The Leading Ultra-Low-Cost Airline Serving

Mexico and the US Banco Santander - 19th Annual Latin American Conference

January 2015

Disclaimer

2

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.

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.

Third quarter 2014 results indicate positive reversal of

trend

Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt

negative (or net cash position) of Ps.922 million, well funded for future growth

Focused on international growth and domestic capacity discipline: 3Q14 Domestic

ASMs 3% growth, resulting in yield stabilization, while international ASMs growth 18%,

responding to stronger fare environment.

Cost control and strong profitability: 3Q14 CASM(1) at USD 8.9 cents, lowest unit

cost producer in the Americas. EBITDAR margin of 27% and EBIT and net income

margin of 9%

Unit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and

non-ticket revenues expansion

Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger

increased 58% y-o-y (44% including cargo). Ramp-up of new products and services,

while increasing customer acceptance

Notes:

(1) Converted to USD at an average exchange rate corresponding for the period, $13.1114 Ps. 3

Fourth quarter 2014 demand and traffic results continue to

be encouraging

4

4Q14 Traffic results encouraging: Discipline maintained in domestic market and growth in international market

• October and November traffic performed in line

• December traffic saw an improving performance

- Load factor stable at 82.1% and counter flows managed well

- International demand outperformed the rest of the network

- 992k booked passengers in December (+13.1% y-o-y)

Unit revenue indicators (TRASM) for 4Q14 and booking curve continue to be strong, in particular during December

• Base fare and yield sequential recuperation, y-o-y growth

• Non ticket revenue per passenger sequential growth

- Ancillary combos were successfully launched

- Seat selection increasing uptake

- V-Club reached +100K memberships and +250K members

- Cargo operation margin accreditive

New projects in 4Q14

• New mobile application was launched in December (IOS)

- Manage promotions/discounts

• Bus switching campaign resulted in a great success:

- Education and trial plans went viral

- Reached 20M impacts in social media and became trending topic in Twitter: 8.4M impact

Cost discipline and profitability

• CASM under control despite pressure from the Mexican peso depreciation, offset by tailwind from declining fuel

prices supporting margin expansion (though there is a pricing lag for jet fuel in Mexico)

We have been executing important improvements to our

network and keeping a solid operational performance

5

Notes:

(1) Market share of operated routes in MTY; figures updated as per DGAC report as of November 2014

Network diversification and tactical capacity re-deployment

• Adjustments have yielded better results

- More international ASMs (+14% during 4Q14 y-o-y)

- Less concentrated in Tijuana and Guadalajara with a shift to new markets such as Monterrey is

working well

• Volaris increased network overlap with the three main domestic competitors

- In 2014 we launched 40 routes: 28 domestic and 12 international

During 4Q 2014, Volaris increased capacity and opened 20 new routes

- International capacity already represents 31% (December) which provides an increasing natural

hedge against currency devaluation

- Monterrey passenger market share already at 17%(1) despite collective expansion of all

competitors

Operational performance

• 4Q14 on time performance (84.7%), block hours (12 hrs.), maintenance A/c reliability (99.67%)

• Up gauge to A320 slot operation at Mexico City airport

Looking into 2015, managing disciplined growth

6

Macroeconomic and other tailwinds /headwinds

• Improved GDP growth in Mexico and strong US GDP growth

• Declining oil prices

• Volatility of the Mexican peso / strong US dollar

2015 capacity guidance

• ASMs expected to grow 10-12% y-o-y

-Domestic growth between 2-4% and international growth between 33-36%

Fleet

• Five net aircraft additions

• Retrofit in 1H15 of its A320 fleet and new deliveries configuration to add

more seats per aircraft (179)

• Two A321 deliveries in 2Q15 with 220 seats (ripe for Mexico City slot

operation)

Sacramento Oakland

Los Angeles

San Diego

Tijuana

San Jose

Fresno

Mexicali

Las Vegas

Chicago (Midway/O’Hare)

Denver

Orlando Hermosillo

Chihuahua

Monterrey

Cancún

La Paz

Los Cabos

Los Mochis

Culiacán

Mérida

Tuxtla Gutiérrez Acapulco

Puebla Toluca

Tepic

Zacatecas

Mazatlán

Guadalajara

Aguascalientes

Puerto Vallarta

Uruapan

Colima

Morelia

Oaxaca

León

Querétaro

Cd. de México/D.F.

Ciudad Juárez

Volaris – Mexico’s Ultra-Low-Cost Carrier’s snapshot at

30,000 feet

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

Source: Company data, SCT-DGAC

Serving to 54 destinations throughout Mexico and the US

2008 2013 CAGR

Unit cost

(CASM ex-fuel;

cents, USD)(1)

5.5 5.5 0.0%

Passenger

demand

(RPMs, bn)

3.2 9.0 +23.0%

Aircraft

(End of Period) 21 44 +15.9%

Passengers

(mm)(2) 3.5 8.9 +20.5%

Operating revenue

(mm, USD)(1) 397 1,018 +20.7%

Adj. EBITDAR

(mm. USD)(1) 67 220 +26.8%

Adj. ROIC (pre-

tax) 11.0% 15.1% +4.1pp

Volaris’ destinations

Phoenix

San Luis Potosí

Ciudad Obregón

Veracruz

San Antonio

Ontario

Villahermosa

Tampico

Portland

Domestic market share(3)

Sept. LTM Int.

Pax Revenue

27%

Tapachula Huatulco

Sept. LTM Dom.

Pax Revenue

73%

Fort Lauderdale

Reno

12.2% 20.7% 22.7% 23.1%

2008 2012 2013 Nov YTD 2014

Houston

7

Volaris’ low base fares stimulate demand and drive

continuing growth

Stimulation

of

demand

More

ancillary

revenue

More capacity

Lower base

fares

Resilient ULCC business

model driving high,

profitable growth Lower cost

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

8

Notes;

(1) Converted to USD at an average exchange rate corresponding for the period, $13.1167 Ps.

(2) Figures updated as per DGAC report as of June 2014.

Source: Company data, data airlines public information, DGAC reports, MI DIIO

Volaris’ ULCC business model is clearly differentiated from legacies,

hybrids and other LCC’s

Aeromexico Interjet VivaAerobus Volaris

CASM Sept. YTD 2014

(cents, USD)(1) 13.9 13.3 9.7 9.0

Low ticket prices Sept. YTD 2014 ≈

Average Fare (USD)(1) 165 106 45 87

Non-ticket rev. exc. Cargo Sept. YTD 2014

Non-ticket rev. exc. Cargo per pax (USD)(1) 6.8 9.4 23.4 18.5

Modern & uniform fleet

Average age fleet (years) 9.8 (2) 6.0 (2) 20.6 (2) 4.3

High daily utilization

Block hours per day 11.4 8.7 8.4 12.4

Other/ eg. (No GDS) ≈

Legacy < Hybrid/LCC < ULCC

9

5.3

11.9

9.9 9.1

8.0 8.5

6.5 5.5

8.4

5.7 5.9

9.5

3.6

5.5

5.2

4.8 5.5 4.7

4.1

4.2

4.2

4.6 3.9

4.7

Avianca LatAm Aeromexico Gol Interjet Copa VivaAerobus SouthWest Allegiant Spirit DCOMPS

Volaris has a best-in-class unit cost structure

Denotes fuel

cost per ASM

Lowest unit cost in the Americas(1)

CASM and CASM ex-fuel (September YTD 2014, USD cents)(3)

Latin American Carriers US Network

Carriers(2) Best-In-Class

US LCCs

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, $13.1167 Ps.

Source: Company data, Airlines public information

9.0

17.4

15.2

13.9 13.6

10.6

9.7 10.6

10.0

15.1

10

13.3 12.6

20.6

10.4 8.8

5.8 4.2

VivaAerobus Mexican average

Aeromexico Interjet

12.4 11.4

8.7 8.4 8.8 8.1

Aeromexico Interjet VivaAerobus Global A320

Global A319

Young, fuel efficient fleet (4)

Interjet

Focus on fleet utilization and efficiency drives higher revenue

and lower cost: A320 retrofit and A321 arrival(1)

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

(3) Block hours per day calculated as ((Total block hours for the period / Monthly average number of aircraft) / Number of days for the period)

(4) Aeromexico and Interjet represent domestic competitors of Volaris

(5) Fleet average age updated as per DGAC report as of June 2014

Source: Company data, airlines public information, DGAC, Airbus, miDiio

Load factor

(Sept. YTD 2014) Implied passengers

per aircraft(2)

82%

72%

80%

149

108

128 Interjet A320

150 seats per aircraft

Aeromexico 737-800

160 seats per aircraft

High daily utilization(4)

Volaris A320

179 seats per aircraft

High density configuration(3)

Aeromexico

Block hours per day (September YTD 2014) (3) Average age (Yrs, September YTD 2014)

(5) (5) (5)

11

VivaAerobus 737-300

148 seats per aircraft VivaAerobus 81% 120

(5)

145

110

Bus

Bus passenger shift to air travel

Notes:

(1) Executive and luxury class

(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

Source: Company data, Secretaría de Comunicaciones y Transportes (SCT)

Air travel time and cost savings Significant upside for air travel

Fare (USD)(2,3) Travel time (Hrs)

Mexico City – Tijuana

(1)

Total air travel trips

(mm)

Total bus trips

(mm)

40.5

4.0

Bus Air

36.5 hours less

• Mexico is almost three times the size of the state of Texas

• The distance between Tijuana and Cancún is similar to the

distance between New York City and San Francisco

• 4Q14 bus switching campaign resulted in a great success:

- Education an trial plans went viral

- Reached 20M impacts in social media and became

trending topic in Twitter: 8.4M impacts

24% cost savings

30

30

60

2013

International

Domestic

2013

First, economy and other

2,781

2,706

75

(1)

12

• Excess

baggage

• Checked

bag limited

to 1 piece

(25kgs.)

• Carry-on

(oversized)

• Strollers

• Priority

boarding

• Check-in

Unbundled strategy: “Tú decides” – You decide

• V-Club

subscription

(108k active

suscriptions)

• Co-branded

credit cards

(101k active

cardholders)

• Manage my

booking

• VEmpresa

• Advertising

• Food and

beverage

• Hotel

rooms

• Car rentals

• Airport

shuttle

Pre-flight(1) Flight

planning

At the

airport

Onboard

aircraft Post-flight

• Seat

assignment

• Change /

booking fees

• Insurance

• Packages

•Additional forms

of payment

Notes:

(1) V-Club & Co-branded credit cards figures as of December 31th,2014 13

Acceleration of Volaris’ non-ticket revenues

Notes:

(1) Converted to USD at an average exchange rate corresponding for the period

Source: Company data, Airlines public information

Increased contribution of non-ticket revenue to the top line

Non-ticket revenue per passenger

Volaris (USD)(1)

Best-in class US LCC’s

(3Q14, USD)

Contribution

to Operating

Revenue

7% 7% 9% 13% 14%

2009 – 2013 CAGR: +57.6%

2009 – 2013 CAGR: +24.0%

Non-t

icket re

venue

(US

D m

m)(

1)

45 54

Allegiant Spirit

18%

24 39

68

115

148 181

2009 2010 2011 2012 2013 LTM Sep 14

7.0 8.9 11.4

15.5 16.5 19.0

2009 2010 2011 2012 2013 LTM Sep 14

14

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 August 2014.

Source: Company data and DIIO MI Market Intelligence for the Aviation Industry

48 48

41 40 38

13

0

10

20

30

40

50 99

48

32

0

25

50

75

100

USA (Leisure) USA (VFR) CAM, SAM, Canada, …

Attractive growth opportunities in Mexico and

throughout the Americas

Domestic – growth potential of nearly 160

routes (4)

International – growth potential of about 154

routes (4)

(3)

Number of routes(1) Number of routes(2)

Routes served Growth potential

Capacity – ASMs

(Year-over-year change) 4Q14 FY14 FY15E

Total 3.0% 8.5% 10% - 12%

Domestic -0.7% 5.8% 2% - 4%

International 14.0% 17.2% 33% - 36%

15

Substantial growth opportunity in the US-Mexico VFR /

leisure travel market

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

Denotes Volaris

presence(1)

Denotes other cities with large

Mexican origin populations(1,2)

Significant Mexican origin

population(2) of 33.7 million

in the US

Orlando

0.1mm

San

Francisco

0.7mm

San Jose

0.4mm

San

Diego

0.9mm

Denver

0.5mm Sacramento

0.3mm

Chicago

1.5mm

Fresno

0.5mm

Los Angeles

4.6mm

Las Vegas

0.4mm

San

Bernardino

1.7mm

Phoenix

1.2mm

Tucson

0.3mm

Albuquerque

0.2mm

El Paso

0.6mm

San Antonio

0.9mm

Bakersfield

0.4mm

Austin

0.4mm

Dallas

1.5mm

Houston

1.5mm

Atlanta

0.3mm

Washington

0.1mm

New York

0.5mm

Philadelphia

0.1mm

San Benito

0.3mm

Mission

0.6mm Tampa

0.1mm

Portland

0.2mm

Miami

0.1mm

16

17 23 26

36

Dec '11 Dec '12 Dec '13 Dic '14

39 50

78 93

Dec '11 Dec '12 Dec '13 Dic '14

Positive expansion, managing capacity and diversification of

routes

Notes:

(1) Capacity measured by ASM’s

Source: Data company, SCT-DGAC, DIIO MI

Percentage of Volaris’ 1Q15 domestic capacity competing with:

Solid expansion for Volaris

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

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 1.5x

17

67% 66%

30% 20%

Aeromexico Interjet Vivaaerobus Non-competed

Fleet and financials

18

20 18 17 12

24 23 22

19

9 14 23

2 2 3

FY13 FY14 FY15 FY16

A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets

A higher density fleet generates more incremental capacity

with fewer additional aircraft

Projected fleet under current contracts (number of aircraft)(1)

Notes:

(1) Net fleet after additions and returns

(2) Figure calculated as of the end of September 2014

Source: Company data

18%

29% 47%

% % of year-end fleet w/Sharklets

Backlog of 64 Aircraft to support growth(2)

Seat growth 7% 13% 14%

50

55 59

44

19

28%

20%

14%

10%

0%

10%

20%

30%

Copa GOL LATAM

Solid financial performance

Note:

(1) Converted to USD at an average exchange rate corresponding for the period

Source: Company data, airlines public information

Operating revenues(1) Adj. EBITDAR(1)

Operating Revenues CAGR 2009 - 2013 LTM September 2014 Adj. EBITDAR margin

17.5%

27.9%

18.7% 17.8%

0.0%

10.0%

20.0%

30.0%

Copa Gol AM

374

536

714

887

1,018 1,013

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 LTM Sep 14

(US

D m

m)

117 140

100

188

220

178

0

50

100

150

200

250

2009 2010 2011 2012 2013 LTM Sep 14

(US

D m

m)

20

13.7%

32.2%

19.3%

7.7% 5.9%

Copa GOL AM LatAm

LTM Liquidity – Cash and Equivalents / Op.

Revenue

Solid balance sheet and liquidity, well funded for growth

Note:

(1) Principal + interest debt

(2) Includes IPO Smiles program proceeds

Source: Company data, Airlines public information

• IPO provided sufficient liquidity / capital

for growth over the next years

• Minimal on-balance sheet debt

• USD $68mm(1) of financial debt as

of September 2014

• Strong cash position

• USD $135mm of cash and

equivalents as of September 2014

• Fully financed pre-delivery payments and

executed sale-leasebacks for all

deliveries in 2015 and 2016

(2)

21

Active in jet fuel hedging, reaching up to 45% of projected

consumption for 2015

22

Period Total % hedged Avg. price (gal/USD$) Instrument

4Q14 26% $2.80 Swap

1Q15 29% $2.53 Swap/Call

2Q15 45% $2.15 Swap/Call

3Q15 45% $2.07 Call

4Q15 45% $2.07 Call

1Q16 10% $1.84 Call

2Q16 5% $1.70 Call

Appendix

23

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.

24

MXN millions unless otherwise stated (2) 2012A 2013A

September

YTD 2014A

September

YTD 2014A (1) 3Q 2014A 3Q 2014A (1)

% of total

operating

revenues

(USD

millions)

(USD

millions)

Passenger 10,177 11,117 8,163 607 3,253 242 81.4

Non-ticket 1,510 1,885 1,915 142 742 55 18.6

Total operating revenues 11,687 13,002 10,078 749 3,995 297 100

Fuel 4,730 5,086 4,088 304 1,455 108 36.4

Aircraft and engines rent expense 1,886 2,187 1,860 138 637 47 16.0

Salaries and benefits 1,303 1,563 1,174 87 395 29 9.9

Landing, take off and navigation expenses 1,640 1,924 1,577 117 532 40 13.3

Sales, marketing and distribution expenses 752 704 590 44 238 18 6.0

Maintenance expenses 499 572 473 35 167 12 4.2

Other operating expense 288 347 333 25 123 9 3.1

Depreciation and amortization 211 302 205 15 87 6 2.2

Total operating expenses 11,309 12,685 10,301 766 3,634 270 91.0 6

EBIT 378 317 (222) (17) 361 27 9.0

Operating margin (%) 3 .2 2 .4 (2.2) (2.2) 9 .0 9.0

Finance income 14 25 17 1 7 0 0.2

Finance cost (90) (126) (23) (2) (9) (1) (0.2)

Exchange (loss) gain, net (95) 66 112 8 116 9 2.9

Income tax benefit (expense) (3) (17) 18 1 (127) (9) (3.2)

Net income (loss) 203 265 (98) (7) 347 26 8.7

Net margin (%) 1.7 2.0 (1.0) (1.0) 8.7 8.7

Net income (loss) excluding special items (3) 203 379 (98) (7) 347 26 8.7

Adjusted EBITDAR 2,475 2,806 1,842 137 1,085 81 27.2

Adj. EBITDAR margin (%) 21.2 21.6 18.3 18.3 27.2 27.2

EPS Basic and Diluted (cents) 31.0 (9.7) (0.7) 34.3 2.6

EPADS Basic and Diluted (cents) 310.4 (96.5) (7.2) 343.2 25.5

Consolidated statements of operations summary

Notes:

(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only

(2) Audited financial information 2010A – 2013A

(3) Excludes debt prepayment of Ps.65 million, and reservation system migration costs and other non-recurring items of Ps.48 million.

Source: Company data 25

Consolidated statements of financial position summary

Nota:

(1) Figures converted to USD September end of the period spot exchange rate $13.4541, 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 2010A – 2013A

Source: Company data

MXN millions unless otherwise stated (5)

2012A 2013A

September

2014A

September

2014A (1)

(USD millions)

Cash and cash equivalents 822 2,451 1,814 135

Current guarantee deposits 238 499 651 48

Other current assets 755 1,050 900 67

Total current assets 1,815 4,000 3,365 250

Rotable spare parts, furniture and

equipment, net 1,195 1,341 1,992 148

Non-current guarantee deposits 2,245 2,603 2,881 214

Other non-current assets 447 434 463 34

Total assets 5,702 8,378 8,701 647

Unearned transportation revenue 1,259 1,393 1,495 111

Short-term financial debt 527 268 271 20

Other short-term liabilities 1,936 2,211 2,256 168

Total short-term liabilities 3,722 3,872 4,022 299

Long-term financial debt 633 294 621 46

Other long-term liabilities 272 250 211 16

Total liabilities 4,627 4,416 4,854 361

Total equity 1,075 3,962 3,847 286

Total liabilities and equity 5,702 8,378 8,701 647

Net debt (2) 338 (1,889) (992) (69)

Adjusted debt (3) 14,360 15,874 18,073 1,343

Adjusted net debt (4) 13,538 13,423 16,259 1,208

26

Consolidated statements of cash flows summary

Notes:

(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only

(2) Audited financial information 2010A - 2013A

Source: Company data

MXN millions unless otherwise stated (2) 2012A 2013A

September September

3Q 2014 3Q 2014 YTD 2014A YTD 2014A (1)

(USD millions) (USD millions)

Cash flow from operating activities

Income (loss) before income tax 207 283 (116) (9) 474 35

Depreciation and amortization 211 302 205 15 87 6

Guarantee deposits (311) (620) (430) (32) (215) (16)

Unearned transportation revenue 433 135 101 8 (445) (33)

Changes in working capital and provisions (43) (61) 104 8 57 4

Net cash flows provided by (used in) operating activities 497 39 (136) (10) (42) (3)

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment and

intangible assets (856) (1,161) (1,090) (81) (370) (27)

Proceeds from disposals of rotable spare parts, furniture and

equipment 1,043 849 277 21 - -

Net cash flows (used in) provided by investing activities 187 (312) (813) (60) (370) (27)

Cash flow from financing activities

Legal costs incurred on behalf of shareholders - - - - - -

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) (16) (1) (5) -

Other financing costs - - (7) - (4) -

Payments of financial debt (694) (1,084) (268) (20) - -

Proceeds from financial debt 550 444 571 42 106 8

Net cash flows (used in) provided by financing activities (272) 1,861 280 21 96 7

Increase (decrease) in cash and cash equivalents 412 1,588 (669) (50) (316) (23)

Net foreign exchange differences (31) 41 32 2 42 3

Cash and cash equivalents at beginning of period 441 822 2,451 182 2,088 155

Cash and cash equivalents at end of period 822 2,451 1,814 135 1,814 135

27

Adj. EBITDA and Adj. EBITDAR reconciliation

Notes:

(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only

(2) Audited financial information 2010A - 2013A

Source: Company data

MXN millions unless otherwise stated (2) 2012A 2013A

September

YTD 2014A

September

YTD 2014A (1) 3Q 2014 3Q 2014

(USD

millions)

(USD

millions)

Net income (loss) 203 265 (98) (7) 347 26

Plus (minus):

Finance costs 90 126 23 2 9 1

Finance income (14) (25) (17) (1) (7) (0)

(Benefit)/provision for income taxes 3 17 (18) (1) 127 9

Depreciation and amortization 211 302 205 15 87 6

Business alliance amortization - - - - - -

EBITDA 494 685 95 7 563 42

Exchange (gain) loss, net 95 (66) (112) (8) (116) (9)

Other financing cost (income), net - - - - - -

Adjusted EBITDA 589 619 (17) (1) 447 33

Aircraft and engine rent expense 1,886 2,187 1,860 138 637 47

Adjusted EBITDAR 2,475 2,806 1,842 137 1,085 81

28