The Leading Ultra-Low-Cost Serving and the US Banco Santander - 19th Annual Latin American Conference

January 2015 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 , 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. 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 or 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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2 Third quarter 2014 results indicate positive reversal of trend

Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth, resulting in yield stabilization, while international ASMs growth 18%, responding to stronger fare environment.

Unit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and non-ticket revenues expansion

Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger increased 58% y-o-y (44% including cargo). Ramp-up of new products and services, while increasing customer acceptance

Cost control and strong profitability: 3Q14 CASM(1) at USD 8.9 cents, lowest unit cost producer in the . EBITDAR margin of 27% and EBIT and net income margin of 9%

Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 million, well funded for future growth

Notes: (1) Converted to USD at an average exchange rate corresponding for the period, $13.1114 Ps. 3 Fourth quarter 2014 demand and traffic results continue to be encouraging

4Q14 Traffic results encouraging: Discipline maintained in domestic market and growth in international market • October and November traffic performed in line • December traffic saw an improving performance - Load factor stable at 82.1% and counter flows managed well - International demand outperformed the rest of the network - 992k booked passengers in December (+13.1% y-o-y)

Unit revenue indicators (TRASM) for 4Q14 and booking curve continue to be strong, in particular during December • Base fare and yield sequential recuperation, y-o-y growth • Non ticket revenue per passenger sequential growth - Ancillary combos were successfully launched - Seat selection increasing uptake - V-Club reached +100K memberships and +250K members - Cargo operation margin accreditive

New projects in 4Q14 • New mobile application was launched in December (IOS) - Manage promotions/discounts • Bus switching campaign resulted in a great success: - Education and trial plans went viral - Reached 20M impacts in social media and became trending topic in Twitter: 8.4M impact

Cost discipline and profitability • CASM under control despite pressure from the Mexican peso depreciation, offset by tailwind from declining fuel prices supporting margin expansion (though there is a pricing lag for jet fuel in Mexico) 4 We have been executing important improvements to our network and keeping a solid operational performance

Network diversification and tactical capacity re-deployment • Adjustments have yielded better results - More international ASMs (+14% during 4Q14 y-o-y) - Less concentrated in and with a shift to new markets such as is working well • Volaris increased network overlap with the three main domestic competitors - In 2014 we launched 40 routes: 28 domestic and 12 international  During 4Q 2014, Volaris increased capacity and opened 20 new routes - International capacity already represents 31% (December) which provides an increasing natural hedge against currency devaluation - Monterrey passenger market share already at 17%(1) despite collective expansion of all competitors

Operational performance • 4Q14 on time performance (84.7%), block hours (12 hrs.), maintenance A/c reliability (99.67%) • Up gauge to A320 slot operation at airport

Notes: (1) Market share of operated routes in MTY; figures updated as per DGAC report as of November 2014 5 Looking into 2015, managing disciplined growth

2015 capacity guidance • ASMs expected to grow 10-12% y-o-y -Domestic growth between 2-4% and international growth between 33-36%

Fleet • Five net aircraft additions • Retrofit in 1H15 of its A320 fleet and new deliveries configuration to add more seats per aircraft (179) • Two A321 deliveries in 2Q15 with 220 seats (ripe for Mexico City slot operation)

Macroeconomic and other tailwinds /headwinds • Improved GDP growth in Mexico and strong US GDP growth • Declining oil prices • Volatility of the Mexican peso / strong US dollar

6 Volaris – Mexico’s Ultra-Low-Cost Carrier’s snapshot at 30,000 feet

Serving to 54 destinations throughout Mexico and the US

Volaris’ destinations 2008 2013 CAGR Portland Unit cost (Midway/O’Hare) Sacramento (CASM ex-fuel; 5.5 5.5 0.0% Oakland Denver cents, USD)(1) San Jose Reno Fresno Sept. LTM Int. Passenger Los Angeles Ontario Pax Revenue demand 3.2 9.0 +23.0% San Diego 27% (RPMs, bn) Phoenix Tijuana Mexicali Ciudad Juárez Aircraft Sept. LTM Dom. 21 44 +15.9% Hermosillo Orlando Pax Revenue San Antonio (End of Period) Chihuahua 73% Ciudad Obregón Monterrey Fort Lauderdale Passengers Los Mochis (2) 3.5 8.9 +20.5% (mm) La Paz Culiacán Zacatecas Tampico Los Cabos San Luis Potosí Mazatlán León Aguascalientes Mérida Operating revenue Tepic Querétaro Cancún (1) 397 1,018 +20.7% Guadalajara Morelia (mm, USD) Cd. de México/D.F. Colima Puebla Adj. EBITDAR Uruapan 67 220 +26.8% Tuxtla Gutiérrez (1) Oaxaca (mm. USD) Tapachula Adj. ROIC (pre- Domestic market share(3) 11.0% 15.1% +4.1pp tax) 20.7% 22.7% 23.1% 12.2%

Notes: (1) Converted to USD at an average annual exchange rate 2008 2012 2013 Nov YTD (2) Corresponds to the number of booked passengers 2014 (3) Based on number of passengers Source: Company data, SCT-DGAC 7 Volaris’ low base fares stimulate demand and drive continuing growth

Since its launch, Volaris has stimulated new demand in the Mexican market through an aggressive revenue management strategy that drives lower fares and higher load factors

Lower base Stimulation fares of demand

Resilient ULCC business model driving high, profitable growth Lower cost More ancillary revenue

More capacity

8 Volaris’ ULCC business model is clearly differentiated from legacies, hybrids and other LCC’s

Aeromexico VivaAerobus Volaris

CASM Sept. YTD 2014    

(cents, USD)(1) 13.9 13.3 9.7 9.0

Low ticket prices Sept. YTD 2014  ≈  

Average Fare (USD)(1) 165 106 45 87

Non-ticket rev. exc. Cargo Sept. YTD 2014    

Non-ticket rev. exc. Cargo per pax (USD)(1) 6.8 9.4 23.4 18.5

Modern & uniform fleet    

Average age fleet (years) 9.8 (2) 6.0 (2) 20.6 (2) 4.3

High daily utilization    

Block hours per day 11.4 8.7 8.4 12.4

Other/ eg. (No GDS)  ≈  

Legacy < Hybrid/LCC < ULCC

Notes; (1) Converted to USD at an average exchange rate corresponding for the period, $13.1167 Ps. (2) Figures updated as per DGAC report as of June 2014. Source: Company data, data public information, DGAC reports, MI DIIO 9 Volaris has a best-in-class unit cost structure

Lowest unit cost in the Americas(1)

CASM and CASM ex-fuel (September YTD 2014, USD cents)(3)

17.4

15.2 15.1 5.5 13.9 13.6 13.3 12.6 5.2 4.7 4.8 10.6 4.7 10.6 5.5 9.7 4.2 10.0 9.0 4.1 4.6 4.2 3.9 3.6 11.9 9.9 9.1 9.5 8.0 8.5 8.4 6.5 5.3 5.5 5.7 5.9

Avianca LatAm Aeromexico Gol Interjet Copa VivaAerobus SouthWest Allegiant Spirit DCOMPS US Network Latin American Carriers Best-In-Class Carriers(2) Denotes fuel US LCCs cost per ASM

Notes: (1) Based on CASM among the publicly-traded airlines (2) DCOMPS= Direct Competitors: Average CASM and CASM ex-fuel; US network carriers include: Delta, United, , (3) Non-USD data converted to USD at an average exchange rate corresponding for the period, $13.1167 Ps. Source: Company data, Airlines public information 10 Focus on fleet utilization and efficiency drives higher revenue and lower cost: A320 retrofit and A321 arrival(1)

High density configuration(3) Load factor Implied passengers Volaris A320 (Sept. YTD 2014) per aircraft(2) 179 seats per aircraft Aeromexico 737-800 82% 149 160 seats per aircraft

Interjet A320 Aeromexico 80% 128 150 seats per aircraft

VivaAerobus 737-300 Interjet 72% 108 148 seats per aircraft VivaAerobus 81% 120

High daily utilization(4) Young, fuel efficient fleet (4) Block hours per day (September YTD 2014) (3) Average age (Yrs, September YTD 2014)

12.4 11.4 20.6

8.7 8.8 8.4 8.1 10.4 8.8 5.8 4.2

(5) Aeromexico Interjet VivaAerobus Global Global VivaAerobus (5) Mexican Aeromexico (5) Interjet (5) A320 A319 Notes: average (1) A320 retrofit and factory fit to 179 seats/A321 arrival with 220 seats (2) Implied passengers per aircraft is calculated as available seats per aircraft multiplied by the load factor (3) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period) (4) Aeromexico and Interjet represent domestic competitors of Volaris (5) Fleet average age updated as per DGAC report as of June 2014 11 Source: Company data, airlines public information, DGAC, Airbus, miDiio Bus passenger shift to air travel

Significant upside for air travel Air travel time and cost savings

Total bus trips Total air travel trips Mexico City – Tijuana (mm) (mm) Travel time (Hrs) Fare (USD)(2,3)

2,781 40.5 145

36.5 hours less 24% cost savings 2,706

110

60 4.0 75 30 30 Bus (1) Air Bus (1)

2013 2013 • Mexico is almost three times the size of the state of International First, economy • The distance between Tijuana and Cancún is similar to the and other Domestic distance between and San Francisco • 4Q14 bus switching campaign resulted in a great success: Notes: (1) Executive and luxury class - Education an trial plans went viral (2) Fare figures calculated with average prices for September 2014 (3) Non-USD data converted to USD at an average exchange rate corresponding for the period - Reached 20M impacts in social media and became Source: Company data, Secretaría de Comunicaciones y Transportes (SCT) trending topic in Twitter: 8.4M impacts 12 Unbundled strategy: “Tú decides” – You decide

Flight At the Onboard Pre-flight(1) Post-flight planning airport aircraft

• V-Club • Seat • Excess • Advertising • Hotel subscription assignment baggage rooms (108k active • Food and suscriptions) • Change / • Checked beverage • Car rentals booking fees bag limited • Co-branded to 1 piece • Airport credit cards • Insurance (25kgs.) shuttle (101k active cardholders) • Packages • Carry-on (oversized) • Manage my •Additional forms booking of payment • Strollers

• VEmpresa • Priority boarding

• Check-in

Notes: (1) V-Club & Co-branded credit cards figures as of December 31th,2014 13 Acceleration of Volaris’ non-ticket revenues

Increased contribution of non-ticket revenue to the top line

2009 – 2013 CAGR: +57.6% 181

148 (1) 115

68

ticket revenue ticket 39 -

(USD mm) (USD 24 Non 2009 2010 2011 2012 2013 LTM Sep 14 Contribution to Operating 7% 7% 9% 13% 14% 18% Revenue Non-ticket revenue per passenger

Best-in class US LCC’s Volaris (USD)(1) (3Q14, USD)

54 2009 – 2013 CAGR: +24.0% 45

19.0 15.5 16.5 11.4 7.0 8.9

2009 2010 2011 2012 2013 LTM Sep 14 Allegiant Spirit

Notes: (1) Converted to USD at an average exchange rate corresponding for the period Source: Company data, Airlines public information 14 Attractive growth opportunities in Mexico and throughout the Americas

Domestic – growth potential of nearly 160 International – growth potential of about 154 routes (4) routes (4) Number of routes(1) Number of routes(2)

99 50 48 48 100 41 40 40 38 75

30 48 50 20 32 13 25 10

0 0 (3) USA (Leisure) USA (VFR) CAM, SAM, Canada, … Routes served Growth potential

Capacity – ASMs (Year-over-year change) 4Q14 FY14 FY15E Total 3.0% 8.5% 10% - 12% Domestic -0.7% 5.8% 2% - 4% International 14.0% 17.2% 33% - 36%

Notes: (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) South and northbound leisure routes (4) Figures calculated as of August 2014. 15 Source: Company data and DIIO MI Market Intelligence for the Aviation Industry Substantial growth opportunity in the US-Mexico VFR / leisure travel market

Portland 0.2mm San Francisco Bakersfield Chicago Denver 0.7mm 0.4mm 1.5mm Sacramento 0.5mm New York 0.3mm 0.5mm Fresno Philadelphia Las Vegas 0.5mm Washington 0.1mm 0.4mm San Jose Dallas 0.1mm 1.5mm 0.4mm Albuquerque Atlanta 0.2mm 0.3mm Phoenix San Antonio 0.9mm 1.2mm Houston Los Angeles 1.5mm 4.6mm Austin 0.4mm Tucson 0.3mm El Paso Orlando 0.6mm San Mission 0.1mm Tampa Bernardino 0.6mm Miami San 1.7mm 0.1mm Diego 0.1mm 0.9mm San Benito 0.3mm

Denotes Volaris Significant Mexican origin (1) presence population(2) of 33.7 million Denotes other cities with large in the US Mexican origin populations(1,2)

Notes: (1) Represents Mexican origin population figures as per population data released on May 26, 2011 (2) Mexican origin is based on self-described ancestry, lineage, heritage, nationality group or country of birth. Source: Pew Research Hispanic Center 16 Positive expansion, managing capacity and diversification of routes

Solid expansion for Volaris

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 1.5x

93 36 78 26 50 23 39 17

Dec '11 Dec '12 Dec '13 Dic '14 Dec '11 Dec '12 Dec '13 Dic '14

A significant portion of our capacity faces no competition(1)

Percentage of Volaris’ 1Q15 domestic capacity competing with:

67% 66%

30% 20%

Aeromexico Interjet Vivaaerobus Non-competed

Notes: (1) Capacity measured by ASM’s Source: Data company, SCT-DGAC, DIIO MI 17 Fleet and financials

18 A higher density fleet generates more incremental capacity with fewer additional aircraft

Projected fleet under current contracts (number of aircraft)(1)

29% 47% 18% 59 55 3 50 2 2 44 9 14 23

24 23 22 19

20 18 17 12

FY13 FY14 FY15 FY16 A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets % % of year-end fleet w/Sharklets Seat growth 7% 13% 14% Backlog of 64 Aircraft to support growth(2)

Notes: (1) Net fleet after additions and returns (2) Figure calculated as of the end of September 2014 Source: Company data 19 Solid financial performance

Operating revenues(1) Adj. EBITDAR(1)

1,200 250 1,018 1,013 220

1,000 887 200 188 178

800 714 140 150 536 117 600 100 374 100

400

(USD mm) (USD (USD mm) (USD 200 50 0 0 2009 2010 2011 2012 2013 LTM 2009 2010 2011 2012 2013 LTM Sep 14 Sep 14

Operating Revenues CAGR 2009 - 2013 LTM September 2014 Adj. EBITDAR margin

30% 28% 30.0% 27.9%

20% 20% 20.0% 17.5% 18.7% 17.8% 14%

10% 10% 10.0%

0% 0.0% Copa GOL LATAM Copa Gol AM

Note: (1) Converted to USD at an average exchange rate corresponding for the period Source: Company data, airlines public information 20

Solid balance sheet and liquidity, well funded for growth

LTM Liquidity – Cash and Equivalents / Op. Revenue • IPO provided sufficient liquidity / capital for growth over the next years • Minimal on-balance sheet debt 32.2% • USD $68mm(1) of financial debt as of September 2014 • Strong cash position 19.3% • USD $135mm of cash and equivalents as of September 2014 13.7% • Fully financed pre-delivery payments and 7.7% executed sale-leasebacks for all 5.9% deliveries in 2015 and 2016

Copa GOL (2) AM LatAm

Note: (1) Principal + interest debt (2) Includes IPO Smiles program proceeds Source: Company data, Airlines public information 21 Active in jet fuel hedging, reaching up to 45% of projected consumption for 2015

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

4Q14 26% $2.80 Swap

1Q15 29% $2.53 Swap/Call

2Q15 45% $2.15 Swap/Call

3Q15 45% $2.07 Call

4Q15 45% $2.07 Call

1Q16 10% $1.84 Call

2Q16 5% $1.70 Call

22 Appendix

23 Non-IFRS Terms Glossary

• Available seat miles (ASMs): Number of seats available for passengers multiplied by the number of miles the seats are flown.

• Block hours: Number of hours during which the aircraft is in revenue service, measured from the time it leaves the gate until the time it arrives to the gate at destination.

• Revenue passenger miles (RPMs): Means the number of miles flown by passengers.

• TRASM: Total revenue divided by ASMs.

• RASM: Passenger revenue divided by ASMs.

• CASM: Total operating expenses, net divided by ASMs.

• CASM ex fuel: Total operating expenses, net excluding fuel expense divided by ASMs.

• Load factor: RPMs divided by ASMs and expressed as a percentage.

• EBITDA: Earnings before interest, taxes, depreciation and amortization.

• EBITDAR: Earnings before interest, taxes, depreciation, amortization and aircraft rent expense.

• Adj. EBITDAR: EBITDAR adjusted by non-cash and non-recurring items.

• Adj. Debt: Financial debt plus seven times the aircraft rent expense.

• Adj. Net debt: Adj. Debt minus cash and cash equivalents.

• VFR: Passengers who are visiting friends and relatives.

24 Consolidated statements of operations summary

% of total September September operating MXN millions unless otherwise stated (2) 2012A 2013A YTD 2014A YTD 2014A (1) 3Q 2014A 3Q 2014A (1) revenues (USD (USD

millions) millions) Passenger 10,177 11,117 8,163 607 3,253 242 81.4 Non-ticket 1,510 1,885 1,915 142 742 55 18.6 Total operating revenues 11,687 13,002 10,078 749 3,995 297 100

Fuel 4,730 5,086 4,088 304 1,455 108 36.4 Aircraft and engines rent expense 1,886 2,187 1,860 138 637 47 16.0 Salaries and benefits 1,303 1,563 1,174 87 395 29 9.9 Landing, take off and navigation expenses 1,640 1,924 1,577 117 532 40 13.3 Sales, marketing and distribution expenses 752 704 590 44 238 18 6.0 Maintenance expenses 499 572 473 35 167 12 4.2 Other operating expense 288 347 333 25 123 9 3.1 Depreciation and amortization 211 302 205 15 87 6 2.2 Total operating expenses 11,309 12,685 10,301 766 3,634 270 91.0 6 EBIT 378 317 (222) (17) 361 27 9.0 Operating margin (%) 3 .2 2 .4 (2.2) (2.2) 9 .0 9.0

Finance income 14 25 17 1 7 0 0.2 Finance cost (90) (126) (23) (2) (9) (1) (0.2) Exchange (loss) gain, net (95) 66 112 8 116 9 2.9 Income tax benefit (expense) (3) (17) 18 1 (127) (9) (3.2)

Net income (loss) 203 265 (98) (7) 347 26 8.7 Net margin (%) 1.7 2.0 (1.0) (1.0) 8.7 8.7 Net income (loss) excluding special items (3) 203 379 (98) (7) 347 26 8.7

Adjusted EBITDAR 2,475 2,806 1,842 137 1,085 81 27.2 Adj. EBITDAR margin (%) 21.2 21.6 18.3 18.3 27.2 27.2 EPS Basic and Diluted (cents) 31.0 (9.7) (0.7) 34.3 2.6 EPADS Basic and Diluted (cents) 310.4 (96.5) (7.2) 343.2 25.5

Notes: (1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only (2) Audited financial information 2010A – 2013A (3) Excludes debt prepayment of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million. Source: Company data 25 Consolidated statements of financial position summary

September September

MXN millions unless otherwise stated (5) 2012A 2013A 2014A 2014A (1)

(USD millions) Cash and cash equivalents 822 2,451 1,814 135 Current guarantee deposits 238 499 651 48 Other current assets 755 1,050 900 67 Total current assets 1,815 4,000 3,365 250 Rotable spare parts, furniture and equipment, net 1,195 1,341 1,992 148 Non-current guarantee deposits 2,245 2,603 2,881 214 Other non-current assets 447 434 463 34 Total assets 5,702 8,378 8,701 647 Unearned transportation revenue 1,259 1,393 1,495 111 Short-term financial debt 527 268 271 20 Other short-term liabilities 1,936 2,211 2,256 168 Total short-term liabilities 3,722 3,872 4,022 299 Long-term financial debt 633 294 621 46 Other long-term liabilities 272 250 211 16 Total liabilities 4,627 4,416 4,854 361 Total equity 1,075 3,962 3,847 286 Total liabilities and equity 5,702 8,378 8,701 647 Net debt (2) 338 (1,889) (992) (69) Adjusted debt (3) 14,360 15,874 18,073 1,343 Adjusted net debt (4) 13,538 13,423 16,259 1,208

Nota: (1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only (2) Net debt = financial debt - cash and cash equivalents (3) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt (4) Adjusted net debt = adjusted debt - cash and cash equivalents (5) Audited financial information 2010A – 2013A Source: Company data 26 Consolidated statements of cash flows summary

September September MXN millions unless otherwise stated (2) 2012A 2013A YTD 2014A YTD 2014A (1) 3Q 2014 3Q 2014 (USD millions) (USD millions) Cash flow from operating activities Income (loss) before income tax 207 283 (116) (9) 474 35 Depreciation and amortization 211 302 205 15 87 6 Guarantee deposits (311) (620) (430) (32) (215) (16) Unearned transportation revenue 433 135 101 8 (445) (33) Changes in working capital and provisions (43) (61) 104 8 57 4 Net cash flows provided by (used in) operating activities 497 39 (136) (10) (42) (3) Cash flow from investing activities Acquisitions of rotable spare parts, furniture, equipment and intangible assets (856) (1,161) (1,090) (81) (370) (27) Proceeds from disposals of rotable spare parts, furniture and equipment 1,043 849 277 21 - - Net cash flows (used in) provided by investing activities 187 (312) (813) (60) (370) (27) Cash flow from financing activities Legal costs incurred on behalf of shareholders ------Net proceeds from initial public offering - 2,578 - - - - Transaction costs on issue of shares - (38) - - - - Proceeds from exercised treasury shares - 26 - - - - Interest paid (127) (65) (16) (1) (5) - Other financing costs - - (7) - (4) - Payments of financial debt (694) (1,084) (268) (20) - - Proceeds from financial debt 550 444 571 42 106 8 Net cash flows (used in) provided by financing activities (272) 1,861 280 21 96 7

Increase (decrease) in cash and cash equivalents 412 1,588 (669) (50) (316) (23) Net foreign exchange differences (31) 41 32 2 42 3 Cash and cash equivalents at beginning of period 441 822 2,451 182 2,088 155 Cash and cash equivalents at end of period 822 2,451 1,814 135 1,814 135 Notes: (1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only (2) Audited financial information 2010A - 2013A 27 Source: Company data Adj. EBITDA and Adj. EBITDAR reconciliation

September September MXN millions unless otherwise stated (2) 2012A 2013A YTD 2014A YTD 2014A (1) 3Q 2014 3Q 2014 (USD (USD

millions) millions) Net income (loss) 203 265 (98) (7) 347 26

Plus (minus): Finance costs 90 126 23 2 9 1 Finance income (14) (25) (17) (1) (7) (0) (Benefit)/provision for income taxes 3 17 (18) (1) 127 9 Depreciation and amortization 211 302 205 15 87 6 Business alliance amortization ------EBITDA 494 685 95 7 563 42

Exchange (gain) loss, net 95 (66) (112) (8) (116) (9) Other financing cost (income), net ------Adjusted EBITDA 589 619 (17) (1) 447 33

Aircraft and engine rent expense 1,886 2,187 1,860 138 637 47 Adjusted EBITDAR 2,475 2,806 1,842 137 1,085 81

Notes: (1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only (2) Audited financial information 2010A - 2013A Source: Company data 28