1 1

December, 2014

AEROMEXICO: MEXICO’S PREMIUM REVENUE CARRIER

Business Lounges Business Class

Leading airline in Mexico

Only Full Service Carrier / Two-class Service and Hub and Spoke Model

Enhanced strategic alliances with Delta Air Lines and Club Premier

Strongest position in slot constrained Mexico City airport

84 destinations in 22 countries, over 610 daily flights

Solid Financial and Risk Profile with Focus on Profitability

2

Growth Opportunities for Mexican Economy(1) Air Traffic Penetration(2)

0.6 0.6 0.8

1.4

2.4

Mexico China Brazil Europe US

Flights Per Capita for Middle & Upper Class Population (>$15K)

Millions

Sources: (1) Criterios generales de Política Económica 2014, SHCP (2) IMF World Economic Outlook (3) INEGI (4) CONAPO

26% 20%

35%

25%

17%

30%

14% 17%

7% 8%

0%

20%

40%

60%

80%

100%

2010 2025E

Percent

D/E D+ C C+ AB

Favorable Demographics

Growing Middle Class (3) Favorable Demographic Trends (4)

Middle Class

6 4 2 0 2 4 6

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90-95

6 4 2 0 2 4 6

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90-95

Women Men

49mm 70 mm

(2010 – Demographics in Million) (2050 – Demographics in Million)

0%

1%

2%

3%

4%

5%

6%

2015E 2016E 2017E 2018E 2019E

Without Reforms With Reforms Difference

STRENGTHENING MEXICAN ECONOMY WITH STRUCTURAL REFORMS IN PLACE

3

Expected GDP Growth(1)

PRODUCTIVITY & COST CONTROL

STRATEGIC

PARTNERSHIPS

OPERATIONAL EXCELLENCE

COMMERCIAL VALUE CREATION

PROFITABLE AND SUSTAINABLE GROWTH

Uniquely Positioned to Deliver Profitable and Sustainable Growth 4

FINANCIAL STRENGTH AND RISK PROFILE

OUR FLIGHT PLAN

On-Time Departure (within 15 minutes)

Source: DOT Department of Transportation for YTD July 2014 data, unless otherwise noted.

Airline Ranking

Mishandled Baggage Complaints

Completion Factor

Per 1,000 passengers

Rank US Operations YTD July-14

1 Virgin America 0.98

2 Frontier Airlines 1.80

3 Jetblue Airways 2.09

4 Hawaiian Airlines 2.20

5 Aeroméxico 2.23

6 Alaska Airlines 2.48

7 Delta Air Lines 2.65

8 American Airlines** 3.77

- US Airways 3.74

- American Airlines 3.89

9 United Airlines 3.81

10 Southwest Airlines** 4.47

- Southwest Airlines 4.43

- Airtran Airways 4.94

11 Skywest Airlines 5.00

12 Expressjet Airlines 6.05

13 American Eagle Airlines 8.81

Attributes highly valued by business passengers

OPERATIONAL EXCELLENCE

Mainline Airlines Regional Airlines 5

Color

Scheme

241 95 35

143 145 146

0 91 147

0 174 239

196 22 28

0 54 94

• Create sustainable defendable position in

Mexico City with improved connecting banks

• Developing Monterrey Hub

• Using partners to create low cost virtual

network: New Gol Alliance

• Widebody product, unrivaled service with

B787 and consolidating markets: increase

frequencies in London

• Increase our presence in Central & South

America: new routes to Managua, Panama

and Medellin

Improving Connectivity Securing Position in Mexico City Market Solidify Position with Shuttle Product

• Increase connecting banks from 4 to 12

• Slot portfolio gives Aeromexico strong

potential for growth through upgauging

• Replacing E-145 in Mexico City

• Launch of a shuttle product “Aeropuente” in

Mexico City, Monterrey and Guadalajara

routes, with dedicated boarding gates

• Three largest domestic business markets,

which account for 20% of the domestic

business market

• Hourly flights with consistent two-class

product and improved onboard amenities

6

% of Connecting Passengers of Total*

21%

26%

30%

2010 2012 YTD September2014

c

Strategy Focus on Increasing Connectivity

Connecting Banks in Mexico City Airport

c Banks

COMMERCIAL VALUE CREATION: STRENGTHENING OUR NETWORK

Arrivals Departures

*Total connecting passengers, including Aeromexico and partner airlines.

Today Average Seat Configuration

767’s

777’s

787’s

E-145*

E-170 / 175

737-700

737-800

E-190

50

81

99

124

160

188

243

273

737-800 +56% Seat

Count

Up-gauging

Further opportunities for

widebody upgauging

787’s

*We expect to cease operations of E-145 in Mexico City in the following months; These aircrafts will be relocated mainly to MTY/HMO.

84% of 2013

operations in Mexico

City were performed

with regional jets

(E145/170/190) and

737-700

COMMERCIAL VALUE CREATION: STRONG GROWTH POTENTIAL IN MEXICO CITY DESPITE SLOT CONSTRAINTS

7

Color

Scheme

241 95 35

143 145 146

0 91 147

0 174 239

196 22 28

0 54 94

During June 2014 (first month of operation of Monterrey Hub) connecting passengers increased almost 3 times.

Driving Worldwide Connectivity and New Destinations in Monterrey

Monterrey has a geographical advantage for traffic flows between

North, Central and Eastern Mexico

• Strengthening presence in existing destinations and

connecting Mexico regions of Bajio, Northwestern and

Southeast as well as United States.

• 4 connecting banks structure implemented in 4 June

2014

• 23 direct flight destinations, 9 new destinations during

2014:

Los Cabos Puerto Vallarta Aguascalientes San Luis Potosi Cancun

Tokyo Houston Torreon

May September November December

New York

COMMERCIAL VALUE CREATION: STRENGTHENING MONTERREY HUB

8

Ancillary revenues add low cost incremental margin.

USD

Strategy for the future Ancillary Revenues per Passenger

Increase distribution of existing products through IT developments:

• Upgrades

• Aeromexico Plus: choice seat in front and exit rows in economy

• Excess luggage pre-payment

• Concierge

• Ground transportation

• Discount pass

9

Revenue Management Strategy focused on RASK

• Competitive pricing with better segmentation to drive volume while protecting yields

• Capturing marginal VFR and leisure passengers with competitive pricing in advance purchase

• Building state of the art data sources and tools

5.9

7.3 7.7

2012 2013 YTD September 14

COMMERCIAL VALUE CREATION: BALANCED REVENUE MANAGEMENT STRATEGY

Passenger Traffic Monthly Var % YoY

Load Factor (%)

10

Strong 2014 performance, with passenger traffic growth of 13.1% as of October and load factor increase of over 350 bps YoY.

COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM

0.6% 1.0% 0.8% -1.3%

1.0%

-4.3%

-7.1%

0.4% 0.0% 1.3%

3.2%

7.5%

10.6% 10.5%

13.5%

16.9% 18.8% 18.3%

21.8%

16.7% 18.7%

8.9% 6.8%

12.3%

6.2% 6.8%

3.3%

74.8 71.3

74.1 73.2

75.5

79.0

86.2

79.4

75.1 76.3

78.6

80.6

80.1

77.6

79.9 79.8 78.8

79.5

84.6

82.3

78.4 79.2

78.6

Jan Feb March April May June July Aug Sep Oct Nov Dec

2013

2014

36.4%

23.7%

23.1%

Viva Aerobus 11.8%

Magnicharter 3.1%

Aeromar 1.6%

26.2%

14.2%

13.3%

Viva Aerobus 6.0%

Others 40.2%

16.7%

15.9%

15.3%

7.2%

Alaska 4.7%

5.1%

2.7%

Others 32.4%

Domestic International Total

25.2%

26.2%

Jan-Oct 13 Jan-Oct 14

1.0 pp

35.4%

36.4%

Jan-Oct 13 Jan-Oct 14

1.0 pp

Domestic

14.6%

15.9%

Jan-Oct 13 Jan-Oct 14

1.3 pp

International

Market Share YTD Oct 14

Aeromexico

s Market Share Growth (Var % YoY)

Total

Source: DGAC Regular Passenger Information (excludes charter)

COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM IN MARKET SHARE

11

RASK YTD September 14– Stage Length Adjusted

USD cents

Aeromexico’s full-service model and broad international network allow it to realize premiums over competitors.

COMMERCIAL VALUE CREATION: MERITING REVENUE PREMIUM OVER COMPETITORS

11.83 11.26

10.48 10.07 9.77 9.67

9.20 8.70

7.71 7.49 6.60 6.58

5.40

USD cents

Domestic Industry International Industry

(1) Stage length adjustment @ 1,000 miles. Ancillary businesses excluded for U.S. Carriers and Grupo Aeromexico. Source: Third Quarter 2014 Companies Financial Statements. Available information, YTDJune14, for Gol, Avianca, LATAM, Copa and Alaska Airlines Aeromexico, American Airlines, Delta and United include regional affiliates.

Low Cost Carriers Full Service Carriers

* * * * *

Aeromexico has proven its ability to cut costs and operate at a world-class level. Management focus on improving productivity has allowed Aeromexico to reach top industry performance.

Color

Scheme

241 95 35

143 145 146

0 91 147

0 174 239

196 22 28

0 54 94

CASK YTD September 14 (Stage Length Adjusted) (1)

COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM IN COST PER ASK

10.95

9.59 9.57 9.39 9.35

8.01 7.77 7.52 7.52

6.63 6.38 6.36

5.52

Low Cost Carriers Full Service Carriers

(1) Stage length adjustment @ 1,000 miles. Ancillary businesses excluded for U.S. Carriers and Grupo Aeromexico. Source: Third Quarter 2014 Companies Financial Statements. Available information, YTDJune14, for Gol, Avianca, LATAM, Copa and Alaska Airlines Aeromexico, American Airlines, Delta and United include regional affiliates.

International Industry Domestic Industry

USD Cents

13

* * * * *

• New contracts with pilots, flight attendants and ground staff

• Restructuring and Integration of AM/AM Connect

• Maintenance Process Reengineering

• Increase fleet utilization

• ERP and Shared Services Centre

• Improving Distribution Costs

• Co-location in Airports

• Fleet Renewal

• Balance between Owned and Leased Aircrafts

• Unique Fleet Plan Flexibility

14

Strong pipeline of cost reduction initiatives.

Operational , Administrative & Sales Efficiencies

Fleet Strategy Labor Costs

PRODUCTIVITY AND COST CONTROL INITIATIVES

Owned: (21%)

USD 649mm

Leased: (79%)

USD $2.4bn Source: Aeromexico, Avitas Bluebook 1st Half 2014. Aeromexico estimates as of 2013. (1) B767-2 and B787 data for: Mex-Mad. B737-7 and B737-8 / ERJ145,

ERJ190 and ERJ170 data for Mex-Mty. (2) Fleet proportion of leased vs. owned depends on fleet value. (3) On July 2013, Aeromexico announced the pricing of an offering of USD$117.4 million of 2.537% secured notes guaranteed by the Export-Import Bank of the United States.

EJ170 & E190

ERJ145 B737-8 B737-7 B787 B767

100

84

77

100

86

100

81

E145 E170 E190 B737-7 B737-8 B767 B787

(16%) (19%)

(9%)

(14%)

Estimated CASK Reduction (1)

Today 2018

E-145

E-170/175/190

737 – 700’s/800’s

NG

767’s

787’s

777’s

E-170/190

737 – 800’s

NG/MAX

787’s

Fleet Plan

Leased vs. Owned

Fleet Plan renewal provides CASK efficiencies, maintaining flexibility and reducing ownership cost.

Leased Owned

Annual Cost of Financing

4% to 6% (2)

10%-12%

USD $122M– USD $183M cost savings due to ownership

Fleet Value: USD 3.05 billion(3)

Fleet Value

15

PRODUCTIVITY AND COST CONTROL INITIATIVES: FLEET STRATEGY

16

Fleet Type 4Q13 3Q14

ERJ145 30 26

E170/175 7 9

E190 20 27

Aeromexico Connect 57 62

B737-700 28 24

B737-800 19 23

B777 4 4

B787 3 5

B767 6 5

Aeromexico 60 61

Total Grupo Aeroméxico 117 123

PRODUCTIVITY AND COST CONTROL INITIATIVES: CURRENT FLEET

• Over 50% of expected fuel consumption for the next 12 months is hedged

• Fuel surcharges complement Grupo Aeromexico’s hedging strategy

Reduced Exposure

57% Revenues in US dollars 66% Costs in US dollars

Reduced exposure

Fuel Hedging Strategy

Total

17

Economic Cycle

Staggered Leases

Fleet 2015 2016 2017 2018 Total

Narrow Body Total 17 18 17 8 60

Wide Body Total 4 1 0 3 8

GAM Total 21 19 17 11 68

Currency

Aircrafts

Year

Fleet plan flexibility

Approximately:

SOLID FINANCIAL AND RISK PROFILE: COMPREHENSIVE RISK MANAGEMENT

0

50

100

150

200

250

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

8 25 34 34

239 42

26 21 18

90

2014 2015 2016 2017 2018+

Debt Maturity Profile (1)

USD millions

9.4% 9.5% 10.1% 9.6% 61.4%

Benchmark Financial Net Debt / Adjusted EBITDAR (2)

Adjusted EBITDAR LTM as of September 2014: USD 558 M

SOLID FINANCIAL DEBT PROFILE

18 (1) Information as of June 2014 (2) Last 12 months EBITDAR as of June2014. Source: Second quarter 2014 Financial Statements * Considers Adjusted EBITDAR

Low Cost Carriers Full Service Carriers

8.1x 7.1x

5.3x 4.8x 4.6x 4.4x

3.4x 2.9x

1.9x 1.1x

Interjet Volaris LATAM GOL Avianca AeroMexico United American Delta Copa

*

*

• Aeromexico has a 51% investment in PLM

• Value of PLM in Dec 2012 US$518 Million

• +3.6 million frequent flyer members

• Gross billings of USD $144M in 2013

• Dominant Frequent Flyer Program (“FFP”) in Mexican market

• Solid commercial alliances with financial institutions (i.e. Banamex, AMEX) and retailers (i.e. Soriana)

• Low capital requirements and stable cash flow generation

• Earn kilometers with 90+ commercial partners

(1) The transaction's implied price was $31.00pesos (equal to the IPO price), which is a 59.0% premium to the current trading price of $19.50 as of February 21, 2014. (2) Delta Master Trust is an entity which holds pension assets under various employee pension plans sponsored by Delta Airlines. (3) These derivative agreements were conducted on April 29, 2014 and May 7, 2014.

• In 2012, Delta invested USD $65mm in Aeromexico, equivalent to 4.17% of Grupo Aeromexico’s capital stock. (1)

• Delta Master Trust(2), increased its exposure to Aeromexico to approximately 4.53% through derivative agreements(3)

• Network-wide code sharing • 204 share codes 725 flights

• Join efforts in sales, marketing and customer experience

• JV-MRO facility in Querétaro

• Transborder upgrades

• Co-location Efforts in airports

Delta Alliance Club Premier Loyalty Program

Strategic alliances have contributed to Aeromexico’s increased connectivity and premium product. Only Mexican carrier in an international alliance.

19

STRONG BRAND WITH STRATEGIC PARTNERSHIPS

DISCLAIMER

This presentation is neither an offer for sale nor a request to buy any securities. Such offer or request may only be made through an offering memorandum containing the description of

the terms and conditions of such offer and shall include detailed information of the company and its management, as well as the financial statements of Grupo Aeromexico, S.A. de C.V.

(“Grupo Aeromexico”), in terms of the Securities Market Law (Ley del Mercado de Valores) (“LMV”) and the General provisions applicable to securities issuers and other securities market

participants (Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores) (the “Provisions”).

The information contained herein is confidential and shall not be reproduced in whole or in part or shared with third parties without the previous consent of Grupo Aeromexico.

This presentation contains information obtained from diverse sources and, despite it contains truthful information, no representation is hereby made by Grupo Aeromexico as to the

accuracy, integrity and sufficiency of such information. Additionally, Grupo Aeromexico makes no representation in respect of the sufficiency or truthfulness of the assumptions,

estimations, projections, hypothetical behavior analysis or in respect of other financial information included in the results of the financial models contained or used herein.

The results contained herein may substantially vary. Nothing herein shall be understood or construed as a representation or warranty as to future performance of the securities referred to

herein.

The information included in this presentation has not been audited and it does not provide information on the company’s future performance. Aeromexico’s future performance depends

on many factors and it cannot be inferred that any period’s performance or its comparison year-over-year will be an indicator of a similar performance in the future.

Thank You Investor Relations Contact Information investor.relations@aeromexico.com Tel (+52) 55 9132 4257 Luz Montemayor lmontemayor@aeromexico.com Daniel Frias dfrias@aeromexico.com

YTD September % of

2014 Revenues

Passenger 35,255 35,509 27,690 88.4

Cargo 2,123 2,052 1,785 5.7

Others 1,850 2,289 1,850 5.9

Total Revenues 39,228 39,850 31,325 100.0

Labor 7,941 8,434 6,586 21.0

Fuel 13,063 12,906 10,589 33.8

Aircraft Communication & Traffic Services 4,531 4,733 3,876 12.4

Selling & Administrative Expenses 2,289 2,320 1,857 5.9

Maintenance 1,900 1,970 1,580 5.0

Travel Agent Commissions 1,385 1,158 933 3.0

Passenger Services 750 755 656 2.1

Rents 3,690 3,615 3,263 10.4

Depreciation 1,417 1,554 1,230 3.9

Total Expenses 36,966 37,446 30,570 97.6

EBIT 2,262 2,403 755 2.4

EBIT Margin 5.8% 6.0% 2.4%

EBITDAR 7,369 7,572 5,248 16.8

EBITDAR Margin 18.8% 19.0% 16.8%

Comprehensive Financial Result -1,395 -1,416 792

Other income, net 684 243 -37 -0.1

Other expenses -711 -1,174 -74 -0.2

Effects of associated companies 131 -12 162 0.5

Income Before tax 1,683 1,218 88 0.3

Tax 360 138 66 0.2

Net Income 1,323 1,080 22 0.1

Net Margin 3.4% 2.7% 0.1%

MXN millions 2012 2013

Audited information for 2012 and 2013

AEROMEXICO: CONSOLIDATED STATEMENTS OF OPERATIONS

As of September 30

2014

Cash and Cash Equivalents 1,856 3,057 4,003

Prepayments and Deposits 935 1,053 1,201

Other Currents Assets 4,760 4,512 4,836

Total Current Assets 7,551 8,621 10,040

Property and Equipment 11,912 14,241 14,657

Non-current Prepayment and Deposits 5,568 6,458 7,903

Other Non-Current Assets 2,702 2,976 3,172

Total Assets 27,733 32,296 35,772

Air Traffic Liability 2,845 2,442 2,569

Other Current Liabilities 7,838 9,545 11,653

Total Current Liabilities 10,683 11,987 14,222

Loans and borrowings 5,283 7,863 8,951

Other Non-Current Liabilities 1,646 1,779 4,260

Total Liabilities 20,457 24,071 27,433

Total Equity 7,276 8,225 8,339

2012 2013MXN millions

Audited information for 2012 and 2013

AEROMEXICO: BALANCE SHEET

AEROMEXICO: ADJ. EBITDAR RECONCILIATION

YTD September

2014

Net Income 1,323 1,080 22

Profit attributable to non-controlling interest 0 -0.2 0

Income tax expenses 360 138 66

Depreciation and Amortization 1,417 1,554 1,230

Effects from associated companies 131 -12 162

Other income (expense), net -711 -1,174 -829

EBITDA 3,679 3,957 1,985

Aircraft Leasing 3,690 3,615 3,263

EBITDAR 7,369 7,573 5,248

Dividends from equity accounted investees - 688 141

Adjusted EBITDAR* 7,369 8,261 5,389

MXN millions 2012 2013

*The adjusted EBITDAR metric is based on Grupo Aeromexico's EBITDAR including dividends and/or capital reimbursement generated by the subsidiaries and recognized under the equity method for the referenced period.

Audited information for 2012 and 2013

AEROMEXICO: OPERATING STATISTICS

YTD September

2014

Passengers (millions) 14.8 15.5 12.8

Total ASKs (millions) 30,724 32,496 26,897

Total RPKs (millions) 22,930 24,474 21,472

Load Factor (%) 76.6 77.2 80.2

RASK 1.277 1.226 1.165

PRASK 1.16 1.11 1.05

Yield (mexican pesos) 1.56 1.47 1.34

CASK 1.20 1.15 1.14

CASK ex fuel 0.78 0.76 0.74

Fleet 116 117 123

2012 2013