The Leading Ultra-Low-Cost Airline Serving

Mexico and the US

May 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.

Solid first quarter 2015 financial results

Positive cash flow generation, well funded for growth: Net increase of cash by

Ps. 862 million, mainly driven by operating activities. Unrestricted cash of Ps. 3,156 million

(US $208 (1) million), 21% of LTM revenues.

Total operating revenues: Increase 36% for the 1Q YoY, reaching Ps. 3,768 million.

TRASM increased to Ps. 123.8 cents (+22% YoY).

Notes:

(1) Converted to USD at March end of period spot exchange rate corresponding for the period, $15.1532.3

Disciplined capacity management: International ASMs grew 31% in 1Q YoY, while

domestic ASMs grew 4% for same period as a continuous domestic capacity discipline.

Total ASMs grew 11% during the quarter.

Costumer acceptance for our ancillary revenue strategy: Non-ticket revenue excl.

cargo per pax reached Ps. 319 (US. $21(1)), an increase of +53% for the quarter YoY;

driven by improved ancillary bundles, revenue management for bag and seats fees and

new products.

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

of US $7.5 cents, decreased 16% YoY (CASM excl. fuel US $5.2 cents); EBITDAR margin

for the period 32% (+26.1 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 to 60 destinations throughout Mexico, US. Recently announced Guatemala and Costa Rica

2008 2014 CAGR

Unit cost

(CASM ex-fuel;

cents, USD)(1)

5.5 5.4 -0.4%

Passenger

demand

(RPMs, bn)

3.2 9.7 +20.5%

Aircraft

(End of Period)21 50 +15.6%

Passengers

(mm)(2) 3.5 9.8 +18.7%

Operating

revenue

(mm, USD)(1)

397 1,056 +17.7%

Adj. EBITDAR

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

Adj. ROIC (pre-

tax)11% 14% +3 pp.

Volaris’ destinations

4

Domestic market share(3)

LTM Int. Pax

Revenue 28%

LTM Dom. Pax

Revenue 72%

12.2%

20.5% 23.1% 23.3% 23.8%

2008 2012 2013 2014 Mar YTD2015

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 for the period

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

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

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

Aeromexico Interjet VivaAerobus Volaris

CASM LTM March 2015

(cents, USD)(1) 13.2 12.5 9.9(3) 8.4

Low ticket prices 1Q 2015 ≈

Average Fare (USD)(1) 144 88 57 78

Non-ticket rev. exc. Cargo 1Q 2015

Non-ticket rev. exc. Cargo per pax (USD)(1) 9.2 6.6 23.1 21.3

Modern & uniform fleet ≈

Average age fleet (years) 8.0 6.4(2) 19.7(3) 4.5

High daily utilization

Block hours per day 11.4(2) 8.8(2) 8.4(3) 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

5.3

12.0

9.4 9.28.5

7.76.5

5.6

8.4

6.75.8

10.5

3.1

5.3

4.74.0

4.04.7

3.74.2

3.7

3.8

3.3

4.1

Avianca LatAm Aeromexico Interjet Gol Copa VivaAerobus 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 March 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) Based on CASM among the publicly-traded airlines as of FY 2014. VivaAerobus as per latest public report as of September 2014.

Source: Company data, Airlines public information

7

8.4

17.4

14.8

13.212.5

10.2 9.910.5

9.2

14.6

12.4 12.1

(4)(4)

11.8 11.4

8.8 8.4 8.8 8.1

Aeromexico Interjet VivaAerobus GlobalA320

GlobalA319

19.7

10.58.9

6.44.5

VivaAerobus MexicanAverage

Aeromexico Interjet

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 available 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

Source: Company data, airlines public information, DGAC, Airbus, miDiio

Load factor

(1Q 2015)Implied passengers

per aircraft(2)

80%

70%

77%

143

104

124Interjet 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 (1Q 2015)(4) Average age (Yrs, 1Q 2015)

8

VivaAerobus 737-300

148 seats per aircraftVivaAerobus 81% 120

(3) (3) (3)

2013

First, economyand otherExecutive &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

• 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

• 4Q14 bus switching campaign resulted in a great success:

- Education an trial plans went viral

- Reached 20M impacts in social media and became

trending topic in Twitter: 8.4M impacts

24% cost savings

30

30

60

2013

International

Domestic

2,781

2,706

75(1)

9

• 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

(113k active)

suscriptions)

• Co-branded credit

cards (106k active

cardholders)

• Manage my

booking

• Vempresa

• Travel

Commerce

•IOS mobile app

• Advertising

• Food and

beverage

• Hotel

rooms

• Car rentals

• Airport

shuttle

Pre-flight(1) Flight

planning

At the

airport

Onboard

aircraft Post-flight

• Seat

assignment

• Change /

booking fees

• Insurance

• Packages

•Additional forms

of payment

Notes:

(1) V-Club & Co-branded credit cards figures as of January 31th,2015 10

7 911

15 1721 22

2009 2010 2011 2012 2013 2014 LTM Mar 2015

Acceleration of Volaris’ non-ticket revenues

Notes:

(1) Converted to USD at an annual average exchange rate corresponding for the period

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 LCC’s

(1Q 2015, USD)

Contribution

to Operating

Revenue7% 7% 9% 13% 14%

2009 – 2014 CAGR: +53.2%

2009 – 2014 CAGR: +24.5%

Non-t

icket re

venue

(US

D m

m)(

1)

19%

11

24 3968

115148

206 223

2009 2010 2011 2012 2013 2014 LTM Mar 2015

20%

57 55

Allegiant Spirit

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 March 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) FY14 1Q15 2Q15E FY15E

Total 9% 11% 12%-13% 10% - 12%

Domestic 6% 4% 5%-6% 2% - 4%

International 17% 31% 33%-34% 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

Positive expansion, managing capacity and diversification of

routes

Notes:

(1) Capacity measured by ASM’s

Source: Data company, SCT-DGAC, DIIO MI

Percentage of Volaris’ 2Q15 domestic capacity competing with:

Volaris offers more domestic routes than any other Mexican carrier

A significant portion of our capacity faces no competition(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 Mar' 15

1723 26

3643

Dec' 11 Dec' 12 Dec' 13 Dec' 14 Mar' 15

65% 66%

32%

18%

Aeromexico Interjet VivaAerobus Non-competed

Fleet and financials

15

18 1712 9

17 16

1313

15 2028

28

2 825

52

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 April 2015

(3) Percentage of year-end fleet with sharklets

Source: Company data

Backlog of 62 Aircraft to support growth(2)

Seat growth

% fleet w/Sharklets(3)

11%

40%

13%

58%

8%

66%

5560

65

50

16

Solid financial performance

Note:

(1) Converted to USD at an average exchange rate corresponding for the period

Source: Company data, airlines public information

Operating revenues(1) Adj. EBITDAR(1)

Operating Revenues CAGR 2009 - 2014 LTM March 2015 Adj. EBITDAR margin

17

374

536

714

887

1,018 1,056 1,096

0

200

400

600

800

1,000

1,200

2009 2010 2011 2012 2013 2014 LTMMar '15

(US

D m

m)

116140

100

188220 232

297

0

50

100

150

200

250

300

350

2009 2010 2011 2012 2013 2014 LTMMar '15

(US

D m

m)

23%

17%14%

7% 6%

0%

10%

20%

30%

Copa Aeromexico Gol LatAm

27% 27%

20%18% 18%

0%

10%

20%

30%

Copa Aeromexico Gol LatAm

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 December end of the period spot exchange rate $15.1542 for convenience purposes only

Source: Company data, Airlines public information

(1)

18

• IPO provided sufficient liquidity / capital

for growth over the next years

• Fully financed pre-delivery payments and

executed sale-leasebacks for all

deliveries in 2015 and 2016

• A good liquidity position to strengthen our

balance sheet

• Unrestricted cash of $3.2 billion pesos

(US$ 208 million (2)) as of March 31st

2015

• Negative net debt of $1.9 billion pesos

(US$ 125 million (2)) as of March 31st

2015.

21.0%

22.8%

19.8%

14.4%

8.9%

Copa Gol LatAm Aeromexico

Active in jet fuel hedging, reaching up to 45% of projected

consumption for 2015 and 2016

19

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

1Q15 29% $2.53 Swap/Call

2Q15 45% $2.15 Swap/Call

3Q-4Q15 45% $2.07 Call

1Q16 45% $1.95 Call

2Q16 45% $1.97 Call

3Q16-4Q16 40% $2.00 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) 1Q 2015A 1Q 2015 (1)

% of total

operating

revenues

(USD

millions)

(USD

millions)

Passenger 10,177 11,117 11,303 768 2,922 193 77.5

Non-ticket 1,510 1,885 2,733 186 846 56 22.5

Total operating revenues 11,686 13,002 14,037 954 3,768 249 100

Fuel 4,730 5,086 5,364 364 1,051 69 27.9

Aircraft and engines rent expense 1,886 2,187 2,535 172 755 50 20.0

Salaries and benefits 1,303 1,563 1,577 107 424 28 11.2

Landing, take off and navigation expenses 1,640 1,924 2,066 140 574 38 15.2

Sales, marketing and distribution expenses 752 704 817 56 216 14 5.7

Maintenance expenses 499 572 665 45 181 12 4.8

Other operating expense 288 347 468 32 118 8 3.1

Depreciation and amortization 211 302 343 23 103 7 2.7

Total operating expenses 11,308 12,685 13,833 940 3,422 226 90.8 6

EBIT 378 317 204 14 346 23 9.2

Operating margin (%) 3.2 2.4 1.5 1.5 9.2 9.2

Finance income 14 25 23 2 9 1 0.2

Finance cost (90) (126) (32) (2) (4) (0) (0.1)

Exchange (loss) gain, net (95) 66 449 30 86 6 2.3

Income tax expense (3) (18) (39) (3) (131) (9) (3.5)

Net income 203 265 605 41 306 20 8.1

Net margin (%) 1.7 2.0 4.3 4.3 8.1 8.1

Net income excluding special items (3) 203 379 605 41 306 20 8.1

Adjusted EBITDAR 2,475 2,806 3,081 209 1,204 79 32.0

Adj. EBITDAR margin (%) 21.2 21.6 22.0 22.0 32.0 32.0

EPS Basic and Diluted 0.29 0.31 0.60 0.04 0.30 0.02

EPADS Basic and Diluted 2.94 3.10 5.98 0.41 3.03 0.20

Consolidated statements of operations summary

Notes:

(1) Full year 2014 and 1Q 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.1532, respectively, for convenience purposes only

(2) Audited financial information 2012A – 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 data22

Consolidated statements of financial position summary

Notes:

(1) Full year 2014 and 1Q 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.1532, 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 – 2013A

Source: Company data

MXN millions unless otherwise stated (5) 2012A 2013A 2014A 2014A (1) 1Q 2015 1Q 2015A (1)

(USD

millions)

(USD

millions)

Cash and cash equivalents 822 2,451 2,265 154 3,156 208

Current guarantee deposits 238 499 545 37 582 38

Other current assets 755 1,050 879 60 727 48

Total current assets 1,815 4,000 3,689 251 4,465 295

Rotable spare parts, furniture and

equipment, net1,195 1,341 2,223 151 2,191 145

Non-current guarantee deposits 2,245 2,603 3,541 241 3,709 245

Other non-current assets 447 434 452 31 720 48

Total assets 5,702 8,378 9,905 673 11,085 731

Unearned transportation revenue 1,259 1,393 1,421 97 1,960 129

Short-term financial debt 527 268 823 56 851 56

Other short-term liabilities 1,936 2,211 2,524 172 2,834 187

Total short-term liabilities 3,722 3,872 4,768 324 5,646 373

Long-term financial debt 633 294 425 29 405 27

Other long-term liabilities 272 250 242 16 229 15

Total liabilities 4,627 4,416 5,435 369 6,279 414

Total equity 1,075 3,962 4,470 304 4,806 317

Total liabilities and equity 5,702 8,378 9,905 673 11,085 731

Net debt (2) 338 (1,889) (1,017) (69) (1,900) (125)

Adjusted debt (3) 14,360 15,874 18,990 1,290 20,135 1,329

Adjusted net debt (4) 13,538 13,423 16,725 1,136 16,979 1,120

23

Consolidated statements of cash flows summary

Notes:

(1) Full year 2014 and 1Q 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.1532, respectively, for convenience purposes only

(2) Audited financial information 2012A - 2013A

Source: Company data

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

(USD millions) (USD millions)

Cash flow from operating activities

Income before income tax 207 283 644 44 437 29

Depreciation and amortization 211 302 343 23 103 7

Guarantee deposits (311) (620) (695) (47) (79) (5)

Unearned transportation revenue 433 135 27 2 539 36

Changes in working capital and provisions (43) (61) 14 1 (51) (3)

Net cash flows provided by operating activities 497 39 334 23 949 63

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment and

intangible assets (856) (1,161) (1,603) (109) (208) (14)

Proceeds from disposals of rotable spare parts, furniture and

equipment 1,043 849 418 28 157 10

Net cash flows provided by (used in) investing activities 187 (312) (1,185) (81) (51) (3)

Cash flow from financing activities

Payments of Treasury Shares - - (7) (0) - -

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) (9) (1)

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

Payments of financial debt (694) (1,084) (400) (27) (149) (10)

Proceeds from financial debt 550 444 966 66 121 8

Net cash flows (used in) provided by financing activities (272) 1,861 525 36 (37) (2)

Increase (decrease) in cash and cash equivalents 412 1,588 (326) (22) 862 57

Net foreign exchange differences (31) 41 141 10 29 2

Cash and cash equivalents at beginning of period 441 822 2,451 167 2,265 149

Cash and cash equivalents at end of period 822 2,451 2,265 154 3,156 208

24

Adj. EBITDA and Adj. EBITDAR reconciliation

Notes:

(1) Full year 2014 and 1Q 2015 figures converted to USD December end of the period spot exchange rate $14.7180 and $15.1532, respectively, for convenience purposes only

(2) Audited financial information 2012A - 2013A

Source: Company data

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

(USD

millions)

(USD

millions)

Net income 203 265 605 41 306 20

Plus (minus):

Finance costs 90 126 32 2 4 0

Finance income -14 -25 (23) (2) (9) (1)

(Benefit)/provision for income taxes 3 18 39 3 131 9

Depreciation and amortization 211 302 343 23 103 7

Business alliance amortization - - - - - -

EBITDA 494 685 995 68 536 35

Exchange (gain) loss, net 95 -66 (449) (30) (86) (6)

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

Adjusted EBITDA 589 619 547 37 449 30

Aircraft and engine rent expense 1,886 2,187 2,535 172 755 50

Adjusted EBITDAR 2,475 2,806 3,081 209 1,204 79

25