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The Leading Ultra-Low-Cost Airline Serving 
Mexico and the US 
October 2014
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 
i bj t t h 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. 
2
Third quarter 2014 highlights and recent developments 
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 
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 
Cost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost 
producer in the Americas 
Strong balance sheet and liquidity: Cash of 14% of LTM revenues and 
net debt negative (or net cash position) of Ps.922 billion, well funded for 
future growth 
3 
Notes: 
(1) Figure calculated at an average exchange rate corresponding for the period, $13.1114
Volaris – Mexico’s largest Ultra-Low-Cost Carrier 
Lowest unit cost carrier in the Americas(1) 
2008 2013 CAGR 
U it t 
Volaris’ destinations 
Portland 
Sacramento 
San Francisco/Oakland 
Fresno 
Los Angeles 
San Jose 
San Diego 
Las Vegas 
Ontario LTM Int. Pax 
Me icali 
Chicago/Midway/O’Hare 
Denver 
Unit cost 
(CASM ex-fuel; 
cents, USD)(2) 
5.5 5.5 0.0% 
Passenger 
demand 3.2 9.0 +23.0% 
Ph i 
Revenue 27% 
Reno 
g 
Tijuana 
Mexicali 
Ciudad Juárez 
Hermosillo Orlando 
Chihuahua 
Monterrey 
Los Mochis 
(RPMs, bn) 
Aircraft 
(End of Period) 21 44 +15.9% 
Passengers 
% 
Phoenix 
Ciudad Obregón 
San Antonio 
LTM Dom. Pax 
Revenue73% 
Fort Lauderdale (Miami) 
Cancún 
La Paz 
Los Cabos 
Culiacán 
Mérida 
Tampico 
Puebla 
Toluca 
Tepic 
Zacatecas 
Mazatlán 
Guadalajara 
Aguascalientes 
Puerto Vallarta 
U 
Colima 
Morelia 
León 
Querétaro 
Cd. de México/D.F. 
(mm)(3) 3.5 8.9 +20.5% 
Operating revenue 
(mm, USD)(2) 397 1,018 +20.7% 
Adj San Luis Potosí 
Veracruz Villahermosa 
Tuxtla Gutiérrez 
Uruapan 
Acapulco 
Oaxaca 
Adj. EBITDAR 
(mm. USD)(2) 67 220 +26.8% 
Adj. ROIC (pre-tax) 
11.0% 15.1% +4.1pp Domestic market share (4) 
Tapachula 
Huatulco 
12 2% 
20.7% 22.7% 23.5% 
Notes: 
(1) Based on CASM among the publicly-traded airlines 
(2) Converted to USD at average annual exchange rate 
(3) Corresponds to the number of booked passengers 
(4) Based on number of passengers 
Source: Company data, SCT-DGAC 
4 
12.2% 
2008 2012 2013 Aug YTD 
2014
Volaris’ low base fares stimulate demand and drive 
continuing growth 
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 
Stimulation 
of 
demand 
Lower base 
fares 
Resilient ULCC business 
model driving high, 
fi bl h 
More 
ancillary 
revenue 
Lower cost profitable growth 
More capacity 
5
Volaris’ ULCC business model is clearly differentiated from legacies, 
hybrids and other LCCs 
Aeromexico Interjet VivaAerobus Volaris 
CASM 3Q14   ?  
(cents, USD)(1) 14.0 14.2 - 8.9 
Low ticket prices 3Q14  ≈   
Average Fare (USD)(1) 171.8 104.5 - 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 13.6(3) 9.1(3) 9.9(3) 12.5 
Other/ eg. (No GDS)  ≈   
Legacy <Hybrid/LCC < ULCC 
Notes; 
(1) Figures 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 
(3) Estimated information as of August 2014. Narrow body aircraft only. 
Source: Company data, data airlines public information, DGAC reports, MI DIIO 
6
Volaris has a best-in-class unit cost structure 
Lowest unit cost in the Americas(1) 
CASM and CASM ex-fuel (September YTD 2014, USD cents)(3) 
1 4 15.1 
10 6 
15.4 
13.9 13.6 
10.7 
13.3 
5.3 
4 8 
4.5 
10.0 
10.6 
8.9 
3.5 
4.8 
5.6 4.7 
4.1 4.5 4.0 
5.4 
10.1 
9.1 
8.0 8.5 
6.6 6.0 6.0 
10.6 
LatAm (4) Aeromexico Gol (4) Interjet Copa (4) Allegiant Spirit DCOMPS 
Denotes fuel 
cost per ASM 
Latin American Carriers US Network 
Carriers(2) Best-In-Class 
US LCCs 
p S 
7 
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 
(4) Figures calculated as of June YTD 2014 
Source: Company data, Airlines public information
Focus on fleet utilization and efficiency drives higher 
revenue and lower cost 
Load factor 
(Sept YTD 2014) 
Implied passengers 
High density configuration(3) 
Volaris A320 per aircraft(1) 
174 seats per aircraft 
82% 
80% 
143 
128 
p 
Aeromexico 737-800 
160 seats per aircraft 
Interjet A320 
Aeromexico 
Interjet 72% 108 
Young, fuel efficient fleet (3) 
150 seats per aircraft 
High daily utilization(3) 
Block hours per day (September YTD 2014) (2) Average age (Yrs, September YTD 2014) 
10.3 
9.4 
6.0 
12.4 11.8 
8.7 8.8 8.1 
4.3 
(4) (4) (4) (4) (4) 
Aeromexico Interjet Global Mexican Aeromexico Interjet 
A320 
Global 
A319 
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) Block hours and fleet average age updated as per DGAC report as of June 2014 
Source: Company data, airlines public information, DGAC, Airbus, miDiio 
8 
average
Bus passenger shift to air travel 
Significant upside for air travel Air travel time and cost savings 
Total air travel trips Mexico City – Tijuana 
Travel time ( Hrs) Fare ( USD)(2,3) 
(mm) 
Total bus trips 
(mm) 
) ) 
145 
40.5 
36 5 h l 24% t i 
2,781 
36.5 hours less cost savings 
110 
2,706 
4.0 
60 
30 
75 
Bus Air Bus (1) 
• 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 
30 
2013 
International 
Domestic 
2013 
Executive & luxury 
First, economy 
and 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 for convenience purposes only 
Source: Company data, Secretaría de Comunicaciones y Transportes (SCT) 
y 
9 
other
Unbundled strategy: “Tú decides” – You decide 
Pre-flight(1) Flight 
planning 
At the 
airport 
Onboard 
aircraft Post-flight 
• Excess 
baggage 
• Checked 
bag • V-Club 
subscription 
(94k active 
suscriptions) 
• Advertising 
• Food and 
beverage 
• Hotel 
rooms 
• Car rentals 
• Seat 
assignment 
• Change / 
booking limited 
to 1 piece 
(25kgs.) 
• Carry-on 
(oversized) 
• Co-branded 
credit cards 
(80k active 
cardholders) 
• Airport 
shuttle 
fees 
• Insurance 
• Packages 
Additional • Strollers 
• Priority 
boarding 
• Manage my 
booking 
• VEmpresa 
•forms 
of payment 
• Check-in 
Notes: 
(1) V-Club & Co-branded credit cards figures as of September 30th,2014 10
Acceleration of Volaris’ non-ticket revenues 
Increased contribution of non-ticket revenue to the top line 
2009 – 2013 CAGR: +57.6% 
enue 
1) 
148 
181 
(USD mm)(1 
Non-ticket reve 
24 39 
68 
115 
2009 2010 2011 2012 2013 LTM Sep 14 
Non-ticket revenue per passenger 
B ti l USLCC 
Contribution 
to Operating 
Revenue 
7% 7% 9% 13% 14% 18% 
Volaris (USD)(1) 
Best-in class US LCCs 
(3Q14, USD) 
2009 – 2013 CAGR: +24.0% 45 
54 
All i t S i it 
7.0 8.9 11.4 
15.5 16.5 19.0 
2009 2010 2011 2012 2013 LTM S 14 
Notes: 
(1) Non-USD data converted to the corresponding average period exchange rate , for convenience purposes only 
Source: Company data, Airlines public information 
11 
Sep Allegiant Spirit
Attractive growth opportunities in Mexico and 
throughout the Americas 
99 
Domestic – growth potential of nearly 160 
routes (4) 
International – growth potential of about 154 
routes (4) 
Number of routes(1) Number of routes(2) 
48 48 
41 40 
50 
45 
40 38 
100 
90 
80 
35 
30 
25 
20 
48 
70 
60 
50 
40 
13 
15 
10 
5 
32 
30 
20 
10 
0 
0 
USA (Leisure) USA (VFR) CAM, SAM, 
Canada, 
Caribbean 
(3) 
R t Routes served d G Growth th t ti potential 
l 
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 
12
Substantial growth opportunity in the US-Mexico VFR / 
leisure travel market 
San 
Francisco 
0.7mm Denver 
Sacramento 0.5mm 
0 3 
Chicago 
1.5mm 
Bakersfield 
0.4mm 
New York 
0 5mm 
Portland 
0.2mm 
San Jose 
0.4mm 
0.3mm 
Fresno 
0.5mm Las Vegas 
0.4mm 
Phoenix 
Albuquerque 
0.2mm 
San Antonio 
Dallas 
1.5mm Atlanta 
0.3mm 
Washington 
0.1mm 
0.5mm 
Philadelphia 
0.1mm 
Orlando 
0 1mm 
Los Angeles 
4.6mm 
San 
1.2mm 
Tucson 
0.3mm El Paso 
0.6mm 
0.9mm 
Austin 
0.4mm 
Houston 
1.5mm 
Mission 
0.1mm 
San 
Diego 
0.9mm 
Bernardino 
1.7mm 
0 6 
0.6mm Tampa 
San Benito 
0.3mm 
0.1mm 
Miami 
0.1mm 
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 
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 
13
Positive expansion, managing capacity and diversification of 
routes 
Solid expansion for Volaris 
Volaris flown domestic routes Volaris flown international routes 
More than 2x More than 1.5x 
17 
23 26 28 
50 
78 89 
Dec '11 Dec '12 Dec '13 Sep '14 
A competition( 1) 
39 Dec '11 Dec '12 Dec '13 Sep '14 
significant portion of our capacity faces no ) 
Percentage of Volaris’ 4Q14 domestic capacity competing with: 
68% 
54% 
34% 
20% 
Aeromexico Interjet Vivaaerobus Non-competed 
Notes: 
(1) Capacity measured by ASM’s 
Source: Data company, SCT-DGAC, DIIO MI 14
Fleet and financials 
15
A higher density fleet generates more incremental capacity 
with fewer additional aircraft 
Projected fleet under current contracts (number of aircraft)(1) 
18% 
29% 47% 
59 
55 
3 
2 2 
9 14 
23 
50 
44 
24 23 22 
19 
20 18 17 12 
FY13 FY14 FY15 FY16 
A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets % % of year‐end fleet 
w/Sharklets 
Seat growth 7% 13% 14% 
Backlog of 64 Aircraft to support growth(2) 
Notes: 
(1) Net fleet after additions and returns 
(2) Figure calculated as of the end of September 2014 
Source: Company data 
g pp g 
16
Solid financial performance 
Operating revenues(1) Adj. EBITDAR(1) 
714 
887 
1,018 1,013 
1,200 
1,000 
188 
220 
250 
200 178 
374 
536 
800 
600 
400 
200 
0 
(USD mm) 
117 
140 
100 
150 
100 
50 
0 
(USD mm) 
2009 2010 2011 2012 2013 LTM 
Sep 14 
2009 2010 2011 2012 2013 LTM 
Sep 14 
Operating Revenues CAGR 2009 - 2013 LTM September 2014 Adj. EBITDAR margin 
28% 
20% 
30% 
20% 
17.5% 
28.9% 
30.0% 
20.0% 18.1% 17.8% 
14% 
10% 
10% 10.0% 
0% 
Copa GOL LATAM 
Note: 
(1) Figures converted to USD at an average exchange rate corresponding for the period, for convenience purposes only 
(2) Figures calculated as of June LTM 2014 
Source: Company data, airlines public information 
17 
0.0% 
Copa(2) Gol(2) AM
Solid balance sheet and liquidity, well funded for growth 
LTM Liquidity – Cash and Equivalents / Op. 
Revenue 
• 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 
32.4% 
28.7% 
• Strong cash position 
• USD $135mm of cash and 
equivalents as of September 2014 13.7% 
• Fully financed pre-delivery payments and 
executed sale-leasebacks for all 
deliveries in 2015 and 2016 
8.2% 7.7% 
Copa(2) Gol (2) LatAm(2) AM 
Note: 
(1) Principal + interest debt 
(2) Figures calculated as of 1H 2014 
Source: Company data, Airlines public information 18
Appendix 
19
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
% Consolidated statements of operations summary 
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A 
September 
YTD 2014A 
September 
YTD 2014A (1) 
of total 
operating 
revenues 
(USD 
millions) 
Passenger 6,278 8,036 10,177 11,117 8,163 607 81.0 
Non-ticket 499 842 1,510 1,885 1,915 142 19.0 
Total operating revenues 6,777 8,878 11,687 13,002 10,078 749 100 
Fuel 2,146 3,823 4,730 5,086 4,088 304 40.6 
Aircraft and engines rent expense 1,197 1,508 1,886 2,187 1,860 138 18.5 
Salaries and benefits 852 1,120 1,303 1,563 1,174 87 11.6 
Landing, take off and navigation expenses 868 1,282 1,640 1,924 1,577 117 15.7 
Sales, marketing and distribution expenses 615 750 752 704 590 44 5.9 
Maintenance expenses 276 380 499 572 473 35 4.7 
Other operating expense 255 285 288 347 333 25 3.3 
Depreciation and amortization 57 103 211 302 205 15 2.0 
Total operating expenses 6,266 9,251 11,309 12,685 10,301 766 102.2 
6 
EBIT 511 (373) 378 317 (222) (17) (2.2) 
Operating margin (%) 7.5 (4.2) 3.2 2.4 (2.2) (2.2) 
Finance income 5 6 14 25 17 1 0.2 
Finance cost (56) (58) (90) (126) (23) (2) (0.2) 
Exchange (loss) gain, net (56) 110 (95) 66 112 8 1.1 
Income tax benefit (expense) 239 0 (3) (17) 18 1 0.2 
Net income (loss) 643 (315) 203 265 (98) (7) (1.0) 
Net margin (%) 9.5 (3.6) 1.7 2.0 (1.0) (1.0) 
Net income (loss) excluding special items (3) 643 (315) 203 379 (98) (7) (1.0) 
Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137 18.3 
Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 18.3 18.3 
EPS Basic and Diluted (cents) 31.0 (9.7) (0.7) 
EPADS Basic and Diluted (cents) 310.4 (96.5) (7.2) 
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
Consolidated statements of financial position summary 
MXN millions unless otherwise stated (5) 2010A 2011A 2012A 2013A 
September 
2014A 
September 
2014A (1) 
(USD millions) 
Cash and cash equivalents 677 441 822 2,451 1,814 135 
Current guarantee deposits 330 170 238 499 651 48 
Other current assets 390 520 755 1,050 900 67 
Total current assets 1,397 1,131 1,815 4,000 3,365 250 
Rotable spare parts, furniture and 
equipment, net 921 1,517 1,195 1,341 1,992 148 
Non-current guarantee deposits 1,041 2,002 2,245 2,603 2,881 214 
Other non-current assets 342 412 447 434 463 34 
Total assets 3,701 5,062 5,702 8,378 8,701 647 
Unearned transportation revenue 505 825 1,259 1,393 1,495 111 
Short-term financial debt 251 687 527 268 271 20 
Other short-term liabilities 1,171 1,667 1,936 2,211 2,256 168 
Total short-term liabilities 1,927 3,179 3,722 3,872 4,022 299 
Long-term financial debt 384 725 633 294 621 46 
Other long-term liabilities 164 298 272 250 211 16 
Total liabilities 2,475 4,202 4,627 4,416 4,854 361 
Total equity 1,226 860 1,075 3,962 3,847 286 
Total liabilities and equity 3,701 5,062 5,702 8,378 8,701 647 
Net debt (2) (42) 971 338 (1,889) (992) (69) 
Adjusted debt (3) 9,014 11,969 14,360 15,874 18,073 1,343 
Adjusted net debt (4) 8,337 11,528 13,538 13,423 16,259 1,208 
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
Consolidated statements of cash flows summary 
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September September 
YTD 2014A 
YTD 2014A (1) 
(USD millions) 
Cash flow from operating activities 
Income (loss) before income tax 404 (315) 207 283 (116) (9) 
Depreciation and amortization 62 103 211 302 205 15 
Guarantee deposits (316) (801) (311) (620) (430) (32) 
Unearned transportation revenue 207 321 433 135 101 8 
Changes in working capital and provisions 182 544 (43) (61) 104 8 
Net cash flows provided by (used in) operating 
activities 539 (148) 497 39 (136) (10) 
Cash flow from investing activities 
Acquisitions of rotable spare parts, furniture, equipment (321) (1 21 ) 1,215) (8 6) 856) (1 161) 1,161) (1 090) 1,090) (81) 
and intangible assets 
Proceeds from disposals of rotable spare parts, furniture 
and equipment 
- 587 1,043 849 277 21 
Net cash flows (used in) provided by investing 
activities (321) (628) 187 (312) (813) (60) 
Cash flow from financing activities 
Legal costs incurred on behalf of shareholders (76) - - - - - 
Net proceeds from initial public offering - - - 2,578 - - 
Transaction costs on issue of shares - - - (38) - - 
Proceeds from exercised treasury shares - - - 26 - - 
Interest paid (60) (55) (127) (65) (16) (1) 
Other financing costs - - - - (7) - 
Payments of financial debt - (261) (694) (1,084) (268) (20) 
Proceeds from financial debt 46 879 550 444 571 42 
Net cash flows (used in) provided by financing 
activities (90) 562 (272) 1,861 280 21 
Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 (669) (50) 
Net foreign exchange differences (25) (22) (31) 41 32 2 
Cash and cash equivalents at beginning of period 575 677 441 822 2,451 182 
Cash and cash equivalents at end of period 677 441 822 2,451 1,814 135 
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
Adj. EBITDA and Adj. EBITDAR reconciliation 
MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September 
YTD 2014A 
September 
YTD 2014A (1) 
(USD millions) 
Net income (loss) 643 (315) 203 265 (98) (7) 
Plus (minus): 
Finance costs 52 58 90 126 23 2 
Finance income (5) (6) (14) (25) (17) (1) 
(Benefit)/provision for income taxes (239) 0 3 17 (18) (1) 
Depreciation and amortization 57 103 211 302 205 15 
Business alliance amortization 5 - - - - - 
EBITDA 513 (160) 494 685 95 7 
Exchange (gain) loss, net 56 (110) 95 (66) (112) (8) 
Other financing cost (income), net 3 - - - - - 
Adjusted EBITDA 573 (270) 589 619 (17) (1) 
Aircraft and engine rent expense 1,197 1,508 1,886 2,187 1,860 138 
Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137 
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

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141030 volaris corporate presentation - october 2014

  • 1. The Leading Ultra-Low-Cost Airline Serving Mexico and the US October 2014
  • 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 i bj t t h 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. 2
  • 3. Third quarter 2014 highlights and recent developments 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 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 Cost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost producer in the Americas Strong balance sheet and liquidity: Cash of 14% of LTM revenues and net debt negative (or net cash position) of Ps.922 billion, well funded for future growth 3 Notes: (1) Figure calculated at an average exchange rate corresponding for the period, $13.1114
  • 4. Volaris – Mexico’s largest Ultra-Low-Cost Carrier Lowest unit cost carrier in the Americas(1) 2008 2013 CAGR U it t Volaris’ destinations Portland Sacramento San Francisco/Oakland Fresno Los Angeles San Jose San Diego Las Vegas Ontario LTM Int. Pax Me icali Chicago/Midway/O’Hare Denver Unit cost (CASM ex-fuel; cents, USD)(2) 5.5 5.5 0.0% Passenger demand 3.2 9.0 +23.0% Ph i Revenue 27% Reno g Tijuana Mexicali Ciudad Juárez Hermosillo Orlando Chihuahua Monterrey Los Mochis (RPMs, bn) Aircraft (End of Period) 21 44 +15.9% Passengers % Phoenix Ciudad Obregón San Antonio LTM Dom. Pax Revenue73% Fort Lauderdale (Miami) Cancún La Paz Los Cabos Culiacán Mérida Tampico Puebla Toluca Tepic Zacatecas Mazatlán Guadalajara Aguascalientes Puerto Vallarta U Colima Morelia León Querétaro Cd. de México/D.F. (mm)(3) 3.5 8.9 +20.5% Operating revenue (mm, USD)(2) 397 1,018 +20.7% Adj San Luis Potosí Veracruz Villahermosa Tuxtla Gutiérrez Uruapan Acapulco Oaxaca Adj. EBITDAR (mm. USD)(2) 67 220 +26.8% Adj. ROIC (pre-tax) 11.0% 15.1% +4.1pp Domestic market share (4) Tapachula Huatulco 12 2% 20.7% 22.7% 23.5% Notes: (1) Based on CASM among the publicly-traded airlines (2) Converted to USD at average annual exchange rate (3) Corresponds to the number of booked passengers (4) Based on number of passengers Source: Company data, SCT-DGAC 4 12.2% 2008 2012 2013 Aug YTD 2014
  • 5. Volaris’ low base fares stimulate demand and drive continuing growth 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 Stimulation of demand Lower base fares Resilient ULCC business model driving high, fi bl h More ancillary revenue Lower cost profitable growth More capacity 5
  • 6. Volaris’ ULCC business model is clearly differentiated from legacies, hybrids and other LCCs Aeromexico Interjet VivaAerobus Volaris CASM 3Q14   ?  (cents, USD)(1) 14.0 14.2 - 8.9 Low ticket prices 3Q14  ≈   Average Fare (USD)(1) 171.8 104.5 - 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 13.6(3) 9.1(3) 9.9(3) 12.5 Other/ eg. (No GDS)  ≈   Legacy <Hybrid/LCC < ULCC Notes; (1) Figures 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 (3) Estimated information as of August 2014. Narrow body aircraft only. Source: Company data, data airlines public information, DGAC reports, MI DIIO 6
  • 7. Volaris has a best-in-class unit cost structure Lowest unit cost in the Americas(1) CASM and CASM ex-fuel (September YTD 2014, USD cents)(3) 1 4 15.1 10 6 15.4 13.9 13.6 10.7 13.3 5.3 4 8 4.5 10.0 10.6 8.9 3.5 4.8 5.6 4.7 4.1 4.5 4.0 5.4 10.1 9.1 8.0 8.5 6.6 6.0 6.0 10.6 LatAm (4) Aeromexico Gol (4) Interjet Copa (4) Allegiant Spirit DCOMPS Denotes fuel cost per ASM Latin American Carriers US Network Carriers(2) Best-In-Class US LCCs p S 7 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 (4) Figures calculated as of June YTD 2014 Source: Company data, Airlines public information
  • 8. Focus on fleet utilization and efficiency drives higher revenue and lower cost Load factor (Sept YTD 2014) Implied passengers High density configuration(3) Volaris A320 per aircraft(1) 174 seats per aircraft 82% 80% 143 128 p Aeromexico 737-800 160 seats per aircraft Interjet A320 Aeromexico Interjet 72% 108 Young, fuel efficient fleet (3) 150 seats per aircraft High daily utilization(3) Block hours per day (September YTD 2014) (2) Average age (Yrs, September YTD 2014) 10.3 9.4 6.0 12.4 11.8 8.7 8.8 8.1 4.3 (4) (4) (4) (4) (4) Aeromexico Interjet Global Mexican Aeromexico Interjet A320 Global A319 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) Block hours and fleet average age updated as per DGAC report as of June 2014 Source: Company data, airlines public information, DGAC, Airbus, miDiio 8 average
  • 9. Bus passenger shift to air travel Significant upside for air travel Air travel time and cost savings Total air travel trips Mexico City – Tijuana Travel time ( Hrs) Fare ( USD)(2,3) (mm) Total bus trips (mm) ) ) 145 40.5 36 5 h l 24% t i 2,781 36.5 hours less cost savings 110 2,706 4.0 60 30 75 Bus Air Bus (1) • 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 30 2013 International Domestic 2013 Executive & luxury First, economy and 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 for convenience purposes only Source: Company data, Secretaría de Comunicaciones y Transportes (SCT) y 9 other
  • 10. Unbundled strategy: “Tú decides” – You decide Pre-flight(1) Flight planning At the airport Onboard aircraft Post-flight • Excess baggage • Checked bag • V-Club subscription (94k active suscriptions) • Advertising • Food and beverage • Hotel rooms • Car rentals • Seat assignment • Change / booking limited to 1 piece (25kgs.) • Carry-on (oversized) • Co-branded credit cards (80k active cardholders) • Airport shuttle fees • Insurance • Packages Additional • Strollers • Priority boarding • Manage my booking • VEmpresa •forms of payment • Check-in Notes: (1) V-Club & Co-branded credit cards figures as of September 30th,2014 10
  • 11. Acceleration of Volaris’ non-ticket revenues Increased contribution of non-ticket revenue to the top line 2009 – 2013 CAGR: +57.6% enue 1) 148 181 (USD mm)(1 Non-ticket reve 24 39 68 115 2009 2010 2011 2012 2013 LTM Sep 14 Non-ticket revenue per passenger B ti l USLCC Contribution to Operating Revenue 7% 7% 9% 13% 14% 18% Volaris (USD)(1) Best-in class US LCCs (3Q14, USD) 2009 – 2013 CAGR: +24.0% 45 54 All i t S i it 7.0 8.9 11.4 15.5 16.5 19.0 2009 2010 2011 2012 2013 LTM S 14 Notes: (1) Non-USD data converted to the corresponding average period exchange rate , for convenience purposes only Source: Company data, Airlines public information 11 Sep Allegiant Spirit
  • 12. Attractive growth opportunities in Mexico and throughout the Americas 99 Domestic – growth potential of nearly 160 routes (4) International – growth potential of about 154 routes (4) Number of routes(1) Number of routes(2) 48 48 41 40 50 45 40 38 100 90 80 35 30 25 20 48 70 60 50 40 13 15 10 5 32 30 20 10 0 0 USA (Leisure) USA (VFR) CAM, SAM, Canada, Caribbean (3) R t Routes served d G Growth th t ti potential l 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 12
  • 13. Substantial growth opportunity in the US-Mexico VFR / leisure travel market San Francisco 0.7mm Denver Sacramento 0.5mm 0 3 Chicago 1.5mm Bakersfield 0.4mm New York 0 5mm Portland 0.2mm San Jose 0.4mm 0.3mm Fresno 0.5mm Las Vegas 0.4mm Phoenix Albuquerque 0.2mm San Antonio Dallas 1.5mm Atlanta 0.3mm Washington 0.1mm 0.5mm Philadelphia 0.1mm Orlando 0 1mm Los Angeles 4.6mm San 1.2mm Tucson 0.3mm El Paso 0.6mm 0.9mm Austin 0.4mm Houston 1.5mm Mission 0.1mm San Diego 0.9mm Bernardino 1.7mm 0 6 0.6mm Tampa San Benito 0.3mm 0.1mm Miami 0.1mm 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 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 13
  • 14. Positive expansion, managing capacity and diversification of routes Solid expansion for Volaris Volaris flown domestic routes Volaris flown international routes More than 2x More than 1.5x 17 23 26 28 50 78 89 Dec '11 Dec '12 Dec '13 Sep '14 A competition( 1) 39 Dec '11 Dec '12 Dec '13 Sep '14 significant portion of our capacity faces no ) Percentage of Volaris’ 4Q14 domestic capacity competing with: 68% 54% 34% 20% Aeromexico Interjet Vivaaerobus Non-competed Notes: (1) Capacity measured by ASM’s Source: Data company, SCT-DGAC, DIIO MI 14
  • 16. A higher density fleet generates more incremental capacity with fewer additional aircraft Projected fleet under current contracts (number of aircraft)(1) 18% 29% 47% 59 55 3 2 2 9 14 23 50 44 24 23 22 19 20 18 17 12 FY13 FY14 FY15 FY16 A319 A320 A320 w/Sharklets A320 NEO w/Sharklets A321 w/Sharklets % % of year‐end fleet w/Sharklets Seat growth 7% 13% 14% Backlog of 64 Aircraft to support growth(2) Notes: (1) Net fleet after additions and returns (2) Figure calculated as of the end of September 2014 Source: Company data g pp g 16
  • 17. Solid financial performance Operating revenues(1) Adj. EBITDAR(1) 714 887 1,018 1,013 1,200 1,000 188 220 250 200 178 374 536 800 600 400 200 0 (USD mm) 117 140 100 150 100 50 0 (USD mm) 2009 2010 2011 2012 2013 LTM Sep 14 2009 2010 2011 2012 2013 LTM Sep 14 Operating Revenues CAGR 2009 - 2013 LTM September 2014 Adj. EBITDAR margin 28% 20% 30% 20% 17.5% 28.9% 30.0% 20.0% 18.1% 17.8% 14% 10% 10% 10.0% 0% Copa GOL LATAM Note: (1) Figures converted to USD at an average exchange rate corresponding for the period, for convenience purposes only (2) Figures calculated as of June LTM 2014 Source: Company data, airlines public information 17 0.0% Copa(2) Gol(2) AM
  • 18. Solid balance sheet and liquidity, well funded for growth LTM Liquidity – Cash and Equivalents / Op. Revenue • 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 32.4% 28.7% • Strong cash position • USD $135mm of cash and equivalents as of September 2014 13.7% • Fully financed pre-delivery payments and executed sale-leasebacks for all deliveries in 2015 and 2016 8.2% 7.7% Copa(2) Gol (2) LatAm(2) AM Note: (1) Principal + interest debt (2) Figures calculated as of 1H 2014 Source: Company data, Airlines public information 18
  • 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. % Consolidated statements of operations summary MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September YTD 2014A September YTD 2014A (1) of total operating revenues (USD millions) Passenger 6,278 8,036 10,177 11,117 8,163 607 81.0 Non-ticket 499 842 1,510 1,885 1,915 142 19.0 Total operating revenues 6,777 8,878 11,687 13,002 10,078 749 100 Fuel 2,146 3,823 4,730 5,086 4,088 304 40.6 Aircraft and engines rent expense 1,197 1,508 1,886 2,187 1,860 138 18.5 Salaries and benefits 852 1,120 1,303 1,563 1,174 87 11.6 Landing, take off and navigation expenses 868 1,282 1,640 1,924 1,577 117 15.7 Sales, marketing and distribution expenses 615 750 752 704 590 44 5.9 Maintenance expenses 276 380 499 572 473 35 4.7 Other operating expense 255 285 288 347 333 25 3.3 Depreciation and amortization 57 103 211 302 205 15 2.0 Total operating expenses 6,266 9,251 11,309 12,685 10,301 766 102.2 6 EBIT 511 (373) 378 317 (222) (17) (2.2) Operating margin (%) 7.5 (4.2) 3.2 2.4 (2.2) (2.2) Finance income 5 6 14 25 17 1 0.2 Finance cost (56) (58) (90) (126) (23) (2) (0.2) Exchange (loss) gain, net (56) 110 (95) 66 112 8 1.1 Income tax benefit (expense) 239 0 (3) (17) 18 1 0.2 Net income (loss) 643 (315) 203 265 (98) (7) (1.0) Net margin (%) 9.5 (3.6) 1.7 2.0 (1.0) (1.0) Net income (loss) excluding special items (3) 643 (315) 203 379 (98) (7) (1.0) Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137 18.3 Adj. EBITDAR margin (%) 26.1 13.9 21.2 21.6 18.3 18.3 EPS Basic and Diluted (cents) 31.0 (9.7) (0.7) EPADS Basic and Diluted (cents) 310.4 (96.5) (7.2) 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 MXN millions unless otherwise stated (5) 2010A 2011A 2012A 2013A September 2014A September 2014A (1) (USD millions) Cash and cash equivalents 677 441 822 2,451 1,814 135 Current guarantee deposits 330 170 238 499 651 48 Other current assets 390 520 755 1,050 900 67 Total current assets 1,397 1,131 1,815 4,000 3,365 250 Rotable spare parts, furniture and equipment, net 921 1,517 1,195 1,341 1,992 148 Non-current guarantee deposits 1,041 2,002 2,245 2,603 2,881 214 Other non-current assets 342 412 447 434 463 34 Total assets 3,701 5,062 5,702 8,378 8,701 647 Unearned transportation revenue 505 825 1,259 1,393 1,495 111 Short-term financial debt 251 687 527 268 271 20 Other short-term liabilities 1,171 1,667 1,936 2,211 2,256 168 Total short-term liabilities 1,927 3,179 3,722 3,872 4,022 299 Long-term financial debt 384 725 633 294 621 46 Other long-term liabilities 164 298 272 250 211 16 Total liabilities 2,475 4,202 4,627 4,416 4,854 361 Total equity 1,226 860 1,075 3,962 3,847 286 Total liabilities and equity 3,701 5,062 5,702 8,378 8,701 647 Net debt (2) (42) 971 338 (1,889) (992) (69) Adjusted debt (3) 9,014 11,969 14,360 15,874 18,073 1,343 Adjusted net debt (4) 8,337 11,528 13,538 13,423 16,259 1,208 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
  • 23. Consolidated statements of cash flows summary MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September September YTD 2014A YTD 2014A (1) (USD millions) Cash flow from operating activities Income (loss) before income tax 404 (315) 207 283 (116) (9) Depreciation and amortization 62 103 211 302 205 15 Guarantee deposits (316) (801) (311) (620) (430) (32) Unearned transportation revenue 207 321 433 135 101 8 Changes in working capital and provisions 182 544 (43) (61) 104 8 Net cash flows provided by (used in) operating activities 539 (148) 497 39 (136) (10) Cash flow from investing activities Acquisitions of rotable spare parts, furniture, equipment (321) (1 21 ) 1,215) (8 6) 856) (1 161) 1,161) (1 090) 1,090) (81) and intangible assets Proceeds from disposals of rotable spare parts, furniture and equipment - 587 1,043 849 277 21 Net cash flows (used in) provided by investing activities (321) (628) 187 (312) (813) (60) Cash flow from financing activities Legal costs incurred on behalf of shareholders (76) - - - - - Net proceeds from initial public offering - - - 2,578 - - Transaction costs on issue of shares - - - (38) - - Proceeds from exercised treasury shares - - - 26 - - Interest paid (60) (55) (127) (65) (16) (1) Other financing costs - - - - (7) - Payments of financial debt - (261) (694) (1,084) (268) (20) Proceeds from financial debt 46 879 550 444 571 42 Net cash flows (used in) provided by financing activities (90) 562 (272) 1,861 280 21 Increase (decrease) in cash and cash equivalents 128 (213) 412 1,588 (669) (50) Net foreign exchange differences (25) (22) (31) 41 32 2 Cash and cash equivalents at beginning of period 575 677 441 822 2,451 182 Cash and cash equivalents at end of period 677 441 822 2,451 1,814 135 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
  • 24. Adj. EBITDA and Adj. EBITDAR reconciliation MXN millions unless otherwise stated (2) 2010A 2011A 2012A 2013A September YTD 2014A September YTD 2014A (1) (USD millions) Net income (loss) 643 (315) 203 265 (98) (7) Plus (minus): Finance costs 52 58 90 126 23 2 Finance income (5) (6) (14) (25) (17) (1) (Benefit)/provision for income taxes (239) 0 3 17 (18) (1) Depreciation and amortization 57 103 211 302 205 15 Business alliance amortization 5 - - - - - EBITDA 513 (160) 494 685 95 7 Exchange (gain) loss, net 56 (110) 95 (66) (112) (8) Other financing cost (income), net 3 - - - - - Adjusted EBITDA 573 (270) 589 619 (17) (1) Aircraft and engine rent expense 1,197 1,508 1,886 2,187 1,860 138 Adjusted EBITDAR 1,770 1,238 2,475 2,806 1,842 137 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