The Leading Ultra-Low-Cost Serving and the US

March 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 Solid fourth quarter 2014 results confirm reversal of trend

Disciplined capacity management: International ASMs grew 14% in 4Q and 17% FY, while Domestic ASMs remained stable for the quarter, supporting yield recovery. Total ASMs grew only 3% during the quarter and 8.5% for the year.

Total operating revenues: Increase 24% for the quarter and 8% full year, reaching Ps. 3,958 million and Ps. 14,038 million, respectively.

Continuous non-ticket revenue growth: Non-ticket per passenger reached Ps. 313 (US $23 (1) ) and Ps. 279 (US $21 (1) ), for the quarter and full year; an increase of 61% and 31%, respectively. Year end non-ticket revenues represent 19% of Total Revenues.

Costs control & strong profitability: CASM ex fuel was Ps. 74.4 cents (US 5.37cents (1) ) during 4Q and Ps. 71.6 (US 5.38 cents (1) ) FY; maintaining lowest unit cost in the Americas. EBITDAR margin of 31% and 22%, an increase of 16.1 p.p. and 0.4 p.p., for the quarter and FY, respectively.

Positive cash flow generation, strong balance sheet and good liquidity: Net increase of cash by Ps. 342 million for the quarter; generating 16% of LTM revenues and negative net debt (or positive net cash position) of Ps. 1,017 million.

Notes: (1) Converted to USD at an average exchange rate corresponding for the period. 3 Volaris – Mexico’s Ultra-Low-Cost Carrier’s snapshot at 30,000 feet

Serving to 57 destinations throughout Mexico and the US

Volaris’ destinations 2008 2014 CAGR Portland Unit cost (Midway/O’Hare) Sacramento (CASM ex-fuel; 5.5 5.4 -0.4% Oakland Denver cents, USD) (1) San Jose Reno Fresno FY14 Int. Pax Passenger Los Angeles Ontario Revenue 28% demand 3.2 9.7 +20.5% San Diego (RPMs, bn) Phoenix Mexicali Dallas Ciudad Juárez Aircraft 21 50 +15.6% FY14 Dom. Pax Hermosillo Houston Orlando San Antonio (End of Period) Revenue 72% Chihuahua Ciudad Obregón Fort Lauderdale Passengers Los Mochis (2) 3.5 9.8 +18.7% Torreón (mm) La Paz Culiacán Zacatecas Tampico Los Cabos San Luis Potosí Mazatlán León Durango Aguascalientes Mérida Operating revenue Tepic Querétaro Cancún (1) 397 1,056 +17.7% Morelia (mm, USD) Cd. de México/D.F. Colima Puebla Adj. EBITDAR Uruapan 67 232 +23.0% Tuxtla Gutiérrez (1) (mm. USD) Tapachula Adj. ROIC (pre- Domestic market share (3) 11.0% 13.5% +2.5pp tax) 20.7% 22.7% 23.0% 12.2%

Notes: 2008 2012 2013 2014 (1) Converted to USD at an average annual exchange rate (2) Corresponds to the number of booked passengers (3) Based on number of passengers, domestic and international passengers 4 Source: Company data, SCT-DGAC 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

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

Aeromexico VivaAerobus Volaris

CASM FY 2014 U U V V

(cents, USD)(1) 13.8 13.1 9.7 (2) 8.8

Low ticket prices FY 2014 U ≈ V V

Average Fare (USD) (1) 167 103 45 (2) 87

Non-ticket rev. exc. Cargo FY 2014 U U V V

Non -ticket rev. exc. Cargo per pax (USD) (1) 6.7 8.5 23.4 (2) 19.2

Modern & uniform fleet U ≈ U V

Average age fleet (years) 8.9 6.4 19.7 4.2

High daily utilization V U U V

Block hours per day 11.4 8.8 8.4 12.3

Other/ eg. (No GDS) U ≈ V V

Legacy < Hybrid/LCC < ULCC

Notes; (1) Converted to USD at an average exchange rate corresponding for the period, $13.2973 Ps. (2) Figures updated as per latest public reports as of September YTD 2014 Source: Company data, data public information, DGAC reports, MI DIIO 6 Volaris has a best-in-class unit cost structure

Lowest unit cost in the Americas (1)

CASM and CASM ex-fuel (FY 2014, USD cents) (3) 17.4

15.2 14.9 5.5 13.8 13.6 13.1 12.5 5.2 4.5 11.0 4.6 10.5 4.5 5.5 9.7 4.0 9.6 8.8 4.0 4.3 4.2 3.8 3.4 11.9 9.9 10.4 9.2 8.0 8.6 8.5 6.6 6.6 5.4 5.5 5.9

(4) (4) LatAm Gol(4) Interjet Copa VivaAerobus(4) SouthWest Allegiant Spirit DCOMPS Latin American Carriers US LCCs US Network Denotes fuel Carriers (2) 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, $13.2973 Ps. (4) Based on CASM among the publicly-traded airlines as of September YTD 2014 7 Source: Company data, Airlines public information Focus on fleet utilization and efficiency drives higher revenue and lower cost: A320 retrofit and A321 arrival (1)

High density configuration (5) Load factor Implied passengers Volaris A320 (FY 2014) per aircraft (2) 179 seats per aircraft Aeromexico 737-800 82% 147 160 seats per aircraft

Interjet A320 Aeromexico 79% 127 150 seats per aircraft

VivaAerobus 737-300 Interjet 72% 109 148 seats per aircraft VivaAerobus (3) 81% 120

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

12.3 11.4 19.7 8.8 8.8 8.4 8.1 10.5 8.9 6.4 4.2

Aeromexico Interjet VivaAerobus Global Global VivaAerobus Mexican Aeromexico Interjet A320 A319 Average

Notes: (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) Figures updated as per latest public reports as of September YTD 2014. (4) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period) (5) Aeromexico, Interjet and VivaAerobus represent domestic competitors of Volaris 8 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 – 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 30 75 30 Bus (1) Air Bus (1)

2013 2013 • Mexico is almost three times the size of the state of Texas Executive & International luxury • The distance between Tijuana and Cancún is similar to the First, economy Domestic distance between and San Francisco and other • 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 9 Source: Company data, Secretaría de Comunicaciones y Transportes (SCT) trending topic in Twitter: 8.4M impacts Unbundled strategy: “ Tú decides” – You decide

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

• V-Club subscription • Seat • Excess • Advertising • Hotel (113k active) assignment baggage rooms suscriptions) • Food and • Change / • Checked beverage • Car rentals • Co-branded credit booking fees bag limited cards (106k active to 1 piece • Airport cardholders) • Insurance (25kgs.) shuttle

• Manage my • Packages • Carry-on booking (oversized) •Additional forms • Vempresa of payment • Strollers

• Travel • Priority Commerce boarding

•IOS mobile app • Check-in

Notes: (1) V-Club & Co-branded credit cards figures as of January 31 th ,2015 10 Acceleration of Volaris’ non-ticket revenues

Increased contribution of non-ticket revenue to the top line

2009 – 2014 CAGR: +53.2%

206 (1) (1) 148 115 68

(USD(USDmm) mm) 24 39 Non-ticket revenue revenue Non-ticketNon-ticket 2009 2010 2011 2012 2013 2014 Contribution to Operating 7% 7% 9% 13% 14% 19% Revenue Non-ticket revenue per passenger

Best-in class US LCC’s Volaris (USD) (1) (FY 14, USD)

55 50 2009 – 2014 CAGR: +24.5%

21 15 17 11 7 9

2009 2010 2011 2012 2013 2014 Allegiant Spirit

Notes: (1) Converted to USD at an annual average exchange rate corresponding for the period Source: Company data, Airlines public information 11 Attractive growth opportunities in Mexico and throughout the Americas

Domestic – growth potential of nearly 122 International – growth potential of about 139 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 1Q15 FY15E Total 3% 9% 9% - 10% 10% - 12% Domestic -1% 6% 2% -3% 2% -4% International 14% 17% 30% -32% 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 December 2014. 12 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 13 Positive expansion, managing capacity and diversification of routes

Volaris offers more domestic routes than any other Mexican carrier

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 2x

93 36 78 26 50 23 39 17

Dec' 11 Dec' 12 Dec' 13 Dec' 14 Dec' 11 Dec' 12 Dec' 13 Dec' 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 14 Fleet and financials

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

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

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

Seat growth 7% 13% 14%

% fleet w/Sharklets (3) 18% 29% 47% Backlog of 60 Aircraft to support growth (2)

Notes: (1) Net fleet after additions and returns (2) Figure calculated as of February 2015 (3) Percentage of year-end fleet with sharklets 16 Source: Company data Solid financial performance

Operating revenues (1) Adj. EBITDAR (1)

1,200 250 232 1,018 1,056 220 1,000 887 200 188 800 714 150 140 116 600 536 100 374 100 (USDmm) (USDmm) 400 50 200

0 0 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014

Operating Revenues CAGR 2009 - 2014 Full year 2014 Adj. EBITDAR margin

30% 30% 28%

23% 22%

20% 20% 19% 18% 17% 14%

10% 10% 10%

0% 0% Copa GOL(2) LatAm (2) Copa Gol (2) Aeromexico

Note: (1) Converted to USD at an average exchange rate corresponding for the period (2) Figures updated as per latest annual public reports as of December 2013 17 Source: Company data, airlines public information Solid balance sheet and liquidity, well funded for growth

LTM Liquidity – Cash and Equivalents / Op. Revenue • IPO provided sufficient liquidity / capital 28.1% for growth over the next years • Fully financed pre-delivery payments and executed sale-leasebacks for all 19.3% deliveries in 2015 and 2016 • A good liquidity position to strengthen our 16.1% balance sheet • Unrestricted cash of $2.3 billion pesos as of December 31 st 2014. 7.4% 5.9%

Copa GOL (2,3) Aeromexico LatAm (3)

Note: (1) Principal + interest debt (2) Includes IPO Smiles program proceeds (3) Figures updated as per latest public reports as of September 2014 18 Source: Company data, Airlines public information Active in jet fuel hedging, reaching up to 45% of projected consumption for 2015

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

1Q15 29% $2.53 Swap/Call

2Q15 45% $2.15 Swap/Call

3Q-4Q15 45% $2.07 Call

1Q16 10% $1.84 Call

2Q16 5% $1.70 Call

19 Appendix

20 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.

21 Consolidated statements of operations summary

% of total operating MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 4Q 2014A 4Q 2014A (1) revenues (USD (USD millions) millions) Passenger 10,177 11,117 11,303 768 3,140 213 79.3 Non-ticket 1,510 1,885 2,733 186 818 56 20.7 Total operating revenues 11,686 13,002 14,037 954 3,958 269 100 Fuel 4,730 5,086 5,364 364 1,276 87 32.2 Aircraft and engines rent expense 1,886 2,187 2,535 172 675 46 17.1 Salaries and benefits 1,303 1,563 1,577 107 402 27 10.2 Landing, take off and navigation expenses 1,640 1,924 2,066 140 488 33 12.3 Sales, marketing and distribution expenses 752 704 817 56 227 15 5.7 Maintenance expenses 499 572 665 45 192 13 4.8 Other operating expense 288 347 468 32 134 9 3.4 Depreciation and amortization 211 302 343 23 138 9 3.5 Total operating expenses 11,308 12,685 13,833 940 3,532 240 89.2 6 EBIT 378 317 204 14 426 29 10.8 Operating margin (%) 3.2 2.4 1.5 1.5 10.8 10.8 Finance income 14 25 23 2 6 - 0.2 Finance cost (90) (126) (32) (2) (9) (1) (0.2) Exchange (loss) gain, net (95) 66 449 30 336 23 8.5 Income tax expense (3) (18) (39) (3) (57) (4) (1.4) Net income 203 265 605 41 703 48 17.8 Net margin (%) 1.7 2.0 4.3 4.3 17.8 17.8 Net income excluding special items (3) 203 379 605 41 703 48 17.8 Adjusted EBITDAR 2,475 2,806 3,081 209 1,239 84 31.3 Adj. EBITDAR margin (%) 21.2 21.6 22.0 22.0 31.3 31.3 EPS Basic and Diluted 0.29 0.31 0.60 0.04 0.69 0.05 EPADS Basic and Diluted 2.94 3.10 5.98 0.41 6.95 0.47

Notes: (1) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only (2) Audited financial information 2012A – 2013A (3) Excludes debt prepayment of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million. 22 Source: Company data Consolidated statements of financial position summary

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

(USD millions) Cash and cash equivalents 822 2,451 2,265 154 Current guarantee deposits 238 499 545 37 Other current assets 755 1,050 879 60 Total current assets 1,815 4,000 3,689 251 Rotable spare parts, furniture and equipment, net 1,195 1,341 2,223 151 Non-current guarantee deposits 2,245 2,603 3,541 241 Other non-current assets 447 434 452 31 Total assets 5,702 8,378 9,905 673 Unearned transportation revenue 1,259 1,393 1,421 97 Short-term financial debt 527 268 823 56 Other short -term liabilities 1,936 2,211 2,524 172 Total short-term liabilities 3,722 3,872 4,768 324 Long-term financial debt 633 294 425 29 Other long-term liabilities 272 250 242 16 Total liabilities 4,627 4,416 5,435 369 Total equity 1,075 3,962 4,470 304 Total liabilities and equity 5,702 8,378 9,905 673 Net debt (2) 338 (1,889) (1,017) (69) Adjusted debt (3) 14,360 15,874 18,990 1,290 Adjusted net debt (4) 13,538 13,423 16,725 1,136

Nota: (1) Figures converted to USD December end of the period spot exchange rate $14.7180, 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 2012A – 2013A 23 Source: Company data Consolidated statements of cash flows summary

MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 4Q 2014A 4Q 2014A (1) (USD millions) (USD millions) Cash flow from operating activities Income before income tax 207 283 644 44 760 52 Depreciation and amortization 211 302 343 23 138 9 Guarantee deposits (311) (620) (695) (47) (265) (18) Unearned transportation revenue 433 135 27 2 (74) (5) Changes in working capital and provisions (43) (61) 14 1 (90) (6) Net cash flows provided by operating activities 497 39 334 23 470 32 Cash flow from investing activities Acquisitions of rotable spare parts, furniture, equipment and intangible assets (856) (1,161) (1,603) (109) (513) (35) Proceeds from disposals of rotable spare parts, furniture and equipment 1,043 849 418 28 141 10 Net cash flows provided by (used in) investing activities 187 (312) (1,185) (81) (372) (25) Cash flow from financing activities Payments of Treasury Shares - - (7) - (7) - 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) (23) (2) (7) - Other financing costs - - (11) (1) (4) - Payments of financial debt (694) (1,084) (400) (27) (132) (9) Proceeds from financial debt 550 444 966 66 395 27 Net cash flows (used in) provided by financing activities (272) 1,861 525 36 245 17

Increase (decrease) in cash and cash equivalents 412 1,588 (326) (22) 342 23 Net foreign exchange differences (31) 41 141 10 108 7 Cash and cash equivalents at beginning of period 441 822 2,451 167 1,814 123 Cash and cash equivalents at end of period 822 2,451 2,265 154 2,265 154 Notes: (1) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only (2) Audited financial information 2012A - 2013A 24 Source : Company data Adj. EBITDA and Adj. EBITDAR reconciliation

MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 4Q 2014A 4Q 2014A (1) (USD (USD millions) millions) Net income 203 265 605 41 703 48

Plus (minus): Finance costs 90 126 32 2 9 1 Finance income (14) (25) (23) (2) (6) - (Benefit)/provision for income taxes 3 18 39 3 57 4 Depreciation and amortization 211 302 343 23 138 9 Business alliance amortization ------EBITDA 494 685 996 68 900 61

Exchange (gain) loss, net 95 (66) (449) (30) (336) (23) Other financing cost (income), net ------Adjusted EBITDA 589 619 547 37 564 38

Aircraft and engine rent expense 1,886 2,187 2,535 172 675 46 Adjusted EBITDAR 2,475 2,806 3,081 209 1,239 84

Notes: (1) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only (2) Audited financial information 2012A - 2013A Source: Company data 25