: A320neo with 186 seats and A321 with 230 seats Los Cabos Culiacan - Young and fuel efficient: 9% 38% average of 4.7(1) years; new 10% 28% 8% 23% Guadalajara generation aircraft Cancun Vallarta • Productive network with high 19% 13% 27% 8% 19% utilization 11% 34% - Around 20 new routes per year - Avg. 13.1 block hours/day in

11% 61% 3Q 2018 • High and healthy load factors 85.4% during October 2018 • 29% domestic passengers market share as of November 2018.(2)

During 2017, Volaris was the source of 26% of the growth among Mexican carriers

(1) Data as of 3Q 2018 (2) Source: DGAC 14 Note: Markets not mutually exclusive, contested domestic markets Significant untapped opportunities

Domestic – growth potential of approx. 92 routes International – growth potential of approx. 123 routes

Number of routes (1) Number of routes (2) 50 100

40 75 30 50 20 25 10

0 0 USA (VFR) USA (Leisure) CAM, SAM, Canada, Caribbean In terms of air trips per capita Mexico has plenty potential to grow 2017 air trips per capita (domestic)(3) 2.62 2007 2.26 33M potential additional passengers at Chile’s level 2017

0.63 0.44 0.37 0.37 0.25 0.25 0.24 0.25 0.13 0.25

United States Brazil Chile Colombia Peru Mexico 48% growth (1) Minimum stage length of 170 miles (2) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America (3) Source: BTS, ANAC, JAC, Aerocivil, MTC, DGAC and IMF April 2018 estimates 15 Notes: Growth potential figures calculated as of July 2018 Volaris contributed by stimulating demand from bus to air substitution

Significant upside for air travel Bus switching program

Total bus passengers in Total air travel passengers Mexico (mm) in Mexico (mm) Education

3,004 Mass media campaigns “Tarifa no + camion” positioning 2,729 Digital capabilities

2,655 2,922 Trial

Ticket giveaway #Nomáscamión

90 First sell 57

74 82 Strong conversion rate

2012 2017 2016 2012 2017 ULCC model First, economy and other Domestic

Executive and luxury International Attracting 1st time flyers

16 (1) Source: Secretaría de Comunicaciones y Transportes (SCT), 2017 Volaris’ Costa Rican AOC provides growth potential in Central America and to the U.S.

Central America key insights Long-term potential markets

Volaris Obtains Foreign Air Carrier Permit in the U.S. for its Costa Rican Operations “Through OD” flights for example: New York

-Los Angeles International Airport to El Salvador International Airport and to La Aurora International Airport -John F. Kennedy International Airport to El Salvador International Airport - Washington Dulles International Airport to El Salvador International Airport

• The right market - Costa Rica is top three middle class growth of LATAM (GDP growth of 4.6% in 2017) - VFR potential in the region • The right moment - No ULCC presence in the region • The right ULCC model - Growth sustainable and proved model, easily 742K total passengers since translatable to Central America the beginning of operations in CAM; - USD denominated revenue contributing to FX however represents 3.7%(1) of total ASMs natural hedge

Source: World Bank, ALTA, MI-DIIO, CEPAL Infare, Banco Central de Costa Rica. 17 (1) As of 3Q 2018 Codeshare agreement between two Ultra Low Cost Carriers: Frontier and Volaris First codeshare between two Volaris and Frontier’s networks Ultra Low Cost Carriers

. Frontier business model is aligned to Volaris’ ULCC model . Volaris operates in 20 out of 63 Frontier’s airports

Benefits

. Grow and enhance our network to offer a greater public benefit, the lowest prices between Mexico and USA

Strong connectivity potential: ~50 destinations and ~270 new beyond routes (1) 18 (1) As of August 2018 Fleet and financials

19 Volaris’ fleet plan supports its strategy to drive lower unit costs

Fleet Commitments (number of aircraft)(1)

91 • A321 (CEO and NEO) 82 6 - 230 seats (up-gauge) 77 6 10 - ~10% CASM dilution(2) 71 4 10 10 10 29 6 12 17 • A320 NEO - Combined fuel consumption 28 reduction by approx. 17-19% per (2) 28 28 seat 28

15 15 • A320 CEO with sharklets 13 12 6 - Fuel consumption reduction by 12 8 8 approx. 3%(2) 2017 2018E 2019E 2020E

A319 A320 A320 w/sharklets • All PDP requirements fully financed for next three year A320neo w/sharklets A321 w/sharklets A321neo w/sharklets deliveries

Backlog of 110 Aircraft to support growth (3)

Note: NEO stands for the Airbus new engine option; CEO stands for the Airbus current engine option (1) Net fleet after additions and returns, although we cannot guarantee that our fleet will increase as indicated in the table above. (2) Source: Airbus 20 (3) As of December 2018, 30 commitments + 80 follow-on order aircraft; out until 2026 High growth and solid financial performance

Revenues Adj. EBITDAR

30 10 2011 - 2017 CAGR: +18.7% 26.0 2011 - 2017 CAGR: +25.5% 8.9 24.8 23.5 6.6 18.2 6.5 5.7 13.0 14.0 15 11.7 5 8.9

(MXNbn) 3.1 (MXNbn) 2.5 2.8 1.2 0 2011 2012 2013 2014 2015 2016 2017 3Q18 0 LTM 2011 2012 2013 2014 2015 2016 2017 3Q18 LTM Revenue CAGR 2011 – 2017 (1) September 2018 LTM Adj. EBITDAR margin (2)

(1) Airlines public information for Full year 2017 21 (2) Airlines public information LTM September 2018. Strong balance sheet and liquidity, well funded for continued growth

Liquidity-cash and equivalents as a % of as of September 2018 LTM Op. Revenue 28% 27% • Unrestricted cash of $6.0 billion pesos 23% (US$ 323 million) as of September 30th , 17% 2018. 16%

• Net cash position of $2.9 billion pesos 12% (US $156 million) as of September 30th , 7% 2018. 4% • Adjusted net debt to EBITDAR of 6x (1) as of September 2018. Copa Gol Volaris Azul Aeromexico Latam Adj. net debt / EBITDAR June 2018 LTM • Fully financed pre-delivery payments for x deliveries up to 2021.

• Expected 2019 net CAPEX (US $170 to $190 million): (1) - PDPs: from US $95 to $105 million, net of PDP reimbursements (includes 3 A/c delivery) - Major maintenance: from US $65 to $70 million. - Other: from US $10 to $15 million

22 Source: Airlines public information LTM September 2018. (1) Excluding supplemental and contingent rent for adjusted debt Appendix

23 Risk management programs

Fuel price protection (1)

Avg. price & ranges Period Total % hedged(2) Instrument (gal/USD$)

10% $1.84 Asian Calls FY 2019 7% $1.91 – $2.46 Zero-cost collars

(1) Information as of December 31st, 2018 24 (2) Approximate percentage of gallons hedged Consolidated statements of operations summary

% of total 2017(1) 3Q 2017 (2) 3Q 2018 (3) operating MXN millions unless otherwise stated (3) 2017 (USD millions) 3Q 2017 (USD millions) 3Q 2018 (USD millions) revenues Passenger revenues: Fares revenues 17,791 901 4,773 262 5,096 271 69.6 Other passenger revenues - - 1,513 83 1,962 104 26.7 Non-passenger revenues: Cargo 171 9 38 2 55 3 0.8 Other non-passenger revenues 6,883 349 247 14 203 11 2.9 Total operating revenues 24,845 1,259 6,571 361 7,316 389 100 Other operating income (97) (5) (8) - (243) (13) (3.3) Fuel 7,255 367 1,698 93 2,631 140 36 Aircraft and engine rent expenses 6,072 308 1,384 76 1,593 85 21.8 Landing, take off and navigation expenses 4,010 203 989 54 1,150 61 15.7 Salaries and benefits 2,824 143 695 38 834 44 11.4 Sales, marketing and distribution expenses 1,692 86 468 26 340 18 4.6 Maintenance expenses 1,433 73 324 18 393 21 5.3 Other operating expenses 1,088 55 248 14 257 14 3.5 Depreciation and amortization 549 28 150 8 115 6 1.6 Total operating expenses 24,826 1,258 5,948 327 7,070 376 96.6 EBIT 19 1 623 34 246 13 3.4 Operating margin (%) 0.1% 0.1% 9.5% 9.5% 3.4% 3.4% - EBITDAR 6,640 336 2,157 118 1,954 104 26.7 EBITDAR margin (%) 26.7 26.7 32.8% 32.8% 26.7% 26.7% - Finance income 106 5 30 2 37 2 0.5 Finance cost (86) (4) (20) (1) (64) (4) (0.9) Exchange (loss) gain, net (795) (40) 125 7 (419) (22) (5.7) Income tax benefit (expense) 161 8 (38) (2) 81 4 1.1 Net (loss) income (595) (30) 720 40 (119) (6) (1.6) Net margin (%) (2.4) (2.4) 11% 11% (1.6) (1.6) EPS Basic & Diluted (MXN) (0.59) (0.03) 0.71 0.04 (0.12) (0.01) EPADS Basic & Diluted (MXN) (5.88) (0.30) 7.11 0.39 (1.17) (0.06)

(1) 2017 Audited figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only. (2) 3Q 2017 Adjusted figures converted to USD at September end of the period spot exchange rate $18.20 for convenience purposes only (3) 3Q 2018 figures converted to USD at September end of the period spot exchange rate $18.81 for convenience purposes only 25 Note: 2017 information accordingly to 20-F report; 3Q 2017 information advocates new IFRS 15 regulation (adopted during 2018) for comparison purposes only Consolidated statements of financial position summary MXN millions unless otherwise December December Sept 30, Sept 30, Sept 30, Sept 30, stated (5) 31, 2017 31, 2017(4) 2017 2017 (5) 2018 2018 (6) (USD (USD (USD millions) millions) millions)

Cash and cash equivalents 6,951 352 5,373 295 6,082 323 Current guarantee deposits 1,353 69 1,303 72 925 49 Other current assets 3,009 152 3,239 178 3,260 174 Total current assets 11,313 573 9,915 545 10,267 546 Rotable spare parts, furniture and 4,376 222 3,548 195 5,081 270 equipment, net Non-current guarantee deposits 6,098 309 5,941 326 5,477 291 Other non-current assets 879 45 961 53 859 46 Total assets 22,666 1,149 20,365 1,119 21,684 1,153 Unearned transportation revenue 2,162 110 2,483 136 2,806 149 Short-term financial debt 2,404 122 1,491 82 2,393 127 Other short-term liabilities 4,806 244 4,354 239 5,237 279 Total short-term liabilities 9,372 476 8,328 457 10,436 555 Long-term financial debt 1,079 55 900 49 800 43 Other long-term liabilities 2,052 103 1,666 93 1,585 84 Total liabilities 12,503 634 10,894 599 12,821 682

520 Total equity 10,163 515 9,471 520 8,863 471 Total liabilities and equity 22,666 1,149 20,365 1,119 21,684 1,153 Net debt (1) (3,468) (175) (2,982) (164) (2,889) (153) Adjusted debt (2) 45,990 330 44,755 663 47,328 765 Adjusted net debt (3) 39,039 978 39,382 368 41,246 442 (1) Net debt = financial debt - cash and cash equivalents (2) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt (3) Adjusted net debt = adjusted debt - cash and cash equivalents (4) 2017 Audited figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only. (5) 3Q 2017 Adjusted figures converted to USD at September end of the period spot exchange rate $18.20 for convenience purposes only 26 (6) 3Q 2018 figures converted to USD at September end of the period spot exchange rate $18.81 for convenience purposes only Note: 2017 information accordingly to 20-F report; 3Q 2017 information advocates new IFRS 15 regulation (adopted during 2018) for comparison purposes only Consolidated statements of cash flows summary

MXN millions unless otherwise stated (3) 2017 2017 (1) 3Q 2017 3Q 2017 (2) 3Q 2018 3Q 2018(3) (USD (USD (USD millions) millions) millions) Cash flow from operating activities Income before income tax (756) (38) 758 42 (200) (11) Depreciation and amortization 549 28 150 8 115 6 Guarantee deposits 57 3 (303) (17) 902 48 Unearned transportation revenue 8 - (832) (46) (613) (32) Changes in working capital and provisions 1,128 57 (158) (9) (340) (18) Net cash flows provided by (used in) operating activities 986 50 (385) (21) (136) (7) Cash flow from investing activities Acquisitions of rotable spare parts, furniture, equipment and (2,652) (135) (564) (31) (588) (31) intangible assets Pre-delivery payments reimbursements 214 11 - - 444 23 Proceeds from disposals of rotable spare parts, furniture 178 9 - - 164 9 and equipment Net cash flows (used in) provided by investing activities (2,260) (115) (564) (31) 20 1 Cash flow from financing activities Treasury shares purchase (10) (1) - - (16) (1) Proceeds from exercised stock options 1 - 1 - - - Interest paid (106) (5) (23) (1) (44) (2) Other finance costs ------Payments of financial debt (925) (47) (207) (11) (524) (28) Proceeds from financial debt 2,438 124 497 27 337 18 Net cash flows provided by (used in) financing activities 1,398 71 268 15 (247) (13)

Increase (decrease) in cash and cash equivalents 124 6 (681) (37) (363) (19) Net foreign exchange differences (244) (12) 73 4 (326) (17) Cash and cash equivalents at beginning of period 7,071 358 5,981 329 6,771 359 Cash and cash equivalents at end of period 6,951 352 5,373 295 6,082 323

(1) 2017 Audited figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only (2) 3Q 2017 Adjusted figures converted to USD at September end of the period spot exchange rate $18.20 for convenience purposes only (3) 3Q 2018 figures converted to USD at September end of the period spot exchange rate $18.81 for convenience purposes only 27 Note: 2017 information accordingly advocates new IFRS 15 regulation (adopted during 2018) for comparison purposes only. Traffic Report

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