VIVA AEROBUSCOMPANY PRESENTATION

NOVEMBER 2018

“This presentation contains certain statements related to the comprehensive overview Grupo VivaAerobus, S.A. de C.V. “Viva" regarding its activities to the present day.

●The information included in this presentation is a summary of information regarding Viva which is not intended to cover all related information about Viva.

●The information contained in this presentation has not been included in order to provide specific advice to investors.

●The statements contained herein reflect the current views of Viva with respect to future events and are subject to certain risks, uncertainties and assumptions.

●Many factors could cause future results, performance or achievements of Viva be different from those expressed or implied by such forward looking statements, including among others, economic or political changes and global business conditions, changes in exchange rates, the overall level of the industry, changes in housing demand, prices of raw materials, etc.

● If one or more of these risks occur, or should the underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. .

●Viva does not pretend, nor assume any obligation to update the statements presented below.

●According to the “Ley del Mercado de Valores”, only securities registered in the “Registro Nacional de Valores” and containing prior authorization from the “Comisión Nacional Bancaria y de Valores” may be a matter of public offering, even if by this date its procedure is still ongoing.

●Any public offering to be held in the United Mexican States shall comply with the requirements of the “Ley del Mercado de Valores”, which should include the submission of a prospectus that contains, among other things, a description regarding Viva’s financial, administrative, economic, accounting and legal situation, in addition to relevant information about Viva that can contribute to the proper decision-making process of a public investor.

● This presentation does not substitute the information that needs to be provided in the previous mentioned corresponding prospectus. This presentation does not constitute an offer nor an invitation or solicitation of an offer, to subscribe for or purchase any securities.

● The contents of this presentation do not constitute any obligation by Viva.

● This presentation is exclusively for informational purposes.

●Certain financial ratios herein included may differ from those included in the final prospectus and from the financial information disclosed periodically by Viva due to rounding of numbers.”

Disclaimer

2

A decade of Low Costs and Attractive Fares

Viva Aerobus strategy of low costs and attractive fares have helped grow annual passengers carried by ~6x.

2006 2007 2009 2010 20122011 20142013 2015 2016

Launched operations in Nov. 2006 with two

aircraft with a base of operations in Monterrey

Carried over 1 million passengers in the 1st year

of operations

Guadalajara became the 2nd operating base

-------Profitable in only 3rd year of operation despithe the

H1N1 Virus epidemic

Opened the 3rd operating base at Mexico City

International Airport, the largest market in Mexico

Secured an order for 55 A320s, which was Latin America’s largest Airbus

narrow-body aircraft order to date

-------Opened the 4th operating

base in Cancun

Took delivery of first Airbus A320 aircraft, starting a

new period of cost reduction

Successfully placed 1bn peso Senior Trust Bonds in Mexican

market-------

Began services to Tijuana, taking advantage of the new Cross

Border Xpress (US/Mexico land bridge)

Broke the 6 million passengers per year mark

-------First NEO delivery

4.8m

21

4.2m

19 1917151085

2 4.0m1.6m1.2m 6.4m

21

2008

7

1.5m

2017

First non-stop international destination from Mexico city to Las

Vegas-------

New international route from Guadalajara to Los

Angeles

8.2m

24

Monterrey becomes the largest hub with 27 non-

stop routes-------

Second NEO delivery

Sep.

2018

Successfully placed 1bnpesos Short Term Bonds

in Mexican market-------

Announced the purchaseof 25 new Airbus

A321neo which adds tothe order in 2013.

2.4m 3.2m 3.8m 7.3m

27

3

Viva in a Nutshell

1

2

3

4

5

Lowest cost carrierin the Americas

Simplicity andflexibility

Maximizingprofitability

Positioned forsustained growth

Experienced Management Team

•Lowest cost per seat and adj. CASK of any publicly-traded airline in the Americas

•Ýoungest fleet in Mexico composed of 22 A320CEO y 5 A20NEOs

•Unique bus-to-air conversion market through a 300+ bus stations network in the country (~5% total sales)

•100% A320 fleet / Maximum Seat Density on A320s (186 Pax)

•Point-to-Point network, focus on high frequency routes, monopoly domestic routes and secondary routes

•Outsourcing non-core functions (ground handling, call center, heavy aircraft maintenance)

•High utilization (12.2 BH on 6.4 sectors per day per AC) for the nine months ending September 30, 2018.

•Unbundling fare strategy

•Among the world’s best in ancillary revenue generation ~47% of total revenues

•Purchase agreement with Airbus for 80 new aircraft (15 A320CEOs; 24 A320NEOs y 41 A321NEOs); 57 NEOs backlog

•Established methodologies, processes and systems to execute business plan in the long-term

•30.0% sales CAGR (2007-2017); A320 NEOs backlog 2018-2022 ~22% YoY growth

•Led by a management team with an average of 25 years in the sector•Part of IAMSA Corporation, Mexico’s leading multimodal transportation provider, offering point-to-point intermodal transportation solutions throughout key passenger hubs via bus, air and rail

•Ryanair expertise as a founder shareholder (2006-2016), leading pioneer of the ULCC model in the world

CASK: “Cost per Available Seat Kilometer” represents total operating expenses divided by Available Seat Kilometers (ASKs)

Source: Secretaria de Comunicaciones y Transportes.4

● 102 domestic routes● 12 international routes● 44 cities● Interconnected with 300+ bus stations

Network multiplied 4x by additional ~100 cities served through IAMSA bus strategic relationship

9M 2018 9M 2017 %Passenger (thousands) 7,301 5,984 22.0%

ASKs (mm) 8,770 6,831 28.4%RPKs (mm) 7,911 6,131 29.0%Revenues (mm MXN) 7,016 5,359 30.9%

International Revenue

7%

Domestic Revenue

93%

Ticket Revenue

53%

AncillaryRevenue

47%

LTM September 2018

Revenue by Destination Ancillary Revenue

Viva Aerobus at Glance

*Permanent International Routes: Guadalajara – Los Angeles, Mexico – Las Vegas, Monterrey – Houston, Mexico – New YorkRPK: “Revenue Passenger Kilometer” represents the number of kilometers flown by revenue passengersASK: “Available Seat Kilometer” represents aircraft seating capacity multiplied by the number of kilometers the seats are flown

5

Exceptional Performance Since Launch

PASSENGERS(Millions)

Load Factor

REVENUE(MXN, Millions)

EBITDAR(MXN, Millions)

FY 2007

FY 2007

LTM September 2018 FY 2007 LTM September 2018

FY 2007

733

9,234

1.3

9.590%

70%

116

2,917

LTM September 2018 LTM September 2018

6

1 Highly Attractive MexicanAviation Market

7

Compelling Growth Opportunity within the Aviation Sector

Latin Domestic Aviation Passenger Market

Growing Middle Class(1)

Mexico is relatively underpenetrated

Population Pyramid

1,500,000 500,000 500,000 1,500,000

0 - 9

10 - 19

20 - 29

30 - 39

40 - 49

50 - 59

60 - 69

70 - 79

80 - 89

90 - 99

>100

26% 20%

36%

25%

17%

30%

14% 17%

7% 8%

2010 2025ED / E D+ C C+ AB

16% Growth

1,500,000 500,000 500,000 1,500,000

94mm

42mm 32mm

15mm 16mm 15mm 6mm

Brazil México Colombia Argentina Chile Peru Venezuela

1 Classes are segmented in the following way: D/E is the Lower-Low Class, D+ corresponds to the Upper-Low Class, C is the Lower-Middle Class, C+ is the Upper-Middle Class, and AB is comprised of the Upper-Class.

Working Age Population

Mexico’s potential growth

is supported by one of the largest and fastest growing populations in

the region

2010 2050E

Source: INEGI, Censo poblacional 2010

Source: CAPA, Centre for aviation, reporte cierre dic 2017 Source: CAPA, Centre for aviation, reporte cierre dic 2017

Source: World Bank, Reporte de desarrollo económico 2016

0.33 0.34 0.450.70

2.352.55

México Peru Brasil Colombia Canada USA

Do

mes

tic T

rip

s p

er

Cap

ita

8

Airline Well Positioned to Benefit from Positive Transportation Outlook with Strong Macro Trends

Domestic Air Passenger Growth / GDP Growth Domestic Air Passenger Growth

Air Passenger per Year in Mexico (millions)

Source: DGAC, Dirección General de Aeronáutica Civil, INEGI.

5.4x 6.1x

3.4x5.1x

6.4x4.8x

3.5x

2012 2013 2014 2015 2016 2017E 2018E

0.0 x

6.2 x

9.0 x11.1 x

12.2 x

9.2 x 8.7 x

2012 2013 2014 2015 2016 2017 2018E

Crecimiento adicional de pasajeros con incremento en ingresosPAX growth well above GDP growth driven by ULCC travel

options

25 28 30 33 37 42 45 50

2729 31

3436

3945

46

5257

6167

7380

9096

2011 2012 2013 2014 2015 2016 2017 2018E

Domestic International

9

3%

25%

72%

Domestic Bus PassengersOthers First Class Econmy

Mexico: 3bn bus passengers

per year

Potential Bus-to-Air passenger growth is estimated on a total demand of aprox. 300mm

*Represents approximate numbers of bus journeys of more than 400kmsSource: Secretary of Communication and Transportation: Annual Statistics, 2017

Aprox. 300mm*

45mm

Potential Bus-to-Air Conversion Based onLevel of Ticket Purchased and Distance

Traveled

2017 Mexican Domestic Passenger

667mm46% travelling

distances >400kms

Favorable outlook presents opportunity to convert passengers from bus to air

Strategic relationship with IAMSA provides VivaAerobus unique access to 300mm+ passengers currently in bus journeys over 400kms

Ability to target price sensitive customers, offering time and cost savings

Transported 1.4mm first time flyers in 2017

10

2 Ultra-Low Cost Model11

• Note: CASK adjusted to 1,609 km• Source: Airline Financial Reports

Viva Aerobus sets the Bar with the Lowest Costs

Cen

ts, U

SD

12

Mexico’s Lowest Costs per Passenger (USD)

*Includes: sales & marketing,, route charges, airport & handling charges and other operational charges Note: Ryanair is just to compare with the best in the industrySource: Airline Financial Reports

USD por paxex-fuel 2017

Volaris Aeromexico Interjet Ryanair

Maintenance 2.2 4.6 11.6 8.7 1.2

Rents 10.2 19.6 19.3 12.7 0.7

Staff 5.6 9.1 31.3 7.7 6.1

Depreciation 1.8 1.8 10.7 5.2 4.8

Sales & Mkt* 10.5 21.0 40.6 30.0 17.6

Others 0.1 0.6 (0.1) - -

Total 2017Total 2016

30.435.0

56.653.7

113.3106.5

64.461.8

30.429.9

%> Viva +87% +273% +112% +0%

13

Leading Aircraft Utilization among the ULCC’s

Source: Company Reports

591

13.0

784

4.1 5.3

4.7 703

4.5

Aircraft Utilization, Block Hours, Sectors and Seats per Aircraft per Day9M September 2018

Bloc

ks H

ours

per A

icraf

tper

day

Jet Blue Spirit Volaris Southwest Ryanair EasyJet Interjet

Seat

s per

Aicr

aftp

er D

ay

Sect

ors p

er A

ircra

ft da

y

579

1,210

822950

791

828

957

685

14

Source: Company Management and Company filings

• No frills & simple terminals minimize use of expensive airport services such as jet bridges, baggage screening, etc.

• Configured low cost facilities in airports such as Monterrey, Guadalajara, Cancun, Mexico City, and Tijuana (2019E)

• Focused on getting the best airport incentive deal:• Airport and passenger costs (e.g. landing fees and passenger

facility charge)• Marketing campaigns funded by governments and airports to

promote routes

• Educating passengers to absorb part of traditional airline task: boarding pass printing, baggage weight and size pre-check

• Outsource non-core functions such as heavy maintenance, ground handling, call center, on call line maintenance, baggage screening revision, aircraft cleaning services, etc.

Low Cost Operation

15

3 Profitable ModelLow Fares + Ancillary Revenue

16

Viva Aerobus: Total Average Fare of $50 USD and Base Fare of $28 USD … … lowest fare between it’s peers

Fuente: Informes financieros de aerolíneas

Base Fare

Ancillary

17

Mexico’s Lowest Fares per Passenger (USD) Poner los datos H2 2018Montse Ortega

*Ryanair is just to compare with the best in the industryNote: Total Revenue per passenger includes Base Fare + Ancillaries Source: Airline Financial Reports

USD 2017 Total Rev. per Pax

Change vs 2016 % > Viva Base Fare

per PaxChange vs

2016 % > Viva

$50 -5.2% $28 -9.7%

Volaris $80 -4.6% +62% $57 -9.7% +105%

Interjet $91 +5.4% +84% $82 +3.8% +193%

Grupo AM $157 +7.4% +218% $134 +2.9% +379%

Avg Competitor$110 +121% $91 +226%

Ryanair* $61 -2.3% +24% $44 -5.0% +59%

18

Amongst the world´s best in Ancillary Revenue

Global

USA

México

Source: Airline Financial Reports 19

4 Competitive Advantages20

Viva Aerobus Is the Easy Choice for Bus TravelersUnique distribution system in Mexico tapping bus consumers in over 300 bus stations and connecting those passengers to airports.

Bus Terminal With Viva Aerobus Sales

Shuttle from Airport to Bus Station

Shuttle from Bus Station to Airport

Co-Branded Bus Station Operated by IAMSA

Access to 260 million IAMSA customers

Only airline with ability to sell to bus travelers in over 300 bus stations in Mexico

Multi-Modal offering of bus and air travel adds 100 additional destinations

Access to market knowledge of Mexico’s largest bus group with 80 years of experience

Reduce cultural/purchasing barriers by selling in location where bus customers purchase

Recommendation from bus sales agents

50% price discount on ground portion of multi-modal journey

Lower total trip cost reduced with Viva Aerobus shuttles to and from airportIAMSA sourced more than half a million passengers for Viva Aerobus in 2017

Main Benefits of “Viaja Facil”Unique Strategic Relationship

21

Viva Aerobus offers lower fares than other airlines and comparable bus service while saving the bus traveler many hours per trip.

*Based on LTM as of September 30, 2018.Based on lowest fare quoted on November 12, 2018 for travel on or before December 12, 2018.Source: Airlines and Bus Companies website..

$741 $761

$1,205

$1,221

$1,709

(MXN)

Viva Aerobus vs. the Competition

Air Ground

1:30hr 11:09hr

Tampico –Villahermosa

Juarez –Ciudad de Mexico

Ciudad de Mexico –Monterrey

Cancun –Ciudad de Mexico

Air Ground

1:20hr 16:40hr

Air Ground

2:20hr 27:50hr

$884

$1,023 $1,029

$1,247

$1,440

Air Ground

3:20hr 24:00hr

$1,383

$2,065

(MXN) (MXN) (MXN)

2 Largest routes in Mexico;represent 17% of total traffic*

$935 $1,072

In average, Viva is 25% lower

33% lower 13% lowerIn average, Viva is 39% lower

Much Faster than Ground Transportation

Lower Base Fares than Local Competitors

22

67.95%62.10%

11.75% 24.50%

8.10%

13.40%5.35%4.89%1.96%

Booking Channel Payment Method

The payment channels reflect the dynamics of the Mexican consumer. Viva Aerobus collects a large percentage of its payments in cash

Convenience store provides convenient and low cost cash acceptance with over 16,000 locations across Mexico

Cash payments can also be sent through one of Mexico’s largest retail banks, with more than 1,600 branches

All commissions are transferred to the passenger through the booking fee

Credit cards are accepted but come with a booking fee. Credit card charge backs are less than industry standard

Website Desktop & Mobile – Lowest distribution cost and ease of use for tech savvy smartphone and tablet users

IAMSA – Low cost, direct access to bus travelers through 300 bus stations

OTAs – Newest channel started in April 2015

Other channels – Specific partnerships targeted at package travel market, groups and other segments.

Low Distribution and Payment Costs

Ticket Sales by Booking Channel/Payment Method

Highlights of Low Cost Payment Channels

Groups y ChartersViva Tiendas & Airports

IAMSA

Call Center

OTAs* & Agencies

Web y Viva App

Debit Card

Cash

Credit Card

Highlights of Low Cost Booking Channels

*OTA: “Online Travel Agencies” Expedia, Travel Fusion, Despegar, etc.Note: Ticket sales and payments options represent sales during the 9 months ended September, 2018.

Jan-Sep 2018

23

Viva Aerobus has consistently gained market share in recent years

Source: DGAC

Annual Volume per Airline – Domestic Market(Millions Segment Passengers)

Growth

24

Strong network growth focused on different markets

339

102

262

866

2017 Mature+

Charter

Routes 2016 Routes 2017 Routes 2018 2018

9.246

3.7%1.1%

2.8%

9.4% 10.814

+17,0%

Source: Intern Analysis.

Growth in Seat Production 2017 vs. 2018

25

In 2013, we signed a 55 A320 order book with Airbus (with an additional 40 optionality) In 2018, we exercised previously contracted options with Airbus to buy 25 new A321neo aircrafts.Additionally, we performed the conversion of 16 A320neo units of our original order for A321neo units.With this, we consolidated our total purchase order in 80 aircraft: 15 A320ceo, 24 A320neo and 41 A321neo.

Managing Fleet Transition Effectively

Highlights

Projected Fleet Units(1)

(1):Delivery Dates established on Airbus Purchase Agreement | Projected information may be subject to change for factors beyond our control.

14 7

56

7 8 6 1 1

8 14 16 25 34 34 37 38 30 32

6 10 1623

37

19 21 21 2431

35 41 4754 53

69

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

737-300s Used A320s New A320s A321s Total

26

27

New Metropolitan Airport SystemDescription:• On October 28th, Mexican President-Elect AMLO announced the federal government decision to build a New Metropolitan Airport System which contemplates

the following solutions: • Construction of the New International Santa Lucia Airport (2 runways, access roads, new public transport services, rapid train connected to the actual

Mexico City Airport). Its construction will be completed in 3 years. • Mexico City Airport refurbishment• Toluca International Airport expansion and refurbishment

• Altogether, the system will transport 70 million annual passengers in the following 50 years (vs. 44 million in the actual Mexico City Airport)

Viva Aerobus business model can efficiently adapt to the New Metropolitan Airport System, allowing the best positioning to continue our growth:• Flexible business model based on “Point-to-Point” routes with no dependency on a central Hub. • We have 5 operative bases (Monterrey, CdMx, Guadalajara, Cancún and Tijuana) and we estimate to open new bases in the future.• Less than 20% of our installed capacity corresponds to routes from/to Mexico City out of more than 100 routes and 43 different destinations.• During 2018 we started operations in 22 new routes, only 3 of them corresponded to Mexico City.• Our present and future growth is supported by new routes between mid-size secondary Mexican cities. For instance, in the last quarter we inaugurated our

new routes Puebla-Puerto Vallarta, Puebla-Guadalajara, Bajío-Ciudad Juárez, Morelia-Tijuana and Morelia-Monterrey.• Viva Aerobus is the only carrier that already operates in 4 out of the 5 metropolitan airports: Mexico City, Querétaro, Puebla and Toluca (except Cuernavaca).• We have recently opened our fifth base in Tijuana, where we already operate 6 routes, strengthening our presence in the Pacific area.• We have the largest market share in Monterrey, our main base with more than 30 destinations.• We will continue our expansion within more than 60 international airports that already exist in Mexico, convertingg million of passengers from bus to air.

5 Strong Financial Position28

Leaders in growth of passengers vs their main competitors…

Interjet and Grupo AM report only passengers transported

Source: DGAC; Financial reports of each airline

At 30 Sep 2018 Volaris Interjet Grupo Aeroméxico

Total Fleet 27 (9%) 73 (23%) 85 (27%) 130 (41%)

Detail(Average seats)

•27 A320 (184 )•8 A319 (144 )•52 A320 (176 )• 13 A321 (220 )

•22 SSJ100 ( 93 )•50 A320 ( 150 )• 13 A321 ( 192 )

•70 Boeing •60 Embraer

29

…achieved through the lowest costs & competitive fares…

CASK and TRASK adjusted to 1,609 kms (Viva:1,076 kms; Volaris 1,583 kms; Interjet 1,147 kms; Grupo AM 1,453 kms);

*Preliminary information. Source: Financial reports of each airline

Cost per Available Seat Kilometer - Adjusted

Revenue per Available Seat Kilometer - Adjusted

EBIDTDAR & Operating Margin

30

0

1

2

3

4

5

6

Categoría 1 Categoría 2 Categoría 3 Categoría 4

Serie 1

Serie 2

Serie 3

Source: Financial reports of each airline

…while delivering the best margins on a highly competitive industry.

Operating Profit Profit Before Taxes

31

MXN / Source: Financial reports of each airline

Adjusted Net Leverage = [Net Debt + (Capitalized Income x 7)] / EBITDAR; Net Debt = Total Debt - Cash

Solid Balance Sheet

Cash Adjusted Net Leverage Net Debt

32

Viva´s Virtuous Cycle

Lowest Cost

StructureLowestPrices

Attracting More

Customers

Good Customer

ExperienceRepeating Customers

Higher Load Factors“Network Effects”

More Freq´sNew Routes

IncreasedSales / Economies

of Scale

Customers Needs:• Low Fares• On Time• + Destinations + Frequencies• Easy to fly

33

Thank you34