MEXICAN STOCK EXCHANGE

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1 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENT OF FINANCIAL POSITION QUARTER: 3 YEAR: 213 REF AT 3 SEPTEMBER 213 AND 31 DECEMBER 212 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 1 TOTAL ASSETS 3,76,88 28,18,85 11 TOTAL CURRENT ASSETS 7,916,286 7,897, CASH AND CASH EQUIVALENTS 2,142,499 2,546, SHORT-TERM INVESMENTS 778,665 95, AVAILABLE-FOR-SALE INVESTMENTS 1122 TRADING INVESTMENTS 778,665 95, HELD-TO-MATURITY INVESTMENTS 113 TRADE RECEIVABLES, NET 1,77,95 1,426, TRADE RECEIVABLES 1,865,555 1,53, ALLOWANCE FOR DOUBTFUL ACCOUNTS -95,46-13, OTHER RECEIVABLES, NET 1,146,698 1,125, OTHER RECEIVABLES 1,146,698 1,125, ALLOWANCE FOR DOUBTFUL ACCOUNTS 115 INVENTORIES 862, , BIOLOGICAL CURRENT ASSETS 116 OTHER CURRENT ASSETS 1,215,832 1,167, PREPAYMENTS 1,12, , DERIVATIVE FINANCIAL INSTRUMENTS 113, , ASSETS AVAILABLE FOR SALE 1164 DISCONTINUED OPERATIONS 1165 RIGHTS AND LICENSES 1166 OTHER 12 TOTAL NON-CURRENT ASSETS 22,79,522 2,283, ACCOUNTS RECEIVABLE, NET 6,565 63, INVESTMENTS 834,318 55, INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 834,318 55, HELD-TO-MATURITY INVESTMENTS 1223 AVAILABLE-FOR-SALE INVESTMENTS 1224 OTHER INVESTMENTS 123 PROPERTY, PLANT AND EQUIPMENT, NET 14,5,634 11,963, LAND AND BUILDINGS 1,787,73 1,787, MACHINERY AND INDUSTRIAL EQUIPMENT 15,36,466 12,99, OTHER EQUIPMENT 552, , ACCUMULATED DEPRECIATION -4,15,61-3,65, CONSTRUCTION IN PROGRESS 419,53 31, INVESTMENT PROPERTY 125 BIOLOGICAL NON- CURRENT ASSETS 126 INTANGIBLE ASSETS,NET 488,937 1,159, GOODWILL 247, TRADEMARKS 1263 RIGHTS AND LICENSES 296,963 79, CONCESSIONS 1264 OTHER INTANGIBLE ASSETS 191, , DEFERRED TAX ASSETS 84, , OTHER NON-CURRENT ASSETS 6,515,945 6,67, PREPAYMENTS 1281 DERIVATIVE FINANCIAL INSTRUMENTS 1282 EMPLOYEE BENEFITS AVAILABLE FOR SALE ASSETS 1283 DISCONTINUED OPERATIONS 1284 DEFERRED CHARGES 662,65 499, OTHER 5,853,295 5,568,58 2 TOTAL LIABILITIES 22,834,76 2,94, TOTAL CURRENT LIABILITIES 11,617,44 11,17, BANK LOANS 1,18,11 1,56, STOCK MARKET LOANS 213 OTHER LIABILITIES WITH COST 214 TRADE PAYABLES 5,828,71 5,1, TAXES PAYABLE 649, , INCOME TAX PAYABLE 35,134 62,435

2 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENT OF FINANCIAL POSITION QUARTER: 3 YEAR: 213 REF AT 3 SEPTEMBER 213 AND 31 DECEMBER 212 (Thousand Pesos) ACCOUNT / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 2152 OTHER TAXES PAYABLE 614, , OTHER CURRENT LIABILITIES 3,958,697 4,456, INTEREST PAYABLE 2162 DERIVATIVE FINANCIAL INSTRUMENTS 2163 DEFERRED REVENUE 2,939,751 3,434, EMPLOYEE BENEFITS 2166 PROVISIONS 589, , CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS 2167 DISCONTINUED OPERATIONS 2168 OTHER 429, ,76 22 TOTAL NON-CURRENT LIABILITIES 11,217,32 9,734, BANK LOANS 6,413,498 5,283, STOCK MARKET LOANS 223 OTHER LIABILITIES WITH COST 224 DEFERRED TAX LIABILITIES 48,953 38, OTHER NON-CURRENT LIABILITIES 4,754,851 4,412, DERIVATIVE FINANCIAL INSTRUMENTS 2252 DEFERRED REVENUE 338, EMPLOYEE BENEFITS 3,86,589 2,98, PROVISIONS 896,69 791, NON-CURRENT LIABILITIES RELATED TO AVAILABLE FOR SALE ASSETS 2256 DISCONTINUED OPERATIONS 2257 OTHER 772, ,425 3 TOTAL EQUITY 7,872,12 7,275, EQUITY ATTRIBUTABLE TO OWNERS OF PARENT 7,864,463 7,268,41 33 CAPITAL STOCK 3,478,917 3,471, SHARES REPURCHASED -3, , PREMIUM ON ISSUANCE OF SHARES 81,19 763, CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES , OTHER CONTRIBUTED CAPITAL 38 RETAINED EARNINGS (ACCUMULATED LOSSES) 3,799,692 3,148, LEGAL RESERVE 17,198 14, OTHER RESERVES 6, 6, 383 RETAINED EARNINGS 2,417,312 1,24, NET INCOME FOR THE PERIOD 694,953 1,322, OTHERS -82,771-82, ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF TAX) 84,87 91, GAIN ON REVALUATION OF PROPERTIES 392 ACTUARIAL GAINS (LOSSES) FROM LABOR OBLIGATIONS -13,18-14, FOREING CURRENCY TRANSLATION 214, , CHANGES IN THE VALUATION OF FINANCIAL ASSETS AVAILABLE FOR SALE 395 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS 396 CHANGES IN FAIR VALUE OF OTHER ASSETS SHARE OF OTHER COMPREHENSIVE INCOME OF 397 ASSOCIATES AND JOINT VENTURES 398 OTHER COMPREHENSIVE INCOME 32 NON-CONTROLLING INTERESTS 7,639 7,533

3 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENT OF FINANCIAL POSITION INFORMATIONAL DATA QUARTER: 3 YEAR: 213 REF AT 3 SEPTEMBER 213 AND 31 DECEMBER 212 (Thousand Pesos) ACCOUNT CONCEPTS / SUBACCOUNT ENDING CURRENT PREVIOUS YEAR END Amount Amount 911 SHORT-TERM FOREIGN CURRENCY LIABILITIES 6,234,678 5,3, LONG TERM FOREIGN CURRENCY LIABILITIES 6,142,1 5,413, CAPITAL STOCK (NOMINAL) 3,478,917 3,471, RESTATEMENT OF CAPITAL STOCK 915 PLAN ASSETS FOR PENSIONS AND SENIORITY PREMIUMS 916 NUMBER OF EXECUTIVES (*) NUMBER OF EMPLOYEES (*) 4,39 4, NUMBER OF WORKERS (*) 8,954 9, OUTSTANDING SHARES (*) 714,581, ,375, REPURCHASED SHARES (*) 14,435,489 11,599, RESTRICTED CASH (1) 9112 GUARANTEED DEBT OF ASSOCIATED COMPANIES (1) THIS CONCEPT MUST BE FILLED WHEN THERE ARE GUARANTEES OR RESTRICTIONS THAT AFECCT CASH AND CASH EQUIVALENTS (*) DATA IN UNITS

4 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME QUARTER: 3 YEAR: 213 REF FOR THE NINE AND THREE MONTHS ENDED 3 SEPTEMBER, 213 AND 212 ACCOUNT / SUBACCOUNT (Thousand Pesos) CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 41 REVENUE 29,141,925 1,468,279 29,671,884 1,524, SERVICES 29,141,925 1,468,279 29,671,884 1,524, SALE OF GOODS 413 INTERESTS 414 ROYALTIES 415 DIVIDENDS 416 LEASES 4161 CONSTRUCTIONS 417 OTHER REVENUE 42 COST OF SALES 421 GROSS PROFIT 29,141,925 1,468,279 29,671,884 1,524, GENERAL EXPENSES 27,372,282 9,634,325 27,611,888 9,6, PROFIT (LOSS) BEFORE OTHER INCOME (EXPENSE), NET 1,769, ,954 2,59, ,14 45 OTHER INCOME (EXPENSE), NET 173,56 166,343-92,7 23, OPERATING PROFIT (LOSS) (*) 1,943,149 1,,297 1,967, , FINANCE INCOME 123,777 46,725 16,457 7,7 471 INTEREST INCOME 99,947 46,725 16,457 7,7 472 GAIN ON FOREIGN EXCHANGE, NET 23, GAIN ON DERIVATIVES, NET 474 GAIN ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS 475 OTHER FINANCE INCOME 48 FINANCE COSTS 1,15, ,162 1,151, , INTEREST EXPENSE 952,33 327, , , LOSS ON FOREIGN EXCHANGE, NET 1,442 18,893 71, LOSS ON DERIVATIVES, NET 485 LOSS ON CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS 198,667 55,872 11,298 84, OTHER FINANCE COSTS 49 FINANCE INCOME (COSTS), NET -1,27,22-338,437-1,45, ,34 41 SHARE OF PROFIT (LOSS) OF ASSOCIATES AND JOINT VENTURES 11, ,466-1, PROFIT (LOSS) BEFORE INCOME TAX 926, ,22 921,91 531, INCOME TAX EXPENSE 231, , ,165 19, CURRENT TAX 52,543 2,12 14,611 58, DEFERRED TAX 179, ,691 16,554 51, PROFIT (LOSS) FROM CONTINUING OPERATIONS 695, ,391 79, , PROFIT (LOSS) FROM DISCONTINUED OPERATIONS 415 NET PROFIT (LOSS) 695, ,391 79, , PROFIT (LOSS), ATTRIBUTABLE TO NON-CONTROLLING INTERESTS ,425-1, PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT 694, , , , BASIC EARNINGS (LOSS) PER SHARE DILUTED EARNINGS (LOSS) PER SHARE

5 STOCK EXCHANGE CODE: REF MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME (NET OF INCOME TAX) FOR THE NINE AND THREE MONTHS ENDED 3 SEPTEMBER, 213 AND 212 ACCOUNT / SUBACCOUNT (Thousand Pesos) QUARTER: 3 YEAR: 213 CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 42 NET PROFIT (LOSS) 695, ,391 79, ,954 DISCLOSURES NOT BE RECLASSIFIED ON INCOME 421 PROPERTY REVALUATION GAINS 422 ACTUARIAL EARNINGS (LOSS) FROM LABOR OBLIGATIONS 1, , SHARE OF INCOME ON REVALUATION ON PROPERTIES OF ASSOCIATES AND JOINT VENTURES DISCLOSURES MAY BE RECLASSIFIED SUBSEQUENTLY TO INCOME 423 FOREING CURRENCY TRANSLATION -61,95 44, , , CHANGES IN THE VALUATION OF FINANCIAL ASSETS HELD-FOR-SALE 425 CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS -5,868-5, CHANGES IN FAIR VALUE OF OTHER ASSETS 427 SHARE OF OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES ,376 1,34 1, OTHER COMPREHENSIVE INCOME 429 TOTAL OTHER COMPREHENSIVE INCOME -5,798 43, , ,84 43 TOTAL COMPREHENSIVE INCOME 644, ,19 482, , COMPREHENSIVE INCOME, ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 16-1, COMPREHENSIVE INCOME, ATTRIBUTABLE TO OWNERS OF PARENT 644,39 54, , ,921

6 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME INFORMATIONAL DATA QUARTER: 3 YEAR: 213 REF FOR THE NINE AND THREE MONTHS ENDED 3 SEPTEMBER, 213 AND 212 ACCOUNT / SUBACCOUNT (Thousand Pesos) CURRENT YEAR PREVIOUS YEAR ACCUMULATED QUARTER ACCUMULATED QUARTER 921 OPERATING DEPRECIATION AND AMORTIZATION 1,113,118 44,777 1,45, , EMPLOYEES PROFIT SHARING EXPENSES 73,25 27,383

7 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENTS OF COMPREHENSIVE INCOME INFORMATIONAL DATA (12 MONTHS) QUARTER: 3 YEAR: 213 FOR THE NINE AND THREE MONTHS ENDED 3 SEPTEMBER, 213 AND 212 (Thousand Pesos) CURRENT YEAR YEAR PREVIOUS YEAR REF ACCOUNT / SUBACCOUNT ACCUMULATED CURRENTQUARTER ACCUMULATED PREVIOUSQUARTER 923 REVENUE NET (**) 39,38,578 39,46, OPERATING PROFIT (LOSS) (**) 2,14,454 2,942, PROFIT (LOSS), ATTRIBUTABLE TO OWNERS OF PARENT(**) 1,36, , NET PROFIT (LOSS) (**) 1,37, , OPERATING DEPRECIATION AND AMORTIZATION (**) 1,487,28 1,161,154 (*) TO BE DEFINED BY EACH COMPANY (**) INFORMATION LAST 12 MONTHS

8 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENT OF CASH FLOWS QUARTER: 3 YEAR: 213 TO SEPTEMBER 3 OF 213 AND 212 (Thousand Pesos) REF OPERATING ACTIVITIES ACCOUNT/SUBACCOUNT CURREENT YEAR Amount PREVIOUS YEAR 51 PROFIT (LOSS) BEFORE INCOME TAX 926, , (-) ITEMS NOT REQUIRING CASH 138, , ESTIMATE FOR THE PERIOD PROVISION FOR THE PERIOD 138, , (-) OTHER UNREALISED ITEMS 53 +(-) ITEMS RELATED TO INVESTING ACTIVITIES 1,137,755 1,115, DEPRECIATION AND AMORTISATION FOR THE PERIOD 1,175,33 1,113, (-)+ GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT -2, (-) LOSS (REVERSAL) IMPAIRMENT 534 (-)+ EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES -35,393 1, (-) DIVIDENDS RECEIVED 536 (-) INTEREST RECEIVED 537 (-) EXCHANGE FLUCTUATION 538 (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH 54 +(-) ITEMS RELATED TO FINANCING ACTIVITIES 541 (+) ACCRUED INTEREST 542 (+) EXCHANGE FLUCTUATION 543 (+) DERIVATIVE TRANSACTIONS 544 (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH 55 CASH FLOWS BEFORE INCOME TAX 2,23,48 2,573, CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES -42, , (-) DECREASE (INCREASE) IN TRADE ACCOUNTS RECEIVABLE -53,41-538, (-) DECREASE (INCREASE) IN INVENTORIES -148,187-53, (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE -277,774 95, (-) INCREASE (DECREASE) IN TRADE ACCOUNTS PAYABLE 844,793 24, (-) INCREASE (DECREASE) IN OTHER LIABILITIES 12,17 171, (-) INCOME TAXES PAID OR RETURNED -32, , NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 2,161,152 1,998,72 INVESTING ACTIVITIES 58 NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES -2,288,871-2,581, (-) PERMANENT INVESTMENTS DISPOSITION OF PERMANENT INVESTMENTS 583 (-) INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT -1,623,337-1,969, SALE OF PROPERTY, PLANT AND EQUIPMENT 7,299 6, (-) TEMPORARY INVESTMENTS DISPOSITION OF TEMPORARY INVESTMENTS 126, , (-) INVESTMENT IN INTANGIBLE ASSETS DISPOSITION OF INTANGIBLE ASSETS 272,344-44, (-) ACQUISITIONS OF VENTURES DISPOSITIONS OF VENTURES DIVIDEND RECEIVED INTEREST RECEIVED (-) DECREASE (INCREASE) ADVANCES AND LOANS TO THIRD PARTS -286, , (+) OTHER INFLOWS (OUTFLOWS) OF CASH -785,66-27,427 FINANCING ACTIVITIES 59 NET CASH FLOW FROM (USED IN) FINANCING ACTIVITIES -43,26 114, BANK FINANCING STOCK MARKET FINANCING OTHER FINANCING 594 (-) BANK FINANCING AMORTISATION -355,13-631, (-) STOCK MARKET FINANCING AMORTISATION 596 (-) OTHER FINANCING AMORTISATION 597 +(-) INCREASE (DECREASE) IN CAPITAL STOCK 7, (-) DIVIDENDS PAID PREMIUM ON ISSUANCE OF SHARES 37, CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES -43,78 938, (-) INTEREST EXPENSE 5912 (-) REPURCHASE OF SHARES -48, , (-)+ OTHER INFLOWS (OUTFLOWS) OF CASH Amount

9 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENT OF CASH FLOWS QUARTER: 3 YEAR: 213 TO SEPTEMBER 3 OF 213 AND 212 (Thousand Pesos) REF ACCOUNT/SUBACCOUNT CURREENT YEAR Amount PREVIOUS YEAR 51 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS -53, , EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 126,87 43, CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,546,671 2,359, CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,142,499 1,934,859 Amount

10 STOCK EXCHANGE CODE: MEXICAN STOCK EXCHANGE STATEMENT OF CHANGES IN EQUITY (THOUSAND PESOS) QUARTER: 3 YEAR: 213 CONCEPTS CAPITAL STOCK SHARES REPURCHASED PREMIUM ON ISSUANCE OF SHARES CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES OTHER CAPITAL CONTRIBUTED RETAINED EARNINGS (ACCUMULATED LOSSES) RESERVES UNAPPROPRIATE D EARNINGS (ACCUMULATED LOSSES) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) EQUITY ATTRIBUTABLE TO OWNERS OF PARENT NON- CONTROLLING INTERESTS TOTAL EQUITY BALANCE AT JANUARY 1, 212 3,327,831-35,2 41,16 6, 1,335,3 437,11 5,75,85 7,549 5,713,399 RETROSPECTIVE ADJUSTMENTS APPLICATION OF COMPREHENSIVE INCOME TO RETAINED EARNINGS RESERVES 14,67-14,67 DIVIDENDS CAPITAL INCREASE (DECREASE) 938, , ,324 REPURCHASE OF SHARES -192, , ,338 (DECREASE) INCREASE IN PREMIUM ON ISSUE OF SHARES (DECREASE) INCREASE IN NON-CONTROLLING INTERESTS OTHER CHANGES COMPREHENSIVE INCOME 711, , , ,771 BALANCE AT SEPTEMBER 3, 212 3,327, , ,43 74,67 1,942,287 28,615 6,934,692 7,464 6,942,156 BALANCE AT JANUARY 1, 213 3,471, , ,625 44,437 74,67 2,527,141 9,45 7,268,41 7,533 7,275,934 RETROSPECTIVE ADJUSTMENTS APPLICATION OF COMPREHENSIVE INCOME TO RETAINED EARNINGS RESERVES 66,131-66,131 DIVIDENDS CAPITAL INCREASE (DECREASE) 7,43 37,394-43, REPURCHASE OF SHARES -48,976-48,976-48,976 (DECREASE) INCREASE IN PREMIUM ON ISSUE OF SHARES (DECREASE) INCREASE IN NON-CONTROLLING INTERESTS OTHER CHANGES -43,698 43,698 COMPREHENSIVE INCOME 694,953-5, , ,415 BALANCE AT SEPTEMBER 3, 213 3,478,917-3,764 81, ,198 3,112,265 2,99 7,864,463 7,639 7,872,12

11 STOCK EXCHANGE CODE: DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY QUARTER: 3 YEAR: 213 PAGE 1 / 9 THIRD QUARTER 213 RESULTS MEXICO CITY, OCTOBER 22, 213 GRUPO ICO, S.A.B. DE C.V. (BMV: ), THE LARGEST GLOBAL AIRLINE IN MEXICO, TODAY REPORTED ITS UNAUDITED RESULTS FOR THE THIRD QUARTER 213. KEY FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER 213 GRUPO ICO S THIRD QUARTER NET INCOME REACHED $495 MILLION PESOS; A 17% INCREASE YEAR-ON-YEAR. NET MARGIN FOR THE QUARTER WAS 4.7%. THIRD QUARTER ADJUSTED EBITDAR REACHED $2.17 BILLION PESOS, WITH A 2.8% MARGIN. THE COMPANY REPORTED OPERATING INCOME OF $834 MILLION PESOS WITH AN 8.% MARGIN. GRUPO ICO S REVENUES REACHED $1.4 BILLION PESOS IN THE THIRD QUARTER 213; A.4% INCREASE, YEAR-ON-YEAR. LOAD FACTOR WAS 8.3%, AN INCREASE FROM THE 77.1% LOAD FACTOR REPORTED IN 213. THIRD QUARTER COST OF AVAILABLE SEAT KILOMETERS (CASK) EXCLUDING FUEL DECREASED ONE PERCENT YEAR-OVER-YEAR, REPRESENTING THE THIRD CONSECUTIVE QUARTER THAT CASK HAS DECREASED COMPARED TO THE YEAR PRIOR. THIRD QUARTER NET CASH RESOURCES DERIVED FROM OPERATING ACTIVITIES TOTALED $735 MILLION PESOS. DURING 3Q213, RESOURCES FOR $598 MILLION PESOS WERE SPENT RELATED TO INVESTMENTS IN FIXED ASSETS. GROUP S CASH BALANCE AS AT SEPTEMBER 3, 213 WAS $2.9 BILLION PESOS. GRUPO ICO ADDED FIVE NEW AIRCRAFT TO ITS FLEET IN THE THIRD QUARTER 213 (ONE BOEING 787-8, TWO BOEING 737-8, ONE EMBRAER 17 AND ONE EMBRAER E175) AND RETIRED ONE BOEING GRUPO ICO THEREFORE MAINTAINS AN OPERATING FLEET OF 116 AIRPLANES AS AT SEPTEMBER 3, 213. IN AN UNPRECEDENTED EVENT IN SEPTEMBER 213, GRUPO ICO TRANSPORTED MORE THAN 11, PASSENGERS AFFECTED BY MEXICO S TROPICAL STORMS ON MORE THAN 1 FLIGHTS, FREE OF CHARGE. ICO ALSO TRANSPORTED MORE THAN 145 TONS OF SUPPLIES, FREE OF CHARGE. THE GROUP REACHED 9% ON-TIME DEPARTURE FOR THE FIRST NINE MONTHS OF 213; AN IMPROVEMENT OF MORE THAN 11 PERCENTAGE POINTS COMPARED WITH THE SAME PERIOD IN 212. MANAGEMENT DISCUSSION AND ANALYSIS ALL FIGURES HAVE BEEN REPORTED IN NOMINAL PESOS UNLESS OTHERWISE INDICATED. GRUPO ICO'S FINANCIAL STATEMENTS ARE PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS). BEGINNING IN THE FIRST QUARTER OF 213, GRUPO ICO'S PASSENGER LOYALTY PROGRAM (PLM) AND ITS AIRCRAFT AND MAINTENANCE (MRO) BUSINESS UNITS HAVE OPERATED AS JOINT VENTURES WITH AIMIA AND DELTA AIR LINES, RESPECTIVELY. THESE UNITS WERE PREVIOUSLY REPORTED ON A BASIS BUT ARE NOW REPORTED USING THE EQUITY ACCOUNTING METHOD. GIVEN THIS CHANGE, THIRD QUARTER PROFORMA FINANCIAL STATEMENTS HAVE BEEN INCLUDED WITHIN THIS REPORT IN ORDER TO ISOLATE THE ABOVE EFFECT AND FACILITATE THE ANALYSIS AND COMPARISON OF SAID FIGURES. AS OF 213, GRUPO ICO HAS REPORTED AMORTIZATION EXPENSES RELATED TO AIRCRAFT AND ENGINE OVERHAUL COSTS AS DEPRECIATION AND AMORTIZATION. THESE WERE PREVIOUSLY REPORTED AS MAINTENANCE EXPENSES. THIS CHANGE WAS MADE TO GROUP ALL DEPRECIATION AND AMORTIZATION EXPENSES RELATED TO DIFFERENT PROPERTY AND EQUIPMENT COMPONENTS UNDER ONE SINGLE CATEGORY, AND TO REMAIN CONSISTENT WITH AIRLINE INDUSTRY PRACTICE. THIS SAME RECLASSIFICATION, WHICH DOES NOT AFFECT OPERATING MARGIN, HAS BEEN DONE RETROACTIVELY FOR PRIOR REPORTING PERIODS IN THE INTEREST OF COMPARISON. WHEN CONSIDERING THE EFFECTS OF THE EQUITY ACCOUNTING METHOD ON KEY METRICS, SUCH AS EBITDAR, AND ON THE COMPANY'S PERCEIVED CAPACITY TO GENERATE CASH FLOW, IT IS IMPORTANT TO NOTE THE ADJUSTED EBITDAR METRIC INCLUDED IN THIS REPORT. THIS METRIC, WHICH IS

12 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY PAGE 2 / 9 NOT DEFINED UNDER IFRS, IS INTENDED TO PROVIDE MORE COMPREHENSIVE INFORMATION ON GRUPO ICO'S CAPACITY TO GENERATE CASH GIVEN THE EXISTENCE OF MECHANISMS SUCH AS DIVIDEND PAYMENTS OR CAPITAL STOCK REIMBURSEMENTS FROM PLM AND THE MRO. THESE REPRESENT THE GROUP'S ENHANCED CAPACITY TO GENERATE CASH FLOW, WHICH IS NOT REFLECTED WHEN REPORTING THESE SUBSIDIARIES OPERATIONS USING THE EQUITY METHOD PLM PAID GRUPO ICO $46.1 MILLION PESOS IN CAPITAL REIMBURSEMENT THIS QUARTER AND FOR JANUARY- SEPTEMBER PERIOD, A TOTAL OF $628.3 MILLION PESOS. GRUPO ICO DISSEMINATED A RELEVANT EVENT NEWS RELEASE ON FEBRUARY 11, 213 ANNOUNCING MANAGEMENT S DECISION TO CONSIDER 211 AS THE COMPANY S FIRST YEAR PREPARING ITS FINANCIAL INFORMATION BASED ON NORMAS INTERNACIONALES DE INFORMACIÓN FINANCIERA (NIIF). DUE TO THIS CHANGE, SOME FIGURES RELATED TO THE THIRD QUARTER 212 MAY DIFFER SLIGHTLY AS COMPARED TO THOSE PREVIOUSLY REPORTED. THE FOLLOWING INFORMATION PROVIDES A SUMMARY OF SELECTED FINANCIAL AND OPERATING RESULTS, COMPARING THE COMPANY'S UNAUDITED FINANCIAL STATEMENTS FOR THE THIRD QUARTER 213 WITH THOSE OF THE THIRD QUARTER 212. CONCEPTQ PROFORMA*213 VAR VS. 212 PROFORMA*212 IFRS**213 VAR VS. 212 IFRS TOTAL ASKS (MILLION)8,35 8,13 2.7%8,13 2.7% TOTAL RPKS (MILLION)6,68 6, %6, % LOAD FACTOR SCHEDULED SERVICE (%) PP PP PASSENGERS (')4,123 3, %3, % ON-TIME DEPARTURE PERFORMANCE WITHIN 15 MINUTES (%) PP PP TOTAL LITERS OF FUEL (')317,138 38,49 3.%38,49 3.% TOTAL REVENUE (MXP MILLION) 1,468 1,426.4%1, % YIELD (REVENUE/RPK (PESOS) % % REVENUE / ASK (PESOS) % % TOTAL COST / ASK (PESOS) % % TOTAL COST / ASK (USD) %.9 -.2% TOTAL COST / ASK EXCLUDING FUEL (PESOS) % % TOTAL COST / ASK EXCLUDING FUEL (USD) %.58.% EBITDAR (MXP MILLION)***2,131 2, %2, % EBITDAR MARGIN*** PP PP ADJUSTED EBITDAR (MXP MILLION)***2,177 2, %2, % ADJUSTED EBITDAR MARGIN (PERCENTAGE OF REVENUE)*** PP PP OPERATING PROFIT (MXP MILLION)*** % % OPERATING MARGIN (% OF REVENUE)*** PP PP NET PROFIT (MXP MILLION) % % CONTROLLING INTEREST NET PROFIT (MXP MILLION) % % CONTROLLING NET INTEREST MARGIN (% OF REVENUE) PP 4..7PP EARNINGS PER SHARE (PESOS) %.5917% * AIRCRAFT MAINTENANCE AND LOYALTY PROGRAM SUBSIDIARIES PRESENTED RETROACTIVELY USING THE EQUITY ACCOUNTING METHOD FOR COMPARISON PURPOSES. ** ON FEBRUARY 11, 213 GRUPO ICO ANNOUNCED ITS DECISION TO PREPARE THE FIRST FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS BEGINNING THE YEAR ENDED DECEMBER 31, 211, WITH THE TRANSITION YEAR THEREFORE BEING THE YEAR ENDED ON DECEMBER 31, 21. THIS IS THE RESULT OF SLIGHT CHANGES TO THOSE FIGURES ORIGINALLY REPORTED FOR THE JANUARY-DECEMBER 212 PERIOD. *** THIS METRIC IS NOT DEFINED UNDER IFRS BUT HAS BEEN INCLUDED FOR REFERENCE GIVEN ITS

13 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY PAGE 3 / 9 RELEVANCE. EBITDAR IS DEFINED AS: EARNINGS BEFORE INTEREST, TAXES, AND DEPRECIATION, AMORTIZATION, AND LEASE COSTS. THE ADJUSTED EBITDAR ALSO INCLUDES DIVIDENDS AND/OR REIMBURSEMENT OF CAPITAL OF SUBSIDIARIES THAT ARE NOT WITHIN THE FINANCIAL STATEMENTS FIGURES MAY NOT SUM TO TOTAL DUE TO ROUNDING. CONCEPT JANUARY 1 THROUGH SEPTEMBER PROFORMA*213 VAR VS. 212 PROFORMA*212 IFRS**213 VAR VS. 212 IFRS TOTAL ASKS (MILLION)23,629 22,81 3.6%22,81 3.6% TOTAL RPKS (MILLION)18,66 17, %17, % SCHEDULED SERVICE LOAD FACTOR (%) PP PP PASSENGERS (')11,199 11,38 1.5%11,38 1.5% ON-TIME DEPARTURE PERFORMANCE WITHIN 15 MINUTES (%) PP PP TOTAL LITERS OF FUEL (')899, , %867, % TOTAL REVENUE (MXP MILLION) 29,142 29, %29, % YIELD (REVENUE/RPK (PESOS) % % REVENUE / ASK (PESOS) % % TOTAL COST / ASK (PESOS) % % TOTAL COST / ASK (USD) % % TOTAL COST / ASK EXCLUDING FUEL (PESOS) % % TOTAL COST / ASK EXCLUDING FUEL (USD) % % EBITDAR (MXP MILLION)***5,525 5, %5,88-6.% EBITDAR MARGIN*** PP PP ADJUSTED EBITDAR (MXP MILLION)***6,153 5, %5,88 4.6% ADJUSTED EBITDAR MARGIN (PERCENTAGE OF REVENUE)*** PP PP OPERATING PROFIT (MXP MILLION)***1,77 1, %2,6-14.1% OPERATING MARGIN (% OF REVENUE)*** PP PP NET PROFIT (MXP MILLION) %71-2.1% CONTROLLING INTEREST NET PROFIT (MXP MILLION) % % CONTROLLING NET INTEREST MARGIN (% OF REVENUE) PP 2.4 PP EARNINGS PER SHARE (PESOS) %1.-3% * AIRCRAFT MAINTENANCE AND LOYALTY PROGRAM SUBSIDIARIES PRESENTED RETROACTIVELY USING THE EQUITY ACCOUNTING METHOD FOR COMPARISON PURPOSES. ** ON FEBRUARY 11, 213 GRUPO AEROMÉXICO ANNOUNCED ITS DECISION TO PREPARE THE FIRST FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS BEGINNING THE YEAR ENDED DECEMBER 31, 211, WITH THE TRANSITION YEAR THEREFORE BEING THE YEAR ENDED ON DECEMBER 31, 21. THIS IS THE RESULT IN SLIGHT CHANGES TO THOSE FIGURES ORIGINALLY REPORTED FOR THE JANUARY-DECEMBER 212 PERIOD. *** THIS METRIC IS NOT DEFINED UNDER IFRS BUT HAS BEEN INCLUDED FOR REFERENCE GIVEN ITS RELEVANCE. EBITDAR IS DEFINED AS: EARNINGS BEFORE INTEREST, TAXES, AND DEPRECIATION, AMORTIZATION, AND LEASE COSTS. THE ADJUSTED EBITDAR ALSO INCLUDES DIVIDENDS AND/OR REIMBURSEMENT OF CAPITAL OF SUBSIDIARIES THAT ARE NOT WITHIN THE FINANCIAL STATEMENTS. FIGURES MAY NOT SUM TO TOTAL DUE TO ROUNDING. MARKET CONDITIONS DURING THIRD QUARTER 213, GRUPO ICO OPERATED IN AN ENVIRONMENT CHARACTERIZED BY THE FOLLOWING: MODERATE ECONOMIC ACTIVITY. THE MEXICAN GENERAL ECONOMIC ACTIVITY INDICATOR (IGAE ) INCREASED AN AVERAGE OF 1.2% DURING THE FIRST SEVEN MONTHS OF 213, A DECREASE IN ECONOMIC ACTIVITY AS COMPARED TO THE 4.1% AVERAGE GROWTH RATE RECORDED IN THE PREVIOUS

14 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY PAGE 4 / 9 YEAR. IN THE THIRD QUARTER 213, THE MINISTRY OF FINANCE AND PUBLIC CREDIT LOWERED ITS 213 ECONOMIC GROWTH FORECAST FOR MEXICO FROM 3.1% TO 1.7%. MODERATE SLOWDOWN IN DOMESTIC AIR PASSENGER TRAFFIC DEMAND. TOTAL AIR PASSENGER TRAFFIC GROWTH DECLINED YEAR-OVER-YEAR, FROM 8.8% DURING THE FIRST EIGHT MONTHS OF 212 TO 7.8% IN THE SAME PERIOD IN 213. SLIGHT DECREASE IN FUEL PRICES. AVERAGE U.S. DOLLAR-DENOMINATED FUEL PRICES DECREASED 4.5% IN THE THIRD QUARTER 213 YEAR-OVER-YEAR IN THE THIRD QUARTER 213 THAN FOR THE SAME PERIOD LAST YEAR. GRUPO ICO PAID 3.1% LESS FOR FUEL IN MEXICAN PESOS IN 3Q213 COMPARED WITH THE SAME PERIOD LAST YEAR. EXCHANGE RATE APPRECIATION. THE PESO APPRECIATED 2.2% AGAINST THE U.S. DOLLAR IN THE THIRD QUARTER 213, FROM AN AVERAGE RATE OF $13.17 PESOS PER DOLLAR IN THIRD QUARTER 212 TO AN AVERAGE OF $12.89 PESOS PER DOLLAR IN THIRD QUARTER 213. HOWEVER, THE EXCHANGE RATE AT THE END OF THE QUARTER DEPRECIATED BY 1.%, FROM $12.98 PESOS PER DOLLAR AT THE CLOSE OF SECOND QUARTER 213 TO $13.11 PESOS PER DOLLAR AT THE END OF THIRD QUARTER 213. REVENUES THE COMPANY'S THIRD QUARTER REVENUES REACHED $1.47 BILLION PESOS IN THIRD QUARTER 213; A.4% REVENUE INCREASE COMPARED TO THE SAME PERIOD IN 212, RESULTING PRIMARILY FROM INCREASES IN INTERNATIONAL PASSENGER REVENUES, EXCESS BAGGAGE FEES AND OTHER OPERATING REVENUES, WHICH OFFSET THE DECREASE IN DOMESTIC PASSENGER AND CARGO REVENUES. SEATS AVAILABLE, MEASURED IN AVAILABLE SEAT KILOMETERS (ASKS), INCREASED BY 2.7% IN THE THIRD QUARTER 213. ASKS IN THE INTERNATIONAL SEGMENT INCREASED BY 5.9%, WHILE ASKS IN THE DOMESTIC SEGMENT SHOWED A 1.9% CONTRACTION. THIRD QUARTER PASSENGER REVENUES TOTALED $9.32 BILLION PESOS; A 1.4% DECREASE COMPARED TO 212. GRUPO ICO TRANSPORTED MILLION PASSENGERS IN THE THIRD QUARTER 213; A 6.8% YEAR-ON-YEAR INCREASE. PASSENGERS ON INTERNATIONAL ROUTES INCREASED 9.6% WHILE PASSENGERS ON DOMESTIC ROUTES INCREASED BY 5.7%. IN THE THIRD QUARTER OF 213, INTERNATIONAL PASSENGER INCOME REPRESENTED 5.1% OF TOTAL PASSENGER REVENUES WHILE DOMESTIC PASSENGER REVENUES REPRESENTED 49.9% OF TOTAL PASSENGER REVENUES. DURING THE THIRD QUARTER 213, THE COMPANY CONTINUED TO IMPLEMENT ITS REVENUE MANAGEMENT STRATEGY FOCUSED ON OPTIMIZING REVENUES PER ASK (RASK), AN INDICATOR THAT REFLECTS BOTH PASSENGER VOLUMES AND AVERAGE AIR FARE PRICES. CONSISTENT WITH THIS STRATEGY, THE YIELD, AN INDICATOR OF THE AVERAGE RATE IN MEXICAN PESOS, DECREASED BY 8.9% WHILE LOAD FACTOR REACHED 8.3%; A 3.2 PERCENTAGE POINT INCREASE COMPARED WITH THE SAME PERIOD IN 212. THE RASK THEREFORE REGISTERED A 2.2% DECLINE, YEAR-OVER-YEAR. THIRD QUARTER CARGO REVENUES TOTALED $491 MILLION PESOS, REPRESENTING A 7.7% DECREASE COMPARED TO THIRD QUARTER 212. THIS IS A REFLECTION OF WEAK ECONOMIC ACTIVITY; THE MEXICAN AIR CARGO MARKET REFLECTED A 7.9% DECREASE IN THE NUMBER OF TONS CARRIED IN THE JULY THROUGH AUGUST 213 PERIOD COMPARED WITH THE SAME PERIOD IN 212, WHILE THE NUMBER OF TONS TRANSPORTED BETWEEN JANUARY AND AUGUST 213 DECREASED BY 5.6% YEAR-ON-YEAR. CHARTER FLIGHT REVENUES TOTALED $152 MILLION PESOS IN THE THIRD QUARTER 213; A 23.6% DECREASE COMPARED TO THE THIRD QUARTER 212. OTHER OPERATING REVENUES REACHED $57 MILLION PESOS; A 16.9% YEAR-ON-YEAR. THIS IS DUE TO AN INCREASE IN COMPLEMENTARY REVENUES, INCLUDING TICKETING FEES, UPGRADE SALES, ADMINISTRATIVE CHARGES, AS WELL AS STRENGTHENED REVENUES FROM UNUSED TICKETS DUE TO FLUCTUATIONS IN PASSENGER CONSUMPTION PATTERNS. GRUPO ICO S TOTAL REVENUES STOOD AT $29.14 BILLION PESOS FOR THE FIRST NINE MONTHS OF 213; A.8% DECREASE AS COMPARED TO THE SAME PERIOD OF 212, DUE PRIMARILY TO A DECREASE IN DOMESTIC PASSENGER REVENUES, WHICH WAS PARTIALLY OFFSET BY INCREASES IN INTERNATIONAL TRAVEL AND EXCESS BAGGAGE FEE REVENUES. OPERATING EXPENSES THIRD QUARTER 213 OPERATING EXPENSES, INCLUDING AIRCRAFT LEASES AND DEPRECIATION AND AMORTIZATION, TOTALED $9.6 BILLION PESOS; A.9% INCREASE COMPARED TO THE SAME PERIOD IN 212. AS A RESULT OF GRUPO ICO S COST-REDUCTION INITIATIVES, UNIT COST PER

15 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY PAGE 5 / 9 ASK (CASK) DECREASED BY 1.7% COMPARED TO THE THIRD QUARTER 212. CASK IN PESOS, EXCLUDING FUEL, DECREASED BY 1.% AS COMPARED TO THE THIRD QUARTER 212 AND BY 2.% COMPARED WITH CASK AS REPORTED IN THE FIRST SIX MONTHS OF THE YEAR. TOTAL FUEL EXPENSES IN THIRD QUARTER 213 TOTALED $3.3 BILLION PESOS; A.3% DECREASE AS COMPARED TO THE THIRD QUARTER 212. THIS IS DUE PRIMARILY TO THE 3.2% DECREASE IN FUEL PRICE IN PESOS REPORTED THIS QUARTER, WHICH WAS PARTIALLY OFFSET BY THE 2.7% INCREASE IN ASK PRODUCTION. IN ORDER TO MITIGATE THE RISK OF INCREASING FUEL PRICES, GRUPO ICO HAS A HEDGING POLICY IN PLACE WITH CALL AND CALL SPREAD OPTIONS EQUAL TO APPROXIMATELY 5% OF THE COMPANY S ESTIMATED FUEL CONSUMPTION FOR THE SUBSEQUENT 12 MONTHS. TO DATE, 5% OF THE COMPANY S ESTIMATED FUEL CONSUMPTION FOR OCTOBER 213 THROUGH SEPTEMBER 214 PERIOD HAS BEEN COVERED WITH HEDGING INSTRUMENTS HELD AS UNDERLYING JET FUEL (JF54) WITH COVERAGE LEVELS STARTING AT US$3. AND HEDGED UP TO US$3.8 PER GALLON. DURING THE QUARTER, THE COMPANY REPORTED A NEGATIVE IMPACT IN THE AMOUNT OF $56 MILLION PESOS DUE TO THE MARK-TO-MARKET OF ITS FUEL HEDGING POSITIONS. IT IS IMPORTANT TO NOTE THAT GRUPO ICO USES CALL TYPE AND CALL SPREAD OPTIONS IN ITS HEDGING PROGRAM. THEREFORE, THE MAXIMUM LOSS THE COMPANY CAN REPORT IS LIMITED TO THE VALUE OF THE PREMIUMS PAID FOR SAID OPTIONS. WORKFORCE COSTS IN THIRD QUARTER 213 INCREASED BY 3.4%, YEAR-OVER-YEAR. THIS WAS PRIMARILY DUE TO THE COMPANY S CONTINUED EXPANSION, WHICH WAS REFLECTED IN THE 2.7% ASK GROWTH, AS WELL AS COSTS ASSOCIATED WITH WAGE INCREASES IN LINE WITH INFLATION AND COSTS ASSOCIATED WITH PILOT TRAINING IN PREPARATION FOR THE INCORPORATION OF THE BOEING INTO ICO S FLEET. THIRD QUARTER MAINTENANCE EXPENSES INCREASED BY 11.6% YEAR-OVER-YEAR DUE TO AN INCREASE IN ASK PRODUCTION AND TO THE OVERHAUL OF TWO WIDE BODY AIRCRAFT ENGINES. TRAFFIC AND LAYOVER SERVICE EXPENSES INCREASED 4.9% QUARTER-ON-QUARTER, DUE TO THE 2.7% INCREASE IN ASKS AND TO THE HIGHER NUMBER OF OPERATIONS ABROAD COMPARED TO THE PRIOR YEAR. THIRD QUARTER 213 SALES AND ADMINISTRATIVE EXPENSES DECREASED BY 5.1% YEAR-OVER-YEAR, LARGELY DUE TO REDUCED COMMISSIONS AND TICKET OFFICE EXPENSES. THE RATIO OF SALES AND ADMINISTRATIVE EXPENSES RELATIVE TO REVENUES DECREASED BY.4 PERCENTAGE POINTS; FROM 8.4% IN 212 TO 8.% IN 213. OTHER OPERATING EXPENSES, SUCH AS PASSENGER SERVICES, DECREASED BY 2.5% IN THE QUARTER, AGAIN BENEFITING FROM THE COMPANY S SUCCESSFUL COST CONTAINMENT STRATEGIES. THIRD QUARTER 213 AIRCRAFT LEASE EXPENSES TOTALED $892 MILLION PESOS; A 4.9% DECREASE COMPARED WITH THE SAME PERIOD IN 212. THIS WAS PRIMARILY DUE TO THE IMPLEMENTATION OF A STRATEGY FOCUSED ON INCREASING THE NUMBER OF ICO-OWNED AIRCRAFT WITHIN THE GROUP'S FLEET, AND TO THE 2.2% MEXICAN PESO/U.S. DOLLAR APPRECIATION DURING THE QUARTER. OPERATING EXPENSES IN THE JANUARY-SEPTEMBER PERIOD, INCLUDING AIRCRAFT LEASES AND DEPRECIATION, TOTALED $27.3 BILLION PESOS; A.4% DECREASE COMPARED TO THE THIRD QUARTER 212. THE UNIT COST PER ASK IN MEXICAN PESOS DECREASED BY 3.9%, WHILE UNIT COST PER ASK, EXCLUDING FUEL, DECREASED BY 2.1% COMPARED TO THE FIRST NINE MONTHS OF 212. CASK, EXCLUDING FUEL, CONTINUES TO REFLECT A FAVORABLE TREND COMPARED TO THE PREVIOUS YEAR. EBITDAR EBITDAR FOR THE QUARTER TOTALED $2.13 BILLION PESOS; 3.7% LOWER THAN THE SAME PERIOD LAST YEAR. ICO S NINE MONTH EBITDAR MARGIN REACHED 2.4%; A.8 PERCENTAGE POINT DECREASE, YEAR-ON-YEAR.

16 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY PAGE 6 / 9 THIRD QUARTER ADJUSTED EBITDAR, DEFINED AS EBITDAR PLUS DIVIDENDS AND/OR REIMBURSEMENTS OF CAPITAL RECEIVED DURING THE REPORTING PERIOD FROM SUBSIDIARIES UNDER THE EQUITY ACCOUNTING METHOD, REACHED $2.177 BILLION, WITH A 2.8% MARGIN, DUE PRIMARILY TO THE $46.1 MILLION PESO CAPITAL STOCK REIMBURSEMENT PAID TO GRUPO ICO BY PLM. ADJUSTED EBITDAR FOR THE FIRST NINE MONTHS OF 213 REACHED $6,153 BILLION PESOS WITH A 21.1% MARGIN. THIS INCLUDES $628.3 MILLION PAID TO GRUPO ICO BY PLM AS CAPITAL REIMBURSEMENTS. OPERATING INCOME BEFORE OTHER NON-OPERATING INCOME AND EXPENSES QUARTERLY OPERATING INCOME BEFORE OTHER INCOME AND OTHER NON-OPERATING EXPENSES REACHED $834 MILLION PESOS; A 5.4% DECREASE COMPARED TO THE SECOND QUARTER 212. THE OPERATING MARGIN REACHED 8%; A.5 PERCENTAGE POINT BELOW THE SAME PERIOD LAST YEAR. IFRS REGULATIONS DO NOT DEFINE THE OPERATING INCOME METRIC. HOWEVER, THIS INDICATOR HAS BEEN PRESENTED GIVEN ITS RELEVANCE IN ANALYZING THE COMPANY'S OPERATING PERFORMANCE, AND TO FACILITATE THE READER'S UNDERSTANDING OF THE COMPARISON BETWEEN REPORTING PERIODS. NON-OPERATING INCOME AND EXPENSES OTHER NON-OPERATING NET INCOME IN THIRD QUARTER 213 AMOUNTED TO $166 MILLION PESOS, RELATED PRIMARILY TO NON-OPERATING INCOME LINKED TO THE PURCHASE AND SALE OF AIRCRAFT ENGINES. FINANCIAL INCOME AND EXPENSES NET FINANCIAL EXPENSES FOR THE QUARTER REACHED $281 MILLION PESOS; A $1 MILLION INCREASE, YEAR-ON-YEAR. EXCHANGE DIFFERENCES THIS QUARTER THE COMPANY RECOGNIZED A NET NEGATIVE IMPACT OF $1 MILLION PESOS WITHIN THE FOREIGN EXCHANGE ITEM DUE TO MEXICAN PESO/U.S. DOLLAR EXCHANGE RATE APPRECIATION. THIS AMOUNT INCLUDES A POSITIVE IMPACT RELATED TO FUNCTIONAL CURRENCY VALUATION OF $174 MILLION DUE TO THE FACT THAT THE COMPANY USES U.S DOLLAR FOR THIS PURPOSE, WHILE MEXICAN PESO IS USED FOR REGISTRATION AND REPORTING. VALUATION OF DERIVATIVE INSTRUMENTS GRUPO ICO REPORTED A $56 MILLION PESO NEGATIVE IMPACT IN THE THIRD QUARTER 213 DUE TO THE DECREASED MARKET VALUE OF ITS FUEL HEDGING POSITION (JF54). IT IS IMPORTANT TO NOTE THAT GRUPO ICO USES CALL AND CALL SPREAD OPTIONS FOR ITS HEDGING PROGRAM, LOSSES ARE THEREFORE LIMITED TO THE VALUE OF THE PREMIUMS PAID FOR SAID OPTIONS. NET INCOME GRUPO ICO REPORTED A $495 MILLION PESO NET PROFIT FOR THE THIRD QUARTER 213; A 17% INCREASE, YEAR-ON-YEAR. QUARTERLY NET MARGIN WAS THEREFORE 4.7%; A.6 PERCENTAGE POINT INCREASE YEAR-ON-YEAR. COMMENTS TO THE STATEMENTS OF FINANCIAL POSITION AND CASH FLOW STATEMENT GRUPO ICO GENERATED $735 MILLION PESOS IN CASH BEFORE TAX DURING THE THIRD QUARTER 213. DURING THE QUARTER, $598 MILLION PESOS OF INTERNAL GENERATED RESOURCES WERE SPENT ON FIXED ASSETS INVESTMENTS. THE COMPANY S UNRESTRICTED CASH POSITION WAS $2.92 BILLION PESOS AS SEPTEMBER 3, 213; A $288 MILLION PESO DECREASE COMPARED TO THE BALANCE REPORTED AT THE END OF THE SECOND QUARTER 213.

17 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY PAGE 7 / 9 DEBT ASSOCIATED WITH AIRCRAFT PURCHASES AS AT SEPTEMBER 3, 213 REPRESENTED 93% OF GRUPO ICO'S TOTAL DEBT. MAJORITY STOCKHOLDER S EQUITY WAS $7.86 BILLION PESOS AS AT SEPTEMBER 3, 213. AT SEPTEMBER 3 AT JUNE 3 VAR (FIGURES IN MILLIONS OF MEXICAN PESOS) CASH AND CASH EQUIVALENTS, UNRESTRICTED2,9213, FINANCIAL DEBT7,5946, NET FINANCIAL DEBT4,6733,4881,185 STOCKHOLDERS' EQUITY7,8647, STOCKHOLDERS' EQUITY7,8727, GRUPO ICO HAD 714,581,886 COMMON SHARES OUTSTANDING AS AT SEPTEMBER 3, ,435,489 COMMON SHARES WERE REPURCHASED AS PART OF THE COMPANY S SHARE REPURCHASE PROGRAM. FLEET THE COMPANY TOOK DELIVERY OF FIVE NEW AIRCRAFT IN THE THIRD QUARTER 213 AND RETIRED ONE BOEING UNDER OPERATING LEASE, RESULTING IN A116 AIRCRAFT OPERATING FLEET. THIS INCLUDES THREE AIRCRAFT INCORPORATED UNDER LEASE AGREEMENTS (ONE BOEING 787-8, ONE EMBRAER 17 AND ONE EMBRAER 175) AND TWO AIRCRAFT FINANCED THROUGH THE PROCEEDS OF A BOND GUARANTEED BY THE EXPORT-IMPORT BANK OF THE UNITED STATES WHICH WAS ISSUED IN JULY. AS OF SEPTEMBER 3, 213, THE AVERAGE AGE OF THE GRUPO ICO S FLEET WAS 8.8 YEARS. OPERATIVE FLEET FLEETQ3 212Q2 213Q3 213 B B-7871 B B ICO ERJ E E E ICO CONNECT65759 GRUPO AEROMÉXICO RELEVANT EVENTS ICO ANNOUNCED PRICING OF NOTES GUARANTEED BY US EX-IM BANK ON JULY 23, 213, GRUPO ICO ANNOUNCED THE PRICING OF AN OFFERING OF USD $117.4 MILLION OF 2.537% SECURED NOTES, DUE JULY 13, 225, (THE NOTES ) GUARANTEED BY THE EXPORT-IMPORT BANK OF THE UNITED STATES ( EX-IM BANK ) PAYABLE QUARTERLY. THE COMPANY HAS USED THE OFFERING PROCEEDS TO REFINANCE TWO BOEING AIRCRAFT, DELIVERY OF WHICH WAS TAKEN IN JUNE AND JULY OF 213, AND TO FINANCE ONE BOEING 737-8, DELIVERY OF WHICH WAS TAKEN IN AUGUST 213. THE OFFERING IS THE FIRST TIME THAT A PRIVATE-SECTOR COMPANY IN MEXICO FUNDED ITS TRANSACTION THROUGH EX-IM BANK-GUARANTEED BONDS ISSUED VIA

18 STOCK EXCHANGE CODE: THE CAPITAL MARKETS. DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY QUARTER: 3 YEAR: 213 PAGE 8 / 9 ICO TOOK DELIVERY OF ITS FIRST BOEING 787 DREAMLINER ON AUGUST 16, 213, GRUPO ICO ANNOUNCED THE ARRIVAL OF ITS NEW BOEING DREAMLINER. BY NOVEMBER OF 213, ICO EXPECTS TO HAVE THREE B787 AIRCRAFT INTO ITS FLEET WHICH WILL SERVE ALL FLIGHTS ON THE NARITA AND PARIS ROUTES, AS WELL AS DAILY FREQUENCIES TO JFK AIRPORT IN NEW YORK CITY. DECISION RELEASED BY THE FEDERAL BOARD OF CONCILIATION AND ARBITRATION ON AUGUST 2, 213, THE FEDERAL BOARD OF CONCILIATION AND ARBITRATION ADVISED GRUPO ICO OF ITS FINAL DECISION MADE RELATED TO THE COLLECTIVE DISPUTE OF AN ECONOMIC NATURE WHICH THE COMPANY FILED IN APRIL OF THIS YEAR. THIS ARBITRATION AWARD ESTABLISHED A MODIFICATION OF THE COLLECTIVE CONTRACT AGREEMENT BETWEEN ICO AND THE FLIGHT ATTENDANTS UNION, ASOCIACIÓN SINDICAL DE SOBRECARGOS DE AVIACIÓN DE MÉXICO (ASSA), WHICH APPLIES TO ALL NEW FLIGHT ATTENDANT HIRES, EFFECTIVE IMMEDIATELY AS OF THAT DATE. THE CONTRACTUAL CONDITIONS FOR ALL NEW FLIGHT CREW MEMBERS ARE THEREFORE COMPETITIVE WITH THOSE CURRENTLY EXISTING IN THE MEXICAN AIRLINE INDUSTRY. THE MODIFICATION DETERMINED BY THE ARBITRATION AWARD ALSO ENABLES THE COMPANY TO REDUCE ITS LABOR COSTS AS REQUIRED IN THE COLLECTIVE DISPUTE OF ECONOMIC NATURE PROCEDURES. ICO HAS SINCE RESUMED ITS HIRING PROCESS FOR NEW FLIGHT ATTENDANTS IN ORDER TO CONTINUE ITS SHORT AND MEDIUM TERM GROWTH PLAN. ICO OFFERS SUPPORT TO PASSENGERS AFFECTED BY TROPICAL STORMS IN AN UNPRECEDENTED EVENT IN SEPTEMBER 213, GRUPO ICO TRANSPORTED MORE THAN 11, PASSENGERS AFFECTED BY MEXICO S TROPICAL STORMS ON MORE THAN 1 FLIGHTS, FREE OF CHARGE. ICO ALSO TRANSPORTED MORE THAN 145 TONS OF SUPPLIES, FREE OF CHARGE. RESULTS CONFERENCE CALL INFORMATION DATEOCTOBER 23RD, : A.M. ET / 1: A.M. MEX TIME SPEAKERSANDRÉS CONESA CEO RICARDO SÁNCHEZ BAKER CFO TELEPHONE NUMBERS:MEXICO 1 (8) USA (719) INTERNATIONAL DIALING INSTRUCTIONS +1 (719) CONFERENCE CALL CODE: ANALYST COVERAGE COMPANYANALYST ADDRESS: ACTINVERRAMÓN ORTIZRORTIZ@ACTINVER.COM.MX DEUTSCHE BANKMICHAEL LINENBERGMICHAEL.LINENBERG@DB.COM GBMBIANCA FAIWICHOWBFAIWICHOW@GBMS.COM.BR ITAÚ BBARENATO SALOMONERENATO.SALOMONE@ITAUBBA.COM

19 STOCK EXCHANGE CODE: DISCUSSION AND ANALYSIS OF THE ADMINISTRATION ON THE RESULTS OF OPERATIONS AND FINANCIAL CONDITION OF THE COMPANY QUARTER: 3 YEAR: 213 PAGE 9 / 9 MORGAN STANLEYEDUARDO COUTOEDUARDO.COUTO@MORGANSTANLEY.COM VECTORMARCO MONTAÑEZMMONTANE@VECTOR.COM.MX

20 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 GRUPO AEROMÉXICO, S.A.B. DE FINANCIAL STATEMENT NOTES C.V. PAGE 1 / 18 GRUPO ICO, S. A. B. DE C. V. Y SUBSIDIARIAS (1) ENTIDAD QUE REPORTA- NOTAS A LOS ESTADOS FINANCIEROS CONSOLIDADOS GRUPO AEROMÉXICO, S. A. B. DE C. V. (LA COMPAÑÍA ) TIENE SU DOMICILIO EN PASEO DE LA REFORMA 445, COLONIA CUAUHTEMOC, 65 CIUDAD DE MÉXICO, MÉXICO. LOS ESTADOS FINANCIEROS CONSOLIDADOS DE LA COMPAÑÍA, POR LOS PERIODOS TRIMESTRALES TERMINADOS AL 3 DE SEPTIEMBRE DE 213 Y 212, COMPRENDEN A LA COMPAÑÍA Y SUS SUBSIDIARIAS (EN CONJUNTO EL GRUPO O GRUPO AEROMÉXICO Y DE FORMA INDIVIDUAL COMO ENTIDADES DEL GRUPO ) Y LA PARTICIPACIÓN DEL GRUPO EN ASOCIADAS Y NEGOCIOS CONJUNTOS. LA COMPAÑÍA ESTÁ LISTADA EN LA BOLSA MEXICANA DE VALORES ( BMV ). LA ACTIVIDAD PRINCIPAL DEL GRUPO ES LA PRESTACIÓN DE SERVICIOS DE TRANSPORTACIÓN AÉREA DE PERSONAS, BIENES, CORRESPONDENCIA Y CARGA AÉREA EN GENERAL DENTRO Y FUERA DE LA REPÚBLICA MEXICANA, PRESTACIÓN DE SERVICIOS DE MANTENIMIENTO, CAPACITACIÓN Y ADMINISTRACIÓN, COMERCIALIZACIÓN DE SISTEMAS DE FRANQUICIAS, ADMINISTRACIÓN DE INVERSIONES EN ACCIONES Y OPERACIÓN DE PROGRAMAS DE LEALTAD. (2) BASES DE PREPARACIÓN- (A) DECLARACIÓN SOBRE CUMPLIMIENTO- LOS ESTADOS FINANCIEROS CONSOLIDADOS ADJUNTOS Y SUS NOTAS SE PREPARARON DE ACUERDO CON LAS NORMAS INTERNACIONALES DE INFORMACIÓN FINANCIERA ( NIIF ), EMITIDAS POR EL CONSEJO INTERNACIONAL DE NORMAS DE INFORMACIÓN FINANCIERA (IASB POR SUS SIGLAS EN INGLÉS). LA DESIGNACIÓN NIIF INCLUYE TODOS LAS NORMAS EMITIDAS POR EL IASB Y SUS INTERPRETACIONES RELACIONADAS EMITIDAS POR EL COMITÉ DE INTERPRETACIONES DE NORMAS DE INFORMACIÓN FINANCIERA (IFRIC POR SUS SIGLAS EN INGLÉS). DE CONFORMIDAD CON LA LEY GENERAL DE SOCIEDADES MERCANTILES (LGSM) Y LOS ESTATUTOS DEL GRUPO, LOS ACCIONISTAS TIENEN FACULTADES PARA MODIFICAR LOS ESTADOS FINANCIEROS DESPUÉS DE SU EMISIÓN. (B) BASES DE MEDICIÓN- LOS ESTADOS FINANCIEROS CONSOLIDADOS SE PREPARARON SOBRE LA BASE DE COSTO HISTÓRICO CON EXCEPCIÓN DE LOS INSTRUMENTOS FINANCIEROS QUE SE MIDEN A SU VALOR RAZONABLE Y ALGUNAS PARTIDAS DE PROPIEDADES Y EQUIPO LOS CUALES SE REGISTRARON A SU VALOR RAZONABLE O EL MODELO UTILIZADO DE LAS NORMAS ANTERIORMENTE EMPLEADAS. LA COMPAÑÍA USA EL PESO MEXICANO (PESO O $ ) COMO LA MONEDA DE REPORTE PARA SUS ESTADOS FINANCIEROS CONSOLIDADOS, SIN EMBARGO, LA MONEDA FUNCIONAL ES EL DÓLAR DE LOS ESTADOS UNIDOS DE AMÉRICA (DÓLAR O US$ ). LOS ESTADOS FINANCIEROS CONSOLIDADOS ADJUNTOS HAN SIDO REDONDEADOS A MILES, EXCEPTO DONDE SE INDICA. EL TIPO DE CAMBIO DEL PESO CON RESPECTO AL DÓLAR AL 3 DE SEPTIEMBRE DE 213 Y 212, FUE DE $13.15 Y $12.86, RESPECTIVAMENTE. A MENOS QUE SE INDIQUE LO CONTRARIO, LOS TOTALES Y PORCENTAJES NO REFLEJAN CON PRECISIÓN LAS CIFRAS ABSOLUTAS EN ESTE DOCUMENTO, DEBIDO AL REDONDEO. (C) EMPLEO DE ESTIMACIONES Y JUICIOS-

21 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 GRUPO AEROMÉXICO, S.A.B. DE FINANCIAL STATEMENT NOTES C.V. PAGE 2 / 18 LA PREPARACIÓN DE LOS ESTADOS FINANCIEROS CONSOLIDADOS DE CONFORMIDAD CON LAS NIIF REQUIERE QUE LA ADMINISTRACIÓN EFECTÚE JUICIOS, ESTIMACIONES Y SUPOSICIONES QUE AFECTAN LA APLICACIÓN DE POLÍTICAS CONTABLES Y LOS IMPORTES REPORTADOS DE ACTIVOS, PASIVOS, INGRESOS Y GASTOS. NOSOTROS BASAMOS NUESTROS JUICIOS, ESTIMACIONES Y SUPOSICIONES EN BASE A INFORMACIÓN HISTÓRICA E INFORMACIÓN PROYECTADA, ASÍ COMO LAS CONDICIONES ECONÓMICAS REGIONALES Y DE LA INDUSTRIA EN LA QUE NOSOTROS O NUESTROS CLIENTES OPERAN, DICHOS CAMBIOS PODRÍAN AFECTAR NEGATIVAMENTE NUESTRAS ESTIMACIONES. SIN EMBARGO, NOSOTROS CREEMOS QUE HACEMOS ESTIMACIONES RAZONABLES, SOBRE LA RESOLUCIÓN FINAL DE LAS INCERTIDUMBRES PRESENTADAS, NO SE PUEDE ASEGURAR QUE EL RESULTADO FINAL DE ESTOS ASUNTOS SEA COHERENTE CON LO QUE SE REFLEJA EN NUESTROS ACTIVOS, PASIVOS, INGRESOS Y GASTOS. LOS RESULTADOS REALES PUEDEN DIFERIR DE ESTAS ESTIMACIONES. LAS ESTIMACIONES Y LAS SUPOSICIONES CORRESPONDIENTES SE REVISAN DE MANERA CONTINUA. LOS CAMBIOS DERIVADOS DE LAS REVISIONES A LAS ESTIMACIONES CONTABLES SE RECONOCEN EN EL PERÍODO EN EL CUAL SE REVISAN Y EN PERÍODOS FUTUROS QUE SEAN AFECTADOS. (D) ALCANCE DE CONSOLIDACIÓN LOS ESTADOS FINANCIEROS CONSOLIDADOS INCLUYEN GRUPO AEROMÉXICO, S. A. B. DE C. V. Y TODAS LAS ENTIDADES QUE ESTÁN CONTROLADAS DIRECTA O INDIRECTAMENTE POR GRUPO AEROMÉXICO. TODOS LOS ESTADOS FINANCIEROS HAN SIDO PREPARADOS APLICANDO LOS MISMOS PRINCIPIOS DE CONTABILIDAD Y VALUACIÓN DE IFRS. LOS SALDOS Y OPERACIONES ENTRE PARTES RELACIONADAS CONSOLIDADAS HAN SIDO ELIMINADOS. (3) PRINCIPALES POLÍTICAS CONTABLES- LAS POLÍTICAS CONTABLES QUE FIGURAN A CONTINUACIÓN SE HAN APLICADO UNIFORMEMENTE A TODOS LOS PERÍODOS PRESENTADOS EN ESTOS ESTADOS FINANCIEROS CONSOLIDADOS, A MENOS QUE SE INDIQUE LO CONTRARIO. LAS POLÍTICAS CONTABLES HAN SIDO APLICADAS CONSISTENTEMENTE POR LAS ENTIDADES DEL GRUPO. (A) BASES DE CONSOLIDACIÓN- I. COMBINACIÓN DE NEGOCIOS- LAS COMBINACIONES DE NEGOCIOS SE CONTABILIZAN UTILIZANDO EL MÉTODO DE ADQUISICIÓN A LA FECHA DE OPERACIÓN - ES DECIR, CUANDO SE TRANSFIERE EL CONTROL AL GRUPO. EL GRUPO VALÚA EL CRÉDITO MERCANTIL COMO EL VALOR RAZONABLE DE LA CONTRAPRESTACIÓN TRANSFERIDA INCLUYENDO EL IMPORTE RECONOCIDO DE CUALQUIER PARTICIPACIÓN NO CONTROLADORA EN LA ADQUIRIDA, MENOS EL IMPORTE NETO RECONOCIDO (GENERALMENTE VALOR DE MERCADO) DE LOS ACTIVOS IDENTIFICABLES ADQUIRIDOS Y LOS PASIVOS ASUMIDOS; CUANDO EL EXCESO ES NEGATIVO, UNA GANANCIA ES RECONOCIDA INMEDIATAMENTE EN RESULTADOS. EL GRUPO ELIGE CON LA BASE DE TRANSACCIÓN POR TRANSACCIÓN, YA SEA PARA MEDIR LA PARTICIPACIÓN NO CONTROLADORA A SU VALOR RAZONABLE, O A SU PARTE PROPORCIONAL DEL IMPORTE RECONOCIDO DE LOS ACTIVOS NETOS IDENTIFICABLES EN LA FECHA DE ADQUISICIÓN. LOS COSTOS DE TRANSACCIÓN, DISTINTOS DE LOS RELACIONADOS CON EMISIÓN DE DEUDA O INSTRUMENTOS DE CAPITAL, EN QUE INCURRA EL GRUPO EN RELACIÓN CON UNA COMBINACIÓN DE NEGOCIOS SE REGISTRAN COMO GASTOS CUANDO SE INCURREN.

22 STOCK EXCHANGE CODE: QUARTER: 3 YEAR: 213 GRUPO AEROMÉXICO, S.A.B. DE FINANCIAL STATEMENT NOTES C.V. PAGE 3 / 18 II. SUBSIDIARIAS- LAS COMPAÑÍAS SUBSIDIARIAS SON ENTIDADES CONTROLADAS POR EL GRUPO. LOS ESTADOS FINANCIEROS DE LAS COMPAÑÍAS SUBSIDIARIAS SE INCLUYEN EN LOS ESTADOS FINANCIEROS CONSOLIDADOS DEL GRUPO DESDE LA FECHA EN QUE COMIENZA EL CONTROL Y HASTA LA FECHA EN QUE TERMINA DICHO CONTROL. LAS POLÍTICAS CONTABLES DE LAS COMPAÑÍAS SUBSIDIARIAS HAN SIDO ADECUADAS CUANDO HA SIDO NECESARIO PARA CONFORMARLAS CON LAS POLÍTICAS ADOPTADAS POR EL GRUPO. III. PÉRDIDA DE CONTROL- EN CASO DE PÉRDIDA DE CONTROL, EL GRUPO DEJA DE RECONOCER LOS ACTIVOS Y PASIVOS DE LA SUBSIDIARIA, CUALQUIER PARTICIPACIÓN NO CONTROLADA Y CUALQUIER COMPONENTE DEL CAPITAL CONTABLE DE LA SUBSIDIARIA. CUALQUIER SUPERÁVIT O DÉFICIT RESULTANTE DE LA PÉRDIDA DE CONTROL SE RECONOCE EN RESULTADOS. SI EL GRUPO RETIENE UNA PARTICIPACIÓN EN LA SUBSIDIARIA ANTERIOR, DICHOS INTERESES SE MIDEN POR SU VALOR RAZONABLE EN LA FECHA EN QUE SE PIERDE EL CONTROL. IV. INVERSIONES EN ASOCIADAS Y NEGOCIOS CONJUNTOS- LAS COMPAÑÍAS ASOCIADAS SON AQUELLAS ENTIDADES EN LAS CUALES EL GRUPO EJERCE INFLUENCIA SIGNIFICATIVA, PERO NO CONTROL, SOBRE LAS POLÍTICAS FINANCIERAS Y DE OPERACIÓN. SE PRESUME QUE EXISTE INFLUENCIA SIGNIFICATIVA CUANDO EL GRUPO POSEE ENTRE EL 2% Y 5% DE LAS ACCIONES CON DERECHO DE VOTO DE OTRA ENTIDAD. LOS NEGOCIOS CONJUNTOS SON AQUELLAS ENTIDADES SOBRE CUYAS ACTIVIDADES EL GRUPO EJERCE CONTROL CONJUNTO, EL CUAL ES ESTABLECIDO MEDIANTE UN ACUERDO CONTRACTUAL Y REQUIERE DEL CONSENTIMIENTO UNÁNIME PARA LA TOMA DE DECISIONES ESTRATÉGICAS, FINANCIERAS Y DE OPERACIÓN. LAS INVERSIONES EN ASOCIADAS SE REGISTRAN POR EL MÉTODO DE PARTICIPACIÓN Y SE RECONOCEN INICIALMENTE A SU COSTO DE ADQUISICIÓN. LA INVERSIÓN DEL GRUPO INCLUYE EL CRÉDITO MERCANTIL IDENTIFICADO CON LA ADQUISICIÓN, NETO DE PÉRDIDAS POR DETERIORO ACUMULADAS. LOS ESTADOS FINANCIEROS CONSOLIDADOS INCLUYEN LA PARTICIPACIÓN DEL GRUPO EN LOS INGRESOS, GASTOS Y MOVIMIENTOS EN EL CAPITAL CONTABLE DE LAS INVERSIONES, DESPUÉS DE LOS AJUSTES PARA CONFORMAR LAS POLÍTICAS CONTABLES DE ESAS COMPAÑÍAS CON LAS DEL GRUPO, DESDE LA FECHA EN QUE EL GRUPO TIENE INFLUENCIA SIGNIFICATIVA HASTA LA FECHA EN QUE TERMINA DICHA INFLUENCIA SIGNIFICATIVA. CUANDO LA PARTICIPACIÓN DEL GRUPO EN LAS PÉRDIDAS EXCEDE A SU INVERSIÓN EN AQUELLAS ENTIDADES RECONOCIDAS POR EL MÉTODO DE PARTICIPACIÓN, EL VALOR EN LIBROS DE DICHA PARTICIPACIÓN (INCLUYENDO CUALESQUIER INVERSIONES A LARGO PLAZO) SE REDUCE A CERO Y SE DEJAN DE RECONOCER MÁS PÉRDIDAS, A MENOS QUE EL GRUPO TENGA ALGUNA OBLIGACIÓN ASUMIDA O HAYA EFECTUADO PAGOS POR CUENTA DE LA ASOCIADA. LAS INVERSIONES EN NEGOCIOS CONJUNTOS SE REGISTRAN MEDIANTE METODO DE PARTICIPACION. EL GRUPO INCLUYE DENTRO DE SUS ESTADOS FINANCIEROS CONSOLIDADOS LA PARTICIPACIÓN QUE TIENE EN LOS ACTIVOS Y PASIVOS DE LOS NEGOCIOS CONJUNTOS. DE IGUAL FORMA EL ESTADO CONSOLIDADO DE UTILIDAD INTEGRAL INCLUYE LA PARTE DE LOS INGRESOS Y GASTOS QUE LE CORRESPONDEN AL GRUPO DE DICHOS NEGOCIOS CONJUNTOS. V. TRANSACCIONES ELIMINADAS EN LA CONSOLIDACIÓN- LOS SALDOS Y OPERACIONES IMPORTANTES ENTRE LAS COMPAÑÍAS DEL GRUPO, ASÍ COMO LOS INGRESOS Y GASTOS NO REALIZADOS, SE HAN ELIMINADO EN LA PREPARACIÓN DE LOS ESTADOS FINANCIEROS CONSOLIDADOS. LAS UTILIDADES NO REALIZADAS DERIVADAS DE TRANSACCIONES ENTRE ENTIDADES DEL GRUPO EN LAS QUE SE TIENEN INVERSIONES CONTABILIZADAS BAJO EL MÉTODO DE PARTICIPACIÓN SE ELIMINAN CONTRA LA INVERSIÓN EN LA MEDIDA DE LA PARTICIPACIÓN DEL