Volaris The Leading Ultra Low Cost Airline Serving

Mexico and the US

May 2014 1

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

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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.

First quarter 2014 highlights and recent developments

3

Strong balance sheet: Cash of 18% of LTM revenues and net debt

negative of Ps.-1.57 billion

Demand stimulation and high passenger volume in a challenging

macroeconomic and fare environment: Booked 10% more

passengers y-o-y, operated at an 81% load factor, and advanced product

unbundling strategy.In 1Q14

Cost control: CASM decreased 2.6% y-o-y to Ps.119.0 cents (US$8.99

cents) in 1Q14, lowest in the Americas

Non-ticket revenue growth potential: Non-ticket revenue (ex-cargo)

per passenger increased 10% y-o-y due to changes implemented during

4Q13: migration to new reservation system and webpage, new baggage

policy and on-board sales

Expanding US presence and complementing domestic network:

More US routes (Ontario, CA) and opening of Monterrey base

Sacramento

San Francisco/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

Manzanillo

Volaris – a Mexican Ultra-Low-Cost Carrier

Notes:

(1) Based on CASM among the publicly-traded airlines

(2) Converted at average annual MXN/USD spot exchange rate

(3) Corresponds to the number of booked passengers

(4) Based on number of passengers

Source: Company data, SCT-DGAC

Lowest unit cost carrier in the Americas(1)

2008 2013 CAGR

Unit cost

(CASM ex-fuel;

cents, USD)(2)

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)(3) 3.5 8.9 +20.5%

Operating revenue

(mm, USD)(2) 397 1,018 +20.7%

Adj. EBITDAR

(mm. USD)(2) 67 220 +26.8%

Volaris’ destinations

Domestic market share (4)

4

Phoenix

San Luis Potosí

Ciudad Obregón

Veracruz

San Antonio

Pasadena/San Bernardino Ontario

12.2% 20.7% 22.7% 22.1%

2008 2012 2013 Mar YTD 2014

Villa Hermosa

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

5

5.2

10.0 9.1

7.8 6.9

5.7 5.9

9.5

3.6

5.4

4.8

5.5

4.1

4.6 3.9

4.7

. LatAm Aeroméxico Gol Copa 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 (LTM 1Q 2014, USD cents)(3)

6

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

(3) Non USD data converted using average exchange rates for the corresponding period

(4) Updated through FY 2013

Source: Company data, Airlines public information

14.2

9.8 10.3

15.4

13.3 14.0

9.0

11.0

(4) (4) (4)

Young, fuel efficient fleet (3)

Interjet

Focus on fleet utilization and efficiency drives higher

revenue and lower cost

Notes:

(1) Implied passengers per aircraft is calculated as available seats per aircraft multiplied by the load factor

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

(3) Aeroméxico and Interjet represent domestic competitors of Volaris

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

Load factor

(Mar YTD 2014) Implied passengers

per aircraft(1)

81%

64%

79%

141

96

126

Interjet A320

150 seats per aircraft

Aeroméxico 737-800

160 seats per aircraft

High daily utilization(3)

Volaris A320

174 seats per aircraft

High density configuration(3)

(2) (2)

Aeroméxico

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

7

10.6

9.1

5.8

4.0

Mexican average

Aeroméxico Interjet

12.4 12.1

8.8 8.8 8.1

Aeroméxico Interjet Global A320

Global A319

100

113 109

104

97

137

171

179 178 180

2009 2010 2011 2012 2013

Volaris Aeroméxico

Unbundled model drives Volaris’ low base fares

Notes:

(1) Average fare calculated as passenger revenue divided by number of booked passengers

(2) Converted using an average annual MXN/USD exchange rate

Source: Company data, Aeromexico public information

Unbundling and a low cost

structure support Volaris’ low

base fares…

Average base fare (USD)(1,2) TRASM (US cents) (2) Load factor

…stimulating demand and

increasing load factor…

…resulting in higher ancillary

and stronger overall revenue

growth

2009 – 2013 Change: +12 p.p. 2009 – 2013 Change: +22.9%

2009 – 2013 Change: -3.0%

8

71%

83%

2009 2013

7.60

9.34

2009 2013

$95

$176 $182 $183 $203

$235

$0

$50

$100

$150

$200

$250

Alaska Delta Aeroméxico American Airlines Group

United

Low costs and low base fares – a significant competitive

advantage

Notes:

(1) Converted using an average annual MXN/USD exchange rate

(2) Average Stage Length calculated as (Total miles flown / Number of flights)

(3) Average Stage Length calculated as (RPM’s / Total passengers)

(4) Breakeven fare calculated as ((Average stage length * (CASM – Ancillary revenue (or Other revenue) per ASM)) / 100)/(Load factor /100)

(5) Group of airlines represent domestic and international competitors of Volaris

Source: Company data, Airlines public information, DIIO MI, MIT ADP

Breakeven fare (LTM March 2014, USD)(4,5)

146%

Higher than

Volaris

(1) (2) (2)

9

(2) (3) (1,3)

84% 90% 92%

113%

145

121

Bus

Bus passenger shift to air travel

Notes:

(1) Executive and luxury class

(2) Fare figures calculated with average prices for May 2014

(3) MXN amounts were converted to USD at the rate of MXN/USD 13.1010

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

10

16.5% cost savings

30

30

60

2013

International

Domestic

2013 Executive & luxury

First, economy and other

2,781

2,706

75

Rapidly expanding share in core markets

Notes:

Source: SCT-DGAC, DIIO MI

Volaris focus cities – Domestic market International market

2x 3x 4x 5x 1x 3x 19x

Percentage of Volaris’ 1Q14 domestic capacity competing with:

Stimulation of growth through our ULCC model

A significant portion of our capacity faces no competition

Passenger volume growth: 2012 vs. 2013

Airport Volaris

11

70%

52%

33% 24%

Aeroméxico Interjet VivaAerobus Non-competed

15% 11% 11%

7%

26%

34%

43%

34%

Tijuana Guadalajara Cancún Mexico City

4% 3% 1%

4%

10%

15%

Mexico City Guadalajara Aguascalientes

• 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

(73k active

suscriptions)

• Co-branded

credit cards

(60k active

cardholders)

• V-Shop

• 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

12

Notes:

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

24 39

68

115

148

2009 2010 2011 2012 2013

7.0 8.9 11.4

15.5 16.5

2009 2010 2011 2012 2013

Acceleration of Volaris’ non-ticket revenues

Notes:

(1) Converted using an average annual MXN/USD exchange rate

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 LCCs

(1Q14, 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)

13

49 54

Allegiant Spirit

Mexico City

Guadalajara

Cancún

Volaris’ revenue strategy delivers a resilient and defensible

network

Notes:

(1) Passengers February 2014

Source: SCT-DGAC, DIIO MI

Strong foothold in competing markets

Tijuana

Domestic market share in top Volaris’ cities(1)

Volaris domestic market share(1)

Volaris international market share (Mexico – US)(1)

14

23.4%

34.5%

Total Volaris' routes

6.7%

34.5%

Total Volaris' routes

Volaris 68%

Aeroméxico 20%

Interjet 11%

Vivaaerobus 1%

Volaris 37%

Aeroméxico 29%

Interjet 21%

Others 13%

Volaris 36%

Aeroméxico 26%

Interjet 22%

Others 16%

Volaris 13%

Aeroméxico 44%

Interjet 32%

Others 11%

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 33.5 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

15

48 48

41 40

38

13 13 13

0

5

10

15

20

25

30

35

40

45

50 99

48

32

0

10

20

30

40

50

60

70

80

90

100

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

Caribbean

Attractive growth opportunities in Mexico and

throughout the Americas

Domestic – growth potential of nearly 160

routes

International – growth potential of about 154

routes

(3)

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

Source: Company data

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

Routes served Growth potential

16

Fleet and financials

17

3.5 2.9 2.6 2.4 1.7 1.3 0.3

3.0 4.2 5.4 6.1 7.3 8.4 10.1 11.8 13.9

0.5 1.4

1.4

1.4

6.4 7.1 8.0 8.5 9.0

10.1 11.8

13.2

15.3

2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E

XXX

XXX

XXX

XXX

Notes:

(1) Net fleet after additions and returns

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

Projected capacity in number of seats (end of period; 000s)

18

A319 A320

A higher density fleet generates more incremental capacity

with fewer additional aircraft

Average

capacity per

aircraft

(seats) 156 160 171 178 178 163 164 167 179

2012-2020E Growth: +110%

2012-2020E Growth: +139%

24 20 18 17 12 9 2

17 24 31 35 42 48 58 68 80

2 6

6

6

41 44 49 52 54

59 66

74

86

2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E

A321

A319 A320 A321

18.5%

27.4%

18.7% 17.0%

0.0%

10.0%

20.0%

30.0%

Copa Aeroméxico GOL

Leading financial performance on strong revenue growth

Note:

(1) Converted using an average MXN/USD exchange rate for the corresponding period

(2) Figure calculated with latest published information (FY13)

Source: Company data, airlines public information

Revenue(1) Adj. EBITDAR(1)

Revenue CAGR 2009 - 2013 LTM 1Q14 Adj. EBITDAR margin

19

28%

20%

14%

10%

0%

10%

20%

30%

Copa GOL LATAM

374

536

714

887

1,018 986

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 LTM 1Q14

(US

D m

m)

117 140

100

188

220

182

0

50

100

150

200

250

2009 2010 2011 2012 2013 LTM 1Q14

(US

D m

m)

(2) (2)

LTM Mar 2014 Liquidity – Cash and

Equivalents / Op. Revenue

Balance sheet well positioned for growth

Note:

(1) Principal + interest debt

(2) Figures calculated with latest published information (FY 2013).

Source: Company data, Airlines public information 20

• IPO provided sufficient liquidity / capital

for growth over the next years

• Minimal on-balance sheet debt

• USD $51mm(1) of financial debt as

of March 2014

• Strong cash position

• USD $171mm of cash and

equivalents as of March 2014

• Fully financed fleet order through the

second quarter of 2016

(2) (2) (2)

17.6%

41.0%

31.2%

15.0%

8.7%

Volaris Copa Gol Latam AM

Appendix

21

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.

22

MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 1Q 2014A 1Q 2014A

% of total

operating

revenues

(USD

millions)

Passenger 6,278 8,036 10,177 11,117 2,261 173 81.5

Non-ticket 499 842 1,510 1,885 514 39 18.5

Total operating revenues 6,777 8,878 11,687 13,002 2,775 212 100

Fuel 2,146 3,823 4,730 5,086 1,287 98 46.4

Aircraft and engines rent expense 1,197 1,508 1,886 2,187 593 45 21.4

Salaries and benefits 852 1,120 1,303 1,563 389 30 14.0

Landing, take off and navigation expenses 868 1,282 1,640 1,924 520 40 18.7

Sales, marketing and distribution expenses 615 750 752 704 158 12 5.7

Maintenance expenses 276 380 499 572 159 12 5.7

Other operating expense 255 285 288 347 101 8 3.6

Depreciation and amortization 57 103 211 302 58 4 2.1

Total operating expenses 6,266 9,251 11,309 12,685 3,263 249 117.6 6

EBIT 511 (373) 378 317 -488 -37 -17.6

Operating margin (%) 7.5 (4.2) 3.2 2.4 -17.6 -17.6

Finance income 5 6 14 25 5 0.4 0.2

Finance cost (56) (58) (90) (126) -5 -0.4 -0.2

Exchange (loss) gain, net (56) 110 (95) 66 11 0.9 0.4

Income tax benefit (expense) 239 0 (3) (17) 107 8.2 3.9

Net income (loss) 643 (315) 203 265 -370 -28 -13.3

Net margin (%) 9.5 (3.6) 1.7 2.0 -13.3 -13.3

Net income (loss) excluding special items (3) 643 (315) 203 379 -370 -28 -13.3

Adjusted EBITDAR 1,770 1,238 2,475 2,806 162 12 5.9

Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 5.9 5.9

EPS Basic and Diluted(cents) 31.0 -36.6 -2.8

EPADS Basic and Diluted (cents) 310.4 -365.8 -279.6

Consolidated statements of operations summary

23

Notes:

(1) MXN amounts were converted to USD at the rate of USD/MXN 13.0837 as of March 31, 2014

(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

Consolidated statements of financial position summary

Nota:

(1) MXN amounts were converted to USD/MXN 13.0837 as of March 31, 2014

(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

24

MXN millions unless otherwise stated (5)

2010A 2011A 2012A 2013A 1Q 2014A 1Q 2014A

(USD millions)

Cash and cash equivalents 677 441 822 2,451 2,240 171

Current guarantee deposits 330 170 238 499 512 39

Other current assets 390 520 755 1,050 1,134 87

Total current assets 1,397 1,131 1,815 4,000 3,886 297

Rotable spare parts, furniture and

equipment, net 921 1,517 1,195 1,341 1,520 116

Non-current guarantee deposits 1,041 2,002 2,245 2,603 2,750 210

Other non-current assets 342 412 447 434 547 42

Total assets 3,701 5,062 5,702 8,378 8,702 665

Unearned transportation revenue 505 825 1,259 1,393 1,804 138

Short-term financial debt 251 687 527 268 136 10

Other short-term liabilities 1,171 1,667 1,936 2,211 2,401 183

Total short-term liabilities 1,927 3,179 3,722 3,872 4,340 332

Long-term financial debt 384 725 633 294 531 41

Other long-term liabilities 164 298 272 250 238 18

Total liabilities 2,475 4,202 4,627 4,416 5,109 391

Total equity 1,226 860 1,075 3,962 3,593 275

Total liabilities and equity 3,701 5,062 5,702 8,378 8,702 665

Net debt (2) (42) 971 338 (1,889) (1,573) (120)

Adjusted debt (3) 9,014 11,969 14,360 15,874 15,861 1,754

Adjusted net debt (4) 8,337 11,528 13,538 13,423 13,621 1,582

Consolidated statements of cash flows summary

MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 1Q 2014A 1Q 2014A (1)

(USD millions)

Cash flow from operating activities

Income (loss) before income tax 404 (315) 207 283 (477) (36)

Depreciation and amortization 62 103 211 302 58 4

Guarantee deposits (316) (801) (311) (620) (159) (12)

Unearned transportation revenue 207 321 433 135 410 31

Changes in working capital and provisions 182 544 (43) (61) 82 6

Net cash flows provided by (used in) operating

activities 539 (148) 497 39 (86) (7)

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment

and intangible assets (321) (1,215) (856) (1,161) (368) (28)

Proceeds from disposals of rotable spare parts, furniture

and equipment - 587 1,043 849 141 11

Net cash flows (used in) provided by investing

activities (321) (628) 187 (312) (227) (17)

Cash flow from financing activities

Legal costs incurred on behalf of shareholders (76) - - - - -

Net proceeds from initial public offering - - - 2,578 - -

Transaction costs on issue of shares - - - (38) - -

Proceeds from exercised treasury shares - - - 26 - -

Interest paid (60) (55) (127) (65) (5) (0.4)

Payments of financial debt - (261) (694) (1,084) (135) (10)

Proceeds from financial debt 46 879 550 444 239 18

Net cash flows (used in) provided by financing

activities (90) 562 (272) 1,861 99 8

Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 (215) (16)

Net foreign exchange differences (25) (22) (31) 41 4 0.3

Cash and cash equivalents at beginning of period 575 677 441 822 2,451 187

Cash and cash equivalents at end of period 677 441 822 2,451 2,240 171

Notes:

(1) MXN amounts were converted to USD at the rate USD/MXN13.0837 as of March 31, 2014

(2) Audited financial information 2010A - 2013A

Source: Company data

25

Adj. EBITDA and Adj. EBITDAR reconciliation

MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 1Q 2014A 1Q 2014A (1)

(USD millions)

Net income (loss) 643 (315) 203 265 -370 -28

Plus (minus):

Finance costs 52 58 90 126 5 0 .4

Finance income (5) (6) (14) (25) -5 -0.4

(Benefit)/provision for income taxes (239) 0 3 17 -107 -8

Depreciation and amortization 57 103 211 302 58 4

Business alliance amortization 5 - - - - -

EBITDA 513 (160) 494 685 -419 -32

Exchange (gain) loss, net 56 (110) 95 (66) -11 -1

Other financing cost (income), net 3 - - - - -

Adjusted EBITDA 573 (270) 589 619 -430 -33

Aircraft and engine rent expense 1,197 1,508 1,886 2,187 593 45

Adjusted EBITDAR 1,770 1,238 2,475 2,806 162 12

Notes:

(1) MXN amounts were converted to USD at the rate of MXN/USD13.0837 as of March 31, 2014

(2) Audited financial information 2010A - 2013A

Source: Company data 26