<SEC-DOCUMENT>0001292814-21-004029.txt : 20211022
<SEC-HEADER>0001292814-21-004029.hdr.sgml : 20211022
<ACCEPTANCE-DATETIME>20211021183714
ACCESSION NUMBER:		0001292814-21-004029
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211022
DATE AS OF CHANGE:		20211021

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
		CENTRAL INDEX KEY:			0001520504
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36059
		FILM NUMBER:		211338204

	BUSINESS ADDRESS:	
		STREET 1:		AV. ANTONIO DOVAL? JAIME NO. 70
		STREET 2:		PISO 13
		CITY:			COL. ZEDEC SANTA FE
		STATE:			O5
		ZIP:			01210
		BUSINESS PHONE:		(52) 55-5261-6400

	MAIL ADDRESS:	
		STREET 1:		AV. ANTONIO DOVAL? JAIME NO. 70
		STREET 2:		PISO 13
		CITY:			COL. ZEDEC SANTA FE
		STATE:			O5
		ZIP:			01210
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vlrs20211018_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>UNITED STATES
SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>Washington,
D.C. 20549</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>FORM 6-K</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>REPORT OF
FOREIGN PRIVATE ISSUER</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>THE SECURITIES
EXCHANGE ACT OF 1934</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>For the
month of October 2021</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>Commission
File Number: 001-36059</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 14pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>Controladora
Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.B. de C.V.</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">(Name of Registrant)</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>Av. Antonio
Doval&iacute; Jaime No. 70, 13 Floor, Tower B</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>Colonia
Zedec Santa Fe</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>United Mexican
States, Mexico City 01210</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>+(52) 55-5261-6400</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">(Address of
Principal Executive Offices)</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">Indicate by
check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F.</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">Form
20-F&nbsp;</font><font style="font-family: Wingdings">x</font><font style="font-family: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;</font><font style="font-family: Wingdings">&uml;</font></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">Yes&nbsp;</font><font style="font-family: Wingdings; font-size: 10pt">&uml;</font>&nbsp;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, serif">No&nbsp;</font><font style="font-family: Wingdings">x</font></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">Yes&nbsp;</font><font style="font-family: Wingdings; font-size: 10pt">&uml;</font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, serif">No&nbsp;</font><font style="font-family: Wingdings">x</font></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">Indicate by
check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">Yes&nbsp;</font><font style="font-family: Wingdings; font-size: 10pt">&uml;</font><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-family: Times New Roman, Times, serif">No&nbsp;</font><font style="font-family: Wingdings">x</font></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0px">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- __________</p>



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<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>SIGNATURES</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant
to the requirements of the Securities Exchange Act of 1934, Controladora Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.B. de C.V.
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman , Times, serif; orphans: 2; text-transform: none; widows: 2; letter-spacing: normal; word-spacing: 0px; width: 100%">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt"><b>Controladora Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.B. de C.V.</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 51%"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">Date: October 21, 2021</font></td>
    <td style="width: 6%"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">By:</font></td>
    <td style="width: 43%"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">/s/ Enrique J. Beltranena Mejicano</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">Name:</font></td>
    <td>Enrique J. Beltranena Mejicano</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>Title:</td>
    <td>President and Chief Executive Officer</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">By:</font></td>
    <td><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">/s/ Jaime E. Pous Fern&aacute;ndez</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman , Times, serif; font-size: 10pt">Name:</font></td>
    <td>Jaime E. Pous Fern&aacute;ndez</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>Title:</td>
    <td>Chief Financial Officer</td></tr>
  </table>
<p style="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, serif; margin: 0; text-indent: 0px">&nbsp;</p>

<p style="color: rgb(0, 0, 0); font: 400 13.33px Times New Roman, Times, serif; margin: 0; text-indent: 0px"></p>

<p style="margin: 0">&nbsp;</p>


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<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-align: center; text-indent: 0px"><b>EXHIBIT
INDEX</b></p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-indent: 0px">The following exhibit is filed
as part of this Form 6-K:</p>

<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-indent: 0px">&nbsp;</p>

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    <td style="text-align: center; border-bottom: black 1pt solid; white-space: nowrap; width: 9%">Exhibit</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 88%">Description</td></tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
  <tr>
    <td style="text-align: center; white-space: nowrap; vertical-align: top"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt"><A HREF="ex99-87.htm">99.87</A></font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt"><A HREF="ex99-87.htm">Third quarter 2021 financial statements and press release dated October 21, 2021</A></font></td></tr>
  </table>
<p style="color: rgb(0, 0, 0); font: 10pt Times New Roman , Times, serif; margin: 0; text-indent: 0px">&nbsp;</p>

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<TYPE>EX-99.87
<SEQUENCE>2
<FILENAME>ex99-87.htm
<DESCRIPTION>EX-99.87
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<P STYLE="text-align: right; font: bold 11pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: #FDFFFF; color: #323131"><B>Exhibit
99.87</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td>
    <td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td>
    <td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr>
  </table>
<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: #FDFFFF; color: #323131"></P>



<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: #FDFFFF; color: #323131">Analyst
coverage</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top; background-color: #9D2782">
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: white"><B>Institution</B></FONT></TD>
    <TD STYLE="width: 52%; padding-right: -0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: white"><B>Principal Analyst</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Bank of America </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Murilo Freiberger</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Banorte-Ixe</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Jos&eacute; Espitia</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Barclays</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Pablo Monsivais</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Bradesco</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Victor Mizusaki</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Citi</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Stephen Trent</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Cowen</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Helane Becker</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Credit Suisse</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Alejandro Zamacona </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Deutsche Bank</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Michael Linenberg</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Evercore</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Duane Pfennigwerth</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Goldman Sachs</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Bruno Amorim</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">HSBC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Cenk Or&ccedil;an</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Intercam</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Alejandra Marcos</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Morgan Stanley</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Joshua Milberg</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">UBS</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Rogerio Araujo</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Signum Research</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Daniel Espejel </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vector</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Marco Antonio Monta&ntilde;ez</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: bold 15pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Annex
- Financial derivate instruments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B><I>1)</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Management&rsquo;s discussion about derivative financial instrument
policies explaining whether these policies allow them to be used only for hedging or other purposes such as trading.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company&acute;s activities
are exposed to different financial risks resulting from exogenous variables that are not under its control, but whose effects can be potentially
adverse. The Company&rsquo;s global risk management program is focused on existing uncertainty in the financial markets and is intended
to minimize potential adverse effects on net earnings and working capital requirements. Volaris uses derivative financial instruments
to mitigate part of these risks and does not acquire financial derivative instruments for speculative or trading purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company has a Risk Management
team which identifies and evaluates the exposure to different financial risks, it is also in charge of designing strategies to mitigate
them. Accordingly, it has a Hedging Policy in place and procedures related thereto, on which those strategies are based. All policies,
procedures and strategies are approved by different administrative entities based on the Corporate Governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Hedging Policy, as well
as its processes are approved by different administrative entities according to the Corporate Governance. The Hedging Policy establishes
that derivative financial instrument transactions will be approved and implemented/monitored by certain committees. Compliance with the
Hedging Policy and its procedures are subject to internal and external audits as well as a Corporate Governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Hedging Policy holds
a conservative position regarding derivative financial instruments, since it only allows the company to enter into positions that are
correlated with the primary position to be hedged (in accordance with International Financial Reporting Standards&nbsp;<I>&ldquo;IFRS&rdquo;</I>,
under which the Company prepares its financial information). The Company&rsquo;s objective is to apply hedge accounting treatment to all
derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Volaris aims to transfer
a portion of market risk to its financial counterparties through the use of derivative financial instruments, described as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 14px; padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 14px; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fuel price fluctuation risk: Volaris&rsquo; contractual agreements with its fuel suppliers are linked to the market price index of the underlying asset; therefore, it is exposed to an increase in such price.&nbsp;Volaris enters into derivative financial instruments to hedge against significant increases in the fuel price. The instruments are traded on over the counter (&ldquo;OTC&rdquo;) markets, with approved counterparties and within limits specified on the Hedging Policy. Asian financial instruments used by the Company, compensate the fluctuations in a more precise way, as the payment takes the average of the price of the underlying asset provided by Volaris' main fuel supplier. As of the date of this report, Volaris does not have fuel derivative financial instruments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14px; padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14px; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Foreign currency risk: The Company's exposure to foreign currency risk in exchange rates is mainly related to its operating activities (that is, when income or expenses are denominated in another currency other than the functional currency of the Company). The majority of this exposure is related to payments and / or denominated in US dollars. As of the date of presentation of this report, Volaris does not have foreign exchange derivative financial instruments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 14px; padding-bottom: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 14px; padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest rate variation risk: The Company&rsquo;s exposure to the risk of changes in market interest rates is related primarily to the Company&rsquo;s debt obligations and operating lease with floating interest rates. The Company enters into derivative financial instruments in order to hedge a portion of such exposure, for which it uses interest rate swaps. These instruments are recognized as hedge accounting within the caption of the primary hedged position. As of the date of this report, the Company holds an interest rate CAP with TIIE 28 as underlying for the Asset Back Trust Notes.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current derivative financial instruments may require
the granting of certain amounts as collateral over the portion of the loss not settled before maturity. The amount of collateral delivered
in pledge, is recorded as part of &ldquo;guarantee deposits&rdquo;. It is assessed reviewed and adjusted accordingly daily based on the
fair value of the derivative financial instrument position.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Trading markets and eligible
counterparties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company only operates
in over the counter (&ldquo;OTC&rdquo;) markets. To minimize counterparty risk, the Company enters into ISDA agreements with counterparties
with recognized financial capacity; therefore, significant risks of default on any of them are not foreseen. As of September 30, 2021, the
Company has 8 ISDAs in place with different financial institutions and no activity was registered during the third quarter 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company only operates
with financial counterparties with which it has an ISDA contract. Those agreements have a Credit Support Annex (&quot;CSA&quot;) section,
which sets credit conditions and guidelines for margin calls that are stipulated therein, including minimum amounts and rounding off.
The contracting of derivative financial instruments is distributed among the different counterparties with the purpose of avoiding that
their exposure falls on a single counterparty and making more efficient the use of the financial conditions of the different CSA, thus
minimizing the potential margin calls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>2)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Generic description of the valuation techniques, distinguishing instruments
that are valued at cost or fair value, as well as valuation methods and techniques.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The designation of calculation
agents is documented at the ISDAs whereby Volaris operates. The Company uses the valuations provided by the financial institutions of
each derivative financial instrument. That fair value is compared with internally developed valuation techniques which use valid and recognized
methodologies through which the fair value of derivative financial instruments is estimated based on the prices and variables quoted in
the market of the assets of reference using Bloomberg as the main source of information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In accordance with International
Financial Reporting Standards (&quot;IFRS&quot;), the Company elaborate its financial statements; Volaris performs prospective effectiveness
tests, as well as hedging records in which derivative financial instruments are classified in accordance with the type of underlying asset
(monitored and updated constantly). As of the date of presentation of this report, all the Company's derivative financial instruments
are considered effective and therefore classified to be recorded under hedge accounting assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>3)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Management discussion on internal and external sources of liquidity
that could be used to meet the requirements related to derivative financial instruments.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0; background-color: white">The
contracting of derivative financial instruments is distributed among the various counterparties with which the Company has signed a CSA,
with the purpose of making the use of financial conditions more efficient; with the above, it manages to avoid that the exposure falls
on a single counterpart. In the same way, different instruments and maturities are used to minimize potential margin calls. If the measures
mentioned before were not sufficient, the Company has internal resources to meet the requirements related to derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt"><B>4)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Explanation of changes in exposure to the main risks identified and
in managing them, as well as contingencies and events known or expected by management that can affect future reports.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B></B></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The activities of the Company are exposed
to different financial risks, among which the risk of fluctuations in the price of fuel, the risk of fluctuations in exchange rates and
the risk of variations in market interest rates stand out. During the third quarter of 2021, there was no evidence of significant changes
that could modify the exposure to the risks described above, a situation that can change in the future.</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>5)</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B><I>Quantitative information</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this report, all the derivative
financial instruments held by the Company qualified as hedge accounting; for this reason, the changes in their fair value will only be
the result of changes in the price levels of the underlying asset, and it will not modify the objective of the hedge for which it was
initially entered for.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>List of accounting policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>b) Basis of preparation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Statement of compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated interim financial statements,
which include the condensed consolidated statements of financial position as of September&nbsp;30, 2021 (unaudited) and December&nbsp;31,
2020 (audited), and the related condensed consolidated statements of operations, comprehensive income, for each of the three and nine
months ended September&nbsp;30, 2021 and 2020 (unaudited), changes in equity and cash flows for each of the nine months ended September&nbsp;30,
2021 and 2020 (unaudited), have been prepared in accordance with International Accounting Standard (&ldquo;IAS&rdquo;) 34 <I>Interim Financial
Reporting</I> and using the same accounting policies applied in preparing the annual financial statements, except as explained below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated unaudited interim financial
statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction
with the Company&rsquo;s annual consolidated financial statements as of December&nbsp;31, 2020 and 2019 (audited).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Items included in the condensed consolidated unaudited
interim financial statements of each of the Company&rsquo;s entities are measured using the currency of the primary economic environment
in which the entity operates (&ldquo;functional currency&rdquo;). The presentation currency of the Company&rsquo;s condensed consolidated
unaudited interim financial statements is the Mexican peso, which is used also for compliance with its legal and tax obligations. All
values in the condensed consolidated unaudited interim financial statements are rounded to the nearest thousand (Ps.000), except when
otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has consistently applied its accounting
policies to all periods presented in these annual financial statements and provide comparative information in respect of the previous
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>c) Basis of measurement and presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated unaudited
interim financial statements have been prepared under the historical-cost convention, except for derivative financial instruments that
are measured at fair value and investments in marketable securities measured at fair value through profit and loss (&ldquo;FVTPL&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the condensed consolidated unaudited
interim financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the amounts reported
in the accompanying condensed consolidated unaudited interim financial statements and notes. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>d) Basis of consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated unaudited
interim financial statements comprise the financial statements of the Company and its subsidiaries. On September&nbsp;30, 2021 and December&nbsp;31,
2020, for accounting purposes the companies included in the condensed consolidated unaudited interim financial statements are as follows:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-align: justify; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6pt"><B>% Equity interest</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 38%; border-bottom: black 1pt solid; padding-left: 9.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: black 1pt solid; padding-left: 1.4pt">
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal</B></P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Activities</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: black 1pt solid; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6pt"><B>September 30,<BR>
2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid">
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>December 31,</B></P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Concesionaria Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n S.A.P.I. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail throughout Mexico and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Vuela Aviaci&oacute;n, S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail in Costa Rica and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Costa Rica</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Vuela, S.A. (&ldquo;Vuela&rdquo;) *</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail in Guatemala and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Guatemala</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Vuela El Salvador, S.A. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail in El Salvador and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Comercializadora Volaris, S.A. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Merchandising of services</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Servicios Earhart, S.A.*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Recruitment and payroll</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Guatemala</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Servicios Corporativos Volaris, S.A. de
    C.V.</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">(&ldquo;Servicios Corporativos&rdquo;)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Recruitment and payroll</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Servicios Administrativos Volaris, S.A.
    de C.V.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">(&ldquo;Servicios
    Administrativos&rdquo;)</FONT><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Recruitment and payroll</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 6pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Comercializadora V Frecuenta, S.A. de C.V.</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">(&ldquo;Loyalty Program&rdquo;) **</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Loyalty Program</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Viajes Vuela, S.A. de C.V. (&ldquo;Viajes Vuela&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Travel agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">CIBanco, S.A., Instituci&oacute;n de Banca M&uacute;ltiple, Fideicomiso 1710</FONT><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Pre-delivery payments financing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">CIBanco, S.A., Instituci&oacute;n de Banca M&uacute;ltiple, Fideicomiso 1711</FONT><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Pre-delivery payments financing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero F/307750</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Share administration trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero F/745291</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Share administration trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero CIB/3081</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Share administration trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero CIB/3249</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset backed securities trustor&nbsp;&amp; administrator</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The Companies have not started operations yet in Guatemala</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">**The Company has not started operations yet</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT>
<FONT STYLE="font-size: 6pt">With effect from October 16, 2020, the Successor of the Trust 1710 was changed from Deutsche Bank M&eacute;xico,
S.A. to CIBanco, S.A., Instituci&oacute;n de Banca M&uacute;ltiple.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(2) </SUP></FONT><FONT STYLE="font-size: 6pt">With
effect from October 16, 2020, the Successor of the Trust 1711 was changed from Deutsche Bank M&eacute;xico, S.A. to CIBanco, S.A., Instituci&oacute;n
de Banca M&uacute;ltiple.</FONT></P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">(3) </FONT><FONT STYLE="font-size: 6pt">With
effect from August 31,2021, the Company merged with Concesionaria Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n S.A.P.I. de C.V..</FONT></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements of the subsidiaries are prepared
for the same reporting period as the parent Company, using consistent accounting policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Control is achieved when the Company is exposed, or
has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over
the investee. Specifically, the Company controls an investee if, and only if, the Company has:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">i)</TD><TD STYLE="text-align: justify">Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">ii)</TD><TD>Exposure, or rights, to variable returns from its involvement with the investee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">iii)</TD><TD STYLE="text-align: justify">The ability to use its power over the investee to affect its returns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Company has less than a majority of the voting
or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an
investee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">i)</FONT></TD><TD>The contractual arrangement with the other vote holders of the investee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">ii)</FONT></TD><TD>Rights arising from other contractual arrangements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">iii)</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s voting rights and potential voting rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company re-assesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the condensed consolidated
financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All intercompany balances, transactions, unrealized
gains and losses resulting from intercompany transactions are eliminated in full on consolidation in the condensed consolidated unaudited
interim financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On consolidation, the assets and liabilities of foreign
operations are translated into Mexican pesos at the rate of exchange prevailing at the reporting date and their statements of profit or
loss are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for
consolidation are recognized in other comprehensive income (&ldquo;OCI&rdquo;). On disposal of a foreign operation, the component of OCI
relating to that particular foreign operation is recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>e) Revenue recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Passenger revenues:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from the air transportation of passengers
are recognized at the earlier of when the service is provided or when the non-refundable ticket expires at the date of the scheduled travel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ticket sales for future flights are initially recognized
as contract liabilities under the caption &ldquo;unearned transportation revenue&rdquo; and, once the transportation service is provided
by the Company or when the non-refundable ticket expires at the date of the scheduled travel, the earned revenue is recognized as passenger
ticket revenues and the unearned transportation revenue is reduced by the same amount. All the Company&rsquo;s tickets are non-refundable
and are subject to change upon a payment of a fee. Additionally, the Company does not operate a frequent flier program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The most significant passenger revenue includes revenues
generated from: (i)&nbsp;fare revenue and (ii)&nbsp;other passenger revenues. Other passenger services include but are not limited to
fees charged for excess baggage, bookings through the call center or third-party agencies, advanced seat selection, itinerary changes
and charters. They are recognized as revenue when the obligation of passenger transportation service is provided by the Company or when
the non-refundable ticket expires at the date of the scheduled travel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also classifies as other passenger revenue
&ldquo;V Club&rdquo; and other similar services, which are recognized as revenue over time when the service is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Company sells certain
tickets with connecting flights with one or more segments operated by its other airline partner. For segments operated by its other airline
partners, the Company has determined that it is acting as an agent on behalf of the other airlines as they are responsible for their portion
of the contract (i.e., transportation of the passenger). The Company, as the agent, recognizes revenue within Other operating revenue
at the time of the travel for the net amount retained by the Company for any segments flown by other airlines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Non-passenger revenues:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The most significant non-passenger revenues include
revenues generated from: (i)&nbsp;revenues from other non-passenger services described below and (ii)&nbsp;cargo services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from other non-passenger services mainly
include but are not limited to commissions charged to third parties for the sale of hotel reservations, trip insurance, rental cars and
advertising spaces to third parties. They are recognized as revenue at the time the service is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also evaluated the principal versus agent
considerations as it relates to certain non-air travel services arrangements with third party providers. No changes were identified under
this analysis as the Company is agent for those services provided by third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Code-share agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January&nbsp;16, 2018, the Company and Frontier
Airlines (herein after Frontier) entered into a code-share operations agreement, which started operations in September&nbsp;2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Through this alliance, the Company&acute;s customers
gain access to additional cities in the U.S. beyond the current available destinations as the Company&rsquo;s customers can buy a ticket
throughout any of Frontier&rsquo;s actual destinations; and Frontier customers gain first-time access to new destinations in Mexico through
Volaris presence in Mexican airports. Tickets from Frontier can be purchased directly from the Volaris&rsquo; website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Tickets sold by other airlines where the Company provides the transportation
are recognized as passenger revenue when the service is provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other considerations analyzed as part of revenue
from contracts with customers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All revenues offered by the Company including sales
of tickets for future flights, other passenger related services and non-passenger revenue must be paid through a full cash settlement.
The payment of the transaction price is equal to the cash settlement from the client at the sales time (using different payment options
like credit or debit cards, paying through a third party or directly at the counter in cash). There is little or no judgment to determine
the point in time of the revenue recognition, and the amount of it. Even if mainly all the sales of services are initially recognized
as contract liabilities, there is no financing component in these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost to obtain a contract is represented by the
commissions paid to the travel agencies and the bank commissions charged by the financial institutions for processing electronic transactions.
The Company does not incur any additional costs to obtain and fulfill a contract that is eligible for capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Trade receivables are mainly with financial institutions
due to transactions with credit and debit cards, and therefore they are non-interest bearing and are mainly on terms of 24 to 48 hours.
The Company has the right of collection at the beginning of the contracts and there are no discounts, payment incentives, bonuses, or
other variable considerations subsequent to the purchase that could modify the amount of the transaction price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&acute;s tickets are non-refundable. However,
if the Company cancels a flight for causes attributable to the airline, including as a result of the COVID-19 pandemic, then the passenger
is entitled to either move their flight at no cost, receive a refund or a voucher. No revenue is recognized until either the voucher
is redeemed, and the associate flight occurs, or the voucher expires. When vouchers issued exceed the amount of the original amount paid
by the passenger the excess is recorded as reduction of the operating revenues. All of the Company&acute;s revenues related to future
services are rendered through an approximate period of 12 months.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>f) Cash and cash equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents are represented by bank
deposits and highly liquid investments with maturities of 90 days or less at the original purchase date. For the purposes of the condensed
consolidated unaudited statements of cash flows, cash and cash equivalents consist of cash and short-term investments as defined above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has agreements with financial institutions
that process customer credit card transactions for the sale of air travel and other services. These credit card processing agreements
doesn&rsquo;t have significant cash reserve requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>g) Financial instruments -initial recognition and
subsequent measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A financial instrument is any contract that gives
rise to a financial asset for one entity and a financial liability or equity instrument for another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>i) Financial assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Initial recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Classification of financial assets and initial recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company determines the classification and measurement
of financial assets, in accordance with the categories in IFRS 9, which are based on both: the characteristics of the contractual cash
flows of these assets and the business model objective for holding them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial assets include those carried at FVTPL, whose
objective to hold them is for trading purposes (short-term investments), or at amortized cost, for accounts receivables held to collect
the contractual cash flows, which are characterized by solely payments of principal and interest (&ldquo;SPPI&rdquo;). Derivative financial
instruments are also considered financial assets when these represent contractual rights to receive cash or another financial asset. All
the Company&rsquo;s financial assets are initially recognized at fair value, including derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subsequent measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The subsequent measurement of financial assets depends
on their initial classification, as is described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">1.</TD><TD>Financial assets at FVTPL which include financial assets held for trading.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">2.</TD><TD>Financial assets at amortized cost, whose characteristics meet the SPPI criterion and were originated to be held to collect principal
and interest in accordance with the Company&rsquo;s business model.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">3.</TD><TD STYLE="text-align: justify">Financial assets at fair value through OCI with recycling of cumulative gains and losses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Derecognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A financial asset (or, where applicable, a part of
a financial asset or part of a group of similar financial assets) is derecognized when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 19px; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The rights to receive cash flows from the asset have expired;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 19px; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a &lsquo;pass-through&rsquo; arrangement; and either (i) the Company has transferred substantially all the risks and rewards of the asset, or (ii) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">When the Company has transferred its rights
to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained
the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset,
nor transferred control of the asset, the asset is recognized to the extent of the Company&rsquo;s continuing involvement in the asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In that case, the Company also recognizes an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ii) Impairment of financial assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses at each reporting date, whether
there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events
has occurred since the initial recognition of an asset (an incurred &lsquo;loss event&rsquo;), that has an impact on the estimated future
cash flows of the financial asset or the group of financial assets that can be reliably estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Evidence of impairment may include indications that
the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in receivable, the probability
that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in
the estimated cash flows, such as changes in arrears or economic conditions that correlate with defaults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For trade receivables, the Company applies a simplified
approach in calculating expected credit losses (ECLs). Therefore, the Company does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on this evaluation, allowances are taken into
account for the expected losses of these receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>iii) Financial liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Initial recognition and measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial liabilities are classified, at initial recognition,
as financial liabilities at FVTPL, loans and borrowings, accounts payables to suppliers, unearned transportation revenue, other accounts
payable and financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All financial liabilities are recognized initially
at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Subsequent measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The measurement of financial liabilities depends on
their classification as described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Financial liabilities at amortized cost</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Accounts payable, are subsequently measured at amortized cost and do not
bear interest or result in gains and losses due to their short-term nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans and borrowings are the category most relevant
to the Company. After initial recognition at fair value (consideration received), interest bearing loans and borrowings are subsequently
measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized
as well as through the EIR amortization process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortized cost is calculated by taking into account
any discount or premium on issuance and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance
costs in the condensed consolidated unaudited statements of operations. This amortized cost category generally applies to interest-bearing
loans and borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Financial liabilities at FVTPL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial liabilities at FVTPL include financial liabilities
under the fair value option, which are classified as held for trading, if they are acquired for the purpose of selling them in the near
future. This category includes derivative financial instruments that are not designated as hedging instruments in hedge relationships
as defined by IFRS 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Derecognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A financial liability is derecognized when the obligation
under the liability is discharged or cancelled or expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When an existing financial liability is replaced by
another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The difference in the respective carrying amounts
is recognized in the condensed consolidated unaudited statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Offsetting of financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial assets and financial liabilities are offset,
and the net amount is reported in the consolidated statement of financial position if there is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD>A currently enforceable legal right to offset the recognized amounts, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify">An intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>h) Other accounts receivable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other accounts receivables are due primarily from
major credit card processors associated with the sales of tickets and are stated at cost less allowances made for credit losses, which
approximates fair value given their short-term nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>i) Inventories</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consist primarily of flight equipment
expendable parts, materials and supplies, and are initially recorded at acquisition cost. Inventories are carried at the lower of cost
and their net realization value. The cost is determined on the basis of the method of specific identification and expensed when used in
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>j) Intangible assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost related to the purchase or development of computer
software that is separable from an item of related hardware is capitalized separately measured at cost and amortized over the period in
which it will generate benefits not exceeding five years on a straight-line basis. The Company annually reviews the estimated useful lives
and salvage values of intangible assets and any changes are accounted for prospectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records impairment charges on intangible
assets used in operations when events and circumstances indicate that the assets or related cash generating unit may be impaired and the
carrying amount of a long-lived asset or cash generating unit exceeds its recoverable amount, which is the higher of (i)&nbsp;its fair
value less cost to sell, and (ii)&nbsp;its value in use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The value in use calculation is based on a discounted
cash flow model, using our projections of operating results for the near future. The recoverable amount of long-lived assets is sensitive
to the uncertainties inherent in the preparation of projections and the discount rate used in the calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>k) Guarantee deposits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Guarantee deposits consist primarily of aircraft maintenance
deposits paid to lessors, deposits for rent of flight equipment and other guarantee deposits. Aircraft and engine deposits are held by
lessors in U.S. dollars and are presented as current assets and non-current assets, based on the recovery dates of each deposit established
in the related agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Aircraft maintenance deposits paid to lessors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most of the Company&rsquo;s lease agreements require
the Company to pay maintenance deposits to aircraft lessors to be held as collateral in advance of the Company&rsquo;s performance of
major maintenance activities. These lease agreements provide that maintenance deposits are reimbursable to the Company upon completion
of the maintenance event in an amount equal to the lesser of (i)&nbsp;the amount of the maintenance deposits held by the lessor associated
with the specific maintenance event, or (ii)&nbsp;the qualifying costs related to the specific maintenance event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all these maintenance deposits are calculated
based on a utilization measure of the leased aircrafts and engines, such as flight hours or cycles, and are used solely to collateralize
the lessor for maintenance time run off the aircraft and engines until the completion of the maintenance of the aircraft and engines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Maintenance deposits expected to be recovered from
lessors are reflected as guarantee deposits in the accompanying consolidated statement of financial position. These deposits are recorded
as a monetary asset and are revaluated in order to record the foreign currency changes at each reported period. The Company makes certain
assumptions at the inception of the lease and at each consolidated statement of financial position date to determine the recoverability
of maintenance deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some other aircraft lease agreements do not require
the obligation to pay maintenance deposits to lessors in advance in order to ensure major maintenance activities, so the Company does
not record guarantee deposits regarding these aircraft. However, certain of these lease agreements include the obligation to make a maintenance
adjustment payment to the lessors at the end of the lease period. These maintenance adjustments cover maintenance events that are not
expected to be made before the termination of the lease; for such agreements, the Company accrues a liability related to the amount of
the costs to be incurred at the lease term, since no maintenance deposits had been made. The portion of prepaid maintenance deposits that
is deemed unlikely to be recovered and accruals in lien of maintenance deposits, are recorded as a variable lease payment and is presented
as supplemental rent in the condensed consolidated unaudited statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The maintenance event for which the maintenance deposits
were previously expensed was scheduled to occur after the original lease term and as such the supplemental rental payments were expensed.
However, when the leases were extended the maintenance deposits amounts became probable of recovery due to the longer lease term and as
such they are being recognized as an asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>l) Aircraft and engine maintenance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is required to conduct various levels
of aircraft maintenance. Maintenance requirements depend on the type of aircraft, age and the route network over which it operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fleet maintenance requirements may involve short cycle
engineering checks, for example, component checks, monthly checks, annual airframe checks and periodic major maintenance and engine checks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Aircraft maintenance and repair consists of routine
and non-routine works, divided into three general categories: (i)&nbsp;routine maintenance, (ii)&nbsp;major maintenance and (iii)&nbsp;component
service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&nbsp;Routine maintenance requirements consist
of scheduled maintenance checks on the Company&rsquo;s aircraft, including pre-flight, daily, weekly and overnight checks, any diagnostics
and routine repairs and any unscheduled tasks performed as required. These type of maintenance events are currently serviced by Company
mechanics and are primarily completed at the main airports that the Company currently serves.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All other maintenance activities are sub-contracted
to qualified maintenance business partner, repair and overhaul organizations. Routine maintenance also includes scheduled tasks that can
take from seven to 14 days to accomplish and typically are required approximately every 22 months. All routine maintenance costs are expensed
as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&nbsp;Major maintenance consists of a series of
more complex tasks that can take up to six weeks to accomplish and typically are required approximately every five to six years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Major maintenance is accounted for under the deferral
method, whereby the cost of major maintenance and major overhaul and repair is capitalized (leasehold improvements to flight equipment)
and amortized over the shorter of the period to the next major maintenance event or the remaining contractual lease term. The next major
maintenance event is estimated based on assumptions including estimated usage. The United States Federal Aviation Administration (&ldquo;FAA&rdquo;)
and the Mexican Federal Civil Aviation Agency (Agencia Federal de Aviaci&oacute;n Civil) mandate maintenance intervals and average removal
times as suggested by the manufacturer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These assumptions may change based on changes in the
utilization of aircraft, changes in government regulations and suggested manufacturer maintenance intervals. In addition, these assumptions
can be affected by unplanned incidents that could damage an airframe, engine, or major component to a level that would require a heavy
maintenance event prior to a scheduled maintenance event. To the extent the planned usage increases, the estimated life would decrease
before the next maintenance event, resulting in additional expense over a shorter period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii)&nbsp;The Company has a power-by-the hour agreement
for component services, which guarantees the availability of aircraft parts for the Company&rsquo;s fleet when they are required. It also
provides aircraft parts that are included in the redelivery conditions of the contract (hard time) without constituting an additional
cost at the time of redelivery. The monthly maintenance cost associated with this agreement is recognized as incurred in the condensed
consolidated unaudited statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The Company has an engine flight hour agreement (component repair agreement),
that guarantees a cost per overhaul, provides miscellaneous engines coverage, caps the cost of foreign objects damage events, ensures
there is protection from annual escalations, and grants an annual credit for scrapped components. The cost associated with the miscellaneous
engines&rsquo; coverage is recorded monthly as incurred in the condensed consolidated unaudited financial statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>m) Rotable spare parts, furniture and equipment,
net</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rotable spare parts, furniture and equipment, are
recorded at cost and are depreciated to estimated residual values over their estimated useful lives using the straight-line method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Aircraft spare engines have significant components
with different useful lives; therefore, they are accounted for as separate items (major components) of spare engine parts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pre-delivery payments refer to prepayments made to
aircraft and engine manufacturers during the manufacturing stage of the aircraft. The borrowing costs related to the acquisition or construction
of a qualifying asset are capitalized as part of the cost of that asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>Depreciation rates are
as follows:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Annual<BR>
depreciation rate</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 59%; text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Flight equipment</FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 39%; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">4.0-16.7%</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Constructions and improvements</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Remaining contractual lease term</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Computer equipment</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">25%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Workshop tools</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">33.3%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Electric power equipment</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Communications equipment</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Workshop machinery and equipment</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Motorized transport equipment platform</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">25%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Service carts on board</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">20%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Office furniture and equipment</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10%</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Leasehold improvements to flight equipment</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">The shorter of: (i)&nbsp;remaining contractual lease term, or (ii)&nbsp;the next major maintenance event</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reviews annually the useful lives of these
assets and any changes are accounted for prospectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company identified one Cash Generating Unit (CGU),
which includes the entire aircraft fleet and flight equipment. The Company assesses at each reporting date, whether there is an objective
evidence that rotable spare parts, furniture and equipment and right of use asset are impaired in the CGU. The Company records impairment
charges on rotable spare parts, furniture and equipment and right of use assets used in operations when events and circumstances indicate
that the assets may be impaired or when the carrying amount of a long-lived asset or related cash generating unit exceeds its recoverable
amount, which is the higher of (i)&nbsp;its fair value less cost to sell and (ii)&nbsp;its value in use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The value in use calculation is based on a discounted
cash flow model, using projections of operating results for the near future. The recoverable amount of long-lived assets is sensitive
to the uncertainties inherent in the preparation of projections and the discount rate used in the calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company performed its annual impairment test. The recoverable amount of the CGU was determined based on a value in use calculation
using cash flow projections from financial budgets approved by senior management, covering a five-year period. The projected cash flows
have been updated to reflect the future operating cashflows. It was concluded that the carrying amount of the CGU did not exceed the value
in use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, there was no impairment charges recorded in respect of the Company&rsquo;s cash generating unit despite of the consequence of decreased
operations as a result of Covid-19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>n) Foreign currency transactions and exchange differences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s condensed consolidated financial
statements are presented in Mexican peso, which is the reporting and functional currency of the parent company. For each subsidiary, the
Company determines the functional currency and items included in the financial statements of each entity are measured using the currency
of the primary economic environment in which the entity operates (&ldquo;the functional currency&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements of foreign subsidiaries prepared
under IFRS and denominated in their respective local currencies, are translated into the functional currency as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Transactions in foreign currencies are translated
into the respective functional currencies at the exchange rates at the dates of the transactions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All monetary assets and liabilities were translated
at the exchange rate at the consolidated statement of financial position date.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All non-monetary items that are measured in terms
of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity accounts are translated at the prevailing
exchange rate at the time the capital contributions were made and the profits were generated.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues, costs and expenses are translated at
the average exchange rate during the applicable period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any differences resulting from the currency translation
are recognized in the consolidated statements of operations and the OCI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>o) Liabilities and provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Provisions are recognized when the Company has a present
obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific
to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>p) Employee benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>i) Personnel vacations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and its subsidiaries in Mexico and Central
America recognize a reserve for the costs of paid absences, such as vacation time, based on the accrual method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ii) Termination benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes a liability and expense for
termination benefits at the earlier of the following dates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) When it can no longer withdraw the offer of those
benefits; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) When it recognizes costs for a restructuring that
is within the scope of IAS 37, <I>Provisions, Contingent Liabilities and Contingent Assets</I>, and involves the payment of termination
benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is demonstrably committed to a termination
when, and only when, it has a detailed formal plan for the termination and is without realistic possibility of withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>iii) Seniority premiums</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with Mexican Labor Law, the Company
provides seniority premium benefits to the employees which rendered services to its Mexican subsidiaries under certain circumstances.
These benefits consist of a one-time payment equivalent to 12 days&rsquo; wages for each year of service (at the employee&rsquo;s most
recent salary, but not to exceed twice the legal minimum wage), payable to all employees with 15 or more years of service, as well as
to certain employees terminated involuntarily prior to the vesting of their seniority premium benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Obligations relating to seniority premiums other than
those arising from restructurings, are recognized based upon actuarial calculations and are determined using the projected unit credit
method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The latest actuarial computation was prepared as of
December&nbsp;31, 2020. Remeasurement gains and losses are recognized in full in the period in which they occur in OCI. Such remeasurement
gains and losses are not reclassified to profit or loss in subsequent periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The defined benefit asset or liability comprises the
present value of the defined benefit obligation using a discount rate based on government bonds, less the fair value of plan assets out
of which the obligations are to be settled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For entities in Costa Rica, Guatemala and El Salvador
there is no obligation to pay seniority premium, these countries have Post- Employee Benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>iv) Incentives</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a quarterly incentive plan for certain
personnel whereby cash bonuses are awarded for meeting certain performance targets. These incentives are payable shortly after the end
of each quarter and are accounted for as a short-term benefit under IAS 19, <I>Employee Benefits</I>. A provision is recognized based
on the estimated amount of the incentive payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a short-term benefit plan for certain
key personnel whereby cash bonuses are awarded when certain Company&rsquo;s performance targets are met. These incentives are payable
shortly after the end of each year and also are accounted for as a short-term benefit under IAS 19. A provision is recognized based on
the estimated amount of the incentive payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>v) Long-term incentive plan (&ldquo;LTIP&rdquo;) and long-term retention
plan (LTRP)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has adopted a Long-term incentive plan
(&ldquo;LTIP&rdquo;). This plan consists of a share purchase plan (equity-settled) and a share appreciation rights &ldquo;SARs&rdquo;
plan (cash settled), and therefore accounted under IFRS 2 &ldquo;Shared based payments&rdquo;. This incentive plan has been granting annual
extensions in the same terms from the original granted in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2020, the Company approved a new long-term
retention plan (&ldquo;LTRP&rdquo;), which consisted in a purchase plan (equity-settled). This plan does not include cash compensations
granted through appreciation rights on the Company's shares. The retention plans granted in previous periods will continue in full force
and effect until their respective due dates and the cash compensation derived from them will be settled according to the conditions established
in each plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>vi) Share-based payments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>a) LTIP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- Share purchase plan (equity-settled)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain key employees of the Company receive additional
benefits through a share purchase plan denominated in Restricted Stock Units (&ldquo;RSUs&rdquo;), which has been classified as an equity-settled
share-based payment. The cost of the equity-settled share purchase plan is measured at the grant date, taking into account the terms and
conditions on which the share options were granted. The equity-settled compensation cost is recognized in the consolidated statement of
operations under the caption of salaries and benefits, over the requisite service period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">- SARs plan (cash settled)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company granted SARs to key employees, which entitle
them to a cash payment after a service period. The amount of the cash payment is determined based on the increase in the share price of
the Company between the grant date and the time of exercise. The liability for the SARs is measured, initially and at the end of each
reporting period until settled, at the fair value of the SARs, taking into account the terms and conditions on which the SARs were granted.
The compensation cost is recognized in the consolidated statement of operations under the caption of salaries and benefits, over the requisite
service period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>b) Management incentive plan (&ldquo;MIP&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- MIP I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain key employees of the Company receive additional
benefits through a share purchase plan, which has been classified as an equity-settled share-based payment. The equity-settled compensation
cost is recognized in the consolidated statement of operations under the caption of salaries and benefits, over the requisite service
period.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- MIP II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February&nbsp;19, 2016, the Board of Directors
of the Company authorized an extension to the MIP for certain key employees, this plan was named MIP II. In accordance with this plan,
the Company granted SARs to key employees, which entitle them to a cash payment after a service period. The amount of the cash payment
is determined based on the increase in the share price of the Company between the grant date and the time of exercise. The liability for
the SARs is measured initially and at the end of each reporting period until settled at the fair value of the SARs, taking into account
the terms and conditions on which the SARs were granted. The compensation cost is recognized in the consolidated statement of operations
under the caption of salaries and benefits, over the requisite service period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>c) Board of Directors Incentive Plan (BoDIP)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain members of the Board of Directors of the Company
receive additional benefits through a sharebased plan, which has been classified as an equity-settled share-based payment and therefore
accounted under IFRS 2 &ldquo;Shared based payments&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In April&nbsp;2018, the Board of Directors of the
Company authorized a Board of Directors Incentive Plan &ldquo;BoDIP&rdquo;, for the benefit of certain board members. The BoDIP grants
options to acquire shares of the Company or CPOs during a four-year period with an exercise price share at Ps.16.12, which was determined
on the grant date. Under this plan, no service or performance conditions are required to the board members for exercise the option to
acquire shares, and therefore, they have the right to request the delivery of those shares at the time they pay for them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>vii) Employee profit sharing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Mexican Income Tax Law (&ldquo;MITL&rdquo;), establishes
that the base for computing current year employee profit sharing shall be the taxpayer&rsquo;s taxable income of the year for income tax
purposes, including certain adjustments established in the Income Tax Law, at the rate of 10%. The employee profit sharing is presented
as an expense in the consolidated statements of operations. Subsidiaries in Central America do not have such profit-sharing benefit, as
it is not required by local regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>q) Leases</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses at contract inception whether
a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company applies a single recognition and measurement
approach for all leases, except for short-term leases and leases of low-value assets. The Company recognizes lease liabilities to make
lease payments and right-of-use assets representing the right to use the underlying assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>i) Right-of-use assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognize right-of-use assets at the commencement
date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct
costs incurred, an estimate of costs to be incurred by the Company in dismantling and removing the underlying asset to the condition required
by the terms and conditions of the lease, and lease payments made at or before the commencement date less any lease incentives received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Components of the right-of-use assets are depreciated
on a straight-line basis over the shorter of the remining lease term and the estimated useful lives of the assets, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aircraft and engines</FONT></TD>
    <TD STYLE="width: 26%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">up to 18 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spare engines</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">up to 18 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buildings leases</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">one to ten years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maintenance component</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">up to eight years</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ii) Lease Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the commencement date of the lease, the Company
recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include
fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to
be paid under residual value guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Variable lease payments that do not depend on an index
or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In calculating the present value of lease payments,
the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The short-term leases and leases of low value assets
are recognized as expense on a straight-line basis over the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, there were no impairment charges recorded in respect of the company right-of-use asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>iii) Sale and leaseback</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company enters into sale and leaseback agreements
whereby an aircraft or engine is sold to a lessor upon delivery and the lessor agrees to lease such aircraft or engine back to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures the right-of-use asset arising
from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the seller-lessee.
Accordingly, the Company recognizes in the Statement of Operations only the amount of any gain or loss that relates to the rights transferred
to the buyer-lessor. The rest of the gain is amortized over the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>iv) Return obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aircraft lease agreements of the Company also
require that the aircraft and engines be returned to lessors under specific conditions of maintenance. The costs of return, which in no
case are related to scheduled major maintenance, are estimated and recognized ratably as a provision from the time it becomes likely such
costs will be incurred and can be estimated reliably. These return costs are recognized on a straight-line basis as a component of variable
lease expenses and the provision is included as part of other liabilities, through the remaining lease term. The Company estimates the
provision related to airframe, engine overhaul and limited life parts using certain assumptions including the projected usage of the aircraft
and the expected costs of maintenance tasks to be performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>r) Other taxes and fees payable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is required to collect certain taxes
and fees from customers on behalf of government agencies and airports and to remit these to the applicable governmental entity or airport
on a periodic basis. These taxes and fees include federal transportation taxes, federal security charges, airport passenger facility
charges, and foreign arrival and departure fees. These charges are collected from customers at the time they purchase their tickets but
are not included in passenger revenue. The Company records a liability upon collection from the customer and discharges the liability
when payments are remitted to the applicable governmental entity or airport.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>s) Income taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Current income tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current income tax assets and liabilities for the
current period are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used
to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items
recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken
in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions
where appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Deferred tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax is provided using the liability method
on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at
the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax liabilities are recognized for all taxable
temporary differences, except, in respect of taxable temporary differences associated with investments in subsidiaries when the timing
of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets are recognized for all deductible
temporary differences, the carry-forward of unused tax credits and any available tax losses. Deferred tax assets are recognized to the
extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward
of unused tax credits and available tax losses can be utilized, except, in respect of deductible temporary differences associated with
investments in subsidiaries deferred tax assets are recognized only to the extent that it is probable that the temporary differences will
reverse in the foreseeable future and taxable profits will be available against which the temporary differences can be utilized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers the following criteria in assessing
the probability that taxable profit will be available against which the unused tax losses or unused tax credits can be utilized: (a)&nbsp;whether
the entity has sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity, which will
result in taxable amounts against which the unused tax losses or unused tax credits can be utilized before they expire; (b)&nbsp;whether
it is probable that the Company will have taxable profits before the unused tax losses or unused tax credits expire; (c)&nbsp;whether
the unused tax losses result from identifiable causes which are unlikely to recur; and (d)&nbsp;whether tax planning opportunities are
available to the Company that will create taxable profit in the period in which the unused tax losses or unused tax credits can be utilized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying amount of deferred tax assets is reviewed
at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized
to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets and liabilities are measured at
the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax relating to items recognized outside
profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction in
OCI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets and deferred tax liabilities are
offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate
to the same taxable entity and the same taxation authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The charge for income taxes incurred is computed based
on tax laws approved in Mexico, Costa Rica, Guatemala and El Salvador at the date of the consolidated statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>t) Derivative and non-derivative financial instruments
and hedge accounting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company mitigates certain financial risks, such
as volatility in the price of jet fuel, adverse changes in interest rates and exchange rate fluctuations, through a risk management program
that includes the use of derivative financial instruments and non-derivative financial instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with IFRS 9, derivative financial instruments
and non-derivative financial instruments are recognized in the consolidated statement of financial position at fair value. At inception
of a hedge relationship, the Company formally designates and documents the hedge relationship to which it wishes to apply hedge accounting,
as well as the risk management objective and strategy for undertaking the hedge. The documentation includes the hedging strategy and objective,
identification of the hedging instrument, the hedged item or transaction, the nature of the risks being hedged and how the entity will
assess the effectiveness of changes in the hedging instrument&rsquo;s fair value in offsetting the exposure to changes in the hedged item&rsquo;s
fair value or cash flows attributable to the hedged risk(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Only if such hedges are expected to be effective in
achieving offsetting changes in fair value or cash flows of the hedge item(s)&nbsp;and are assessed on an ongoing basis to determine that
they have been effective throughout the financial reporting periods for which they were designated, hedge accounting treatment can be
used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the cash flow hedge (CFH) accounting model,
the effective portion of the hedging instrument&rsquo;s changes in fair value is recognized in OCI, while the ineffective portion is recognized
in current year earnings in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain
or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The amounts recognized in OCI are transferred
to earnings in the period in which the hedged transaction affects earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The realized gain or loss of derivative financial
instruments that qualify as CFH is recorded in the same caption of the hedged item in the consolidated statement of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Accounting for the time value of options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the time value of options
in accordance with IFRS 9, which requires all derivative financial instruments to be initially recognized at fair value. Subsequent measurement
for options purchased and designated as CFH requires that the option&rsquo;s changes in fair value be segregated into its intrinsic value
(which will be considered the hedging instrument&rsquo;s effective portion in OCI) and its correspondent changes in extrinsic value (time
value and volatility). The extrinsic value changes will be considered as a cost of hedging (recognized in OCI in a separate component
of equity) and accounted for in income when the hedged items also are recognized in income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>u) Financial instruments &ndash; Disclosures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IFRS 7 requires a three-level hierarchy for fair value
measurement disclosures and requires entities to provide additional disclosures about the relative reliability of fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>v) Treasury shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s equity instruments that are reacquired
(treasury shares), are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale,
issue or cancellation of treasury shares. Any difference between the carrying amount and the consideration received, if reissued, is recognized
in additional paid in capital. Share-based payment options exercised during the reporting period are settled with treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>w) Operating segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management of Controladora monitors the Company as
a single business unit that provides air transportation and related services, accordingly it has only one operating segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has two geographic areas identified as
domestic (Mexico) and international (United States of America and Central America).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>x) Current versus non-current classification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company presents assets and liabilities in the
consolidated statement of financial position based on current/non-current classification. An asset is current when it is: (i)&nbsp;expected
to be realized or intended to be sold or consumed in normal operating cycle, (ii)&nbsp;expected to be realized within twelve months after
the reporting period, or, (iii)&nbsp;cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: (i)&nbsp;it
is expected to be settled in normal operating cycle, (ii)&nbsp;it is due to be settled within twelve months after the reporting period,
or, (iii)&nbsp;there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as noncurrent
assets and liabilities.</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: 0.1pt"><B>Notes - List
of notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONTROLADORA VUELA COMPA&Ntilde;&Iacute;A DE AVIACI&Oacute;N,<BR>
S.A.B. DE C.V. AND SUBSIDIARIES<BR>
</B>(d.b.a. VOLARIS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Notes to Condensed Consolidated Interim Financial
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of September 30, 2021 and December 31, 2020,
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and for the nine-month periods ended September 30,
2021 and 2020.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In thousands of Mexican pesos and thousands of U.S.
dollars,<BR>
except when indicated otherwise)</P>

<P STYLE="font: 6.5pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6.5pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 10pt; letter-spacing: 0.1pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt; letter-spacing: 0.1pt"><B>Description of the business and summary of significant accounting policies</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Controladora Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n,
S.A.B. de C.V. (&ldquo;Controladora&rdquo; or the &ldquo;Company&rdquo;) was incorporated in Mexico in accordance with Mexican Corporate
laws on October&nbsp;27, 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Controladora is domiciled in Mexico City at Av. Antonio
Dovali Jaime No.&nbsp;70, 13<SUP>th</SUP> Floor, Tower B, Colonia Zedec Santa Fe, Mexico City.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company, through its subsidiary Concesionaria
Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.P.I. de C.V. (&ldquo;Concesionaria&rdquo;), has a concession to provide air transportation
services for passengers, cargo and mail throughout Mexico and abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concesionaria&rsquo;s concession was granted by the
Mexican federal government through the Mexican Communications and Transportation Ministry (<I>Secretar&iacute;a de Comunicaciones y Transportes</I>)
on May&nbsp;9, 2005 initially for a period of five years and was extended on February&nbsp;17, 2010 for an additional period of ten years.
On February&nbsp;21, 2020, Concesionaria&rsquo;s concession was extended for a 20-year term starting on May&nbsp;9, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Concesionaria made its first commercial flight as
a low-cost airline on March&nbsp;13, 2006. The Company operates under the trade name of &ldquo;Volaris&rdquo;. On June&nbsp;11, 2013,
Controladora Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.P.I. de C.V. changed its corporate name to Controladora Vuela Compa&ntilde;&iacute;a
de Aviaci&oacute;n, S.A.B. de C.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September&nbsp;23, 2013, the Company completed
its dual listing Initial Public Offering (&ldquo;IPO&rdquo;) on the New York Stock Exchange (&ldquo;NYSE&rdquo;) and on the Mexican Stock
Exchange (<I>Bolsa Mexicana de Valores</I>, or &ldquo;BMV&rdquo;), and on September&nbsp;18, 2013 its shares started trading under the
ticker symbol &ldquo;VLRS&rdquo; and &ldquo;VOLAR&rdquo;, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November&nbsp;16, 2015, certain shareholders of
the Company completed a secondary follow-on equity offering on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November&nbsp;10, 2016, the Company, through its
subsidiary Vuela Aviaci&oacute;n, S.A. (&ldquo;Volaris Costa Rica&rdquo;), obtained from the Costa Rican civil aviation authorities an
air operator certificate to provide air transportation services for passengers, cargo and mail, in scheduled and non-scheduled flights
for an initial period of five years. On December&nbsp;1, 2016, Volaris Costa Rica started operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December&nbsp;11, 2020, the Company completed a
primary follow-on equity offering on the NYSE.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 25, 2021, the Company through its subsidiary
Vuela El Salvador, S.A. de C.V. (&ldquo;Volaris El Salvador&rdquo;) obtained from the Civil Aviation Authority of El Salvador of the Operation
Permit, for regular and nonregular international public air transportation services for passengers, cargo and mail. Volaris El Salvador
started operations with its Air Operator&acute;s Certificate and its Operation Permit of El Salvador on September 15, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated unaudited
interim financial statements and notes were authorized for their issuance by the Company&rsquo;s President and Chief Executive Officer,
Enrique Beltranena, and the Company&acute;s Chief Financial Officer, Jaime E. Pous, on October&nbsp;21, 2021. Subsequent events have been
considered through that date.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>a) Relevant events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Obtention of the Air Operator Certificate of Vuela El Salvador,
S.A. de C.V. (&ldquo;Volaris El Salvador&rdquo;)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 25, 2021, Company through its the subsidiary
Vuela El Salvador, S.A. de C.V. (&ldquo;Volaris El Salvador&rdquo;) obtained from the Civil Aviation Authority of El Salvador of the Operation
Permit, for regular and nonregular international public air transportation services for passengers, cargo and mail. Volaris El Salvador
started operations with its Air Operator&acute;s Certificate and its Operation Permit of El Salvador on September 15, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Merger between subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 14, 2021, the Subsidiaries &quot;Concesionaria
Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n&quot;, S.A.P.I. de C.V., and &quot;Servicios Administrativos Volaris&quot;, S.A. de C.V.,
agreed to merge the companies, being &quot;The mergering company&quot; the first one, and &quot;The mergered company&quot; the second
one. The merger will be fully effective against third parties three months after the date of registration of the merger agreements in
Mexico City&acute;s Property and Commerce Public Registry, in accordance with the provisions of Article 224 of the Mercantile Corporations
General Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The merger will take full legal, accounting and tax
effects between &quot;The mergering company&quot; and &quot;The mergered company&quot;, precisely on August 31, 2021, the same date on
which the accounts of assets, liabilities, and equity of &ldquo;The mergered company&rdquo; will be merged into &ldquo;The mergering company&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The mergering company shall assume the liabilities
of &quot;The mergered company&rdquo;. The liabilities between &ldquo;The mergering company&rdquo; and &ldquo;The mergered company&rdquo;
shall be extinguished through offset on the effective date of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>IASA rating downgrade</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 25, 2021, the Federal Aviation Administration
of the United States of America (FAA) determined that the safety oversight applied by Mexican Federal Civil Aviation Authority (AFAC)
does not fully adhere to International Civil Aviation Organization (ICAO) standards and downgraded the country's safety rating from Category
1 to Category 2. Under the International Aviation Safety Assessment (IASA) program, the FAA audits peer aviation authorities to determine
whether their oversight programs comply with ICAO annexes.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Upsized Offering of ADSs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December&nbsp;11, 2020, Controladora Vuela
Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.B. de C.V announced the closing of an upsized primary follow-on equity offering in
which the Company offered 134,000,000 of its Ordinary Participation Certificates (Certificados de Participaci&oacute;n Ordinarios),
or CPOs, in the form of American Depositary Shares, or ADSs, at a price to the public of USD$11.25 per ADS in the United States and
other countries outside of Mexico, pursuant to the Company&rsquo;s shelf registration statement filed with the Securities and
Exchange Commission (the &ldquo;SEC&rdquo;). In connection with the offering, the underwriters exercised their option to purchase up
to 20,100,000 additional CPOs in the form of ADSs. Each ADS represents 10 CPOs and each CPO represents a financial interest in one
Series&nbsp;A share of common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Covid-19 commentary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ongoing outbreak of COVID-19 was first reported
on December&nbsp;31, 2019 in Wuhan, Hubei Province, China. From Wuhan, the disease spread rapidly to other parts of China as well as other
countries, including Mexico and the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The first case of COVID-19 in Mexico was confirmed
on February&nbsp;28, 2020. In the following weeks, the Mexican government took various measures in order to prepare the country for a
mass contagion, including declaring a national</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">health emergency, asking the public to stay home,
closing schools and imposing restrictions on non-essential activities in the public, private and social sectors. As a result of the national
health emergency and health security measures imposed by the Mexican government in the spring of 2020, the Company&acute;s capacity as
measured by available seat miles (&ldquo;ASMs&rdquo;) was reduced. In April&nbsp;and May&nbsp;of 2020, the Company&acute;s capacity as
measured by ASMs was reduced by up to 80% and 90%, respectively, and remained reduced from June&nbsp;to November&nbsp;of 2020. Additionally,
the Company suspended service on certain routes. Costa Rica, Guatemala and El Salvador imposed operational and migratory restrictions
that made it impossible to operate international passenger flights to those countries. A gradual opening of the economy and easing of
lockdown measures in Mexico and the other countries in which the Company operates led to a recovery in the ASMs and route operation during
the second half of the year, with the Company&acute;s capacity returning to over 100% of 2019 levels for the month of December.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has taken actions to preserve liquidity
and sustain its operations during the period, establishing vendor and supplier&rsquo;s payment deferral, reducing management&rsquo;s compensations
and other salaries and deferring capital expenditures and certain other measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Liquidity and cash</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company implemented a strict liquidity preservation
program through items such as cost reductions and deferral agreements with suppliers. In addition, the Company negotiated cost reductions
with more than 360 suppliers and cut non-essential expenses. The Company also implemented online training and leave of absence programs
in order to reduce costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fleet plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The new contractual fleet plan with Airbus allows the Company to maintain
a fleet, that will remain at approximately 110 aircraft, net of new deliveries and redeliveries, until 1H2023 before taking delivery of
the new 80 Aircraft order from 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Customers and employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the Company launched a new
biosecurity and cleaning protocol and is communicating proactively with all staff, especially with crews and airport staff,
regarding health and COVID-19 developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Commercial and network growth opportunities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is closely monitoring capacity reductions
from competitors for possible opportunities, testing new ancillary products and running targeted promotions to test potential stimulation
of air travel. The Company remained focused on price sensitive visiting friends and relatives, leisure and small and medium sized enterprises
segments, which continued to show the strongest demand for air travel in Mexico as the market recovers from COVID-19. As of December&nbsp;31,
2020, Volaris was positioned as the domestic market leader in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the Company considered the impact of
Covid-19 in preparing their financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the Company business and the airline industry
have experienced material adverse impacts due to the COVID-19 pandemic, the Company cannot offer any assurance that these impacts will
not intensify to the extent that COVID-19 persists throughout Mexico. Further, additional government COVID-19 response measures remain
unknown and depend on future developments with respect to COVID-19, including the scope and duration of the pandemic, which are highly
fluid, uncertain and cannot be predicted. It is not yet possible to determine when the adverse effects of COVID-19 will abate and the
extent to which they will further decrease demand for air travel, which could continue to affect our business materially and negatively,
results of operations and financial condition.</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Issuance asset backed trust notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June&nbsp;20, 2019, the Company, through its subsidiary Concesionaria,
issued 15,000,000 asset backed trust notes (certificados burs&aacute;tiles fiduciarios; the &ldquo;Trust Notes&rdquo;), under the ticker
symbol VOLARCB 19 for the amount of Ps.1.5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">billion Mexican pesos by CIBanco, S.A.,&nbsp;Instituci&oacute;n
de Banca Multiple, acting as Trustee under the Irrevocable Trust number CIB/3249 created by Concesionaria in the first issuance under
a program approved by the Mexican National Banking and Securities Commission (Comisi&oacute;n Nacional Bancaria y de Valores) for an amount
of up to Ps.3.0 billion Mexican pesos. The Trust Notes are backed by future receivables under agreements entered into with credit card
processors with respect to funds received from the sale of airplane tickets and ancillaries denominated in Mexican pesos, through credit
cards VISA and Mastercard, via the Company&rsquo;s website, mobile app and travel agencies. The Trust Notes were listed on the Mexican
Stock Exchange, have a maturity of five years and will pay an interest rate of <I>Tasa de Interes Interbancaria de Equilibrio</I> (&ldquo;TIIE&rdquo;)
28 plus 175 basis points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Shares conversion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February&nbsp;16, 2018, one of the Company&acute;s
shareholders concluded the conversion of 45,968,598 Series&nbsp;B Shares for the equivalent number of Series&nbsp;A Shares. This conversion
has no impact either on the total number of outstanding shares nor on the earnings-per-share calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>b) Basis of preparation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Statement of compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated unaudited interim financial
statements, which include the condensed consolidated unaudited interim statements of financial position as of September&nbsp;30, 2021
(unaudited) and December&nbsp;31, 2020 (audited), and the related condensed consolidated unaudited interim statements of operations, comprehensive
income, for each of the three and nine months ended September&nbsp;30, 2021 and 2020 (unaudited), changes in equity and cash flows for
each of the nine months ended September&nbsp;30, 2021 and 2020 (unaudited), have been prepared in accordance with International Accounting
Standard (&ldquo;IAS&rdquo;) 34 <I>Interim Financial Reporting</I> and using the same accounting policies applied in preparing the annual
financial statements, except as explained below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The condensed consolidated unaudited interim financial
statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction
with the Company&rsquo;s annual consolidated financial statements as of December&nbsp;31, 2020 and 2019 (audited).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Items included in the condensed consolidated financial statements of each
of the Company&rsquo;s entities are measured using the currency of the primary economic environment in which the entity operates (&ldquo;functional
currency&rdquo;). The presentation currency of the Company&rsquo;s condensed consolidated unaudited interim financial statements is the
Mexican peso, which is used also for compliance with its legal and tax obligations. All values in the condensed consolidated unaudited
interim financial statements are rounded to the nearest thousand (Ps.000), except when otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has consistently applied its accounting
policies to all periods presented in these annual financial statements and provide comparative information in respect of the previous
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>c) Basis of measurement and presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying condensed consolidated unaudited
interim financial statements have been prepared under the historical-cost convention, except for derivative financial instruments that
are measured at fair value and investments in marketable securities measured at fair value through profit and loss (&ldquo;FVTPL&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the condensed consolidated unaudited
interim financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the amounts reported
in the accompanying consolidated financial statements and notes. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>d) Basis of consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">The accompanying condensed consolidated unaudited interim financial statements
comprise the interim financial statements of the Company and its subsidiaries. On September&nbsp;30, 2021 and December&nbsp;31, 2020,
for accounting purposes the companies included in the condensed consolidated unaudited interim financial statements are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/13pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9.35pt; text-align: justify; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6pt"><B>% Equity interest</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 38%; border-bottom: black 1pt solid; padding-left: 9.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: black 1pt solid; padding-left: 1.4pt">
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal</B></P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Activities</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: black 1pt solid; padding-left: 1.4pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Country</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 6pt"><B>September 30,<BR>
2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid">
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>December 31,</B></P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020</B></P></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Concesionaria Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n S.A.P.I. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail throughout Mexico and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Vuela Aviaci&oacute;n, S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail in Costa Rica and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Costa Rica</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Vuela, S.A. (&ldquo;Vuela&rdquo;) *</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail in Guatemala and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Guatemala</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Vuela El Salvador, S.A. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Air transportation services for passengers, cargo and mail in El Salvador and abroad</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Comercializadora Volaris, S.A. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Merchandising of services</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Servicios Earhart, S.A.*</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Recruitment and payroll</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Guatemala</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Servicios Corporativos Volaris, S.A. de
    C.V.</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">(&ldquo;Servicios Corporativos&rdquo;)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Recruitment and payroll</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Servicios Administrativos Volaris, S.A.
    de C.V.</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">(&ldquo;Servicios
    Administrativos&rdquo;)</FONT> <FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Recruitment and payroll</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 6pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Comercializadora V Frecuenta, S.A. de C.V.</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">(&ldquo;Loyalty Program&rdquo;) **</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Loyalty Program</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">Viajes Vuela, S.A. de C.V. (&ldquo;Viajes Vuela&rdquo;)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Travel agency</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">CIBanco, S.A., Instituci&oacute;n de Banca M&uacute;ltiple, Fideicomiso 1710</FONT><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Pre-delivery payments financing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 6pt">CIBanco, S.A., Instituci&oacute;n de Banca M&uacute;ltiple, Fideicomiso 1711</FONT><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Pre-delivery payments financing</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    F/307750</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Share administration trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero F/745291</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Share administration trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero CIB/3081</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Share administration trust</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">Fideicomiso Irrevocable de Administraci&oacute;n
    n&uacute;mero CIB/3249</P>
    <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0 0 0 9.35pt; text-indent: -9.35pt">&ldquo;Administrative Trust&rdquo;</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 6pt">Asset backed securities trustor&nbsp;&amp; administrator</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt"><B>100%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 6pt">100%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt/13pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6pt"></FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The Companies have not started operations yet in Guatemala</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: justify">**The Company has not started operations yet</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT>
<FONT STYLE="font-size: 6pt">With effect from October 16, 2020, the Successor of the Trust 1710 was changed from Deutsche Bank M&eacute;xico,
S.A. to CIBanco, S.A., Instituci&oacute;n de Banca M&uacute;ltiple.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt"><SUP>(2) </SUP></FONT><FONT STYLE="font-size: 6pt">With
effect from October 16, 2020, the Successor of the Trust 1711 was changed from Deutsche Bank M&eacute;xico, S.A. to CIBanco, S.A., Instituci&oacute;n
de Banca M&uacute;ltiple.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><SUP>(3) </SUP></FONT><FONT STYLE="font-size: 6pt">With
effect from August 31,2021, the Company merged with Concesionaria Vuela Compa&ntilde;&iacute;a de Aviaci&oacute;n S.A.P.I. de C.V..</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements of the subsidiaries are prepared
for the same reporting period as the parent Company, using consistent accounting policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Control is achieved when the Company is exposed, or
has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over
the investee. Specifically, the Company controls an investee if, and only if, the Company has:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">i)</TD><TD STYLE="text-align: justify">Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">ii)</TD><TD>Exposure, or rights, to variable returns from its involvement with the investee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">iii)</TD><TD STYLE="text-align: justify">The ability to use its power over the investee to affect its returns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Company has less than a majority of the voting
or similar rights of an investee, the Company considers all relevant facts and circumstances in assessing whether it has power over an
investee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">i)</FONT></TD><TD>The contractual arrangement with the other vote holders of the investee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">ii)</FONT></TD><TD>Rights arising from other contractual arrangements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">iii)</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s voting rights and potential voting rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company re-assesses whether or not it controls
an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.
Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Consolidated Financial
Statements from the date the Company gains control until the date the Company ceases to control the subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All intercompany balances, transactions, unrealized
gains and losses resulting from intercompany transactions are eliminated in full on consolidation in the condensed consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On consolidation, the assets and liabilities of foreign
operations are translated into Mexican pesos at the rate of exchange prevailing at the reporting date and their statements of profit or
loss are translated at exchange rates</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">prevailing at the dates of the transactions. The
exchange differences arising on translation for consolidation are recognized in other comprehensive income (&ldquo;OCI&rdquo;). On disposal
of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2. Impact of new International Financial Reporting
Standards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>New and amended standards and interpretations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting policies adopted in the preparation of the condensed consolidated
unaudited interim financial statements are consistent with those followed in the preparation of the Company&rsquo;s annual consolidated
financial statements for the year ended December&nbsp;31, 2020, except for the adoption of new standards and interpretations effective
as of January&nbsp;1, 2021. The Company has not early adopted any other standard, interpretation or amendment that has been issued but
is not yet effective.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The nature and the effect of these changes are disclosed
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Amendments to IFRS 3: Definition of a Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendment to IFRS 3 Business Combinations clarifies that to be considered
a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together,
significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all of
the inputs and processes needed to create outputs. These amendments did not have an impact on the condensed consolidated unaudited interim
financial statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Amendments to IFRS 7,&nbsp;IFRS 9 and IAS 39
Interest Rate Benchmark Reform</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments to IFRS 9 and IAS 39 Financial Instruments: Recognition
and Measurement provide a number of reliefs, which apply to all hedging relationships that are directly affected by interest rate benchmark
reform. A hedging relationship is affected if the reform gives rise to uncertainty about the timing and/or amount of benchmark-based cash
flows of the hedged item or the hedging instrument. These amendments had no impact on the condensed consolidated unaudited interim financial
statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Amendments to IAS 1 and IAS 8 Definition of
Material</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amendments provide a new definition of material that states, &ldquo;information
is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general-purpose
financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.&rdquo;
The amendments clarify that materiality will depend on the nature or magnitude of information, either individually or in combination with
other information, in the context of the financial statements. A misstatement of information is material if it could reasonably be expected
to influence decisions made by the primary users. These amendments had no impact on the condensed consolidated unaudited interim financial
statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Conceptual Framework for Financial Reporting
issued on March&nbsp;29, 2018</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Conceptual Framework is not a standard, and none
of the concepts contained therein override the concepts or requirements in any standard. The purpose of the Conceptual Framework is to
assist the IASB in developing standards, to help preparers develop consistent accounting policies where there is no applicable standard
in place and to assist all parties to understand and interpret the standards. This will affect those entities which developed their accounting
policies based on the Conceptual Framework. The revised Conceptual Framework includes some new concepts, updated definitions and recognition
criteria for assets and liabilities and clarifies some important concepts. These amendments had no impact on the condensed consolidated
unaudited interim financial statements of the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Amendments to IFRS 16 Covid-19 Related Rent
Concessions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On 28 May&nbsp;2020, the IASB issued Covid-19-Related Rent Concessions
&ndash; amendment to IFRS 16 Leases The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting
for rent concessions arising as a direct consequence of the Covid-19 pandemic. As a practical expedient, a lessee may elect not to assess
whether a Covid-19 related rent concession from a lessor is a lease modification. A lessee that makes this election accounts for any change
in lease payments resulting from the Covid-19 related rent concession the same way it would account for the change under IFRS 16, if the
change were not a lease modification. This amendment had impact on the condensed consolidated unaudited interim financial statements of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Amendments to IFRS 9 Prepayment Features with
Negative Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under IFRS 9, a debt instrument can be measured at
amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are &lsquo;solely payments
of principal and interest on the principal amount outstanding&rsquo; (the SPPI criterion) and the instrument is held within the appropriate
business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of
an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable
compensation for the early termination of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These amendments had no impact on the condensed consolidated
unaudited interim financial statements of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3. Convenience translation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. dollar amounts at September&nbsp;30, 2021 shown in the condensed consolidated
unaudited interim financial statements have been included solely for the convenience of the reader and are translated from Mexican pesos,
using an exchange rate of Ps.20.3060 per U.S. dollar, as reported by the Mexican Central Bank (Banco de M&eacute;xico) as the rate for
the payment of obligations denominated in foreign currency payable in Mexico in effect on September&nbsp;30, 2021. Such translation should
not be construed as a representation that the peso amounts have been or could be converted into U.S. dollars at this or any other rate.
The referred information in U.S. dollars is solely for information purposes and does not represent the amounts are in accordance with
IFRS or the equivalent in U.S. dollars in which the transactions were conducted or in which the amounts presented in Mexican pesos can
be translated or realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4. Significant accounting judgments, estimates
and assumptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of these condensed consolidated unaudited interim financial
statements in accordance with IAS 34 requires management to make estimates, assumptions and judgments that affect the reported amount
of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Company&rsquo;s
condensed consolidated unaudited financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5. Seasonality of operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The results of operations for any interim period are
not necessarily indicative of those for the entire year because the business is subject to seasonal fluctuations. The Company expect demand
to be greater during the summer in the northern hemisphere, in December&nbsp;and around Easter, which can fall either in the first or
second quarter, compared to the rest of the year. The Company and subsidiaries generally experience their lowest levels of passenger traffic
in February, September&nbsp;and October, given their proportion of fixed costs, seasonality can affect their profitability from quarter
to quarter. This information is provided to allow for a better understanding of the results; however, management has concluded that this
does not constitute &ldquo;highly seasonal&rdquo; as considered by IAS 34.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6. Financial instruments and risk management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Financial risk management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s activities are exposed to different
financial risks stemmed from exogenous variables which are not under their control but whose effects might be potentially adverse such
as: (i)&nbsp;market risk, (ii)&nbsp;credit risk, and (iii)&nbsp;liquidity risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s global risk management program
is focused on uncertainty in the financial markets and tries to minimize the potential adverse effects on net earnings and working capital
requirements. The Company uses derivative financial instruments to hedge part of such risks. The Company does not enter into derivatives
for trading or speculative purposes. The sources of these financial risks exposures are included in both &ldquo;on balance sheet&rdquo;
exposures, such as recognized financial assets and liabilities, as well as in &ldquo;off-balance sheet&rdquo; contractual agreements and
on highly expected forecasted transactions. These on and off-balance sheet exposures, depending on their profiles, do represent potential
cash flow variability exposure, in terms of receiving less inflows or facing the need to meet outflows which are higher than expected,
therefore increase the working capital requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since adverse movements erode the value of recognized
financial assets and liabilities, as well some other off-balance sheet financial exposures, there is a need for value preservation, by
transforming the profiles of these fair value exposures. The Company has a Finance and Risk Management department, which identifies and
measures financial risk exposures, in order to design strategies to mitigate or transform the profile of certain risk exposures, which
are taken up to the corporate governance level for approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Market risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>a) Jet fuel price risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the contractual agreements with jet fuel suppliers
include reference to jet fuel index, the Company is exposed to fuel price risk which might have an impact in the forecasted consumption
volumes. The Company&rsquo;s jet fuel risk management policy aims to provide the Company with protection against increases in jet fuel
prices. In an effort to achieve the aforesaid, the risk management policy allows the use of derivative financial instruments available
on over the counter (&ldquo;OTC&rdquo;) markets with approved counterparties and within approved limits. Aircraft jet fuel consumed in
the three months ended September&nbsp;30, 2021 and 2020 represented 35% and 24% of the Company&rsquo;s operating expenses, respectively.
Additionally, aircraft jet fuel consumed in the nine months ended September 30, 2021 and 2020 represented 32% and 25% of the Company&rsquo;s
operating expenses, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended September&nbsp;30, 2021;
the Company did not enter into derivative financial instruments to hedge US Gulf Coast Jet Fuel 54. For the nine months ended September
30, 2021; the Company did not enter into derivative financial instruments to hedge US Gulf Coast Jet Fuel 54.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended September 30, 2020; the
Company did not enter into derivative financial instruments to hedge US Gulf Coast Jet Fuel 54. During the nine months ended September
30, 2020; the Company entered into US Gulf Coast Jet fuel 54 Asian call options designated to hedge 23,967 thousand gallons. Additionally,
the Company entered into US Gulf Coast Jet Fuel 54 Asian Zero-Cost collar options designated to hedge 81,646 thousand gallons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">For the three and nine months ended September 30, 2020, the Company recognized
an unwind of the Zero cost collar of Ps.18,282 and Ps.42,643, respectively which was recognized as part of finance cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December&nbsp;31, 2020, the
Company entered into US Gulf Coast Jet fuel 54 Asian call options designated to hedge 23,967 thousand gallons. Such hedges represented
a portion of the projected consumption for the 2Q20, 3Q20&nbsp;&amp; 1Q21. Additionally, during the same period, the Company entered into
US Gulf Coast Jet Fuel 54 Asian Zero-Cost collar options designated to hedge 81,646 thousand gallons. Such hedges represent a portion
of the projected consumption for the 2Q20, 2H20&nbsp;&amp; 2Q21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with IFRS 9 the Company separates the
intrinsic value from the extrinsic value of an option contract; as such, the change in the intrinsic value can be designated as hedge
accounting. Because extrinsic value (time and volatility values) of the Asian call options is related to a &ldquo;transaction related
hedged item&rdquo;, it is required to be segregated and accounted for as a cost of hedging in OCI and accrued as a separate component
of stockholders&rsquo; equity until the related hedged item matures and therefore impacts profit and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The underlying (US Gulf Coast Jet Fuel 54) of the
options held by the Company is a consumption asset (energy commodity), which is not in the Company&rsquo;s inventory. Instead, it is directly
consumed by the Company&rsquo;s fleet at different airport terminals. Therefore, although a non-financial asset is involved, its initial
recognition does not generate a book adjustment in the Company&rsquo;s inventories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rather, it is initially accounted for in the Company&rsquo;s
OCI and a reclassification adjustment is made from OCI to profit and loss and recognized in the same period or periods in which the hedged
item is expected to be allocated to profit and loss. Furthermore, the Company hedges its forecasted jet fuel consumption month after month,
which is congruent with the maturity date of the monthly serial Asian call options and Zero-Cost collars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All the Company&rsquo;s Asian calls matured throughout
the first quarter of 2021. The Zero-Cost Collars matured throughout the second quarter of 2021, leaving no outstanding fuel position going
forward as of September 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December&nbsp;31, 2020, the fair value of the
outstanding US Gulf Coast Jet Fuel Asian call options was an unrealized gain of Ps.206; as for the Zero- Cost collars it was an unrealized
loss of Ps.9,657 and is presented as part of the financial assets and liabilities in the consolidated statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September 30, 2021,
there was no intrinsic value of the Asian Call options to recycle to the fuel cost nor finance cost. During the three months ended September
30, 2020, the intrinsic value of the Asian call options recycled to the fuel cost was an expense of Ps.18,278.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30, 2021,
the intrinsic value of the Asian call options recycled to the fuel cost was an expense of Ps.12,577. During the nine months ended September
30, 2020, the intrinsic value of the Asian call options recycled to the fuel cost was an expense of Ps.33,627 (Ps.20,645 which was recognized
in the fuel cost and an expense of Ps.12,982 in finance cost).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September 30, 2021,
there was no intrinsic value of the Zero-Cost Collars options to recycle to the fuel cost nor finance cost. During the three months ended September&nbsp;30,
2020 the intrinsic value of the Zero-Cost Collars recycled to the fuel cost was an expense of Ps.352,227 (Ps.299,695 which was recognized
in the fuel cost and an expense of Ps.52,532 in finance cost).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30, 2021, there
was no cash flow to recycle for the Zero-Cost collar position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September&nbsp;30, 2020
the intrinsic value of the Zero-Cost Collars recycled to the fuel cost was an expense of Ps.1,009,866 (Ps.616,931 which was recognized
in the fuel cost and an expense of Ps.392,935 in finance cost).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended September 30,
2021, all the derivative financial instruments were effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the period ended September 30, 2021, there was
no cost of hedging as all the derivatives position matured all through 2Q21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 30,2021, the Company didn&acute;t
hold any outstanding fuel position.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table includes the notional amounts
and strike prices of the derivative financial instruments outstanding as of the end of December 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="21" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position as of December 31, 2020</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Jet fuel Asian call and Zero-Cost</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>collars option contracts maturities</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Jet fuel risk Asian Calls</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">1 Half 2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2 Half 2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2021 Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 44%; text-align: justify">&nbsp;&nbsp;Notional volume in gallons (thousands)*</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">7,280</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 10%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 10%; text-align: right">7,280</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Strike price agreed rate per gallon (U.S. dollars) **</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">US$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1.90</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">US$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1.90</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Approximate percentage of hedge (of expected consumption value)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">6</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Jet fuel risk Zero-Cost collars</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Notional volume in gallons (thousands)*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">7,556</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">7,556</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Strike price agreed rate per gallon (U.S. dollars) **</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">US$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1.23/1.93</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">US$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">US$</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1.23/1.93</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Approximate percentage of hedge (of expected consumption value)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">6</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">All-in</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Approximate percentage of hedge (of expected consumption value)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">12</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">-%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">6</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*&nbsp;&nbsp;&nbsp;&nbsp;US Gulf Coast Jet 54 as underlying
asset</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">** Weighted average</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>b) Foreign currency risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Though the Mexican Peso is the functional currency
of the Company, a significant portion of its operating expenses are denominated in U.S. dollar; thus, Volaris relies on sustained U.S.
dollar cash flows coming from operations in the United States of America and Central America to support part of its commitments in such
currency, however there&rsquo;s still a mismatch.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign currency risk arises from possible unfavorable
movements in the exchange rate which could have a negative impact in the Company&rsquo;s cash flows. To mitigate this risk, the Company
may use foreign exchange derivative financial instruments and non-derivative financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended September&nbsp;30, 2021,
21% of the Company&acute;s revenues came from operations in the United States of America and Central America (22% for the three months
ended September&nbsp;30, 2020). Also, for the nine months ended September&nbsp;30, 2021, 27% of the Company&acute;s revenues came from
operations in the United States of America and Central America (29% for the nine months ended September&nbsp;30, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended September&nbsp;30, 2021
and 2020 the U.S. dollar denominated collections accounted were 40% and 43%, respectively. Additionally, for the nine months ended September
30, 2021 and 2020 the U.S. dollar denominated collections accounted were 43% and 44%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Company&acute;s expenditures, particularly those related
to aircraft leasing and acquisition, are denominated in U.S. dollar. In addition, although jet fuel for those flights originated in Mexico
are paid in Mexican pesos, the price formula is impacted by the Mexican Pesos /U.S. dollars exchange rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s foreign exchange exposure as of
September&nbsp;30, 2021 and December&nbsp;31, 2020, is as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Thousands of U.S. dollars</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">December 31, <BR>2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Assets:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Cash and cash equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">US$&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">600,638</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">US$</TD>
    <TD STYLE="text-align: right">&#9;&nbsp;&nbsp;495,612</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Other accounts receivable, net</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">60,307</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">39,997</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Guarantee deposits</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">535,326</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">479,566</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;&nbsp;Derivative financial instruments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">US$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;&#9;&nbsp;&nbsp;1,196,271</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">US$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9; 1,015,185</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: justify; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 1.4pt">Liabilities:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Financial debt</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">US$</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;&#9;&nbsp;&nbsp;183,828</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">US$</TD><TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9;&nbsp;&nbsp;183,806</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Lease liabilities</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,475,116</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,334,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Suppliers</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">130,598</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,553</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Other taxes and fees payable</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,971</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;&nbsp;Derivative financial instruments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">484</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,805,513</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,709,101</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">Net foreign currency position</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><B>US$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(1,609,242&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">US$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9;(1,693,916</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At October 21, 2021, date of issuance of these condensed
consolidated unaudited interim financial statements, the exchange rate was Ps.20.2647 per U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company did not enter into foreign exchange rate derivatives financial instruments.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>i)</B></TD><TD STYLE="text-align: justify"><B>Hedging relationships designating non-derivative financial instruments as hedging instruments for Foreign Exchange (FX) risk</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the foreign currency risk effective since
January&nbsp;1st, 2019, the Company implemented two hedging strategies associated to forecasted FX exposures, by using non-derivatives
financial assets and liabilities denominated in a non-functional currency (the USD in this case) as hedging instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the first FX hedging strategy, the Company designated
a hedge to mitigate the variability in FX fluctuation denominated in USD associated to forecasted revenues by using a portion of USD denominated
financial liabilities associated to a portfolio of leasing liabilities up until the terms of the remaining leasing arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The outstanding USD balance designated under this hedging strategy as of
September&nbsp;30, 2021 and 2020 amount to USD$1.3 billion and USD$1.6 billion respectively, represented by recognized leasing liabilities,
which have been designated as hedging instruments tagged to USD denominated forecasted revenues over the remaining lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months period ended September&nbsp;30,
2021 and 2020, the impact of these hedges was Ps.87,997 and Ps.171,147, respectively, which has been presented as part of the total operating
revenue. Additionally, during the nine months period ended September 30, 2021 and 2020, the impact of these hedges was Ps.298,420 and
Ps.237,438, respectively, which has been presented as part of the total operating revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The second FX strategy consists of designating a hedging
relationship by using a portion of USD denominated non-derivative financial assets as hedging instruments, to mitigate the FX variability
(MXN/USD) contractually included as a component in the purchase of a portion of future Jet Fuel consumption. For this strategy designated
in 2019, a portion of the Jet Fuel consumption over the two following years has been designated as hedged item; while the hedging instrument
is represented by USD denominated recognized assets, including guaranteed deposits and cash and cash equivalents equivalent to USD$410
million, which represent a portion of the financial assets denominated in USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">During the first quarter of 2021, the designated hedging instrument back
in 2019 for USD$410 million expired consistent with the same foreign exchange strategy, the Company decided to designate a new hedging
relationship, like the one concluded. For this new strategy designated a portion of the Jet Fuel consumption over the two following</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">years has been designated as hedged item; while the
hedging instrument is represented by USD denominated recognized assets, including guaranteed deposits and cash and cash equivalents equivalent
to USD$350 million, which represent a portion of the financial assets denominated in USD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The outstanding USD balance designated under this
hedging strategy as of September&nbsp;30, 2021 and 2020 amount to USD$240.6 million and USD$103.1 million respectively, which does represent
a portion of the recognized financial assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months period ended September&nbsp;30,
2021 and 2020, the impact of these hedges was Ps.26,926 and Ps.153,517, respectively, which has been presented as part of the total fuel
expense. During the nine months period ended September&nbsp;30, 2021 and 2020, the impact of these hedges was Ps.127,471 and Ps.324,940,
respectively, which has been presented as part of the total fuel expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since the hedged items on for both hedging strategies
are targeted at mitigating the cash flow variability of highly expected forecasted transactions, these are represented by multiple hedging
relationships which do follow the Cash Flow Hedge Accounting Model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The effective portion of the hedging instrument&rsquo;s
changes in fair value, are taken to the hedge reserve within the OCI, presented as a separate caption within the Company&rsquo;s Stakeholders
Equity, which is in accordance with IFRS 9 criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts recorded in OCI are recycled to profit
and loss on a time basis as corresponding USD denominated Income and/or Jet Fuel consumptions do also impact the Company&rsquo;s operating
margin and are presented as adjustments to both operating income and expense, with respect to each FX hedging strategy in a timely matter,
as USD denominated income and jet fuel consumption are recognized within operating earnings, hence reflecting a portion of both operating
income and expenses amounts, net of both FX Hedging activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>c) Interest rate risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest rate risk is the risk that the fair value
of future cash flows will fluctuate because of changes in market interest rates. The Company&rsquo;s exposure to the risk of changes in
market interest rates relates primarily to the Company&rsquo;s long-term debt obligations and flight equipment operating lease agreements
with floating interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s results are affected by fluctuations
in certain benchmark market interest rates due to the impact that such changes may have on operational lease payments indexed to the <I>London
Inter Bank Offered Rate</I> (&ldquo;LIBOR&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses derivative financial instruments
to reduce its exposure to fluctuations in market interest rates and accounts for these instruments as an accounting hedge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In most cases, when a derivative can be tailored within the terms and it
perfectly matches cash flows of a leasing agreement, it may be designated as a CFH and the effective portion of fair value variations
are recorded in equity until the date the cash flow of the hedged lease payment is recognized in condensed consolidated unaudited statements
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Irrevocable Trust number CIB/3249, whose trustor
is the Company, entered a cap to mitigate the risk due to interest rate increases on the CEBUR coupon payments. The floating rate coupons
reference to TIIE 28 are limited under the cap to 10% on the reference rate for the life of the CEBUR and have the same amortization schedule.
Thus, the cash flows of the CEBUR are perfectly matched by the hedging instrument. &#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cap start date was July&nbsp;19, 2019, and the
maturity date is June&nbsp;20, 2024, consisting of 59 caplets with the same specifications as the CEBUR coupons for reference rate determination,
coupon term, and fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company&rsquo;s outstanding hedging contracts in the form of interest rate caps with notional amount of Ps.1.5 billion had fair
values of Ps.2,347 and Ps.326, respectively, and is presented as part of the financial assets in the condensed consolidated unaudited
statement of financial position.</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>d) Liquidity risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Liquidity risk represents the risk that the Company
has insufficient funds to meet its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of the cyclical nature of the business, the
operations, and its investment and financing needs related to the acquisition of new aircraft and renewal of its fleet, the Company requires
liquid funds to meet its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company attempts to manage its cash and cash equivalents
and its financial assets, relating the term of investments with those of its obligations. Its policy is that the average term of its investments
may not exceed the average term of its obligations. This cash and cash equivalents position is invested in highly liquid short-term instruments
through financial entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has future obligations related to maturities
of bank borrowings, lease liabilities and derivative contracts. The Company&rsquo;s off-balance sheet exposure represents the future obligations
related to aircraft purchase contracts. The Company concluded that it has a low concentration of risk since it has access to alternate
sources of funding. The table below presents the Company&rsquo;s contractual principal payments required on its financial liabilities
and the derivative financial instruments fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">September 30, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Within one<BR> year</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">One to five<BR> years</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Interest-bearing borrowings:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Pre-delivery payments facilities</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">3,715,998</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>3,715,998</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 46%; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Short-term working capital facilities</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">200,000</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 11%; text-align: right"></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">200,000</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Asset backed trust note</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">500,000</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">875,000</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1,375,000</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Lease liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Aircraft, engines, land and buildings leases</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">5,822,729</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">41,004,776</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">46,827,505</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;&nbsp;Aircraft and engine lease return obligation</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">158,678</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">3,272,104</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">3,430,782</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">Total</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><B>Ps.</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10,397,405</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>45,151,880</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;55,549,285</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="17" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Within one<BR> year</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">One to five<BR> years</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Interest-bearing borrowings:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 48%; text-align: justify">&nbsp;&nbsp;Pre-delivery payments facilities</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: justify"></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">1,096,543</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: justify"></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,554,069</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 10%; text-align: right">3,650,612</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Short-term working capital facilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Asset backed trust note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">250,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,250,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Derivative financial instruments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Jet fuel Asian Zero-Cost collars options contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,657</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,657</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Lease liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;Aircraft, engines, land, and buildings leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">6,484,092</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,646,450</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">44,130,542</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">&nbsp;&nbsp;Aircraft and engine lease return obligation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">86,801</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">2,417,683</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">2,504,484</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">8,127,093</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">43,868,202</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">51,995,295</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>e) Credit risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Credit risk is the risk that any counterparty will
not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit
risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks
and financial institutions, foreign exchange transactions and other financial instruments including derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that expose the Company to credit
risk involve mainly cash equivalents and accounts receivable. Credit risk on cash equivalents relate to amounts invested with major financial
institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Credit risk on accounts receivable relates primarily
to amounts receivable from the major international credit card companies. The Company has a high receivable turnover; hence management
believes credit risk is minimal due to the nature of its businesses, which have a large portion of their sales settled in credit cards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The credit risk on liquid funds and derivative financial
instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some of the outstanding derivative financial instruments
expose the Company to credit loss in the event of nonperformance by the counterparties to the agreements. However, the Company does not
expect any of its counterparties to fail to meet their obligations. The amount of such credit exposure is generally the unrealized gain,
if any, in such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To manage credit risk, the Company selects counterparties
based on credit assessments, limits overall exposure to any single counterparty and monitors the market position with each counterparty.
The Company does not purchase or hold derivative financial instruments for trading purposes. On September&nbsp;30, 2021, the Company concluded
that its credit risk related to its outstanding derivative financial instruments is low, since it has no significant concentration with
any single counterparty and it only enters into derivative financial instruments with banks with high credit-rating assigned by international
credit-rating agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>f) Capital management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes that the resources available to
the Company are enough for its present requirements and will be sufficient to meet its anticipated requirements for capital expenditures
and other cash requirements for the 2021 fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The primary objective of the Company&rsquo;s capital
management is to ensure that it maintains healthy capital ratios to support its business and maximize the shareholder&rsquo;s value. No
changes were made in the objectives, policies, or processes for managing capital during the period ended September&nbsp;30, 2021 and December&nbsp;31,
2020. The Company is not subject to any externally imposed capital requirement, other than the legal reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>7. Fair value measurements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The only financial assets and liabilities measured
at fair value after initial recognition are the derivative financial instruments. Fair value is the price that would be received from
sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair
value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&nbsp;In the principal market for the asset or
liability, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&nbsp;In the absence of a principal market, in
the most advantageous market for the asset or liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal or the most advantageous market must
be accessible to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of an asset or a liability is assessed
using the course of thought which market participants would use when pricing the asset or liability, assuming that market participants
act in their economic best interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assessment of a non-financial asset&rsquo;s fair
value considers the market participant&rsquo;s ability to generate economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the asset in its highest and best use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All assets and liabilities for which fair value is
measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the
lowest level input that is significant to the fair value measurement as a whole:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Level 1 &ndash; Quoted (unadjusted) prices in active markets for identical
assets or liabilities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Level 2 &ndash; Valuation techniques for which the lowest level input that
is significant to the fair value measurement is directly or indirectly observable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Level 3 &ndash; Valuation techniques for which
the lowest level input that is significant to the fair value measurement is unobservable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For assets and liabilities that are recognized in
the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end
of each reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the
level of the fair value hierarchy as explained above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Set out below, is a comparison by class of the carrying
amounts and fair values of the Company&rsquo;s financial instruments, other than those for which carrying amounts are reasonable approximations
of fair values:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center">Carrying amount</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Fair value</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">December 31, 2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">December 31, 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Assets</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Derivative financial instruments</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold"><P STYLE="font: 11pt EYInterstate Light; margin: 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.1pt"><B>2,347</B></FONT>&nbsp;</P></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right">532</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold"><P STYLE="font: 11pt EYInterstate Light; margin: 0; text-align: center"></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.1pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.1pt"><B>2,347</B></FONT></P></TD>
    <TD STYLE="font-size: 11pt; font-weight: bold"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp; </B></FONT></P></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: right">532</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 0.7pt">Liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: justify; padding-left: 0.7pt">&nbsp;&nbsp;Financial debt</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(5,290,998</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(5,350,612</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(5,348,986</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(5,527,332</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 0.7pt">Derivative financial instruments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(9,657</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(9,657</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 0.7pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#9;(&#9;5,288,651</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>(&#9;5,359,737</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>(&#9;5,346,639</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>Ps.</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif; letter-spacing: -0.1pt"><B>(5,536,457</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the fair value measurements
at September&nbsp;30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="20" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center">Fair value measurement</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quoted prices<BR> in active<BR> markets</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Level 1</B></P></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Significant</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>observable<BR> inputs</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Level 2</B></P></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Significant<BR> unobservable</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>inputs</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Level 3</B></P></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 9pt">Derivatives financial instruments:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 46%; text-align: justify; padding-left: 9pt">Interest Rate Cap</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 8%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 7%; text-align: right">2,347</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 7%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 7%; text-align: right">2,347</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Liabilities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 7.1pt">Liabilities for which fair values are disclosed:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 7.1pt">Interest-bearing loans and borrowings**</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(5,348,986</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(5,348,986</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Net</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(5,346,639</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(5,346,639</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">** LIBOR curve and TIIE Mexican interbank rate. Includes
short-term and long-term debt.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no transfers between level 1 and level
2 during the period.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the fair value measurements
at December&nbsp;31, 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="20" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Fair value measurement</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Quoted prices<BR> in active<BR> markets <BR>Level 1</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Significant <BR>observable<BR> inputs <BR>Level 2</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Significant<BR> unobservable <BR>inputs <BR>Level 3</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 9pt">Derivatives financial instruments:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 46%; text-align: justify; padding-left: 9pt">Jet fuel Asian call options contracts *</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 7%; text-align: right">206</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 7%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 7%; text-align: right">206</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 9pt">Interest Rate Cap</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">326</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">326</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Liabilities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 9pt">Derivatives financial instruments:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 9pt">Jet fuel Asian Zero-Cost collars options contracts*</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(9,657</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(9,657</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Liabilities for which fair values are disclosed:</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Interest-bearing loans and borrowings**</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(5,527,332</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(5,527,332</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt">Net</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">(5,536,457</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">Ps</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">(5,536,457</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Jet fuel forwards levels and LIBOR curve.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">** LIBOR curve and TIIE Mexican interbank rate. Includes
short-term and long-term debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no transfers between level 1 and level
2 during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the loss from derivatives
financial instruments recognized in the condensed consolidated unaudited statements of operations for the three months ended September&nbsp;30,
2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Condensed consolidated unaudited statements of
operations&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Instrument</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Financial statements line</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 39%; text-align: justify; padding-left: 0.7pt">Jet fuel Asian call options contracts</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 19%; text-align: justify; padding-left: 1.4pt">Fuel</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>Ps.</B></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 16%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>Ps.</B></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 16%; text-align: right">(18,278</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.7pt">Jet fuel Zero-Cost collars contracts</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Fuel</TD><TD>&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(299,695</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.7pt">Jet fuel Zero-Cost collars contracts</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Finance cost</TD><TD>&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(52,532</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0.7pt">Interest rate cap</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">Finance cost</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(418</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(339</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 0.7pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><B>Ps.</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(418</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left"><B>Ps.</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">(370,844</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the loss from derivatives
financial instruments recognized in the condensed consolidated unaudited statements of operations for the nine months ended September
30, 2021 and 2020:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Condensed consolidated unaudited statement statements
of operations&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Instrument</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Financial statements line</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 39%; text-align: justify; padding-left: 0.7pt">Jet fuel Asian call options contracts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 19%; text-align: justify; padding-left: 1.4pt">Fuel</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>Ps.</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(12,577</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>Ps.</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">(20,645</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.7pt">Jet fuel Zero-Cost collars contracts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Fuel</TD><TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(616,931</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.7pt">Jet fuel Asian call options contracts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Finance cost</TD><TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,982</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 0.7pt">Jet fuel Zero-Cost collars contracts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">Finance cost</TD><TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(392,935</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 0.7pt">Interest rate cap</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">Finance cost</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(977</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,126</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt; padding-left: 0.7pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>Ps.</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(13,554</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>Ps.</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,044,619</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the net (loss) gain
on CFH before taxes recognized in the condensed consolidated unaudited statements of comprehensive income for the three months ended September&nbsp;30,
2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Condensed consolidated unaudited statements of other comprehensive
income&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Instrument</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Financial statements line</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 39%; text-align: justify">Jet fuel Asian call options</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 15%; text-align: center">OCI</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 13%; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 13%; text-align: right">11,212</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Jet fuel Zero cost collars</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center">OCI</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">389,087</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Interest Rate Cap</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center">OCI</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">691</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(883</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Non derivative financial instruments</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">OCI</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(448,490</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">741,450</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(447,799</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">1,140,866</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the net loss on CFH
before taxes recognized in the condensed consolidated unaudited statements of comprehensive income for the nine months ended September&nbsp;30,
2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Condensed consolidated unaudited statements of other comprehensive
income&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: justify">Instrument</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Financial statements line</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 39%; text-align: justify">Jet fuel Asian call options</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 15%; text-align: center">OCI</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 13%; text-align: right">11,993</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 13%; text-align: right">(12,887</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Jet fuel Zero cost collars</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center">OCI</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">9,657</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(562,496</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify">Interest Rate Cap</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center">OCI</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">2,997</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(642</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Non derivative financial instruments</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">OCI</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(465,158</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(5,278,862</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(440,511</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(5,854,887</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8. Financial assets and liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September&nbsp;30, 2021 and December&nbsp;31, 2020,
the Company&rsquo;s financial assets are represented by cash and cash equivalents, trade and other accounts receivable, accounts receivable
with carrying amounts that approximate their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>a) Financial assets&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>September 30, <BR>
2021</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">December&nbsp;31, <BR>
2020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Derivative financial instruments designated as cash flow hedges (effective portion recognized within OCI)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Jet fuel Asian call options</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Interest rate cap</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>2,347</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">326</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Total financial assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>2,347</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">532</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Presented on the condensed consolidated unaudited statements of financial
position as follows:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Current</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">206</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;&nbsp;Non-current</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>2,347</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">326</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>b) Financial debt</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><B>(i)</B></TD><TD STYLE="text-align: justify">At September 30, 2021 and December 31, 2020, the Company&rsquo;s short-term and long-term debt consists
of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 4%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 54%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 4%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 16%; padding-right: 1.3pt; text-align: center; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>September&nbsp;30,<BR>
2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 3%; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; padding-right: 1.3pt; text-align: center; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">December&nbsp;31,<BR>
2020</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">I.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Revolving line of credit with Banco Santander M&eacute;xico, S.A.,&nbsp;Instituci&oacute;n de Banca M&uacute;ltiple, Grupo Financiero Santander (&ldquo;Santander&rdquo;) and Banco Nacional de Comercio Exterior, S.N.C. (&ldquo;Bancomext&rdquo;), in U.S. dollars, to finance pre-delivery payments, maturing on October&nbsp;31, 2022, bearing annual interest rate at the three-month LIBOR plus a spread of 260 basis points.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,715,998</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,650,612</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">II.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">The Irrevocable Trust number CIB/3249, whose trustor is the Company&acute;s subsidiary Concesionaria issued in the Mexico market CEBUR, in Mexican pesos, maturing on June 20th, 2024 bearing annual interest rate at TIIE 28 days plus 175 basis points.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,375,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,500,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">III.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; padding-left: 2.8pt; text-align: justify; text-indent: -2.8pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">In December&nbsp;2019, the Company entered into a short-term working capital facility with Banco Sabadell S.A.,&nbsp;Instituci&oacute;n de Banca Multiple (&ldquo;Sabadell&rdquo;) in Mexican pesos, bearing annual interest rate at TIIE 28 days plus a spread of 300 basis points.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>200,000</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">200,000</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">IV.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Amortized transaction costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>(10,001)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">(15,542)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; padding-bottom: 1pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Accrued interest and other financial cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>20,326</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">19,563</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>5,301,323 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">5,354,633</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; padding-bottom: 1pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Less: Short-term maturities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>4,430,490</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">1,558,884</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Long-term</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>870,833</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.3pt; text-align: justify; text-indent: 7.7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; vertical-align: bottom; padding-right: 1.3pt; text-align: right; text-indent: 7.7pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,795,749</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">TIIE: Mexican interbank rate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&nbsp;The following table provides a summary of
the Company&rsquo;s scheduled principal payments of financial debt and accrued interest on September&nbsp;30, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Within one year</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>October 2022-</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 2023</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>October 2023-</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 2024</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 26%; padding-left: 9pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Santander/Bancomext</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,732,809</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.8pt; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,732,809</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">CEBUR</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>502,483</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>500,000</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>375,000</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.8pt; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,377,483</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Banco Sabadell</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>201,032</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.8pt; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>201,032</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>4,436,324</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>500,000</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>375,000</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.8pt; text-align: right; line-height: 13pt"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>5,311,324</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The &ldquo;Santander/Bancomext&rdquo; loan agreement
provides for certain covenants, including limits to the ability to, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(i)</TD><TD>Incur debt above a specified debt basket unless certain financial ratios are met.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(ii)</TD><TD>Create liens.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(iii)</TD><TD>Merge with or acquire any other entity without the previous authorization of the Banks.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(iv)</TD><TD>Dispose of certain assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(v)</TD><TD STYLE="text-align: justify">Declare and pay dividends or make any distribution on the Company&rsquo;s share capital unless certain
financial ratios are met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September 30, 2021 and December 31, 2020, the Company
was in compliance with the covenants under the above-mentioned loan agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For purposes of financing the pre-delivery payments,
Mexican trust structures were created whereby, the Company assigned its rights and obligations under the Airbus Purchase Agreement with
Airbus S.A.S. (&ldquo;Airbus&rdquo;), including its obligation to make pre-delivery payments to the Mexican trusts, and the Company guaranteed
the obligations of the</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mexican trusts under the financing agreement (CIBanco,
S.A. (previously Deutsche Bank Mexico, S.A. Trust 1710 and 1711)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June&nbsp;20, 2019, the Company, through its subsidiary
Concesionaria issued 15,000,000 CEBUR under the ticket VOLARCB 19 for the amount of Ps.1.5 billion Mexican pesos through the Irrevocable
Trust number CIB/3249 created by Concesionaria. The issuance amount is part of a program approved by the Mexican National Banking and
Securities Commission (Comisi&oacute;n Nacional Bancaria y de Valores) for an amount of up to Ps.3.0 billion Mexican pesos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The notes have a five-year maturity annual reduction
of Ps.250,000, Ps.500,000, Ps.500,000 and Ps.250,000 in 2021, 2022, 2023 and 2024, respectively, with a floating one-month coupon rate
referenced to TIIE 28 plus with a 175 basis point spread. The notes start amortizing at the end of the second year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CEBUR structure operates on specific rules&nbsp;and
provides a DSCR &ldquo;Debt Service Coverage Ratio&rdquo; which is computed by comparing the Mexican Peso collections over the previous
six months to the next 6 months of debt service. In general, there is a fund retention event if the ratio is less than 2.5 and or equal
to 1.75 times. The amortization of the debt of the CEBUR begins in July&nbsp;of 2021. In addition, early amortization applies if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">i)</FONT></TD><TD>The Debt Coverage Ratio is less than 1.75x on any of the determination dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">ii)</FONT></TD><TD>An event of retention is not cover in a period of 90 consecutive days.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">iii)</FONT></TD><TD>The debt service reserve account of any series maintains on deposit an amount less than the required balance of the debt service reserve
account for a period that includes two or more consecutive payment methods.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">iv)</FONT></TD><TD>Insolvency event of Concesionaria.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">v)</FONT></TD><TD>The update of a new insolvency event in relation to the Concesionaria Vuela</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 11pt">vi)</FONT></TD><TD STYLE="text-align: justify">Updating a new event of default</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December&nbsp;2019, the Company entered into a
short-term working capital facility with Banco Sabadell S.A.,&nbsp;Instituci&oacute;n de Banca Multiple (&ldquo;Sabadell&rdquo;) in Mexican
pesos, bearing annual interest rate at TIIE 28 days plus a 300 basis points. The &ldquo;Sabadell&rdquo; working capital facility has the
following covenant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">i) Joint obligor (Concesionaria) must represent 85%
of EBITDA of the holding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September&nbsp;30, 2021 and December&nbsp;31, 2020,
the Company was in compliance with the covenants under the terms and conditions of the asset backed trusted notes and short-term working
capital facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>c) Other financial liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At September&nbsp;30, 2021 and December&nbsp;31, 2020,
the derivative financial instruments designated as CFH from the Company are summarized in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Derivative financial instruments designated as CFH (effective portion recognized within OCI):</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September&nbsp;30,<BR>
2021</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December&nbsp;31,<BR>
2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 71%; padding-bottom: 1pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Zero cost collar options</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 5%; border-bottom: black 1pt solid; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 11%; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 2%; border-bottom: black 1pt solid; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 9%; border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,657</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total financial liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,657</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; line-height: 13pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Presented
    on the condensed consolidated unaudited statements of financial position as follows:</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,657</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-current</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&nbsp;&nbsp;&nbsp;-</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;9. Cash and cash equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An analysis of this caption is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>September 30,</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; width: 70%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash in banks</FONT></TD>
    <TD STYLE="width: 3%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 2%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 10%; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,283,404</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 2%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 9%; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,907,295</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Short-term investments</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4,239,860</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,068,618</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash on hand</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>53,519</B></FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,432</FONT></TD>
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted funds held in trust related to debt service reserves</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>91,040</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">91,040</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12,667,823</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,103,385</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company recorded a portion of advance ticket sales by an amount of Ps.91,040 and Ps.91,040 as a restricted fund. The restricted
funds held in Trust are used to constitute the debt service reserves and cannot be used for purposes other than those established in the
contract of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>10. Related parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">a)</TD><TD>An analysis of balances due from/to related parties at September 30, 2021 and December 31, 2020 is provided below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All companies are considered affiliates, since the
Company&rsquo;s primary shareholders or directors are also direct or indirect shareholders of the related parties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Due from:</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Type of transaction</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; width: 15%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Country <BR>
of origin</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 8%; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>September 30, 2021</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>December 31, 2020</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Terms</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;Frontier Airlines Inc. (&ldquo;Frontier&rdquo;)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Code-share</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">USA</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>94,662</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">72,629</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30 days</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>94,662</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">72,629</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Due to:</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Grupo Aeroportuario del Centro Norte (&ldquo;OMA&rdquo;)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Airport Services</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>141,161</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">80,681</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30 days</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Aeromantenimiento, S.A. (&ldquo;Aeroman&rdquo;)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aircraft and engine maintenance</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico/El Salvador</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,775</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">39,284</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30 days</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Chevez, Ruiz, Zamarripa y C&iacute;a., S.C.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Professional fees</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>8,081</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">4,823</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30 days</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Frontier Airlines Inc. (&ldquo;Frontier&rdquo;)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Code-share</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">USA</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>42</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">39</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30 days</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;Mijares, Angoitia, Cort&eacute;s y Fuentes, S.C.</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Professional fees</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">166</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">30 days</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>158,059</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">124,993</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company did not recognize any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which the related party operates.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">b)</TD><TD STYLE="text-align: justify">During the three months ended September 30, 2021 and 2020, the Company had the following transactions
with related parties:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 1.4pt; text-align: center; width: 48%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Related party transactions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-left: 1.4pt; text-align: center; width: 24%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Country of origin</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 8%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 11%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Revenues:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transactions with affiliates</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Frontier Airlines Inc</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12.6pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Code-share</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">USA</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>338</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">24,471</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Expenses:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transactions with affiliates</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airport services</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>29,335</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">8,805</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aeromantenimiento, S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aircraft and engine maintenance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico/El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>23,787</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">67,083</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical support</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico/El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>760</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">936</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;Chevez, Ruiz, Zamarripa y C&iacute;a, S.C.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1,400</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">-</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Servprot, S.A. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 19.7pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Security services</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">M&eacute;xico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>973</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">953</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mijares, Angoitia, Cort&eacute;s y Fuentes, S.C.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">421</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">c)</TD><TD>During the nine months ended September 30, 2021 and 2020, the Company had the following transactions with related parties:&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 48%; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Related party transactions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 24%; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Country of origin</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 8%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 11%; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2020</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Revenues:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transactions with affiliates</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Frontier Airlines Inc</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 12.6pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Code-share</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">USA</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>71,131</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">107,506</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Expenses:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Transactions with affiliates</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Aeromantenimiento, S.A.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aircraft and engine maintenance</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico/El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>159,380</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">174,196</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technical support</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico/El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,526</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">3,005</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airport services</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>94,465</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">13,838</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;Chevez, Ruiz, Zamarripa y C&iacute;a, S.C.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3,383</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Servprot, S.A. de C.V. Security services</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">M&eacute;xico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2,635</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">2,647</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Onelink, S.A. de C.V.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call center fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico/El Salvador</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">73,167</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 5.5pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mijares, Angoitia, Cort&eacute;s y Fuentes, S.C.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Mexico</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">495</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">d)</TD><TD>Servprot&nbsp;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Servprot S.A. de C.V. (&ldquo;Servprot&rdquo;) is
a related party because Enrique Beltranena Mejicano, the Company&rsquo;s President and Chief Executive Officer and Rodolfo Montemayor,
who served as an alternate member of our board of directors until April 19, 2018, are shareholders of such company. Servprot provides
security services for Mr. Beltranena and his family, as well as for Mr. Montemayor. As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company did not have net balance with Servprot.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September&nbsp;30,
2021 and 2020 the Company expensed Ps.973 and Ps.953, respectively, for this concept. During the nine months ended September 30, 2021
and 2020 the Company expensed Ps.2,635 and Ps.2,647, respectively, for this concept.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">e)</TD><TD STYLE="text-align: justify">Aeroman</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Aeroman is a related party, because Marco Baldocchi
a member of the board of the Company&rsquo;s board of directors is an alternate director of Aeroman. The Company entered into an aircraft
repair and maintenance service agreement with Aeroman on January&nbsp;1, 2017. This agreement provides that the Company must use Aeroman,
exclusively for aircraft repair and maintenance services, subject to availability. Under this agreement, Aeroman provides inspection,
maintenance, repair and overhaul services for aircraft. The Company makes payments under this agreement depending on the services performed.
This agreement is for a 5 years term. As of September&nbsp;30, 2021 and December&nbsp;31, 2020, the balances due under the agreement with
Aeroman were Ps.8,775 and Ps.39,284, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September&nbsp;30, 2021
and 2020, the Company incurred expenses in aircraft, engine maintenance and technical support under this agreement amounted to Ps.24,547
and Ps.68,019, respectively. During the nine months ended September 30, 2021 and 2020, the Company incurred expenses in aircraft, engine
maintenance and technical support under this agreement amounted to Ps.161,906 and Ps.177,201, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">f)</TD><TD STYLE="text-align: justify">Mijares, Angoitia, Cort&eacute;s y Fuentes</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mijares, Angoitia, Cort&eacute;s y Fuentes,
S.C. (&ldquo;MACF&rdquo;) is a related party because Ricardo Maldonado Ya&ntilde;ez and Eugenio Macouzet de Le&oacute;n, member and alternate
member, respectively, of the board of the Company since April&nbsp;2018, are partners of the MACF provides legal services to us. As of
September&nbsp;30, 2021, the Company did not have net balance with MACF and December&nbsp;31, 2020, the balance due under the agreement
with MACF was Ps.166.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months ended September&nbsp;30,
2021, the Company did not have expense transactions with this related party, respectively. During the three and nine months ended September&nbsp;30,
2020, the Company recognize expense transactions with this related party of Ps.421 and Ps.495, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">g)</TD><TD STYLE="text-align: justify">Frontier</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Frontier is a related party because Mr.&nbsp;William
A. Franke and Brian H. Franke are members of the board of the Company and Frontier as well as Indigo Partners, the latest has significant
investments in both Companies. As of September&nbsp;30, 2021 and December&nbsp;31, 2020, the accounts receivable from Frontier were Ps.94,662
and Ps.72,629, respectively. Additionally, as of September&nbsp;30, 2021 and December&nbsp;31, 2020, the account payable was Ps.42 and
Ps.39, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September&nbsp;30, 2021
and 2020, the Company recognized revenue under this agreement of Ps.338 and Ps.24,471, respectively. During the nine months ended September
30, 2021 and 2020, the Company recognized revenue under this agreement of Ps.71,131 and Ps.107,506, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">h)</TD><TD STYLE="text-align: justify">OneLink</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OneLink S.A. de C.V. (&ldquo;Onelink&rdquo;) was a
related party until December&nbsp;31, 2017, because Marco Baldocchi, a member of the board, was a director of Onelink. As of October&nbsp;24,
2019 and until June&nbsp;30, 2020 Onelink, Holdings, S.A. (&ldquo;Onelink Holdings&rdquo;) and its subsidiary Onelink were related parties,
because Mr.&nbsp;Rodrigo Antonio Escobar Nottebohm, a former alternate board member of Onelink Holdings, became an alternate Director
of the Company. Pursuant to this agreement, Onelink received calls from the customers to book flights and provides customers with information
about fares, schedules and availability. As of September&nbsp;30, 2021 and December&nbsp;31, 2020, did not recognize any accounts receivable
and account payable with this related party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three and nine months period ended September&nbsp;30,
2021, the Company did not recognize any revenue and expense transactions with this related party. During the three months ended September
30,2020, the Company did not recognize any revenue and expense transactions with this related party. During the nine months ended September&nbsp;30,
2020, the Company expensed Ps.73,167.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">i)</TD><TD STYLE="text-align: justify">Grupo Aeroportuario del Centro Norte (&ldquo;OMA&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April&nbsp;22, 2020, Grupo Aeroportuario del Centro
Norte (&ldquo;OMA&rdquo;) became a related party because Mrs.&nbsp;Guadalupe Phillips Margain is an independent member of the board of
directors the Company and member of the board of directors of OMA. Mr.&nbsp;Ricardo Maldonado Ya&ntilde;ez is also an independent member
of the board of directors of the Company and OMA. As of September&nbsp;30, 2021, and December&nbsp;31, 2020, the account payable with
OMA was Ps.141,161 and Ps.80,681, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September&nbsp;30, 2021
and 2020 the Company recognized expenses with OMA of Ps.29,335 and Ps.8,805. During the nine months ended September 30, 2021 and 2020,
the Company recognized expenses with OMA of Ps. 94,465 and Ps.13,838.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">j)</TD><TD STYLE="text-align: justify">Chevez, Ruiz, Zamarripa y Cia, S.C</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chevez, Ruiz, Zamarripa y Cia, S.C. (&ldquo;Chevez&rdquo;)
is a related party because Mr.&nbsp;Jos&eacute; Luis Fern&aacute;ndez Fern&aacute;ndez is an independent member of the Board of Directors,
as well as the chairman of the Audit and Corporate Governance Committee of the Company and non-managing partner of Chevez. Chevez provides
tax advisory services to us. As of September&nbsp;30, 2021 and December&nbsp;31, 2020, the account payable with Chevez was Ps.8,081 and
Ps.4,823, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months and year ended September&nbsp;30,
2021, the Company recognized expenses with Chevez of Ps.1,400. During the nine months and year ended September 30, 2021, the Company recognized
expenses with Chevez of Ps.3,383.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">k)</TD><TD STYLE="text-align: justify">Directors and officers</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September&nbsp;30,
2021 and 2020, all the Company&rsquo;s senior managers received an aggregate compensation of short and long-term benefits of Ps.127,088
and Ps.19,946, respectively. During the nine months ended September 30, 2021 and 2020, all the Company&rsquo;s senior managers received
an aggregate compensation of short and long-term benefits of Ps.207,046 and Ps.133,730, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended September&nbsp;30, 2021 and 2020, the chairman
and the independent members of the Company&rsquo;s board of directors received an aggregate compensation of approximately Ps.2,713 and
Ps.1,379, respectively, and the rest of the directors received a compensation of Ps.850 and Ps.93, respectively. During the nine months
ended September 30, 2021 and 2020, the chairman and the independent members of the Company&rsquo;s board of directors received an aggregate
compensation of Ps.9,361 and Ps.4,470, respectively, and the rest of the directors received a compensation of Ps.2,632 and Ps.3,602, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>11. Inventories</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An analysis of inventories on September&nbsp;30, 2021
and December&nbsp;31, 2020 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30, </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31, 2020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; padding-left: 1.4pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Spare parts and accessories of flight equipment</FONT></TD>
    <TD STYLE="width: 3%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>278,625</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">271,454</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Miscellaneous supplies</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>7,495</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,505</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>286,120</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right; line-height: 13pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">278,959</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify; line-height: 13pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The inventory items are consumed during or used mainly
in delivery of in-flight services and for maintenance services by the Company and are valued at the lower of cost or replacement value.
For the three months as of September&nbsp;30, 2021 and 2020, the amount of consumption of inventories, recorded as an operating expense
as part of maintenance expense was Ps.80,155 and Ps.53,998, respectively. For the nine months as of September 30, 2021 and 2020, the amount
of consumption of inventories, recorded as an operating expense as part of maintenance expense was Ps.219,666 and Ps.169,341, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>12. Rotable spare parts, furniture and equipment,
net</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) Acquisitions and disposals</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the nine months ended September&nbsp;30, 2021
and 2020, the Company acquired rotable spare parts, furniture, and equipment by an amount of Ps.2,193,701 and Ps.2,492,507 respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rotable spare parts, furniture and equipment by Ps.921,167
and Ps.2,423,438, were disposed for the nine months ended September&nbsp;30, 2021 and 2020, respectively. These amounts included reimbursements
of pre-delivery payments for aircraft acquisition of Ps.805,024 and Ps.967,739, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 2, 2021, the Company acquired one NEO
spare engine (based on the terms of the Pratt &amp; Whitney purchase agreement FMP), which was accounted for a cost for a total amount
of Ps.179,973 (US$8,977). This transaction did not generate any gain or loses in our condensed consolidated unaudited statements of operations.
The Company had identified the major components as separate parts at their respective cost. These major components of the engine are presented
as part of the engine and depreciated over their useful life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) Depreciation expense</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation expense for the three months ended September&nbsp;30, 2021
and 2020 was Ps.235,086 and Ps.206,177, respectively. Depreciation expense for the nine months ended September 30, 2021 and 2020 was Ps.666,105
and Ps.574,060, respectively. Depreciation charges for the period are recognized as a component of operating expenses in the condensed
consolidated unaudited statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>13. Intangible assets, net</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) Acquisitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the nine months ended September 30, 2021 and 2020,
the Company acquired intangible assets by an amount of Ps.72,847 and Ps.75,446, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) Amortization expense</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Software amortization expense for the three months ended September&nbsp;30,
2021 and 2020 was Ps.35,276 and Ps.24,625, respectively. Software amortization expense for the nine months ended September 30, 2021 and
2020 was Ps.102,847 and Ps.75,702, respectively. These amounts were recognized in depreciation and amortization in the condensed consolidated
unaudited statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>14. Leases</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The most significant leases are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Aircraft and engine represent the Company&acute;s
most significant lease agreements. At September&nbsp;30, 2021 and December&nbsp;31, 2020, the Company leases 93 aircraft (85 as of December&nbsp;31,
2020) and 20 spare engines under leases (18 as of December&nbsp;31, 2020) that have maximum terms through 2033. The leases are generally
guaranteed by either deposit in cash or letters of credits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Composition of the fleet and spare engines leases*:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; width: 48%">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aircraft</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Type</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Verdana, Helvetica, Sans-Serif; text-align: center; width: 14%"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Model</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 16%; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>At September <BR>
30, 2021</B></FONT></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 16%; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">At December <BR>
31, 2020</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A319</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">132</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>3</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A319</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">133</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A320</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">233</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>39</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">39</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A320</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">232</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>1</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A320NEO</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">271N</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>32</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">24</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A321</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">231</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>10</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">A321NEO</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">271N</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>6</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">6</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>93</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">85</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt EYInterstate Light; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%; padding-left: 1.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Engine spare</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Type</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Model</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>At September <BR>
30, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 16%; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">At December <BR>
31, 2020</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2500</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2524-A5</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;2</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2500</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2527M-A5</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;3</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2500</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2527E-A5</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;5</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2500</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">V2527-A5</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>4</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">2</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">PW1100</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">PW1127G-JM</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>5</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">PW1100</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">PW1133G-JM</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>1</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; padding-left: 1.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&nbsp;20</B></FONT></TD>
    <TD STYLE="padding-bottom: 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-bottom: 2pt; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">18</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*Certain of the Company&rsquo;s aircraft and engine
lease agreements include an option to extend the lease term period. Terms and conditions are subject to market conditions at the time
of renewal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months period ended September 30,
2021, the Company has added two new leased aircraft to its fleet (one A320 NEO acquired through a sale and leaseback transaction under
our existing Airbus purchase agreement and one obtained directly from the lessor&acute;s aircraft order book). Also, the Company extended
the lease term of two A320CEO (effective from 2022 and 2025) and one A319CEO (effective from 2021). All the aircraft incorporated through
the lessor&acute;s aircraft order book were not subject to sale and leaseback transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months period ended September 30,
2021, the Company added eight new leased aircraft to its fleet (three A320 NEO&acute;s acquired through sale and leaseback transactions
under our existing Airbus purchase agreement and five obtained directly from the lessor&acute;s aircraft order book). Also, the Company
extended the lease term of thirteen A320CEO (effective from 2022, 2023 and 2025) and two A319CEO (effective from 2021). All the aircraft
incorporated through the lessor&acute;s aircraft order book was not subject to sale and leaseback transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December&nbsp;31, 2020, the
Company added seven new leased aircraft to its fleet (seven A320 NEO&acute;s acquired through sale and leaseback transactions under our
existing Airbus purchase agreement). Also, the Company returned three aircraft to their respective lessors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the nine months ended September 30, 2021, the
Company also incorporated two CEO spare engines. Such leases were not subject to sale and leaseback transactions. Also, the Company extended
the lease term of three spare engines (two of them effective from February 2021 and the other from October 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December&nbsp;31, 2020, the
Company also incorporated two NEO spare engine (based on the terms of the Pratt&nbsp;&amp; Whitney purchase agreement FMP), and two CEO
spares to its fleet. These four engines were subject to sale and leaseback transactions and their respective lease agreements were accounted
as leases.</P>

<P STYLE="font: 11pt/13pt EYInterstate Light; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Set out below are the carrying amounts of right-of-use assets recognized
and the movements during the period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Aircraft leases</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Spare engine leases</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Land and building leases</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 8pt">As at December 31, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,406,490</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">829,200</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80,527</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 8pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,316,217 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%; padding-left: 1.4pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;Additions</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,564,130</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt"><B>&ndash;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt"><B>164,861</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,728,991</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;Disposals</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&ndash;&nbsp;&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&ndash;&nbsp;&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(5,322</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>(5,322</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;Foreign exchange effect</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&ndash;&nbsp;&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&ndash;&nbsp;&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>15</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>15</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;Depreciation on right of use assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>(3,810,558</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>(176,151</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>(43,086</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>(4,029,795</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt"><FONT STYLE="font-size: 8pt"><B>As of September 30, 2021</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,160,062</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>653,049</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>196,995</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 8pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 8pt"><B>37,010,106</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Set out below are the carrying amounts of lease liabilities and the movements
during the period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2021</B></P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">December 31, <BR>
2020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 9pt"><B>As at January 1<SUP>st</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;44,130,542</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">40,517,045</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 56%; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Additions</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,742,346</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">5,572,764</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Disposals</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>(5,665</B></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(231,566</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Accretion of interest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>1,820,104</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2,218,982</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Foreign exchange effect</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>892,923</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2,163,886</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Payments</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>(6,752,745</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(6,110,569</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1.4pt"><FONT STYLE="font-size: 9pt"><B>Balances at the end of the reporting period</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>46,827,505</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 9pt">Ps.</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt">44,130,542</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Current</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>5,822,729</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">6,484,092</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 1.4pt"><FONT STYLE="font-size: 9pt">&nbsp;&nbsp;Non-current</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>41,004,776</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">Ps.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">37,646,450</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are the amounts recognized in profit
or loss for the three months ended September&nbsp;30, 2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation of right-of-use assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Ps.</TD>
    <TD STYLE="font-weight: bold; text-align: right">&#9;(1,410,246</TD>
    <TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">Ps.</TD>
    <TD STYLE="text-align: right">&#9;(1,277,828</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 1.4pt">Interest expense on lease liabilities and aircraft and engine lease return obligation</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(688,870</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(661,742</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.4pt">Aircraft and engine variable expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(431,134</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(537,304</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 1.4pt">Total amount recognized in profit or loss</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;(2,530,250</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;(2,476,874</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had total cash outflows for leases for
the three months ended September 30, 2021 of Ps.1,715,684 (Ps.1,723,887 as of September 30, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following are the amounts recognized in profit
or loss for the nine months ended September&nbsp;30, 2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation of right-of-use assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">Ps</TD>
    <TD STYLE="font-weight: bold; text-align: right">(4,029,795</TD>
    <TD STYLE="font-weight: bold; text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">Ps.</TD>
    <TD STYLE="text-align: right">&#9;(3,751,958</TD>
    <TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 1.4pt">Interest expense on lease liabilities and aircraft and engine lease return obligation</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(1,804,567</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(1,904,106</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1.4pt">Aircraft and engine variable expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,380,976</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,337,873</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 1.4pt">Total amount recognized in profit or loss</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;(7,215,338</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(6,993,937</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had total cash outflows for leases for
the nine months ended September 30, 2021 of Ps.6,752,745 (Ps.4,349,801 as of September 30, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">i) Return obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three months ended September&nbsp;30, 2021
and 2020, the Company expensed as supplemental rent Ps.34,521 and Ps.21,342, respectively. For the nine months ended September 30, 2021
and 2020, the Company expensed as supplemental rent Ps.91,021 and Ps.46,979, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Purchase of 80 A320 New Engine Option (&ldquo;NEO&rdquo;) aircraft</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December&nbsp;28, 2017, the Company amended the
agreement with Airbus, S.A.S. (&ldquo;Airbus&rdquo;) for the purchase of additional 80 A320NEO family aircraft to be delivered from 2022
to 2026, to support the Company&rsquo;s targeted growth markets in Mexico, United States and Central America. In July&nbsp;2020, we amended
the agreement with Airbus to reschedule the 80 aircraft deliveries between 2023 and 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>15. Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021, the total number of
the Company&rsquo;s authorized shares was 1,165,976,677; represented by common registered shares, issued and with no par value, fully
subscribed and paid, comprised as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fixed<BR> Class I</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Variable<BR> Class II</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total shares</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Series A shares <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 19%; font-weight: bold; text-align: right">10,478</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 19%; font-weight: bold; text-align: right">1,077,914,326</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 19%; font-weight: bold; text-align: right">1,077,924,804</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Series B shares <SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">13,702</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">88,038,171</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">88,051,873</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,180</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,165,952,497</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,165,976,677</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Treasury shares </FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(10,667,355</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(10,667,355</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">24,180</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,155,285,142</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,155,309,322</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December&nbsp;31, 2020, the total number of
the Company&rsquo;s authorized shares was 1,165,976,677; represented by common registered shares, issued and with no par value, fully
subscribed and paid, comprised as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Fixed<BR> Class&nbsp;I</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Variable<BR> Class&nbsp;II</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">Total shares</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 20%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Series&nbsp;A shares <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 19%; text-align: right">10,478</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 19%; text-align: right">1,077,914,326</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 19%; text-align: right">1,077,924,804</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Series&nbsp;B shares <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">13,702</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">88,038,171</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">88,051,873</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">24,180</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,165,952,497</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,165,976,677</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Treasury shares </FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(19,020,202</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(19,020,202) <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">24,180</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">1,146,932,295</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Times New Roman, Times, Serif; text-align: right">1,146,956,475</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><SUP>(1)&nbsp;</SUP>The number of forfeited shares
as of December&nbsp;31, 2020 were 327,217, which are include in treasury shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December&nbsp;11, 2020, Controladora Vuela Compa&ntilde;&iacute;a
de Aviaci&oacute;n, S.A.B. de C.V announced the closing of an upsized primary follow-on equity offering in which the Company offered 134,000,000
of its Ordinary Participation Certificates (Certificados de Participaci&oacute;n Ordinarios), or CPOs, in the form of American Depositary
Shares, or ADSs, at a price to the public of USD$11.25 per ADS in the United States and other countries outside of Mexico, pursuant to
the Company&rsquo;s shelf registration statement filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). In connection
with the offering, the underwriters exercised their option to purchase up to 20,100,000 additional CPOs in the form of ADSs. Each ADS
represents 10 CPOs and each CPO represents a financial interest in one Series&nbsp;A share of common stock of the Company. The Company
currently intends to use the net proceeds of approximately USD$164,419,000 (after the deduction of the underwriters&acute; commission
and expenses payable by the Company) from the offering for general corporate purposes. The increase in capital stock amounts of Ps.3,272,832.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All shares representing the Company&rsquo;s capital
stock, either Series&nbsp;A shares or Series&nbsp;B shares, grant the holders the same economic rights and there are no preferences and/or
restrictions attaching to any class of shares on the distribution of dividends and the repayment of capital. Holders of the Company&rsquo;s
Series&nbsp;A common stock and Series&nbsp;B common stock are entitled to dividends when, and if, declared by a shareholders&rsquo; resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s revolving line of credit with
Santander and Bancomext limits the Company&rsquo;s ability to declare and pay dividends in the event that the Company fails to comply
with the payment terms thereunder. Only Series&nbsp;A shares from the Company are listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September&nbsp;30, 2021 and December&nbsp;31,
2020, the Company did not declare any dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>a)&nbsp;Earnings (loss) per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic earnings (loss) per share (&ldquo;EPS&rdquo;
or &ldquo;LPS&rdquo;) amounts are calculated by dividing the net loss for the period attributable to ordinary equity holders of the parent
by the weighted average number of ordinary shares outstanding during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Diluted EPS (LPS) amounts are calculated by dividing
the earnings (loss) attributable to ordinary equity holders of the parent (after adjusting for interest on the convertible preference
shares, if any), by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary
shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares (to the extent that their
effect is dilutive).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows the calculations of the
basic and diluted earnings (loss) per share for the three months ended September&nbsp;30, 2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 62%; text-align: justify; padding-left: 1.4pt">Net income (loss) for the period</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>Ps.</B></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>1,515,325</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 12%; text-align: right">(2,175,052</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif">Weighted average number of shares outstanding (in thousands):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Basic</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1,165,977</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,011,877</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Diluted</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1,165,977</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,011,877</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">EPS (LPS):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Basic</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1.300</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(2.150</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Diluted</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1.300</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(2.150</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table shows the calculations of the
basic and diluted earnings (loss) per share for the nine months ended September&nbsp;30, 2021 and 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt EYInterstate Light; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">2021</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 62%; text-align: justify; padding-left: 1.4pt">Net income (loss) for the period</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><B>Ps.</B></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>2,320,243</B></FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">Ps.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 12%; text-align: right">(5,190,857</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif">Weighted average number of shares outstanding (in thousands):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Basic</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1,165,977</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,011,877</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Diluted</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1,165,977</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,011,877</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">EPS (LPS):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Basic</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1.990</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(5.130</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Diluted</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: right">1.990</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">(5.130</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<B>16. Income tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company calculates the period income tax (expense)
benefit using the tax rate that would be applicable to the expected total annual earnings. The income tax (expense) benefit in the condensed
consolidated unaudited statement of operations are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><B>Condensed consolidated unaudited statement of operations&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify; padding-left: 1.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="6" STYLE="text-align: right"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the three months</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ended September 30, </B></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 11pt; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">Deferred income tax (expense) benefit</TD><TD STYLE="width: 8%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;(649,425</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;579,046</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">Total income tax (expense) benefit</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>(649,425</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">579,046</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s effective tax rate during the
three months period ended September 30, 2021 and 2020 was 30% and 21% respectively.<B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify; padding-left: 1.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="6" STYLE="text-align: right"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the nine months</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ended September 30, </B></P>

</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 11pt; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">Deferred income tax (expense) benefit</TD><TD STYLE="width: 8%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;(994,390</B></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;1,871,534</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">Total income tax (expense) benefit</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;(994,390</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;1,871,534</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s effective tax rate during the
nine months period ended September&nbsp;30, 2021 and 2020 was 30% and 27% respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>17. Commitments and contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Aircraft related commitments and financing arrangements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Committed expenditures for aircraft purchase and
related flight equipment related to the Airbus purchase agreement, including estimated amounts for contractual prices escalations and
pre-delivery payments, will be as follows:&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Commitment<BR>
    expenditures in<BR>
    thousands of </B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>U.S. dollars</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Commitment<BR>
    expenditures<BR>
    equivalent in<BR>
    thousands of </B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mexican pesos. <SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 54%; text-align: justify"><FONT STYLE="font-size: 9pt">2021</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-size: 9pt"><B>USD$</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,553</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: right"><FONT STYLE="font-size: 9pt"><B>112,759</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>61,865</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>1,256,231</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>265,836</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>5,398,066</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">2024</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>705,331</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"><B>14,322,451</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 9pt">2025 and thereafter</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,221,596</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>65,417,728</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 9pt"><B>USD$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,260,181</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,507,235</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><SUP>(1)</SUP></B> Using the exchange rate as of September 30, 2021
of Ps.20.3060.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All aircraft acquired by the Company through the Airbus
purchase agreement on September&nbsp;30, 2021, and December&nbsp;31, 2020, have been executed through sale and leaseback transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we have commitments to execute sale and
leaseback over the next three years. The estimated proceeds from these commitments are as follows:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Aircraft sale prices estimated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>In thousands of U.S. dollars</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>In thousands of Mexican<BR>
pesos <SUP>(1)</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 64%; text-align: justify"><FONT STYLE="font-size: 9pt">2021</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-size: 9pt"><B>USD$</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 9pt"><B>156,500</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,177,889</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 9pt">2022 and thereafter</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>649,328</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>13,185,254</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 9pt"><B>USD$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>805,828</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>16,363,143</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><SUP>(1)</SUP></B> Using the exchange rate as of September 30, 2021
of Ps.20.3060.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The future lease payments for these non-cancellable
contracts are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Aircraft leases</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>In thousands of </B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>U.S. dollars</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>In thousands </B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Mexican<BR>
    pesos <SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: justify"><FONT STYLE="font-size: 9pt">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; text-align: justify"><FONT STYLE="font-size: 9pt"><B>USD$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,214</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; text-align: right"><FONT STYLE="font-size: 9pt"><B>146,487</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;50,595</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,027,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt"><B>66,016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,340,521</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt"><B>66,016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,340,521</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: justify"><FONT STYLE="font-size: 9pt">2025 and thereafter</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>602,355</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>12,231,421</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 9pt"><B>USD$</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>792,196</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Ps.</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>16,086,332</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><SUP>(1)</SUP></B> Using the exchange rate as of
September 30, 2021 of Ps.20.3060.</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --> of 50&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; width: 70%; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VLRS</b></font></td><td style="border-bottom: darkgray 1pt solid; width: 30%; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></font></td></tr><tr style="vertical-align: top"><td style="border-bottom: darkgray 1pt solid; padding-left: 0.1in; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ticker:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLRS</font></td><td style="border-bottom: darkgray 1pt solid; padding-right: 0.1in; text-align: right; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarter:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year:&nbsp;&nbsp;&nbsp;&nbsp;2021</font></td></tr></table>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Litigation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Company is a party to legal proceedings and claims
that arise during the ordinary course of business. The Company believes the ultimate outcome of these matters will not have a material
adverse effect on the Company&rsquo;s financial position, results of operations, or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>18. Operating segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is managed as a single business unit that
provides air transportation services. The Company has two geographic segments identified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 1.4pt">Operating revenues:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Domestic (Mexico)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">Ps.</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;10,246,600</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Ps.</TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;3,868,006</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;International:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 1.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;United States of America and Central America<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">2,645,891</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,026,813</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;Non-derivative financial instruments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(87,997</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(171,147</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">Total operating revenues</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;12,804,494</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;4,723,672</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(1)</TD><TD STYLE="text-align: justify">United States of America and Central America represents approximately 21%, and 22% of total revenues from
external customers in the three months ended September&nbsp;30, 2021 and 2020, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nine months ended</B></P> <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>September 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-left: 1.4pt">Operating revenues:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;Domestic (Mexico)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">Ps.</TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;22,643,048</B></FONT></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Ps.</TD><TD STYLE="text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">10,232,390</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 1.4pt">&nbsp;&nbsp;International:</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 1.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;United States of America and Central America<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">8,363,821</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,079,075</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 1.4pt">&nbsp;Non-derivative financial instruments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(298,420</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(237,438</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 1.4pt">Total operating revenues</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>&#9;30,708,449</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">Ps.</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">&#9;14,074,027</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt">(1)</TD><TD STYLE="text-align: justify">United States of America and Central America represents approximately 27%, and 29% of total revenues from
external customers in the nine months ended September&nbsp;30, 2021 and 2020, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues are allocated by geographic segments based
upon the origin of each flight. The Company does not have material non-current assets located in foreign countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>19. Subsequent events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to September 30, 2021 and through October
21, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Acquisition of shares in Guatemala Dispatch Service,
S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: justify">On October 5, 2021, a share transfer agreement
where the Company through the subsidiaries &ldquo;Vuela S.A.&rdquo; and &ldquo;Servicios Earhart, S.A.&rdquo; acquired all the constituent
shares of the capital stock of the company Guatemala Dispatch Service, S.A., (&ldquo;GDS, S.A.&rdquo;) which is incorporated under the
laws of the Republic of Guatemala. GDS, S.A. has a Certificate of Aeronautical Technical Services Operator and a Certificate / Exploitation
Contract, issued by the General Directorate of Civil Aeronautics of the Republic of Guatemala, which is in force and expires on July
26, 2026.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the operation, Vuela S.A. acquired four shares
that represent 80% of the subscribed and paid capital of GDS, S.A., while Servicios Earhart, S.A. acquired a share that represents 20%
of the subscribed and paid capital of GDS, S.A.</P>


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<P STYLE="font: 10pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Second issuance asset backed trust notes&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 13, 2021, the Company, through its subsidiary
Concesionaria, completed the issuance of 15,000,000 (fifteen million) of asset backed trust notes (certificados burs&aacute;tiles fiduciarios)
(the &ldquo;Trust Notes&rdquo;) issued under the ticker symbol VOLARCB 21L for an amount of Ps.1.5 billion Mexican pesos CIBanco, S.A.,
Instituci&oacute;n de Banca M&uacute;ltiple, acting as Trustee of the Irrevocable Trust number CIB/3249 created by Concesionaria Vuela
Compa&ntilde;&iacute;a de Aviaci&oacute;n, S.A.P.I. de C.V., in the second offering under the program authorized by the Mexican National
Banking and Securities Commission for an amount of up to Ps.3.0 billion (three billion pesos 00/100 national currency). The Trust Notes
will be backed by future collection rights under agreements entered into with credit card processors regarding flows derived from the
sale of airline tickets through VISA and Mastercard credit cards, through their internet portal, travel agencies, call centers and sales
offices. The Trust Notes have a maturity term of five years and will pay an interest rate of TIIE + two hundred (200) basis points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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