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Volaris Investor Day

March 15, 2016

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This presentation contains statements that constitute forward-looking statements which involve risks and

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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.

Disclaimer

2

Agenda

12:15 pm Enrique Beltranena, CEO

1:00 pm Holger Blankenstein, CCO

1:40 pm José Luis Suárez D., COO

2:00 pm Fernando Suárez G., CFO

2:20 pm Q&A session

3:00 pm Event concludes

3

Enrique Beltranena

CEO

Volaris´ first 10 years: setting the foundations for a

more “democratic” air travel market

100

routes

10 million

passengers

50

aircraft / 50

million

passengers

Entry into

Mexico City

airport

2006 2008 2010 2012 2014 2016

Placement of

incremental 44

aircraft order

First A320 First A321

Launch of

USA routes

Start of

operations

“You decide”

unbundling

campaign

IPO

Launch of

Central

America

routes

2007 2009 2011 2013 2015

5

Volaris has been a key player in the Mexican air

travel market growth

(1) Among domestic carriers

Source: DGAC-SCT

6

0%

25%

50%

75%

100%

Market Volaris

9%

22

%

22

%

21

%

22

%

23

%

(million passengers)

Domestic market penetration

(million passengers)

International passenger penetration(1)

0%

25%

50%

75%

100%

Market Volaris

13

%

15

%

18

%

20

%

23

%

23

%

25

%

12

%

8%

22 27 28 24 24 25 28 30 33 37 7 7 7 7 6 5 6 7 8 10

Volaris has achieved sustained high growth

2008 2009 2010 2011 2012 2013 2014 2015

12 million

passengers

Non-ticket per

pax. (MXN):

$338

TRASM (MXN

cents):

$129

Avg. fare (MXN):

$1,181

7

Low cost structure, record EBITDAR margins

and ROIC increase

Adj. EBITDAR margin: 36%

CASM ex-fuel: 4.5 US cents(1)

Adj. ROIC: 22%(2)

(-6.9% yoy)

(+13.7pp yoy)

(+8.2pp yoy)

Full year 2015 highlights

(1) Converted to USD at a period end exchange rate

(2) Pre-tax; adjusted to aircraft rents

8

Routes Destinations Domestic

airports

International

airports Aircraft

148 63 40

23 59

Volaris today: The first successful ULCC in Latin

America, ready for the next stage of growth

Passenger

market penetration(1)

29%

(1) Passenger market penetration for January 2016

Source: Company data; DGAC

9

-0.6

6.0

4.8

2013 2014 2015

1.3

2.3 2.5

1.5

2.5

3.1

2013 2014 2015

GDP Non-oil GDP

The Mexican macro environment is poised to support

Volaris´ continued growth

Private Consumption growth (%) General Economic Activity Indicator growth (1) (%)

USD Remittances growth (%) GDP growth (%)

(1) IGAE (Mexican General Economic Activity Indicator)

Source: INEGI; Banxico

1.4

2.1

2.5

2013 2014 2015

1.71

2.79

5.19

2013 2014 2015

10

2.05

0.55 0.45 0.42 0.27 0.25 0.21 0.04 0.01

USA Chile Brazil Colombia Peru Mexico Argentina Costa Rica Paraguay

Domestic air trips per capita (2)

2010 demographic composition by age Middle class as a % of Mexican population (1)

(1) Classes are defined by the following monthly family income: AB<MXN $98,500, C+MXN $40,600- $98,499, C MXN $13,500- $40,599, D+ MXN $7,880 $13,499,

D MXN $3,130- $7,879 and E <MXN $3,129

(2) ALTA 2014 Yearbook air trips per capita

Source: INEGI; CONAPO

Mexico’s best kept secret: Favorable demographics

and underpenetrated air travel market

10 5 0 5 10

Male Female

2030 estimate

Million inhabitants

0-19 years 20-64 years 65+ years

11

26% 20%

35%

25%

17%

30%

14% 17%

7% 8%

2010 2025E

D/E D+ C C+ AB

Mexico’s geography supports air traffic growth

Tijuana

Cancun Mexico City

Tapachula

Reynosa

Seattle

Atlanta

Chetumal

Omaha

Denver

12

22

37

18

26

5

12

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Domestic USA Other international

Mexican air travel market has the characteristics of

a high growth emerging market

Segment passenger volume (millions)

45

53

75

(1) Includes regular and charter

Source: DGAC-SCT; INEGI; Banco de México

5.7% CAGR

Yoy Growth 15.0% 2.1% -11.9% 3.3% 4.0% 8.3% 8.3% 8.3% 12.3%

GDP growth 5% 3.2% -4.7% 5% 4.0% 3.8% 1.7% 2.1% 2.5%

GDP multiplier 3.0 0.7 2.5 0.6 1.0 2.2 4.9 4.0 4.9

52 47 49 51

55 60

65

13

Fuel prices and the Mexican peso inversely

correlated

0

20

40

60

80

100

120

10

11

12

13

14

15

16

17

18

19

20

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

USD/MXN WTI

Source: Bloomberg

MXN/USD FX rate and WTI prices (Mar 2014 - Feb 2016)

MXN/USD FX rate WTI prices

14

Volaris ULCC model perfect fit for such a market

The first 10 years: set the foundations for a more

“democratic” air travel market in Mexico

The Mexican macro environment is poised to

support Volaris´ continued growth

Mexico’s geography supports air traffic growth

Volaris is the first successful ULCC in Latin

America and is ready for the next stage of

growth

Mexico’s best kept secret is its favorable

demographics and underpenetrated air travel

market

15

Mexican air travel market has the characteristics

of a high growth emerging market

Holger Blankenstein

Chief Commercial Officer

Fernando Suárez G.

Chief Financial Officer

José Luis Suárez D.

Chief Operating Officer

The Volaris flight crew

Enrique Beltranena

Chief Executive Officer

16

Holger Blankenstein

CCO

Volaris serves 148 routes to 63 destinations throughout Mexico, USA and Central America

Volaris footprint after 10 years of flight:

A point-to-point network with growth potential

Portland

Reno Sacramento San Francisco/Oakland

San Jose Fresno

Ontario Los Angeles

San Diego

Las Vegas

Phoenix

Denver

Dallas

Houston

San Antonio

Chicago New York

Orlando

Fort Lauderdale

Tijuana

Mexicali

La Paz Los Cabos

Hermosillo

Cd. Juarez

Chihuahua

Cd. Obregon

Monterrey Los Mochis Torreon Culiacan

Mazatlan

Durango

Tampico Zacatecas

San Luis Aguascalientes

Guadalajara Puerto Vallarta Leon

Uruapan Morelia

Queretaro Mex.City

Toluca

Veracruz

Acapulco

Huatulco Tapachula

Puebla

Oaxaca Tuxtla

Villahermosa

Chetumal

Cancun Merida

Guatemala

San Jose, CR

San Juan, PR

Routes Dom. USA CAM

Tijuana 29 1 -

Mexico City 25 8 -

Guadalajara 19 20 2

Monterrey 18 1 -

Cancun 16 1 2

Other 3 13 -

Total 100 44 4

Note: Not mutually exclusive; E.g. Tijuana-Mexico City is included both in Tijuana and Mexico City

18

Resilient

Volaris Ultra-Low

Cost Model

19

Strong,

diversified

growth Ultra low

costs

“Clean”,

low

base

fares

More price

sensitive

customers

More

ancillaries (“You decide”)

We have created a resilient ULCC model by

stimulating demand by reducing base fares

Commercial metrics: Our low fare philosophy

enables profitable growth

Important Less Important Not important

•Route profitability

•TRASM

•Volume/price elasticity

•ASM growth

•Yield

•RASM

•Market share

•Other airlines fares

•“Trophy” routes

We manage the network for profitability

Developing an efficient network to support a

low cost operation is fundamental

“Clean”,

low

base

fares

Strong,

diversified

network

Ultra low

costs

More price

sensitive

customers

More


Volaris focuses on offering low base fares to be

competitive with bus fares

70

75

80

85

90

95

100

1,000

1,100

1,200

1,300

1,400

1,500

…and competitive with bus fares

Monitoring competition (15-16)

Lowest base fares most of the time…

Volaris average fare (MXN)*

We continue to lower base fares…

Source: Company data, Excelsior

Market Bus

Average

Culiacan-Tijuana $1,260 $1,310

Guadalajara-

Hermosillo $1,190 $1,420

Guadalajara-Tijuana $1,870 $1,910

Mexico–Tijuana $1,940 $2,120

Bajío-Tijuana $2,160 $2,090

Cancún-México $1,600 $1,620

Durango-Tijuana $1,580 $2,050

Guadalajara-Monterrey $1,170 $1,060

México-Monterrey $1,240 $1,100

22

“Clean”,

low

base

fares

Strong,

diversified

network

Ultra low

costs

More price

sensitive

customers

More


Volaris has the right customer focus for future

demand stimulation

Core customers: Price sensitive

travelers

Visiting Friends & Relatives (VFR)

Leisure Small & medium enterprises (SME)

• 49% of total

• +37%

• From 38% to 49%

• 26%

• +24%

• 18% to 29%

• 25%

• +29%

• 10% to 19%

Passenger growth from 4 M in 2010 to 12 M in 2015 Passenger growth from 4 M in 2010 to 12 M in 2015

• Routes today

• Market growth

2010-2015

• Volaris share

growth 2010-2015

24

Source: Company data, DGAC-SCT

ULCC model

First sale

Trial

Ticket giveaway

#NoMásCamión

Strong conversion

rate

Stimulating demand from bus to air substitution

Source: Company data, Secretaría de Comunicaciones y Transportes (SCT), Dec. 2014

Mass media campaigns

Digital capabilities

Attracting 1st

time flyers

Education

Bus Switching Program Key Highlights

• 15M targeted impacts in bus cities

• 40M digital impacts with #NoMásCamión

• Geo-fenced communication near bus terminals

• 30K free tickets distributed in bus stations

• 2 week road show in key bus cities

• 30% of our costumers first considered bus

• 85% of costumers had never flown Volaris

• 50K pre paid cards in convenience stores

• Incremental online sales during first 6 months with

“Air travel at the price of a bus ticket”

25

ULCC

Customer

ULCC

Customer

Trial Trial

Education

First Sale First Sale

26

Geo-fencing

Reaching over 35 million customers on and off-

line with our bus switching campaign

https://www.youtube.com/watch?v=Sqwpsu5GaXk

0

2,000

4,000

6,000

8,000

10,000

12,000

0 5 10 15 20 25

Trip time on bus (Hrs)

Weekly bus seats

We have more than 20 million potential customers

to capture in 50+ domestic bus routes

Routes with a distance longer than 200 miles

Source: Company data and analysis; SCT, bus websites

57 more domestic

Mexico routes in scope

for bus switching Too short for air

travel

Too small for profitable A320 operation

Bus routes

27

Low base fares have also stimulated price

sensitive leisure travelers

Cancun 728 2,329 220%

Los Cabos 133 405 205%

Puerto Vallarta 68 257 279%

Mazatlán 69 135 96%

Acapulco 72 133 85%

Huatulco 2 45 1,863%

Initiatives

• Improved vacation

packages value

proposition

• Stepped-up online

presence on

volaris.com

• Maximized cross

and up-sell of

hotel, car, tours,

etc.

- Increased share

of wallet of leisure

customers

Destinations Volaris Seats

2010 (K)

Volaris Seats

2015 (K) %

28

Market

growth

Volaris

growth

Tijuana

Guadalajara

Los Cabos

Cancun

Vallarta

Note: Markets not mutually exclusive, contested domestic markets

Source. Company data, airlines public information

Culiacán

Hermosillo

Segment passenger

CAGR

Market vs Volaris

(2010-2015)

Monterrey

Mexico City

15.3% 2.3%

10.2% 6.6%

27.2% 6.6% 22.5% 5.3%

38.2% 9.7%

32.3% 6.0%

20.6% 7.2%

74.3% 10.3%

27.9% 10.8%

29

Volaris is the engine of growth for leisure and

VFR markets in Mexico

“Clean”,

low

base

fares

Strong,

diversified

network

Ultra low

costs

More price

sensitive

customers

More


Non-ticket revenue has been a major growth driver

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

0

50

100

150

200

250

300

350

400 (billion, MXN)

Non-ticket revenues

(MXN)

Non-ticket revenues per passenger

31

Several successful initiatives over the last two years

have driven ancillary revenue growth to current level

Initiative Description Sales Contribution

2015

Baggage policy • Introduced carry on fee

• Improved checked bag fees

Travel commerce

Dynamic pricing

Seat assignments

Combos

• Launched sale of travel products in

booking and preflight journey

• Optimized ancillaries price points through

the customer journey

• Segmented seat zones to maximize seat

value location

VClub

Strong contribution

Minor contribution

$$$$

$$$$

$$$$

$$$$

$$$$

$$$$

$$$$

$$$$

• Improved options with a targeted ancillary

combos offering

• Started fee based loyalty program with

exclusive access to discounted fares

32

Three avenues of ancillary growth in the coming

years

30+ product pipeline

30+ product pipeline

2

1

Dynamic pricing &

revenue

management

More touch points to

sell throughout

customer journey

Data COLLECTION and ANALYTICS Data COLLECTION and ANALYTICS

Product

Price

Channels 3

Today

Full

Potential

33

“Clean”,

low

base

fares

Strong,

diversified

network

Ultra low

costs

More price

sensitive

customers

More


Our growth comes from a mix of factors: demand,

expansion, market and route performance

8

9

10

11

12

13

14

15

2014 additional frequencies

new routes joining existing airports

2015

Bil

lio

ns

Domestic International

Note: Includes Charter operations

Source: Company data

Key Notes

• Fleet increase

from 50 to 56

• Density: 161 vs.

168 seats per

departure

• Favorable

domestic

conditions

generated market

opportunities

• 25 new routes

were operated

during 2015

• Beginning of

Guatemala, San

Jose, CR and San

Juan, PR

74%

26%

54%

46%

70%

30% 11.8

1.8 0.3

14.1 Growth

(%)

36.5%

12.5%

Volaris capacity (ASMs)

Growth

(%) 15.6% 2.4% 0.8% 18.8%

35

0.1

For 2016, we will carefully adapt capacity growth based

on market conditions and route performance

New destinations & countries New destinations & countries + 3.0% - 4.0%

2016 capacity growth contribution

Additional frequencies Additional frequencies 12.5% - 13.0% +

Joining existing airports Joining existing airports +

Total ASM growth Total ASM growth =

We have flexibility to modify our growth up or down, through

aircraft utilization, lease extensions and new leases

1.5% - 2.0%

17% - 19%

36

103 103

116 112

126 119 119

129

2008 2009 2010 2011 2012 2013 2014 2015

Positive unit revenue momentum

TRASM (MXN, cents)

TRASM focus as part of key commercial objective

3% CAGR

38

Accelerating digital

transformation

As a ULCC, Volaris will remain focused on

direct, online distribution

Volaris’ distribution channels mix

Online channels Online channels

2006 2015

Online channels

(web & mobile)

Online travel

agencies

Call center

Airports

Traditional travel

agencies

0% 8%

20%

50%

20%

10%

11%

66%

11%

4%

39

Low cost digital channels require presence on

multiple screens throughout the customer journey

Inspiration Planning Booking Experience Sharing

Shows usage of device throughout the customer journey

Improve content and speed to

attract organic search

TA

BLE

T

Focus on speed of transaction,

site usability and quality

DE

SK

TO

P

Improving automated

customer assistance

functions

Enhance self-service

functions; sell

services at the airport

Add destination

related services

MO

BIL

E Add relevant & up-

to-date flight

information

40

41

Desktop

only website

Fully

responsive

& adaptive

website

Creative

driven

projects

Data

informed

projects

Anonymous

marketing

Predictive

marketing

Static

marketing

Test & learn

marketing

Test Measure

Analyze Learn

Understand Predict Target

Develop campaign

Measure results

Develop new campaign

….

Web site

heat map

analysis

Volaris is in the process of digital transformation

Before Volaris Today

Multiscreen

42

42

Growth

&

Digital

marketing and

distribution

Strong,

diversified

growth Ultra low

costs

“Clean”,

low

base

fares More

price

sensitive

customer

s

More


Commercial strategy for 2016

Digital marketing and distribution

• Focus on digital channels • App, mobile and traditional website

• Data informed decisions

• Lower base fares

• Be least expensive

option to fly

• Be competitive with

bus fares

• Focus on price sensitive

travelers

• Stimulating demand from

bus to air substitution

• Capacity growth in

Mexico, USA and

Central America

• Focus on non-

competed or high

fare markets

• Increase VFR and

leisure markets

• More products

• Intelligent pricing

• More presence of

products throughout

customer journey

José Luis Suarez D.

COO

Running an efficient

operation focused on

our customers and

safety

Volaris Spirit Southwest JetBlue Virgin

America Frontier

On-time

performance(1) 81% 69% 80% 76% 80% 73%

Schedule

completion(2) 99.8% 98.3% 98.5% 99.7% 98.2% 99.0%

Aircraft utilization(3) 12.7 12.5 NA 11.9 10.9 NA

Mishandled bags(4) 1.1 2.6 3.3 1.8 0.8 3.1

World class operation translates into high

efficiency and low cost

(1) Arrivals + 15 minutes

(2) Total scheduled flights minus cancelations

(3) Block hour per day

(4) Reports per 1,000 passengers

Source: DOT; airlines public information

45

4.6

4.5

2015 2020E

Fleet utilization (block hours per day)

11

12

13

14

15

1Q15 2Q15 3Q15 4Q15

Fleet age (years)

Fuel consumption (gal/ASM)

0.0112

0.0113

0.0114

0.0115

0.0116

0.0117

0.0118

0.0119

0.0120

0.0121

Average seats per aircraft

A young and fuel efficient fleet is the key to an

effective and low cost operation

46

168

189

2015 2020E

Cost efficient operation

15 12 5

13 13

13

28 28

28

2 8 18

10 10

10

0

2

6

2016E 2017E 2018E

A319 A320

A320 w/sharklets A320 NEO w/sharklets

A321 w/sharklets A321 NEO w/sharklets

Fleet plan with flexibility that enables capacity

management

Note: NEO stands for the Airbus new engine option; CEO stands for the Airbus current engine option

(1) Net fleet after additions and returns

68

73

80

Contractual fleet obligations (number of aircraft)(1)

• A321 (CEO and NEO)

- 230 seats (up-gauge)

- Cost dilution

• A320 NEO

- Combined fuel consumption

reduction by approx. 17%

• A320 CEO with sharklets

- Fuel consumption reduction by

approx. 3%

• A319

- Decrease A319 fleet

- Operations to Midway and

Central America

- Ramping up markets

47

Source: Airbus

A320 A321 A320 NEO A321 NEO

Illustrative NEO range NEO characteristics

• Pratt & Whitney Pure Power

PW1100G-JM engine

• 17% combined fuel efficiency (approx.)

• 3% sharklet fuel efficiency (approx.)

• 50% noise reduction (approx.)

• CO2 and NOx emissions reduction

• Maintenance:

- Fewer stages

- Lower parts count

48

NEO engine-powered fleet provides enhanced fuel

efficiency ideal for ULCC operation

Improving facilities, for an efficient operation

Tijuana hangar

• Proximity to the U.S., (spare parts)

• Line maintenance

• DGAC certifications

• FAA licenses - FAR 129 and 145

Training center

• New Airbus facility in Mexico City

• Flight attendant training center

• Maintenance, mechanics school alliances

Pilot sourcing

• Cadet program since 2007, source of

approx. 40% of actual pilots

• Development of 5 crew bases

49

Tijuana bi-national terminal

• Market leader in Tijuana with over 30

destinations

• Convenient and seamless border-crossing

Focus on airport operations and technology

improvements

Efficiency enhancement in the

travel process

• Mobile paperless boarding

• Home printed bag tag

• Airport new innovative table top self

check-in

• Ancillary revenue airport strategy

New airport signaling

• Clear, efficient and direct communication

• New web check-in boarding pass

50

IATA Operational Safety Audit (IOSA) System

Operational and safety certifications

IATA Safety Audit for Ground Operations (ISAGO)

ISO 9001:2008 and 14001:2004

51

Fernando Suárez G.

CFO

8,879

11,686 13,002

14,037

18,180

0

5,000

10,000

15,000

20,000

2011 2012 2013 2014 2015

(MX

N m

m)

20%

16% 15% 14%

10% 7%

5%

0%

10%

20%

30%

1,238

2,475 2,806 3,081

6,492

0

2,000

4,000

6,000

8,000

2011 2012 2013 2014 2015

(MX

N m

m)

Adj. EBITDAR

Revenue growth and margin expansion

(1) Gol as of September 2015, LTM

Source: Company data, airlines public information

53

Revenue

FY 2015 Adj. EBITDAR margin Revenue CAGR 2011-2015

35.7%

24.1% 24.1% 23.3% 19.5%

17.6% 14.4%

0.0%

10.0%

20.0%

30.0%

40.0%

20% CAGR 51% CAGR

4.9

11.3

8.3 8.3 7.8 6.7 6.4

8.6

5.8 5.5

10.4 2.1

3.6

3.2 2.7 2.8

3.6 2.8

2.6

2.6 2.2

2.6

• Economies of scale

- Dilute fixed costs

- High seat density

• Young and fuel efficient fleet

- Sharklet rollout

- Average age of 4.6 years (4)

- Low fuel burn

• Productive network

- Point-to-point

- No connections complexity

• High aircraft utilization

- On average 12.7 block hours a day

during FY 2015

Volaris has a best-in-class unit cost structure

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

(2) Non-USD data converted to USD at an average exchange rate

(3) DCOMPS= Direct Competitors: Average CASM and CASM ex-fuel; US network carriers include: Delta, United, Alaska Airlines and American Airlines

(4) As of December 2015

(5) Gol as of LTM Sep15


Latin American carriers US LCCs US network

carriers (3) Continued cost improvement

potential

54

Cost structure

Lowest unit cost in the Americas(1)

In line with best-in-class

ULCCs

CASM ex-fuel (FY2015, USD cents) (2)

7.0

15.0

11.5 11.0

10.6 10.4

9.2

11.2

8.5

7.7

13.0

8.2 7.7

8.5 9.2

10.4 10.6 11.1 11.2 11.5

13.0

15.0

. Spirit Allegiant Copa Gol Interjet Aeromexico Southwest Latam US network carriers

Avianca

Our cost structure enables us to lower base fares

below competitors unit cost

Volaris TRASM is below most competitors CASM (1)

TRASM and CASM (FY2015, USD cents) (2)

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

(2) Non-USD data converted to USD at an average exchange rate

(3) Gol as of LTM September 2015

(4) US network carriers direct competitors include: Delta, United, Alaska Airlines and American Airlines


Overlap:

Volaris’ resilient ULCC

model

55

2

5

%

TR

AS

M

CA

SM

CA

SM

CA

SM

CA

SM

CA

SM

CA

SM

CA

SM

CA

SM

CA

SM

CA

SM

(4) (3)

28.4%

31.2% 30.4%

13.4% 13.4%

11.0% 10.8%

Strong balance sheet and liquidity, well funded

for continued growth

(1) Figures converted to USD at December end of the period spot exchange rate $17.2065 for convenience purposes only

(2) Gol as of LTM September 2015


LTM liquidity-cash and equivalents as a % of LTM Op. Revenue

56

• Unrestricted cash of $5.2 billion pesos (US$

300 million(1)) as of December 31st 2015.

• Net cash position of $3.6 billion pesos (US$

207 million(1)) as of December 31st 2015.

• Adjusted long term net debt to EBITDAR of

3.3x as of FY2015.

• Fully financed pre-delivery payments

through 2018 and executed sale-

leasebacks for 2016 deliveries.

• Expected 2016 net CAPEX neutral (US$ 0

to -10 million):

• PDPs: from US$ -50 to -45 million,

net of PDP reimbursements (8 aircraft

order book deliveries)

• Major maintenance: US$ 25 to 35

million

• Other: from US$ 10 to 15 million

Focused on return on invested capital

57

LTM adjusted pre-tax ROIC (1)

Committed to continue increasing shareholder value

11%

14%

17%

19%

21% 22%

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

(1) Adjusted to rents

Enrique Beltranena

CEO

Avenues of future growth

Reduce unit costs

Fleet growth

Expand network

Increase total revenues

• Deepen footprint in

markets with high

demand stimulation

• Grow ancillary revenue to

world class ULCC

benchmarks

• Backlog 59 additional

aircraft to be delivered

• Up-gauge fleet from

A319 to A320/A321

• Higher seat density

configuration

• Expand network

geographically,

additional frequencies

• Fuel efficient

NEO engine

incorporation • Price, product,

presence

59

• Lower distribution

cost though

digital innovation

Thank you

Fuel hedging position

61 61

Period Total % hedged(1) Avg. price (gal/USD$) Instrument

1Q16 55% $1.94 Call

2Q16 60% $1.95 Call

3Q16 60% $1.99 Call

4Q16 60% $1.99 Call

1Q17 50% $1.64 Call

2Q17 50% $1.61 Call

3Q17 50% $1.44 Call

4Q17 50% $1.40 Call

1Q18 15% $1.47 Call

(1) Approximate percentage of gallons hedged

(1) Full year 2015 and 4Q 2015 figures converted to USD at December end of the period spot exchange rate $17.2065, respectively, for convenience purposes only

(2) Audited financial information 2013A – 2015A

(3) Includes debt prepayment of Ps.65 million


Consolidated statements of operations summary

MXN millions unless otherwise stated (2) 2013A 2014A 2015A 2015A (1) 4Q 2015 4Q 2015(1)

% of total

operating

revenues

(USD

millions)

(USD

millions)

Passenger 11,117 11,303 14,130 821 3,930 228 77.2

Non-ticket 1,885 2,733 4,049 235 1,163 68 22.8

Total operating revenues 13,002 14,037 18,180 1,057 5,092 296 100

Fuel 5,086 5,364 4,721 274 1,158 67 22.7

Aircraft and engines rent expense 2,187 2,535 3,525 205 1,043 61 20.5

Landing, take off and navigation expenses 1,924 2,066 2,595 151 712 41 14.0

Salaries and benefits 1,563 1,577 1,903 111 539 31 10.6

Sales, marketing and distribution expenses 704 817 1,089 63 339 20 6.6

Maintenance expenses 572 665 875 51 288 17 5.6

Other operating expense, net 347 468 505 29 171 10 3.4

Depreciation and amortization 302 343 457 27 108 6 2.1

Total operating expenses 12,685 13,833 15,669 911 4,357 253 85.6 6

EBIT 317 204 2,510 146 736 43 14.4

Operating margin (%) 2.4 1.5 13.8 13.8 14.4 14.4

Finance income 25 23 47 3 10 1 0.2

Finance cost (126) (32) (22) (1) (7) 0 (0.1)

Exchange gain, net 66 449 967 56 178 10 3.5

Income tax expense (18) (39) (1,038) (60) (263) (15) (5.2)

Net income 265 (3) 605 2,464 143 654 38 12.8

Net margin (%) 2.0 4.3 13.6 13.6 12.8 12.8

Adjusted EBITDAR 2,806 3,081 6,492 377 1,886 110 37.0

Adj. EBITDAR margin (%) 21.6 22.0 35.7 35.7 37.0 37.0

EPS Basic and Diluted (Pesos) 0.31 0.60 2.43 0.14 0.65 0.04

EPADS Basic and Diluted (Pesos) 3.10 6.00 24.35 1.42 6.46 0.38

62

Consolidated statements of financial position summary

(1) Full year 2015 figures converted to USD at December end of the period spot exchange rate $17.2065 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 2013A – 2015A


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

(USD

millions)

Cash and cash equivalents 2,451 2,265 5,157 300

Current guarantee deposits 499 545 861 50

Other current assets 1,050 879 1,223 71

Total current assets 4,000 3,689 7,241 421

Rotable spare parts, furniture and

equipment, net 1,341 2,223 2,550 148

Non-current guarantee deposits 2,603 3,541 4,704 273

Other non-current assets 434 452 765 44

Total assets 8,378 9,905 15,261 887

Unearned transportation revenue 1,393 1,421 1,957 114

Short-term financial debt 268 823 1,371 80

Other short-term liabilities 2,211 2,524 3,774 219

Total short-term liabilities 3,872 4,768 7,103 413

Long-term financial debt 294 425 220 13

Other long-term liabilities 250 242 1,113 65

Total liabilities 4,415 5,435 8,436 490

Total equity 3,962 4,470 6,825 397

Total liabilities and equity 8,378 9,905 15,261 877

Net debt (2) (1,888) (1,017) (3,566) (207)

Adjusted debt (3) 15,874 18,990 26,268 1,527

Adjusted net debt (4) 13,423 16,725 21,111 1,227

63

Consolidated statements of cash flows summary


(2) Audited financial information 2013A - 2015A.

(3) Includes debt prepayment premium


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

(USD

millions)

Cash flow from operating activities

Income before income tax 283 644 3,502 204

Depreciation and amortization 302 343 457 27

Guarantee deposits (620) (695) (1,165) (68)

Unearned transportation revenue 135 27 536 31

Changes in working capital and provisions (61) 14 (261) (15)

Net cash flows provided by operating activities 39 334 3,070 178

Cash flow from investing activities

Acquisitions of rotable spare parts, furniture, equipment and

intangible assets (1,161) (1,603) (1,456) (85)

Pre-delivery payments reimbursements 698 396 670 39

Proceeds from disposals of rotable spare parts, furniture and

equipment 151 22 185 11

Net cash flows used in investing activities (312) (1,185) (601) (35)

Cash flow from financing activities

Payments of Treasury Shares - (7) - -

Net proceeds from initial public offering 2,578 - - -

Transaction costs on issue of shares (38) - - -

Proceeds from exercised treasury shares 26 - 23 1

Interest paid (65) (23) (42) (2)

Other finance costs - (11) (40) (2)

Payments of financial debt (1,084) (3) (400) (801) (47)

Proceeds from financial debt 444 966 925 54

Net cash flows provided by financing activities 1,861 525 65 4

Increase (decrease) in cash and cash equivalents 1,587 (326) 2,533 147

Net foreign exchange differences 41 141 359 21

Cash and cash equivalents at beginning of period 822 2,451 2,265 132

Cash and cash equivalents at end of period 2,451 2,265 5,157 300

64

Adj. EBITDA and Adj. EBITDAR reconciliation


(2) Audited financial information 2013A - 2015A


MXN millions unless otherwise stated (2) 2013A 2014A 2015A 2015A (1) 4Q 2015 4Q 2015 (1)

(USD

millions) (USD

millions)

Net income 265 605 2,464 143 654 38

Plus (minus):

Finance costs 126 32 22 1 7 -

Finance income (25) (23) (47) (3) (10) (1)

(Benefit)/provision for income taxes 18 39 1,038 60 263 15

Depreciation and amortization 302 343 457 27 108 6

EBITDA 685 995 3,934 229 1,021 59

Exchange (gain) loss, net (66) (449) (967) (56) (178) (10)

Adjusted EBITDA 619 547 2,967 172 844 49

Aircraft and engine rent expense 2,187 2,535 3,525 205 1,043 61

Adjusted EBITDAR 2,806 3,081 6,492 377 1,886 110

65

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