The Leading Ultra-Low-Cost Airline Serving

Mexico and the US

April 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.

Solid fourth quarter 2014 financial results and first quarter

2015 traffic results confirm reversal of trend

Positive cash flow generation, strong balance sheet and good liquidity: Net increase

of cash by Ps. 342 million for the 4Q14; generating 16% of LTM revenues and negative

net debt (or positive net cash position) of Ps. 1,017 million.

Total operating revenues: Increase 24% for 4Q14 and 8% full year 2014, reaching

Ps. 3,958 million and Ps. 14,038 million, respectively.

Notes:

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

Disciplined capacity management: International ASMs grew 31% in 1Q15, while

Domestic ASMs grew 4% for same period as a continuous domestic capacity discipline.

Total ASMs grew 11% during the quarter.

Continuous non-ticket revenue growth: Non-ticket per passenger reached Ps. 313 (US

$23(1)) and Ps. 279 (US $21(1)), for the 4Q14 and full year 2014; an increase of 61% and

31%, respectively. Year end non-ticket revenues represent 19% of total revenues.

Costs control & strong profitability: CASM ex fuel was Ps. 74.4 cents (US 5.37cents(1))

during 4Q14 and Ps. 71.6 (US 5.38 cents(1)) FY; maintaining lowest unit cost in the

Americas. EBITDAR margin of 31% and 22%, an increase of 16.1 p.p. and 0.4 p.p., for

4Q14 and FY, respectively.

SacramentoOakland

Los Angeles

San Diego

Tijuana

San Jose

Fresno

Mexicali

Las Vegas

Chicago (Midway/O’Hare)

Denver

OrlandoHermosillo

Chihuahua

Monterrey

Cancún

La Paz

Los Cabos

Los Mochis

Culiacán

Mérida

Tuxtla GutiérrezAcapulco

PueblaToluca

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, domestic and international passengers

Source: Company data, SCT-DGAC

Serving to 58 destinations throughout Mexico and the US

2008 2014 CAGR

Unit cost

(CASM ex-fuel;

cents, USD)(1)

5.5 5.4 -0.4%

Passenger

demand

(RPMs, bn)

3.2 9.7 +20.5%

Aircraft

(End of Period)21 50 +15.6%

Passengers

(mm)(2) 3.5 9.8 +18.7%

Operating revenue

(mm, USD)(1) 397 1,056 +17.7%

Adj. EBITDAR

(mm. USD)(1) 67 232 +23.0%

Adj. ROIC (pre-

tax)11% 14% +3pp

Volaris’ destinations

Phoenix

San Luis Potosí

Ciudad Obregón

Veracruz

San Antonio

Ontario

Villahermosa

Tampico

Portland

Domestic market share(3)

FY14 Int. Pax

Revenue 28%

TapachulaHuatulco

FY14 Dom. Pax

Revenue 72%

Fort Lauderdale

Reno

Houston

4

12.2%20.7% 22.7% 23.0%

2008 2012 2013 2014

Dallas

Torreón

Durango

New York

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 growthLower 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

5

Notes;

(1) Converted to USD at an average exchange rate corresponding for the period, $13.2973 Ps.

(2) Figures updated as per latest public reports as of September YTD 2014

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

Aeromexico Interjet VivaAerobus Volaris

CASM FY 2014

(cents, USD)(1) 13.8 13.1 9.7(2) 8.8

Low ticket prices FY 2014 ≈

Average Fare (USD)(1) 167 103 45(2) 87

Non-ticket rev. exc. Cargo FY 2014

Non-ticket rev. exc. Cargo per pax (USD)(1) 6.7 8.5 23.4(2) 19.2

Modern & uniform fleet ≈

Average age fleet (years) 8.9 6.4 19.7 4.2

High daily utilization

Block hours per day 11.4 8.8 8.4 12.3

Other/ eg. (No GDS) ≈

Legacy < Hybrid/LCC < ULCC

6

Volaris’ ULCC business model is clearly differentiated from

legacies, hybrids and other LCC’s

5.4

11.9

9.6 9.27.9 8.5

6.65.5

8.5

6.65.9

10.4

3.4

5.5

5.24.6

5.3 4.7

4.0

4.2

4.0

4.3

3.8

4.5

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 (FY 2014, USD cents)(3)

Latin American Carriers US Network

Carriers(2)

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, $13.2973 Ps.

(4) Based on CASM among the publicly-traded airlines as of September YTD 2014

Source: Company data, Airlines public information

7

8.8

17.4

14.8

13.813.2

10.59.7

11.0

9.6

14.9

13.212.5

(4)(4)

12.311.4

8.8 8.4 8.88.1

Aeromexico Interjet VivaAerobus GlobalA320

GlobalA319

Young, fuel efficient fleet

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) Figures updated as per latest public reports as of September YTD 2014.

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

(5) Aeromexico, Interjet and VivaAerobus represent domestic competitors of Volaris

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

Load factor

(FY 2014)Implied passengers

per aircraft(2)

82%

72%

79%

147

109

127Interjet A320

150 seats per aircraft

Aeromexico 737-800

160 seats per aircraft

High daily utilization

Volaris A320

179 seats per aircraft

High density configuration(5)

Aeromexico

Block hours per day (FY 2014)(4) Average age (Yrs, FY 2014)

8

VivaAerobus 737-300

148 seats per aircraftVivaAerobus (3) 81% 120

19.7

10.58.9

6.44.2

VivaAerobus MexicanAverage

Aeromexico Interjet

2013

First, economyand otherExecutive &luxury

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 savingsSignificant 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

2,781

2,706

75(1)

9

• 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

(113k active)

suscriptions)

• Co-branded credit

cards (106k active

cardholders)

• Manage my

booking

• Vempresa

• Travel

Commerce

•IOS mobile app

• 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 January 31th,2015 10

7 9 11

15 17 21

2009 2010 2011 2012 2013 2014

Acceleration of Volaris’ non-ticket revenues

Notes:

(1) Converted to USD at an annual 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

(FY 14, USD)

Contribution

to Operating

Revenue

7% 7% 9% 13% 14%

2009 – 2014 CAGR: +53.2%

2009 – 2014 CAGR: +24.5%

Non-t

icket re

venue

(US

D m

m)(

1)

19%

11

24 3968

115148

206

2009 2010 2011 2012 2013 2014

50 55

Allegiant Spirit

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 December 2014.

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

48 48

41 4038

13

0

10

20

30

40

5099

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 122

routes (4)

International – growth potential of about 139

routes (4)

(3)

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

Routes served Growth potential

12

Capacity – ASMs

(Year-over-year change) 4Q14 FY14 1Q15 FY15E

Total 3% 9% 11% 10% - 12%

Domestic -1% 6% 4% 2% - 4%

International 14% 17% 31% 33% - 36%

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

0.5mmSacramento

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

0.6mmTampa

0.1mm

Portland

0.2mm

Miami

0.1mm

13

1723 26

36

Dec' 11 Dec' 12 Dec' 13 Dec' 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:

Volaris offers more domestic routes than any other Mexican carrier

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

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 2x

14

67% 66%

30%20%

Aeromexico Interjet Vivaaerobus Non-competed

3950

7893

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

Fleet and financials

15

20 18 1712

2423 22

19

9 1423

223

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 February 2015

(3) Percentage of year-end fleet with sharklets

Source: Company data

Backlog of 60 Aircraft to support growth(2)

Seat growth

% fleet w/Sharklets(3)

7%

18%

13%

29%

14%

47%

50

5559

44

16

22%

28%

18% 18%16%

0%

10%

20%

30%

Copa Gol Aeromexico LatAm

21%

17%14%

7% 6%

0%

10%

20%

30%

Copa Aeromexico 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 - 2014 Full year 2014 Adj. EBITDAR margin

17

374

536

714

887

1,018 1,056

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 2014

(US

D m

m)

116140

100

188

220232

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014

(US

D m

m)

16.1%

28.1%

22.2%

7.9% 7.4%

Copa GOL LatAm Aeromexico

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

(3) Figures updated as per latest annual public reports as of December 2014

(4) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only

Source: Company data, Airlines public information

(2)

18

• IPO provided sufficient liquidity / capital

for growth over the next years

• Fully financed pre-delivery payments and

executed sale-leasebacks for all

deliveries in 2015 and 2016

• A good liquidity position to strengthen our

balance sheet

• Unrestricted cash of $2.3 billion pesos

(US$ 154 million (4)) as of December 31st

2014

• Negative net debt of $1,017 million pesos

as of December 31st 2014

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

consumption for 2015 and 2016

19

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

1Q15 29% $2.53 Swap/Call

2Q15 45% $2.15 Swap/Call

3Q-4Q15 45% $2.07 Call

1Q16 45% $1.95 Call

2Q16 40% $1.95 Call

3Q-4Q16 35% $1.99 Call

Appendix

20

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.

21

MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 4Q 2014A 4Q 2014A (1)

% of total

operating

revenues

(USD

millions)

(USD

millions)

Passenger 10,177 11,117 11,303 768 3,140 213 79.3

Non-ticket 1,510 1,885 2,733 186 818 56 20.7

Total operating revenues 11,686 13,002 14,037 954 3,958 269 100

Fuel 4,730 5,086 5,364 364 1,276 87 32.2

Aircraft and engines rent expense 1,886 2,187 2,535 172 675 46 17.1

Salaries and benefits 1,303 1,563 1,577 107 402 27 10.2

Landing, take off and navigation expenses 1,640 1,924 2,066 140 488 33 12.3

Sales, marketing and distribution expenses 752 704 817 56 227 15 5.7

Maintenance expenses 499 572 665 45 192 13 4.8

Other operating expense 288 347 468 32 134 9 3.4

Depreciation and amortization 211 302 343 23 138 9 3.5

Total operating expenses 11,308 12,685 13,833 940 3,532 240 89.2 6

EBIT 378 317 204 14 426 29 10.8

Operating margin (%) 3.2 2.4 1.5 1.5 10.8 10.8

Finance income 14 25 23 2 6 - 0.2

Finance cost (90) (126) (32) (2) (9) (1) (0.2)

Exchange (loss) gain, net (95) 66 449 30 336 23 8.5

Income tax expense (3) (18) (39) (3) (57) (4) (1.4)

Net income 203 265 605 41 703 48 17.8

Net margin (%) 1.7 2.0 4.3 4.3 17.8 17.8

Net income excluding special items (3) 203 379 605 41 703 48 17.8

Adjusted EBITDAR 2,475 2,806 3,081 209 1,239 84 31.3

Adj. EBITDAR margin (%) 21.2 21.6 22.0 22.0 31.3 31.3

EPS Basic and Diluted 0.29 0.31 0.60 0.04 0.69 0.05

EPADS Basic and Diluted 2.94 3.10 5.98 0.41 6.95 0.47

Consolidated statements of operations summary

Notes:

(1) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only

(2) Audited financial information 2012A – 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 data22

Consolidated statements of financial position summary

Nota:

(1) Figures converted to USD December end of the period spot exchange rate $14.7180, 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 2012A – 2013A

Source: Company data

MXN millions unless otherwise stated (5) 2012A 2013A 2014A 2014A (1)

(USD millions)

Cash and cash equivalents 822 2,451 2,265 154

Current guarantee deposits 238 499 545 37

Other current assets 755 1,050 879 60

Total current assets 1,815 4,000 3,689 251

Rotable spare parts, furniture and

equipment, net 1,195 1,341 2,223 151

Non-current guarantee deposits 2,245 2,603 3,541 241

Other non-current assets 447 434 452 31

Total assets 5,702 8,378 9,905 673

Unearned transportation revenue 1,259 1,393 1,421 97

Short-term financial debt 527 268 823 56

Other short-term liabilities 1,936 2,211 2,524 172

Total short-term liabilities 3,722 3,872 4,768 324

Long-term financial debt 633 294 425 29

Other long-term liabilities 272 250 242 16

Total liabilities 4,627 4,416 5,435 369

Total equity 1,075 3,962 4,470 304

Total liabilities and equity 5,702 8,378 9,905 673

Net debt (2) 338 (1,889) (1,017) (69)

Adjusted debt (3) 14,360 15,874 18,990 1,290

Adjusted net debt (4) 13,538 13,423 16,725 1,136

23

Consolidated statements of cash flows summary

Notes:

(1) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only

(2) Audited financial information 2012A - 2013A

Source: Company data

MXN millions unless otherwise stated (2) 2012A 2013A 4Q 2014A 4Q 2014A (1)2014A 2014A (1)

(USD millions) (USD millions)

Cash flow from operating activities

Income before income tax 207 283 644 44 760 52

Depreciation and amortization 211 302 343 23 138 9

Guarantee deposits (311) (620) (695) (47) (265) (18)

Unearned transportation revenue 433 135 27 2 (74) (5)

Changes in working capital and provisions (43) (61) 14 1 (90) (6)

Net cash flows provided by operating activities 497 39 334 23 470 32

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment and

intangible assets (856) (1,161) (1,603) (109) (513) (35)

Proceeds from disposals of rotable spare parts, furniture and

equipment 1,043 849 418 28 141 10

Net cash flows provided by (used in) investing activities 187 (312) (1,185) (81) (372) (25)

Cash flow from financing activities

Payments of Treasury Shares - - (7) - (7) -

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) (23) (2) (7) -

Other financing costs - - (11) (1) (4) -

Payments of financial debt (694) (1,084) (400) (27) (132) (9)

Proceeds from financial debt 550 444 966 66 395 27

Net cash flows (used in) provided by financing activities (272) 1,861 525 36 245 17

Increase (decrease) in cash and cash equivalents 412 1,588 (326) (22) 342 23

Net foreign exchange differences (31) 41 141 10 108 7

Cash and cash equivalents at beginning of period 441 822 2,451 167 1,814 123

Cash and cash equivalents at end of period 822 2,451 2,265 154 2,265 154

24

Adj. EBITDA and Adj. EBITDAR reconciliation

Notes:

(1) Figures converted to USD December end of the period spot exchange rate $14.7180, for convenience purposes only

(2) Audited financial information 2012A - 2013A

Source: Company data

MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 4Q 2014A 4Q 2014A (1)

(USD

millions)

(USD

millions)

Net income 203 265 605 41 703 48

Plus (minus):

Finance costs 90 126 32 2 9 1

Finance income (14) (25) (23) (2) (6) -

(Benefit)/provision for income taxes 3 18 39 3 57 4

Depreciation and amortization 211 302 343 23 138 9

Business alliance amortization - - - - - -

EBITDA 494 685 996 68 900 61

Exchange (gain) loss, net 95 (66) (449) (30) (336) (23)

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

Adjusted EBITDA 589 619 547 37 564 38

Aircraft and engine rent expense 1,886 2,187 2,535 172 675 46

Adjusted EBITDAR 2,475 2,806 3,081 209 1,239 84

25