Volaris The Leading Ultra-Low-Cost Airline Serving Mexico

and the US

Deutsche Bank - Global Emerging Markets One-on-One Conference

September 2014

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.

Second quarter 2014 highlights and recent developments

3

Strong balance sheet: Cash of 16% of LTM revenues and net debt

negative of Ps.1.3 billion

Rational capacity management in domestic market and redeployment

to international market: Domestic and international capacity grew 12%

and 25% y-o-y, respectively, and network diversification

Cost control: CASM ex. fuel in 2Q14 decreased 2% y-o-y to Ps.70.4 cents

(US$5.4 cents), lowest in the Americas

Unit revenue improvement: Q-o-q TRASM improved 12% as a result of a

sequential monthly improvement average base fare and non-ticket revenue

per passenger growth

Non-ticket revenues growth: Non-ticket revenues excluding cargo per

passenger increased 46% y-o-y. Our unbundle strategy continued to unfold

during the quarter, as the new baggage policy has gained more acceptance

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

Volaris – The Leading Ultra-Low-Cost Airline in Mexico

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

(5) Figures for international and domestic revenue calculated as of July YTD 2014.

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%

Adj. ROIC (pre-

tax) 11.0% 15.1% +4.1pp

Volaris’ destinations

4

Phoenix

San Luis Potosí

Ciudad Obregón

Veracruz

San Antonio

Ontario

Villahermosa

Tampico

Portland

Domestic market share (4)

Intl. Op.

Revenue(5)

27%

Tapachula Huatulco

12.2% 20.7% 22.7% 23.5%

2008 2012 2013 Jul YTD 2014

Dom. Op.

Revenue(5)

73%

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

Notes;

(1) MXN amounts were converted to USD at the avg. rate of MXN/USD 13.00 as of 2Q14

(2) Ancillary revenues exclude charter and cargo revenues

(3) Estimated information as of June 2014. Narrow body aircraft only.

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

Volaris’ ULCC business model is clearly differentiated from legacies,

hybrids and other LCCs

Aeromexico Interjet VivaAerobus Volaris

2Q ‘14 2Q ‘14 2Q ‘14 2Q ‘14

CASM 2Q14

(cents, USD)(1) 14.09 13.67 - 8.96

Low ticket prices 2Q14 ≈

Average Fare (USD)(1) 165.9 106.5 - 85.1

High ancillaries revenue

Ancillaries rev. per pax (USD)(1)(2) 6.2 5.8 - 19.3

Modern fleet ≈

Average age fleet (years) 9.8 6.0 20.6 4.1

High daily utilization

Block hours per day(3) 11.8 8.7 8.5 11.9

Other (e.g. no GDS) ≈

Legacy > LCC/Hybrid > ULCC

6

5.4

9.8 9.1

8.0 8.1 6.6

5.7 6.0

9.5

3.5

5.2

4.9 5.6

4.7

4.1 4.6 3.9

4.7

LatAm AM Gol Interjet Copa Allegiant Spirit D Comps

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 (1H 2014, USD cents)(3)

7

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 using average exchange rates for the corresponding period

Source: Company data, Airlines public information

14.2

9.9 10.3

14.9

13.6 13.9

9.0

10.7

12.8

11.9 11.8

8.7 8.8 8.1

Aeromexico Interjet Global A320

Global A319

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) Aeromexico and Interjet represent domestic competitors of Volaris

(4) Interjet load factor obtained from DGAC report, seat load factor, as of June YTD 2014

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

Load factor

(June YTD 2014) Implied passengers

per aircraft(1)

82%

69%

79%

143

104

126

Interjet A320

150 seats per aircraft

Aeromexico 737-800

160 seats per aircraft

High daily utilization(3)

Volaris A320

174 seats per aircraft

High density configuration(3)

Aeromexico

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

8

10.3 9.1

6.0

4.2

Mexican average

Aeromexico Interjet

(4)

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

9

16.5% cost savings

30

30

60

2013

International

Domestic

2013 Executive & luxury

First, economy and other

2,781

2,706

75

• 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

(82k active

suscriptions)

• Co-branded

credit cards

(76k active

cardholders)

• V-Shop

• 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 July 31th,2014 10

24 39

68

115

148 163

2009 2010 2011 2012 2013 LTM Jun 14

7.0 8.9 11.4

15.5 16.5 17.3

2009 2010 2011 2012 2013 LTM Jun 14

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

(1H14, 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)

11

45 56

Allegiant Spirit

16%

48 48

41 40

38

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

12

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

13

Portland

0.2mm

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’ 3Q14 domestic capacity competing with:

Solid expansion for Volaris

A significant portion of our capacity faces no competition

14

67%

56%

41% 23%

Aeromexico Interjet Vivaaerobus Non-competed

Volaris domestic routes Volaris international routes

39 50

78 89

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

17 23 26 28

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

More than 2x More than 1.5x

Fleet and financials

15

20 18 17 12

24 23 22

19

9 14 23

44

50 53

54 2

FY13 FY14 FY15 FY16

A319 A320 A320 w/Sharklets A320 NEO 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 September 2014

Source: Company data

18% 26%

43%

% % of year-end fleet w/Sharklets

Order book of 62 Aircraft supports growth(2)

16

Seat growth (EoP) 16% 7% 8%

28%

20%

14%

10%

0%

10%

20%

30%

Copa GOL LATAM

Solid financial performance

Note:

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

Source: Company data, airlines public information

Operating revenues(1) Adj. EBITDAR(1)

Operating Revenues CAGR 2009 - 2013 LTM 1H 2014 Adj. EBITDAR margin

17

117 140

100

188

220

173

0

50

100

150

200

250

2009 2010 2011 2012 2013 LTM 1H14

(US

D m

m)

374

536

714

887

1,018 996

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 LTM 1H14

(US

D m

m)

17.4%

28.9%

18.1% 17.7%

0.0%

10.0%

20.0%

30.0%

Copa Gol AM

Liquidity – Cash and Equivalents / LTM Op.

Revenue(2)

Balance sheet well positioned for growth

Note:

(1) Principal + interest debt

Source: Company data, Airlines public information

18

• IPO provided sufficient liquidity / capital

for growth over the next years

• Minimal on-balance sheet debt

• USD $58mm(1) of financial debt as

of June 2014

• Strong cash position

• USD $160mm of cash and

equivalents as of June 2014

• Fully financed PDPs through the second

quarter of 2016

16.1%

32.4%

28.7%

12.0%

8.2%

Copa Gol AM LatAm

Appendix

19

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.

20

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

% of total

operating

revenues

(USD

millions)

Passenger 6,278 8,036 10,177 11,117 4,910 377 80.7

Non-ticket 499 842 1,510 1,885 1,173 90 19.3

Total operating revenues 6,777 8,878 11,687 13,002 6,084 467 100

Fuel 2,146 3,823 4,730 5,086 2,632 202 43.3

Aircraft and engines rent expense 1,197 1,508 1,886 2,187 1,222 94 20.1

Salaries and benefits 852 1,120 1,303 1,563 779 60 12.8

Landing, take off and navigation expenses 868 1,282 1,640 1,924 1,046 80 17.2

Sales, marketing and distribution expenses 615 750 752 704 352 27 5.8

Maintenance expenses 276 380 499 572 306 23 5.0

Other operating expense 255 285 288 347 211 16 3.5

Depreciation and amortization 57 103 211 302 118 9 1.9

Total operating expenses 6,266 9,251 11,309 12,685 6,667 512 109.6 6

EBIT 511 (373) 378 317 (583) (45) (9.6)

Operating margin (%) 7.5 (4.2) 3.2 2.4 (9.6) (9.6)

Finance income 5 6 14 25 10 1 0.2

Finance cost (56) (58) (90) (126) (14) (1) (0.2)

Exchange (loss) gain, net (56) 110 (95) 66 (4) (0) (0.1)

Income tax benefit (expense) 239 0 (3) (17) 145 11 2.4

Net income (loss) 643 (315) 203 265 (445) (34) (7.3)

Net margin (%) 9.5 (3.6) 1.7 2.0 (7.3) (7.3)

Net income (loss) excluding special items (3) 643 (315) 203 379 (445) (34) (7.3)

Adjusted EBITDAR 1,770 1,238 2,475 2,806 757 58 12.4

Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 12.4 12.4

EPS Basic and Diluted(cents) 31.0 (44.0) (3.4)

EPADS Basic and Diluted (cents) 310.4 (439.7) (33.7)

Consolidated statements of operations summary

21

Notes:

(1) MXN amounts were converted to USD at the rate of USD/MXN 13.0323 as of June 30, 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 13.0323 as of June 30, 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

22

MXN millions unless otherwise stated (5)

2010A 2011A 2012A 2013A 1H 2014A 1H 2014A

(USD millions)

Cash and cash equivalents 677 441 822 2,451 2,088 160

Current guarantee deposits 330 170 238 499 558 43

Other current assets 390 520 755 1,050 1,191 91

Total current assets 1,397 1,131 1,815 4,000 3,837 294

Rotable spare parts, furniture and

equipment, net 921 1,517 1,195 1,341 1,679 129

Non-current guarantee deposits 1,041 2,002 2,245 2,603 2,760 212

Other non-current assets 342 412 447 434 578 44

Total assets 3,701 5,062 5,702 8,378 8,854 679

Unearned transportation revenue 505 825 1,259 1,393 1,940 149

Short-term financial debt 251 687 527 268 131 10

Other short-term liabilities 1,171 1,667 1,936 2,211 2,403 184

Total short-term liabilities 1,927 3,179 3,722 3,872 4,473 343

Long-term financial debt 384 725 633 294 627 48

Other long-term liabilities 164 298 272 250 228 17

Total liabilities 2,475 4,202 4,627 4,416 5,328 409

Total equity 1,226 860 1,075 3,962 3,526 271

Total liabilities and equity 3,701 5,062 5,702 8,378 8,854 679

Net debt (2) (42) 971 338 (1,889) (1,330) (102)

Adjusted debt (3) 9,014 11,969 14,360 15,874 17,409 1,337

Adjusted net debt (4) 8,337 11,528 13,538 13,423 15,321 1,177

Consolidated statements of cash flows summary

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

(USD millions)

Cash flow from operating activities

Income (loss) before income tax 404 (315) 207 283 (590) (45)

Depreciation and amortization 62 103 211 302 118 9

Guarantee deposits (316) (801) (311) (620) (215) (16)

Unearned transportation revenue 207 321 433 135 546 42

Changes in working capital and provisions 182 544 (43) (61) 47 4

Net cash flows provided by (used in) operating

activities 539 (148) 497 39 (94) (7)

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment

and intangible assets (321) (1,215) (856) (1,161) (720) (55)

Proceeds from disposals of rotable spare parts, furniture

and equipment - 587 1,043 849 277 21

Net cash flows (used in) provided by investing

activities (321) (628) 187 (312) (443) (34)

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) (11) (1)

Payments of financial debt - (261) (694) (1,084) (271) (21)

Proceeds from financial debt 46 879 550 444 465 36

Net cash flows (used in) provided by financing

activities (90) 562 (272) 1,861 184 14

Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 (353) (27)

Net foreign exchange differences (25) (22) (31) 41 (9) (1)

Cash and cash equivalents at beginning of period 575 677 441 822 2,451 188

Cash and cash equivalents at end of period 677 441 822 2,451 2,088 160

Notes:

(1) MXN amounts were converted to USD at the rate USD/MXN 13.0323 as of June 30, 2014

(2) Audited financial information 2010A - 2013A

Source: Company data

23

Adj. EBITDA and Adj. EBITDAR reconciliation

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

(USD millions)

Net income (loss) 643 (315) 203 265 (445) (34)

Plus (minus):

Finance costs 52 58 90 126 (14) (1)

Finance income (5) (6) (14) (25) 10 1

(Benefit)/provision for income taxes (239) 0 3 17 145 11

Depreciation and amortization 57 103 211 302 118 9

Business alliance amortization 5 - - - - -

EBITDA 513 (160) 494 685 (185) (14)

Exchange (gain) loss, net 56 (110) 95 (66) (4) (0)

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

Adjusted EBITDA 573 (270) 589 619 (189) (14)

Aircraft and engine rent expense 1,197 1,508 1,886 2,187 1,222 94

Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,034 79

Notes:

(1) MXN amounts were converted to USD at the rate of MXN/USD 13.0323 as of June 30, 2014

(2) Audited financial information 2010A - 2013A

Source: Company data 24