Corp prez may 2018 ii

Volaris: The Leading ULCC Airline
Serving Mexico, USA and Central
America
May 2018

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.
2

Volaris: snapshot at 30,000 feet
(1) Converted to USD at an average period exchange rate
Serving 67 destinations throughout Mexico (40), USA (23) 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% +1.5 pp.
3

Volaris’ flight path for demand stimulation and
continued growth
4

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
Strong penetration of Mexican air
travel market
Diversified and resilient point-to-point
network
Bus to air substitution
Successful price unbundling
Proven ancillary revenue modelProven ancillary revenue model
Sustained profitability with strong
balance sheet
Continue geographic diversification
through international growth and
Codeshare (1)
Continue geographic diversification
through international growth and
Codeshare (1)
Attractive emerging air travel market in
Mexico
Attractive emerging air travel market in
Mexico
Flexible fleet plan and utilization;
capacity management
Flexible fleet plan and utilization;
capacity management
Continue cost reductionsContinue cost reductions
Continue route frequency increaseContinue route frequency increase
Upside in ancillary revenueUpside in ancillary revenue
5

Volaris has a best-in-class unit cost structure
(1) Public information for 1Q 2018
(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 (1Q 2018 (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
- 1Q 2018 average 13.2 block
hours per day
Continued cost
improvement potential
CASM ex-fuel
CASM
7

• 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) Airlines public information. For purposes of the presentation Allegiant and Wizz Airlines public information is as of 4Q 2017.
(2) Financial information converted to USD using an average exchange rate for the period only for purposes of the presentation.
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
(1Q 2018 (1), as % of total operating revenue)(2)
Non-ticket
revenue per
pax (USD)
8
$25 $50 $25 $55

Note: Excludes routes and stations announced to start operations
Network enhancement: connecting the dots and
diversifying further
1Q 2018 Volaris diversified its network by starting operations in 5 routes and 1 station
New International
New Domestic
New Volaris Costa Rica
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.
9
New routes
Domestic International
Los Angeles - 2
Cancun - 1
Washington - 1
New York -- 1
New stations
DOM USA
Central
America
-
Washington
D.C.
-

…supporting strong capacity growth
Joining existing airports
Additional frequencies
New airports
Total ASM growth
April 2018 capacity growth contribution
Our network is well positioned for diversified
growth
=
+
+
Volaris Costa Rica
+
+
( 0.1% )
3.4%
0.0%
5.6%
2.3%
10

Main industry growth drivers
• Strong demand and
increasing middle class
• LCC gaining market through
low fares
45.3% LCC share(1)
• High improvement potential:
-Domestic air trips per
capita in Mexico 0.37 vs.
Chile 0.63
4.2x GDP multiplier in recent
years
In recent years, Mexico’s volume growth has been
robust despite challenging economic
environment
(1) Considers Volaris and VivaAerobus domestic market share as of April 2018
(2) Values according to INEGI´s new methodology
Source: DGAC-SCT, INEGI and Banco de México
Mexico passenger market volume has increased since 2011
Passenger volume (millions)
12
8.3% 8.3% 8.3% 12.3% 10.4% 8.6%
4.0% 1.4% 2.1% 2.5% 2.3% 2.3%
2.1 5.8 4.0 4.9 4.5 3.7
Yoy growth
GDP growth (2)
GDP multiplier

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
13

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 4.8(1) years; new
generation aircraft
• Productive network with high
utilization
- Around 20 new routes per year
- Avg. 13.2 block hours/day in
1Q 2018
• High and healthy load factors
84.5%% during April 2018
• 27.9% domestic passengers
market share as of April 2018.(2)
During 2017, Volaris was the source of 26% of the growth among Mexican carriers
(1) Data as of March 2018
(2) Source: DGAC
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%
14

(1) Minimum stage length of 170 miles
(2) Growth potentital figures calculated as of March 2018
(3) Minimum stage length of 400 miles; CAM stands for Central America; SAM stands for South America
(4) Source: BTS, ANAC, JAC, Aerocivil, MTC, DGAC and IMF April 2018 estimates
Note: 46% of domestic market growth attributable to Volaris from 2006-2017
2.26
0.25 0.25 0.24 0.13 0.25
2.62
0.44
0.63
0.25 0.37 0.37
United States Brazil Chile Colombia Peru Mexico
2007
2017
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. 124
routes (2)
Number of routes (1) Number of routes (3)
In terms of air trips per capita Mexico has plenty potential to grow
2017 air trips per capita (domestic)(4)
0
10
20
30
40
50
48% growth
33M potential additional passengers at Chile’s level
15

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
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
90
2012 2017
16
2012 2017
55
Domestic
International

Volaris Obtains Foreign Air Carrier Permit in
the U.S. for its Costa Rican Operations
“Through OD” flights for example:
-Los Angeles International Airport to El Salvador
International Airport and to La Aurora International Airport
-John F. Kennedy International Airport to El Salvador
International Airport
- Washington Dulles International Airport to El Salvador
International Airport
• 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
• 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 marketsCentral America key insights
486K total passengers since
the beginning of operations in CAM;
however represents 2.3%(1) of total ASMS
Source: World Bank, ALTA, MI-DIIO, CEPAL Infare, Banco Central de Costa Rica.
(1) As of April 2018
17

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 (1)
(1) Subject to authorization from the corresponding authorities 18

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)
20

(1) Airlines public information for Full year 2017
High growth and solid financial performance
Revenue CAGR 2011 – 2017 (1)
Revenues Adj. EBITDAR
1Q18 LTM Adj. EBITDAR margin
21

Source: Airlines public information for 1Q 2018, Non-USD data converted to USD using an end of period exchange rate for the period
(1) Excluding supplemental and contingent rent for adjusted debt
Strong balance sheet and liquidity, well funded
for continued growth
Adj. net debt / EBITDAR 1Q 2018
Liquidity-cash and equivalents as a % of LTM as of March 2018 Op. Revenue
• Unrestricted cash of $7.3 billion pesos
(US$ 399 million) as of March 31st, 2018.
• Net cash position of $3.9 billion pesos
(US$ 212 million) as of March 31st , 2018.
• Adjusted net debt to EBITDAR of 4.8x (1)
as of March 2018.
• Fully financed pre-delivery payments for
deliveries up to 2021.
• Expected 2018 net CAPEX (US $110 to
$150 million):
-PDPs: from US $50 to $70 million, net of
PDP reimbursements (includes 1 A/c
deliveries)
-Major maintenance: from US $50 to $60
million
-Other: from US $10 to $20 million
22
(1)

(1) Approximate percentage of gallons hedged
Fuel Price Protection Program
Period Total % hedged(1)
Avg. price (gal/USD$) Instrument
2Q18 60% $1.74 Asian Call
24

(1) 2017 figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only
(2) 1Q 2017 figures converted to USD at March end of the period spot exchange rate $18.81 for convenience purposes only
Consolidated statements of operations summary
MXN millions unless otherwise
stated (3) 2017 2017(1) 1Q 2017 1Q 2017 (2) 1Q 2018 1Q 2018 (3)
% of total
operating
revenues
(USD millions) (USD millions) (USD millions)
Passenger revenues:
Fares revenues 17,791 901 4,025 214 3,886 212 66.4
Other passenger revenues 5,858 297 1,382 73 1,648 90 28.2
Non-passenger revenues:
Cargo 171 9 41 2 49 3 0.8
Other non-passenger revenues 968 49 251 13 2,069 15 4.6
Total operating revenues 24,788 1,256 5,699 302 5,850 319 100
Other operating income (97) (5) (1) - (1) - -
Fuel 7,256 368 1,892 101 2,175 119 37.2
Aircraft and engine rent
expenses 6,073 308 1,699 90 1,596 87 27.3
Landing, take off and navigation
expenses 4,010 203 1,035 55 1,125 61 19.2
Salaries and benefits 2,824 143 696 37 746 41 12.8
Sales, marketing and distribution
expenses 1,692 86 358 19 357 19 6.1
Maintenance expenses 1,433 73 351 19 351 19 6
Other operating expenses 1,088 55 269 14 274 15 4.7
Depreciation and amortization 549 28 128 7 132 7 2.3
Total operating expenses 24,827 1,258 6,428 342 6,757 368 115.5
EBIT (39) (2) (729) (39) (906) (49) (15.5)
Operating margin (%) (0.02) (0.02) (12.8) (12.8) (15.5) (15.5)
EBITDAR 6,583 334 1,098 58 822 45 14.1
EBITDAR margin (%) 26.5 26.5 19.3 19.3 14 14
Finance income 106 5 21 1 34 2 0.6
Finance cost (86) (4) (21) (1) (34) (2) (0.6)
Exchange loss, net (794) (40) (1,145) (61) (691) (38) (11.9)
Income tax benefit 161 8 556 30 479 26 8.2
Net loss (652) (33) (1,318) (70) (1,118) (61) (19.1)
Net margin (%) (2.6) (2.6) (23.1) (23.1) (19.11) (19.11)
EPS Basic & Diluted (MXN) (0.64) (0.03) (1.30) (0.07) (1.11) (0.06)
EPADS Basic & Diluted (MXN) (6.44) (0.33) (13.02) (0.69) (11.05) (0.60)
25

(1) Net debt = financial debt - cash and cash equivalents
(2) Adjusted debt = (LTM aircraft rent expense x 7) + financial debt (3) Adjusted net debt = adjusted debt - cash and cash equivalents
(4) 2017 figures converted to USD at December end of the period spot exchange rate $19.74 respectively, for convenience purposes only
(5) 1Q 2017 figures converted to USD at March end of period spot exchange rate $18.81 respectively, for convenience purposes only
(6) 1Q 2018 figures converted to USD at March end of the period spot exchange rate $18.34 respectively, for convenience purposes only
Consolidated statements of financial position
summary
MXN millions unless otherwise
stated (5) 2017 2017 (4) 1Q 2017 1Q 2017 (5) 1Q 2018 1Q 2018 (6)
(USD
millions)
(USD
millions)
(USD
millions)
Cash and cash equivalents 6,951 352 6,839 364 7,317 399
Current guarantee deposits 1,353 69 1,067 57 1,176 64
Other current assets 3,009 152 3,039 161 3,264 178
Total current assets 11,313 573 10,945 582 11,757 641
Rotable spare parts, furniture and
equipment, net
4,376 222 2,751 146 4,567 249
Non-current guarantee deposits 6,098 309 5,992 319 5,627 307
Other non-current assets 879 45 1,010 54 890 48
Total assets 22,666 1,149 9,753 519 22,841 1,245
Unearned transportation revenue 2,162 110 2,987 159 3,300 180
Short-term financial debt 2,404 122 1,150 61 2,542 139
Other short-term liabilities 4,807 244 4,938 262 5,587 304
Total short-term liabilities 9,372 475 9,075 482 11,429 623
Long-term financial debt 1,079 55 885 47 881 48
Other long-term liabilities 2,052 104 1,516 81 1,581 86
Total liabilities 12,503 634 11,476 610 13,891 757
Total equity 10,163 515 9,222 490 8,950 488
Total liabilities and equity 22,666 1,149 20,698 1,100 22,841 1,245
Net debt (1) (3,468) (175) (4,804) 255 (3,894) (212)
X
Adjusted debt (2) 45,994 2,074 44,525 2,367 45,206 2,465
Adjusted net debt (3) 39,043 1,722 37,686 2,004 37,889 2,066
26

Consolidated statements of cash flows summary
(1) 2017 figures converted to USD at December end of the period spot exchange rate $19.74 for convenience purposes only
MXN millions unless otherwise stated (3) 2017 2017 (1) 1Q 2017 1Q 2017 (2) 1Q 2018 1Q 2018(3)
(USD
millions)
(USD
millions)
(USD
millions)
Cash flow from operating activities
Income before income tax (813) (41) (1,873) (100) (1,597) (87)
Depreciation and amortization 549 28 128 7 132 7
Guarantee deposits 57 3 380 20 525 29
Unearned transportation revenue 65 3 791 42 1,007 55
Changes in working capital and provisions 1,127 57 1,043 55 1,026 56
Net cash flows provided by operating activities 986 50 469 25 1,093 60
Cash flow from investing activities
Acquisitions of rotable spare parts, furniture, equipment and
intangible assets
(2,653) (134) (443) (24) (313) (17)
Pre-delivery payments reimbursements 214 11 - - - -
Proceeds from disposals of rotable spare parts, furniture
and equipment
178 9 101 5 - -
Net cash flows used in investing activities (2,260) (115) (342) (18) (313) (17)
Cash flow from financing activities
Treasury shares purchase (10) (1) - - - -
Proceeds from exercised stock options 1 - - - 1 -
Interest paid (105) (5) (20) (1) (31) (2)
Other finance costs - - - - (17) (1)
Payments of financial debt (925) (47) (287) (15) - -
Proceeds from financial debt 2,438 123 481 26 112 6
Net cash flows provided by financing activities 1,398 71 174 9 65 4
Increase in cash and cash equivalents 124 6 300 16 844 46
Net foreign exchange differences (244) (12) (533) (28) (478) (26)
Cash and cash equivalents at beginning of period 7,071 358 7,071 376 6,951 379
Cash and cash equivalents at end of period 6,951 352 6,839 364 7,317 399
27

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