Company Update May 2021 Disclaimer

This presentation was prepared by Controladora Vuela Compañía de Aviación, S.A.B. de C.V., (d/b/a , the "Company") with the purpose of providing interested parties certain financial and other information of the Company. This presentation is confidential and may not be retransmitted or distributed to any other persons for any purpose whatsoever. This presentation is for discussion purposes and highlights basic information about the Company and this offering. Because it is a summary, it does not contain all the information that you should consider before investing. The information contained herein 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 should be read in conjunction with the base prospectus included in the registration statement, and the related prospectus supplement (including any information incorporated by reference therein), filed by Volaris with the Securities and Exchange Commission (the "SEC") in connection with the offering to which this presentation relates. You may get these documents by visiting EDGAR on the SEC website (www.sec.gov).

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 within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform of 1995 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. The risks and uncertainties regarding these forward-looking statements include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Report on Form 20 for the year ended December 31st, 2020, and in the Company’s other filings with the SEC, which are available at www.sec.gov.

Neither the SEC, the Mexican National Banking and Securities and Commission nor any other authority has approved or disapproved the information contained in this presentation, its accuracy or completeness. 2 Volaris is set and financially capitalized to grow and capture opportunities

Among the lowest cost in the world

Our ancillary revenue focus and point-to-point network support market leadership and stimulation

Demographics and bus to air substitution strategy fuels long term growth

Fast recovery in terms of ASMs during COVID-19 as Volaris fills the void created by current market opportunities and VFR resilience

Flexible fleet and labor contracts provide a unique toolset to capitalize on current and secular growth opportunities

Solid liquidity and best positioned to deliver return on invested capital (ROIC) 3 Company Overview The highest-growth ultra-low-cost carrier of Latin America

Volaris is the largest Mexican carrier (1) Volaris ultra-low-cost model Volaris has transported 141+ million passengers since inception and almost 11.8M since COVID-19 started • Ultra-low-cost serving , the U.S. and Central America

• Young fleet (5.3 yrs. on average) with 87 aircraft (35% ) (1)

• 13.7 M passengers in the LTM (1) NEW YORK

(1) WASHINGTON, D.C. • 419 daily flights

• 170 routes: 105 domestic and 65 international (1)

• 68 airports offered: 43 domestic and 25 international (1) – with opportunity to increase market share in Airport

• Highly productive airline with high asset utilization • 56 full time employees per aircraft with variable, performance - based compensation structure and only one union • 11.3 and 10.6 block hours per day in 2020 and 1Q21 • Operated 102% of capacity during December 2020 vs previous year GUATEMALA

SAN SALVADOR • Member of the Dow Jones Sustainability MILA Pacific Alliance Index

SAN JOSE since November 2020 • “Volaris” trademark received Famous Trademark Recognition by Note: (1) As of March 2021 the Mexican Institute of Industrial Property (“IMPI”) in April 2021 5 Volaris reached 38% domestic and 8% international market share in March 2021 Market share (On board passengers, M)

Domestic International

45.2 49.5 53.5 28.2 3.1 3.2 44.3 46.9 47.9 19.8 2.7 2.1 100% 100% 5.3 5.0 4.4 3.1 3.2 2.8

16.9 18.4 20.2 21.7 24.4 29.4 44.5 43.9 40.5 75 75 45.8 45.7 50.9 21.2 20.5 19.7 8.8 18.3 Other Others Foreign Viva 29.5 13.7 50 25.3 50 11.4 10.2 9.3 10.1 United 24.3 23.1 Aeromexico 8.6 American 29.1 27.7 11.6 Volaris 11.7 16.0 Viva 12.6 11.4 23.2 Interjet 6.3 7.9 9.9 25 25 5.5 9.0 Aeromexico 3.8 38.4 33.7 38.2 11.3 Volaris 27.5 28.4 31.3 16.8 17.2 15.8 11.3 10.2 6.9 6.7 7.9 11.2 7.9 8.5 0 0 2017 2018 2019 2020 Mar'20 Mar'21 2017 2018 2019 2020 Mar'20 Mar'21 Y4 LF % 88 81 86 89 Y4 LF % 81 77 74 81 VB 89* 81* 81* 85* AM 81 73 66 86 AM 84 68 64 65 6 Source: AFAC-SCT Strong, disruptive ultra-low-cost business model continues to see success, making air travel accessible to all

ASMs 1Q 2020= 106.9% of 2019 capacity CASM ex-fuel 1Q 2021= Capacity 94.3% of 2019 capacity (USD cents) increase 1Q 2020= $4.13 Cost 1Q 2021= $4.78 reduction

Resilient ULCC Ancillaries More Business Model (% of total revenues) ancillaries 1Q 2020= 35% Unrestricted cash and cash 1Q 2021= 49% equivalents (USD) 1Q 2020= $453M Average base fare 1Q 2021= $423M Low (USD) base 1Q 2020= $47 fares 1Q 2021= $37 Passengers More 1Q 2020= 5.2M customers 1Q 2021= 4.2M

7 As one of the lowest unit-cost operators worldwide we are uniquely positioned to continue a profitable growth strategy

Cost reduction

“True” low-cost business model that enables an extraordinary competitive advantage against peers

CY2019 CASM | USD cents (1)

CASM ex-fuel CASM

13.7

10.7 3.5 10.2 8.5 7.8 2.7 3.2 6.1 6.2 6.5 6.5 2.3 3.0 2.1 2.2 2.5 2.5 10.2 7.5 7.5 5.6 5.5 4.0 4.0 4.0 4.0

Wizz Air Air Asia Volaris Ryan Air Frontier Indigo US LCCs Latin American US Legacy Carriers Carriers

Source: Company Filings Note: Non-USD data converted to USD using an average exchange rate for the period for convenience purposes only (1) Presenting average CASM and CASM ex-fuel. "US LCCs": Southwest, Allegiant, Jet Blue, Spirit; "Latin American Carriers": , Azul, Copa, Aeromexico, LATAM and Gol; 8 "US Legacy Carriers": Delta, , and Significant opportunity for passenger growth transitioning from bus-to-air through low fares

Low base fares

Cheaper and faster travel options to provide further growth Lower prices have stimulated demand historically opportunity Volaris’ booked passengers (M) Average base fare (MXN) Average Fares (MXN) Travel Time (Hours) 30 1,500 Time BUS (1) BUS Savings

1,461 Culiacan - 1.9x 763 2.2 15.5 13.3

20 1,300 1.8x 2,243 Mexico - 1,235 3.8 29.7 25.9 Tijuana

2.4x 2,503 Bajio - 10 1,100 1,026 3.2 25.8 22.6 Tijuana

1.9x 1,330 Cancun - 717 2.6 25.9 23.3 Mexico 0 900 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 ~41% of routes compete only with buses (2) Note: Volaris has lower base fares than buses in bus segments above 6 hours long (1) Fares by segment observed in December 2019 9 (2) As of 1Q2021 For over a decade, Volaris has been the main source of the Air Travel market growth in Mexico and there is still room for further growth

Mexico remains an underpenetrated market with most of its growth during the recent years … with huge bus-switching opportunities… … and an emerging middle-class coming from Volaris…

Air Trips per Capita Bus-to-Air Market Potential (million passengers) Mexican Socioeconomical Profile (%)

Mexican Bus Market Volaris Potential Growth 2010 2025 1.7% (CAGR) 1.0 0.5 23.5 1.1 22.0 2.5 18.4 World (2019) = 0.6

Sources of growth

2018 Other Bus 2019 Other Bus 2021 switching switching

Mexico is still an underpenetrated market We will continue to exploit the potential to Volaris targets the emerging when compared with other economies convert bus passengers to the air market Mexican middle-class Market sources of future growth

Growing young population in Huge bus market subject to Consolidation of a middle- an underpenetrated market bus-switching class, young population

10 Source: World Bank, INEGI, SCT and CONAPO Non-ticket revenue accounted for 49% of total operating revenues in 1Q21, and still with substantial room to grow

Ancillaries

Strong growth driver: Non-ticket revenue substitutes base fare, customers are less price sensitive to ancillaries

Significant growth of ancillary revenue in the last decade… Five avenues of growth Volaris Non-Ticket Revenue per Passenger | MXN 1 Improve top revenue generators 768 Launched new plus fare 532 659 426 479 338 381 279 2 204 211 Implemented new ideas Multicurrency, widgets, simplicity

2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q 21 3 ... With significant room to improve Execute full dynamic pricing Find the optimal price Ancillary Revenue per Passenger (For the Three Months Ended March 31, 2021) | USD

As % of Total 50% 62% 54% 49% 48% 4 Revenue Achieve full potential personalization Based on customer profile not products

5 Renew subscription programs (1) (1) Engage and retain frequent customers

Source: Company Filings Note: 11 (1) Converted using an exchange rate of US$ = EUR 0.82 for convenience purposes only, public information as of 4Q 2020 The Volaris sustainable way

Economic and Corporate Governance Focus • Placed among the lowest unit-cost operators worldwide • Transported +11.8M customers with the new biosecurity and cleaning protocol • Reached 39% domestic and 10% international market share in Feb 2021 • Implemented additional cash preservation initiatives, US$100M working capital optimization • Agreed to purchase Pratt & Whitney GTF ™ engines for 80 A320neo aircraft • Announced eight additional A320 NEO aircraft to its fleet in 2021 People Care Focus

• Strengthens its biosecurity and cleaning protocol • Offers to its customers rapid COVID-19 tests at all airports in Mexico where it operates routes to the United States • Leading airline in the transportation of organs and tissues for transplants in Mexico; since 2009 has transported 354 organs and tissues for transplant purposes • Volaris celebrates the 8th anniversary of its alliance with ECPAT, the global network of organizations that promote the prevention of commercial sexual exploitation of children Planet Care Focus • Volarisisthemostecological airline in Mexico • Operates a young and eco-efficient fleet (NEO fleet goal for 2023 @ 56%) • Reduced of 8.3% fuel consumption GAL/ASM 1Q´21 vs FY´19 • Reduced 3.6M gallons of fuel consumption 1Q’21 vs 1Q’20 • Purchased 33K certified carbon credits through the Carbon Offset Program #Cielito Limpio, as of 4Q20 Business Update

“Our priorities for the remainder of the year are: first, generate consistent growth for our investors with actions in line with our sustainability program; grow and consolidate our leadership in core markets while increasing presence at Mexico City airports; accelerate the return and expand our operations in Central America; ensure a solid corporate infrastructure with the highest industry standards on training and safety as well as technological tools to foster our commercial and administrative needs for sustainable growth; maintain a peaceful labor environment with productive and flexible terms and conditions; and finally, preserve our solid capital structure balancing short-term liquidity with the right long-term funding to support our growth”.

Enrique Beltranena, CEO & President of Volaris Key initiatives are allowing Volaris to compete from a position of strength

Ability to adjust capacity to match demand with a focus on rebuilding TRASM after the second wave of the pandemic

Strict measures to preserve liquidity, closing 1Q21 with USD $423M in cash and cash equivalents

Focus on maintaining lean cost structure with one of the lowest unit costs in the global airline industry

Recovery gained momentum and in 1Q21 focused on strengthening the foundation of Volaris’ long-term growth

Priority for 2Q21 and 3Q21 is to accelerate Volaris’ recovery with profitability and ensure a solid infrastructure to support this growth

14 Executed on multiple actions to bolster liquidity, reduce costs and capture market opportunities

• In December 2020, Volaris concluded an upsized offering of ADSs, raising ~USD $164.4M in net proceeds • In 2020, implemented strict liquidity preservation program resulting in ~USD $266M of Liquidity, cash benefits, and aircraft deferrals postponing USD $200M in PDPs preservation, • Additional working capital relief of +USD $100M during 1Q of 2021 and cost • Comprehensive negotiations with key suppliers reduction • Cost/payment deferral contingency plan including cutting non-essential expenses and negotiating cost reductions with more than 360 suppliers • Maintained labor base at reduced compensation levels • Capital expenditures reduced to a minimum

 Closely monitoring capacity reductions from competitors for possible opportunities  Testing new ancillaries (“flexibility combo”) offense  Targeted promotions to test stimulation potential  Launched five new domestic routes and seven new international routes in 2020  Executed agreements to incorporate 8 additional NEO aircraft in 2021

15 Our NEO aircraft transition plan will keep us driving fuel efficiency towards a lower CASM and support our green initiative commitment

New contractual fleet plan with Airbus provides flexibility for opportunistic growth, through straight operating leases

% of NEOs in Fleet

69 71 77 82 86 98 108 106

2019 Expenses Breakdown 56% 8 additional NEO aircraft 52% 38% Fuel Expense Other 43% 62% 35%

28%

21%

8%

1%

2016 2017 2018 2019 2020 2021 2022 2023

Total # of Aircraft

Total # of Aircraft including Volaris Current Contractual Order Book 16 Latest traffic figures show a recovery trend to pre-COVID levels

Capacity Network

Dec Jan Feb Mar April • Flexible and strategic operational plan to reduce 2020 2021 2021 2021 2021 capacity Routes 178 177 178 170 181 • Cancelled and consolidated flights to defend Stations 68 68 68 68 71 profitability Domestic 43 43 43 43 43 • Capacity* increases dependent on demand and sales triggers International 25 25 25 25 28 ‒ 2Q 2020: operated 23% of capacity vs. 2019 Average daily segments 382 370 337 410 426 ‒ 3Q 2020: operated 75% of capacity vs. 2019 ‒ 4Q 2020: operated 95% of capacity vs. 2019 ASMs ‒ 1Q 2021: operated 88% of capacity vs. 2020 (in millions, scheduled & 2,250 2,149 1,509 1,722 2,224 ‒ 2Q 2021: planning to operate ~110% vs. 2019 charter) • New routes 4Q 2020 - 1Q 2021 Domestic 1,554 1,519 1,150 1,369 1,701 Mexico City to: International 697 630 359 353 523 - Campeche, Campeche Total Load Factor - Dallas, - , Texas (in %, scheduled, 78.5% 73.9% 74.1% 86.9% 82.4% - Fresno, California RPMs/ASMs) - Ontario, California - San Jose, California - Sacramento, California Cancun to Oaxaca, Oaxaca Morelia to , Illinois (OHD) Mexicali to Cancun, Quintana Roo 17 * Measured in terms of Available Seat Miles (ASMs) 26% of Mexico’s fleet is coming offline, creating a massive opportunity for Volaris to take share

Capacity impact from competitor fleet reduction (1) Change in market share (2)

Aircraft Percentage Points | From Mar-20 to Mar-21 Domestic International Reduction of 26% of narrow- 400 body fleet in the market; 355 equivalent to 70 Volaris A320

319

300

242 (56) 235 (7) (21) (6) 4 200 2

100

0 Total Fleet Total Interjet AeroMexico Total Narrow- Interjet AeroMexico AeroMexico - Others Total Narrow- Mexican Narrow- body Fleet MAX active body Fleet Carriers body Fleet Mexican Mexican (Dec-19) Mexican Carriers Carriers Carriers (Jun-20) (Dec-20)

Note: (1) Fleet reduction doesn’t consider 737 MAX since were inactive in Dec’19; Total fleet includes TAR, Aeromar 18 (2) AFAC-SCT information; Share change of listed airlines Volaris estimates to recover to pre COVID-19 capacity levels ~3 years faster than the Mexican market

Volaris and market recovery estimates vs. PY - passengers

200% Volaris recovery vs. market

• 100% of our network is deployed on VFR, Mexican Market Volaris leisure, and price sensitive small and medium-sized enterprises, which are 150 the fastest recovering segments

• 100% of Volaris capacity falls under domestic and short haul international, which are the fastest recovering 100 geographies

• Create new demand through bus switching

50 • One third of total fleet is expected to leave the Mexican market

• Volaris’ value proposition based on a point- to-point network

0 • Capitalize on lowest cost structure Jan'20 Jan'21 Jan'22 Jan'23 Jan'24 Jan'25

Note: Starting Mar’21 recovery was taken vs Feb’20 LTM as base 19 Source: AFAC; IATA Volaris is already positioned to take off and to look for long-term growth opportunities

Key focus areas moving forward

Leverage VFR customer profile and retrenching of Look for market opportunities to increase route competitors to speed up recovery network and optimize fleet financing

Capitalize on growth opportunities to capture market Favorable terms with lessors giving ability to quickly share, e.g. in previously capacity-constrained markets scale capacity up or down “by the hour” in response to like Mexico City customer demand

Positive labor relations allowing scalability of Harness advantages of lowest CASM to deliver operations attractive margins

Strong fundamentals and unique business model

20