The Leading Ultra-Low-Cost Airline Serving

Mexico, US and Central America

September 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.

Strong first half 2015 financial results

Positive cash flow and strong balance sheet: Net increase of cash by Ps. 1,679

million, mainly driven by operating activities. Unrestricted cash of Ps. 4,028 million (US

$252 (1) million), 26% of LTM revenues.

Total operating revenues: Increase of 29% for the 1H YoY, reaching Ps. 7,867 million.

TRASM increased to Ps. 123 cents (+15% YoY).

Notes:

(1) Converted to USD at June end of period spot exchange rate corresponding for the period, $15.5676.3

Disciplined capacity management and network diversification: International ASMs

grew 33% in 1H YoY, while domestic ASMs grew 6% for same period with a continuous

domestic capacity discipline. Total ASMs grew 13% during the first half and twelve new

routes were launched during the first half.

New ancillary combos driving non-ticket revenue growth: Non-ticket revenue excl.

cargo per pax reached Ps. 321 (US. $21(1)), an increase of +39% for the first half YoY;

driven by new ancillary combos, commission based products during the booking flow and

new a la carte products.

Costs control & strong profitability: Maintaining lowest unit cost in the Americas, CASM

of US $7.2 cents, decreased 20% YoY (CASM excl. fuel US $4.9 cents); EBITDAR margin

for the period 32% (+19.2 pp, YoY).

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 62 destinations throughout Mexico, US and Central America

Volaris’ destinations

4

Domestic market share(3)

LTM Int. Total

Revenue 29%

LTM Dom. Total

Revenue 71%

12.2%

20.5% 23.1% 23.3% 26.1%

2008 2012 2013 2014 July YTD2015

2008 2014

LTM

Jun

2015

2008-

14

CAGR

Unit cost

(CASM ex-fuel;

cents, USD)(1)

5.5 5.4 5.2 -0.4%

Passenger

demand

(RPMs, bn)

3.2 9.7 10.3 +20.5%

Aircraft

(End of Period)21 50 53 +15.6%

Passengers

(mm)(2) 3.5 9.8 10.6 +18.7%

Operating

revenue

(mm, USD)(1)

397 1,056 1,107 +17.7%

Adj. EBITDAR

(mm. USD)(1) 67 232 336 +23.0%

Adj. ROIC (pre-

tax)11% 14% 19% +3 pp.

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 to the period

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

Source: Company data, data airlines public information, DGAC reports, Diio Mi

Aeromexico Interjet VivaAerobus Volaris

CASM 1H 2015

(cents, USD)(1) 11.3 10.3 7.4 7.4

Low ticket prices 1H 2015 ≈

Average Fare (USD)(1) 140 84 35 74

Non-ticket rev. incl. Cargo 1H 2015

Non-ticket rev. incl. Cargo per pax (USD)(1) 19.1 7.53 22.4 21.2

Modern & uniform fleet ≈

Average age fleet (years) 7.9 6.4 20.7 4.3

High daily utilization

Block hours per day 11.3 9.1 8.6(2) 11.8

Other/ eg. (No GDS) ≈

Legacy < Hybrid/LCC < ULCC

6

Volaris’ ULCC business model is clearly differentiated from

legacies, hybrids and other LCC’s

5.2

12.0

9.0 8.88.1

7.2

5.66.4

8.4

6.65.8

9.9

2.8

4.6

4.33.6

3.64.2

4.23.4

3.3

3.4

3.0

3.5

Avianca LatAm Aeromexico Interjet Gol VivaAerobus Copa 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 (LTM June 2015, 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

(4) VivaAerobus as per public report of September 2014

Source: Company data, Airlines public information, Diio Mi

7

8.0

16.6

13.2

12.411.7

9.9 9.8 10.0

8.8

13.4

11.411.7

(4)

12.5 11.3

9.1 8.6 8.8 8.1

Aeromexico Interjet VivaAerobus GlobalA320

GlobalA319

20.7

10.8 8.5

6.5 4.3

VivaAerobus Mexicanindustry

Aeromexico Interjet Volaris

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 average seats per aircraft multiplied by the load factor. VivaAerobus figures as of FY 2014

(3) Block hours per day figures updated as per DGAC latest reports.

(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

(6) Average seats per aircraft calculated as seats flown over departures. Aeromexico only RJ and NB.

Source: Company data, airlines public information, DGAC, Airbus, Diio Mi

Load factor

(2Q 2015)Passengers

per aircraft(2)

83%

77%

79%

137

104

81Interjet 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 (2Q 2015)(4) Average age (Yrs, as of June 30, 2015)

8

VivaAerobus 737-300

148 seats per aircraftVivaAerobus 75% 122

(3) (3) (3)

Avg. seats

per aircraft(6)

162

135

102

165

2014

International

Domestic

2014

First, economy and other

Executive & 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

• During the last twelve months:

-New digital capabilities allowed to laser-focus marketing

efforts directly to 770K bus users a month

-5-6% of Volaris traffic are new customers

24% cost savings

2,837

2,706

(1)

9

7734

33

67

• 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

• Co-branded credit

cards

• Manage my

booking

• Vempresa

• Travel

Commerce

•IOS mobile app

• Advertising

• Food and

beverage

• Hotel

rooms

• Car rentals

• Airport

shuttle

Pre-flightFlight

planning

At the

airport

Onboard

aircraft Post-flight

• Seat

assignment

• Change /

booking fees

• Insurance

• Packages

•Additional forms

of payment

10

24 3968

115148

206 237

2009 2010 2011 2012 2013 2014 LTM Jun 2015

7 911

15 1721 22

2009 2010 2011 2012 2013 2014 LTM Jun 2015

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

(LTM Jun 2015, USD)

Contribution

to Operating

Revenue

7% 7% 9% 13% 14%

2009 – 2014 CAGR: +53.2%

2009 – 2015 CAGR: +24.5%z

Non-t

icket re

venue

(US

D m

m)(

1)

19% 19%

54 55

Allegiant Spirit

11

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 June 2015.

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 126

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) FY 2014 1H 2015 FY 2015E

Total 9% 13% 12% - 15%

Domestic 6% 6% 5% - 7%

International 17% 33% 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

Network expansion, managing capacity and diversification of

routes

Notes:

(1) Among Mexican public traded carriers

(2) Interjet and VivaAerobus only report total RPMs

Source: Data company, SCT-DGAC, DIIO MI

RPMs (2Q 2015, in millions)

Volaris offers more domestic routes than any other Mexican carrier

Volaris has more domestic RPMs than any other Mexican carrier(1)

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 2x

14

3950

7893 93

Dec' 11 Dec' 12 Dec' 13 Dec' 14 Jun' 15

1723 26

3645

Dec' 11 Dec' 12 Dec' 13 Dec' 14 Jun' 15

1,944 1,712

1,598 619

820

3,337

Aeromexico Interjet VivaAerobus

2,764

5,049

Denotes

international RPMs

(2) (2)

Fleet and financials

15

18 18 15 12

17 1613

13

15 20 2828

0 02 8

0 2

77

00

0 2

FY14 FY15 FY16 FY17

A319 A320 A320 w/sharklets A320 NEO w/sharklets A321 w/sharklets A321 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 August 2015

(3) Percentage of year-end fleet with sharklets

Source: Company data

Backlog of 61 Aircraft to support growth(2)

Seat growth

% fleet w/Sharklets(3)

18%

39%

18%

57%

12%

64%

56

65

70

50

16

2015/16 deliveries fully financed

First A320 neo

23%

17%14%

7% 6% 6%

0%

10%

20%

30%

Copa Aeromexico Gol LatAm Avianca

30%

26%

21%19%

17%15%

0%

10%

20%

30%

40%

Copa Aeromexico LatAm Avianca Gol

Solid financial performance

Note:

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

Source: Company data, airlines public information

Revenue(1) Adj. EBITDAR(1)

Revenue CAGR 2009 - 2014 LTM June 2015 Adj. EBITDAR margin

374

536

714

887

1,018 1,0561,107

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 2014 LTMJun '15

(US

D m

m)

116140

100

188220 232

336

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013 2014 LTMJun '15

(US

D m

m)

17

LTM Liquidity – Cash and Equivalents / Op.

Revenue

Solid balance sheet and liquidity, well funded for growth

Note:

(1) Includes IPO Smiles program proceeds

(2) Figures converted to USD June end of the period spot exchange rate $15.5676 for convenience purposes only

Source: Company data, Airlines public information

(1)

18

• Positive cash flow from operating activities in

the last four quarters

• Fully financed pre-delivery payments and

executed sale-leasebacks for all deliveries in

2015 and 2016

• Fully financed pre-delivery payments for

2017 and 2018 NEO deliveries

• Unrestricted cash of $4.0 billion pesos (US$

259 million (2)) as of June 30th 2015

• Negative net debt of $2.6 billion pesos (US$

165 million (2)) as of June 30th 2015.

25.5% 25.1%

17.5%

15.6%

9.3%

7.1%

Copa Gol Avianca Aeromexico LatAm

Active in jet fuel hedging, on average 48% of projected

consumption from 2015 to 2017

19

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

3Q15 45% $2.07 Call

4Q15 50% $2.07 Call

1Q16 60% $1.94 Call

2Q16 60% $1.95 Call

3Q16 60% $1.99 Call

4Q16 60% $1.99 Call

1Q17 25% $1.82 Call

2Q17 20% $1.80 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) 1H 2015 1H 2015 (1)

% of total

operating

revenues

(USD

millions)

(USD

millions)

Passenger 10,177 11,117 11,303 768 6,044 388 76.8

Non-ticket 1,510 1,885 2,733 186 1,823 117 23.2

Total operating revenues 11,686 13,002 14,037 954 7,867 505 100

Fuel 4,730 5,086 5,364 364 2,260 145 28.7

Aircraft and engines rent expense 1,886 2,187 2,535 172 1,562 100 19.9

Landing, take off and navigation expenses 1,640 1,924 2,066 140 1,180 76 15.0

Salaries and benefits 1,303 1,563 1,577 107 872 56 11.1

Sales, marketing and distribution expenses 752 704 817 56 448 29 5.7

Maintenance expenses 499 572 665 45 379 24 4.8

Other operating expense 288 347 468 32 243 16 3.1

Depreciation and amortization 211 302 343 23 228 15 2.9

Total operating expenses 11,308 12,685 13,833 940 7,172 461 91.2 6

EBIT 378 317 204 14 695 45 8.8

Operating margin (%) 3.2 2.4 1.5 1.5 8.8 8.8

Finance income 14 25 23 2 22 1 0.3

Finance cost (90) (126) (32) (2) (10) (1) (0.1)

Exchange (loss) gain, net (95) 66 449 30 233 15 3.0

Income tax expense (3) (18) (39) (3) (282) (18) (3.6)

Net income 203 265 (3) 605 41 658 42 8.4

Net margin (%) 1.7 2.0 4.3 4.3 8.4 8.4

Adjusted EBITDAR 2,475 2,806 3,081 209 2,485 160 31.6

Adj. EBITDAR margin (%) 21.2 21.6 22.0 22.0 31.6 31.6

EPS Basic and Diluted (Pesos) 0.29 0.31 0.60 0.04 0.65 0.04

EPADS Basic and Diluted (Pesos) 2.94 3.10 5.98 0.41 6.50 0.42

Consolidated statements of operations summary

Notes:

(1) Full year 2014 and 1H 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only.

(2) Audited financial information 2012A – 2014A.

(3) Includes debt prepayment of Ps.65 million.

Source: Company data22

Consolidated statements of financial position summary

Notes:

(1) Full year 2014 and June 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, 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 – 2014A .

Source: Company data

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

As of June

30, 2015

As of June

30, 2015 (1)

(USD

millions)

(USD

millions)

Cash and cash equivalents 822 2,451 2,265 154 4,028 259

Current guarantee deposits 238 499 545 37 535 34

Other current assets 755 1,050 879 60 917 59

Total current assets 1,815 4,000 3,689 251 5,479 352

Rotable spare parts, furniture and

equipment, net1,195 1,341 2,223 151 2,411 155

Non-current guarantee deposits 2,245 2,603 3,541 241 4,022 258

Other non-current assets 447 434 452 31 834 54

Total assets 5,702 8,378 9,905 673 12,746 819

Unearned transportation revenue 1,259 1,393 1,421 97 2,343 151

Short-term financial debt 527 268 823 56 1,284 82

Other short-term liabilities 1,936 2,211 2,524 172 3,465 223

Total short-term liabilities 3,722 3,872 4,768 324 7,092 456

Long-term financial debt 633 294 425 29 174 11

Other long-term liabilities 272 250 242 16 265 17

Total liabilities 4,627 4,415 5,435 369 7,532 484

Total equity 1,075 3,962 4,470 304 5,214 335

Total liabilities and equity 5,702 8,378 9,905 673 12,746 819

Net debt (2) 338 (1,888) (1,017) (69) (2,570) (165)

Adjusted debt (3) 14,360 15,874 18,990 1,290 21,578 1,386

Adjusted net debt (4) 13,538 13,423 16,725 1,136 17,551 1,127

23

Consolidated statements of cash flows summary

Notes:

(1) Full year 2014 and 1H 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only.

(2) Audited financial information 2012A - 2014A.

Source: Company data

MXN millions unless otherwise stated (2) 2012A 2013A 1H 2015 1H 2015 (1)2014A 2014A (1)

(USD millions) (USD millions)

Cash flow from operating activities

Income before income tax 207 283 644 44 939 60

Depreciation and amortization 211 302 343 23 228 15

Guarantee deposits (311) (620) (695) (47) (327) (21)

Unearned transportation revenue 433 135 27 2 922 59

Changes in working capital and provisions (43) (61) 14 1 134 9

Net cash flows provided by operating activities 497 39 334 23 1,896 122

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment and

intangible assets (856) (1,161) (1,603) (109) (650) (42)

Proceeds from disposals of rotable spare parts, furniture and

equipment 1,043 849 418 28 319 20

Net cash flows provided by (used in) investing activities 187 (312) (1,185) (81) (331) (21)

Cash flow from financing activities

Payments of Treasury Shares - - (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) (19) (1)

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

Payments of financial debt (694) (1,084) (400) (27) (303) (19)

Proceeds from financial debt 550 444 966 66 437 28

Net cash flows (used in) provided by financing activities (272) 1,861 525 36 115 7

Increase (decrease) in cash and cash equivalents 413 1,588 (326) (22) 1,679 108

Net foreign exchange differences (32) 41 141 10 83 5

Cash and cash equivalents at beginning of period 441 822 2,451 167 2,265 145

Cash and cash equivalents at end of period 822 2,451 2,265 154 4,028 259

24

Adj. EBITDA and Adj. EBITDAR reconciliation

Notes:

(1) Full year 2014 and 1H 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.5676, respectively, for convenience purposes only.

(2) Audited financial information 2012A - 2014A.

Source: Company data

MXN millions unless otherwise stated (2) 2012A 2013A 2014A 2014A (1) 1H 2015 1H 2015 (1)

(USD

millions)

(USD

millions)

Net income 203 265 605 41 658 42

Plus (minus):

Finance costs 90 126 32 2 10 1

Finance income (14) (25) (23) (2) (22) (1)

(Benefit)/provision for income taxes 3 18 39 3 282 18

Depreciation and amortization 211 302 343 23 228 15

EBITDA 494 685 995 68 1,156 75

Exchange (gain) loss, net 95 (66) (449) (30) (233) (15)

Adjusted EBITDA 589 619 547 37 923 60

Aircraft and engine rent expense 1,886 2,187 2,535 172 1,562 100

Adjusted EBITDAR 2,475 2,806 3,081 209 2,485 160

25