United states securities and exchange commission

Risks related to our securities and the ADSs

The trading prices for the ADSs and our Series A shares may fluctuate significantly.

Future trading prices of the ADSs or Series A shares may be volatile, and could be subject to wide fluctuations in response to various factors, including:

 

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changes in the market valuation of companies that provide similar services;

 

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economic, regulatory, political and market conditions in Mexico, the United States and other countries;

 

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industry conditions or trends;

 

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availability of routes and airport space;

 

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the introduction of new services by us or by our competitors;

 

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our historical and anticipated quarterly and annual operating results;

 

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variations between our actual or anticipated results and analyst and investor expectations;

 

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announcements by us or others and developments affecting our business;

 

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changes in technology affecting our aircraft;

 

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announcements, results or actions taken by our competitors;

 

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investors’ perceptions of our company or the services we provide;

 

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changes in financial or economic estimates by securities analysts;

 

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our announcement of significant transactions or capital commitments;

 

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currency devaluations and imposition of capital controls;

 

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additions or departures of key management;

 

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future sales of the ADSs and Series A shares;

 

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strategic actions by us or our competitors, such as acquisitions or restructurings;

 

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accidents, health concerns and other events affecting airline operations;

 

•

media reports and publications about the safety of our aircraft or the aircraft type we operate;

 

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changes in the price of fuel;

 

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announcements concerning the availability of the type of aircraft we use;

 

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changes in financial estimates or recommendations by securities analysts or failure to meet analysts’ performance expectations; or

 

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sales of our common stock or other actions by investors with significant shareholdings.