Azul Investor Presentation — August 2021

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2Q21 Earnings Results

August 12, 20212DISCLAIMER

Theinformation contained inthispresentation isonly asummary and does notpurport tobecomplete .This presentation hasbeen prepared solely forinformational purposes and should notbe

construed asfinancial, legal, tax,accounting, investment orother advice orarecommendation with respect toanyinvestment .Thispresentation does notconstitute orform part ofanyoffer orinvitation

forsaleorsubscription oforsolicitation orinvitation ofanyoffer tobuyorsubscribe foranysecurities, norshall itoranypart ofitform thebasis oforberelied oninconnection with anycontract or

commitment whatsoever .

This presentation includes estimates andforward -looking statements within themeaning oftheU.S.federal securities laws.These estimates andforward -looking statements arebased mainly onour

current expectations andestimates offuture events andtrends that affect ormay affect ourbusiness, financial condition, results ofoperations, cash flow, liquidity, prospects andthetrading price ofour

preferred shares, including intheform ofADSs .Although webelieve that these estimates andforward -looking statements arebased upon reasonable assumptions, they aresubject tomany significant

risks, uncertainties andassumptions andaremade inlight ofinformation currently available tous.

These statements appear throughout thispresentation andinclude statements regarding ourintent, belief orcurrent expectations inconnection with:changes inmarket prices, customer demand and

preferences andcompetitive conditions ;general economic, political andbusiness conditions inBrazil, particularly inthegeographic markets weserve aswellasanyother countries wecurrently serve and

may serve inthefuture ;ourability tokeep costs low;existing andfuture governmental regulations ;increases inmaintenance costs, fuelcosts andinsurance premiums ;ourability tomaintain landing