Aeromexico Interjet Vivaaerobus Volaris

The Leading Ultra-Low-Cost Airline Serving Mexico and the US

May 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 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. 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 first quarter 2015 financial results

Disciplined capacity management: International ASMs grew 31% in 1Q YoY, while domestic ASMs grew 4% for same period as a continuous domestic capacity discipline. Total ASMs grew 11% during the quarter.

Total operating revenues: Increase 36% for the 1Q YoY, reaching Ps. 3,768 million. TRASM increased to Ps. 123.8 cents (+22% YoY).

Costumer acceptance for our ancillary revenue strategy: Non-ticket revenue excl. cargo per pax reached Ps. 319 (US. $21(1)), an increase of +53% for the quarter YoY; driven by improved ancillary bundles, revenue management for bag and seats fees and new products.

Costs control & strong profitability: Maintaining lowest unit cost in the Americas, CASM of US $7.5 cents, decreased 16% YoY (CASM excl. fuel US $5.2 cents); EBITDAR margin for the period 32% (+26.1 pp, YoY).

Positive cash flow generation, well funded for growth: Net increase of cash by Ps. 862 million, mainly driven by operating activities. Unrestricted cash of Ps. 3,156 million (US $208 (1) million), 21% of LTM revenues.

Notes: 3 (1) Converted to USD at March end of period spot exchange rate corresponding for the period, $15.1532. Volaris – Mexico’s Ultra-Low-Cost Carrier’s snapshot at 30,000 feet

Serving to 60 destinations throughout Mexico, US. Recently announced Guatemala and Costa Rica

Volaris’ destinations 2008 2014 CAGR

Unit cost (CASM ex-fuel; 5.5 5.4 -0.4% cents, USD)(1)

Passenger demand 3.2 9.7 +20.5% LTM Int. Pax (RPMs, bn) Revenue 28%

Aircraft 21 50 +15.6% (End of Period)

Passengers 3.5 9.8 +18.7% (mm)(2) Operating revenue 397 1,056 +17.7% (mm, USD)(1) Adj. EBITDAR LTM Dom. Pax 67 232 +23.0% Revenue 72% (mm. USD)(1)

Adj. ROIC (pre- Domestic market share(3) 11% 14% +3 pp. tax) 23.8% 20.5% 23.1% 23.3% 12.2% Notes: (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 2008 2012 2013 2014 Mar YTD 4 Source: Company data, SCT-DGAC 2015 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 Interjet VivaAerobus Volaris

CASM LTM March 2015    

(cents, USD)(1) 13.2 12.5 9.9(3) 8.4

Low ticket prices 1Q 2015  ≈  

Average Fare (USD)(1) 144 88 57 78

Non-ticket rev. exc. Cargo 1Q 2015    

Non-ticket rev. exc. Cargo per pax (USD)(1) 9.2 6.6 23.1 21.3

Modern & uniform fleet  ≈  

Average age fleet (years) 8.0 6.4(2) 19.7(3) 4.5

High daily utilization    

Block hours per day 11.4(2) 8.8(2) 8.4(3) 11.8

Other/ eg. (No GDS)  ≈  

Legacy < Hybrid/LCC < ULCC

Notes; (1) Converted to USD at an average exchange rate corresponding for the period (2) Figures updated as per latest public reports as of December 2014 (3) Figures updated as per latest public reports as of September 2014 6 Source: Company data, data airlines public information, DGAC reports, MI DIIO Volaris has a best-in-class unit cost structure

Lowest unit cost in the Americas(1)

CASM and CASM ex-fuel (LTM March 2015, USD cents)(3)

17.4

14.6 5.3 14.8 13.2 12.5 12.4 12.1 4.1 4.7 4.0 10.2 10.5 4.0 9.9 4.7 3.7 9.2 8.4 3.7 3.8 4.2 3.3 3.1 12.0 10.5 9.4 9.2 8.5 8.4 7.7 6.5 6.7 5.3 5.6 5.8

Avianca (4) LatAm Aeromexico Interjet Gol 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, Alaska Airlines, American Airlines (3) Non-USD data converted to USD at an average exchange rate corresponding for the period (4) Based on CASM among the publicly-traded airlines as of FY 2014. VivaAerobus as per latest public report as of September 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 (1Q 2015) per aircraft(2) 179 seats per aircraft Aeromexico 737-800 80% 143 160 seats per aircraft

Interjet A320 Aeromexico 77% 124 150 seats per aircraft

VivaAerobus 737-300 Interjet 70% 104 148 seats per aircraft VivaAerobus 81% 120

High daily utilization Young, fuel efficient fleet Block hours per day (1Q 2015)(4) Average age (Yrs, 1Q 2015)

11.8 11.4 19.7 8.8 8.8 8.4 8.1 10.5 8.9 6.4 4.5

(3) (3) (3) 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. VivaAerobus figures as of FY 2014 (3) Block hours per day figures updated as per DGAC latest reports. (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 Mexico City – 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 First, economy International and other • The distance between Tijuana and Cancún is similar to the Executive & Domestic distance between New York City and San Francisco luxury • 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 Source: Company data, Secretaría de Comunicaciones y Transportes (SCT) trending topic in Twitter: 8.4M impacts 9 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 31th,2015 10 Acceleration of Volaris’ non-ticket revenues

Increased contribution of non-ticket revenue to the top line

2009 – 2014 CAGR: +53.2%

206 223 (1) 148 115 68

ticket revenue ticket 39

- 24

(USD (USD mm) Non 2009 2010 2011 2012 2013 2014 LTM Mar 2015 Contribution to Operating 7% 7% 9% 13% 14% 19% 20% Revenue Non-ticket revenue per passenger

Best-in class US LCC’s Volaris (USD)(1) (1Q 2015, USD)

57 55 2009 – 2014 CAGR: +24.5%

21 22 15 17 11 7 9

2009 2010 2011 2012 2013 2014 LTM Mar 2015 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 126 International – growth potential of about 139 routes (4) routes (4) Number of routes(1) Number of routes(2)

50 48 48 100 99 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) FY14 1Q15 2Q15E FY15E Total 9% 11% 12%-13% 10% - 12% Domestic 6% 4% 5%-6% 2% - 4% International 17% 31% 33%-34% 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 March 2015. 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 93 43 78 36 50 23 26 39 17

Dec' 11 Dec' 12 Dec' 13 Dec' 14 Mar' 15 Dec' 11 Dec' 12 Dec' 13 Dec' 14 Mar' 15

A significant portion of our capacity faces no competition(1)

Percentage of Volaris’ 2Q15 domestic capacity competing with:

65% 66%

32% 18%

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) 65 60 2 5 55 5 50 2 2 8

15 20 28 28

17 16 13 13 18 17 12 9

FY14 FY15 FY16 FY17 A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets A321 NEO w/Sharklets

Seat growth 11% 13% 8%

% fleet w/Sharklets(3) 40% 58% 66% Backlog of 62 Aircraft to support growth(2)

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

Operating revenues(1) Adj. EBITDAR(1)

1,200 1,096 350 1,018 1,056 297 1,000 887 300 232 714 250 220 800 188 200 600 536 140 150 116 374 100

400 100

(USD (USD mm) (USD (USD mm) 200 50 0 0 2009 2010 2011 2012 2013 2014 LTM 2009 2010 2011 2012 2013 2014 LTM Mar '15 Mar '15

Operating Revenues CAGR 2009 - 2014 LTM March 2015 Adj. EBITDAR margin

30% 30% 27% 27%

23% 20% 20% 20% 18% 17% 18% 14%

10% 10% 7% 6%

0% 0% Copa Aeromexico Gol LatAm Copa Aeromexico Gol LatAm

Note: (1) Converted to USD at an average exchange rate corresponding for the period Source: Company data, airlines public information 17 Solid balance sheet and liquidity, well funded for growth

LTM Liquidity – Cash and Equivalents / Op. Revenue • IPO provided sufficient liquidity / capital for growth over the next years • Fully financed pre-delivery payments and 22.8% executed sale-leasebacks for all 21.0% 19.8% deliveries in 2015 and 2016 • A good liquidity position to strengthen our 14.4% balance sheet • Unrestricted cash of $3.2 billion pesos 8.9% (US$ 208 million (2)) as of March 31st 2015 • Negative net debt of $1.9 billion pesos (US$ 125 million (2)) as of March 31st Copa Gol (1) LatAm Aeromexico 2015.

Note: (1) Includes IPO Smiles program proceeds (2) Figures converted to USD December end of the period spot exchange rate $15.1542 for convenience purposes only Source: Company data, Airlines public information 18 Active in jet fuel hedging, reaching up to 45% of projected consumption for 2015 and 2016

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 45% $1.95 Call

2Q16 45% $1.97 Call

3Q16-4Q16 40% $2.00 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) 1Q 2015A 1Q 2015 (1) revenues (USD (USD millions) millions) Passenger 10,177 11,117 11,303 768 2,922 193 77.5 Non-ticket 1,510 1,885 2,733 186 846 56 22.5 Total operating revenues 11,686 13,002 14,037 954 3,768 249 100 Fuel 4,730 5,086 5,364 364 1,051 69 27.9 Aircraft and engines rent expense 1,886 2,187 2,535 172 755 50 20.0 Salaries and benefits 1,303 1,563 1,577 107 424 28 11.2 Landing, take off and navigation expenses 1,640 1,924 2,066 140 574 38 15.2 Sales, marketing and distribution expenses 752 704 817 56 216 14 5.7 Maintenance expenses 499 572 665 45 181 12 4.8 Other operating expense 288 347 468 32 118 8 3.1 Depreciation and amortization 211 302 343 23 103 7 2.7 Total operating expenses 11,308 12,685 13,833 940 3,422 226 90.8 6 EBIT 378 317 204 14 346 23 9.2 Operating margin (%) 3.2 2.4 1.5 1.5 9.2 9.2 Finance income 14 25 23 2 9 1 0.2 Finance cost (90) (126) (32) (2) (4) (0) (0.1) Exchange (loss) gain, net (95) 66 449 30 86 6 2.3 Income tax expense (3) (18) (39) (3) (131) (9) (3.5) Net income 203 265 605 41 306 20 8.1 Net margin (%) 1.7 2.0 4.3 4.3 8.1 8.1 Net income excluding special items (3) 203 379 605 41 306 20 8.1 Adjusted EBITDAR 2,475 2,806 3,081 209 1,204 79 32.0 Adj. EBITDAR margin (%) 21.2 21.6 22.0 22.0 32.0 32.0 EPS Basic and Diluted 0.29 0.31 0.60 0.04 0.30 0.02 EPADS Basic and Diluted 2.94 3.10 5.98 0.41 3.03 0.20

Notes: (1) Full year 2014 and 1Q 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.1532, respectively, 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) 1Q 2015 1Q 2015A (1) (USD (USD millions) millions) Cash and cash equivalents 822 2,451 2,265 154 3,156 208 Current guarantee deposits 238 499 545 37 582 38 Other current assets 755 1,050 879 60 727 48 Total current assets 1,815 4,000 3,689 251 4,465 295 Rotable spare parts, furniture and 1,195 1,341 2,223 151 2,191 145 equipment, net Non-current guarantee deposits 2,245 2,603 3,541 241 3,709 245 Other non-current assets 447 434 452 31 720 48 Total assets 5,702 8,378 9,905 673 11,085 731 Unearned transportation revenue 1,259 1,393 1,421 97 1,960 129 Short-term financial debt 527 268 823 56 851 56 Other short-term liabilities 1,936 2,211 2,524 172 2,834 187 Total short-term liabilities 3,722 3,872 4,768 324 5,646 373 Long-term financial debt 633 294 425 29 405 27 Other long-term liabilities 272 250 242 16 229 15 Total liabilities 4,627 4,416 5,435 369 6,279 414 Total equity 1,075 3,962 4,470 304 4,806 317 Total liabilities and equity 5,702 8,378 9,905 673 11,085 731 Net debt (2) 338 (1,889) (1,017) (69) (1,900) (125) Adjusted debt (3) 14,360 15,874 18,990 1,290 20,135 1,329 Adjusted net debt (4) 13,538 13,423 16,725 1,136 16,979 1,120

Notes: (1) Full year 2014 and 1Q 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.1532, respectively, 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) 1Q 2015A 1Q 2015A (1) (USD millions) (USD millions) Cash flow from operating activities Income before income tax 207 283 644 44 437 29 Depreciation and amortization 211 302 343 23 103 7 Guarantee deposits (311) (620) (695) (47) (79) (5) Unearned transportation revenue 433 135 27 2 539 36 Changes in working capital and provisions (43) (61) 14 1 (51) (3) Net cash flows provided by operating activities 497 39 334 23 949 63 Cash flow from investing activities Acquisitions of rotable spare parts, furniture, equipment and intangible assets (856) (1,161) (1,603) (109) (208) (14) Proceeds from disposals of rotable spare parts, furniture and equipment 1,043 849 418 28 157 10 Net cash flows provided by (used in) investing activities 187 (312) (1,185) (81) (51) (3) Cash flow from financing activities Payments of Treasury Shares - - (7) (0) - - 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) (9) (1) Other financing costs - - (11) (1) - - Payments of financial debt (694) (1,084) (400) (27) (149) (10) Proceeds from financial debt 550 444 966 66 121 8 Net cash flows (used in) provided by financing activities (272) 1,861 525 36 (37) (2)

Increase (decrease) in cash and cash equivalents 412 1,588 (326) (22) 862 57 Net foreign exchange differences (31) 41 141 10 29 2 Cash and cash equivalents at beginning of period 441 822 2,451 167 2,265 149 Cash and cash equivalents at end of period 822 2,451 2,265 154 3,156 208

MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 1Q 2015A 1Q 2015A (1) (USD (USD millions) millions) Net income 203 265 605 41 306 20

Plus (minus): Finance costs 90 126 32 2 4 0 Finance income -14 -25 (23) (2) (9) (1) (Benefit)/provision for income taxes 3 18 39 3 131 9 Depreciation and amortization 211 302 343 23 103 7 Business alliance amortization ------EBITDA 494 685 995 68 536 35

Exchange (gain) loss, net 95 -66 (449) (30) (86) (6) Other financing cost (income), net ------Adjusted EBITDA 589 619 547 37 449 30

Aircraft and engine rent expense 1,886 2,187 2,535 172 755 50 Adjusted EBITDAR 2,475 2,806 3,081 209 1,204 79