Aeromexico Presentation

1. 1
1
September, 2014

2. AEROMEXICO: MEXICO’S PREMIUM REVENUE CARRIER
Business Lounges
Business Class
Leading airline in Mexico
Only Full Service Carrier / Two-class Service and Hub and Spoke Model
Enhanced strategic alliances with Delta Air Lines and AIMIA
Strongest position in slot constrained Mexico City airport
80 destinations in 20 countries, over 600 daily flights
Solid Financial and Risk Profile with Focus on Profitability

3. STRENGTHENING MEXICAN ECONOMY WITH STRUCTURAL REFORMS IN PLACE
Growth Opportunities for Mexican Economy(1) Air Traffic Penetration
0.6 0.6
0.8
1.4
2.4
Mexico China Brazil Europe US
Flights Per Capita for Middle & Upper Class Population (>$15K)
Millions
(1) Criterios generales de Política Económica 2014, SHCP.
Source: : CONAPO, INEGI, IMF World Economic Outlook , Company filings.
26% 20%
35%
25%
17%
30%
14% 17%
7% 8%
0%
20%
40%
60%
80%
100%
2010 2025E
Percent
D/E D+ C C+ AB
Favorable Demographics
Growing Middle Class Favorable Demographic Trends
Middle Class
6 4 2 0 2 4 6
0-4
10-14
20-24
30-34
40-44
50-54
60-64
70-74
80-84
90-95
6 4 2 0 2 4 6
0-4
10-14
20-24
30-34
40-44
50-54
60-64
70-74
80-84
90-95
Men Women
49mm 70 mm
(2010 – Demographics in Million) (2050 – Demographics in Million)
3
2015 E 2016 E 2017E 2018E 2019E
Difference
6%
5%
4%
3%
2%
1%
0%

4. OUR FLIGHT PLAN
PRODUCTIVITY & COST CONTROL
STRATEGIC PARTNERSHIPS
OPERATIONAL EXCELLENCE
COMMERCIAL
VALUE CREATION
PROFITABLE AND SUSTAINABLE GROWTH
Uniquely Positioned to Deliver Profitable and Sustainable Growth
4
FINANCIAL STRENGTH AND RISK PROFILE

5. OPERATIONAL EXCELLENCE
On-Time Departure (within 15 minutes)
Source: DOT Department of Transportation for YTD May 2014 data, unless otherwise noted.
Airline Ranking
Mishandled Baggage Complaints
Completion Factor
Per 1,000
passengers
Rank US Operations YTD May-14
1 Virgin America 0.92
2 Frontier Airlines 1.85
3 Jetblue Airways 2.10
4 Hawaiian Airlines 2.28
5 Aeroméxico 2.29
6 Alaska Airlines 2.54
7 Delta Air Lines 2.63
8 American Airlines** 3.62
- US Airways 3.64
- American Airlines 3.78
9 United Airlines 3.90
10 Southwest Airlines** 4.58
- Southwest Airlines 4.55
- Airtran Airways 5.02
11 Skywest Airlines 5.22
12 Expressjet Airlines 6.43
13 American Eagle Airlines 8.42
Attributes highly valued by
business passengers
5
99.81%
99.46% 99.43% 99.35%
98.97%
98.15%
97.99%
97.78%
97.47% 97.40%
96.87%
95.67%
HA AM F9 AS VX DL WN UA AA US FL B6

6. •Create sustainable defendable and highly profitable position in Mexico City with improved connecting banks
•Using partners to create low cost virtual network: - New Gol Alliance
•Widebody product, unrivaled service with B787 and consolidating markets
•Strengthening Monterrey Hub
COMMERCIAL VALUE CREATION: STRENGTHENING OUR NETWORK
Improving Connectivity
Securing Position in Mexico City Market
Solidify Position with Shuttle Product
•Increasing connecting banks from 4 to 12 by year end (8 actually)
•Slot portfolio gives Aeromexico strong potential for growth through upgauging
•Replacing E-145 by year end 2014 in Mexico City
•Launch of a shuttle product “Aeropuente” in Mexico City, Monterrey and Guadalajara routes, with dedicated boarding gates
•Three largest domestic business markets, which account for 20% of the domestic business market
•Hourly flights with consistent two-class product and improved onboard amenities
6
Arrivals
Departures
% of Connecting Passengers of Total
Source: Aeromexico.
Connectivity of Aeromexico and partner airlines.
21%
26%
30%
2010
2012
YTD July 2014
c
Strategy Focus on Increasing Connectivity
Connecting Banks in Mexico City Airport
c
Banks

7. COMMERCIAL VALUE CREATION: STRONG GROWTH POTENTIAL IN MEXICO CITY DESPITE SLOT CONSTRAINTS
Today
Average Seat Configuration
767’s
777’s
787’s
E-145*
E-170 / 175
737-700
737-800
E-190
50
81
99
124
160
188
243
273
737-800
+56% Seat Count
Up-gauging
Further opportunities for widebody upgauging
787’s
7
*By year end 2014, we expect to cease operations of E-145 in Mexico City; These aircrafts will be relocated mainly to MTY/HMO.
84% of 2013 operations in Mexico City were performed with regional jets (E145/170/190) and 737-700

8. COMMERCIAL VALUE CREATION: STRENGTHENING MONTERREY HUB
8
During June 2014 (first month of operation of Monterrey Hub) connecting passengers have increased almost 3 times.
Driving Worldwide Connectivity and New Destinations in Monterrey
Monterrey has a geographical advantage for traffic flows between North, Central and Eastern Mexico
•Strengthening presence in existing destinations and connecting Mexico regions of Bajio, Northwestern and Southeast as well as United States.
•4 connecting banks structure implemented in 4 June 2014
•23 direct flight destinations, 8 new destinations during 2014:
Los Cabos
Puerto Vallarta
Aguascalientes
San Luis Potosi
Cancun
Tokyo
Houston
Torreon
May
September
November

9. Ancillary revenues add low cost incremental margin.
USD
Strategy for the future
Ancillary Revenues per Passenger
Increase distribution of existing products through IT developments:
•Upgrades
•Choice seats: front and exit rows in economy
•Aeromexico Plus
•Concierge
•Ground transportation
9
COMMERCIAL VALUE CREATION: BALANCED REVENUE MANAGEMENT STRATEGY
New Revenue Management Strategy that aims to maximize RASK, increasing load factor with more competitive Yields.
•Competitive pricing with better segmentation to drive volume while protecting yields
•Capturing marginal VFR and leisure passengers with competitive pricing in advance purchase
•Building state of the art data sources and tools
5.9
7.3
7.8
2012
2013
YTD Jun 14
Source: Aeromexico Financial Statements.

10. Passenger Traffic
Monthly Var % YoY
Load Factor (%)
10
COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM
Strong 2014 performance, with passenger traffic growth of 15.3% as of July and load factor increase of over 300 bps YoY.
3.2%
0.6%
0.6%
1.0%
0.8%
-1.3%
1.0%
-4.3%
-7.1%
0.4%
0.0%
1.3%
3.2%
7.5%
10.6%
10.5%
13.5%
16.9%
18.8%
18.3%
21.8%
16.7%
18.7%
8.9%
6.8%
78.3
75.6
77.9
77.0
75.9
76.8
83.4
75.4
72.1
75.6
76.1
75.9
74.8
71.3
74.1
73.2
75.5
79.0
86.2
79.4
75.1
76.3
78.6
80.6
80.1
77.6
79.9
79.8
78.8
79.5
84.6
Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2012
2013
2014

11. 25.3%
13.9%
12.7%
Viva Aerobus
5.8%
Others
42.3%
15.6%
15.6%
14.9%
7.5%
Alaska
4.9%
4.9%
2.5%
Others
36.3% 34.2%
23.4%
23.5%
Viva Aerobus
11.8%
Magnicharter
3.0%
Aeromar
1.6%
Total Domestic International
24.1%
25.3%
Jan-Jul 13 Jan-Jul 14
1.3 pp
34.8%
36.3%
Jan-Jul 13 Jan-Jul 14
1.6 pp
Domestic
13.7%
14.9%
Jan-Jul 13 Jan-Jul 14
1.2 pp
International
+0.2 pp
-1.0 pp
COMMERCIAL VALUE CREATION: POSITIVE MOMENTUM IN MARKET SHARE
Market Share YTD Jul 14
Aeromexico´s Market Share Growth (Var % YoY)
Total
Source: DGAC Regular Passenger Information (excludes charter)
11

12. 12
COMMERCIAL VALUE CREATION: MERITING REVENUE PREMIUM OVER COMPETITORS
RASK YTD June 14– Stage Length Adjusted
USD cents
Aeromexico’s full-service model and broad international network allow it to realize premiums over competitors.
7.60
5.97
5.09
GAM
Interjet
Volaris
27%
49%
Domestic Industry
International Industry
11.72
11.20
10.49
10.07
9.77
9.67
9.20
8.70
7.60
7.48
6.60
5.97
5.09
(1)Stage length adjustment @ 1,000 miles. Ancillary businesses excluded for U.S. Carriers and Grupo Aeromexico. Source: Second Quarter 2014 Companies Financial Statements Aeromexico, American Airlines, Delta and United include regional affiliates.
Low Cost Carriers
Full Service Carriers

13. 7.51
5.88
5.58
GAM
Interjet
Volaris
Aeromexico has proven its ability to cut costs and operate at a world-class level. Management focus on improving productivity has allowed Aeromexico to reach top industry performance.
SOLID FINANCIAL PROFILE
CASK YTD June 14 (Stage Length Adjusted) (1)
Low Cost Carriers
Full Service Carriers
(1)Stage length adjustment @ 1,000 miles. Ancillary businesses excluded for U.S. Carriers and Grupo Aeromexico. * Includes other operational expenses Source: Second Quarter 2014 Companies Financial Statements ASK Information for Interjet, source: PAXIS. Aeromexico, American Airlines, Delta and United include regional affiliates.
11.13
9.94
9.59
9.57
9.44
8.03
7.77
7.52
7.51
6.68
6.36
5.88
5.58
International Industry
Domestic Industry
USD Cents
28%
35%
*
13

14. Source: Second Quarter 2014 Companies Financial Statements
.
14
202
-95
-88
233
-583
91
GAM
Volaris
Interjet
-2.8%
-2.9%
1.5%
1.2%
-9.6%
2Q14
YTD June 14
Operating Profit: Mexican Airlines
2.0%
Millions of pesos, % of Total revenues
SOLID FINANCIAL PROFILE

15. •New contracts with pilots, flight attendants and ground staff
•Restructuring and Integration of AM/AM Connect
•Maintenance Process Reengineering
•Increase fleet utilization
•ERP and Shared Services Centre
•Improving Distribution Costs
•Co-location in Airports
•Fleet Renewal
•Balance between Owned and Leased Aircrafts
•Unique Fleet Plan Flexibility
15
Strong pipeline of cost reduction initiatives.
Operational , Administrative & Sales Efficiencies
Fleet Strategy
Labor Costs
PRODUCTIVITY AND COST CONTROL INITIATIVES

16. Owned:
(21%)
USD 649mm
Leased:
(79%)
USD $2.4bn
Source: Aeromexico, Avitas Bluebook 1st Half 2014.
Aeromexico estimates as of 2013.
(1) B767-2 and B787 data for: Mex-Mad. B737-7 and B737-8 / ERJ145,
ERJ190 and ERJ170 data for Mex-Mty.
(2) Fleet proportion of leased vs. owned depends on fleet value.
(3) On July 2013, Aeromexico announced the pricing of an offering of USD$117.4 million of
2.537% secured notes guaranteed by the Export-Import Bank of the United States.
EJ170 &
E190
ERJ145 B737-7 B737-8 B767 B787
100
84
77
100
86
100
81
E145 E170 E190 B737-7 B737-8 B767 B787
(16%) (19%)
(9%)
(14%)
Estimated CASK Reduction (1)
Today 2018
E-145
E-170/175/190
737 – 700’s/800’s
NG
767’s
787’s
777’s
E-170/190
737 – 800’s
NG/MAX
787’s
Fleet Plan
Leased vs. Owned
Fleet Plan renewal provides CASK efficiencies, maintaining flexibility and reducing ownership cost.
PRODUCTIVITY AND COST CONTROL INITIATIVES: FLEET STRATEGY
Leased Owned
Annual Cost of Financing
4% to 6% (2)
10%-12%
USD $122M– USD $183M
cost savings due to ownership
Fleet Value:
USD 3.05 billion(3)
Fleet Value
16

17. •Over 50% of expected fuel consumption for the next 12 months is hedged
•Fuel surcharges complement Grupo Aeromexico’s hedging strategy
Reduced Exposure
57% Revenues in US dollars
66% Costs in US dollars
Reduced exposure
Fuel Hedging Strategy
Total
17
SOLID FINANCIAL AND RISK PROFILE: COMPREHENSIVE RISK MANAGEMENT
Economic Cycle
Staggered Leases
Fleet
2015
2016
2017
2018
Total
Narrow Body Total
28
16
17
6
67
Wide Body Total
4
1
0
3
8
GAM Total
32
17
17
9
75
Currency
Aircrafts
Year
Fleet plan flexibility
Approximately:

18. 20
19
39
38
249
53
19
25
18
97
2014
2015
2016
2017
2018+
18
SOLID FINANCIAL DEBT PROFILE
Debt Maturity Profile (1)
(1)Information as of June 2014
(2)Last 12 months EBITDAR as of June2014. Source: Second quarter 2014 Financial Statements * Considers Adjusted EBITDAR
USD millions
12.5%
6.6%
11.1%
9.7%
60.1%
Benchmark Financial Net Debt / Adjusted EBITDAR (2)
Adjusted EBITDAR LTM as of June 2014: USD 574 M
Low Cost Carriers
Full Service Carriers
8.1x
7.1x
5.3x
4.8x
4.6x
4.4x
3.4x
2.9x
1.9x
1.1x
Interjet
Volaris
LATAM
GOL
Avianca
AeroMexico
United
American
Delta
Copa
*
*

19. • Aeromexico has a 51% investment in PLM.
• Value of PLM in Dec 2012 US$518 Million.
• +3.6 million frequent flyer members.
• Gross billings of USD $144M in 2013.
• Dominant Frequent Flyer Program (“FFP”) in Mexican market.
• Solid commercial alliances with financial institutions (i.e.
Banamex, AMEX) and retailers (i.e. Soriana)
• Low capital requirements and stable cash flow generation.
• Earn kilometers with 90+ commercial partners.
Source: Aeromexico, INEGI.
(1) In June 2012, Delta purchased a 4.17% stake in Aeromexico for USD$65mm. The transaction's implied price was $31.00pesos (equal to the IPO price), which is a 59.0% premium to the current trading price of $19.50 as of February
21, 2014.
(2) Delta Master Trust is an entity which holds pension assets under various employee pension plans sponsored by Delta Airlines.
(3) These derivative agreements were conducted on April 29 , 2014 and May 7, 2014.
• In 2012, Delta invested USD $65mm in Aeromexico (1)
• Delta, through Delta Master Trust(2), increased its exposure to
Aeromexico to 9.5% through derivative agreements (3)
• Network-wide code sharing
• 204 share codes 725 flights
• Join efforts in sales, marketing and customer experience.
• JV-MRO facility in Querétaro.
• Transborder upgrades.
• Co-location Efforts in airports
Delta Alliance Club Premier Loyalty Program
STRONG BRAND WITH STRATEGIC PARTNERSHIPS
Strategic alliances have contributed to Aeromexico’s increased connectivity and premium product.
Only Mexican carrier in an international alliance.
19

20. DISCLAIMER
This presentation is neither an offer for sale nor a request to buy any securities. Such offer or request may only be made through an offering memorandum containing the description of the terms and conditions of such offer and shall include detailed information of the company and its management, as well as the financial statements of Grupo Aeromexico, S.A. de C.V. (“Grupo Aeromexico”), in terms of the Securities Market Law (Ley del Mercado de Valores) (“LMV”) and the General provisions applicable to securities issuers and other securities market participants (Disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores) (the “Provisions”). The information contained herein is confidential and shall not be reproduced in whole or in part or shared with third parties without the previous consent of Grupo Aeromexico. This presentation contains information obtained from diverse sources and, despite it contains truthful information, no representation is hereby made by Grupo Aeromexico as to the accuracy, integrity and sufficiency of such information. Additionally, Grupo Aeromexico makes no representation in respect of the sufficiency or truthfulness of the assumptions, estimations, projections, hypothetical behavior analysis or in respect of other financial information included in the results of the financial models contained or used herein. The results contained herein may substantially vary. Nothing herein shall be understood or construed as a representation or warranty as to future performance of the securities referred to herein. The information included in this presentation has not been audited and it does not provide information on the company’s future performance. Aeromexico’s future performance depends on many factors and it cannot be inferred that any period’s performance or its comparison year-over-year will be an indicator of a similar performance in the future.
Thank You
Investor Relations Contact Information
investor.relations@aeromexico.com Tel (+52) 55 9132 4257
Luz Montemayor lmontemayor@aeromexico.com
Daniel Frias dfrias@aeromexico.com