Volaris Corporate Presentation

December 2013

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.

Third quarter 2013 highlights and recent developments

3

Strong balance sheet: Successful IPO of US$398 million in September

2013, cash of 23% of LTM revenues and net debt negative

Demand stimulation and high passenger volume: Record load factor

of 87.5% in 3Q

Cost control: CASM decreased to Ps.113.9 cents (US$8.8 cents) in 3Q,

lowest in the Americas

Non-ticket revenue growth potential: Migration to new reservation

system (Navitaire), new webpage and new baggage policy in October

Expanding US presence: Phoenix and San Antonio launched in 4Q

Sacramento

San Francisco/Oakland

Los Angeles

San Diego

Tijuana

San Jose

Fresno

Mexicali

Las Vegas

Chicago/Midway/O’Hare

Denver

Orlando Hermosillo

Chihuahua

Monterrey

Cancún

La Paz

Los Cabos

Los Mochis

Culiacán

Mérida

Tuxtla Gutiérrez Acapulco

Puebla Toluca

Tepic

Zacatecas

Mazatlán

Guadalajara

Aguascalientes

Puerto Vallarta

Uruapan

Colima

Morelia

Oaxaca

León

Querétaro

Cd. de México/D.F.

Ciudad Juarez

Manzanillo

Volaris – a Mexican Ultra-Low-Cost Carrier

Notes:

(1) Based on CASM among the publicly-traded airlines

(2) Converted at average annual MXN/USD spot exchange rate

(3) Corresponds to the number of booked passengers

(4) Based on number of passengers

Source: Company data, SCT-DGAC

Lowest unit cost carrier in the Americas(1)

2008 2012 CAGR

Unit cost

(CASM ex-fuel;

cents, USD)(2)

5.5 5.4 -0.4%

Passenger

demand

(RPMs, bn)

3.2 7.7 +24.6%

Aircraft

(End of Period) 21 41 +18.2%

Passengers

(mm)(3) 3.5 7.4 +20.6%

Operating revenue

(mm, USD)(2) 397 887 +22.3%

Adj. EBITDAR

(mm. USD)(2) 67 188 +29.4%

Volaris’ destinations

Domestic market share (4)

4

Phoenix

San Luis Potosí

Ciudad Obregón

Veracruz

12.2% 20.5% 22.9%

2008 2012 Sep-13

San Antonio

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 growth Lower 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

Source: Company data

5

Volaris has a best-in-class unit cost structure

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 using average exchange rates for the corresponding period

Source: Company data, Airlines public information

Latin American Carriers Denotes fuel

cost per ASM

Best-In-Class

US LCCs US Network

Carriers(2)

Lowest unit cost in the Americas(1)

CASM and CASM ex-fuel (LTM Sep 2013, USD cents)(3)

6

14.2

10 10.2

15.5

10.9

13.2

14.8

9.3

5.6

10.0 9.7

7.8 6.7

5.4 6.0

9.2

3.7

5.5 5.1

5.4

4.2

4.8 4.0

5.0

Volaris Latam Aeroméxico Gol Copa Allegiant Spirit DCOMPS

10.6

9.2

6.7

4.2

Mexican Average

Aeroméxico Interjet

12.2 12.0 11.3

9.5 8.8

8.1

YTD Sep13A Aeroméxico Interjet Global A320

Global A319

Young, fuel efficient fleet (3)

Interjet

Focus on fleet utilization and efficiency drives higher

revenue and lower cost

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) Aeroméxico and Interjet represent domestic competitors of Volaris

Source: Company data, airlines public information, DGAC, Airbus, DIIO MI

Load factor

(as of Sept 2013) Implied passengers

per aircraft(1)

84%

75%

77%

146

113

123

Interjet A320

150 seats per aircraft

Aeroméxico 737-800

160 seats per aircraft

High daily utilization(2)

Volaris A320

174 seats per aircraft

High density configuration(3)

(3) (3)

Aeroméxico

Block hours per day (1H13) Average age (Yrs, Sep 2013)

7

1H13

Unbundled model drives Volaris’ low base fares

Notes:

(1) Average fare calculated as passenger revenue divided by number of booked passengers

(2) Converted using an average annual MXN/USD exchange rate

Source: Company data, Aeromexico public information

Unbundling and a low cost

structure support Volaris’ low

base fares…

Average base fare (USD)(1,2) TRASM (US cents) (2) Load factor

…stimulating demand and

increasing load factor…

…resulting in higher ancillary

and stronger overall revenue

growth

71%

83%

2009 2012

7.6

9.7

2009 2012

2009 – 2012 Change: +12.0 pp 2009 – 2012 Change: +28.4%

2009 – 2012 Change: +4.0%

8

100

113 109

104

137

171

179 178

2009 2010 2011 2012

Aeroméxico

$100

$154 $172 $178

$192

$226

Volaris Alaska Aeroméxico Delta American United

Low costs and low base fares – a significant competitive

advantage

Notes:

(1) Converted using an average annual MXN/USD exchange rate

(2) Average Stage Length calculated as (Total miles flown / Number of flights) during LTM 3Q13

(3) Breakeven fare calculated as ((Average stage length * (CASM – Ancillary revenue (or Other revenue) per ASM)) / 100)/(Load factor /100)

(4) Group of airlines represent domestic and international competitors of Volaris

Source: Company data, Airlines public information, TheAirlineAnalyst. DIIO MI, MIT ADP

Breakeven fare (LTM Sep 2013) USD(3,4)

+92%

+72%

9

+126%

(1) (1)

% Above Volaris

+78%

+54%

74

2,683

2,758

2012

Executive & luxury

First, economy & other

Bus passenger shift to air travel

Notes:

(1) Executive and luxury class

(2) MXN amounts were converted to USD at the rate of MXN/USD 13.0235 as of June 30, 2013

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

Air travel time and cost savings Significant upside for air travel

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

Mexico City – Tijuana

(1)

Total air travel trips

(mm)

Total bus trips

(mm)

40.5

4.0

Bus Air

135

114

Bus Volaris

36.5 hours less 15% cost savings

74

• 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

29

28

57

2012

International

Domestic

10

Rapidly expanding share in core markets

Notes:

(1) Offered seats for 4Q 2013

Source: SCT-DGAC, DIIO MI

7% 6%

25% 13% 15%

33% 45%

65%

Tijuana Guadalajara Cancun Mexico City

38% 11%

46% 69%

147%

186%

Morelia Mexico City Aguascalientes

Volaris focus cities – Domestic market International market

2x 6x 2x 5x 2x 13x 4x

Percentage of Volaris’ domestic capacity(1) competing with:

Stimulation of growth through our ULCC model

A significant portion of our capacity faces no competition

Passenger volume growth: 2011 vs. 2012

Airport Volaris

11

73%

55%

35%

22%

Aeroméxico Interjet Vivaaerobús Non-competed

Unbundled strategy: “Tú decides” – You decide

Notes:

(1) In process of implementation

Source: Company data

• V-Club

subscription

• Co-branded

credit cards

• V-Shop

• Excess

baggage

• Priority

boarding

• Strollers

• Advertising

• Food and

beverage(1)

• Hotel

rooms

• Car rentals

• Airport

shuttle

Pre-flight Flight

planning

At the

airport

Onboard

aircraft Post-flight

• Seat

assignment

• Change /

booking fees

• Insurance

12

Acceleration of Volaris’ non-ticket revenues

Notes:

(1) Converted using an average annual MXN/USD exchange rate

Source: Company data, Airlines public information

+35.5%

Increased contribution of non-ticket revenue to the top line

Non-ticket revenue per passenger

Volaris (USD)(1)

Best-in class US LCCs

(LTM Sep13, USD)

Contribution

to Operating

Revenue

7% 7% 9% 13% 15%

2009 – 2012 CAGR: +68.6%

2009 – 2011 CAGR: +27.6%

13

46 53

Allegiant Spirit

7.0 8.9 11.4 15.5 17.3

2009 2010 2011 2012 LTM Sep 13

24 39

68

115

149

0

50

100

150

200

2009 2010 2011 2012 LTM Sep 13

Non-t

icket re

venue

(US

D m

m)(

1)

Volaris 14%

Aeroméxico 44%

Interjet 32%

Others 10%

Mexico City

Guadalajara

Cancún

Volaris’ revenue strategy delivers a resilient and defensible

network

Notes:

(1) Passengers for September 2013

(2) Seats, September 2013

Source: SCT-DGAC, DIIO MI

Strong foothold in competing markets

Tijuana

Domestic market share in top Volaris’ cities(2)

Volaris domestic market share(1)

Volaris international market share (Mexico – US)(1)

14

23%

35%

Total Volaris' routes

8%

39%

Total Volaris' routes

Volaris 73%

Aeroméxico 14%

Interjet 12%

Vivaaerobús 1%

Volaris 38%

Aeroméxico 27%

Interjet 22%

Others 13%

Volaris 30%

Aeroméxico 26%

Interjet 23%

Others 21%

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 33.5 million

in the US

Orlando

0.1mm

San

Francisco

0.7mm

San Jose

0.4mm

San

Diego

0.9mm

Denver

0.5mm Sacramento

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

0.6mm Tampa

0.1mm

15

48 48

41 40 38

13 13 13

0

10

20

30

40

50

60

70

80

90

100 99

48

32

0

10

20

30

40

50

60

70

80

90

100

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

Caribbean

Attractive growth opportunities in Mexico and

throughout the Americas

Domestic – growth potential of nearly 180

routes

International – growth potential of about 150

routes

(3)

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

Source: Company data

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

Routes served Growth potential

16

Fleet and financials

17

XXX

XXX

XXX

XXX

17 24 29 33 39 41 47 57

69 24

20 18 17 12 9 2 41 44 47 50 51 50 49

57

69

2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

3.0 4.2 5.0 5.7 6.8 7.1 8.2 9.9

12.0 3.5

2.9 2.6 2.4

1.7 1.3 0.3 6.4 7.1 7.6 8.2 8.5 8.4 8.5 9.9

12.0

2012 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E

Notes:

(1) Net fleet after additions and returns

(2) Assumes that all A319 aircraft have 144 seats and all A320 aircraft have 174 seats

Sources: Company information

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

Projected capacity in number of seats (end of period; 000s)(2)

18

A320 A319

A higher density fleet generates more incremental capacity

with fewer additional aircraft

A320 A319

Average

capacity per

aircraft

(seats)

156 160 169 173 174 163 164 167 174

2012-2020E Growth: +68%

2012-2020E Growth: +87%

23.4%

27.0%

16.4%

9.6%

0%

10%

20%

30%

Copa Aeroméxico Gol

33.4%

21.5%

13.2% 11.1%

0%

10%

20%

30%

40%

Volaris Copa Latam Gol

Leading financial performance on strong revenue growth

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 - 2012 LTM Sep 2013 Adj. EBITDAR margin

19

374

536

714

887

1,023

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 LTM Sep 13

(US

D m

m)

117 140

100

188

239

0

50

100

150

200

250

300

2009 2010 2011 2012 LTM Sep 13

(US

D m

m)

Sep YTD

‘12

Sep YTD

‘13

Change

(YoY)

TRASM

(cents, USD) (1) 9.5 9.7 3%

CASM

(cents, USD) (1) 9.2 9.2 0%

Operating revenue

(mm, USD) (1) 640 774 21%

Adj. EBITDAR

(mm, USD) (1) 132 183 39%

Adj. EBITDAR

margin 21% 24% 3pp

Poised for future value creation

Notes;

(1) MXN amounts were converted to USD at the avg. rate of MXN/USD 13.24 as of Sep 30 2012 and at the avg. rate of MXN/USD 12.68 as of Sep 30, 2013

Source: Company data

Continue growth in available seats

with a highly efficient fleet

• Switch from A319 to A320

• Sharklet and NEO technology

• Maintain high utilization

Continue growth in our non-ticket

revenues

Maintain cost discipline

Continue to align employee

incentives

Focus on shareholder return

20

LTM Sep 2013 Liquidity – Cash and

Equivalents / Op. Revenue

Balance sheet well positioned for growth

Note:

(1) Principal + interest debt

Source: Company data, Airlines public information

21

• IPO provided sufficient liquidity / capital

for growth over the next years

• Minimal on-balance sheet debt

• $31mm(1) of debt after the IPO and

debt payment

• Strong cash position

• $229mm of cash and equivalents

as of September 2013

• Fully financed fleet order through the

second quarter of 2016

22.8%

38.8%

29.8%

7.7%

Copa Gol Latam

Appendix

22

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.

23

MXN millions unless otherwise stated(2) 2010A 2011A(3) 2012A 3Q 2013A

September

YTD 2013A

September YTD

2013A(1)

% of total

operating

revenues

(USD

millions)

Passenger 6,278 8,036 10,177 3,219 8,385 644 85.4

Non-ticket 499 842 1,510 502.871 1434 110 14.6

Total operating revenues 6,777 8,878 11,687 3,722 9,819 755 100.0

Fuel 2,146 3,823 4,730 1,400 3,716 286 37.8

Aircraft and engines rent expense 1,197 1,508 1,886 562 1,592 122 16.2

Salaries and benefits 852 1,120 1,303 397 1144 88 11.6

Landing, take off and navigation expenses 868 1,282 1,640 498 1417 109 14.4

Sales, marketing and distribution expenses 615 750 752 179 525 40 5.4

Maintenance expenses 276 380 499 138 430 33 4.4

Other operating expense 255 285 288 93 264 20 2.7

Depreciation and amortization 57 103 211 81 216 17 2.2

Total operating expenses 6,266 9,251 11,309 3,348 9,305 715 94.8

EBIT 511 (373) 378 374 514 40 5.2

Operating margin (%) 7.5 (4.2) 3.2 10.0 5.2 5.2

Finance income 5 6 14 7 19 1 0.2

Finance cost (56) (58) (90) (84) (120) (9) (1.2)

Exchange (loss) gain, net (56) 110 (95) 26 46 4 0.5

Taxes on profits 239 0 (3) (69) (97) (7) (1.0)

Net income (loss) 643 (315) 203 254 362 28 3.7

Net margin (%) 9.5 (3.6) 1.7 6.8 3.7 3.7

Net income (loss) excluding special items (4) 643 (315) 203 320 428 33 4.4

Adjusted EBITDAR 1,770 1,238 2,475 1016 2,322 178 23.7

Adj. EBITDAR margin (%) 26.1 13.9 21.2 27.3 23.7 23.7

EPS Basic (cents) 30.2 44.4 3.4

EPADS Basic (cents) 301.6 444.2 34.1

Consolidated statements of operations summary

24

Notes:

(1) MXN amounts were converted to USD at the rate of MXN/USD 13.0119 as of Sep 30, 2013

(2) Financial information 2010-2012 audited; 2013 unaudited

(3) Financial statements restated

(4) Special items includes debt prepayment penalty by Ps.65 million

Source: Company data

Consolidated statements of financial position summary

Nota:

(1) MXN amounts were converted to MXN/USD 13.019 as of Sep 30, 2013

(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) Financial information 2010-2012 audited; 2013 unaudited

(6) Financial statements restated (7) Total Capitalization = Total Debt + Equity @ Market Value

Source: Company data 25

MXN millions unless otherwise stated(5)

2010A 2011A(6) 2012A(6)

September

2013 A

September

2013A

(USD millions)

Cash and cash equivalents 677 441 822 2,974 229

Current guarantee deposits 330 170 238 406 31

Other current assets 390 520 755 1,176 90

Total current assets 1,397 1,131 1,815 4,555 350

Rotable spare parts, furniture and equipment, net 921 1,517 1,195 1,062 82

Non-current guarantee deposits 1,041 2,002 2,245 2,445 188

Other non-current assets 342 412 447 390 30

Total assets 3,701 5,062 5,702 8,452 650

Unearned transportation revenue 505 825 1,259 1,513 116

Short-term financial debt 251 687 527 134 10

Other short-term liabilities 1,171 1,667 1,936 2,146 165

Total short-term liabilities 1,927 3,179 3,722 3,794 292

Long-term financial debt 384 725 633 275 21

Other long-term liabilities 164 298 272 249 19

Total liabilities 2,475 4,202 4,627 4,318 332

Total equity 1,226 860 1,075 4,135 318

Total liabilities and equity 3,701 5,062 5,702 8,452 650

Net debt(2) (42) 971 338 (2,565) (197)

Total debt / Total capitalization(7) 2.1% 2.1%

Adjusted debt(3) 9,014 11,969 14,360 14,961 1,150

Adjusted net debt(4) 8,337 11,528 13,538 11,987 921

Consolidated statements of cash flows summary

MXN millions unless otherwise stated(2) 2010A 2011A(3) 2012A Sept YTD

2013A

Sept YTD

2013A(1)

(USD millions)

Cash flow from operating activities

Income (loss) before income tax 404 (315) 207 459 35

Depreciation and amortization 62 103 211 216 17

Guarantee deposits (316) (801) (311) (368) (28)

Unearned transportation revenue 207 321 433 255 20

Changes in working capital and provisions 182 544 (43) (128) (10)

Net cash flows provided by (used in) operating activities 539 (148) 497 434 33

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment and

intangible assets (321) (1215) (856) (743) (57)

Proceeds from disposals of rotable spare parts, furniture and

equipment - 587 1043 719 55

Net cash flows (used in) provided by investing activities (321) (628) 187 (24) (2)

Cash flow from financing activities

Legal costs incurred on behalf of shareholders (76) - - - -

Interest paid (60) (55) (127) (62) (5)

Payments of financial debt - (261) (694) (1236) (95)

Proceeds from financial debt 46 879 550 3004 231

Net cash flows (used in) provided by financing activities (90) 562 (272) 1706 131

Increase (decrease) in cash and cash equivalents 128 (213) 412 2116 163

Net foreign exchange differences (25) (22) (31) 35 3

Cash and cash equivalents at beginning of period 575 677 441 822 63

Cash and cash equivalents at end of period 677 441 822 2974 229

Notes:

(1) MXN amounts were converted to USD at the rate MXN/USD13.0119 as of September 30, 2013

(2) Financial information 2010-2012 audited; 2013 unaudited

(3) Financial statements restated

Source: Company data 26

Adj. EBITDA and Adj. EBITDAR reconciliation

MXN millions unless otherwise stated(2) 2010A 2011A(3) 2012A 3Q 2013A Sept YTD

2013A

SEPT 2013

2013A(1)

(USD millions)

Net income (loss) 643 (315) 204 253 362 28

Plus (minus):

Finance costs 52 58 90 (84) 120 9

Finance income (5) (6) (14) 6 (19) (1)

(Benefit)/provision for income taxes (239) 0 3 (69) 97 7

Depreciation and amortization 57 103 211 81 216 17

Business alliance amortization 5 - - - -

EBITDA 513 (160) 494 187 776 60

Exchange (gain) loss, net 56 (110) 95 (26) (46) (4)

Other financing cost (income), net 3 - - - - -

Adjusted EBITDA 573 (270) 589 161 730 56

Aircraft and engines rent expense 1,197 1,508 1,886 562 1592 122

Adjusted EBITDAR 1,770 1,238 2,475 723 2,322 178

Notes:

(1) MXN amounts were converted to USD at the rate of MXN/USD13.0119 as of September 30, 2013

(2) Financial information 2010-2012 audited; 2013 unaudited

(3) Financial statements restated

Source: Company data 27