The document is an investor relations presentation for Aeromexico outlining its market environment, initiatives to build a strong and flexible airline, and strategic initiatives. It notes that Aeromexico is Mexico's only full-service carrier operating a hub in Mexico City with over 80 destinations. It highlights the airline's financial results, cost efficiency, fleet strategy, and risk management practices. It also discusses strategic partnerships with Delta and plans for Mexico City's new airport.

1. INVESTOR RELATIONS PRESENTATION
JANUARY 2017

2. 2
• AEROMEXICO AND THE MARKET ENVIRONMENT
• BUILDING A STRONG AND FLEXIBLE AIRLINE
• STRATEGIC INITIATIVES
CONTENTS

3. AEROMEXICO AND THE MARKET ENVIRONMENT:
MEXICO’S PREMIUM NETWORK CARRIER
• Mexico’s only full service carrier, offering
customers up to a three-class service.
• Operating a hub and spoke network
model with main hub in Mexico City.
• Global Airline. Only Mexican carrier
flying to long-haul markets in Europe,
Asia and South America.
• Over 80 destinations in more than 20
countries, above 610 daily flights.
• 19.7 million passengers transported in
last twelve months.
• Founding member of SkyTeam.
• Enhanced strategic alliance with Delta Air
Lines.
• Coalition Loyalty Program.
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4. AEROMEXICO AND THE MARKET ENVIRONMENT :
RECENT EVENTS 2015-2016
2015 Mar Sep
Issuance of notes
guaranteed by US Ex –IM
Bank (USD $195.8 million,
2.3% structured notes ) .
Aeromexico and
Delta request
authorization for
ATI to
coordinate flying
between Mexico
and the United
States
Grupo Aeromexico
issues $2 billion
MXP through its
CBF's program.
Nov
Delta announces
intention to increase
stake in Aeromexico
to up to 49%.
2016 Apr
COFECE approves
Antitrust Immunity
with Delta subject to
conditions.
May
AM and
Delta accept
COFECE
conditions for
ATI approval.
May
Aug
Delivery of first 787-
9 through JOLCO
agreement.
4
Oct
US-Mexico Open
Skies commences.
DOT approved
Antitrust Immunity
with Delta subject to
conditions
Dec
AM and
Delta accept
DOT
conditions for
ATI approval.

5. Sources:
(1) .Morgan Stanley Research FY 2014.
(2) INEGI
(3) CONAPO
Favorable Demographics
Growing Middle Class (3) Favorable Demographic Trends (4)
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
WomenMen
49mm 70 mm
(2010 – Demographics in Million) (2050 – Demographics in Million)
AEROMEXICO AND THE MARKET ENVIRONMENT:
STRONG AND GROWING
5
Air Traffic Penetration(1)
0.6
0.8
1.4
2.4
Mexico Brazil Europe US
Flights Per Capita for Middle & Upper Class Population
• Positioned to take advantage of burgeoning
Mexican market and ongoing diversification
of Mexican economy.
• Disciplined approach to capacity growth.

6. 6.2
6.7
LTM 14-15 LTM15-16
12.6
13.0
LTM 14-15 LTM15-16
+3.7%
LTM November Domestic Market Share
Source: Traffic Report YTD September 2016 (Passenger Information, includes Charter operations).
Source: DGAC, Statistical Report 2016.
LTM November International Market Share
FY 2016 Domestic Passenger Growth
Millions of Passengers
FY 2016 International Passenger Growth
Millions of Passengers
+7.6%
AEROMEXICO AND THE MARKET ENVIRONMENT :
STRONG AND GROWING
6
Others
31.6%
21.9%
27.3%
13.9%
2.1%
1.3% 1.9%
13.5%
17.7%
13.0%
7.5%7.6%
4.2%
5.3%
31.1%
2015 2016 2015 2016

7. 3,326
4,063
YTD15 YTD16
1,127
1,478
YTD15 YTD16
9.1%
10.2%
YTD15 YTD16
12,419
14,472
YTD15 YTD16
+16.5%
Total Revenues
Operating Profit
Operating Margin
1.1 Pts.
Source: Grupo Aeromexico Quarterly Results YTD September 2016
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EBITDAR
AEROMEXICO AND THE MARKET ENVIRONMENT :
FINANCIAL RESULTS 3Q 2016 (millions of Pesos)
+31.1% +22.2%
3Q15 3Q16
3Q15 3Q16 3Q15 3Q16
3Q15 3Q16

8. Source: Grupo Aeromexico Quarterly Results YTD September 2016
8
AEROMEXICO AND THE MARKET ENVIRONMENT :
FINANCIAL RESULTS YTD SEPTEMBER 2016 (millions of Pesos)
34,377
38,901
YTD15 YTD16
+13.2%
Total Revenues
5.9%
6.4%
YTD15 YTD16
Operating Margin
0.5 Pts.
2,025
2,505
YTD15 YTD16
Operating Profit
+23.7%
8,105
10,051
YTD15 YTD16
+24.0%
EBITDAR

9. • AEROMEXICO AND THE MARKET ENVIRONMENT
• BUILDING A STRONG AND FLEXIBLE AIRLINE
• STRATEGIC INITIATIVES
9
CONTENTS

10. Enhanced international network to connect within Mexico and Mexico with the World.
87
Destinations:
45 domestic and 42
international
7 South America
8Central America & Caribbean
3Asia
20 USA & Canada 4 Europe
10
BUILDING A STRONG AND FLEXIBLE AIRLINE:
ENHANCING CONNECTIVITY
Havana

11. Largest network in a strong and growing Mexican market
11
BUILDING A STRONG AND FLEXIBLE AIRLINE:
ENHANCING CONNECTIVITY

12. Index 2010 Index 2015
Airport Country Index
1 ATL USA 2503
2 ORD USA 2280
3 DFW USA 1940
4 CLT USA 1585
5 IAH USA 1028
6 DTW USA 903
7 CGH Brazil 880
8 DEN USA 877
9 MEX Mexico 826
10 PHX USA 778
Global Latin America
841
528 567
295
423
880
826
635
427
332
CGH MEX GRU BOG BSB
Índice 2010 Índice 2015
AM
Destinations
2016 87
2010 68
Conectivity Index, OAG
76 72
54 53
46 44
Aeromexico (MEX) Copa (PTY) Azul (VCP) Avianca (BOG) TAM (GRU) GOL (GRU)
Connectivity Index per Airline, ANNA
Source: OAG 2016 Connectivity Index (calculated as possible connections / number of destinations served )
ANNA ( Airline Network News Analysis) 2015: (number of destinations served by the airline Hub).
Aeromexico has developed AICM as one of the best global hubs.
12
BUILDING A STRONG AND FLEXIBLE AIRLINE:
ENHANCING CONNECTIVITY

13. 12,159
20,222
5,557
25,263
2005 LTM 2016
Income
Millions of pesos
Passengers
Millions of PAX transported
Diversification of revenue streams to reduce risk
45%
55%
33%
67%
69%
31%
24%
76%
International /
Domestic
13
BUILDING A STRONG AND FLEXIBLE AIRLINE:
REVENUE DIVERSIFICATION
7,317
13,047
2,250
6,654
2005 LTM 20162016 2016

14. Airlines in Americas - CASK Stage Length Adjusted LTM
Low Cost Carriers Full Service Carriers
LATAM, AVIANCA and COPA updated up to LTM September 2016. Information from 2016 Quarterly Financial Reports. Includes profit sharing expense and fuel hedge losses. Adjusted Stage Length @1,000 miles. Exchange Rate:
Considers GAM’s average exchange rate for the period (18.74).
Aeromexico is the most cost efficient full service carrier in the Americas.
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BUILDING A STRONG AND FLEXIBLE AIRLINE:
COST PRODUCTIVITY
9.81
8.49 8.39
7.23
6.81 6.65 6.42 6.20 6.08
5.47
UNITED AAL DELTA AVH LATAM JETBLUE ALASKA COPA SOUTHWEST AM

15. Average Fleet Age
9.6
8.3
14.2
12.2
9.0
12.7
11.6
10.1
11.2
10.0 10.2
Americas
Mean:11.8
Europe
Mean:11.0
Years
Americas Europe
Mexican Industry Aircraft Orders
100
New Boeing
Aircraft Order
10 B787-9
90 B737 MAX
+160 New Aircraft Order
Rest of Domestic
Industry2007 2016
(1) DGAC 2015 for Mexican fleet,
(2) Source for International Airlines: https://www.planespotters.net/airline.
(2) Ascend and public information from each airline. Public orders announced since 2012. Fleet
scheduled to arrive from 2012 through 2025
Up to:
Up to:
Fleet substitution as key element to achieve cost efficiency while
improving passenger experience
15
BUILDING A STRONG AND FLEXIBLE AIRLINE:
FLEET STRATEGY DRIVING EFFICIENCY

16. Fleet type Model 4Q15 4Q16 4Q17E
E-145 18 15 6
E-170/175/190 44 50 54
Regional 62 65 60
737-700 19 19 16
737-800 31 34 38
Narrow Body 50 53 54
B787 9 12 14
B777 4 3 3
Wide Body 13 15 17
Total 125 133 131
Source: Grupo Aeromexico. Fleet. 2016. Estimates. 16
BUILDING A STRONG AND FLEXIBLE AIRLINE:
FLEET STRATEGY DRIVING EFFICIENCY
Aeromexico upgauging strategy will drive 4.5% seats growth by the end of 2017.

17. 0
50
100
150
200
250
300
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
USD
60%
MXN
40%
USD
68%
MXN
32%
• 40%-50% of expected fuel consumption for the next 12
months is hedged with call options and call spreads.
• Fuel surcharges complement Grupo Aeromexico’s hedging
strategy.
• Strike price: $1.75/Gal
Fuel Hedging Strategy
Economic Cycle
Aircraft Staggered Leases
Aircraft
Year
Fleet plan
flexibility
Source: Grupo Aeromexico. Fleet. 2016
Fleet 2017 2018 2019 2020 Total
Regional Total 7 3 3 26 39
Narrow Body Total 4 5 11 1 21
Wide Body Total 0 3 0 0 3
GAM Total 11 11 14 27 63
Reduced risk from
exchange rate
fluctuations.
Exchange Rate Exposure
Revenues
Costs
Reducing exposure to external factors, building flexibility in our fleet plan.
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BUILDING A STRONG AND FLEXIBLE AIRLINE:
RISK MANAGEMENT

18. • Global management team that combines experience of international airlines
• Best crew and customer service teams in the Mexican industry
• Attracting and developing talent
• Safety and security has and will continue to be our top priority
Focus on productivity
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BUILDING A STRONG AND FLEXIBLE AIRLINE:
BEST PEOPLE

19. • AEROMEXICO AND THE MARKET ENVIRONMENT
• BUILDING A STRONG AND FLEXIBLE AIRLINE
• STRATEGIC INITIATIVES
19
CONTENTS

20. Santo Domingo
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STRATEGIC INITIATIVES:
DELTA PARTNERSHIP ENHANCEMENT
AM – DL JOINT VENTURE
• Aeromexico and Delta recently accepted
conditions from the US and Mexican
authorities to commence a profit share
agreement between Mexico and the United
States.
• This will be Mexico’s first transborder
alliance which will allow the carriers to
offer customers a broader network with
increased frequencies and an optimized
schedule.
• Planned to launch during H1 2017
DL TENDER OFFER
• Delta intends to increase equity stake in Grupo Aeromexico to
up to 49% through a cash tender offer.
• This represents the first major investment by a foreign carrier in
a Mexican airline.

21. Website
New website
User-friendly
environment, driving
propensity for online
booking and interaction
with Aeromexico.
App
New check-in kiosks
• Better customer service- 50%
faster check-in, enhanced
passports and visa scanning
functionality
Kiosks
21
Upgrades Seat SelectionNew App
• Personalized, protected access to
facilitate booking and provide
targeted marketing.
Renewed New product
Cobranded Cards
STRATEGIC INITIATIVES:
ANCILLARY REVENUES

22. Strategic opportunity for Mexico
to create and develop the best
global hub in Latin America.
• Designed by award winning architect,
Norman Foster, who was also architect
for Hong Kong and Beijing International
Airports, amongst other globally
recognizable buildings.
• Enhanced processes to optimize
connectivity and promote NAICM as the
hub of a global flagship airline:
Aeroméxico.
22
STRATEGIC INITIATIVES:
NEW MEXICO CITY AIRPORT

23. Source: Grupo Aeromexico
Product Recognition
Mexico & Central America
Leading Airline, 2016.
PAX International
Readership Awards, 2016.
Airline Alliance of the Year,
2016.
Best Airline in Mexico, 2015.
Best Domestic Airline, 2015.
Social Responsibility Initiatives
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STRATEGIC INITIATIVES:
PRODUCT RECOGNITION & CORPORATE RESPONSIBILITY

24. THANK YOU FOR
JOINING US TODAY.
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25. 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”).
Statements in this presentation that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections or
strategies for the future, may be "forward-looking statements" . Such statements include, but are not limited to, statements about future financial and
operating results, the Company’s plans, objectives, estimates, expectations and intentions, and other statements that are not historical facts. These forward-
looking statements are based on the Company’s current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that
may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements.
Investor Relations
Contact Information:
aminvestorrelations@aeromexico.com
Tel (+52) 55 9132 4477
Jonathan Wallden
Sr. VP Financial Planning & Investor Relations
Contact Information:
jwallden@aeromexico.com
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