1 1

September, 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 AIMIA

Strongest position in slot constrained Mexico City airport

80 destinations in 20 countries, over 600 daily flights

Solid Financial and Risk Profile with Focus on Profitability

STRENGTHENING MEXICAN ECONOMY WITH STRUCTURAL REFORMS IN PLACE

Growth Opportunities for Mexican Economy(1) Air Traffic Penetration

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

(1) Criterios generales de Política Económica 2014, SHCP. Source: : CONAPO, INEGI, IMF World Economic Outlook , Company filings.

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 Favorable Demographic Trends

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)

3

2015 E 2016 E 2017E 2018E 2019E

Difference

6%

5%

4%

3%

2%

1%

0%

OUR FLIGHT PLAN

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

OPERATIONAL EXCELLENCE

On-Time Departure (within 15 minutes)

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

Airline Ranking

Mishandled Baggage Complaints

Completion Factor

Per 1,000

passengers

Rank US Operations YTD May-14

1 Virgin America 0.92

2 Frontier Airlines 1.85

3 Jetblue Airways 2.10

4 Hawaiian Airlines 2.28

5 Aeroméxico 2.29

6 Alaska Airlines 2.54

7 Delta Air Lines 2.63

8 American Airlines** 3.62

- US Airways 3.64

- American Airlines 3.78

9 United Airlines 3.90

10 Southwest Airlines** 4.58

- Southwest Airlines 4.55

- Airtran Airways 5.02

11 Skywest Airlines 5.22

12 Expressjet Airlines 6.43

13 American Eagle Airlines 8.42

Attributes highly valued by business passengers

5

99.81%

99.46% 99.43% 99.35%

98.97%

98.15% 97.99%

97.78%

97.47% 97.40%

96.87%

95.67%

HA AM F9 AS VX DL WN UA AA US FL B6

Color

Scheme

241 95 35

143 145 146

0 91 147

0 174 239

196 22 28

0 54 94

• Create sustainable defendable and highly

profitable position in Mexico City with

improved connecting banks

• Using partners to create low cost virtual

network:

- New Gol Alliance

• Widebody product, unrivaled service with

B787 and consolidating markets

• Strengthening Monterrey Hub

COMMERCIAL VALUE CREATION: STRENGTHENING OUR NETWORK

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

• Increasing connecting banks from 4 to 12 by

year end (8 actually)

• Slot portfolio gives Aeromexico strong

potential for growth through upgauging

• Replacing E-145 by year end 2014 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

Arrivals Departures

% of Connecting Passengers of Total

Source: Aeromexico. Connectivity of Aeromexico and partner airlines.

21%

26%

30%

2010 2012 YTD July 2014

c

Strategy Focus on Increasing Connectivity

Connecting Banks in Mexico City Airport

c Banks

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

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

7

*By year end 2014, we expect to cease operations of E-145 in Mexico City; 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

Color

Scheme

241 95 35

143 145 146

0 91 147

0 174 239

196 22 28

0 54 94

COMMERCIAL VALUE CREATION: STRENGTHENING MONTERREY HUB

8

During June 2014 (first month of operation of Monterrey Hub) connecting passengers have 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, 8 new destinations during

2014:

Los Cabos Puerto Vallarta Aguascalientes San Luis Potosi Cancun

Tokyo Houston Torreon

May September November

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

• Choice seats: front and exit rows in economy

• Aeromexico Plus

• Concierge

• Ground transportation

9

COMMERCIAL VALUE CREATION: BALANCED REVENUE MANAGEMENT STRATEGY

New Revenue Management Strategy that aims to maximize RASK, increasing load factor with more competitive Yields.

• 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

7.8

2012 2013 YTD Jun 14

Source: Aeromexico Financial Statements.

Passenger Traffic Monthly Var % YoY

Load Factor (%)

10

COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM

Strong 2014 performance, with passenger traffic growth of 15.3% as of July and load factor increase of over 300 bps YoY.

3.2%

0.6% 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%

78.3 75.6

77.9

77.0 75.9

76.8

83.4

75.4

72.1

75.6 76.1 75.9

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

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

2012

2013

2014

25.3%

13.9%

12.7%

Viva Aerobus 5.8%

Others 42.3%

15.6%

15.6%

14.9%

7.5%

Alaska 4.9%

4.9%

2.5%

Others 34.2% 36.3%

23.4%

23.5%

Viva Aerobus 11.8%

Magnicharter 3.0%

Aeromar 1.6%

Domestic International Total

24.1%

25.3%

Jan-Jul 13 Jan-Jul 14

1.3 pp

34.8%

36.3%

Jan-Jul 13 Jan-Jul 14

1.6 pp

Domestic

13.7%

14.9%

Jan-Jul 13 Jan-Jul 14

1.2 pp

International

+0.2 pp

-1.0 pp

COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM IN MARKET SHARE

Market Share YTD Jul 14

Aeromexico´s Market Share Growth (Var % YoY)

Total

Source: DGAC Regular Passenger Information (excludes charter) 11

12

COMMERCIAL VALUE CREATION: MERITING REVENUE PREMIUM OVER COMPETITORS

RASK YTD June 14– Stage Length Adjusted

USD cents

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

7.60

5.97

5.09

GAM Interjet Volaris

27% 49%

Domestic Industry International Industry

11.72 11.20

10.49 10.07 9.77 9.67

9.20 8.70

7.60 7.48 6.60

5.97 5.09

(1) Stage length adjustment @ 1,000 miles. Ancillary businesses excluded for U.S. Carriers and Grupo Aeromexico. Source: Second Quarter 2014 Companies Financial Statements Aeromexico, American Airlines, Delta and United include regional affiliates.

Low Cost Carriers Full Service Carriers

7.51

5.88 5.58

GAM Interjet Volaris

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

SOLID FINANCIAL PROFILE

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

Low Cost Carriers Full Service Carriers

(1) Stage length adjustment @ 1,000 miles. Ancillary businesses excluded for U.S. Carriers and Grupo Aeromexico. * Includes other operational expenses Source: Second Quarter 2014 Companies Financial Statements ASK Information for Interjet, source: PAXIS. Aeromexico, American Airlines, Delta and United include regional affiliates.

11.13

9.94 9.59 9.57 9.44

8.03 7.77 7.52 7.51 6.68 6.36

5.88 5.58

International Industry Domestic Industry

USD Cents

28% 35%

*

13

Source: Second Quarter 2014 Companies Financial Statements .

14

202

-95 -88

233

-583

91 GAM Volaris Interjet

-2.8% -2.9%

1.5%

1.2%

-9.6%

2Q14 YTD June 14

Operating Profit: Mexican Airlines

2.0%

Millions of pesos, % of Total revenues

SOLID FINANCIAL PROFILE

• 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

15

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.

PRODUCTIVITY AND COST CONTROL INITIATIVES: FLEET STRATEGY

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

16

• 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

SOLID FINANCIAL AND RISK PROFILE: COMPREHENSIVE RISK MANAGEMENT

Economic Cycle

Staggered Leases

Fleet 2015 2016 2017 2018 Total

Narrow Body Total 28 16 17 6 67

Wide Body Total 4 1 0 3 8

GAM Total 32 17 17 9 75

Currency

Aircrafts

Year

Fleet plan flexibility

Approximately:

20 19 39 38

249 53

19 25 18

97

2014 2015 2016 2017 2018+

18

SOLID FINANCIAL DEBT PROFILE

Debt Maturity Profile (1)

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

USD millions

12.5% 6.6% 11.1% 9.7% 60.1%

Benchmark Financial Net Debt / Adjusted EBITDAR (2)

Adjusted EBITDAR LTM as of June 2014: USD 574 M

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.

Source: Aeromexico, INEGI. (1) In June 2012, Delta purchased a 4.17% stake in Aeromexico for USD$65mm. 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 (1)

• Delta, through Delta Master Trust(2), increased its exposure to Aeromexico to 9.5% 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

STRONG BRAND WITH STRATEGIC PARTNERSHIPS

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

19

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