### Application of: 

## BEFORE THE DEPARTMENT OF TRANSPORTATION WASHINGTON, D.C.

) )

### ~fPARTMENT 

# OF

-) \lSPORTATION ·/FTOPERATIONS

AIR PALACE, S.A. de C.V. 

## ) Docket OST-2008-02S6 ) 

### for a renewal of an exemption (MEXICOUS) under 49 U.S.C. Section 40109 ) ) 

## APPLICATION FOR A RENEWAL OF AN EXEMPTION FILED BY AIR PALACE, S.A. de C.V. FOR A PERIOD OF TWO YEARS We are relying on the automatic extension provisions of Federal Law Specifically 5 USC 558(c), as implemented by 14 CFR Part 377, to keep our exemption authority in effect, pending final department action on this renewal application. It should be noted that no changes have occurred in the company management, stock holders, their nationality, aircraft or aircraft crews. This carriers Ops Specs are managed at the Fort Worth, Tx, FAA/FSDO, and the aircraft have fewer than 30 seats. 

### COMMUNICATIONS WITH RESPECT TO THIS DOCUMENT SHOULD BE ADDRESSED TO: Mr. Eugene E. Smith 7717 Village Oak San Antonio, Tx. 78233 Tel (210) 590-1630 Fax (210) 653-9281 Agent for Service in the U.S. for: AIR PALACE, S.A. de C.V. 

### 21 SEP 2010

### In support of this application, and pursuant to the Department's Procedural Regulations, AIRPAL states the following:

1. AIRPAL, incorporated in Mexico In 2000, is a privately held corporation that is 100% owned and controlled by Mexican citizens. Name, citizenship and percentage of ownership of AIRPAL are enumerated in Exhibit A. The full name and corporate address of AIRPAL is: AIR PALACE, S.A. de C.V. Blvd. Kukulcan, KM 14.5 Zona Hotelera Cancun, Quintana Roo 77500 MEXICO 2. 

### The name and official address of the government alr transport authority in Mexico having regulatory jurisdiction over AIRPAL is: Secretaria de Comunicaciones y Transportes Direccion General de Aeronautica Civil ("DGAC") Av. Providencia No. 807, Piso 1-7 Colonia del Valle Delegacion Benito Juarez Mexico, D.F. 03100 MEXICO 3 . As noted above t 

### AIRPAL is seeking transborder charter authority to engage in foreign air transportation of persons and their belongings without the need for prior Department approval of each flight, or series of flights. AIRPAL is also requesting stopover privileges.
2

### 4. 

### AIRPAL is operationally and financially qualified to perform the service for which authority is requested herein. As evidence thereof:
(a) The Mexican DGAC has issued a permit authorizing AIRPAL to conduct non-scheduled, international air taxi transportation of passengers in the North and South American Continents. This permit is valid indefinitely and is attached as Exhibit B.


### (b) In 2004, AIRPAL received its DGAC permits and commenced commercial flight operations. From its base in Cancun, Quintana Roo, AIRPAL provides air transportation to domestic and international passengers, consisting of members of the following institutions which form part of the governing body, owners, and stock holders of AIRPAL:
AIR PALACE, S.A. de C.V.


### Future operations, including its proposed u.S. 

### service, are likely to be a continuation of this type of operation. AIRPAL estimates that it will operate 30 to 40 round trip flights

3

### annually between Mexico and the United States with an average load of three passengers per flight; all of which will originate in Mexico.
(c) AIRPAL owns and operates a 6 passenger Beechcraft King Air C90GT Turbo Prop aircraft with Mexican registration XA-CPR; and an 8 passenger Cessna Citation C550 Jet aircraft with Mexican registration XA-CAP.
(d) AIRPAL maintains its aircraft pursuant to a maintenance service agreement with Hawker Beechcraft and Centro de servici Avemex, an aircraft repair station in Toluca, Mexico; and with Hawker Beechcraft in Houston Texas; the latter is a FAA certificated service Center; and in accordance with an airworthiness program approved by the Mexican DGAC in compliance with ICAO Annexes 1,6 (Part I) and 7.
(e) AIRPAL has established a well qualified management team with the necessary experience in providing domestic and international air taxi services.

Mr. Jose Antonio Chapur Z. has served as General Director of AIRPAL since the founding of the company in November 2000.

4

### Pilot Capt. Alfonso Tonatiuh Hernandez G . received his Pilot's License in 1997. Joined AIRPAL in 2006, received his Unlimited Commercial pilot's License in 1998 and has accumulated
over 5,000 hours of flight during his 10 years of aviation experience, with over 1200 hours in the Citation and over 340 hours on the King Air. Capt. Hernandez is licensed to operate the company's King Air and Citation and attends annual training courses, at Flight Safety in Orlando Fl. and Wichita Kansas. Capt. Hernandez serves as Chief Pilot for AIRPAL.

Pilot Capt. Fernando R. Marroquin Medrano received his pilot's License in 1996. Joined AIRPAL in 2004, received his Unlimited Commercial pilot's License in 1997 and has accumulated
over 5000 hours of flight during his 10 years of aviation experience, with over 460 hours in the Citation and over 900 hours in the King Air. Capt. Marroquin is licensed to operate the company's King Air and Citation and attends annual training courses, at Flight Safety in Orlando Fl. and Wichita Kansas. Capt. Marroquin serves as Chief of Security for AIRPAL.

Pilot Capt. Leopoldo Bustillos Sanchez received his Pilot's License in 1996. Joined AIRPAL in 2004, received his Unlimited Commercial Pilot's License in 1999 and has accumulated over 3800

5

### hours of flight during his 12 years of aviation experience, with
over 500 hours in the Citation and over 875 hours in the King Air. Capt. Bustillos is licensed to operate the company's King Air and Citation; and attends annual training courses, at Flight Safety in Orlando Fl. and Wichita Kansas. Pilot Capt. Alfonso Loera Carrillo received his Pilot's License in 2005. Joined AIRPAL in 2007, received his Unlimited Commercial Pilot's License in 2007 and has accumulated over 3300 hours of flight during his 10 years of aviation experience, with over 450 hours in the Citation and over 600 hours in the King Air. Capt. Carrillo is licensed to operate the company's King Air and Citation and attends annual training courses, at Flight Safety In Orlando Fl. and Wichita Kansas.

A composite of AIRPAL's key personnel is shown in Exhibit C.
(f) AIRPAL' s financial statement for calendar year 2007, up to April of 2008 is Exhibit D. As can be seen, AIRPAL has been self-sufficient and fully capable to continue providing transportation services to the companies enumerated in Paragraph 4 (b)

. 

### (g) A copy of OST form 6411, Foreign Air Carriers Certificates of Insurance, are attached as Exhibit E. 

### As shown therein, AIRPAL complies with the limits of liability of the

6

### requirements of 14 CFR Part 205.
(h) AIRPAL has not been involved in any safety violations, tariff violations or fatal accidents since its inception.
(i) AIRPAL does not have any agreement or cooperative working arrangements with any U. S. air carrier affecting its proposed services to the United States

5. AIRPAL's proposed U.S. services are consistent with the public interest for the following reasons: (a) AIRPAL will be carrying executives to the U.S. on business, thereby fostering commerce between Mexico and the United States consistent with the objectives of the North American Free Trade Agreement (NAFTA)
(b) AIRPAL's request for stopover privileges is consistent with the need of the executives using its services will, from time to time, need to stop at two or more places in the U.S. as part of their round trip itineraries. AIRPAL submits that no regulatory purpose would be served by preventing AIRPAL from responding to the stopover needs of its customers.

7

### WHEREFORE r 

### AIRPAL respectfully requests exemption authority to engage in charter foreign air transportation of persons and their accompanying baggage with small aircraft as set forth herein r 

### and such other relief as may be in the public interest.

Aero Parts r 

### Ltd Agent for Service in the u.S. for: AIR PALACE, S.A. de C.V.



### 21 September 2010

8

### OWNERSHIP of AIR PALACE, S.A. de C.V.


### SHAREHOLDER CITIZENSHIP AIRPAL 

### EXHIBIT A

PORCENTAGE
============================================================ 

### SR. ROBERTO CHAPUR ZAHOUL MEXICAN 50.00 

### % 

### SR. J.ANTONIO CHAPUR ZAHOUL MEXICAN 50.00 

### %

CERTIFIED TRUE

EUGENE SMITH AGENT FOR SERVICE for: AIR PALACE, S.A. de C.V.

### INTERNATIONAL AIR TAXI PERMIT of AIR PALACE, S.A. de C.V. AIRPAL 

### EXHIBIT BSFCRIFAAIA aE COMtlNICAC16NEs y xaanseOR1ES

AIR PALACE, S.A. DE C.V. BLVD. KUKULCAN KM. 14.5. ZONA HOTELERA. 

### C.P. CANCUN, Q. 

### ROO. c .. ;:;,.j.**~** 

### DIRECCI6N GENERAL DE AERONAuTICA CIVIL. OFICIO No. 4.1.1 62.306,- 

### 2352 ASUNTO: Se concede permiso para establecer y explotar un servicio publico de transporte no regular de taxi aereo 

### internacional de pasajeros. OPERADOR MEXICANO. Mexico, D. F. a

En relacion a su escrito recibido el 16 dejulio del presente, me permito informarle que con fundamento en los articulos 30, fraccion VI de la Ley de Vias Generales de Comunicacion, 60, fracci6n II, y 11 fracci6n III, de la Ley de Aviaci6n Civil, en relaci6n con el articulo 18, fracci6n VI del Reglamento Interior de la Secretaria de Comunicaciones y Transportes, esta Direcci6n General de Aeronautica Civil, otorga a la empresa AIR PALACE, S.A. DE C.V., PERMISO para el establecimiento y explotacion de un servicio publico de Transporte no Regular de Taxi Aereo Internacional de Pasajeros, desde su base de operaciones en Merida, Yuc. En tal virtud, y de conformidad con 10 dispuesto en los artfculos 3°, fracciones II, VIII, IX, XII Y XIII, 49,51, 120 Y 121 de la Ley de Vias Generales de Comunicaci6n; 1 °.,3 0.,4°.,5°., fracci6n 1 inciso a), 6°., fracciones 1, 11, XI, Y XII, 7°,12,14,15,17,18,23,24,32,35,42,44,47, fracciones II, IV y V,6 1 ,62,70,74,76,84, y demas aplicables de laLey de Aviaci6n Civil, 1° , 2°, 10, I 1,25,26,28,32 Y 193 de su Reglamento, el presente permiso estara sujeto a los siguientes requisitos y condiciones: 1).- EL 

### PERMISO SE OTORGA POR PLAZO INDEFINIDO, EN BASE AL ARTicULO 11 DE LA LEY DE AVIACION CIVIL, MISMO QUE SE DAM POR TERMINADO CUANDO EL PERMISIONARIO INCURRA EN ALGUNA DE LAS CAUSALES PREVISTAS EN LOS ARTicULOS 14 Y 15 DE LA PROPIA LEY. II): El presente permiso se expide en base al permiso de operador de un servicio publico de transporte de taxi aereo nacional no regular de pasajeros, TAN-TN-743 otorgado mediante oficio No. 00618 de fecha 27 de enero dee 2004. 

### EQUIPO AUTORIZADO A OPERAR HACIA EL CONTINENTE AMERICANO: CESSNA 5508 XA-CAP. RAYTHEON KING AIR C -9OGT XA-CPR.
III).- EI presente permiso debera ser inscrito en el Registro Aeronautico Mexicano, conforme al articulo 47 de la Ley de Aviaci6nCivil. IV).- La(s) aeronave(s) ser:i(n) utilizada(s) solamente para prestar servicio de taxi aereo internacional no regular de pasajeros.

DGAC-PE-03-DTG 1-FE201 

# I(,1G C G**1~** A 

### DIRECCION GENERAL 

### DE AERONAuTICA CIVIL. 

### OFlelO No. 

### 4.1.102.306.- 

### 2352

SECRETARIA UE L'UMUNICAI:IONES 

### 2 INANSPNNIES



### VI).- El personal de vuelo de laCs) aeronave(s) debe contar con el certificado de comg vigente, expedido por la Direcci6n General de Aeronautica Civil. VII).- Dicha(s) aeronave(s) saldra(n) de territorio nacional, por cualquiera de los Aeropuertos Internacionales de la Republica Mexicana autorizados por la Secretaria de Comunicaciones y Transportes, donde cumplinin las formalidades y 

### requisitos de aduana, migraci6n y 

### sanidad. VIII).- Para la operaci6n del(os) vuelo(s) internacional(es) que se autoriza(n) esa Empresa queda obligada a mantener vigente en todo momento, su Certificado de Explotador Aereo, asf como las Limitaciones a dicho Certificado, expedidas por esta Direcci6n General de Aeronautica Civil, sin cuya vigencia 0 

### documento que acredite la misma, no podra realizar operaciones al amparo del presente permiso, con base en la 

### NOM-008-SCT3-2002. IX).- 

### La Empresa debera seguir las 

### vias aereas previamente establecidas por la Secretaria de Comunicaciones y Transportes. X).- Obtener de esta Secretaria, la aprobaci6n y/o registro de las tarifas y sus elementos de aplicaci6n correspondientes, segun sea el caso. XI).- La Empresa queda obligada a presentar un informe estadfstico mensual ala Direcci6n General de Aeronautica Civil (Departamento de Programaci6n y Estadfsticas), en la forma DGAC-1857-L XII).- La Empresa debera contratar y mantener vigente un seguro que cubra las responsabilidades por los dafios a pasajeros y equipaje, asf como dafios a personas 0 

### cosas que se encuentren en la superficie de territorio mexicano en terminos de los Artfculos 70, 72 y 74 de la Ley de Aviaci6n Civil, 64, 65, 66, 67, 68, 69, 70, 71 Y72 de su Reglamento. XIII).- Con fundamento en 

### 10 dispuesto en los Artfculos 62 y 74 de la Ley de Aviaci6n Civil, esa Empresa debe garantizar el 

### pago de la indemnizaci6n por dafios que pudieran causar a pasajeros y equipaje fuera de territorio mexicano, por las cantidades que establece el Convenio de Varsovia, modificado por el Protocolo de la Haya 0 

### por cualquier regimen vigente en el pais 0 

### paises de destino de los vuelos internacionales por el tiempo a que este sujeto este permiso.**I ~XIV).-**  

### Previarnente al lnicio de sus vuelos al extranjero deberan solicitar y 

### recabar el permiso

### ~'cqr-respondiente de cada una de las autoridades aeronauticas del (os) pais (es) citado (s) en la**resente** 

### autorizaci6n y, paralelamente, presentar en esta Dependencia copia (s) de dicho (s)

rmiso (s) para acreditar que se cumpli6 con este requisito.

... ./3 DGAC-PE-03-DTG I-FE201Forma C G- 1. a 

### DIRECCION GENERAL 

### DE AERONAuTICA CIVIL. OFICIO No. 4.1.102.306.- 

### 2352

SECRETARIA DE COMUNICACIONES
TRANSPORTES 

### 3

XV).- La Empresa no podni ceder, hipotecar, gravar, transferir 0 enajenar el presente permiso, los derechos en el conferidos, a algun gobierno 0 Estado extranjero. XVI).- La Empresa no podra ceder, hipotecar, gravar, transferir 0 enajenar el presente permi los derechos en el conferidos, a otros particulares, nacionales 0 extranjeros sin autorizaci6Vde la Secretaria. XVII).- La Empresa queda obligada a presentar este permiso a las autoridades aeronauticas de los aeropuertos internacionales que utilicen para salir y entrar a territorio mexicano. XVIII).- La Secretaria de Comunicaciones 

### y Transportes podra dictar las modalidades 

### y caracteristicas conforme a las cuales se preste el servicio publico en las vias generales de comunicacion y medios de transporte. Asimismo, la Secretaria tendra la facultad, en cualquier tiempo, de verificar el cumplimiento de las Leyes de Vias Generales de Comunicaci6n y de Aviacion Civil, sus reglamentos y demas disposiciones aplicables. Para tal efecto, Ia permisionaria estara obligada a permitir el acceso a los verificadores a sus instalaciones, a transportarlos en sus equipos para que realicen la verificacion y, en general, a otorgarles todas las facilidades para estos fines, asi como a proporcionar a la Secretaria los informes con los datos que permitan conocer la operaci6n y exploraci6n de los servicios de transporte aereo. XIX).- La navegacion en e1 espacio aereo sobre territorio nacional se rige por 10 previsto en 1a Ley de Aviacion Civil y por los tratados, y 

### a falta de disposicion expresa, se aplicaran los ordenamientos legales previstos en el articulo 4° de la propia Ley de Aviacion Civil y su Reglamento, motivo por el cuallapermisionaria debera cumplir con todas y cada una de las disposiciones contenidas en dicha normatividad. XX).- Para la navegacion en el espacio aereo, sera obligatorio utilizar los servicios de transito aereo, radioayudas, meteorologia, telecomunicaciones e informacion aeronauticas, as! como los demas auxilios a la navegacion aerea que presta el organo Desconcentrado denominado Servicios a la Navegacion en el Espacio Aereo Mexicano, XXI)-- En la prestaci6n de los servicios de transporte aereo, la permisionaria por iniciativapropia 0 a instancias de 1a Secretaria, debera adoptar las medidas necesarias para garantizar las condiciones

aximas de la seguridad dela aeronave y de su operaci6n, a fin de proteger la integridad fisica de as personas, equipaje y terceros. 

### .14

GAC·PE-03-0TG 1-FE201 

### J'.,.. " .. , ." ;..:'**"~' :"** **'"**

.' "

.. 

### DIlRECCION GENERAL DB'RER 

### OFICIO No. 4.I..IOL.306s- P

SECRETARIA DE COMUNICACIONES Y 

## - 4 .



# \ \ TRANSPO RTES 

# x 

# =-- 'ratkrnnipilimiento
.del perm{s@onaria comandante 0 

### piloto a cualgdiera de iObtigaciones condfcibnes" tableT idas en la Ley de Aviacien Civil, en sus reglaniRl y en este permiso, se sancionara enterminos de los"artfculos 86, 87, 88 , 89 y'90 del ordenamiento legad citado en primer termino: XXIII) El permrslorrarro deber proceder al pago y, 

### por consiguiente, acreditar ante esta Secretaria de Co unicaciones y 

### TrI ot 

### sU 

### r ToCipr a1 entero de los derechos previstos en los artfculos 159, fracci6n I U

## Ie Ley I 

### de ere€hesalas eantidades de $I 1,350.0 

### J A

M.N. Y concepto d' mtOe este per iso e inscripci6n en el Registre.Aer auti ro, los Cll 

### rath eUble i 

### 'krrrellr 

### taireeibaede ,pago de fecha 09 de febrero ,si 07. 'o r " ,. , ,'
. . . ,'. (,; -l!**-.~ .** **-:ot. '**  '

- \
. '
.**T** ", ;:r 

### Por otra pa

# 'f**el~~ ~rmjjSio.~J~i~~~~~** **~~f .;;** **edjante** recibo oficial, el pago de los der e1ps cor f

.

### ~~~~~~'\..~~ 

### en.ca.er i-'e vigente el permiso, de confltl Id co -'

## ~?l~t!iF¥~~~I!i~r:s~v~el**~IVII,** 193tde su 

### Reglamento y 155, de'la.Ley Fede"ra1 Ji

## ~~'G:1(4~~~ert~**f** 

# i J:_ '. '

..

## ~:**:** .. ... . '

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/ ' ( : : , ' " I' "**.~ .**  0. ',.. l!'-• •**,** '

. '. ,. ' , EI 

### acredi arria 0 

### de P ?&ti de 

## l os d errliP i.$}1 debera, ver!flcaase sir npas tardar, dentro de los 25 dias nato es sigwi r4 s aylafeua de 

## o tmr**~~I** 

### le'gst perrrJ\lsoy,'e el. elSO 

### de los anos subsecuentes, el pplaz ' {e 

### ,pago se,

### €mji~**~** parJir de la feef: de'la eual, se haya otorgado dicho 

# .'**:i;,~** 

# . . ,'\..

....:\;,\. .I t V

I : > ' ' "\ , ','**~** " '**l. ~**  ..**~~** ,- " '... " , 

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### ':


### .. '**.** " j

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### DEOCA.
Vuelta... · ,; 

### ..... ...**,**.

# LIST OF KEY PERSONNEL AIRPAL 

### EXHIBIT C**N~E** 

## POSITION CITIZENSHIP TELEPHONE
===================================================================== 

## ING. JOSE A. CHAPUR Z. GEN DIRECTOR MEXICAN CPA A. TONATIUH HERNANDEZ CHIEF PILOT MEXICAN CPA A. TONATIUH HERNANDEZ CHIEF OPS. MEXICAN CPA FERNANDO R. MARROQUIN CHIEF AIRSEC MEXICAN

COMPANY ADDRESS FOR ABOVE PERSONNEL IS:
AIR PALACE, S.A. de C.V. BLVD. KUKULCAN, KM 14.5 ZONA HOTELERA CANCUN, QUINTANA ROO 77500 MEXICO 

## 01152999-930-3900 01152999-930-3900 01152999-930-3900 01152999-930-3900

### FINANCIAL STATEMENT of AIR PALACE, S.A. de C.V. AIRPAL 

### EXHIBIT D

# tr AIR PALACE, S. A. DE C. V. Balances Generales 31 de diciembre de 2007

.(Pesos de pede.adquisitivo conWlnlc al 31 de dicicmbre de 2007)
Acth'O Activo circuiante:

Erective Cucntas por

### cobrar:

hnpuest6 

### at valoragregadoporrecupe,ar 

### 0U:as



### Totalde**c~ntaa** potcobrnr Pagesanticipados. Totaldel aelivo circulante Equipodetransporte aereo,incluyo deprcciaci6n acumulada de Si4,173,o76y $19.921,801 en 2006 y2007, rcspectivnmcnte
Dtr05activos,nelos (nota3(d)) Impuesto sobrela renta difl:rido(nota.7)

Ver notas adjuntas a**lo~** cstados financieros. S 483,653
347,989 14$,653 493,642 129,S29 1,107,124

83.098,223 133,150 1,025,519



### S 85,364,016 Pasivoy Capital Confable Pasivo circulante:**Cu~tas**porpagarypasivcs.1l()U!Uu!ados Compailias tenedorny reJacionadasi(notaG) Total del pasivo 

### Capital contable (nota 8):

Capiflll social Deficit Totaldcl capiflll confllhle

Contingcncias ycompromisos (nota9) S 3,593,481 51.326,507 54,919.988

34,608,401 (4,164,373) 30.444,028

$ 85,364,016

C.P. VictorM. Herreta.Mendoza DirectorFinanciero CorporativoAIR**PALACE~S.** A. DE C. V. Estadp de.Resultados Anotenninndo eI 31 de diciembrede 2007 (pesos de poderruiquisitivoconstante a1 31 de dieiembre de2(07)

Ingresos par servicios generales (nota 6) Costosy gastos de**opernci6n~**

Reparaci6nymnnte:nimiento Transponaci6nAerea(nota 6) 

### Administraci6n Depreciaci6n ToW decastos 

### ygasros de

### ¢perncion tJtilidad deopernci6n Otros gastos; neto Costo.**integr~** de.fln/Utciamiento;

Gasto par

### intereses (nota S) 

### Ingresopot

### mtereses Utilidad (perdida)

### en CIUllOios. nela Efedomonetario favorable Costo integra1defirianciamiento, neto Utilidadantesde impUestos a la ntilidttd hnpnestosnInutilid.ad{nota 7):

Comente Diferido:

Efecto atasas fisca1es vigentes $ 25,973,356
2,315,16& 8,773,397 J,879,849 5,748,725 18,717,139 7,256):17

(19,740)
(4,680,397) 

### 265 (38,S25) 2,065,031 (2,653,926) 4,582,551

(50;531 ) (1,008,799) Efectopordisminuci.6n de tasas fiscales futuras

Total diferido 

### Total de UnpUest05

### a 1autilidad (perdida)

### utilidad. neta (1,008,799) (1,059,330)
$ 3,523,221

C.P. Victor

### M·Herrem Mendoza DirectorFinanciero C6rporativo

### AIR PALACE, S. A. DE 

### C. 

# v. Estados de Variaciones en e1 Capital Contable Ai'ios terminados e131 de diciembre de 2006 y 

### 2007 (Pesos depoderadquisitivo constante al 31 de dJciembre de 2007)

Saldos al 31 de diciernbre de 2005

Perdida integral (nota 71:» Satdos al 31 de diciembre de 2006

Utilidad integral (nota 7b) Suldos al 31 de diciembre de 2007 

### Capital social $ 

### 34,608,318

34,608,318

$**34,608~318**



### Vel' notas adjuntas a los estados financieros. (Deficit) 

### resultados llcumulados 27,082 

### (7.714.676) (7)687,594)
3,523,221 (4,164,373) 

### Total 

### del**cupit~ll** 

### contable 

### 34,635,400 (7,714,676) 26,920,724

3,523,221 

### 30A43,945

DirectorFinanciero Corporativo

### AIRPALACE,S. A. DEC. V. Estado deCambiosen Ja Situaci6nFinanciera

Ailo terminado 

### eI 31 dediciembre de 

### 2007 (pesos depoderadquisitivQ consiante at 

### 31 dediciembre de 

### 2007)

Actividades de operaci6n: 

### Utilidad, neta 

### Mas cargos (menos creditos) a resultados que no

requieren (PNPorcionan).recursos: Perdidaen venta de activofijo Impuesto sobre Ia renta diferido Depreciaci6n yamortizaci6n Recursos generados porIaoperaci6n 

### Fjnanciarniento neto (inversion neta) deoperaci6n; Cuerttas porcobrar,neto Pagos anticipados Cuentaspor

## pagary 

### pasivos acumulados Compailias relacionadas 

### Recursos 

### generados**poractividad~** 

### de cperaci6n Recursos utilizados en actividades definanciamiento conPaJace Holding, S, A de C. V. (compaiiiatenedora) Aumento de efectivo Efectivo: 

### Al principio del ana AI 

### fin del 

### ana


### Ver notas adjuntas 

### a los estados financieros. $ 

### 3,523,221

1,008,799 5,831,225 

### 10,363,245

(254,275)

23,692 

### 541,016
10,673,678


### (10,340,674) 333,004 150,649 483,653



### Ing. 

## Jose A. 

## Chapur oul Director General Ejecutivo 

## c_p, VictorM. HerreraMendoza DirectorFinanciero Corporativo

# 'jZ Am PAl-ACESA. DE c.v. Balance General AI 30 de abril delO()S (Pesos de poder adquisitiv{)**~On$lan(c** aJ 30 de abril de 2008)
Activo Activo circuJamc:

Efc):tivo y equivalcntes S Cuemas porcobmr:**Imp\t~stoal** Vllior agregadQ.p<lfrecupcrar

Deudorcs diversos Otros

Total de euenms porcobra! Pagos alltkipados TOlal del IIclh'o<:irculantc Equipo lk\ran$porte aerea,(incluye deprcciacion

acumulada deS21.6IS,6S7) (no1ll3c)

OtfOSactivo,$, Ul!tos (nota 3d) fmpuesto sabre la rel1tadiferido (nola 6) 412,305 611,621 142.643

3599
757.863
183,925 1.354,093

81.401.306

107,263 t,025,519

$ !lJ.S88,J81

Vcr Il(.tas a<.ljunl1\s a los cstl\dos finan<:lcros. Pastvo y Capital Contablc PasiVQ circulllllte:

CUenllls por pugnr $ RcservadcgaslOS Palace HoldingS. Ade C.V.(compaiHn tcnedom) (nota 5)
TOlal del pasiva

Capital oomable (nota 7)

Capital social Deficit
Total del capital conlahle

Conlingencins y cnmpromisos (no(a 8)

Dir';:Ch)r FlnanClero (\)rponuin) $ 52(),857 3,051,522 50,329.700 53,908,079

34,{)08,3IS (4;628,216) 29,980,102

83,888,181

### AIR PALACE,

### S.A. DE C.V. Estado de 

### Resultados Periodo terminado el 30 de abril de 2008 

### (Pesos de poder 

### adquisitivo constante a1 30 deabrif de 2008)

lngresos par**servici~g** 

### (nota 3h) $ 

### 5,858,466-- Costos ygastos 

### de 

### operacion: Reparaci6n y mantenimiento 

### 1,275,115 

### Transportaci6n aerea 3,602,140 

### Administraci6n 612,048 

### Depreciaci6n J,696,918 Total de costas

### y gastos de operaci6n 7,186,22 J 

### Perdida de operacion (J,327,755) Producto 

### integral definanciamiento: Intereses a 

## cargo (l

### ,I 02,318) Utllidad 

### en camblos, neta 

### 1,966,230 Total de productointegral de financiamiento (nota 3j) 863,912
Perdidanota $ 

### (463,843)



### Vernotas 

### adjuntas a fos 

### estados 

## financieros.

# [ng~~OUI Director

### General Ejecutivo 

### Director Financiero Corporativo

### AIR PALACE, S. A. DE 

### C. V. Estado de Variaciones en el Capital Contable

Periodo terminado el 30 de abril de 2008 (Pesos de poder adquisitivo constante al 30 de abril de 2008)

Saldos al 31 de diciembre de 2007 

### $ 

### Perdida integral (nota 7b) Saldos al 30 de abril de 2008

Ver notas adjuntas a los estados financieros. 

### Capital**~**
34,608.318

34,608,318 

### Resultados acumulados

(4.164.373)

(463,843) 

### (-1,628,216)

Director Financiero Corporativo 

### Total del capital contable

30.443.945

(463,843) 29,980,102

### AIR PALACE; S.A. DE C.V. Estadode Cambio:; en la Situaci6nFinanciera Periodo terminado 

### el 30:de abril de

### 2008 (Pesos de poderadquisitivo constante al 30 de abril de 200S)

Actividadesde 

### operaci6n: Perdida neta 

### $ 

### (463,843) 

### Mas cargos(menos crt!ditos) a resultados que no

requieren (proporcionan) recurros:

Depreciaciones yamortizaciones 1,722,804 

### Recursosgenemdos por la 

### operacion 

### 1,258,961 Financfantiento oeto (inversion neta) de operaci6n: Cuentas por cobrar

### y pages anticipados (319,341) Cucntas por pagar (14,161) CompaiHas tenedora

# y relacionadas (996,807) 

### Recursos 

## utiIizados en actividades

## de operacion (71,348)


### Disminuci6h de efective (71,348) 

### Efectivo 

### y equivalentes: 

### AI principio 

### del periodo 

### 483,653 

### AJ final del perfodo 

### $ 

### 412,305

Ver notas adjuntas a los estadosf'inancieros,



### lng. Jose 

### A. Chapur Zahoul 

### DirectorGeneral EJecutivo Director 

### Financiero Corporativo

### FOREIGN AIR CARRIERS CERTIFICATE OF INSURANCE OST FORM 6411 of AIR PALACE, S.A. de C.V. AIRPAL 

### EXHIBIT EAGENCY DISPLAY OF ESTIMATED BURDEN The public reporting burden for this collection of information is estimated to average 30 minutes per ;8sponse. Ifyou wish to comment on the accuracy ofthe estimate or make. suggestions for reducing this burden, please drrecl your comments to: U.S. Department ofTransportation, Office ofAviation Analysis, X-56, 40071/1 St., SW,.,**Washi~gton,** D.C. 20590

.. According to the Paperwork Reduction AC.t of 1995, no persons are requfredto respond to a collection ofmformatlon unless ItdIsplays a valid OMB control number. n

### nic,' 0 

### rthe Secretary (\1'Transportation NOTE; For information on where to fife completed copies ofthis fotm, see FlUNG INSTRUCTIONS below. OMS No. 2106-003GExpires 9-30·2007 FOREIGN AIR CARRIERS
- CERTIFICATE OF INSURANCE POLICIES OF INSURANCE FOR AIRCRAFTACCIDENT BOD1LY INJURY AND PROPERTY DAMAGE LIABILITY FILING INSTRUCTIONS: file a signed Original of this fonnwith the Federal Aviation Administration, Air Transportatio.n Diy., AFS-260, 800 Independence Ave., SW., Washington, DC 20591. (See EXCEPTION below.)

. '. EXCEPTION: If Section 2A Is filled in because the insured is a Canadian CharterAir Taxi operataI', file an original of thIS form With the U.S. Department ofTransportation, Special Authorities Division {X-46), 400 7th Street, SW, Washington. D.C. 20590 (Please type information. exceptSignatures.) THIS CERTIFIES THAT: MAPfRE iEPEYAC; S.A (Name .of Insurer) has issued a policy Of policies ofAircraft Liability Insurance to**_...!A:l!l.!2R~P:!.A:l!LA::!l:>C::t!E",!...::S~.AD'-" D~E..:::C,,-.v~t'--**  ________________ _ Bl.VD. KUKULCAN KM. 14;5 INT. HQTEL CANCUN PALACE. ZONA HOTElERA 77500 CANCUN; QUINTANA ROO '--

________**~**__ F

AA Certificate**Number~**__ -:7::-:--"'-_-:-_:-:-_""""':::--::-----"-:--C::---:--:- (Name, address**an~FAA** Certificate number of Insured Foreign AirCarrier) effective from FEBRUARyal1\ 2008 until ten (10) days after written notice from the insurer or carrier oftile intent to terminate coverage is received by the Department ofTransportation. NOTE: Part 205 of the Departmeni:s RegUlations does not allow for a predetermIned termination date, and a certifi:cate shOWing such a date is unacceptable. 1. The Insurer (Check One): is licensed to issue aircraft insurance policies Intlle United States; is licensed Of approved by the govemmentof MEXICO .to issue aircraft insurance policies; or is an approved SUrplUS line. inSU!'Elfin the $tate(s} of 2. The insurer assumes, under the policy or policies listed 

### below. aircraft acCident liability insured to minimums at teast equal to the folfowing during operation, maintenance, oruseef aircraft in "foreign air transportation' as thatterm is defined in 49 U.S.C_ 40102_ (Complete 8pplicable section A. B, orC below): A. CANADIAN CHARTER AIR TAXI OPE-RA TORS WITH PART 294 AUTHORITY ONLY The aircraft covered by**thj~** poli.cy have: (1) 30 orfewer passenger Seats.and a maximum payload capacity of 7,500pounds or less; andlor (2) a maximum authorizedtakeoffweight onwheelsefno more than 35,000 pounds. (Complete separate orcombinedcoverage as appropriate):

. Separate Coverages: Policy No. Type of Liability Combined Bodily Injury (Excluding Passengers other than cargo attendants) and Property Damage Liability Passenger Bodily Injury Minimum Umil Each person. Each Qccummce $75,000 $75,000 $2,Ooo,Ooo"'(Seanote) $75,000 x 75% of total number of passenger seats installed in aircraft Combined Coverage: This combined coverage is a single limit of liability for each Occurrence at least equal

## to the required minimums stated above for bodily injury (e;<cluding passengers), property damage, and passenger bodily injury. PolicyNo. ArnountofCoverage U.S. DoHars This policy covers CARGO operations onlyand excludes passenger liabHity insurance. NOTE: If the aircraft covered by this policy have

..l119re than 30 passenger seats or more than a maximum payload capacity of 7,500 pounds, the minimum limit per occurrence shall be $20;000,000.
OST Form 5411

## -----.--**~---------------------------------"I** 8. FOREIGN AIR CARRIERS OPERATING SMALL AIRCRAFT The. aircraft covered by this policy are SMAU AIRCRAFT (i.e., with 60 orfewerpassenger seats orwith a maximum payload capacity of 18,000 pounds or less). (Complete separate orcombIned coverage as appropriate): Separate Coverages: Policy

### No. Type ofUabifily

__**-,3~6~00c><:' 8",""O:!!:0~Ooo=0,-!1-i.1_--:-_Combit)ed**  Bodlfy Injury (Excluding Pass:engers other than 

### cargo attendants) aOO Property Damage Liability Passenger Bodily Injury Minimum Umit Eaqhperson

$300,000 $300,000 Each Occurrence $2,000,000 $300,000 x 75% of total number of passengerseats instafled in aircraft Combined Coverage: This combined coverage is a sIngle limit Of liabillfy for each occurrence at least equal to the required minimums stated above for bodlly injury (excluding passengers), property damaged, and passenger bodily injury.

. Policy No. 3600800000011 Amount of Coverage $50'000.000:00 U.S. DoHars ThiS**policycovEl~** CARGO operations onlyand excludes passengerliability insurance, C. FOREIGNAIR CARRIERSOPERATlNGLARGEA1RCRAFT The aircraft**covere~** by this policy are LARGEAIRCRAFT (I.e., with more than 60 passenger seats orwith a maximum payload capacity of more than 18,000 pounds). (Complete separate orcombined.covefAAe as appfoeriale): Separate Coverages: Minimum Limit PolicyNQ. Type ofU?bility Combined BodilyInjury (Excluding**Pa~sengers** other than cargo attendants) and Property Damage Liability Pas$enger Bodily InjUry Each per SOil $300,000 $300,000 Eacil Occurrence $20,000,000 $300,000 

### x75% of total number of passenger seats installed in aircraft Combined Coverage: This combined coverage is a single li01itoftiability fQreacn OCCUrrence at least equal to the required minimums stated above for bodily injory (excluding passengers), property dClOl;;'ged,and passenger bodily injury. Policy No,,

________**~** ______ _ Amount ofCoverage

_______ ..,,-___ U.S. Dollars This polIcy covers CARGO operations dnlyand excludes passenger liability insurance. 3. The policy or policies listed in this certificate Insure(s) {Check One): Operations conducted with all aircraft operated by the Insured Operations conducted with the following types ofaircraft: Make and Model
CESSNA f550 I 55()"1 070 FAA or Foreign Rag Registration No. XA-CAP Operations with thefollowingairoraft (Use additional page if neC8S$ary)
4. Each policy listed iii thls.certificate meets or exceeds the requiremenlsln 14CFR PartZ05. MAeFRE TEPEYAC, SA (Name offnsurer) aL VQ, MAGNOCENTRO#5, CENTRO URBANO (Address) 52760 XurXQUfLUCAN

.. Eoo. DEMEXICO, (City, State, 

### Zip COde) J1.C. JUANJAIMES ESPINOZA Contact (person who can 

### wi' LAFON YASOCIADaSAGENTE DE SEGUROS Y DE FIANZAS, SA (Name ofBroker, ifapplicable) DESCARTES NO. 54P/SO 6 COL NUEVA ANZURES (Address) 11590 MEXICO,O.F. (City, 

### Stater Zip Code) Lie.

# t'"**~(~ ~~o!**  om..,e (lfthe Secretary orTrunsportatiot) AGENCY DIspLAY OF ESTIMATED BURDEN The public reporting burden for this collection 

### of information is estimated to average 30 minutesper!esponse. Ifyou wish to commenton the accuracy 

### anne estimate,

### ormake suggestiOns

### for 

### reducing this burden, 

### please direct

### your comments**~o:** 

### u.s. Department of**Transportatio~** Office ofAViation Analysis, X.:.ss, 400 7!J1 St., SW,., Washington. D.C. 20590. According to the Paperwork Reduction Acto!1995, no 

### persOns are required torespond to a Collection ofinformation unless it displays a validOMB control number. ' NOTE: For information on where to ft!ecompleted copies ofthls form, see FILING INSTRUCTIONS below. OMs No. 2106-0030 Expires 9-30-2007 FoREIGN AIR CARRIERS
- CERTIFICATE OF INSURANCE POUCIES OF INSURANCE FORAIRCRAFT ACCIOEmaOOILY INJURY AND PROPERTY OAMAGELlABILITY FILING INSTRUCTIONS;**,Fil~** 

### a $lgned origInal ,of thiS 

### form with the Federal Aviation Administration. Air Transportati?o Div., AFS-260, 800 Independence Ave., SW" Washhigtoo, DC 20591. (See EXCt:P110Nbelow.) " EXCEPTION: jf Section 2.A. is filled in because the insured.is a Canadian Charter

### Air Taxi operator. file an otiginalof (hts formwith the U,S. Department ofTransportation, Special Authorities DivisiOn (X;.46). 400 1lI\ Street. SW, Washington, D.C. 20590 (Ple8se type information, except signeiures.) THIS CERTIFIES THAT; MAPF'RE TEPEYAC, S.A (Name of Insuter) has issued a poliCy or policies ofAircraft liabitity Insurance to**_.!.A:!lIR~,;'!'PLA!.=LA~C:.=E,,-, S~.A!.:..,** **..!::D:.=E~C:!;:..v~.**__________-------

BLVD. KUKULCANKM, 14.51NJ,HbTELCANGUN PALACE; tONAHOTaERA 775QQCANCUN. QUINTANA ROQ**~**

### _______**~~_F,AA CertificateNumber,-,..~,..."._--"_".--.,..,--_..,...,,,._:--..,..,.--::--,-_**  (Narne,**adaf~sand** 

### FM certificate numt;>er ofInsured Foreign Air Carrier) effactive from FESRUARYSTHq

### 2008 ,"
. until 

### ten ,(10) 

### days af"terWlittel1 

### notice from the insurer

### or carrier ofthe intent to terminate coverage is received by the Department ofTransportation. NOTE Part 205 ofthe Department's ReglJlations 006S notaltowfor a predetermined termination date, and a certificate shOwing such a date is unacceptable. 1. The Insurer {Check One}: is licensed 10 issue aircraft Insurance policies in the United States; is licensed orapproved by**theg9v~tnei1tof** MEXICO to issue aircraft insurance policies; or is an approved !iurplus**Jlh~**

### inSurer intheState($)of 2. The insurer assumes. underthepolicy orpolicies listedbelow,aircraftaGCi,dent liability insured to minimums at least equal to the following during operation, maintenance. or use ofaircraft In "foreign air transportatIon' asthat term is definedin49 U.S.C. 40102. (Qamp/ete appf/gaQle sectionA. Be orCbe/ow): A CANADIAN CHARTER AIRTAXI OPERATOR$ Win.**~ART 294,AlJTHO~1TY**  ONLY The aircraft covered bythis

### policy have: (1)30 

### odew'er passengerseats and a maximum payload capacity of7,500 pounds or less; and/or (2) a maximum authorized takeoff weight.On

### wheels. ohio more

### than 35,000 pounds, (CGn?p/efe saMrale orcombinedcoverage as 8RPropriale): Separate Coverages; PoIieyNo, Type- ofUabilify Combined Bodily**lnj~ry** (Excluding Pas:sengers other than cargo attendants) and Property Damage Liability Passenger Bodily Injury Minimum Umit Eachperson Each QcgurrenOQ $75,000 $75,000 $2;OOO,Ooo·CSee note) $75,000 X75%of total numberof passenger seats installed in aircraft Combined Coverage; This combined coverage iss single limit of liability for ea.ch occurrence atleast equal to the required minimums staled above for bodily Injury (excluding passengers). property damage, and passenger bodily injury, Policy No. Amount ofCoverage U.S. Dollars This policy Covers CARGO operationson/y and excludes passenger liability insurance_ NOTE: If the aircraft i:;(Jvered by 1his policy have more than 30 passenger seats or more than a maximum payload capacity of 7,500 pounds, the minimum limit per occurrence shall be $20.000,000.
OST Form 6411B. FOREIGN AIR CARRIERS OPERATING' SMALL AIRCRAFT The aircraft covered bythis policy areSMALLAIRCRAFT (i.e.• With 60 or fewerpassengerseats orwith a maximum payload capacity of 18,000 pounds·or less). (CompleleSePfJrate orcombinedcoverage-as appropriate): Separate Coverages: Policy No. Type ofLiability

___**3~6",,00~80~O~OOOO~o!.J1C2.1_.......,.,._Combihed** Booily Injury (EXClUding passengers other than cargo attenqants) andProperty bamage Liabflity Passenger 

### Bodily Injury Minimum Limit Each person

$300,000 $300,000 Each OccufTlJnce $2,000,000 $300,000 x 75% of totalnumber of passenger se<)ts installedin aircraft Combined Covert\ge: This cotnbinedcoverage isa sjhg!elimitofliabjlityfor eilch**o~umilnce** at least equal to' theIequired minimums stated above forbodily injury {exclUding passengers;, propertY damaged, and passenger bexlily injury.

. PolicyNo. 360080oooQ011 AmO'unt ofCoverage $50'000.000.00 U.s. Dollars This policy cove,s**CARGOppera~ons·onty** and.6)(c;ItJc.J(#Spassenger liability insurance. C. FOREIGN AIR CARRIERS**OPERAl'fN~LARGE'**AIRCRAFT Theaircraft covered by this policy are.LARGEA1RCRAFT (te., with more than 60 passenger seats orwith a maximum Payload capacity of more than 18,000 pounds). (Complete separate orcombi{?$dcOveffJg§8sappropriate}: Separate Coverages; PoffcVNo. Minimum Limit Each Qel"Son Each OccufTlJoce Combine<i

### ,Bp!:llIylnlury**(I:XCluQin!lPass~n~~** other than eargoattendants) arntPropeity**Damag~** Uabillty $300;000 $300,000 $20,000,000 $300.bOO x75% of total number.of Passenger 

### Bodlly Injury passengerseats installed in ai(ct<jft Combined Coverage: This combined coverage isa .single

### limit ofHability forea9h**occurten~** at least equalto the required minimums slated above for bodily injury (exdudingPassengers), property damaged, andpassenger bodUy injury. PolicyNo.

_____________ _ AmountofCOverege,

_______ --·U.S. Dollars This policy covers CARGO openitionson/yand ISxclacJes passenger Wabllityinsurance. 3. The policy or policies listed in this certificate lnsure{s) (Check0ne): Operations**cond~ptedwIthallaj(Graft .opera~**  bythe insured Operations conductedwith thefollowinl1 types ofairereft:**Mak~** and Model RAYTHEON! C-90-GT I LJ"1758 FAA

## or Foreign Flag Registration No. Operations withthe followihg afrchifC**(Useaaaitiona~**pageifnecessaryj

,t. r t 4. Each policy listed in thiscertlficatemeefs or exceeds the requirements in 1'4 CFRPart205, MAPFRE TEPEYAC, SA (Name ofInsurer) BLVD. MAGNOCENTRO#5, CENTRO· URBANO

. (Adtiress) 52760 XUlXQUlLt)CAN, £pO. DEMEXtCO, (Cify, Sf ate, 

### Zip C6de)

(Date) he coverage) LAFON YASOCIADOS AGENTE DE SEGURO$ Y DE FlANZAS, SA (Naine of Broker, ifapplicable) PESCARTES NO. 54 PISO 6 COL. NUEVA ANZURES (Address)