The Leading Ultra-Low-Cost Airline Serving Mexico and the US

March 2015

Disclaimer

The information ("Confidential Information") contained in this presentation is confidential and is provided by ControladoraVuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") confidentially to you solely for your referenceand may not be retransmitted or distributed to any other persons for any purpose whatsoever. The Confidential Informationis subject to change without notice, its accuracy is not guaranteed, it has not been independently verified and it may notcontain all material information concerning the Company. The Company, nor any of their respective directors makes anyrepresentation or warranty (express or implied) regarding, or assumes any responsibility or liability for, the accuracy orcompleteness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or anyof their respective directors, officers, employees, stockholders or affiliates nor any other person accepts any liability (innegligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents orotherwise arising in connection therewith. No reliance may be placed for any purposes whatsoever on the information setforth in this presentation or on its completeness.

2

This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation orinvitation 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 inconnection with any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents ofthis 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 withrespect to the consolidated results of operations and financial condition, and future events and plans of the Company. Thesestatements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words ofsimilar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differsignificantly from those in the forward-looking statements as a result of various factors and assumptions. You are cautionednot to place undue reliance on these forward looking statements, which are based on the current view of the management ofthe Company on future events. The Company does not undertake to revise forward-looking statements to reflect futureevents or circumstances.

Solid fourth quarter 2014 results confirm reversal of trend

Total operating revenues: Increase 24% for the quarter and 8% full year, reaching Ps. 3,958 million and Ps. 14,038 million, respectively.Total operating revenues: Increase 24% for the quarter and 8% full year, reaching Ps. 3,958 million and Ps. 14,038 million, respectively.

Disciplined capacity management: International ASMs grew 14% in 4Q and 17% FY, while Domestic ASMs remained stable for the quarter, supporting yield recovery. Total ASMs grew only 3% during the quarter and 8.5% for the year.

Disciplined capacity management: International ASMs grew 14% in 4Q and 17% FY, while Domestic ASMs remained stable for the quarter, supporting yield recovery. Total ASMs grew only 3% during the quarter and 8.5% for the year.

Continuous non-ticket revenue growth: Non-ticket per passenger reached Ps. 313 (US $23(1)) and Ps. 279 (US $21(1)), for the quarter and full year; an increase of 61% and 31%, Continuous non-ticket revenue growth: Non-ticket per passenger reached Ps. 313 (US $23(1)) and Ps. 279 (US $21(1)), for the quarter and full year; an increase of 61% and 31%,

Positive cash flow generation, strong balance sheet and good liquidity: Net increase of cash by Ps. 342 million for the quarter; generating 16% of LTM revenues and negative net debt (or positive net cash position) of Ps. 1,017 million.

Positive cash flow generation, strong balance sheet and good liquidity: Net increase of cash by Ps. 342 million for the quarter; generating 16% of LTM revenues and negative net debt (or positive net cash position) of Ps. 1,017 million.

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

$23(1)) and Ps. 279 (US $21(1)), for the quarter and full year; an increase of 61% and 31%, respectively. Year end non-ticket revenues represent 19% of Total Revenues.$23(1)) and Ps. 279 (US $21(1)), for the quarter and full year; 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 4Q 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 the quarter and FY, respectively.

Costs control & strong profitability: CASM ex fuel was Ps. 74.4 cents (US 5.37cents(1)) during 4Q 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 the quarter and FY, respectively.

SacramentoOakland

Los Angeles

San Diego

Tijuana

San Jose

Fresno

Mexicali

Las Vegas

Chicago (Midway/O’Hare)

Denver

OrlandoHermosillo

Ciudad Juárez

Volaris – Mexico’s Ultra-Low-Cost Carrier’s snapshot at 30,000 feet

Serving to 57 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%

Aircraft21 50 +15.6%

Volaris’ destinations

Phoenix

Ontario

Portland

FY14 Int. Pax Revenue 28%FY14 Int. Pax Revenue 28%

FY14 Dom. Pax FY14 Dom. Pax

Reno

Houston

Dallas

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.

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 passengersSource: Company data, SCT-DGAC

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)

11.0% 13.5% +2.5pp

San Luis Potosí

Ciudad Obregón

Veracruz

San Antonio

Villahermosa

Tampico

Domestic market share(3)

TapachulaHuatulco

FY14 Dom. Pax Revenue 72%

FY14 Dom. Pax Revenue 72%

Fort Lauderdale

Houston

4

12.2%20.7% 22.7% 23.0%

2008 2012 2013 2014

Torreón

Durango

Volaris’ low base fares stimulate demand and drive continuing growth

Stimulationof

demand

Lower base fares

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

Moreancillary revenue

More capacity

Resilient ULCC business model driving high, profitable growth

Lower cost

5

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

Volaris’ ULCC business model is clearly differentiated from legacies, hybrids and other LCC’s

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 2014Source: Company data, data airlines public information, DGAC reports, MI DIIO

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

5.5

5.2

4.65.5 4.5

4.0

4.5

Volaris has a best-in-class unit cost structure

Lowest unit cost in the Americas(1)

CASM and CASM ex-fuel (FY 2014, USD cents)(3)

8.8

17.4

15.2

13.8 13.6

10.59.7

11.0

9.6

14.9

13.112.5

5.4

11.9

9.99.2

8.0 8.6

6.65.5

8.5

6.65.9

10.4

3.4

4.0

4.2

4.3

3.8

Avianca LatAm Aeromexico Gol Interjet Copa VivaAerobus SouthWest Allegiant Spirit DCOMPS

Denotes fuel cost per ASM

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 2014Source: Company data, Airlines public information

7

(4) (4) (4) (4)

Interjet

Focus on fleet utilization and efficiency drives higher revenue and lower cost: A320 retrofit and A321 arrival(1)

Load factor(FY 2014)

Implied passengersper aircraft(2)

82%

72%

79%

147

109

127Interjet A320150 seats per aircraft

Aeromexico 737-800160 seats per aircraft

Volaris A320179 seats per aircraft

High density configuration(5)

Aeromexico

VivaAerobus 737-300148 seats per aircraft

VivaAerobus (3) 81% 120

12.311.4

8.8 8.4 8.88.1

Aeromexico Interjet VivaAerobus Global

A320

Global

A319

Young, fuel efficient fleet

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

High daily utilization

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

8

19.7

10.58.9

6.44.2

VivaAerobus Mexican

Average

Aeromexico Interjet

145

Bus passenger shift to air travel

Air travel time and cost savingsSignificant upside for air travel

Fare (USD)(2,3)Travel time (Hrs)

Mexico City – TijuanaTotal air travel trips(mm)

Total bus trips(mm)

40.5

36.5 hours less 24% cost savings

2,781

2,706

2013

Executive &

luxuryFirst, economy

and other

110

Bus

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 periodSource: Company data, Secretaría de Comunicaciones y Transportes (SCT)

(1)

4.0

Bus Air

• 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

30

30

60

2013

International

Domestic

75(1)

9

• Excess baggage

• Checked bag limited to 1 piece (25kgs.)

Unbundled strategy: “Tú decides” – You decide

• V-Club subscription (113k active) suscriptions)

• Co-branded credit cards (106k active cardholders)

• Advertising

• Food and beverage

• Hotel rooms

• Car rentals

• Airport shuttle

Pre-flight(1) Flightplanning

At theairport

Onboardaircraft

Post-flight

• Seat assignment

• Change / booking fees

• Insurance

• Carry-on (oversized)

• Strollers

• Priority boarding

• Check-in

• Manage my booking

• Vempresa

• Travel Commerce

•IOS mobile app

• Packages

•Additional forms of payment

Notes:(1) V-Club & Co-branded credit cards figures as of January 31th,2015 10

Acceleration of Volaris’ non-ticket revenues

Increased contribution of non-ticket revenue to the top line

Contribution to Operating Revenue

7% 7% 9% 13% 14%

2009 – 2014 CAGR: +53.2%

Non-t

icket re

venue

(US

D m

m)(

1)

Non-t

icket re

venue

(US

D m

m)(

1)

19%

24 3968

115148

206

2009 2010 2011 2012 2013 2014

7 9 11

15 17 21

2009 2010 2011 2012 2013 2014

Notes:(1) Converted to USD at an annual average exchange rate corresponding for the periodSource: Company data, Airlines public information

Non-ticket revenue per passenger

Volaris (USD)(1)

Best-in class US LCC’s(FY 14, USD)

2009 – 2014 CAGR: +24.5%

11

50 55

Allegiant Spirit

48 48

41 4038

13

10

20

30

40

50 99

48

32

25

50

75

100

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)

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

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

0 0 USA (Leisure) USA (VFR) CAM, SAM,

Canada, …

(3)

Routes served Growth potential

12

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

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

Domestic -1% 6% 2% - 3% 2% - 4%

International 14% 17% 30% - 32% 33% - 36%

Substantial growth opportunity in the US-Mexico VFR / leisure travel market

SanFrancisco

0.7mm

San Jose0.4mm

Denver0.5mmSacramento

0.3mm

Chicago1.5mm

Fresno0.5mm

Los Angeles4.6mm

Las Vegas0.4mm

Phoenix1.2mm

Albuquerque0.2mm

San Antonio0.9mm

Bakersfield0.4mm

Austin0.4mm

Dallas1.5mm

Houston1.5mm

Atlanta0.3mm

Washington0.1mm

New York0.5mm

Philadelphia0.1mm

Portland0.2mm

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

Significant Mexican origin

population(2) of 33.7 million

in the US

Orlando0.1mm

SanDiego0.9mm

San Bernardino

1.7mm

Tucson0.3mm El Paso

0.6mm

0.4mm

San Benito0.3mm

Mission0.6mm

Tampa0.1mm

Miami0.1mm

13

1723 26

36

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

Positive expansion, managing capacity and diversification of routes

Volaris offers more domestic routes than any other Mexican carrier

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 2x

3950

7893

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

Notes:(1) Capacity measured by ASM’sSource: Data company, SCT-DGAC, DIIO MI

Percentage of Volaris’ 1Q15 domestic capacity competing with:

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

14

67% 66%

30%20%

Aeromexico Interjet Vivaaerobus Non-competed

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

Fleet and financials

15

2423 22

19

9 1423

223

A higher density fleet generates more incremental capacity with fewer additional aircraft

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

5055

59

44

20 18 1712

FY13 FY14 FY15 FY16

A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets

Notes: (1) Net fleet after additions and returns(2) Figure calculated as of February 2015(3) Percentage of year-end fleet with sharkletsSource: Company data

Backlog of 60 Aircraft to support growth(2)

Seat growth

% fleet w/Sharklets(3)

7%

18%

13%

29%

14%

47%

16

Solid financial performance

Operating revenues(1) Adj. EBITDAR(1)

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)

23%

17%

14%

10%

0%

10%

20%

30%

Copa GOL LatAm

Note:(1) Converted to USD at an average exchange rate corresponding for the period(2) Figures updated as per latest annual public reports as of December 2013Source: Company data, airlines public information

Operating Revenues CAGR 2009 - 2014 Full year 2014 Adj. EBITDAR margin

17

(2) (2)

22%

28%

19%18%

0%

10%

20%

30%

Copa Gol Aeromexico(2)

16.1%

28.1%

19.3%

LTM Liquidity – Cash and Equivalents / Op. Revenue

Solid balance sheet and liquidity, well funded for growth

• 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

7.4%

5.9%

Copa GOL Aeromexico LatAm

Note:(1) Principal + interest debt (2) Includes IPO Smiles program proceeds(3) Figures updated as per latest public reports as of September 2014Source: Company data, Airlines public information

(2,3)

18

(3)

balance sheet

• Unrestricted cash of $2.3 billion pesos as

of December 31st 2014.

Active in jet fuel hedging, reaching up to 45% of projected consumption for 2015

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

1Q15 29% $2.53 Swap/Call

2Q15 45% $2.15 Swap/Call

19

3Q-4Q15 45% $2.07 Call

1Q16 10% $1.84 Call

2Q16 5% $1.70 Call

AppendixAppendix

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: 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

Consolidated statements of operations summary

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

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 data

22

Consolidated statements of financial position summary

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

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

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

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

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 - 2013ASource: Company data

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

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 - - - - - -

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 - 2013ASource: Company data

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