Volaris, the Mexican Market Leader with Strong Ultra Low-Cost DNA and a Diversified High Growth Strategy

Volaris, the Mexican market leader with strong Ultra Low-cost DNA and a diversified high Growth strategy

September 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. 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. Mexican market leader with strong Ultra low-cost DNA

- The #1 lowest cost Growth airline - Diversified Growth to underpenetrated markets - Among the largest-high Growth foreign operators into the U.S. - High Growth and superior operational performance - Among the Top 3 Lowest unit-cost publicly traded airlines worldwide #1 ULCC Growth airline on the continent with a point-to- point network across North and Central America

Volaris serves 66 destinations throughout Mexico (40), U.S. (23) and Central America (3) CAGR 2008 2018 The Growth path (08-18) ASMs 4.9 21 (millions) 15.7%

Aircraft 21 77 (End of period) 13.8%

Routes 42 194 (End of period) 16.5%

Passengers 3.5 18.4 (mm) 17.9%

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

Unit cost(1) 5.5 4.1(2) (CASM ex-fuel USD cents) -2.9%

(1) Converted to USD at an average period exchange rate 4 (2) Information from 2008-2016 does not include IFRS16, information from 2017 and onwards includes IFRS 16 Among the largest-high Growth foreign operators in the United States market

Volaris in the U.S.

Destinations in the U.S. Passengers in the transborder market

+23% +21%

Volaris Frontier Codeshare

Over 100 routes in 23 destinations and 77 new additional codeshare destinations, 16M passengers carried in the throughout Frontier’s network transborder market historically

5 Note: Information as of June 2019 Codeshare agreement between Frontier and Volaris supports Growth and 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. • Volaris is one of the foreign carriers with most direct routes to the U.S. • Including the Frontier codeshare, we now connect almost 100 U.S. destinations with our Mexican markets

Benefits

• Strong connectivity potential • The codeshare allows Volaris to operate more than 100 new connecting routes • This represents 77 new U.S. destinations for Volaris

1H19 increased Load Factor by 3.3 p.p. on the transborder market

6 Volaris’ Costa Rica and El Salvador AOCs provide diversified Growth to underpenetrated markets

Central America key insights Long-term potential markets • Volaris holds Airline Operating Certificates (AOCs) in Costa Rica and El Salvador • Volaris operates additional direct flights from Central America to: - Los Angeles (LAX) - Nueva York (JFK) - Washington Dulles (IAD) • The right market - Costa Rica and El Salvador are top middle- class markets with natural VFR demand - Over one million passengers transported since the beginning of operations in Central America • The right moment - No ULCC presence in the region • The ULCC model - Proven model, easily translatable to Central America - USD denominated revenues and ancillaries contributing to FX natural hedge

South America It only represents 3.4%(1) of total capacity High Growth potential

7 (1) Information as of 2Q2019; includes Y4 and Q6 operations High Growth with superior operational performance

Capacity and Demand Metrics Operational Statistics

Jun19 Jun18 Var % 1H19 LTM LTM RPMs On-time performance (in millions, scheduled & 19,370 16,653 16.3% (arrival +15min) 82.0% charter) ASMs Schedule completion (in millions, scheduled 22,752 19,790 15.0% (% ops. revenue /ops. 99.5% & charter) scheduled) Maintenance reliability Seats 24,005 20,417 (% ops revenue-delays)/ (in thousands) 17.6% 99.4% ops. revenue) Avaliable seat miles per Load Factor 85.1% 84.1% aircraft per day (ASM / (in %, scheduled) +1 p.p. 842k aircraft / day) Passengers Stage length (in thousands, scheduled & 20,259 17,153 18.1% (miles) 953 charter) Domestic market share Full-time employees per 30.2% 27.6% (on board passengers) +2.6 p.p. aircraft (EoP) 57

International market share 7.1% 6.7% (on board passengers) +0.4 p.p.

Average Base Fare $52.5 $54.6 (USD) -3.8%

8 Top 3 Lowest unit-cost publicly traded airline worldwide

Sustainable unit cost advantage

CASM and CASM ex-fuel (2Q2019(1) USD cents) Cost structure

In line with best-in-class • Young and fuel-efficient fleet ULCCs CASM ex-fuel - Average age of 4.7 years CASM - Maximum seat configuration (allowed by the regulator) - New technology: NEO engines and sharklet roll-out with fuel consumption reduction of ~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. For purposes of the presentation AirAsia information FY2018 (2) According to Airbus public information Latin American carriers: Avianca, Azul, Copa, Aeromexico, LATAM and Gol U.S. LCCs: Southwest, Allegiant, Jet Blue, Spirit. US Legacy carriers Delta, American Airlines, Alaska Airlines and United Airlines 9 Note: Non-USD data converted to USD using an average exchange rate for the period Volaris ULCC Growth model made U.S. the lead operator in the domestic market ULCC Growth model made Volaris the lead operator in the domestic market Domestic Market International Market Market share Market share (On board passengers, M) (On board passengers, M) 30 33 37 42 45 50 26 30 32 36 39 44 47 25 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

8 4 6 4 5 6 7 8 9 1 1 1 1 1 0 201 01 01 0 2013 20 2015 2 2017 2013 2 20 2 20 2 1H2019 1H201 In the domestic and international markets,

Volaris is the largest Mexican carrier 11 Source: DGAC ULCC model in a point-to-point network, generates higher Growth in the VFR and first-flyers markets Domestic passenger evolution In 2018, Volaris carried 18.4M (1Q2015 - 2Q2019) passengers; more than 1M(1) were first-time flyers, in a diversified 40% more passengers carried point-to-point network than our closest competitor Volaris (during June 2019)

VFR traffic and the bus market Aeromex remain our most important drivers of Growth, 82% of our customers Interjet would not travel by bus again(1)

Viva

The ultra-low-cost model penetration in the Mexican market will to continue growing throughout 2019 and beyond

Low fares stimulate faster Growth

(1) Internal NPS survey 12 Source: Airlines public information; DGAC Volaris’ widely diversified point-to-point network is less dependent on Mexico City airport Total market seats per competitor in Volaris point-to-point network Mexico City airport (1H2019)

• High geographic diversity - 196 routes; 67 airports • Point-to-Point network with no hub- and-spoke model - Capacity allocation well-diversified through all Volaris’ network

Volaris has been the pioneer in more than 75 routes that previously had no service Note: For purposes of the presentation, information excludes small competitors and Volaris’ operations to Central America Mutually Exclusively and Collectively Exhustive 13 Source: MI-DIIO Volaris’ bus Switching strategy supports our Growth in Mexican underpenetrated markets

Volaris Massive bus market Population potential + = bus Switching

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

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

Sources: World Bank 2017, NPS, Navitaire (1) Internal Data for 2018, Secretaría de Comunicaciones y Transportes (SCT), 2018 14 Volaris’ bus Switching strategy supports our Growth: Lower base fares generate market stimulation

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

Route Volaris Hrs. bus* Hrs. Culiacan-Tijuana 564 2.2 1,100 15.5 Guadalajara- 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

9 3 5 7 competes only with 08 0 10 11 12 1 14 1 16 1 18 0 0 0 0 0 0 (1) 2 20 2 20 2 20 2 20 2 20 2 Jun19M the bus market LT

Note: Volaris has lower base fares than buses in bus segments above 6 hours long (1) FY2018 information *Fares by segment observed in December 2018 15 Source: Banco de Mexico and ground carriers public information The Non-ticket revenue Growth drives top-line margin expansion Non-ticket revenue per passenger Volaris’ ancillaries' strategy • 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 U.S. - Multi-currency processing service 2011-2018 CAGR: 19% - More touch-points to sell ancillaries 514 throughout the journey 479 426 382 • Benefit from network diversification 338 279 204 211 142 Increasing non-ticket revenue allows

2011 2012 2013 2014 2015 2016 2017 2018 2Q19 us to reduce base fares further and

stimulate demand 16 (1) Financial information converted to USD using an average exchange rate for the period only for purposes of the presentation Volaris Growth is supported by our Digital channel's strategy that represents approximately 70% of our sales

High Growth in revenues Great user acceptance Proven functionallity • $136M USD in sales • 6M App downloads • 99.7% reliability 2Q2019 compared with (AWS*) $81M USD in 2Q2018, • 1.1M users in June 2019 +169% (813K in June 2018) • Our mobile app is the #5 downloaded app in • App rating iOS 4.8 and Mexico Android 4.1

• App store position #5

Now 90% of Mexican internet users have a smart phone vs. 22% in 2009 Source: ODS,Google Analytics, iOS App and Google Play stores 17 * AWS: Amazon Web Services Volaris’ fast adoption of NEO Fleet supports our Lowest unit-cost position Volaris’ fast adoption of NEO Fleet supports our Lowest unit-cost position NEO fleet commitments (number of aircraft including CEO)(1)

102 97 • A321 (CEO and NEO) 87 12 20 • 230 seats (up-gauge) 77 80 6 • ~10% CASM dilution(2) 71 5 69 4 • A320 CEO with sharklets 1 6 12 16 25 32 37 56 10 10 • Fuel consumption reduction by ~3%(2) 2 10 10 10 10 • NEO eco-technology family 10 • Fuel consumption reduction by 36 43 43 43 41 • ~14-19% per seat(2) 40 40 32 • Reduces the emission of 5,000 tons of 18 15 CO2 and 50% of NOx per year 12 8 8 6 3 3 • Decreases acoustic footprint by 50% 2015 2016 2017 2018 2019E 2020E 2021E 2022E 6 • Efficient fleet utilization: • Average aircraft utilization of 12.9 A319 A320 A321 A320neo A321neo block hours (1H19) • 186 Seats per aircraft as of June 2019 NEO % 8 21 26 36 45 56

To support fleet replacement and Growth: 80 eco-technology aircraft Follow-on Order: 2022 to 2026

(1) Net fleet after contractual additions and returns. The Company fleet schedule is subject to changes 19 (2) Source: Airbus public information Volaris’ strong Financials for continued Growth Healthy Balance Sheet and liquidity, supporting Growth

• Unrestricted cash of $8.1 billion pesos (USD $424 million) as of June 30th, 2019 Cash and cash equivalents as a (1) • Total Financial Debt of $4.1 billion pesos (USD % of LTM June 2019 Operating Revenue $212 million): - $1.5 billion pesos related to the issuance of 29% Volaris is NYSE listed, 28% asset backed trust notes - CEBUR (5-year 26% SEC registered and program) under SOX compliance - USD $183 million on PDPs financing facility • Negative net debt position of $4.0 billion pesos th (2) (USD $211 million) as of June 30 , 2019 15% 15% 15% • Adjusted net debt to EBITDAR ratio at 4.4x • USD-denominated collections from tickets sold were 44% by the end of 2Q2019 (natural FX hedge) 5% • Aircraft deliveries until 2022 are fully financed, including the pre-delivery payments: - Secured Sale and Lease back financing of 22 Gol Copa Volaris Aeromexico Azul Latam Avianca NEO aircraft • Expected 2019 net CAPEX (USD $170 to $190 million): - PDPs: from USD $95 to $105 million, net of PDP reimbursements (include 3 A/c delivery) Adj. ROIC pre-tax of 16.2% - Major maintenance: from USD $65 to $70 million (Jun19 LTM) - Other: from USD $10 to $15 million

(1) Public information for 2Q2019. Excluding lease liability recognized under the IFRS16 adoption 21 Source: Airlines public information Low cost to Lowest unit-cost evolution- No excuses

Sequential unit-cost reduction CASM ex-fuel (% y-o-y)

CASM ex-fuel 1Q2017-2Q2019 (MXN $cents) 0%

-5 -4.6 1Q2017 Levels -5.8 -10

-15 -14.8 -15.3 -16.3 -17.1 --20 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

CASM ex-fuel (MXN cents) 83.5 78.0 75.3 76.8 78.6 74.5

CASM ex-fuel (USD cents) 4.4 4.0 4.0 3.9 4.1 3.9 Savings from cost reduction initiatives of MXN $4.2B (1Q2017-1Q2019) Volaris continuous. focus on the Lowest unit-cost

LTM economic impact taking 1Q2017 as a base 22 * TRASM Does not include IFRS 16 “natural hedge” adoption ** CASM ex-fuel 2017 does not include IFRS 16 .

Volaris maintains strong Growth and plenty Profitability

Revenues (MXN bn) Revenue CAGR 2011 – June 2019 LTM

2011 – LTM Jun19 CAGR: 17%

30.7 18% 27.3 17% 24.8 23.5

18.2 14.0 9% 13.0 7% 11.7 6% 8.9 5% 3%

2011 2012 2013 2014 2015 2016 2017 2018 LTM Azul Volaris Aeromex Latam Gol Copa Avianca Jun19 EBITDAR (MXN bn) 2Q2019 EBITDAR margin

2011 – LTM Jun19 CAGR: +26% 8.9 8.0 31% 6.5 6.6 28% 28% 5.9 24% 23% 22% 18% 17%

2.8 3.1 2.5

1.2 5%

2011 2012 2013 2014 2015 2016 2017 2018 LTM Allegiant Azul Volaris Copa Gol SW Aeromex Latam Avianca Jun19 23 Diversified future More Growth opportunities to come

“The Mexican air travel market is still far from maturity, with tens of millions of people never having traveled by plane. using its low fares, Volaris is gradually convincing more and more Mexicans to travel by air rather than by intercity bus. With the domestic air travel market set to expand at a high rate for the foreseeable future, Volaris should be able to grow to many times its current size over the next couple of decades. The rapid growth of the Mexican air travel market means that supply and demand can sometimes get out of balance, leading to volatility in Volaris' profitability. However, over the long term, Volaris should be able to deliver massive earnings growth for its shareholders…”

Yahoo Finance, July 2019 Volaris ULCC model has room to Grow in significant untapped markets In terms of air trips per capita Mexico has plenty potential to Grow 2018 air trips per capita (domestic)(1) 40M potential additional passengers at Chile’s level 2.26 2.38

0.72 0.53 0.45 0.37 0.40 0.33 0.25 0.25 0.24 0.13 0.25 0.29

United States Brazil Chile Colombia Peru Mexico Argentina Domestic – Growth International – Growth potential of approx. 67 routes potential of approx. 117 routes Number of routes(2) Number of routes(3)

50 100 40 75 30 50 20

10 25

0 0 USA (VFR) USA (Leisure) CAM, SAM, Canada, Caribbean

(1) Public information sources: U.S. Department of Transportation, U.S. Census Bureau, ANAC BR, IPEA, JAC, INE Chile 2018 estimates, Aeronautica Civil de Colombia, DANE 2018 preliminary data, MTC Peru (Peru public information FY2017), DGAC Mexico (2) Minimum stage length of 170 miles (3) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America 25 Notes: Growth potential figures calculated as of April 2019 Corporate Sustainability Program

Management Strategy Environmental compliance Labor Relations & Practices, . Lowest-cost operator in the Americas and reporting Employee Wellbeing . Productive diversified network (point to . CO2 compensation (Bonos de . Inclusion point, efficient use of aircraft and crews) carbono –Mexican Stock Exchange) . Safety and health . Operational efficiency and reliability . Compliance (CORSIA, Reg. de . Talent attraction, development & . Grow demand through lower fairs Emisiones Nacionales) retention attracting 1st flyers . Disposal of hazardous materials . Volunteering programs Governance Structure Environmental internal policy Human rights & community relations . Financial Transparency/FCPA . “Cielito Limpio” program . ECPAT . Risk & crisis management . Recycling & paperless initiatives . Access & affordability . Code of business conduct . Awareness campaigns (Serpiente . Reuniendo Familias Program . Information security & privacy protection Emplumada) . Avión Ayuda Program Corporate Affairs . Advocacy activities in private industry forums Customer Welfare, Privacy & Data . Policy influence Security, Safety Fuel consumption management . PR and brand management . Security Policy . Young and fuel-efficient high- density fleet (CO2 emissions and . Personal Data Protection Policy noise benefits) . Digital Customer Care program

Focused on return of investment, meeting the needs of the present without compromising the needs of future generations 26 Volaris’ consistent execution of its ULCC business model well positioned for Growth Volaris’ Ultra Low-cost DNA Opportunities

Mexican market leader with a strong Attractive Mexican and Central American Ultra low-cost model markets underserved

Continuous geographic diversification #1 ULCC growth airline on the continent through international growth: with a diversified and Frontier Codeshare, Costa Rica and El resilient point-to-point network Salvador AOCs

High growth and Top 3 lowest unit cost publicly-traded superior operational performance airline worldwide

Huge Mexican bus transfer and Bus to air substitution strategy 1st time flyer market opportunity

Proven ancillary revenue model and Non-ticket revenue growth drives succesful price unbundling top-line margin expansion

Volaris strong financials Sustained profitability with support continued growth strong Balance Sheet

27 Appendix 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)

29 (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

30 (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

2Q2019 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 2Q2019 beat and a better Stanley profitability outlook Outstanding 2Q2019 results: More capacity Rogerio Araújo UBS Buy Jul 26th 13.5 Growth, 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 2Q2019 th 21 Ronny Berger HSBC Buy Jul 26 (MXN TP) results; yields continue to improve on moderating competition

31 Consolidated statements of operations summary

Three months ended Unaudited June 30, 2019 Three months Three months ended Variance (In millions of Mexican pesos) (USDs)* 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 USDs 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 32 (2) 2Q2019 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) (USDs)* 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 USDs at end of period exchange rate for convenience purposes only 33 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) (USDs)* 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 USDs 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 34 1) Includes inflows of Ps.1,500 million related to the issuance of 15,000,000 asset backed trust notes (certificados bursátiles fiduciaries) Air traffic market development in Mexico is not directly correlated to GDP

Mexican air market and Volaris on-board passengers growth (2013-2018)

30% GDP Market Volaris 20

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

Source: DGAC, Banxico 35 In Volaris’ specific markets, the economy is performing better

GDP per state - Mexico Volaris domestic – Top 10 core markets (2018 vs 2017) (2018 vs 2017)

10% 1.0 -1M Mexico’s GDP 2018

8 Volaris’ domestic additional seats (M) -0.8 GDP per state (%) 0.7 6 6 -0.6 5 4 4 -0.4 3 3 0.3 3 3 0.3 3 0.2 2 0.2 0.2 0.2 0.2 2 2 -0.2 0.1

0 -0 Jalisco Baja Quintana Mexico Sinaloa Nuevo Guanajuato B. C. Chihuahua Yucatan California Roo City Leon Sur (GDL,PVR) (TIJ) (CUN) (MEX) (CUL) (MTY) (BJX) (LAP, SJD) (CUU) (MID)

Source: INEGI 36 Other key economic metrics are also important for Volaris´ Growth and appear more positive

Positive Positive

Remittances (M, USD) Positive (2017-Jun'19) Positive 3,500 3,000 2,500 2,000 1,500 8 9 9 1 n'18 n'1 n'1 17 a u a n' Jun'17 J J J Jun' Ja

Source: INEGI, Banxico, Bloomberg 37