Disclaimer The information contained in this presentation is only a summary and does not purport to be complete. This presentation has been prepared solely for informational purposes and should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. 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. This presentation includes estimates and forward-looking statements within the meaning of the U.S. federal securities laws. These estimates and forward-looking statements are based mainly on our current expectations and estimates of future events and trends that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of our preferred shares, including in the form of ADSs. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to many significant risks, uncertainties and assumptions and are made in light of information currently available to us. These statements appear throughout this presentation and include statements regarding our intent, belief or current expectations in connection with: changes in market prices, customer demand and preferences and competitive conditions; general economic, political and business conditions in Brazil, particularly in the geographic markets we serve as well as any other countries we currently serve and may serve in the future; our ability to keep costs low; existing and future governmental regulations; increases in maintenance costs, fuel costs and insurance premiums; our ability to maintain landing rights in the airports that we operate; air travel substitutes; labor disputes, employee strikes and other labor-related disruptions, including in connection with negotiations with unions; our ability to attract and retain qualified personnel; our aircraft utilization rate; defects or mechanical problems with our aircraft; our ability to successfully implement our growth strategy, including our expected fleet growth, passenger growth, our capital expenditure plans, our future joint venture and partnership plans, our ability to enter new airports (including certain international airports), that match our operating criteria; management’s expectations and estimates concerning our future financial performance and financing plans and programs; our level of debt and other fixed obligations; our reliance on third parties, including changes in the availability or increased cost of air transport infrastructure and airport facilities; inflation, appreciation, depreciation and devaluation of the real; our aircraft and engine suppliers; and other factors or trends affecting our financial condition or results of operations, including those factors identified or discussed as set forth under “Risk Factors” in the prospectus included in our registration statement on Form F-1 (No. 333-215908) filed with the Securities and Exchange Commission (the “Registration Statement”). In addition, in this presentation, the words “believe,” “understand,” “may,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “seek,” “intend,” “expect,” “should,” “could,” “forecast” and similar words are intended to identify forward-looking statements. You should not place undue reliance on such statements, which speak only as of the date they were made. We do not undertake any obligation to update publicly or to revise any forward-looking statements after we distribute this presentation because of new information, future events or other factors. Our independent public auditors have neither examined nor compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. In light of the risks and uncertainties described above, the future events and circumstances discussed in this presentation might not occur and are not guarantees of future performance. Because of these uncertainties, you should not make any investment decision based upon these estimates and forward looking statements. In this presentation, we present EBITDA, which is a non-IFRS performance measure and is not a financial performance measure determined in accordance with IFRS and should not be considered in isolation or as alternatives to operating income or net income or loss, or as indications of operating performance, or as alternatives to operating cash flows, or as indicators of liquidity, or as the basis for the distribution of dividends. Accordingly, you are cautioned not to place undue reliance on this information. 2 TODAY’S PRESENTERS Why invest in Network and Business Units & Azul Culture Azul? Product Returning Value to Shareholders John Rodgerson Abhi Shah Alex Malfitani Jason Ward Chief Executive Chief Revenue Chief Financial V.P. People and Officer Officer Officer Customers 3 Why Azul? John Rodgerson – Chief Executive Officer 4 1. 2. 3. 4. 5. AZUL INVESTMENT Unique Superior Strong Unrivalled Hidden HIGHLIGHTS network and service- balance assets growing oriented sheet profitability culture 5 BRAZILIAN AVIATION MARKET GROWTH OPPORTUNITY Brazil Domestic Passengers by Year Flights Per Capita (in millions) 2.7 126 99 27 1.3 50 0.8 0.8 72 0.5 0.3 2008 2019E 2022E Brazil Brazil Colombia Mexico Chile USA 2007 2018 2018 2018 2018 2018 Brazil’s current fleet of 635 aircraft would have to increase by more than 50% to achieve flight per capita of 0.8 Source: Azul, ANAC, IATA, CEBR, ABEAR, IBGE and Bloomberg. Assumes 2019 domestic passenger growth ex -Azul remains flat 6 COMPANY LED BY FOUNDERS David Neeleman John Rodgerson José Mario Caprioli Founder and Chairman Founder and CEO Founder of Trip Airlines and Board Member Alex Malfitani Abhi Shah Jason Ward Flávio Costa Founder and CFO Founder and CRO Founder and VP People Founder and COO 7 SUCCESSFUL GROWTH TRACK RECORD 2008 2019 8 GROWING THE BUSINESS AND EXPANDING MARGINS Operating Margin Growth Breakdown Next-Generation Business Non-ticket Macro Aircraft Units Revenue Environment 40% 40% 50% 0% Pre-IPO 2020 Additional Upside for equity story coming from e-commerce and TAP investment 9 DELIVERING ON OUR IPO PROMISES ASKs Net Revenue EBITDAR % ASKs (billion) (R$ billion) (R$ billion) Next-Generation 73% 105% 55% 11.5 3.7 42 29.4 9.1 30 2.5 22.9 6.7 1.8 1 2016 2018 2019E 2016 2018 2019 2016 2018 2019 2016 2018 2019E Consensus Consensus Source: Azul and Bloomberg 10 AZUL BUSINESS MODEL FOUNDATION Over US$1.3 billion of capital invested: 2008 2012 2015 2016 2017 Start-up capital Acquisition of United investment HNA investment IPO US$406 US$250 million Trip Airlines US$100 million US$450 million million 11 SUSTAINABLE, DEFENSIBLE BUSINESS MODEL 1. 2. Largest Unparalleled network with network multiple hubs connectivity 3. 4. Diversified fleet Renowned Customer Service 12 FORTRESS HUB AT CAMPINAS AIRPORT 13 UNIQUE NETWORK WITH STRATEGIC HUB LOCATIONS Competitors focus on Azul serves all of Brazil São Paulo, Brasilia and Rio Brasília Rio de São Paulo Janeiro (GRU+CGH) (SDU+GIG) More than 90% of competitors’ domestic ASKs are from/to cities in the triangle compared to 37% for Azul 14 MARKET AND ROUTE LEADERSHIP Domestic Cities Origin & Daily Served Destinations Departures 104 2,812 910 780 751 57 1,404 46 1,107 Azul Competitors Azul Competitor 1 Competitor 2 Source: Azul, ANAC and Companies. Considers leadership by number of departures 15 APPROPRIATELY-SIZED AIRCRAFT FOR THE BRAZILIAN MARKET Targeted Routes by Fleet Type 70 seats ATR Avg. Stage Length: 391 km 106-136 seats E-Jets Avg. Stage Length: 701 km 174 seats A320neo Avg. Stage Length: 1,475 km 16 AZUL’S FLEET TRANSFORMATION Seat Cost (R$) Trip Cost (R$) +5% -26% -29% -14% E195 E2 A320neo E195 E2 A320neo 118 seats 136 seats 174 seats 118 seats 136 seats 174 seats THE ADDITION OF NEXT-GEN AIRCRAFT IS THE CORNERSTONE OF AZUL’S MARGIN EXPANSION STRATEGY GOING FORWARD 17 FLEET TRANSFORMATION OPPORTUNITY ~60% of flights still on older generation aircraft Daily Flight Departures % Fuel Efficient Fleet A320neo 209 100% ATRs 181 100% A330s 11 12% E-Jets (old generation) 509 0% Total 910 18 AZUL OPERATING FLEET PROJECTION 170 165 160 151 143 46 6 20 32 41 123 38 20 52 7 9 61 70 Embraer E2 33 80 33 12 A320neo family 12 33 A330 12 33 12 63 ATRs 57 32 34 32 22 E-Jets 10 2018 2019 2020 2021 2022 2023 19 STRONG BRAND RECOGNITION Net Promoter Score Azul’s Segmented NPS 68% 85% 81% 62% 61% 60% 75% 72% 71% 69% 89% 51% of customers strongly recommend Azul in in - - Pilots Snacks Azul Center Azul Web Check Web Aircraft Cleaning Aircraft Mobile Check Mobile Flight Attendants Flight Source: Azul NPS data 20 Network and Product Abhi Shah – Chief Revenue Officer 21 UNPARALLELED NETWORK CONNECTIVITY 114 910 destinations served daily flights (104 domestic + 10 international) 237 84% routes routes leadership position 22 LIMITED ROUTE OVERLAP WITH COMPETITORS Azul Routes Leadership Route Overlap 86% Only Carrier 72% Most Frequencies 12% Others 16% Leadership Share 28% % of routes 84% 21% % revenues 83% Azul-Latam Azul-Gol Latam-Gol 23 STRATEGICALLY CONSISTENT GROWTH Azul Route Leadership Position 01 02 03 Before Before & After Avianca Brasil 2020E A320neos (2015) flight cancelations 72% 2Q19 16% 12% 24% 62% 71% 21% 14% 70% 4Q19 8% 18% 12% Only carrier Frequency advantage