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

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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. This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this presentation as legal, tax or investment advice and should consult their own advisers in this regard. 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 Source: Source: DGAC (On board passengers, M) Market share the domestic marketdomestic the ULCC 2013 30 20 1 Growth 4 33 2015 Market Domestic 37 2 0 1 In the domestic and internationalmarkets, 6 42 2017 Volaris the is largest Mexican carrier 45 model made Volaris the lead operator in operatorin the lead Volaris made model 201 50 1H20198 26 (On board passengers, M) Market share 2013 44 15 18 15 3 5 30 2 Market International 01 4 44 16 17 15 5 32 20 1 5 45 17 15 13 4 6 36 2 01 6 45 17 13 12 5 7
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