Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 265

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 11
Chunk 265
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ary, the CPO trustee or our transfer books are closed or at any time if the depositary
or we think it advisable to do so.

ADS Holders’ Right to Receive the CPOs Underlying ADSs

ADS holders have the right to surrender their ADSs and withdraw
the underlying CPOs at any time except:

  when temporary delays arise because: (i) the depositary or the CPO trustee has closed its transfer books, or we have closed our  

  if the ADS holder owes money to pay fees, taxes and similar charges; and  

  when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to  

This right of withdrawal may not be limited by any other provision
of the deposit agreement.

Pre-release of ADSs

The deposit agreement permits the depositary to deliver ADSs
before deposit of the underlying CPOs. This is called a pre-release of the ADSs. The depositary may also deliver CPOs upon cancellation
of pre-released ADSs (even if the ADSs are surrendered before the pre-release transaction has been closed out). A pre-release is closed
out as soon as the underlying CPOs are delivered to the depositary. The depositary may receive ADSs instead of CPOs to close out a pre-release.
The depositary may pre-release ADSs only under the following conditions: (a) before or at the time of the pre-release, the person
to whom the pre-release is being made represents to the depositary in writing that it or its customer owns the CPOs or ADSs to be deposited;
(b) the pre-release is fully collateralized with cash or other collateral that the depositary considers appropriate; and (c) the
depositary must be able to close out the pre-release on not more than five business days’ notice. In addition, the depositary
will limit the number of ADSs that may be outstanding at any time as a result of pre-release, although the depositary may disregard the
limit from time to time, if it thinks it is appropriate to do so.

Depositary Payments

During 2024, we received U. S. $549,911.42 from the depositary
associated with our American Depositary Shares program. This amount includes reimbursements for continuing annual stock exchange listing
fees, standard out-of-pocket maintenance costs for the ADRs ( e. g., the expenses of postage and envelopes for mailing