Volaris corp presentation march 2018

1. Volaris: the leading ULCC airline serving
Mexico, USA and Central America
March 2018

2. Disclaimer
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. 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 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.

3. Volaris: snapshot at 30,000 feet
(1) Converted to USD at an average period exchange rate
Serving 69 destinations throughout Mexico (40), USA (25) and Central America (4)
2008 2017
CAGR
(08-17)
Unit cost (CASM
ex-fuel; cents,
USD)(1)
5.5 4.7 -1.7%
Passenger
demand (RPMs,
bn)
3.2 15.9 19.5%
Aircraft
(End of period)
21 71 14.5%
Routes
(End of period)
42 174 17.11%
Passengers (mm) 3.5 16.4 18.7%
Operating
revenue
(bn, MXN)
4.4 24.8 21.2%
Adj. EBITDAR
(bn. MXN)
0.7 6.6 28.3%
Adj. ROIC (pre-
tax)
11% 12.6% +1.6 pp.

4. Volaris’ flight path for demand stimulation and
continued growth

5. Volaris’ consistent execution of its ULCC
business model well positioned for growth
(1) On January 16, 2018; Volaris and Frontier Airlines executed a Codeshare agreement, and is undergoing regulatory approvals
Accomplishments Opportunities
Strong penetration of Mexican air
travel market
Diversified and resilient point-to-point
network
Bus to air substitution
Successful price unbundling
Proven ancillary revenue model
Sustained profitability with strong
balance sheet
Continue geographic diversification
through international growth and
Codeshare (1)
Attractive emerging air travel market in
Mexico
Flexible fleet plan and utilization;
capacity management
Continue cost reductions
Continue route frequency increase
Upside in ancillary revenue

6. Accomplishments

7. 4.9
12.0
10.4
7.7 7.2
6.4 6.5 5.7
4.3
9.5
8.6
7.5
5.2 5.2
3.2 2.8
11.52.1
3.3
4.0
2.9
3.3
3.0 2.6
1.8
2.8
2.8
2.7
2.7
2.3 3.1
1.3 1.5
2.6
7.0
15.3
14.4
10.6 10.5
9.3 9.1
7.5
7.1
12.2
11.3
10.3
7.4
8.3
4.5
14.1
In line with best-in-class ULCCs
Latin American carriers US LCCs US network
carriers
WW LCCs
Volaris has a best-in-class unit cost structure
(1) DCOMPS public information for 4Q 2017, except Azul, Latam and AirAsia which public information is as of 3Q 2017
(2) DCOMPS = Direct Competitors: Delta, American Airlines, Alaska Airlines and United | (Average CASM and CASM ex-fuel)
Note: Non-USD data converted to USD using an average exchange rate for the period
Source: Airlines public information
Long-term unit cost advantage
Cost structureCASM and CASM ex-fuel (4Q 2017 (1), USD cents)
• Economies of scale
- Dilute fixed costs
- High seat density
• Young and fuel efficient fleet
- Sharklet roll-out
- Average age of 4.6 years
- NEO Engines rollout
- Lower fuel burn
• Productive network
- Point-to-point
- No connections complexity
• High aircraft utilization
- FY 2017 average 12.6 block
hours per day
Continued cost
improvement potential
CASM ex-fuel
CASM

8. • Apply revenue management techniques
- Pricing by route, season, day
- Fully dynamic pricing for some products
• Add products
- New products & services
- Enhancements to existing products
• Improve presence
- More touch-points to sell ancillaries
throughout the journey
- Allow customization
• Benefit from network diversification
- More international capacity
• First checked bag
- USA Costa Rican AOC
Non-ticket revenues continue to grow, with
upside potential
(1) Converted to USD using an average exchange rate for the period
Source: Airlines public information
Non-ticket revenue per passenger
AncillariesVolaris (MXN) per passenger
Increasing non-ticket revenue allows to
reduce fare further and stimulate
demand
142
204 211
279
338
381
429
2011 2012 2013 2014 2015 2016 2017
2011-2017 CAGR: + 20.9%
Best-in class ULCCs, including first bag fee
(FY 2017, as % of total operating revenue)(1)
28%
41%
46% 48%
Volaris Wizz Allegiant SpiritNon-ticket
revenue per
pax (USD) $22 $26 $56 $53

9. Note: Excludes routes and stations announced to start operations
Network enhancement: connecting the dots and
diversifying further
FY 2017 Volaris diversified its network by starting operations in 31 routes and 5 stations
New International
New Domestic
New Volaris Costa Rica
New routes
Domestic International
Guadalajara 3 2
Mexico City - 4
Costa Rica - 3
Tijuana - 2
Los Angeles - 4
Monterrey 3 -
Other 1 9
Total 7 24
New stations
DOM USA
Central
America
Cozumel Miami San Salvador
Milwaukee Managua
Codeshare agreement between Volaris and Frontier
New access to cities in the U.S. offering customers the
ability to purchase the lowest fares across an
extensive and well-served network.

10. …supporting strong capacity growth
Joining existing airports
Additional frequencies
New airports
Total ASM growth
2017 capacity growth contribution
Our network is well positioned for diversified
growth
=
+
+
Volaris Costa Rica
+
+

11. Growth opportunities

12. In recent years, Mexico’s volume growth has been
robust despite challenging economic
environment
(1) Considers Volaris and VivaAerobus domestic market share 2017
(2) Values according to INEGI´s new methodology
Source: DGAC-SCT, INEGI and Banco de México
Mexico passenger market volume has increased since 2011
Best-in class ULCCs, including first bag fee
(FY 2017, as % of total operating revenue)(1)
Passenger volume (millions)
25 28 30 33 37 42 45
19 19 21 23
26
27
29
8 9
10
11
12
13
15
52
57
61
66
75
82
90
2011 2012 2013 2014 2015 2016 2017
Domestic USA Other international
2011 - 2017 CAGR: +5%
Main industry growth drivers
• Strong demand and
increasing middle class
• LCC gaining market through
low fares
44% LCC share(1)
• High improvement potential:
-Domestic air trips per
capita in Mexico 0.37 vs.
Chile 0.7
4.6x GDP multiplier in recent
years
Yoy growth 4.0% 8.3% 8.3% 8.3% 12.3% 10.4% 8.8%
GDP growth (2) 4.0% 4.0% 1.4% 2.3% 2.6% 2.3% 2.1%
GDP multiplier 1.0 2.1 6.1 3.7 4.7 4.5 4.6

13. 6.5%
8.1% 8.8%
11.6%
8.0%
11.0%
23.4%
10.3%
19.6%
33.3%
26.9%
12.4%
2012 2013 2014 2015 2016 2017
Market Volaris
Volaris growth has surpassed market growth in
both domestic and international markets
Domestic passenger growth (%)
10.3%
8.6% 7.9%
13.0% 12.8%
8.0%
25.2%
23.0%
7.7%
19.7%
24.8%
8.7%
2012 2013 2014 2015 2016 2017
Market Volaris
International passenger growth (%)
Source: DGAC

14. Volaris has been the engine of growth for VFR and
leisure markets in Mexico
Segment passenger CAGR Volaris vs. market (2010-2017) Volaris’ main growth drivers
• Low costs allow Volaris to offer
lower fares and make flying
possible
• Fleet
- Up-gauging: A320neo with 186
seats and A321 with 230 seats
- Young and fuel efficient:
average of 4.6(1) years; new
generation aircraft
• Productive network with high
utilization
- Around 20 new routes per year
- Avg. 13 block hours/day in 4Q
2017
• High and healthy load factors
84.4%% in 2017
• 27% domestic passengers market
share during 2017
2017, Volaris was the source of 26% of the growth among Mexican carriers
(1) Data as of December 2017
Note: Markets not mutually exclusive, contested domestic markets
Market
growth
Volaris
growth
19%
Tijuana
Hermosillo
Culiacan
Vallarta
Guadalajara
Mexico City
Cancun
Monterrey
38%
10% 12%
17%5%
9%
8% 23%
13% 27%
Los Cabos
10% 28%
11% 34%
8% 19%
11% 61%

15. Significant untapped opportunities
0
25
50
75
100
USA (VFR) USA (Leisure) CAM, SAM,
Canada,
Caribbean
Domestic – growth potential of approx. 105
routes
International – growth potential of approx. 125
routes (3)
Number of routes (1) Number of routes (2)
In terms of air trips per capita Mexico has plenty potential to grow
2016 air trips per capita (domestic)(5)
0
10
20
30
40
50
2.21
0.21 0.23 0.20 0.11 0.20
2.23
0.61
0.43 0.36 0.34 0.33
2006
2016
United States Chile Brazil Colombia Peru Mexico
65% growth
2.21
0.21 0.23 0.20 0.11 0.20
2.23
0.61
0.43 0.36 0.34 0.33
2006
201635M potential additional passengers at Chile’s level
Note: 46% of domestic market growth attributable to Volaris from 2006-2017
Source: DGAC and World Bank

16. 2012 2016
First, economy and other
Executive and luxury
Volaris contributed by stimulating demand from
bus to air substitution
Bus switching program
(1) Source: Secretaría de Comunicaciones y Transportes (SCT), 2017
Significant upside for air travel
28 42
29
40
2012 2016
Domestic
International
55
Total air travel passengers
in Mexico (mm)
Total bus passengers in
Mexico (mm)
Trial
Ticket giveaway
#Nomáscamión
First sell
Strong conversion
rate
ULCC model
Attracting 1st
time flyers
Mass media campaigns
“Tarifa no + camion” positioning
Digital capabilities
Education
2,729
3,004
74 82
2,655 2,922
82
2012 2017
2012 2017

17. Volaris Obtains Foreign Air Carrier Permit in
the U.S. for its Costa Rican Operations
“Through OD” flights:
-Los Angeles International Airport - El Salvador International
Airport (SJO-SAL-LAX)
-La Aurora International Airport – Los Angeles International
Airport (SJO-GUA-LAX)
-John F. Kennedy International Airport - El Salvador
International Airport (SJO-SAL-JFK)
- Washington Dulles International Airport - El Salvador
International Airport (SJO-SAL-IAD)
• The right market
- Costa Rica is top three middle class growth of
LATAM (GDP growth of 4.6% in 2017)
- VFR potential in the region and to the USA
• The right moment
- No ULCC presence in the region
• The right ULCC model
- Growth sustainable and proved model, easily
translatable to Central America
- USD denominated revenue contributing to FX
natural hedge
New York
Volaris’ Costa Rican AOC provides growth
potential in Central America and to the U.S.
Potential markets (2)Central America key insights
486K total passengers since
the beginning of operations in CAM;
however represents 2% of total ASMS
Source: World Bank, ALTA, MI-DIIO, CEPAL Infare, Banco Central de Costa Rica.

18. Codeshare Agreement between two Ultra Low
Cost Carriers: Frontier and Volaris
First codeshare between two
Ultra Low Cost Carriers
 Frontier business model is
aligned to Volaris’ ULCC
model
 Volaris operates in 20 out of
63 Frontier’s airports
Benefits
 Grow and enhance our
network to offer a greater
public benefit, the lowest
prices between Mexico and
USA
Strong connectivity potential:
~20 destinations and ~80 new beyond routes
Volaris and Frontier’s networks
*Subject to authorization from the corresponding authorities

19. Fleet and financials

20. Volaris’ fleet plan supports its strategy to drive
lower unit costs
Note: NEO stands for the Airbus new engine option; CEO stands for the Airbus current engine option
(1) Net fleet after additions and returns
(2) Source: Airbus
(3) 40 commitments + 80 follow-on order aircraft; out until 2026
• A321 (CEO and NEO)
- 230 seats (up-gauge)
- ~10% CASM dilution(2)
• A320 NEO
- Combined fuel consumption
reduction by approx. 17-19% per
seat(2)
• A320 CEO with sharklets
- Fuel consumption reduction by
approx. 3%(2)
• All PDP requirements fully
financed for next four year
deliveries
Contractual fleet obligations (number of aircraft)(1)
Backlog of 120 Aircraft to support growth (3)

21. High growth and solid financial performance
1.2
2.5
2.8
3.1
6.5
8.9
6.6
0
5
10
2011 2012 2013 2014 2015 2016 2017
(MXNbn)
2011 - 2017 CAGR: +32.3%
8.9
11.7
13.0
14.0
18.2
23.5
24.8
0
15
30
2011 2012 2013 2014 2015 2016 2017
(MXNbn)
2011 - 2017 CAGR: +18.7%
Revenue CAGR 2011 - 2017
Revenues Adj. EBITDAR
2017 Adj. EBITDAR margin
Source: Airlines public information for Full year 2017, except Azul, Latam, AirAsia; which public information is LTM as of September 2017

22. Strong balance sheet and liquidity, well funded for
continued growth
Adj. net debt / EBITDAR
Liquidity-cash and equivalents as a % of 2017 Op. Revenue
• Unrestricted cash of $6.9 billion pesos
(US$ 352 million) as of Dec 31, 2017.
• Net cash position of $3.5 billion pesos
(US$ 175 million) as of Dec 31, 2017.
• Adjusted net debt to EBITDAR of 4.8x (1)
as of Dec 31, 2017.
• Fully financed pre-delivery payments for
deliveries up to 2021.
• Expected 2018 net CAPEX (US $80 to
$110 million):
• PDPs: from US $20 to $30 million, net of
PDP reimbursements (includes 4 A/c
deliveries)
• Major maintenance: from US $50 to $60
million
• Other: from US $10 to$ 20 million
(1) Excluding supplemental and contingent rent for adjusted debt
*Non-USD data converted to USD using an end of period exchange rate for the period
Source: Airlines public information public information for 4Q 2017, except Azul, Latam and AirAsia which public information is as of 3Q 2017
(1)

23. Appendix

24. (1) Approximate percentage of gallons hedged
Fuel price protection
Period Total % hedged(1)
Avg. price (gal/USD$) Instrument
1Q18 60% $1.63 Asian Call
2Q18 60% $1.74 Asian Call
3Q18 55% $1.78 Asian Call
4Q18 45% $1.85 Asian Call

25. Consolidated statements of operations summary
(1) Full year 2016 figures converted to USD at December end of the period spot exchange rate $20.66 for convenience purposes only
(2) 2017 figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only
(3) Audited financial information 2014A – 2016A
MXN millions unless otherwise
stated (3) 2016A(1) 2017 2017(2) 4Q 2016 4Q 2017 4Q 2017
% of total
operating
revenues
(USD
millions)
(USD
millions)
(USD
millions)
(USD
millions)
Passenger 861 17,791 901 235 4,742 240 71.6
Non-ticket 277 7,054 357 78 1,884 96 28.4
Total operating revenues 1,138 24,845 1,259 313 6,626 336 100
Other operating income (24) (97) (5) (6) (78) (4) (1.2)
Fuel 278 7,256 368 87 1,972 100 29.8
Aircraft and engine rent expenses 271 6,073 308 77 1,612 82 24.3
Landing, take off and navigation
expenses 158 4,010 203 42 981 50 14.8
Salaries and benefits 117 2,824 143 33 715 36 10.8
Sales, marketing and distribution
expenses 68 1,692 86 21 480 24 7.2
Maintenance expenses 65 1,433 73 16 396 20 6
Other operating expenses 46 1,088 55 14 300 15 4.5
Depreciation and amortization 26 549 28 7 131 7 2
Total operating expenses 1,005 24,827 1,258 290 6,508 330 98.2
6
EBIT 133 19 1 23 118 6 1.8
Operating margin (%) 11.7 0.08 0.08 7.3 1.78 1.78
Finance income 5 106 5 1 33 2 0.5
Finance cost (2) (86) (4) (1) (24) (1) (0.4)
Exchange gain/ (loss), net 105 (794) (40) 41 784 40 11.8
Income tax expense (71) 161 8 (18) (356) (18) (5.4)
Net income 170 (595) (30) 47 555 28 8.4
Net margin (%) 15.0 (2.4) (2.4) 15.0 8.4 8.3
EPS Basic and Diluted (Pesos) 0.17 (0.59) (0.030) 0.05 0.55 0.03
EPADS Basic and Diluted
(Pesos)
1.68 (5.88) (0.30) 0.46 5.48 0.28

26. (1) Full year 2016 figures converted to USD at December end of the period spot exchange rate $20.66 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 2014A – 2016A
(6) Certain amounts related to prepaid income tax and guarantee deposits, presented in the consolidated statement of financial position have been reclassified in 2015A, in order to be
comparative with the classification between current and non-current assets presented during 2016A
(7) 2017 figures converted to USD at December end of the period spot exchange rate $19.74 respectively, for convenience purposes only
Consolidated statements of financial position
summary
MXN millions unless otherwise
stated (5) 2014A 2015A(6) 2016A 2016A(1) 2017 2017(7)
(USD
millions)
(USD
millions)
Cash and cash equivalents 2,265 5,157 7,071 342 6,951 352
Current guarantee deposits 545 873 1,167 56 1,353 69
Other current assets 879 1,193 3,313 160 3,009 152
Total current assets 3,689 7,224 11,551 559 11,313 573
Rotable spare parts, furniture and
equipment, net
2,223 2,550 2,525 122 4,376 222
Non-current guarantee deposits 3,541 4,693 6,560 317 6,098 309
Other non-current assets 452 765 1,146 55 879 45
Total assets 9,905 15,232 21,782 1,054 22,666 1,149
Unearned transportation revenue 1,421 1,957 2,154 104 2,162 110
Short-term financial debt 823 1,371 1,051 51 2,404 122
Other short-term liabilities 2,524 3,745 4,683 227 4,807 244
Total short-term liabilities 4,768 7,073 7,888 382 9,372 475
Long-term financial debt 425 220 943 46 1,079 55
Other long-term liabilities 242 1,113 2,157 104 2,052 104
Total liabilities 5,435 8,407 10,988 532 12,503 634
Total equity 4,470 6,825 10,794 522 10,163 515
Total liabilities and equity 9,905 15,232 21,782 1,054 22,666 1,149
Net debt (2) (1,017) (3,566) (5,077) (246) (3,468) (175)
Adjusted debt (3) 18,990 26,268 41,125 1,994 45,994 2,074
Adjusted net debt (4) 16,725 21,111 34,053 1,652 39,043 1,722

27. Consolidated statements of cash flows summary
(1) Full year 2016 figures converted to USD at December end of the period spot exchange rate $20.66 for convenience purposes only
(2) 2017 figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only
(3) Audited financial information 2014A – 2016A
MXN millions unless otherwise stated (3) 2016A(1) 2017 2017(2) 4Q 2016 4Q 2017 4Q 2017(2)
(USD
millions)
(USD
millions)
(USD
millions)
(USD
millions)
Cash flow from operating activities
Income before income tax 241 (756) (38) 65 911 46
Depreciation and amortization 26 549 28 7 131 7
Guarantee deposits (95) 57 3 (47) (230) (12)
Unearned transportation revenue 10 8 - (11) (292) (15)
Changes in working capital and provisions (134) 1,127 57 (39) 595 30
Net cash flows provided (used in) by operating
activities 47 986 50 (25) 1,116 57
Cash flow from investing activities
Acquisitions of rotable spare parts, furniture,
equipment and intangible assets (109) (2,653) (134) (72) (1,143) (58)
Pre-delivery payments reimbursements 84 214 11 40 214 11
Proceeds from disposals of rotable spare parts,
furniture and equipment 24 178 9 6 77 4
Net cash flows used in by investing activities (1) (2,260) (115) (25) (852) (43)
Cash flow from financing activities
Treasury shares purchase (1) (10) (1) - (10) (1)
Proceeds from exercised stock options 1 1 - - - -
Interest paid (2) (105) (5) - (39) (2)
Other finance costs (7) - - (7) - -
Payments of financial debt (74) (925) (47) (20) (225) (11)
Proceeds from financial debt 83 2,438 123 65 1,139 58
Net cash flows provided by financing activities 1 1,398 71 38 865 44
(Decrease) increase in cash and cash
equivalents 47 124 6 (13) 1,130 57
Net foreign exchange differences 46 (244) (12) 17 448 23
Cash and cash equivalents at beginning of period 250 7,071 358 338 5,373 272
Cash and cash equivalents at end of period 342 6,951 352 342 6,951 352