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

October 2014

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 Informationi bj t t h ith t ti it i t t d it h t b i d d tl ifi d d it tis 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.

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 ofconnection 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. These

f fstatements 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.

2

Third quarter 2014 highlights and recent developments

Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth only, resulting in yield stabilization, while international ASMs, same period, growth 18%, responding to stronger fare environment

Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth only, resulting in yield stabilization, while international ASMs, same period, growth 18%, responding to stronger fare environmentstronger fare environmentstronger fare environment

Unit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and non-ticket revenues expansionUnit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and non-ticket revenues expansion

Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger increased 58% y-o-y (44% including cargo). Ramp-up of new products and services, while increasing customer acceptance

Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger increased 58% y-o-y (44% including cargo). Ramp-up of new products and services, while increasing customer acceptance

Cost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost producer in the AmericasCost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost producer in the Americas

Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 billion, well funded for future growth

Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 billion, well funded for future growth

3

Notes:(1) Figure calculated at an average exchange rate corresponding for the period, $13.1114

Volaris – Mexico’s largest Ultra-Low-Cost Carrier

Lowest unit cost carrier in the Americas(1)

2008 2013 CAGR

U it t

Volaris’ destinations

Portland

SacramentoSan Francisco/Oakland

Los AngelesSan Diego

San Jose

Fresno

Me icali

Las Vegas

Chicago/Midway/O’Hare

Denver

Unit cost(CASM ex-fuel; cents, USD)(2)

5.5 5.5 0.0%

Passenger demand 3.2 9.0 +23.0%

Ph i

Ontario LTM Int. Pax Revenue 27%LTM Int. Pax

Revenue 27%

Reno

gTijuana

Mexicali

OrlandoHermosilloChihuahua

MonterreyLos Mochis

Ciudad Juárez

(RPMs, bn)

Aircraft(End of Period) 21 44 +15.9%

Passengers %

Phoenix

Ciudad Obregón

San AntonioLTM Dom. Pax Revenue 73%LTM Dom. Pax Revenue 73%

Fort Lauderdale (Miami)

Cancún

La PazLos Cabos

Culiacán

Mérida

PueblaToluca

Tepic

ZacatecasMazatlán

GuadalajaraAguascalientes

Puerto Vallarta

U

Colima

Morelia

LeónQuerétaro

Cd. de México/D.F.

Passengers (mm)(3) 3.5 8.9 +20.5%

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

Adj EBITDAR

San Luis Potosí

Veracruz Villahermosa

Tampico

Tuxtla GutiérrezAcapulco

UruapanOaxaca

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

Adj. ROIC (pre-tax) 11.0% 15.1% +4.1pp Domestic market share (4)

TapachulaHuatulco

12 2%20.7% 22.7% 23.5%

Notes:(1) Based on CASM among the publicly-traded airlines(2) Converted to USD at average annual exchange rate(3) Corresponds to the number of booked passengers(4) Based on number of passengersSource: Company data, SCT-DGAC

4

12.2%

2008 2012 2013 Aug YTD 2014

Volaris’ low base fares stimulate demand and drive continuing growth

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

Stimulationof

demand

Lower base fares

Resilient ULCC business model driving high,

fi bl hMore

ancillary revenue

profitable growthLower cost

More capacity

5

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

Aeromexico Interjet VivaAerobus Volaris

CASM 3Q14 ? (1)(cents, USD)(1) 14.0 14.2 - 8.9

Low ticket prices 3Q14 ≈

Average Fare (USD)(1) 171.8 104.5 - 94.1

Non-ticket rev. exc. Cargo 3Q14

Non-ticket rev. exc. Cargo per pax (USD)(1) 4.9 4.1 - 19.9

Modern Fleet ≈

Average age fleet (years) 9.8 (2) 6.0 (2) 20.6 (2) 4.3

High daily utilization

Block hours per day 13.6(3) 9.1(3) 9.9(3) 12.5

Other/ eg. (No GDS) ≈

Legacy <Hybrid/LCC < ULCC

Notes; (1) Figures converted to USD at an average exchange rate corresponding for the period $13.1114(2) Figures updated as per DGAC report as of June 2014(3) Estimated information as of August 2014. Narrow body aircraft only.Source: Company data, data airlines public information, DGAC reports, MI DIIO

6

Volaris has a best-in-class unit cost structure

Lowest unit cost in the Americas(1)

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

1 4 15.1

10 6

15.4

13.613.9

10.7

13.3

5.3

4 8

4.5

10.010.6

8.9

10.7

3.5

4.85.6 4.7

4.1 4.5 4.0

5.4

10.19.1

8.0 8.56.6 6.0 6.0

10.6

Denotes fuel cost per ASM

Latin American Carriers US Network Carriers(2)

Best-In-Class US LCCs

LatAm (4) Aeromexico Gol (4) Interjet Copa (4) Allegiant Spirit DCOMPS

p S

7

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, $13.1167(4) Figures calculated as of June YTD 2014Source: Company data, Airlines public information

Focus on fleet utilization and efficiency drives higher revenue and lower cost

Load factor(Sept YTD 2014)

Implied passengersper aircraft(1)Volaris A320

174 seats per aircraft

High density configuration(3)

82%

80%

143

128

Interjet A320

Aeromexico 737-800160 seats per aircraft

p

Aeromexico

Young, fuel efficient fleet (3)

Interjet 72% 108Interjet A320150 seats per aircraft

High daily utilization(3)

Bl k h d (S t b YTD 2014) (2) A (Y S t b YTD 2014)Block hours per day (September YTD 2014) (2) Average age (Yrs, September YTD 2014)

10.39.4

6.0

12.4 11.8

8.7 8.8 8.1

4.3

Mexican       Aeromexico InterjetAeromexico Interjet Global      A320

Global      A319

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

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) Block hours and fleet average age updated as per DGAC report as of June 2014Source: Company data, airlines public information, DGAC, Airbus, miDiio

8

averageA320 A319

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)

145

( )( )

40.5

36 5 h l 24% t i

2,781

110

36.5 hours less 24% cost savings2,706

4.0 30

60

75

Bus (1)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

30

2013

International Domestic

2013Executive & luxury

First, economy and other

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 for convenience purposes onlySource: Company data, Secretaría de Comunicaciones y Transportes (SCT)

y

9

and other

Unbundled strategy: “Tú decides” – You decide

Pre-flight(1) Flightplanning

At theairport

Onboardaircraft Post-flight

• Excess baggage

• Checked bag limited

• V-Club subscription (94k active suscriptions)

• Advertising

• Food and beverage

• Hotel rooms

• Car rentals

• Seat assignment

• Change / booking fees bag limited

to 1 piece (25kgs.)

• Carry-on (oversized)

• Co-branded credit cards (80k active cardholders)

• Airport shuttle

booking fees

• Insurance

• Packages

Additional forms• Strollers

• Priority boarding

• Manage my booking

• VEmpresa

•Additional forms of payment

• Check-in

Notes:(1) V-Club & Co-branded credit cards figures as of September 30th,2014 10

Acceleration of Volaris’ non-ticket revenues

Increased contribution of non-ticket revenue to the top line

2009 – 2013 CAGR: +57.6%

enue

1)enue

1)

148 181

Non

-tick

et re

ve(U

SD

mm

)(1N

on-ti

cket

reve

(US

D m

m)(1

24 39 68

115

2009 2010 2011 2012 2013 LTM Sep 14

Non-ticket revenue per passenger

B t i l US LCC

Contribution to Operating Revenue

7% 7% 9% 13% 14% 18%2009 2010 2011 2012 2013 LTM Sep 14

Volaris (USD)(1)Best-in class US LCCs

(3Q14, USD)

2009 – 2013 CAGR: +24.0% 45 54

All i t S i it

7.0 8.9 11.4 15.5 16.5 19.0

2009 2010 2011 2012 2013 LTM S 14

Notes:(1) Non-USD data converted to the corresponding average period exchange rate , for convenience purposes onlySource: Company data, Airlines public information

11

Allegiant Spirit2009 2010 2011 2012 2013 LTM Sep 14

Attractive growth opportunities in Mexico and throughout the Americas

99

Domestic – growth potential of nearly 160 routes (4)

International – growth potential of about 154 routes (4)

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

48 48

41 403840

45

50 99

80

90

100

20

25

30

35

48

40

50

60

70

13

5

10

15

20 32

10

20

30

40

0

5

0

10

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

Caribbean

(3)

R t d G th t ti lNotes:(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 August 2014.Source: Company data and DIIO MI Market Intelligence for the Aviation Industry

Routes served Growth potential

12

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

SanFrancisco

0.7mm Denver0.5mmSacramento

0 3

Chicago1.5mm

Bakersfield0.4mm

New York0 5mm

Portland0.2mm

San Jose0.4mm

0.3mmFresno0.5mm Las Vegas

0.4mm

Phoenix

Albuquerque0.2mm

San Antonio

Dallas1.5mm Atlanta

0.3mm

Washington0.1mm

0.5mmPhiladelphia

0.1mm

Orlando0 1mm

Los Angeles4.6mm

San

Phoenix1.2mm

Tucson0.3mm El Paso

0.6mm

0.9mm

Austin0.4mm

Houston1.5mm

Mission 0.1mm

SanDiego0.9mm

San Bernardino

1.7mm

0 6

San Benito0.3mm

Mission0.6mm Tampa

0.1mmMiami0.1mm

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

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

13

Positive expansion, managing capacity and diversification of routes

Solid expansion for Volaris

Volaris flown domestic routes Volaris flown international routes

More than 2x More than 1.5x

1723 26 28

5078 89

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

17

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

39 50

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

Percentage of Volaris’ 4Q14 domestic capacity competing with:

A significant portion of our capacity faces no competition( )

68%

54%

34%20%

Aeromexico Interjet Vivaaerobus Non-competed

Notes:(1) Capacity measured by ASM’sSource: Data company, SCT-DGAC, DIIO MI 14

Fleet and financials

15

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

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

18%29% 47%

5559

9 1423

223

5055

44

24 23 2219

20 18 17 12

FY13 FY14 FY15 FY16

A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets % % of year‐end fleetA319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets %       % of year end fleet      w/Sharklets

Backlog of 64 Aircraft to support growth(2)Seat growth 7% 13% 14%

Notes: (1) Net fleet after additions and returns(2) Figure calculated as of the end of September 2014Source: Company data

g pp g

16

Solid financial performance

Operating revenues(1) Adj. EBITDAR(1)

714887

1,018 1,013 1,000

1,200

188 220

178 200

250

374 536

714

0

200

400

600

800

(US

D m

m)

117 140

100

0

50

100

150

(US

D m

m)

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

02009 2010 2011 2012 2013 LTM

Sep 14

02009 2010 2011 2012 2013 LTM

Sep 14

28%

20%20%

30%

17.5%

28.9%

18.1% 17.8%20.0%

30.0%

14%

10%10% 10.0%

0%Copa GOL LATAM

Note:(1) Figures converted to USD at an average exchange rate corresponding for the period, for convenience purposes only(2) Figures calculated as of June LTM 2014Source: Company data, airlines public information

17

0.0%Copa Gol AM(2)(2)

Solid balance sheet and liquidity, well funded for growth

LTM Liquidity – Cash and Equivalents / Op. Revenue

• IPO provided sufficient liquidity / capital

for growth over the next yearsg y

• Minimal on-balance sheet debt

• USD $68mm(1) of financial debt as

of September 2014

32.4%

28.7%

• Strong cash position

• USD $135mm of cash and

equivalents as of September 2014 13.7%

• Fully financed pre-delivery payments and

executed sale-leasebacks for all

deliveries in 2015 and 2016

8.2% 7.7%

Copa Gol LatAm AM(2) (2) (2)

Note:(1) Principal + interest debt (2) Figures calculated as of 1H 2014Source: Company data, Airlines public information 18

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

% of total

Consolidated statements of operations summary

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

SeptemberYTD 2014A (1)

% of total operating revenues

(USD millions)

Passenger 6,278 8,036 10,177 11,117 8,163 607 81.0Non-ticket 499 842 1,510 1,885 1,915 142 19.099 8 ,5 0 ,885 ,9 5 9 0Total operating revenues 6,777 8,878 11,687 13,002 10,078 749 100Fuel 2,146 3,823 4,730 5,086 4,088 304 40.6Aircraft and engines rent expense 1,197 1,508 1,886 2,187 1,860 138 18.5Salaries and benefits 852 1,120 1,303 1,563 1,174 87 11.6Landing, take off and navigation expenses 868 1,282 1,640 1,924 1,577 117 15.7Sales, marketing and distribution expenses 615 750 752 704 590 44 5.9Sales, marketing and distribution expenses 615 750 752 704 590 44 5.9Maintenance expenses 276 380 499 572 473 35 4.7Other operating expense 255 285 288 347 333 25 3.3Depreciation and amortization 57 103 211 302 205 15 2.0Total operating expenses 6,266 9,251 11,309 12,685 10,301 766 102.26

EBIT 511 (373) 378 317 (222) (17) (2.2)Operating margin (%) 7 5 (4 2) 3 2 2 4 (2 2) (2 2)Operating margin (%) 7.5 (4.2) 3.2 2.4 (2.2) (2.2)Finance income 5 6 14 25 17 1 0.2Finance cost (56) (58) (90) (126) (23) (2) (0.2)Exchange (loss) gain, net (56) 110 (95) 66 112 8 1.1Income tax benefit (expense) 239 0 (3) (17) 18 1 0.2Net income (loss) 643 (315) 203 265 (98) (7) (1.0)Net margin (%) 9 5 (3 6) 1 7 2 0 (1 0) (1 0)Net margin (%) 9.5 (3.6) 1.7 2.0 (1.0) (1.0)Net income (loss) excluding special items (3) 643 (315) 203 379 (98) (7) (1.0)Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137 18.3Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 18.3 18.3EPS Basic and Diluted (cents) 31.0 (9.7) (0.7)EPADS Basic and Diluted (cents) 310.4 (96.5) (7.2)( ) ( ) ( )

21

Notes:(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(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

MXN millions unless otherwise stated (5) 2010A 2011A 2012A 2013ASeptember

2014ASeptember

2014A (1)

(USD millions)Cash and cash equivalents 677 441 822 2,451 1,814 135 Current guarantee deposits 330 170 238 499 651 48 Other current assets 390 520 755 1 050 900 67Other current assets 390 520 755 1,050 900 67 Total current assets 1,397 1,131 1,815 4,000 3,365 250 Rotable spare parts, furniture and equipment, net 921 1,517 1,195 1,341 1,992 148 Non-current guarantee deposits 1,041 2,002 2,245 2,603 2,881 214 Other non-current assets 342 412 447 434 463 34 Total assets 3 701 5 062 5 702 8 378 8 701 647Total assets 3,701 5,062 5,702 8,378 8,701 647 Unearned transportation revenue 505 825 1,259 1,393 1,495 111 Short-term financial debt 251 687 527 268 271 20 Other short-term liabilities 1,171 1,667 1,936 2,211 2,256 168 Total short-term liabilities 1,927 3,179 3,722 3,872 4,022 299 Long-term financial debt 384 725 633 294 621 46 Other long-term liabilities 164 298 272 250 211 16Other long term liabilities 164 298 272 250 211 16 Total liabilities 2,475 4,202 4,627 4,416 4,854 361

Total equity 1,226 860 1,075 3,962 3,847 286

Total liabilities and equity 3,701 5,062 5,702 8,378 8,701 647

Net debt (2) (42) 971 338 (1,889) (992) (69)

Nota:

Adjusted debt (3) 9,014 11,969 14,360 15,874 18,073 1,343

Adjusted net debt (4) 8,337 11,528 13,538 13,423 16,259 1,208

(1) Figures converted to USD September end of the period spot exchange rate $13.4541, 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 2010A – 2013A Source: Company data

22

Consolidated statements of cash flows summarySeptember SeptemberMXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A SeptemberYTD 2014A

SeptemberYTD 2014A (1)

(USD millions)Cash flow from operating activitiesIncome (loss) before income tax 404 (315) 207 283 (116) (9)Depreciation and amortization 62 103 211 302 205 15 Guarantee deposits (316) (801) (311) (620) (430) (32)Guarantee deposits (316) (801) (311) (620) (430) (32)Unearned transportation revenue 207 321 433 135 101 8 Changes in working capital and provisions 182 544 (43) (61) 104 8 Net cash flows provided by (used in) operating activities 539 (148) 497 39 (136) (10)

Cash flow from investing activitiesAcquisitions of rotable spare parts furniture equipment (321) (1 21 ) (8 6) (1 161) (1 090) (81)Acquisitions of rotable spare parts, furniture, equipment and intangible assets

(321) (1,215) (856) (1,161) (1,090) (81)

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) (813) (60)

Cash flow from financing activitiesCash flow from financing activitiesLegal 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) (16) (1)Other financing costs - - - - (7) -g ( )Payments of financial debt - (261) (694) (1,084) (268) (20)Proceeds from financial debt 46 879 550 444 571 42 Net cash flows (used in) provided by financing activities (90) 562 (272) 1,861 280 21

Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 (669) (50)Net foreign exchange differences (25) (22) (31) 41 32 2Cash and cash equivalents at beginning of period 575 677 441 822 2,451 182 Cash and cash equivalents at end of period 677 441 822 2,451 1,814 135

Notes:(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(2) Audited financial information 2010A - 2013ASource: Company data

23

Adj. EBITDA and Adj. EBITDAR reconciliation

MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September YTD 2014A

September YTD 2014A (1)

(USD millions)

Net income (loss) 643 (315) 203 265 (98) (7)

Plus (minus):Finance costs 52 58 90 126 23 2Finance income (5) (6) (14) (25) (17) (1) (Benefit)/provision for income taxes (239) 0 3 17 (18) (1) Depreciation and amortization 57 103 211 302 205 15 Business alliance amortization 5 - - - - -EBITDA 513 (160) 494 685 95 7

E h ( i ) l t 56 (110) 95 (66) (112) (8)Exchange (gain) loss, net 56 (110) 95 (66) (112) (8)Other financing cost (income), net 3 - - - - -Adjusted EBITDA 573 (270) 589 619 (17) (1)

Aircraft and engine rent expense 1,197 1,508 1,886 2,187 1,860 138 Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137

Notes:(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only(2) Audited financial information 2010A - 2013ASource: Company data 24