Volaris is a leading ultra-low-cost airline serving Mexico and the US. In 3Q14, Volaris had a strong balance sheet with net cash and the lowest unit costs in the Americas. Volaris is focused on international growth and domestic capacity discipline. Non-ticket revenues grew 58% in 3Q14 through new products and services. Volaris has substantial growth opportunities in domestic Mexican routes, US-Mexico routes, and routes throughout Latin America and the Caribbean.

1. The Leading Ultra-Low-Cost Airline Serving Mexico and the US
December 2014

2. 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.

3. Third quarter 2014 highlights and recent developments
3
Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 million, well funded for future growth
Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth only, resulting in yield stabilization, while international ASMs, same period, growth 18%, responding to stronger fare environment. October load factor of 82% and total passengers increase of 8.3% y-o-y
Cost control and strong profitability: 3Q14 CASM(1) at USD 8.9 cents, lowest unit cost producer in the Americas. EBITDAR margin of 27% and EBIT and net income margin of 9%
Unit revenue improvement: 3Q14 TRASM increased 1% y-o-y, with stable yield and non-ticket revenues expansion
Non-ticket revenues growth: 3Q14 Non-ticket revenues ex-cargo per passenger increased 58% y-o-y (44% including cargo). Ramp-up of new products and services, while increasing customer acceptance
Notes: (1) Converted to USD at an average exchange rate corresponding for the period, $13.1114

4. 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 Juárez
Volaris – a Mexican Ultra-Low-Cost Carrier
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
Source: Company data, SCT-DGAC
Serving to 54 destinations throughout Mexico and the US
2008
2013
CAGR
Unit cost
(CASM ex-fuel; cents, USD)(1)
5.5
5.5
0.0%
Passenger demand
(RPMs, bn)
3.2
9.0
+23.0%
Aircraft
(End of Period)
21
44
+15.9%
Passengers (mm)(2)
3.5
8.9
+20.5%
Operating revenue
(mm, USD)(1)
397
1,018
+20.7%
Adj. EBITDAR
(mm. USD)(1)
67
220
+26.8%
Adj. ROIC (pre- tax)
11.0%
15.1%
+4.1pp
Volaris’ destinations
4
Phoenix
San Luis Potosí
Ciudad Obregón
Veracruz
San Antonio
Ontario
Villahermosa
Tampico
Portland
Domestic market share(3)
LTM Int. Pax Revenue 27%
Tapachula
Huatulco
LTM Dom. Pax Revenue 73%
Fort Lauderdale (Miami)
Reno
12.2%
20.7%
22.7%
23.1%
2008
2012
2013
Oct YTD 2014

5. 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
5

6. Notes;
(1)Converted to USD at an average exchange rate corresponding for the period, $13.1114
(2)Figures updated as per DGAC report as of June 2014. Source: Company data, data airlines public information, DGAC reports, MI DIIO
Volaris’ ULCC business model is clearly differentiated from legacies, hybrids and other LCC’s
Aeromexico
Interjet
VivaAerobus
Volaris
CASM 3Q14




(cents, USD)(1)
14.0
14.2
9.0
8.9
Low ticket prices 3Q14

≈


Average Fare (USD)(1)
171.8
104.5
71.1
94.1
Non-ticket rev. exc. Cargo 3Q14




Non-ticket rev. exc. Cargo per pax (USD)(1)
4.9
4.1
-
19.9
Modern Fleet

≈


Average age fleet (years)
9.8 (2)
6.0 (2)
20.6 (2)
4.3
High daily utilization




Block hours per day
11.6
8.8
9.4
12.5
Other/ eg. (No GDS)

≈


Legacy < Hybrid/LCC < ULCC
6

7. 5.4
9.9
9.1
8.0
8.5
6.5
6.0
6.0
10.6
3.5
5.2
4.8
5.5
4.7
4.1
4.5
4.0
4.5
LatAm
Aeromexico
Gol
Interjet
Copa
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 (September YTD 2014, USD cents)(3)
7
Latin American Carriers
US Network Carriers(2)
Best-In-Class 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, $13.1167 Source: Company data, Airlines public information
15.1
10.0
10.6
15.2
13.6
13.9
8.9
10.6
13.3

8. 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)Aeromexico and Interjet represent domestic competitors of Volaris
(4)Fleet average age updated as per DGAC report as of June 2014 Source: Company data, airlines public information, DGAC, Airbus, miDiio
Load factor (Sept YTD 2014)
Implied passengers per aircraft(1)
82%
72%
80%
143
108
128
Interjet A320
150 seats per aircraft
Aeromexico 737-800
160 seats per aircraft
High daily utilization(3)
Volaris A320 174 seats per aircraft
High density configuration(3)
Aeromexico
Block hours per day (September YTD 2014) (2)
Average age (Yrs, September YTD 2014)
8
10.3
9.4
6.0
4.3
Mexican average
Aeromexico
Interjet
12.4
11.4
8.7
8.8
8.1
Aeromexico
Interjet
Global A320
Global A319
(4)
(4)
(4)

9. 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 savings
Significant 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
9
24% cost savings
30
30
60
2013
International
Domestic
2013
Executive & luxury
First, economy and other
2,781
2,706
75
(1)

10. • 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
(94k active
suscriptions)
• Co-branded
credit cards
(80k active
cardholders)
• Manage my
booking
• VEmpresa
• 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 September 30th,2014 10

11. Acceleration of Volaris’ non-ticket revenues
Notes:
(1)Converted to USD at an 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
(3Q14, USD)
Contribution to Operating Revenue
7%
7%
9%
13%
14%
2009 – 2013 CAGR: +57.6%
2009 – 2013 CAGR: +24.0%
Non-ticket revenue (USD mm)(1)
11
45
54
Allegiant
Spirit
18%
24
39
68
115
148
181
2009
2010
2011
2012
2013
LTM Sep 14
7.0
8.9
11.4
15.5
16.5
19.0
2009
2010
2011
2012
2013
LTM Sep 14

12. 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 August 2014.
Source: Company data and DIIO MI Market Intelligence for the Aviation Industry
48
48
41
40
38
13
0
5
10
15
20
25
30
35
40
45
50
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 160 routes (4)
International – growth potential of about 154 routes (4)
(3)
Number of routes(1)
Number of routes(2)
Routes served
Growth potential
12

13. 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
Sacramento 0.5mm
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
13
Portland
0.2mm
Miami
0.1mm

14. 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’ 4Q14 domestic capacity competing with:
Solid expansion for Volaris
A significant portion of our capacity faces no competition(1)
14
68%
54%
34%
20%
Aeromexico
Interjet
Vivaaerobus
Non-competed
Volaris flown domestic routes
Volaris flown international routes
More than 2x
More than 1.5x
17
23
26
28
Dec '11
Dec '12
Dec '13
Sep '14
39
50
78
89
Dec '11
Dec '12
Dec '13
Sep '14

15. Fleet and financials
15

16. 20
18
17
12
24
23
22
19
9
14
23
2
2
3
FY13
FY14
FY15
FY16
A319
A320
A320 w/Sharklets
A320 NEO w/Sharklets
A321 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 the end of September 2014 Source: Company data
18%
29%
47%
% % of year-end fleet w/Sharklets
Backlog of 64 Aircraft to support growth(2)
16
Seat growth
7%
13%
14%
50
55
59
44

17. 28%
20%
14%
10%
0%
10%
20%
30%
Copa
GOL
LATAM
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 - 2013
LTM September 2014 Adj. EBITDAR margin
17
17.5%
27.9%
18.7%
17.8%
0.0%
10.0%
20.0%
30.0%
Copa
Gol
AM
374
536
714
887
1,018
1,013
0
200
400
600
800
1,000
1,200
2009
2010
2011
2012
2013
LTM Sep 14
(USD mm)
117
140
100
188
220
178
0
50
100
150
200
250
2009
2010
2011
2012
2013
LTM Sep 14
(USD mm)

18. 13.7%
32.2%
19.3%
7.7%
5.9%
Copa
GOL
AM
LatAm
LTM Liquidity – Cash and Equivalents / Op. Revenue
Solid balance sheet and liquidity, well funded for growth
Note:
(1)Principal + interest debt
(2)Includes successful IPO Smiles program. Source: Company data, Airlines public information
18
•IPO provided sufficient liquidity / capital for growth over the next years
•Minimal on-balance sheet debt
•USD $68mm(1) of financial debt as of September 2014
•Strong cash position
•USD $135mm of cash and equivalents as of September 2014
•Fully financed pre-delivery payments and executed sale-leasebacks for all deliveries in 2015 and 2016
(2)

19. Appendix
19

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.
20

21. MXN millions unless otherwise stated (2)
2012A
2013A
September YTD 2014A
September YTD 2014A (1)
3Q 2014A
3Q 2014A (1)
% of total operating revenues
(USD millions)
(USD millions)
Passenger
10,177
11,117
8,163
607
3,253
242
81.4
Non-ticket
1,510
1,885
1,915
142
742
55
18.6
Total operating revenues
11,687
13,002
10,078
749
3,995
297
100
Fuel
4,730
5,086
4,088
304
1,455
108
36.4
Aircraft and engines rent expense
1,886
2,187
1,860
138
637
47
16.0
Salaries and benefits
1,303
1,563
1,174
87
395
29
9.9
Landing, take off and navigation expenses
1,640
1,924
1,577
117
532
40
13.3
Sales, marketing and distribution expenses
752
704
590
44
238
18
6.0
Maintenance expenses
499
572
473
35
167
12
4.2
Other operating expense
288
347
333
25
123
9
3.1
Depreciation and amortization
211
302
205
15
87
6
2.2
Total operating expenses
11,309
12,685
10,301
766
3,634
270
91.0
6
EBIT
378
317
(222)
(17)
361
27
9.0
Operating margin (%)
3 .2
2 .4
(2.2)
(2.2)
9 .0
9.0
Finance income
14
25
17
1
7
0
0.2
Finance cost
(90)
(126)
(23)
(2)
(9)
(1)
(0.2)
Exchange (loss) gain, net
(95)
66
112
8
116
9
2.9
Income tax benefit (expense)
(3)
(17)
18
1
(127)
(9)
(3.2)
Net income (loss)
203
265
(98)
(7)
347
26
8.7
Net margin (%)
1.7
2.0
(1.0)
(1.0)
8.7
8.7
Net income (loss) excluding special items (3)
203
379
(98)
(7)
347
26
8.7
Adjusted EBITDAR
2,475
2,806
1,842
137
1,085
81
27.2
Adj. EBITDAR margin (%)
21.2
21.6
18.3
18.3
27.2
27.2
EPS Basic and Diluted (cents)
31.0
(9.7)
(0.7)
34.3
2.6
EPADS Basic and Diluted (cents)
310.4
(96.5)
(7.2)
343.2
25.5
Consolidated statements of operations summary
21
Notes: (1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only (2) Audited financial information 2010A – 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 data

22. Consolidated statements of financial position summary
Nota:
(1) Figures converted to USD September end of the period spot exchange rate $13.4541, 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 2010A – 2013A
Source: Company data
22
MXN millions unless otherwise stated (5)
2012A
2013A
September 2014A
September 2014A (1)
(USD millions)
Cash and cash equivalents
822
2,451
1,814
135
Current guarantee deposits
238
499
651
48
Other current assets
755
1,050
900
67
Total current assets
1,815
4,000
3,365
250
Rotable spare parts, furniture and equipment, net
1,195
1,341
1,992
148
Non-current guarantee deposits
2,245
2,603
2,881
214
Other non-current assets
447
434
463
34
Total assets
5,702
8,378
8,701
647
Unearned transportation revenue
1,259
1,393
1,495
111
Short-term financial debt
527
268
271
20
Other short-term liabilities
1,936
2,211
2,256
168
Total short-term liabilities
3,722
3,872
4,022
299
Long-term financial debt
633
294
621
46
Other long-term liabilities
272
250
211
16
Total liabilities
4,627
4,416
4,854
361
Total equity
1,075
3,962
3,847
286
Total liabilities and equity
5,702
8,378
8,701
647
Net debt (2)
338
(1,889)
(992)
(69)
Adjusted debt (3)
14,360
15,874
18,073
1,343
Adjusted net debt (4)
13,538
13,423
16,259
1,208

23. Consolidated statements of cash flows summary
Notes: (1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only (2) Audited financial information 2010A - 2013A Source: Company data
23
MXN millions unless otherwise stated (2)
2012A
2013A
September
September
3Q 2014
3Q 2014
YTD 2014A
YTD 2014A (1)
(USD millions)
(USD millions)
Cash flow from operating activities
Income (loss) before income tax
207
283
(116)
(9)
474
35
Depreciation and amortization
211
302
205
15
87
6
Guarantee deposits
(311)
(620)
(430)
(32)
(215)
(16)
Unearned transportation revenue
433
135
101
8
(445)
(33)
Changes in working capital and provisions
(43)
(61)
104
8
57
4
Net cash flows provided by (used in) operating activities
497
39
(136)
(10)
(42)
(3)
Cash flow from investing activities
Acquisitions of rotable spare parts, furniture, equipment and intangible assets
(856)
(1,161)
(1,090)
(81)
(370)
(27)
Proceeds from disposals of rotable spare parts, furniture and equipment
1,043
849
277
21
-
-
Net cash flows (used in) provided by investing activities
187
(312)
(813)
(60)
(370)
(27)
Cash flow from financing activities
Legal costs incurred on behalf of shareholders
-
-
-
-
-
-
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)
(16)
(1)
(5)
-
Other financing costs
-
-
(7)
-
(4)
-
Payments of financial debt
(694)
(1,084)
(268)
(20)
-
-
Proceeds from financial debt
550
444
571
42
106
8
Net cash flows (used in) provided by financing activities
(272)
1,861
280
21
96
7
Increase (decrease) in cash and cash equivalents
412
1,588
(669)
(50)
(316)
(23)
Net foreign exchange differences
(31)
41
32
2
42
3
Cash and cash equivalents at beginning of period
441
822
2,451
182
2,088
155
Cash and cash equivalents at end of period
822
2,451
1,814
135
1,814
135

24. Adj. EBITDA and Adj. EBITDAR reconciliation
Notes:
(1) Figures converted to USD September end of the period spot exchange rate $13.4541, for convenience purposes only
(2) Audited financial information 2010A - 2013A
Source: Company data
24
MXN millions unless otherwise stated (2)
2012A
2013A
September YTD 2014A
September YTD 2014A (1)
3Q 2014
3Q 2014
(USD millions)
(USD millions)
Net income (loss)
203
265
(98)
(7)
347
26
Plus (minus):
Finance costs
90
126
23
2
9
1
Finance income
(14)
(25)
(17)
(1)
(7)
(0)
(Benefit)/provision for income taxes
3
17
(18)
(1)
127
9
Depreciation and amortization
211
302
205
15
87
6
Business alliance amortization
-
-
-
-
-
-
EBITDA
494
685
95
7
563
42
Exchange (gain) loss, net
95
(66)
(112)
(8)
(116)
(9)
Other financing cost (income), net
-
-
-
-
-
-
Adjusted EBITDA
589
619
(17)
(1)
447
33
Aircraft and engine rent expense
1,886
2,187
1,860
138
637
47
Adjusted EBITDAR
2,475
2,806
1,842
137
1,085
81