FIRST QUARTER 2014 RESULTS

FIRST QUARTER 2014 RESULTS Mexico City, April 29, 2014 - Grupo Aeromexico S.A.B de C.V. ( Aeromexico ) (BMV: AEROMEX), the largest airline in Mexico, today reported its unaudited consolidated results for the first quarter 2014. KEY FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER 2014 Grupo Aeromexico reported total revenues of $9.777 billion pesos; a 6.6% year-on-year increase. The cost of available seat kilometers (CASK) excluding fuel decreased 3.6% year-on-year in the first quarter 2014, representing the fifth consecutive quarter with a year-on-year decrease in this indicator. First quarter 2014 EBITDAR reached $1.393 billion pesos, with a 14.2% margin. Operating income was $31 million pesos. Grupo Aeromexico reported a net loss of $90 million pesos in the first quarter 2014, which compares favorably to the net loss of $122 million reported in the first quarter of 2013. Grupo Aeromexico retired two Boeing 737-700 from its fleet, both under a pure lease agreement. Grupo Aeromexico s operating fleet therefore consisted of 115 aircraft as of March 31, 2014. First quarter load factor reached 79.3%; a 5.8 percentage point increase compared to the first quarter of 2013. Investor Relations investor.relations@aeromexico.com.mx Tel. +52 55 9132 4257 Luz Montemayor lmontemayor@aeromexico.com.mx Ricardo Sánchez Baker CFO rsbaker@aeromexico.com.mx Carlos Doormann SVP Financial Analysis cdoormann@aeromexico.com.mx

MANAGEMENT DISCUSSION AND ANALYSIS All figures are expressed in millions of nominal pesos unless otherwise indicated. Grupo Aeromexico s financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). Taking into account the effects of the equity accounting method on key metrics, such as EBITDAR, and on the Company's perceived capacity to generate cash flow, this report includes adjusted EBITDAR. This metric, which is not defined under IFRS, is intended to provide more comprehensive information on Grupo Aeromexico's capacity to generate cash given the existence of mechanisms such as recurrent dividend payments or recurrent capital stock reimbursements from PLM and the MRO. These represent the Group's enhanced capacity to generate cash flow, which is not reflected when reporting these subsidiaries operations using the equity method. 1 During the first quarter of 2014, PLM did not provide capital stock reimbursements. The following information provides an overview of selected consolidated financial and operating results, comparing the Company's unaudited consolidated financial statements for the first quarter 2014 with those of the first quarter 2013. 1 The adjusted EBITDAR metric is based on Grupo Aeromexico's EBITDAR including dividends and/or capital reimbursement generated by the subsidiaries and recognized under the equity method for the referenced period. 2

Item January 1 st through March 31 st 2014 2013 Var 2014 vs 2013 Total ASKs (millions) 8,585 7,653 12.2% Total RPKs (millions) 6,795 5,610 21.1% Load factor on scheduled flights (%) 79.3 73.5 5.8pp Passengers ('000) 4,110 3,435 19.7% On-Time departure performance within 15 minutes (%) 85.0 91.9-6.9pp Total liters of fuel ('000) 320,446 290,413 10.3% Total revenue (millions of pesos) 9,777 9,174 6.6% Yield (pesos) 1.302 1.499-13.1% Total revenue / ASK (pesos) 1.139 1.199-5.0% Total cost / ASK (pesos) 1.135 1.174-3.3% Total cost / ASK (USD) 0.086 0.093-7.5% Total cost / ASK excluding fuel (pesos) 0.733 0.760-3.6% Total cost / ASK excluding fuel (USD) 0.055 0.060-8.3% EBITDAR (millions of pesos)* 1,393 1,417-1.7% EBITDAR margin (percentage of revenue)* 14.2 15.4-1.2pp Adjusted EBITDAR* 1,393 1,926-27.7% Adjusted EBITDAR margin (percentage of revenue)* 14.2 21.0-6.8pp Operating profit (millions of pesos)* 31 188-83.5% Operating margin (percentage of revenue)** 0.3 2.0-1.7pp Consolidated net profit (millions of pesos) -90-122 26.2% Controlling net Interest profit (millions of pesos) -90-122 26.2% Controlling net Interest margin (percentage of revenue) -0.9-1.3 0.4pp Earnings per share (pesos) -0.127-0.171 25.7% Figures may not sum to total due to rounding. * This metric is not defined under IFRS but has been included for reference given its relevance. EBITDAR is defined as earnings before interest, taxes, and depreciation, amortization, and rental costs. The adjusted EBITDAR also includes dividends and/or reimbursement of capital of subsidiaries not consolidated in the financial statements. ** Operating Income before Other Non Operating Income and Expenses. 3

Market Conditions Grupo Aeromexico operated in an environment characterized by the following factors during the first quarter 2014: Weak economic growth. The Mexican economy again showed weak economic growth in the first quarter of 2014. The General Indicator of Economic Activity 2 (IGAE) increased by 0.9% in January 2014, as compared to a 3.2% increase for the same month in 2013. Manufacturing and non-manufacturing indicators published by the Mexican Institute of Financial Executives (IMEF) 3 also reflect limited economic activity compared to previous months. Negative seasonal effects. The January March period is a seasonal period representing the weakest demand in the year for commercial air services. Additionally, the Easter holiday season began in April in 2014, while in 2013 the holiday period began a month earlier, in March. Increased air passenger traffic in Mexican Industry. The Mexican General Directorate of Civil Aviation (DGAC) 4, reported that total air passenger traffic increased 10.9% in the first two months of the year, a figure 6.5pp higher than the 4.4% growth recorded on the first two months of 2013, with a 10.5% increase in domestic air passenger traffic and an 11.2% increase in passenger traveling on international flights. Average exchange rate depreciation. The Mexican peso depreciated 4.6% against the U.S. dollar during the first quarter of 2014, from an average exchange rate of MXP $12.65 per U.S dollar in the first quarter of 2013 to an average exchange rate of MXP$13.24 per U.S. dollar in the first quarter of 2014. At the end of the first quarter, the Mexican Peso had appreciated 0.2% against the U.S. dollar quarter-on-quarter; from MXP $13.09 per dollar at the end of the fourth quarter 2013 to MXP $13.06 per dollar at the end of the first quarter 2014. Slight reduction in Mexican peso-denominated fuel prices. Average US dollar-denominated fuel prices 5 decreased by 5.4% year-over-year in the January through March 2014 period. However, Grupo Aeromexico s price of fuel denominated in Mexican pesos decreased only by 1.2% year-on-year due to said exchange rate depreciation. Revenues First quarter revenues reached $9.777 billion pesos; a 6.6% increase compared to the same period last year. This result was largely due to an increase in passenger revenues, excess baggage and other ancillary revenues, while charter flight revenues decreased in the first quarter. Seats available, measured in Available Seat Kilometers (ASKs), increased by 12.2% in the first quarter of 2014. International ASKs increased by 14.9%, due primarily to the addition of three Boeing 787-8 Dreamliners to Aeromexico s fleet during the fourth quarter of 2013. Domestic ASKs increased by 8.1%. It is important to note that, due to the ongoing weak economic conditions, Grupo Aeromexico has made adjustments to its seat capacity production for the year and has also temporarily delayed the incorporation of some aircraft into the fleet, while the redelivery of aircraft has continued as planned. The Company will continue to benefit from its flexibility by managing its fleet in order to efficiently address changes and fluctuations in economic and market conditions. First quarter passenger revenue reached $8.609 billion pesos; a 6.1% increase, year-on-year. Grupo Aeromexico transported 4 million 110 thousands passengers; a 19.7% increase compared to 2 IGAE March 2014, Source: INEGI. 3 IMEF Newsletter on the Mexican Business Environment (IIEEM) Data as of March 2014. Manufacturing and nonmanufacturing indicators are diffusion indexes which quantify the economic environment based on a survey conducted by the IMEF (with support from INEGI) among its members and affiliated networks. In March, the IMEF manufacturing indicator increased 2.3 points over the previous month and reached 52.7 points. Non-manufacturing IMEF indicator decreased 0.1 points compared to the previous month. 4 Source: DGAC Report on statistics by airline. 5 US Gulf Coast Jet Fuel Spot price FOB. Source: Energy Information Administration. 4

the first quarter of 2013 and the most significant quarterly increase in number of passengers transported since the second quarter of 2011. Passengers on international routes increased by 21.5%, while passengers on domestic routes increased by 18.9%. First quarter 2014 passenger revenue on international flights represented 50.4% of total passenger revenue, while domestic passenger revenues represented 49.6% of total passenger revenues. The Company continued to implement its revenue management strategy focused on optimizing revenues per ASK (RASK), an indicator that reflects both passenger volumes and average airfare pricing. Consistent with this strategy, Aeromexico s yield, an indicator of the average rate in Mexican pesos, decreased by 13.1%, while load factor increased by 5.8 percentage points to 79.3%. Aeromexico s first quarter RASK therefore decreased 5.0%, year-over-year. First quarter cargo revenues totaled $538 million pesos; a 7.8% increase year-on-year, primarily due to the incorporation of B787 aircraft in the Aeromexico fleet, which provides increased load capacity as well as improved performance in the cargo market. The Mexican air cargo market reflected an 8.2% increase in the number of tons carried during the first two months of 2014 compared with the same period of 2013 6. Charter flight revenues reached $120 million pesos for the first quarter of 2014; a 22.6% year-onyear decrease due to an increased capacity allocated to scheduled flights. Other operating revenues 7 reached $510 million pesos; a 25.3% year-on-year increase, primarily due to an increase in ancillary revenues including excess luggage, upgrades, ticketing-related service fees and administrative fees. Operating Expenses First quarter operating expenses, including airplane leases and depreciation and amortization, totaled $9.746 billion pesos; an 8.5% year-on-year increase. Aeromexico s cost containment initiatives resulted in a 3.3% year-on-year decrease in unit cost per ASK (CASK) in Mexican pesos, despite cost pressures related to Mexican peso depreciation. CASK excluding fuel decreased by 3.6%, year-on-year, which represents the fifth consecutive quarter with year-on-year decreases in CASK excluding fuel. U.S.dollar-denominated CASK excluding fuel decreased by 8.3% compared to the first quarter of 2013. CASK Excluding Fuel (Mexican pesos) First quarter total fuel expenses reached $3.455 billion pesos; a 9.0% year-on-year increase. This was primarily due to the 12.2% increase in ASKs, which was partially offset by a 1.2% reduction in peso-denominated fuel prices. 6 Source: DGAC 7 Other revenues includes excess baggage charges and income not directly related to passenger or cargo transportation. 5

Evolution of Annual Fuel Expenses (In millions of pesos) In order to mitigate the risk of fuel price increases, Grupo Aeromexico maintains a hedging policy with call type and call spread options equivalent to approximately 50% of the Company s estimated fuel consumption for the subsequent 12 months. To date, 50% of the Company s estimated fuel consumption for the April 2014 through December 2014 period has been covered through hedging instruments held as underlying Jet Fuel (JF54) with coverage levels starting at US $3 per gallon, hedged up to US $3.40 per gallon. During the quarter, the Company reported a negative impact in the amount of $9 million pesos due to the mark to market of its fuel hedging positions. It is important to note that Grupo Aeromexico uses call type and call spread options in its hedging program, so the maximum loss the Company can report is limited to the value of the premiums paid for said options. Salaries and related costs in the first quarter 2014 decreased by 0.1% year-on-year. This was due to the application of cost initiatives as well as a reduction in extraordinary costs associated in the first quarter of 2013 with crew member training related to the incorporation of aircraft into Grupo Aeromexico s fleet. First quarter maintenance expenses increased by 15.6% year-on-year due to an increase in ASKs and to Mexican peso depreciation against the U.S. dollar. First quarter aircraft, communications and traffic expense costs increased by 15.8% year-on-year primarily due to the 12.2% increase in ASKs and an increase in international segment supply. Sales and administrative expenses increased by 18.4% year-on-year, primarily due to an increase in reservation expenses and ticket offices, a result of an increase in passenger reservations which offset a decrease in administrative expenses. Commissions to travel agencies decreased 7.1%, resulting in 2.5% relative to income. First quarter aircraft lease expenses totaled $972 million pesos; a 9.7% year-on-year increase, due to the Mexican peso depreciation against U.S. dollar and to the incorporation of three B787 aircraft into Aeromexico s fleet. 6

EBITDAR First quarter EBITDAR 8 reached $1.393 billion pesos; a 1.7% year-on-year decrease. EBITDAR Margin reached 14.2%; a 1.2 percentage point year-on-year decrease. The Group's adjusted EBITDAR, defined as EBITDAR plus dividends and/or capital reimbursements received from subsidiaries consolidated under the equity method, reached MXP $1.393 billion with a 14.2% margin, due to the fact that no capital stock reimbursements were paid to Grupo Aeromexico by PLM during the first quarter of 2014. EBITDAR and EBITDAR margin (In millions of pesos and as a percentage of income) Operating Income Quarterly operating income before other income and other non-operating expenses reached $31 million pesos with a 0.3% margin. IFRS regulations do not define the Operating Income metric. However, this indicator has been presented due to its relevance in analyzing the Company s operating performance and to facilitate the reader's understanding of the comparison between reporting periods. 8 EBITDAR: earnings before interest, taxes, depreciation, amortization, and rental costs. 7

Operating Income before (In millions of pesos and as percentage of revenue) Non-operating income and expenses Other first quarter 2014 non-operating net income amounted to $11 million pesos. Net Income Grupo Aeromexico reported a $90 million peso net loss for the first quarter 2014; a decrease in net loss as compared to the $122 million peso net loss reported in the first quarter of 2013. Net financial cost in the first quarter 2014 decreased by 47.5% year-on-year due to a positive impact of $169 million within the Foreign Exchange Item. This was due to the fact that the Company uses U.S. dollar as its functional currency, while the Mexican peso is used for registration and reporting. Comments to the Consolidated Statements of Financial Position and Cash Flow Statement First quarter 2014 net generation of cash resources derived from operating activities reached $184 million pesos. In the quarter, resources in the amount of $573 million pesos were spent on fixed asset investments in Mexican pesos. Aeromexico s cash balance as at March 31, 2014 was $3.520 billion pesos. Majority stockholders equity was $7.992 billion pesos as at March 31, 2014. As at March 31, 2014, Grupo Aeromexico had 713,560,711 common shares outstanding and 241,031,267 treasury shares outstanding. The Company had repurchased 15,856,664 shares as part of its share repurchase program. During the first quarter of 2014, the company repurchased 1,053,403 shares. 8

Fleet Grupo Aeromexico retired two B737-700 aircraft in the first quarter of 2014, both under a pure lease agreement. Grupo Aeromexico s fleet therefore consisted of 115 aircraft as at March 31, 2014. As at March 31, 2014, the average age of Grupo Aeromexico s operating fleet was nine years. Operating Fleet Fleet 1Q13 4Q13 1Q14 B-777 4 4 4 B-787 0 3 3 B-767 7 6 6 B-737-700 28 28 26 B-737-800 17 19 19 Aeromexico 56 60 58 ERJ-145 37 30 30 E-170/175 3 7 7 E-190 19 20 20 Aeromexico Connect 59 57 57 GRUPO AEROMEXICO 115 117 115 9

CONFERENCE CALL DETAILS DATE April 30, 2014 11:00 am ET / 10:00 am Mexico City time SPEAKERS Andrés Conesa Labastida CEO Ricardo Sánchez Baker CFO TELEPHONE NUMBERS Mexico 001 (800) 514 5956 USA (719) 325 2406 International +1 (719) 325 2406 Conference call code: 9136853 10

Analyst Coverage Company Analyst E-mail Actinver Ramón Ortiz Reyes rortiz@actinver.com.mx Deutsche Bank Michael Linenberg michael.linenberg@db.com GBM Bernardo Vélez bvelezdiego@gbm.com.mx Itaú BBA Renato Salomone renato.salomone@itaubba.com Morgan Stanley Eduardo Couto eduardo.couto@morganstanley.com Vector Marco Montañez mmontane@vector.com.mx 11

Consolidated Statement of Comprehensive Income 1Q 2014 (amounts in millions of Mexican pesos) 1Q 2014 1Q 2013 Item 2014 % 2013 % VAR % Revenues 9,777 100.0 9,174 100.0 603 6.6 Domestic Passengers 4,274 43.7 4,212 45.9 62 1.5 International Passengers 4,335 44.3 3,901 42.5 434 11.1 Excess baggage 94 1.0 77 0.8 17 22.1 Air Cargo 538 5.5 499 5.4 39 7.8 Charter flights 120 1.2 155 1.7 (35) (22.6) Other 416 4.3 330 3.6 86 26.1 Operating Expenses 7,544 77.2 6,990 76.2 554 7.9 Salaries and related costs 2,058 21.0 2,061 22.5 (3) (0.1) Aircraft fuel 3,455 35.3 3,169 34.5 286 9.0 Maintenance 526 5.4 455 5.0 71 15.6 Aircraft, communication and traffic services 1,306 13.4 1,128 12.3 178 15.8 Passenger services 199 2.0 177 1.9 22 12.4 Selling and administrative expenses 593 6.1 501 5.5 92 18.4 Travel agent commissions 247 2.5 266 2.7 (19.0) (7.1) TOTAL OPERATING EXPENSES 8,384 85.8 7,757 84.6 627 8.1 E B I T D A R 1,393 14.2 1,417 15.4 (24) (1.7) Aircraft Leasing 972 9.9 886 9.7 86 9.7 E B I T D A 421 4.3 531 5.8 (110) (20.7) Depreciation 390 4.0 343 3.7 47 13.7 TOTAL EXPENSES 9,746 99.7 8,986 98.0 760 8.5 Operating profit (loss) before other income (expenses) 31 0.3 188 2.0 (157) (83.5) Other income (expenses) (11) (0.1) 6 0.1 (17) (283.3) Profit (loss) Before Financial Expenses and Taxes 20 0.2 194 2.1 (174) (89.7) Interest Expense 327 3.3 261 2.8 66 25.3 Foreign exchange profit (loss), net (169) (1.7) (2) (0.0) (167) 8,350.0 Derivate Fair Market Value 9 0.1 59 0.6 (50) (84.7) Comprehensive Financial Results 167 1.7 318 3.5 (151) (47.5) Effects from associated companies 57 0.6 2 0.0 55 - Income before taxes (90) (0.9) (122) (1.3) 32 (26.2) Taxes 0 0.0 0 0.0 0 - Net income (90) (0.9) (122) (1.3) 32 (26.2) Minority Interest 0 0.0 0 0.0 0 - Net Controlling interest gain (loss) (90) (0.9) (122) (1.3) 32 (26.2) 12

Consolidated Statement of Financial Position (amounts in millions of Mexican pesos) As of March 31, 2014 As of December 31, 2013 VAR A s s e t s $ % Cash and cash equivalents 3,030 3,154 (124) -4% Financial assets 490 668 (178) -27% Derivative Financial Instruments 95 75 20 27% Accounts receivable, net 3,013 2,487 526 21% Related parties 266 249 17 7% Prepaid Expenses 1,254 1,052 202 19% Inventories, net 901 936 (35) -4% Total current assets 9,049 8,621 428 5% Net Fixed Assets 14,106 14,241 (135) -1% Others 9,353 9,434 (81) -1% Total Assets 32,508 32,296 212 1% L i a b i l i t i e s Current Liabilities Financial 1,325 1,024 301 29% Operating 11,256 10,963 293 3% Total Current liabilities 12,581 11,987 594 5% Long-term Financial 7,737 7,863 (126) -2% Operating 4,192 4,221 (29) -1% Total Long-term 11,929 12,084 (155) -1% Total liabilities 24,510 24,071 439 2% Non-controlling interest 6 7 (1) -14% Controlling interest 7,992 8,218 (226) -3% Total stockholders' equity 7,998 8,225 (227) -3% Total Liabilities and Shareholders' equity 32,508 32,296 212 1% 13