VIVA AEROBUS COMPANY PRESENTATION SEPTEMBER 2018

VIVA AEROBUS COMPANY PRESENTATION SEPTEMBER 2018

Disclaimer This presentation contains certain statements related to the comprehensive overview Grupo VivaAerobus, S.A. de C.V. Viva" regarding its activities to the present day. The information included in this presentation is a summary of information regarding Viva which is not intended to cover all related information about Viva. The information contained in this presentation has not been included in order to provide specific advice to investors. The statements contained herein reflect the current views of Viva with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause future results, performance or achievements of Viva be different from those expressed or implied by such forward looking statements, including among others, economic or political changes and global business conditions, changes in exchange rates, the overall level of the industry, changes in housing demand, prices of raw materials, etc. If one or more of these risks occur, or should the underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.. Viva does not pretend, nor assume any obligation to update the statements presented below. According to the Ley del Mercado de Valores, only securities registered in the Registro Nacional de Valores and containing prior authorization from the Comisión Nacional Bancaria y de Valores may be a matter of public offering, even if by this date its procedure is still ongoing. Any public offering to be held in the United Mexican States shall comply with the requirements of the Ley del Mercado de Valores, which should include the submission of a prospectus that contains, among other things, a description regarding Viva s financial, administrative, economic, accounting and legal situation, in addition to relevant information about Viva that can contribute to the proper decision-making process of a public investor. This presentation does not substitute the information that needs to be provided in the previous mentioned corresponding prospectus. This presentation does not constitute an offer nor an invitation or solicitation of an offer, to subscribe for or purchase any securities. The contents of this presentation do not constitute any obligation by Viva. This presentation is exclusively for informational purposes. Certain financial ratios herein included may differ from those included in the final prospectus and from the financial information disclosed periodically by Viva due to rounding of numbers.

A decade of Low Costs and Attractive Fares Viva Aerobus strategy of low costs and attractive fares have helped grow annual passengers carried by ~6x. Launched operations in Nov. 2006 with two aircraft with a base of operations in Monterrey Guadalajara became the 2nd operating base ------- Profitable in only 3 rd year of operation despithe the H1N1 Virus epidemic Secured an order for 55 A320s, which was Latin America s largest Airbus narrow-body aircraft order to date ------- Opened the 4th operating base in Cancun Successfully placed 1bn peso Senior Trust Bonds in Mexican market ------- Began services to Tijuana, taking advantage of the new Cross Border Xpress (US/Mexico land bridge) First non-stop international destination from Mexico city to Las Vegas ------- New international route from Guadalajara to Los Angeles Successfully placed 1bn pesos Short Term Bonds in Mexican market ------- Announced the purchase of 25 new Airbus A321neo which adds to the order in 2013. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 1.2m 1.5m 1.6m 2.4m 3.2m 3.8m 4.0m 4.2m 4.8m 6.4m 5 7 8 10 15 17 19 19 21 21 8.2m 24 Carried over 1 million passengers in the 1st year of operations Opened the 3rd operating base at Mexico City International Airport, the largest market in Mexico Took delivery of first Airbus A320 aircraft, starting a new period of cost reduction Broke the 6 million passengers per year mark ------- First NEO delivery Monterrey becomes the largest hub with 27 nonstop routes ------- Second NEO delivery

Viva in a Nutshell 1 2 3 4 5 Lowest cost carrier in the Americas Simplicity and flexibility Maximizing profitability Positioned for sustained growth Experienced Management Team Lowest cost per seat and adj. CASK of any publicly-traded airline in the Americas Ýoungest fleet in Mexico composed of 22 A320CEO y 5 A20NEOs Unique bus-to-air conversion market through a 300+ bus stations network in the country (~8% total sales) 100% A320 fleet / Maximum Seat Density on A320s (186 Pax) Point-to-Point network, focus on high frequency routes, monopoly domestic routes and secondary routes Outsourcing non-core functions (ground handling, call center, heavy aircraft maintenance) High utilization (12.3 BH on 6.4 sectors per day per AC) Unbundling fare strategy Among the world s best in ancillary revenue generation ~45% of total revenues Purchase agreement with Airbus for 80 new aircraft (15 A320CEOs; 24 A320NEOs y 41 A321NEOs); 60 NEOs backlog Established methodologies, processes and systems to execute business plan in the long-term 30.0% sales CAGR (2007-2017); A320 NEOs backlog 2018-2022 ~22% YoY growth Led by a management team with an average of 25 years in the sector Part of IAMSA Corporation, Mexico s leading multimodal transportation provider, offering point-to-point intermodal transportation solutions throughout key passenger hubs via bus, air and rail Ryanair expertise as a founder shareholder (2006-2016), leading pioneer of the ULCC model in the world CASK: Cost per Available Seat Kilometer represents total operating expenses divided by Available Seat Kilometers (ASKs) Source: Secretaria de Comunicaciones y Transportes.

Viva Aerobus at Glance 87 domestic routes 8 international routes 41 cities Interconnected with 300+ bus stations Network multiplied 4x by additional ~100 cities served through IAMSA bus strategic relationship 1H 2018 1H 2017 % Passenger (thousands) 4,526 3,682 22.9% ASKs (mm) 5,465 4,185 30.6% RPKs (mm) 4,895 3,724 31.4% Revenues (mm MXN) 4,198 3,118 34.6% Revenue by Destination Ancillary Revenue International Revenue 4% Domestic Revenue 96% LTM June 2018 Ancillary Revenue 44% Ticket Revenue 58% *Permanent International Routes: Guadalajara Los Angeles, Mexico Las Vegas, Monterrey Houston, Mexico New York RPK: Revenue Passenger Kilometer represents the number of kilometers flown by revenue passengers ASK: Available Seat Kilometer represents aircraft seating capacity multiplied by the number of kilometers the seats are flown

Exceptional Performance Since Launch PASSENGERS (Millions) 9.0 Load Factor (Millions) 90% 1.3 FY 2007 LTM June 2018 70% FY 2007 LTM June 2018 REVENUE (MXN, Millions) 8,657 EBITDAR (MXN, Millions) 2,952 733 FY 2007 LTM June 2018 116 FY 2007 LTM June 2018

1 Highly Attractive Mexican Aviation Market

Domestic Trips per Capita Compelling Growth Opportunity within the Aviation Sector Population Pyramid Growing Middle Class (1) >100 90-99 80-89 70-79 60-69 50-59 40-49 30-39 20-29 10-19 2010 2050E Mexico s potential growth is supported by one of the largest and fastest growing populations in the region 0-9 1,500,000 500,000 500,000 1,500,000 Source: INEGI, Censo poblacional 2010 Working Age Population 1,500,000 500,000 500,000 1,500,000 7% 8% 14% 17% 17% 16% Growth 30% 36% 25% 26% 20% 2010 2025E D / E D+ C C+ AB Source: World Bank, Reporte de desarrollo económico 2016 Latin Domestic Aviation Passenger Market Mexico is relatively underpenetrated 94mm 2.35 2.55 42mm 32mm 15mm 16mm 15mm 6mm 0.33 0.34 0.45 0.70 Brazil México Colombia Argentina Chile Peru Venezuela Source: CAPA, Centre for aviation, reporte cierre dic 2017 México Peru Brasil Colombia Canada USA Source: CAPA, Centre for aviation, reporte cierre dic 2017 1 Classes are segmented in the following way: D/E is the Lower-Low Class, D+ corresponds to the Upper-Low Class, C is the Lower-Middle Class, C+ is the Upper-Middle Class, and AB is comprised of the Upper-Class.

Airline Well Positioned to Benefit from Positive Transportation Outlook with Strong Macro Trends Domestic Air Passenger Growth / GDP Growth PAX growth well above GDP growth driven by ULCC travel options Domestic Air Passenger Growth Crecimiento adicional de pasajeros con incremento en ingresos 5.4x 6.1x 3.4x 5.1x 6.4x 4.8x 3.5x 6.2 x 9.0 x 11.1 x 12.2 x 9.2 x 8.7 x 0.0 x 2012 2013 2014 2015 2016 2017E 2018E 2012 2013 2014 2015 2016 2017 2018E Air Passenger per Year in Mexico (millions) Domestic International 80 73 67 61 57 52 39 36 34 29 31 27 96 90 46 45 25 28 30 33 37 42 45 50 2011 2012 2013 2014 2015 2016 2017 2018E Source: DGAC, Dirección General de Aeronáutica Civil, INEGI.

Potential Bus-to-Air passenger growth is estimated on a total demand of aprox. 300mm Mexico: 3bn bus passengers per year Favorable outlook presents opportunity to convert passengers from bus to air 72% Aprox. 300mm* Strategic relationship with IAMSA provides VivaAerobus unique access to 300mm+ passengers currently in bus journeys over 400kms Ability to target price sensitive customers, offering time and cost savings Transported 1.4mm first time flyers in 2017 25% 667mm 46% travelling distances >400kms 45mm 3% Domestic Bus Passengers Others First Class Econmy Potential Bus-to-Air Conversion Based on Level of Ticket Purchased and Distance Traveled 2017 Mexican Domestic Passenger *Represents approximate numbers of bus journeys of more than 400kms Source: Secretary of Communication and Transportation: Annual Statistics, 2017

2 Ultra-Low Cost Model

Cents, USD Viva Aerobus sets the Bar with the Lowest Costs Note: CASK adjusted to 1,609 km Source: Airline Financial Reports

Mexico s Lowest Costs per Passenger (USD) USD por pax ex-fuel 2017 Volaris Aeromexico Interjet Ryanair Maintenance 2.2 4.6 11.6 8.7 1.2 Rents 10.2 19.6 19.3 12.7 0.7 Staff 5.6 9.1 31.3 7.7 6.1 Depreciation 1.8 1.8 10.7 5.2 4.8 Sales & Mkt* 10.5 21.0 40.6 30.0 17.6 Others 0.1 0.6 (0.1) - - Total 2017 30.4 56.6 113.3 64.4 30.4 Total 2016 35.0 53.7 106.5 61.8 29.9 %> Viva +87% +273% +112% +0% *Includes: sales & marketing,, route charges, airport & handling charges and other operational charges Note: Ryanair is just to compare with the best in the industry Source: Airline Financial Reports

Blocks Hours per Aicraft per day Seats per Aicraft per Day Sectors per Aircraft day Leading Aircraft Utilization among the ULCC s Aircraft Utilization, Block Hours, Sectors and Seats per Aircraft per Day Full year 2017 1,218 1,163 581 838 818 6.5 815 941 1,018 1,012 891 670 6.5 591 784 4.7 703 13.0 4.1 5.3 4.5 Jet Blue Spirit Volaris Southwest Ryanair EasyJet Interjet Source: Company Reports

Low Cost Operation No frills & simple terminals minimize use of expensive airport services such as jet bridges, baggage screening, etc. Configured low cost facilities in airports such as Monterrey, Guadalajara, Cancun, Mexico City, and Tijuana (2019E) Focused on getting the best airport incentive deal: Airport and passenger costs (e.g. landing fees and passenger facility charge) Marketing campaigns funded by governments and airports to promote routes Educating passengers to absorb part of traditional airline task: boarding pass printing, baggage weight and size pre-check Outsource non-core functions such as heavy maintenance, ground handling, call center, on call line maintenance, baggage screening revision, aircraft cleaning services, etc. Source: Company Management and Company filings

3 Profitable Model Low Fares + Ancillary Revenue

Viva Aerobus: Total Average Fare of $50 USD and Base Fare of $28 USD lowest fare between it s peers Ancillary Base Fare Fuente: Informes financieros de aerolíneas

Mexico s Lowest Fares per Passenger (USD) Poner los datos H2 2018 Montse Ortega USD 2017 Total Rev. per Pax Change vs 2016 % > Viva Base Fare per Pax Change vs 2016 % > Viva $50-5.2% $28-9.7% Volaris $80-4.6% +62% $57-9.7% +105% Interjet $91 +5.4% +84% $82 +3.8% +193% Grupo AM $157 +7.4% +218% $134 +2.9% +379% Avg Competitor $110 +121% $91 +226% Ryanair* $61-2.3% +24% $44-5.0% +59% *Ryanair is just to compare with the best in the industry Note: Total Revenue per passenger includes Base Fare + Ancillaries Source: Airline Financial Reports

Amongst the world s best in Ancillary Revenue Global USA México Source: Airline Financial Reports

4 Competitive Advantages

Viva Aerobus Is the Easy Choice for Bus Travelers Unique distribution system in Mexico tapping bus consumers in over 300 bus stations and connecting those passengers to airports. Bus Terminal With Viva Aerobus Sales Shuttle from Airport to Bus Station Shuttle from Bus Station to Airport Co-Branded Bus Station Operated by IAMSA Unique Strategic Relationship Access to 260 million IAMSA customers Only airline with ability to sell to bus travelers in over 300 bus stations in Mexico Multi-Modal offering of bus and air travel adds 100 additional destinations Access to market knowledge of Mexico s largest bus group with 80 years of experience IAMSA sourced more than half a million passengers for Viva Aerobus in 2017 Main Benefits of Viaja Facil Reduce cultural/purchasing barriers by selling in location where bus customers purchase Recommendation from bus sales agents 50% price discount on ground portion of multi-modal journey Lower total trip cost reduced with Viva Aerobus shuttles to and from airport

*Based on LTM as of June 30, 2018. Based on lowest fare quoted on August 09 2018 for travel on or before September 09 2018. Viva Aerobus offers lower fares than other airlines and comparable bus service while saving the bus traveler many hours per trip. Viva Aerobus vs. the Competition Lower Base Fares than Local Competitors (MXN) $978 $999 Ciudad de Mexico Monterrey In average, Viva is 22% lower $1,205 $1,214 $1,589 Cancun Ciudad de Mexico Juarez Ciudad de Mexico (MXN) (MXN) (MXN) $1,229 In average, Viva is 35% lower $1,387 $1,619 $2,049 $2,491 $1,218 Tampico Villahermosa 38% lower 10% lower $1,967 $928 $1,029 Much Faster than Ground Transportation Air 1:30hr Ground 11:09hr Air 2:20hr 2 Largest routes in Mexico; represent 17.2% of total traffic* Ground 27:50hr Air 3:20hr Ground 24:00hr Air 1:20hr Ground 16:40hr

Low Distribution and Payment Costs Ticket Sales by Booking Channel/Payment Method Highlights of Low Cost Booking Channels Jan-Jun 2018 Groups y Charters Viva Tiendas & Airports IAMSA Call Center OTAs* & Agencies 4.30% 4.90% 5.30% 5.90% 14.40% Debit Card Cash 13.20% 25.20% Website Desktop & Mobile Lowest distribution cost and ease of use for tech savvy smartphone and tablet users IAMSA Low cost, direct access to bus travelers through 300 bus stations OTAs Newest channel started in April 2015 Other channels Specific partnerships targeted at package travel market, groups and other segments. Highlights of Low Cost Payment Channels The payment channels reflect the dynamics of the Mexican consumer. Viva Aerobus collects a large percentage of its payments in cash Web y Viva App 65.30% Credit Card 61.60% Convenience store provides convenient and low cost cash acceptance with over 16,000 locations across Mexico Cash payments can also be sent through one of Mexico s largest retail banks, with more than 1,600 branches All commissions are transferred to the passenger through the booking fee Credit cards are accepted but come with a booking fee. Credit card charge backs are less than industry standard Booking Channel Payment Method *OTA: Online Travel Agencies Expedia, Travel Fusion, Despegar, etc. Note: Ticket sales and payments options represent sales during the 6 months ended June 2018.

Viva Aerobus has consistently gained market share in recent years Annual Volume per Airline Domestic Market (Millions Segment Passengers) Growth Source: DGAC

Strong network growth focused on different markets Growth in Seat Production 2017 vs. 2018 +17,0% 9.4% 10.814 2.8% 866 3.7% 1.1% 102 262 9.246 339 2017 Mature + Charter Routes 2016 Routes 2017 Routes 2018 2018 Source: Intern Analysis.

Managing Fleet Transition Effectively Highlights In 2013 we signed a 55 A320 order book with Airbus (with an additional 40 optionality) In 2018, we exercised previously contracted options with Airbus to buy 25 new A321neo aircrafts. Additionally, we performed the conversion of 16 A320neo units of our original order for A321neo units. With this, we consolidated our total purchase order in 80 aircraft: 15 A320ceo, 24 A320neo and 41 A321neo. Projected Fleet Units (1) 737-300s Used A320s New A320s A321s Total 69 19 21 21 24 5 14 8 6 7 35 31 41 6 14 16 25 34 34 37 38 30 32 7 8 6 1 1 47 10 54 53 16 23 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 37 (1):Delivery Dates established on Airbus Purchase Agreement Projected information may be subject to change for factors beyond our control.

5 Strong Financial Position

Leaders in growth of passengers vs their main competitors Domestic Total At 30 Jun 2018 Volaris Interjet Grupo Aeroméxico Total Fleet 26 (8%) 70 (22%) 84 (27%) 133 (43%) Detail (Average seats) 26 A320 (184 ) 8 A319 (144 ) 50 A320 (176 ) 12 A321 (220 ) 22 SSJ100 ( 93 ) 50 A320 ( 150 ) 12 A321 ( 192 ) 72 Boeing 17 Wide-Body ( 258 ) 55 Narrow-Body ( 140 ) 61 Embraer 13 E-170 ( 76 ) 48 E-190 ( 99 ) Interjet and Grupo AM report only passengers transported Source: DGAC; Financial reports of each airline

achieved through the lowest costs & competitive fares Cost per Available Seat Kilometer - Adjusted Revenue per Available Seat Kilometer - Adjusted EBIDTDAR & Operating Margin CASK and TRASK adjusted to 1,609 kms (Viva:1,074 kms; Volaris 1,580 kms; Interjet 1,140 kms; Grupo AM 1,411 kms); Source: Financial reports of each airline

while delivering the best margins on a highly competitive industry. Operating Profit Profit Before Taxes 6 Jan-June 2018, MXN / Operating Margin Jan-June 2018, MXN / PBT Margin 5 4 3 Serie 1 Serie 2 Serie 3 2 1 0 Categoría 1 Categoría 2 Categoría 3 Categoría 4 Source: Financial reports of each airline

Solid Balance Sheet Cash Adjusted Net Leverage Net Debt At June 30th 2018, MXN At June 30th 2018 At June 30th 2018, MXN MXN / Source: Financial reports of each airline Adjusted Net Leverage = [Net Debt + (Capitalized Income x 7)] / EBITDAR; Net Debt = Total Debt - Cash

Viva s Virtuous Cycle Increased Sales / Economies of Scale Lowest Cost Structure Lowest Prices More Freq s New Routes Higher Load Factors Network Effects Customers Needs: Low Fares On Time + Destinations + Frequencies Easy to fly Repeating Customers Good Customer Experience Attracting More Customers

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