Investor updateJune 2020

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. 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 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. 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.

Disclaimer

Volaris, the Ultra Low Cost Carrier with high growth potential in the Americas

3

Among the lowest cost airlines in the world, enabling an unparalleled competitive position

Bus switching, a source of high growth potential in underpenetrated markets in Mexico and US

Low fares and point-to-point network that support market leadership and stimulation

Further growth opportunities in current markets, new geographies and ancillary revenues

Multiple actions taken to address impacts from COVID19 pandemic quickly and decisively

Company Overview

Volaris: the high growth ULCC of Latin America

*Information as of 1Q20Note: Destinations map as filed in the latest 20-F form

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Volaris is the largest Mexican carrier MXN $10.7 billion cash and cash equivalents (30% LTM operating revenues)

82 aircraft

22M passengers

70 destinations

214 routes

USD $54.0 average base fare

USD cents $4.13 CASM ex-fuel*

USD cents $6.25 CASM*

Volaris has transported 120+ million passengers since inception Key Statistics Mar’20 LTM

%

Volaris is the clear market leader

6

Airlines with Operations in Mexico

Passengers Apr’20 LTM(based on AFAC-SCT)

Passengers Apr’20 LTM (based on traffic reports)

+42%

Note: Volaris includes Costa Rica subsidiarySource: AFAC-SCT and Traffic reports

The key to Volaris’ success has been its disruptive model that has made air travel accessible to all

7

RESILIENT ULCC

BUSINESS MODEL

Capacityincrease

Cost reduction

Lowbase fares

More customers

More ancillaries

Relentless focus on costs

8

Cost reductionCASM ex-fuel

CASM

Volaris is among the lowest unit-cost operators worldwide

…with clear result in unit cost reductions… …among the best unit costs in the World

Fleet• NEO A321 / A320• Fleet upgauge

Productivity• Increased productivity

and utilization• New fuel consumption

initiatives

Back office• New distribution

strategy• New, lower cost

providers

Multiple efficiency initiatives…

2012

2013

2014

2015

2016

2017

2018

2019

1Q20

20

2011

Volaris’ CASM excl. fuel (USD cents)

CAGR(2011 to 2019)

- 4.2%

CASM (USD cents, FY19)(1)

(1) Presenting average CASM and CASM ex-fuel. "US LCCs": Southwest, Allegiant, Jet Blue, Spirit; "Latin American carriers": Avianca, Azul, Copa, Aeromexico, LATAM and Gol; "US legacy carriers": Delta, American Airlines, Alaska Airlines and United AirlinesNote: Non-USD data converted to USD using an average exchange rate for the period

Until the third week of Mar’20 traffic started to decline given the COVID-19 outbreak. On March 24th, the Company announced a decrease in ASMs for the

end of March and April of ~50%

Proven ability to stimulate demand

Note: Volaris has lower base fares than buses in bus segments above 6 hours long*Fares by segment observed in December 2019Source: AFAC-SCT; ground public Mexican transportation

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Low base fares

Growing demand through lower fares…

Volaris’ booked passengers Average base fare (MXN)

0

10

20

30M

1,000

1,100

1,200

1,300

1,400

1,500

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Average base fare (MXN)

900

Volaris' bookedpassengers

PassengersAvg. base fare

Volaris fares are lower than bus fares in many markets

Average fare(MXN, 2019)

41% of all routes compete only with buses

Route Volaris Hrs. Bus* Hrs.

Culiacan-Tijuana 763 2.2 1,461 15.5

Guadalajara-Tijuana 1,092 3.1 1,575 31.0

Mexico - Tijuana 1,235 3.8 2,243 29.7

Bajio-Tijuana 1,026 3.2 2,503 25.8

Cancun- Mexico 717 2.6 1,330 25.9

Durango-Tijuana 1,235 2.6 1,968 20.2

Mexican demographics and bus market continue to be a sizeable opportunity for growth

Source: CONAPO, SCT and bus market information 201810

Growing, young population

Bus passengers

3,094

Air passengers

96 4650

InternationalDomestic

41% of Volaris routes without air competition68 routes in which Volaris pioneered air service6% first time flyers on any given Volaris aircraft (1.2M in 2019)

More customers

10 5 0 5 10

Male Female

Million inhabitants0-19 years 20-64 years 65+ years

020

6040

80

020

6040

80+100 +100

Mexican demographic composition by age

Emerging middle class

26% 20%

35%25%

17%30%

14% 17%7% 8%

2010 2025ELow Low-Mid Medium Mid-High High

+17pp

Mexican middle class as a % of population

Huge bus market

1% bus switching= +67% (+31M)

domestic air passengers

Income ranges:

Big improvements in non-ticket revenues, now among the top 10

Financial information converted to USD using an average Exchange rate for the period only for purposes of the presentation 11

Avenues of Growth

Non-Ticket Revenue ResultsNon-ticket as % of Total Revenue (%, 1Q20)

Volaris Non-Ticket per Passenger (USD)

Ancillaries

Non-ticket revenue substitutes base fare; customers are less price sensitive to ancillaries

Execute full dynamic pricingFind the optimal price

Achieve full potential personalizationBased on customer profile not products

Improved top generatorsLaunched new plus fare

Implemented new ideasMulticurrency, widgets, simplicity

Renew subscription programsEngage and retain frequent customers

Launched new business unitYaVas

142204 211

279338

381429

479 514539 564

2011 2012 2013 2014 2015 2016 2017 2018 2Q19 3Q19 1Q20

2011-2019 CAGR: 19%

Volaris’ fleet plan drives lower unit costs; NEO fleet is the main competitive structural advantage

12(1) Net fleet after contractual additions and returns. The Company fleet schedule is subject to changes

18 15 12 8 7 3 3

36 43 4343 41 40 40

32

210 10

10 10 10 1010

1 6 12 17 26 3540

46

68 20

56

69 7177

8289

96105

2015 2016 2017 2018 2019 2020E 2021E 2022E

A321neoA320neoA321A320A319

6

8

Currently managing fleet deliveries and redeliveriesto reflect lower growth and capacity adjustments

Capacityincrease

Fleet plan

NEO% 8% 21% 28% 36% 45% 57%

Recent Developments

“I am especially proud of the job of our ambassadors and their selfless attitude facing this unprecedented challenge. Volaris is taking crucial actions to prioritize the health of our ambassadors and customers while protecting the

business. We are implementing decisive actions to mitigate the operational and financial impacts of COVID-19 pandemic by making deep schedule reductions for April and May, drastically reducing spending and carefully managing our liquidity position. We are not hesitating to make difficult decisions to ensure the long-term success of our airline.”

Enrique Beltranena, CEO & President of Volaris

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Play offense, not just defense

Multiple actions taken to address impacts from COVID19 quickly and decisively

Defendagainstsales declines

Preserve liquidity and cash

Protect our ambassadors and customers

• Launched new biosecurity and cleaning protocol• Communicating pro-actively with all staff,

especially with crews and airport staff• Activated home office technologies & protocols• Implemented online training• Implemented leave of absence & vacation program

ESG“Avión AyudaVolaris”

• Decreased scheduled capacity to defend profitability

• Implemented a customer centric view on changes and electronic credit without cash burn

• Launched new volaris.com, close communication on social media, email

• Executed strict cash preservation program• Holding twice weekly cash meeting to determine

cash outflows for the week to stretch payables accounts

• Contacting all major vendors and partners to ask for reductions and better payment terms

• Closely monitoring capacity reductions from competitors for possible opportunities

• Testing new ancillaries (“flexibility combo”)• Targeted promotions to test stimulation potential

• Operated 25% of original capacity in 2Q20• Added back capacity for June at ~38% vs. original

schedule• Further capacity increases dependent on demand

and sales triggers• Central America remains closed until ~mid- July

Reduce costs

Review fleet and network

• Aircraft already in manufacturing as of COVID19 start will be delivered in 2020 (7 aircraft)

• The current intention going forward is to freeze net fleet growth in 2021, 22, 23

• Put in place cost contingency plan• Maintained labor base at reduced compensation

levels• Reduced capital expenditures to a minimum• Cut non-essential expenses

• Transported 29 tons in health equipment destined for professionals fighting COVID19 in 15 different cities in Mexico

• Transported health workers of the Mexican National Institute of Social Security (IMSS), volunteers of the Mexican Red Cross and disaster relief NGO CADENA

Adjust capacity

Safety and health of ambassadors and customers is a top priority

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Protect ambassadors and customers

• Followed and implemented protocols and guidelines issued by the International Air Transportation Association (IATA) and health organizations

• Cleaning and bio-risk prevention recommendations

• Pro-active & close communication with crews and airport staff

• Activated home office technologies & protocols

• Online training

• Leave of absence and vacation program implemented

New biosecurity and cleaning protocol

Onboard

Landing

Check-in&

Boarding

Aircraft • Aircraft sanitization with industrial grade products

• Mobile check-in is promoted• Health questionnaire requirement for

customers• Body temperature checks• Shoe disinfection• Use of face mask is mandatory

throughout the entire travel process

Crew

• Air in the cabin renewed every 3 min• Hand sanitization provided• Face masks available for customers

• Disembark in a controlled manner by row• Baggage sprayed with disinfectant• Social distancing on ground

Implemented safety and hygiene protocols to protect the well-being of our passengers,

crew and ground personnel

• Health risk prevention gear and equipment with face masks, eye protection and gloves provided to the crew

Liquidity, cash preservation and cost reduction measures to face COVID-19

• As of March 31st, 2020, cash and cash equivalentswere $10.7 billion pesos (30% LTM operating revenues), mainly denominated in US Dollars

• Solid balance sheet with only interest-bearing obligations in the short term

• Diligent cash preservation program with a high level of scrutiny on payment terms

• Stablished a “Treasury war room” to diligently review each payment and reduce non-operational expenses

• Obtained extended payment periods and discounts with most suppliers for the months of April, May and June

• Received cooperation from most of our lessors, airport groups and other main business partners

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Liquidity and cash preservation Obtained extended payment periods with suppliers

Successfully completed comprehensive negotiations will help the Company to overcome the current contingency

• “Cost Contingency Program” Implemented in order to face COVID-19 with benefits of ~USD $200M, mainly in payment deferrals:

– Aircraft rents (with all lessors)

– Major maintenance and line maintenance suppliers

– Airports (almost all domestic and international)

– Operations (main training simulator supplier)

– IT services (almost all suppliers)

Liquidity, cash preservation and cost reduction measures to face COVID-19

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Main cost initiatives

• Cost contingency plan in place to achieve discounts and payment deferrals with main suppliers, aircraft's and engine’s lessors, airport groups

• Maintained labor base at reduced compensation levels:

• Operational personnel: up to 82% has agreed to voluntarily leave of absences for periods of up to 90 days

• Administrative personnel: wages reduction amongst the different organizational layers from 80% at the C-suite level to 20% in lower levels

• Board of Directors: 100% and 40% of annual compensation waived by non-independent members, and independent members, respectively

• Capital expenditures reduced to a minimum and cut non-essential expenses for the rest of the year

2020 cost contingency plan

Operations

Maintenance

Airports

Salaries &Benefits

IT

Fixed

Variable

Activity & payment deferralCost reduction / avoidance

47%

10%53%

90%

• Consumables• Travel expenses and uniforms• Offices rentals in certain airports free of charge

• Training and travel expenses• Implementation of e-learning courses• Increase of credit days

• Leave of absence & headcount freeze• Cancellation of variable compensation• Cancelation of salary increase for admin

• Landings, parking and overnight fees• Airport services

• IT capex postponed• Negotiations to fix FX• Non-essential projects paused

2020 liquidity, cash preservation and cost reduction plan of ~ USD $200M(1)(1) Updated as of May 22, 2020

Actions to address impacts from COVID19 pandemic

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Capacity Network

April2020

May2020

June2020

July2020

Routes 99 34 74

Stations 50 24 48

Domestic 40 21 36

International 10 3 12

Segments 1,938 1,407 4,519

Domestic 1,693 1,309 4,045

International 245 98 474

Average daily segments 65 45 151ASMs(in millions, scheduled & charter)

365 247 *

Domestic 293 219 *

International 72 28 *Total Load Factor(in %, scheduled, RPMs/ASMs)

87.4% 87.5% *

• Flexible and strategic operational plan to reduce capacity

• Cancelled and consolidated flights to defend profitability

• Capacity reductions:‒ April 2020: ASMs decreased by 82% YoY‒ May 2020: ASMs decreased by 88% YoY‒ June 2020: added back capacity of ~38% vs. original

schedule

• Capacity increases dependent on demand and sales triggers

• Flight network adjustments as of June 2020:

‒ 151 daily flights‒ 74 routes (60 domestic & 14 international)‒ 48 airports offered (36 domestic & 12 international)‒ Operations in Central America remain closed

After 3 months of COVID impact, countries start recovering capacity, pointing towards a gradual 3Q recovery in demand for Mexico

Note: Capacity as of June 8th, 2020Source: OAG 19

Country domestic capacity monitoring - seats

0

5

10

15

20M

US

China

Jan'20 Feb Mar Apr May Jun Jul0

1

1.5

2M

Mexico

Thailand

Jan'20 Feb Mar Apr May Jun Jul

SpainTurkey

Financial Information

Financial results

21

28.6

35.5

LTM Mar 2019 LTM Mar 2020

1.52.1

1Q 2019 1Q 2020

March 2020 LTM Revenues (B, MXN)

1Q 2020 EBITDAR Margin(1)

Revenue CAGR 2011 – 2019

1Q 2020 EBITDAR (B, MXN)

19%

9% 8% 8%5%

3%

Volaris Azul Aeromexico Gol Latam Copa Avianca

(1) LATAM airlines public information as of 4Q19Source: Airlines public information

24%

707

Balance sheet and liquidity

22

Adjusted Net Debt to LTM EBITDAR ratio

Unrestricted Cash (B, MXN)

1Q20 Adjusted Net Debt to LTM EBITDAR(1)

Volaris is NYSE listed, SEC registered and under SOX compliance

1Q20 Cash and Equivalents as % of LTM Operating Revenue(1)

(1) Copa, Azul, Gol, LATAM Airlines and Avianca public information as of December 2019 Source: Airlines public information

31% 30%28%

21%19% 20%

7%

Copa Volaris Azul Gol Latam Aeromexico Avianca