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

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.

Third quarter 2014 highlights and recent developments 3 Focused on international growth and domestic capacity discipline: 3Q14 Domestic ASMs 3% growth, resulting in yield stabilization. International ASMs growth for the same period was 18%, responding to a stronger fare and demand environment Cost control: 3Q14 CASM (1) at USD 8.9 cents, lowest unit cost producer in the Americas 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). Ramping-up new products and services, while increasing customer acceptance Notes: (1) Converted to USD at an average exchange rate corresponding for the period, $

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 54 destinations throughout Mexico and the US CAGR Unit cost (CASM ex-fuel; cents, USD) (1) % Passenger demand (RPMs, bn) % Aircraft (End of Period) % Passengers (mm) (2) % Operating revenue (mm, USD) (1) 3971, % Adj. EBITDAR (mm. USD) (1) % 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

Volaris’ low base fares stimulate demand and drive sustainable profitable growth Stimulation of demand More ancillary revenue More capacity Lower base fares Resilient ULCC business model driving high, profitable growth Lower cost Since launch, Volaris has stimulated new demand in the Mexican market through an aggressive revenue management strategy 5

Notes; (1)Converted to USD at an average exchange rate corresponding for the period, $ (2)Figures updated as per DGAC report as of June Source: Company data, data airlines public information, DGAC reports, MI DIIO Volaris’ ULCC business model is differentiated from legacies, hybrids and other LCCs AeromexicoInterjetVivaAerobusVolaris CASM 3Q14  (cents, USD) (1) Low ticket prices 3Q14  ≈ Average Fare (USD) (1) Non-ticket rev. exc. Cargo 3Q14  Non-ticket rev. exc. Cargo per pax (USD) (1) Modern Fleet  ≈  Average age fleet (years)9.8 (2) 6.0 (2) 20.6 (2) 4.3 High daily utilization  Block hours per day Other/ eg. (No GDS)  ≈ Legacy < Hybrid/LCC < ULCC 6

Volaris has a the lowest 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, $ Source: Company data, Airlines public information

Young, fuel efficient fleet (3) Interjet Efficiency and high asset utilization drive lower costs and higher revenue 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% Interjet A seats per aircraft Aeromexico seats per aircraft High daily utilization (3) Volaris A seats per aircraft High density configuration (3) Aeromexico Block hours per day (September YTD 2014) (2) Average age (Yrs, September YTD 2014) 8 (4)

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 savingsSignificant upside for air travel Fare (USD) (2,3) Travel time (Hrs) Mexico City – Tijuana (1) Total air travel trips (mm) Total bus trips (mm) 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 Potential opportunity 9 24% cost savings 2,781 2, (1)

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 30 th, New

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% 9%13%14% 2009 – 2013 CAGR: +57.6% 2009 – 2013 CAGR: +24.0% Non-ticket revenue (USD mm) (1) Non-ticket revenue (USD mm) (1) 11 18%

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 Source: Company data and DIIO MI Market Intelligence for the Aviation Industry 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 servedGrowth potential 12

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) Orlando 0.1mm San Francisco 0.7mm San Jose 0.4mm San Diego 0.9mm Denver 0.5mm Sacramento 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

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 Volaris flown domestic routesVolaris flown international routes More than 2xMore than 1.5x

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 growth7%13%14%

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 LTM September 2014 Adj. EBITDAR margin 17

Changes in the landscape New Bilateral – We are focused on VFR & Northbound Leisure; we see increased competition in Business, Southbound Leisure and Hub Connectivity. Even with the current bilateral, in most of our routes up to five competitors could initiate service Immigration Reform – Best positioned to benefit from increased demand. Already looking into non-traditional Mexican-heritage cities (Eastward expansion) New Mexico City Airport – Essential for the Mexican Industry, less so for Volaris. We already lead in 3 of the 4 largest airports in Mexico (TIJ, GDL and CUN) and growing quickly in the fourth (MTY); adding A321s to maximize slot productivity