Company UpdateMay 2021

Disclaimer

This presentation was prepared by Controladora Vuela Compañía de Aviación, S.A.B. de C.V., (d/b/a Volaris, the "Company") with the purpose of providing interested parties certain financial and other information of the Company. This presentation is confidential and may not be retransmitted or distributed to any other persons for any purpose whatsoever. This presentation is for discussion purposes and highlights basic information about the Company and this offering. Because it is a summary, it does not contain all the information that you should consider before investing. The information contained herein 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. Neither 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 nor 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 should be read in conjunction with the base prospectus included in the registration statement, and the related prospectus supplement (including any information incorporated by reference therein), filed by Volaris with the Securities and Exchange Commission (the "SEC") in connection with the offering to which this presentation relates. You may get these documents by visiting EDGAR on the SEC website (www.sec.gov).

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 within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform of 1995 which involve risks and uncertainties. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee or assurance of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In addition, in this presentation, the words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “predict,” “potential” and similar expressions, as they relate to our company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of this presentation. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The risks and uncertainties regarding these forward-looking statements include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Report on Form 20 for the year ended December 31st, 2020, and in the Company’s other filings with the SEC, which are available at www.sec.gov.

Neither the SEC, the Mexican National Banking and Securities and Commission nor any other authority has approved or disapproved the information contained in this presentation, its accuracy or completeness.

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Volaris is set and financially capitalized to grow and capture opportunities

Among the lowest cost airlines in the world

Demographics and bus to air substitution strategy fuels long term growth

Our ancillary revenue focus and point-to-point network support market leadership and stimulation

Fast recovery in terms of ASMs during COVID-19 as Volaris fills the void created by current market opportunities and VFR resilience

Flexible fleet and labor contracts provide a unique toolset to capitalize on current and secular growth opportunities

Solid liquidity and best positioned to deliver return on invested capital (ROIC)

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Company Overview

NEW YORKNEW YORK

WASHINGTON, D.C.WASHINGTON, D.C.

GUATEMALAGUATEMALA

SAN SALVADORSAN SALVADOR

SAN JOSESAN JOSE

The highest-growth ultra-low-cost carrier of Latin America

Volaris has transported 141+ million passengerssince inception and almost 11.8M since COVID-19 started

Volaris is the largest Mexican carrier (1) Volaris ultra-low-cost model

• 68 airports offered: 43 domestic and 25 international (1) – with opportunity to increase market share in Mexico City Airport

• Ultra-low-cost airline serving Mexico, the U.S. and Central America

• Young fleet (5.3 yrs. on average) with 87 aircraft (35% NEOs) (1)

• 13.7 M passengers in the LTM (1)

• 419 daily flights (1)

• 170 routes: 105 domestic and 65 international (1)

• Highly productive airline with high asset utilization• 56 full time employees per aircraft with variable, performance -

based compensation structure and only one union• 11.3 and 10.6 block hours per day in 2020 and 1Q21• Operated 102% of capacity during December 2020 vs previous

year

• Member of the Dow Jones Sustainability MILA Pacific Alliance Index since November 2020

5Note: (1) As of March 2021

• “Volaris” trademark received Famous Trademark Recognition by the Mexican Institute of Industrial Property (“IMPI”) in April 2021

0

25

50

75

100%

20176.9

16.8

6.3

12.6

11.4

45.8

44.3

20186.7

17.2

7.9

11.7

10.2

45.7

46.9

20197.9

15.8

9.9

11.6

9.3

44.5

47.9

2020

11.2

11.35.5

16.0

10.1

43.9

19.8

Mar'207.9

11.3

9.0

11.4

8.6

50.9

2.7

Mar'218.5

10.23.8

23.2

13.7

40.5

2.1

81 77 74 81Y4 LF %84 68 64 65AM

VolarisAeromexicoInterjetVivaAmericanUnitedAeromar

OtherForeign

Volaris reached 38% domestic and 8% international market share in March 2021

Market share(On board passengers, M)

Source: AFAC-SCT

Domestic International

6

0

25

50

75

100%

2017

27.5

29.1

21.2

16.9

5.345.2

2018

28.4

27.7

20.5

18.4

5.049.5

2019

31.3

24.3

19.7

20.2

4.453.5

2020

38.4

25.3

8.8

24.4

3.128.2

Mar'20

33.7

23.1

18.3

21.7

3.23.1

Mar'21

38.2

29.5

29.4

2.83.2

81 86 89VB

81 73 66 86AM

88Y4 LF %89* 81* 81* 85*

VolarisAeromexicoInterjetVivaOthers

Strong, disruptive ultra-low-cost business model continues to see success, making air travel accessible to all

Resilient ULCC Business Model

Capacityincrease

Cost reduction

Lowbase fares

More customers

More ancillaries

CASM ex-fuel (USD cents)

1Q 2020= $4.131Q 2021= $4.78

Average base fare (USD)

1Q 2020= $471Q 2021= $37

Passengers1Q 2020= 5.2M1Q 2021= 4.2M

Ancillaries (% of total revenues)

1Q 2020= 35%1Q 2021= 49%

ASMs 1Q 2020= 106.9% of 2019 capacity1Q 2021= 94.3% of 2019 capacity

Unrestricted cash and cash equivalents (USD)

1Q 2020= $453M1Q 2021= $423M

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As one of the lowest unit-cost operators worldwide we are uniquely positioned to continue a profitable growth strategy

Cost reduction

“True” low-cost business model that enables an extraordinary competitive advantage against peers

CY2019 CASM | USD cents (1)

CASM ex-fuel CASM

Source: Company FilingsNote: Non-USD data converted to USD using an average exchange rate for the period for convenience purposes only (1) Presenting average CASM and CASM ex-fuel. "US LCCs": Southwest, Allegiant, Jet Blue, Spirit; "Latin American Carriers": Avianca, Azul, Copa, Aeromexico, LATAM and Gol; "US Legacy Carriers": Delta, American Airlines, Alaska Airlines and United Airlines

8

4.0 4.0 4.0 4.05.6 5.5

7.5 7.510.22.1 2.2 2.5 2.5

2.3 3.0

2.7 3.2

3.5

6.1 6.2 6.5 6.57.8

8.5

10.2 10.7

13.7

Wizz Air Air Asia Volaris Ryan Air Frontier Indigo US LCCs Latin AmericanCarriers

US Legacy Carriers

900

1,100

1,300

1,500

0

10

20

30

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

Significant opportunity for passenger growth transitioning from bus-to-air through low fares

Low base fares

1,235

2,243

1,026

2,503

763

1,461

Lower prices have stimulated demand historicallyVolaris’ booked passengers (M) Average base fare (MXN)

Cheaper and faster travel options to provide further growth opportunity

Culiacan -Tijuana

BUS

Average Fares (MXN) Travel Time (Hours)

BUS

Mexico -Tijuana

Bajio -Tijuana

Cancun -Mexico

717

1,330

2.2 15.5

3.8 29.7

3.2 25.8

2.6 25.9

13.3

25.9

22.6

23.3

1.9x

1.8x

2.4x

1.9x

Time Savings

(1)

~41% of routes compete only with buses (2)

9Note: Volaris has lower base fares than buses in bus segments above 6 hours long (1) Fares by segment observed in December 2019(2) As of 1Q2021

For over a decade, Volaris has been the main source of the Air Travel market growth in Mexico and there is still room for further growth

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Air Trips per Capita Mexican Socioeconomical Profile (%)Bus-to-Air Market Potential (million passengers)

World (2019) = 0.6

Mexico remains an underpenetrated market with most of its growth during the recent years

coming from Volaris…… with huge bus-switching opportunities… … and an emerging middle-class

Source: World Bank, INEGI, SCT and CONAPO

20252010

Volaris targets the emerging Mexican middle-class

Market sources of future growth

Growing young population in an underpenetrated market

Huge bus market subject to bus-switching

Consolidation of a middle-class, young population

Mexico is still an underpenetrated market when compared with other economies

Sources of growth

2018

18.4

Other

2.5

Busswitching

1.1

2019

22.0

Other

1.0

Busswitching

0.5

2021

23.5

Mexican Bus Market Volaris Potential Growth

1.7%(CAGR)

We will continue to exploit the potential to convert bus passengers to the air market

204 211 279338 381 426 479 532 659

768

2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q 21

Ancillaries

As % of Total Revenue

Volaris Non-Ticket Revenue per Passenger | MXN

Five avenues of growth

Strong growth driver: Non-ticket revenue substitutes base fare, customers are less price sensitive to ancillaries

Improve top revenue generatorsLaunched new plus fare

Implemented new ideasMulticurrency, widgets, simplicity

Execute full dynamic pricingFind the optimal price

Achieve full potential personalizationBased on customer profile not products

Renew subscription programsEngage and retain frequent customers

... With significant room to improve

1

2

3

4

5

Ancillary Revenue per Passenger (For the Three Months Ended March 31, 2021) | USD

Significant growth of ancillary revenue in the last decade…

50% 62% 54% 49% 48%

(1) (1)

Source: Company FilingsNote:(1) Converted using an exchange rate of US$ = EUR 0.82 for convenience purposes only, public information as of 4Q 2020 11

Non-ticket revenue accounted for 49% of total operating revenues in 1Q21, and still with substantial room to grow

Economic and Corporate Governance Focus

The Volaris sustainable way

• Placed among the lowest unit-cost operators worldwide• Transported +11.8M customers with the new biosecurity and cleaning protocol• Reached 39% domestic and 10% international market share in Feb 2021 • Implemented additional cash preservation initiatives, US$100M working capital

optimization• Agreed to purchase Pratt & Whitney GTF ™ engines for 80 A320neo aircraft• Announced eight additional A320 NEO aircraft to its fleet in 2021

People Care Focus• Strengthens its biosecurity and cleaning protocol• Offers to its customers rapid COVID-19 tests at all airports in Mexico where it operates

routes to the United States• Leading airline in the transportation of organs and tissues for transplants in Mexico; since

2009 has transported 354 organs and tissues for transplant purposes• Volaris celebrates the 8th anniversary of its alliance with ECPAT, the global network of

organizations that promote the prevention of commercial sexual exploitation of children

Planet Care Focus• Volaris is the most ecological airline in Mexico• Operates a young and eco-efficient fleet (NEO fleet goal for 2023 @ 56%)• Reduced of 8.3% fuel consumption GAL/ASM 1Q´21 vs FY´19• Reduced 3.6M gallons of fuel consumption 1Q’21 vs 1Q’20• Purchased 33K certified carbon credits through the Carbon Offset Program #Cielito

Limpio, as of 4Q20

Business Update“Our priorities for the remainder of the year are: first, generate consistent growth for our investors with actions in line with our

sustainability program; grow and consolidate our leadership in core markets while increasing presence at Mexico City airports; accelerate the return and expand our operations in Central America; ensure a solid corporate infrastructure with the highest

industry standards on training and safety as well as technological tools to foster our commercial and administrative needs for sustainable growth; maintain a peaceful labor environment with productive and flexible terms and conditions; and finally, preserve our solid capital structure balancing short-term liquidity with the right long-term funding to support our growth”.

Enrique Beltranena, CEO & President of Volaris

Key initiatives are allowing Volaris to compete from a position of strength

Ability to adjust capacity to match demand with a focus on rebuilding TRASM after the second wave of the pandemic

Focus on maintaining lean cost structure with one of the lowest unit costs in the global airline industry

Strict measures to preserve liquidity, closing 1Q21 with USD $423M in cash and cash equivalents

Recovery gained momentum and in 1Q21 focused on strengthening the foundation of Volaris’ long-term growth

Priority for 2Q21 and 3Q21 is to accelerate Volaris’ recovery with profitability and ensure a solid infrastructure to support this growth

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Executed on multiple actions to bolster liquidity, reduce costs and capture market opportunities

Liquidity, cash preservation,

and cost reduction

• In December 2020, Volaris concluded an upsized offering of ADSs, raising ~USD $164.4M in

net proceeds

• In 2020, implemented strict liquidity preservation program resulting in ~USD $266M of

benefits, and aircraft deferrals postponing USD $200M in PDPs

• Additional working capital relief of +USD $100M during 1Q of 2021

• Comprehensive negotiations with key suppliers

• Cost/payment deferral contingency plan including cutting non-essential expenses and

negotiating cost reductions with more than 360 suppliers

• Maintained labor base at reduced compensation levels

• Capital expenditures reduced to a minimum

Play offense

Closely monitoring capacity reductions from competitors for possible opportunities Testing new ancillaries (“flexibility combo”)

Targeted promotions to test stimulation potential Launched five new domestic routes and seven new international routes in 2020

Executed agreements to incorporate 8 additional NEO aircraft in 2021

15

1%

8%

21%

28%

35%43%

52%

56%

2016 2017 2018 2019 2020 2021 2022 2023

Our NEO aircraft transition plan will keep us driving fuel efficiency towards a lower CASM and support our green initiative commitment

New contractual fleet plan with Airbus provides flexibility for opportunistic growth, through straight operating leases

% of NEOs in Fleet

77 82 86 98 108 1067169

Total # of Aircraft including Volaris Current Contractual Order Book

2019 Expenses Breakdown

38%

62%

Fuel Expense

Other

Total # of Aircraft

16

8 additional NEOaircraft

Latest traffic figures show a recovery trend to pre-COVID levels

Capacity Network• Flexible and strategic operational plan to reduce

capacity

• Cancelled and consolidated flights to defend profitability

• Capacity* increases dependent on demand and sales triggers‒ 2Q 2020: operated 23% of capacity vs. 2019‒ 3Q 2020: operated 75% of capacity vs. 2019‒ 4Q 2020: operated 95% of capacity vs. 2019‒ 1Q 2021: operated 88% of capacity vs. 2020‒ 2Q 2021: planning to operate ~110% vs. 2019

• New routes 4Q 2020 - 1Q 2021Mexico City to:

- Campeche, Campeche- Dallas, Texas- Houston, Texas- Fresno, California- Ontario, California- San Jose, California- Sacramento, California

Cancun to Oaxaca, OaxacaMorelia to Chicago, Illinois (OHD)Mexicali to Cancun, Quintana Roo

* Measured in terms of Available Seat Miles (ASMs) 17

Dec 2020

Jan 2021

Feb 2021

Mar2021

April2021

Routes 178 177 178 170 181

Stations 68 68 68 68 71

Domestic 43 43 43 43 43

International 25 25 25 25 28

Average daily segments 382 370 337 410 426ASMs(in millions, scheduled & charter)

2,250 2,149 1,509 1,722 2,224

Domestic 1,554 1,519 1,150 1,369 1,701

International 697 630 359 353 523Total Load Factor(in %, scheduled, RPMs/ASMs)

78.5% 73.9% 74.1% 86.9% 82.4%

26% of Mexico’s fleet is coming offline, creating a massive opportunity for Volaris to take share

Capacity impact from competitor fleet reduction (1) Change in market share (2)

Note: (1) Fleet reduction doesn’t consider 737 MAX since were inactive in Dec’19; Total fleet includes TAR, Aeromar(2) AFAC-SCT information; Share change of listed airlines

Reduction of 26% of narrow-body fleet in the market;

equivalent to 70 Volaris A320

Aircraft Percentage Points | From Mar-20 to Mar-21

Domestic International

18

235

4 2

355

319

(56)(21)

242

(7) (6)

0

100

200

300

400

Total FleetMexicanCarriers(Dec-19)

TotalNarrow-

body FleetMexicanCarriers

Interjet AeroMexico Total Narrow-body FleetMexicanCarriers(Jun-20)

Interjet AeroMexico AeroMexico -MAX active

Others Total Narrow-body FleetMexicanCarriers(Dec-20)

Volaris and market recovery estimates vs. PY - passengers

Volaris estimates to recover to pre COVID-19 capacity levels~3 years faster than the Mexican market

• 100% of our network is deployed on VFR, leisure, and price sensitive small and medium-sized enterprises, which are the fastest recovering segments

• 100% of Volaris capacity falls under domestic and short haul international, which are the fastest recovering geographies

• Create new demand through bus switching

• One third of total fleet is expected to leave the Mexican market

• Volaris’ value proposition based on a point-to-point network

• Capitalize on lowest cost structure

Volaris recovery vs. market

Note: Starting Mar’21 recovery was taken vs Feb’20 LTM as baseSource: AFAC; IATA

19

0

50

100

150

200%

Jan'20 Jan'21 Jan'22 Jan'23 Jan'24 Jan'25

Mexican Market Volaris

Volaris is already positioned to take off and to look forlong-term growth opportunities

Leverage VFR customer profile and retrenching of competitors to speed up recovery

Look for market opportunities to increase route network and optimize fleet financing

Harness advantages of lowest CASM to deliver attractive margins

Positive labor relations allowing scalability of operations

Capitalize on growth opportunities to capture market share, e.g. in previously capacity-constrained markets like Mexico City

Favorable terms with lessors giving ability to quickly scale capacity up or down “by the hour” in response to customer demand

Strong fundamentals and unique business model

Key focus areas moving forward

20