Volaris: The #1 ULCC Serving , USA and Central America

June 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 , 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. Volaris is the largest point-to-point domestic carrier and the #1 foreign airline with the most destinations in the U.S.

Serving 67 destinations throughout Mexico (40), USA and Central America (27)

CAGR 2008 2018 (08-18) Unit cost (CASM 5.5 4.5 -1.9% ex-fuel; cents,USD)(1)

ASMs 4.9 21 15.7%

Aircraft 21 77 13.8% (End of period)

Routes 42 194 16.5% (End of period)

Passengers (mm) 3.5 18.3 17.9% Destinations Volaris Operating revenue 4.4 27.3 20.1% (bn, MXN) Frontier

Adj. EBITDAR (bn. 0.7 5.9 23.8% MXN)

3 (1) Converted to USD at an average period exchange rate Sequential TRASM improvement and continuous CASM ex-fuel reduction TRASM improvement (% y-o-y)

CASM ex fuel reduction (% y-o-y)

4 The Mexican aviation market continues to be a high growth emerging market

Passengers from Mexico (2014-2018) CAGR 100M 96 (14-18) 90 83 10% 80 75 67 Other 8% 60 International

US 32% Volaris’ 40 contribution for domestic growth (1) 20 Domestic 11%

0 2014 2015 2016 2017 2018 Growth 8 12 11 9 7 (%)

Emerging markets grow far more and faster

(1) For 2006-2018 period than developed markets 5 Source: DGAC ASM deployment in line with first time travelers’ volume growth

May May Variance 2019 2018 Volaris ASMs evolution RPMs (in millions, scheduled & charter) Domestic 1,309 1,038 26.0% International 513 407 26.3% Total 1,822 1,445 26.1% 15% ASMs (in millions, scheduled & charter) 13 13 12 Domestic 1,443 1,174 22.9% 11 International 629 512 22.9% 10 9 Total 2,072 1,686 22.9% Load Factor (in %, scheduled) 5 Domestic 90.7% 88.4% 2.3 pp International 81.8% 79.7% 2.1 pp Total 88.0% 85.8% 2.2 pp 0 Passengers Domesc Internaonal (in thousands, scheduled & charter) Domestic 1,569 1,215 29.1% -5 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 International 357 286 25.1% Total 1,926 1,501 28.3% Load Factor 82.2% 85.7% 83.5% 86.5% 83.2%

Approximately 6% of our passengers are first time flyers and 10% considered taking a bus before purchasing a ticket on Volaris(1)

6 (1) 2018 NPS internal survey Air transportation market is still only a fraction of the bus market Significant upside for air travel Bus switching program Education Total bus passengers in Total air travel passengers Mass media campaigns Mexico (M) in Mexico (M) #Nomáscamión positioning Digital capabilities Trial

3,094 Ticket giveaway 96 #Nomáscamión 2,757 3,010 First sell 50 57 Strong conversion 2,683 rate 29 ULCC model

Attracting 1st time flyers 28 46 74 84 -We have identified ~38 million Mexicans that 20122012 2018 2018 20122012 2018 2017 have never traveled by plane(1) First, economy and other Domestic International Executive and luxury -A third of our 2018 growth was composed by first time air travelers

(1) Internal data for 2018 7 Source: Secretaría de Comunicaciones y Transportes (SCT), 2018 More passengers fly with Volaris due to low fares, even lower than buses(1)

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

Route Volaris Hrs. Bus* Hrs. Culiacan- 564 2.2 1,100 15.5 - 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 has no airline competition(2)

(1) In segments above 6 hours (2) FY2018 information *Fares by segment observed in December, 2018; passengers and base fare smoothed using 12 months simple moving average 8 Source: Banco de México and ground carriers public information Volaris is now the market leader in domestic market showing the ULCC model penetration

Domestic Market International Market Market share (On board passengers, M) 30 32 36 39 44 47 13 30 33 37 42 45 50 12 5 5 6 7 7 7 7 53 15 15 34 13 8 9 25 12 16 11 08 10 11 15 712 17 713 17 713 17 715 17 617 16 518 15 49 44 44 45 45 46 46

8 9 8 3 5 6 1 1 6 7 1 1 1 15 1 1 01 '19 0 20 0 0 2 Q 20 2014 2 20 2017 1Q' 2013 2014 2 2 20 1 9 Source: DGAC Volaris with only 14% of total seats offered at the AICM

Total market seats per competitor 2018 AICM’ seat share by competitor 2018

Note: Excluding small competitors and Central America for Volaris; MECE 10 Source: MI-DIIO Non-ticket revenues continue to grow, with upside potential Non-ticket revenue per passenger Volaris (MXN) per passenger Ancillaries • Apply revenue management 2011-2018 CAGR: 19% techniques 517 479 - Pricing by route, season, day 429 - Fully dynamic pricing for some products 381 338 - Focus on our most important ancillary 279 products 204 211 142 • Add products - New products & services: Third fare, membership programs (Vclub, Vpass), 2011 2012 2013 2014 2015 2016 2017 2018 1Q19 YaVas travel experience platform Best-in class ULCCs, including first bag fee - Enhancements to existing products (1Q 2019(1) as % of total operating revenue)(2) • Improve digital channels - Expansion of our payment portfolio, now 50% 51% offering deferred payments to US citizens 43% - Multi-currency processing service 36% - More touch-points to sell ancillaries throughout the journey • Benefit from network diversification

Non-ticket Volaris Ryan Air Wizz Spirit revenue per pax Increasing non-ticket revenue allows to $27 $21 $32 $56 (USD) reduce fare further and stimulate demand (1) public information for 1Q 2019 11 (2) Financial information converted to USD using an average exchange rate for the period only for purposes of the presentation Volaris’ Costa Rican AOC provides growth potential in Central America and to the U.S.

Central America key insights Long-term potential markets • Volaris holds Foreign Air Carrier Permit in the U.S. for its Costa Rican operations -Direct flights: -Los Angeles (LAX) -Nueva York (JFK) -Washington Dulles (IAD) • The right market - Costa Rica is top three middle class growth of LATAM (GDP growth of 4.6% in 2017) • The right moment - No ULCC presence in the region • The ULCC model - Growth sustainable and proved model, easily translatable to Central America - USD denominated revenue contributing to FX natural hedge

1 million total passengers since the beginning of operations in CAM; however it represents 3.6%(1) of total ASMs

(1) Information for 1Q19 period 12 Source: World Bank, ALTA, MI-DIIO, CEPAL Infare, Banco Central de Costa Rica between Frontier and Volaris, supporting growth in Load Factor

First codeshare between two Ultra Volaris and Frontier’s networks Low Cost Carriers • Frontier business model is aligned to Volaris’ ULCC model • Codeshare operating in 23 connecting stations and over 167 new connecting routes. This represents 71 new US destinations for Volaris

Benefits

• During the 1Q 2019 this represented 3.6% of customers flying on México-US routes • Building on Volaris’ 2019 organic growth forecast, these connecting stations will continue to provide additional opportunities for the customer

Strong connectivity potential

13 Volaris’ fleet plan driving lower unit costs, NEO fleet as our main competitive structural advantage Fleet Commitments (number of aircraft)(1)

102 97 • A321 (CEO and NEO) - 230 seats (up-gauge) 87 12 20 (2) 77 80 6 - ~10% CASM dilution 69 71 4 5 1 6 12 16 25 32 37 56 10 10 • A320 NEO 2 10 10 10 - Fuel consumption reduction by 10 (2) 10 approx. 14-19% per seat 36 43 43 43 41 40 40 32 • A320 CEO with sharklets - Fuel consumption reduction by 18 15 12 8 8 6 3 3 approx. 3%(2) 2015 2016 2017 2018 2019E 2020E 2021E 2022E 6 • All PDP requirements fully A319 A320 A321 A320neo A321neo financed for next three year deliveries NEO % 8 21 26 36 45 56

Backlog of 109 aircraft to support growth and fleet replacement(3)

Note: NEO includes new P&W GTF engine option; CEO includes classic IAE V2500 engine option (1) Net fleet after contractual additions and returns, although we cannot guarantee that our fleet will increase as indicated in the table above (2) Source: Airbus 14 (3) As of March 2019: 29 commitments and 80 follow-on order aircraft, until 2026 Significant untapped opportunities

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 potential of International – growth potential of approx. 67 routes 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) Chart based con public information from: US Department of Transportation, US Census Bureau, ANAC BR, IPEA. JAC, INE Chile 2018 estimates, Aeronaútica Civil de Colombia, DANE 2018 preliminary data, MTC Peru (Peru public information FY2017), DGAC México. (2) Minimum stage length of 170 miles (3) Minimum stage length of 200 miles; CAM stands for Central America; SAM stands for South America 15 Notes: Growth potential figures calculated as of April 2019 Volaris among the top three lowest cost operators in the world

Long-term unit cost advantage

CASM and CASM ex-fuel (1Q 2019(1) USD cents) Cost structure

In line with best-in-class • Economies of scale ULCCs - Dilute fixed costs - High seat density • Young and fuel efficient fleet 14.6 13.2 - Sharklet roll-out 12.3 11.6 2.9 - Average age of 4.8 years 11.2 11.0 10.4 - NEO Engines rollout 3.5 2.7 9.2 9.2 8.9 8.7 2.8 - Lower fuel burn 8.3 3.2 3.5 7.8 7.0 3.2 7.2 6.5 6.6 2.6 • Productive network 3.0 2.7 3.3 2.3 - Point-to-point 11.6 3.5 2.5 2.7 2.4 2.3 9.7 9.6 - No connections complexity 8.0 8.8 7.5 7.2 6.7 6.1 5.6 6.1 5.5 • High aircraft utilization 4.1 4.8 4.5 4.3 4.5

Continued cost WW LCCs Latin American carriers US LCCs US network carriers CASM ex-fuel improvement CASM potential

(1) Public information for 1Q 2019. In the case of Indigo information is as of 4Q 2018 (2) DCOMPS = Direct Competitors: Delta, , and United, showing average CASM and CASM ex-fuel 16 Note: Non-USD data converted to USD using an average exchange rate for the period Strong balance sheet and liquidity, well funded for continued growth

Liquidity-cash and equivalents as a % of as of March 2019 LTM Op. Revenue

29% 27% 25% • Unrestricted cash of $7.1 billion pesos (US$365 million) as of March 31st , 2019.

14% 12% • Net cash position of $4.0 billion pesos 11% (US $207 million) as of March 31st , 2019(1) 6% 3% • Fully financed pre-delivery payments for deliveries until 2022 Copa Gol Volaris Azul Aeromexico Latam Adj. net debt / EBITDAR December 2018 LTM • Expected 2019 net CAPEX (US $170 to 13.0x $190 million): Volaris has 100% of operational leases - PDPs: from US $95 to $105 million, net of PDP reimbursements (includes 3 A/c delivery) - Major maintenance: from US $65 to (1) 6.3x 6.5x 6.6x $70 million 4.8x - Other: from US $10 to $15 million 3.9x 3.5x

1.7x

Copa Gol Latam Azul Avianca Aeromexico Volaris Interjet (1) Excluding supplemental and contingent rent for adjusted debt 17 Source: Airlines public information. In the case of Azul, Latam and Avianca public information LTM December 2018 .

High growth and solid financial performance

Revenues EBITDAR

10 30 2011 - 2018 CAGR: +17% 27.3 2011 - 2017 CAGR: +25.5% 8.9 24.8 23.5 6.5 6.6 18.2 5.9

14.0 15 13.0 5 11.7 (MXN bn) (MXN (MXN bn) (MXN 8.9 2.8 3.1 2.5 1.2

0 0 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018 Revenue CAGR 2011 – 2018(1) 1Q 2019 EBITDAR margin(2)

19% 17% 16%

10% 9%

6% 6% 4%

Azul Volaris InterjetAeromexico Latam Copa Gol Avianca

(1) Airlines public information December LTM 2018 18 (2) In the case of Copa, Azul, Latam, Avianca and Interjet public information is as of 4Q 2018 which does not includes IFRS 16 accounting standards Volaris’ consistent execution of its ULCC business model well positioned for growth Accomplishments Opportunities

Strong penetration of Mexican air travel A growing middle class, a point-to-point market network and the VFR market

Diversified and resilient point-to-point Geographic diversification, bus Network and an elastic demand for low switching, high aircraft utilization and fares Codeshare(1) Continuous route competiton vs. bus Bus to air substitution network

Successful price unbundling Upside in ancillary revenue

Fleet plan and high utilization; y healthy Sustainable long term cost reduction capacity Management

Financial resilience and dollarized Permanent seek for Return on Balance sheet investment Competitive leasing rate factors RFP for new order from 2020 to in the market 2022

(1) On January 16, 2018; Volaris and executed a Codeshare agreement, which has gotten regulatory approvals 19 On August 23, 2018; Volaris began operations of codeshare flights with Frontier Appendix Consolidated statements of operations summary

Three months ended March 31, Three months ended Unaudited 2019 Three months March 31, 2018 Variance (In millions of Mexican pesos) (US Dollars) *Ended March 31, 2019 (Adjusted) (%) Operating revenues: Passenger revenues 360 6,976 5,610 24.4% Fare revenues 239 4,629 3,886 19.1% Other passenger revenues (1) 121 2,347 1,724 36.1% Non-passenger revenues 11 216 240 (10.0%) Other non-passenger revenues (1) 8 154 192 (19.7%) Cargo 3 62 49 28.0% Total operating revenues 371 7,192 5,850 22.9% Other operating income - - (1) (100%) Total Fuel expense, net 138 2,683 2,175 23.4% Depreciation and amortization 67 1,292 1,071 20.6% Landing, take-off and navigation expenses 64 1,232 1,124 9.6% Salaries and benefits 44 852 746 14.1% Maintenance expenses 18 353 346 2.0% Sales, marketing and distribution expenses 14 271 357 (24.1%) Aircraft and engine rent expense 12 227 317 (28.4%) Other operating expenses 13 256 258 (0.7%) Operating expenses 370 7,166 6,395 12.1% Operating income (loss) 1 26 (545) NA Finance income 2 38 34 12.2% Finance cost (26) (503) (395) 27.2% Exchange gain, net 60 1,154 1,564 (26.2%) Comprehensive financing result 36 689 1,202 (42.7%) Income before income tax 37 715 658 8.7% Income tax expense (10) (196) (196) (0.2%) Net income 27 519 461 12.5%

* Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. (1) The figures of 1Q 2018 includes a reclassification from “other non-passenger revenues” to “Other passenger revenues” of Ps.77 million, as result of the 21 IFRS 15 adoption. Consolidated statements of financial position summary

March 31, 2019 Unaudited March 31, 2019 December 31, 2018 (In millions of Mexican pesos) (US Dollars)* Unaudited (Adjusted) Assets Cash and cash equivalents 365 7,071 5,863 Other current assets 139 2,704 2,269 Guarantee deposits 32 615 791 Total current assets 536 10,390 8,923 312 6,052 5,782 Rotable spare parts, furniture and equipment, net Right of use assets 1,668 32,334 31,986 Other non-current assets 479 9,287 9,055 Guarantee deposits 343 6,639 6,337 Total non-current assets 2,490 48,260 47,378 Total assets 3,026 58,650 56,301 Liabilities Lease liabilities 230 4,448 4,970 Financial debt 86 1,661 1,212 Other short-term liabilities 556 10,796 7,945 Total short-term liabilities 872 16,905 14,127 Financial debt 72 1,392 2,311 Accrued liabilities 7 134 137 Lease liabilities 1,803 34,936 34,586 Other liabilities 18 357 328 Employee benefits 1 19 18 Deferred income taxes 66 1,282 1,096 Total long-term liabilities 1,967 38,121 38,476 Total liabilities 2,839 55,026 52,603 Total equity 187 3,624 3,698 Total liabilities and equity 3,026 58,650 56,301

22 *Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only. Consolidated statements of cash flows summary

Three months Three months Three months ended March 31, Unaudited ended March 31, 2019 ended March 31, 2018 (In millions of Mexican pesos) (US Dollars)* 2019 (Adjusted)

Net cash flow provided by operating activities 193 3,731 2,404 Net cash flow used in investing activities (20) (379) (313) Net cash flow used in financing activities (106) (2,063) (1,246) Increase in cash and cash equivalents 67 1,290 844 Net foreign exchange differences (4) (82) (478) Cash and cash equivalents at beginning of period 303 5,863 6,951 Cash and cash equivalents at end of period 365 7,071 7,317

23 * Peso amounts were converted to U.S. dollars at end of period exchange rate for convenience purposes only