: the leading ultra-low-cost serving , USA and Central America

ALTA Airline Leaders Forum

November 2016 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. These statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition, and future events and plans of the Company. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ significantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances. 2 Investor Q&A: Executive summary

Questions: Answers:

Growth potential in core and new markets, Important demand stimulation, bus switching Mexico, USA and Central America and international growth opportunities

Increase non-ticket revenues from current Ancillary revenue upside 24% of total operating revenues

Cost dilution and efficiency coming from Young and fuel efficient fleet aircraft and engine new technology and up- gauging

Construction of a natural hedge by way of P&L and balance sheet sensitivity to FX network diversification, USD revenues and robust balance sheet

ULCC strong financial performance and Airline comp set analysis growth potential

3 Growth potential in core and new markets, Mexico, USA and Central America In recent years, Mexico’s volume growth has been robust despite challenging economic environment

Mexico passenger market volume has increased since 2010

Passenger volume (millions)

CAGR: Main industry growth 8.2% drivers 80 75 • Strong demand and 61 13 increasing middle 57 67 class 50 52 27 • LCC gaining market 8 through low fares 18 -48% LCC share(3)

41 • High improvement 24 potential: -Domestic air trips per capita in 2010 2011 2012 2013 2014 2015 LTM Sep 2016 Mexico 0.25 vs. Domestic USA Other international Brazil 0.45 (1) Yoy growth 3.3% 4.0% 8.3% 8.3% 8.3% 12.3% 11.0% (2) GDP growth 5.1% 4.0% 3.8% 1.7% 2.1% 2.5% 2.1% GDP multiplier 0.6 1.0 2.2 5.0 3.9 4.9 5.2 3-5x GDP multiplier in (1) LTM September 2015 vs. LTM September 2016 growth (2) GDP growth expectations from Banxico October’s survey recent years 5 (3) Considers Volaris and VivaAerobus Jan-Sep 2016 Source: DGAC-SCT; INEGI; Banco de México Volaris has been consistently increasing market penetration, becoming the largest domestic LCC

Domestic carriers total market penetration (domestic and international)

On board passengers (million)

+2.9pp 33.9 37.3 40.7 47.0 34.6 39.0 100% 20.7 22.7 23.0 24.4 24.1 27.1 4.4 75% 3.6 4.1 4.0 4.1 10.7 4.2 10.2 9.8 9.6 9.6 11.1 21.3 50% 22.5 21.4 22.3 22.2 20.6

25% 42.8 41.0 41.8 39.6 39.9 37.1

0% 2012 2013 2014 2015 Jan-Sep Jan-Sep 2015 2016 Aeromexico Viva Others(1) Volaris

6 (1) , , TAR and AereoCalafia Source: DGAC-SCT Volaris has been the leading engine of growth for VFR and leisure markets in Mexico

Segment passenger CAGR Volaris vs. market (2010-2015) Volaris’ main growth drivers

• Low costs allow Volaris to offer lower fares and make flying possible Market Volaris growth growth • Fleet -Up-gauging: A320neo with 186 seats and A321 with 230 seats -Young and fuel efficient: average of 4.5 years; new generation aircraft • Productive network with high utilization -Around 20 new routes per year -Avg. 12.9 block hours/day in Sep 2016 YTD • High and healthy load factors -86.4% in Sep 2016 YTD

Sep YTD 2016, Volaris was the source of 50% of the growth among Mexican carriers

7 Note: Markets not mutually exclusive, contested domestic markets Source. Company data, public information Significant untapped growth opportunities

Domestic – growth potential of approx. 120 International – growth potential of approx.130 routes (4) routes (4) Number of routes (1) Number of routes (2)

50 100

40 75 30 50 20 25 10

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

In terms of air trips per capita Mexico has plenty potential to grow 2014 domestic air trips per capita(5)

2.05

+66M passengers to achieve ratio

0.55 0.45 0.42 0.27 0.25 0.21 0.04 0.01

USA Chile Brazil Colombia Peru Mexico Argentina Costa Rica Paraguay

(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 September 2016 8 (5) Data from ALTA Yearbook 2014 Source: Company data, SCT-DGAC and DIIO MI Market Intelligence for the Aviation Industry; ALTA Volaris contributed by stimulating demand from bus to air substitution

Significant upside for air travel Bus switching program

Total bus passengers Total air travel passengers in Mexico (mm) in Mexico (mm) Education

Mass media campaigns 2,918 Digital capabilities 2,758

Trial

2,683 2,834 Ticket giveaway #Nomáscamión

First sell

75 Strong conversion 55 38 rate 27 74 79 33 28 37 2012 2015 2012 2015 ULCC model

First, economy and Domestic Attracting 1st other time flyers ExecutiveExectutiveand and Luxury Luxury International 9 Source: Company data, Secretaría de Comunicaciones y Transportes (SCT), Dec. 2015 Volaris’ ULCC has potential to grow capacity in Mexican and international markets

Volaris continues diversifying its network Volaris’ ASMs (billion)

Volaris Costa Rica AOC ASM Domestic USA Other intl. opportunity of 3-4% ASMs in 2017 16.0 16 14.0 CAGR 11.8 (12-15) 12 10.9 9.2 Total: 15%

8 USA: 19%

4 Domestic: 13%

0 2012 2013 2014 2015 LTM Sep 2016 2016E 2017E Y-o-y 15.9 17.7 8.7 19.0 20.6 18-19 17-19 growth (%)

Medium-term Volaris Group ASM growth potential “in the teens” 10

Note: Excluding cargo and charters Volaris’ Costa Rican AOC provides growth potential in Central America

Central America key insights Potential markets

New York Chicago • The right market

- Costa Rica is top three middle class growth Los Angeles of LATAM - Costa Rica GDP growth of 4.2% accumulated in 2016 San Antonio Houston Orlando - Population of ~45M in Central America Miami - VFR potential in the region and to the USA, Costa Rica is the country with the most Cancun immigrants as a % of its population Mexico City - Bus switching potential Guatemala San Salvador • The right moment Managua Cartagena Caracas - No ULCC presence in the region San José, CR Medellin - Local competitors have 38% of capacity Bogota share while US carriers 46% - High average fare and yield environment Quito Guayaquil • The right ULCC model - Growth sustainable and proved model, easily translatable to Central America

- Ancillary revenue potential Lima

- USD denominated revenue contributing to La Paz FX natural hedge

Volaris’ Central American operation full potential of 18-22 aircraft 11 Source: World Bank, ALTA, MI-DIIO, CEPAL, Infare Ancillary revenue upside Ancillary product focus has accelerated non-ticket revenues

Non-ticket revenue per passenger (MXN)

369 338 CAGR (12-15) 18.4% 279

204 211

2012 2013 2014 2015 LTM Sep 2016

Non-ticket revenues $1.5bn Revenue growth: 3.5x $5.3bn (MXN)

13 Source: Volaris financial statements Already among industry leaders, our ancillary revenue still with upside potential

Non ticket revenue as a % of total revenue

2015

43 38 36 29 24 22 21 21 21 20

Spirit Allegiant Wizz Jet2.com Ryanair Volaris Jetstar Flybe Tigerair Alaska

Ancilary per 52 50 33 51 16 21 26 25 21 34 pax (USD) Y-o-y Var per pax. -1.1 10.6 -6.1 -9.7 -22.3 13.0 -14.4 -9.0 -8.3 8.9 (%)

14 Notes: Includes Cargo; YOY decrease on Volaris unit due to MXN depreciation Source: IdeaWorksCompany 2015 Ancillary Revenue Yearbook Four ancillary revenue growth avenues in the coming years

Full Potential

3 Presence More touch points to sell throughout customer journey 2 Price Dynamic pricing & revenue management 1 Product

Today 30+ product pipeline

4 Penetration: Data collection & Analytics

15 Volaris’ initiatives should drive towards further non-ticket revenues expansion

Innovative approaches towards growing ancillaries in both air an non-air services

Non-ticket revenue per passenger Sep YTD 16 (USD)

60 52 2 Full

5 potential 8 20

30 16

5 Not accessible for Volaris 16 under Mexican legislation 0 Spirit Volaris

First Checked bag Other bag Booking fee Other Seats Changes

(1) Converted into USD at an average exchange rate for the period of $18.26 16 (2) Breakdown between first bag and additional baggage estimated Source: Airlines public data Young and fuel efficient fleet A young and efficient fleet with high seat density is the key to a achieve lower fuel burn

Fleet age (years) Fuel consumption (gal/RPM (000))

4.6 15 4.1 4.2 3.8 3.5 14

13

12

2012 2013 2014 2015 2016E Average seats per aircraft Sep YTD fuel gallons/ RPM (000)

178 21.4 18.6 19.4 168 16.0 16.5 16.6 16.6 165 12.9 13.7 13.9 163 159

2012 2013 2014 2015 2016E

(1) Data for 1H 2016 18 (2) DCOMPS: direct competitors; include American, United, Alaska and Delta Volaris expects to bring further cost dilution with new technology and fleet up-gauging

Airbus’ New Engine Option (NEO) is expected to bring at least a 15% fuel burn efficiency per seat

A320neo fuel consumption efficiency per seat A321neo fuel consumption efficiency per seat

A320ceo A321ceo A320ceo w/sharklets A320neo A321ceo w/sharklets A321neo 0% 0%

3% 3%

-6% -6%

-12% -12%

15-16% 15-16% -18% -18%

19 Source: Airbus, Pratt & Whitney Volaris’ fleet plan supports its strategy to drive lower unit costs

Contractual fleet obligations (number of aircraft)(1)

98 • A321 (CEO and NEO) 88 6 - 230 seats (up-gauge) 82 6 10 - ~10% CASM dilution(2) 0 75 6 10 70 2 10 10 • A320 NEO 10 40 2 8 18 28 - Combined fuel consumption reduction by approx. 15-16% per (2) 28 28 seat 28 28 28 • A320 CEO with sharklets 15 15 - Fuel consumption reduction by 15 13 approx. 3%(2) 15 12 12 5 3 2 2016E 2017E 2018E 2019E 2020E A319 A320 A320 w/sharklets A320 NEO w/sharklets A321 w/sharklets A321 NEO w/sharklets

Note: NEO stands for the Airbus new engine option; CEO stands for the Airbus current engine option 20 (1) Net fleet after additions and returns (2) Source: Airbus P&L and balance sheet sensitivity to FX Volaris’ diversified network and balance sheet contributes to a natural hedge for FX volatility above & below the operating line

Constructing a better FX hedge

~1/3 revenues from USD ops. All international flights priced in USD, Sep YTD international passenger volume growth of 28%, further network diversification (USA, Central America)

~2/3 costs still FX linked Fuel, rents, maintenance, international airports

Balance Sheet Strategy Maintaining a high net USD monetary asset position generates an FX gain below the line

22 Volaris’ net USD monetary asset position provides an earnings buffer versus FX volatility

Volaris net USD monetary asset position has USD assets increased

USD monetary position (USD, million) Volaris’ has dollarized monetary assets in the following main lines: 700 • Cash and cash equivalents 112 • Aircraft maintenance deposits 534 • Deposits for rental of flight equipment

144

Net USD monetary asset position USD$588 M

588 FX rate variation(1) MXN$2.29 390

Estimated YTD net FX gain(2) below EBIT line MXN$1,349 M Dec 2015 Sep 2016 Net USD position USD liabilities

23 (1) Exchange rate variation from September 2016 vs. December 2015 (2) Does not contemplate realized exchange rate effect during the period Airline comp set analysis Volaris’ financial performance is comparable to best- in-class ULCCs around the world

Sep YTD 2016 ASM growth (y-o-y) Sep YTD 2016 EBITDAR margin

24% 39% 37% 37% 37% 22% 35% 33% 20% 19% 19% 29% 29% 26%

14%

9%

6% 5%

25 (1) Data for 1H 2016 Source: Company data, airlines public information, Bloomberg Volaris’ peers should have the similar profitability and growth profile

 North American ULCCs & LCCs  International ULCCs & LCCs

• Ryanair • Spirit Airlines • Low market share • Underpenetrated air • Wizz • Allegiant Travel • Mature market market • AirAsia • Similar model • Gaining market share • Southwest Airlines • Different growth • Similar model • Easyjet • JetBlue Airways potential • Similar growth potential • IndiGO • Virgin America • Emerging market • Cebu • WestJet Airlines economies • Tiger

≈ LatAm carriers  US Legacy carriers

• Copa Holdings • Different business • Delta Air Lines • Different business model • American Airlines model • LATAM • Different growth • United Continental • Mature market • Grupo Aeromexico potential • Alaska Air Group • Different growth • Avianca • Hawaiian Holdings potential • Gol Linhas Aereas

26