BEFORE THE 

U.S. DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

Application of 

JIN AIR COMPANY, LIMITED 

For an exemption pursuant to 49 U.S.C. § 40109 

and a foreign air carrier permit pursuant 

to 49 U.S.C. § 41301 (Republic of Korea- U.S.) 

) 

) 

) 

) 

) 

) 

) 

Docket No. OST-2009-0310 

__________________________________ ) 

Application of 

JIN AIR COMPANY, LIMITED 

For an exemption pursuant to 49 U.S.C. § 40109 

(Republic of Korea- U.S.) 

) 

) 

) 

) 

) 

) 

Docket No. OST-2012-0194 

__________________________________ ) 

APPLICATION OF JIN AIR COMPANY, LIMITED FOR RENEWAL 

OF EXEMPTION AND AN AMENDED FOREIGN AIR CARRIER PERMIT 

Communications with respect to this document should be addressed to: 

Kye In Park 

General Manager, Planning & Strategy Team 

Jin Air Company, Limited 

653-25 Deungchon-dong 

Gangseo-gu, Seoul, Republic of Korea 

Phone: +82-2-3660-5823 

Fax: +82-2-3660-5999 

Email: kipark@jinair.com 

October 3, 2014 

William H. Callaway, Jr. 

Jonathon H. Foglia 

Zuckert Scoutt & Rasenberger LLP 

888 Seventeenth Street, NW 

Washington, D.C. 20006 

Phone: + 1-202-298-8660 

Fax: + 1-202-342-0683 

Email: whcallaway@zsrlaw.com 

jhfoglia@zsrlaw .com 

Counsel for Jin Air Company, Limited 

NOTE: Any person may support or oppose this Application by filing an answer and serving a copy 

of that answer on counsel for Jin Air Company, Limited and upon each person served with this 

Application. Answers are due on or before October 24, 2014. 
BEFORE THE 

U.S. DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

Application of ) 

) 

JIN AIR COMPANY, LIMITED ) 

) Docket No. OST-2009-0310 

For an exemption pursuant to 49 U.S.C. § 40109 ) 

and a foreign air carrier permit pursuant ) 

to 49 U.S.C. § 41301 (Republic of Korea- U.S.) ) __________________________________) 

Application of ) 

) 

JIN AIR COMPANY, LIMITED ) 

) Docket No. OST-2012-0194 

For an exemption pursuant to 49 U.S.C. § 40109 ) 

(Republic of Korea- U.S.) ) __________________________________ ) 

APPLICATION OF JIN AIR COMPANY, LIMITED FOR RENEWAL 

OF EXEMPTION AND AN AMENDED FOREIGN AIR CARRIER PERMIT 

Jin Air Company, Limited ("Jin Air"), a foreign air carrier of the Republic of Korea, 

hereby applies, under the provisions of 49 U.S.C. §§ 41301 and 40109, Subparts Band C of the 

Department's Rules of Practice in Proceedings (14 C.F.R. §§ 302.201 and 302.301, et seq.), 14 

C.F.R. § 211.21, and the Department's streamlined licensing procedures, 1 for (i) a renewed 

exemption and (ii) an amended foreign air carrier permit authorizing Jin Air to engage in 

scheduled foreign air transportation of persons, property and mail from points behind the 

Republic of Korea via the Republic of Korea and intermediate points to a point or points in the 

United States and beyond, as more fully described herein. Jin Air requests that the renewed 

exemption authority requested herein remain in effect until such time as the Department issues 

an effective amended foreign air carrier permit to Jin Air. 

1 See Notice in Docket OST-2005-22228 (Aug. 23, 2005). 

3 
Jin Air's requested authorities are fully consistent with the terms of the Air Transport 

Agreement (the "Agreement") between the United States and the Republic of Korea, a 

liberalized "Open Skies" treaty. By way of explanation, airlines designated by the Government 

of the Republic of Korea under the Agreement may provide scheduled air transportation "from 

points behind the Republic of Korea via the Republic of Korea and intermediate points to a point 

or points in the United States and beyond. "2 

In support of its Application, Jin Air submits the following information: 

1. By Order 2010-4-12 (Apr. 20, 2010), the Department issued a foreign air carrier 

permit authorizing Jin Air to engage in: (i) scheduled foreign air transportation of persons, 

property, and mail between Seoul, Republic of Korea, on the one hand, and Guam, on the other 

hand; and (ii) charter foreign air transportation of persons, property, and mail between any point 

or points in the Republic of Korea and any point or points in the United States, and between any 

point or points in the United States and any point or points in a third country or countries, 

provided that such service constitutes part of a continuous operation, with or without a change of 

aircraft, that includes service to the Republic of Korea for the purpose of carrying local traffic 

between the Republic of Korea and the United States. 

2. By Notice of Action Taken in Docket DOT-OST-2012-0194 (Nov. 20, 2012), the 

Department issued an exemption to Jin Air to engage in scheduled foreign air transportation of 

persons, property, and mail from points behind the Republic of Korea via the Republic of Korea 

and intermediate points to a point or points in the United States and beyond. This exemption 

authority is effective through November 20, 2014. Jin Air respectfully invokes the 

2 AIR TRANSPORT AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE 

GOVERNMENT OF THE REPUBLIC OF KOREA (executed Jun. 9, 1998), at Annex l. 

4 
Administrative Procedure Act, 5 U.S.C. § 558(c), and Part 377 of the Department's Economic 

Regulations to continue its existing exemption authority in force and effect pending a final 

decision on the authorities requested herein. Jin Air's renewal request is timely filed pursuant to 

14 C.P.R. § 377.10(c). 

3. Jin Air seeks renewed exemption authority to engage in scheduled foreign air 

transportation of persons, property, and mail from points behind the Republic of Korea via the 

Republic of Korea and intermediate points to a point or points in the United States and beyond. 

In the interests of efficiency and in order to minimize future administrative burdens on Jin Air 

and the Department in connection with repeated, periodic renewals of exemption authority, Jin 

Air also hereby seeks an amended foreign air carrier permit authorizing the airline to engage in 

scheduled foreign air transportation of persons, property, and mail from points behind the 

Republic of Korea via the Republic of Korea and intermediate points to a point or points in the 

United States and beyond. 3 

4. Jin Air presently provides scheduled foreign air transportation between Seoul, 

Republic of Korea, and the United States territory of Guam. Jin Air plans to expand its service 

offerings to and from additional U.S. points in the near future. 

5. Pursuant to 14 C.P.R.§ 302.24, Jin Air respectfully requests that the Department 

take official notice of all information and data that have been previously filed to establish Jin 

Air's fitness. 

6. The applicant's full name is Jin Air Company, Limited, and its principal place of 

business is 653-25 Deungchon-dong, Gangseo-gu Seoul, Republic of Korea (157-841). Jin Air is 

a corporation lawfully organized under Chapter 4, Articles 288 through 328, of the Commercial 

3 Jin Air requests that any amended foreign air carrier permit continue to authorize the airline to engage in charter 

foreign air transportation, as provided for under its currently effective foreign air carrier permit. Order 2010-4-12. 

5 
Law of the Republic of Korea. 221.20(a). 

7. The government air transport authority with jurisdiction over Jin Air is the 

Ministry of Land, Transport and Maritime Affairs, Office of Civil Aviation, International Air 

Transport Division ("OCA"). The address of the OCA is as follows: 88, Gwanmun-ro, 

Gwacheon-si, Gyeonggi-do, Republic of Korea (427-712). 221.20(b). 

8. 

221.20(i). 

9. 

221.20(o). 

A copy of Jin Air's latest Air Operator Certificate is attached hereto as Exhibit A. 

Jin Air does not receive any financial assistance from its homeland government. 

10. Statement Regarding Designation: The Government of the Republic of Korea has 

formally designated Jin Air under the Agreement to provide the services requested in this 

Application. Jin Air understands that the Department has previously been notified through 

normal diplomatic channels of this designation. 221.20(q). 

11. The Republic of Korea's Policy towards Air Carriers of the United States: As 

noted, the Republic of Korea is party to an Open Skies Agreement with the United States, which 

grants broad rights for U.S. designated air carriers. Jin Air understands that the competent 

authorities of the Republic of Korea would authorize services similar to those requested herein 

for a U.S. air carrier under the Agreement. 221.20(r). 

12. Tariff Violations I Accidents: Jin Air has not been involved in any safety or tariff 

violations or any fatal accidents in the past five (5) years. 221.20(s). 

13. Updated details regarding Jin Air's directors, officers and key management 

personnel are attached hereto as Exhibit B. All of the individuals listed on Exhibit Bare citizens 

6 
of the Republic of Korea, and none are related by blood or marriage. 221.20(d) and 221.21 (c). 

14. · Updated information on the ownership of Jin Air is attached hereto as Exhibit C. 

221.20(e) and 221.21 (c). 

15. Neither Jin Air nor any of its officers, managers, or directors holds any interest, 

either directly or indirectly in: (i) any U.S. carrier; (ii) other foreign air carrier; (iii) any person 

engaged in the business of aeronautics; or (iv) any common carrier, or any person whose 

principal business is the holding of stock in, or control of, any air carrier. Notwithstanding the 

foregoing, Hanjin Kal Co., Ltd., which, as set forth in Exhibit C attached hereto, holds all of the 

capital stock of Jin Air, also holds 6.76% of the capital stock of Korean Air Lines Co., Ltd., a 

foreign air carrier of the Republic ofKorea.4 221.20(/). 

16. As Jin Air's financial material on file with the Department is more than two (2) 

years old, updated financial summaries for the two (2) most recent available years are attached 

hereto as Exhibit D. 221.20(n) and 221.21 (c). 

17. Maintenance: Jin Air's maintenance program continues to comply with the 

· provisions of the International Civil Aviation Organization's ("ICAO") Pilots and Airmen 

Annexes I, 6 (Part I), and 7. The Republic of Korea is a contracting State to the Convention on 

International Civil Aviation, which established the ICAO. 211.21 (e). 

18. Jin Air continues to be fit, willing and able to perform the services for which the 

authorities requested herein are sought. Moreover, Jin Air will abide by the Department's rules, 

regulations and applicable statutes, and will accept and comply with the Department's standard 

4 Other than the 100% interest held in Jin Air and the 6.76% interest held in Korean Air Lines Co., Ltd., Hanjin 

Kal Co., Ltd. does not hold any other interest in a U.S. carrier, foreign air carrier, person engaged in the business 

of aeronautics, or any common carrier, or any other person whose principal business is the holding of stock in, or 

control of, any air carrier. 

7 
terms and conditions imposed on foreign air carrier exemptions and foreign air carrier permits. 

19. This Application, if granted, would not result in a near term increase in fuel 

consumption of ten million gallons or more and, as a consequence, approval would not constitute 

a "major regulatory action" under the Energy Policy and Conservation Act of 1975, as defined in 

14 C.F.R § 313.4(a)(l). 

20. Grant of the authorities sought herein is in the public interest, as it will allow Jin 

Air to augment its well-received, high quality service to and from the United States while 

providing additional competition, market development and choices for the shipping and traveling 

public in the U.S.-Korea market. 

21. The verification required under 14 C.F .R 302.4(b) is attached hereto as Exhibit E. 

8 
WHEREFORE, based upon the foregoing information, Jin Air respectfully requests that 

it be granted a renewed exemption and an amended foreign air carrier permit to engage in 

scheduled foreign air transportation of persons, property and mail as more fully described above. 

Jin Air further requests that the Department grant such other or additional relief as it considers 

consistent with this Application and the public interest. 

October 3, 2014 

Respectfully submitted, 

jl;~~.., II tJ.,/AjjH, 

William H. Callaway, Jr. 

Jonathon H. Foglia 

Zuckert Scoutt & Rasenberger LLP 

888 Seventeenth Street, NW 

Washington, D.C. 20006 

Phone: + 1-202-298-8660 

Fax: + 1-202-342-0683 

Email: whcallaway@zsrlaw.com 

jhfoglia@zsrlaw .com 

Counsel for Jin Air Company, Limited 

9 
CERTIFICATE OF SERVICE 

I hereby certify that I caused a copy of the foregoing application of Jin Air for an exemption and 

an amended foreign air carrier permit to be served this the 4th day of October 2014, upon each of 

the parties below by electronic mail: 

howard.kass@aa.com 

robert. wirick@aa. com 

sascha. vanderbellen@del ta.com 

sam etta. c. bamett@delta.com 

sllunsford@fedex.com 

sharon.pasley@fedex.com 

gbleopard@fedex.com 

perkmann@cooley.com (Counsel for Hawaiian Airlines) 

jhill@cooley.com (Counsel for Hawaiian Airlines) 

kevin.montgomery@polaraircargo.com 

peter.beckett@polaraircargo.com 

dan. weiss@united.com 

wumhy@crowell.com (Counsel for United Airlines) 

anita.mosner@hklaw.com (Counsel for United Parcel Service) 

jennifer.nowak@hklaw.com (Counsel for United Parcel Service) 

david.christofano@dot. gov 

robert.finamore@dot. gov 

john.s.duncan@faa. gov 

info@airlineinfo.com 

10 
Exhibit A 

Exhibit B 

Exhibit C 

Exhibit D 

Exhibit E 

TABLE OF EXHIBITS 

Air Operating Certificate 

Updated Management and Key Personnel Information 

Updated Ownership Information 

Financial Summaries and Statement of Completeness/ Accuracy 

Verification Statement 
EXHIBIT A 

Air Operating Certificate 
-£- ~J- ~ ~ R1 

Air Operator Certificate 

'C}1 ~Ttl ~- .;::-§_ 45}1 OJ:JfRepUbliC of Korea 

~nistzy of Land, Transrx>rt and Maritime Affairs ------- 1. ~~~~~~(AOC No.) : .A~l2008-A04.:2.. ,~.-~ ....................... ~-~-··-........ .-.. to ...... _,_, __ ............. , f.W-..-o/-.1-l .. - ...... '""'"'-·"'·"'~-- ... -··l-o ... \•·d-........ ,.... ................ ,...._, •1-o,_......... • ... ~-·· ... ~ .............. _,_, ........ ~-······· .. , .......................... ,_ • • •.•••• ···-····· .... -~---~ •···· -··-· 

..... ?: ... !.\9_c; ...... ~-~--rf¥.P..~ .. -~! .... ~Q.g) ...... = ..... ~~~~~.~.~9~~ ~- P~~~~-~t~---·~E: .... £~~ ..... ··---·~----- ............. . 

·---~~-·-:t_~~: ... ~_<._C2.P.~~~!or_.~~~-.. --~·--~T ~5~L~.-~ .. ? ... J~~--~~~-g.~.:.t.~~~: .... ·-...... ... .. ..... . ......... . 4. ~±(Operator Address) : 157-841 J-i%!:i l=!AJ 7J--"i.Y. ~~% 653-25 

--.. ··--···--······ .. ···········-·---.. --····-.. --·-.. --··-··-····----·~·-!1:~?.~-.. ~-~.!. ~~-~] , _ _?_:!~ .. ~:g.~ .. ~l. .. _.... . . ................... . ... .. §.: ... -~-~t~.:!Jf el~E.~?n~!-~-Q~:::?.§§.Q_-:§~?.9. ... _ ........... ·----· .. ·······---~--·~--·-·----:.·--·-.. ·--·-·· _ .... ·--·-·--.............. _ 6. ~ 6(Fax) : 02-3660-5999 ••• .. •r••·••~--•?""'''''0"' ..... _ .. ,_, ................. ,,_, ____ ._ ..... ..,.,,,_ .... -.----~-·--·.,,__, ..... ..,.. ... _, .... , •. , ... ..,, . ._, ..... ,,., ....... ,, ,,.. .. ,.,, . ..,.,..-- .... • .. ,,, ••-··•- •••·•••·-·--·-·-----··-·-·-·--····--·••••• ••--•·•·•• .... , • •• __ ,_,.,.,, __ _. .. ,. ... ..,.,. 

7. E-mail : jaekkim@jinair~GOm;. ·;: ... · . . : . 

.. ... B~~- ~i·¥---~~;~·--; .. ·~ ~~l_i: :: :: ·p~f .AQQ7 :/i~:; )'!.::.~r~;-.~ :;~~~ ~~ .. ·--·: .. ···-· .. -·--· ............ --. ..... .• . . . ...... .. 

Operational Points:i_:~f p6t)~ct: ~~oe:· ·cie~il.s,~. ·~f·,:w~tc~~9~P.a!l9nal management 

can be contacte_~ · :r41;he?~t·-·H,p;4ue·-·delay~· ··ar~--·11§tei{~n{fw.ffi.i?.~9>J'?:~ A007. ~ .. · · ~,•-rt./ ~-_, .. - . . ...... !:•-'r~7F:•_.t~·:-. ... ~-·.,f 

9. o1 ~~;.~~ (~.)~~}'~}~7t r-csJ--=g-ltJJ .::Z.~JI. oloJl '¥i~:~.>'£~ ~{!-it7iJ ~ -&-OJ 71 1)-Ai ~ ~ -£-"SJ-.&~~1- A~~;+~Joll tt}2.} t~J-~-£-*.A}~ ~ ?~~.!E.~ <?.! 

7}S:l~g ~ ~~%. 

This certificate certifies that Jin Air co., Ltd. is authorized to perform 

commercial air. operations, as defined in the attached operations 

specifications, in accordance with the Operations Manual and the Civil 

Aviation Act of the Republic of Korea and regulations and standards. 

10. 0 1 ~~Al t: OJ:£~ ~ gA_ELtij ~.Al AtZiJ~J?:.l .9:.C -!J!-:R.~:S:l7'1Lt ~\:[5}-.7.] 

¢}-y-5}"!::: ~ .!f-71~ -fr.E.~. .I 

This certificate is not transferable and unless returned, suspended or 

revoked, shall continue in effect until otherwise tenninated. 

11. ~-a~ ~ A}(Date of issue) : July 15, 2008. 
EXHIBITB 

Updated Management and Key Personnel Information 
Full.Name . 

MaWon 

Cho Emily Lee 

Kang Young Sik 

Cho Won Tae 

Lee Seung Bum 

Choi Soo II 

LeeKwang 

Chung Hun Sik 

ParkKye In 

Park Sung Sup 

Kim Chang Dong 

Ahn Hyun Seck 

Chang Ju Nyu 

Management & Key Personnel 

Jin Air Company, Limited 

Title Address 

President & CEO 653-25 Deungchon-dong, 

Gangseo-gu 

Seoul, Republic of Korea 

Director 653-25 Deungchon-dong, 

Gangseo-gu 

Seoul, Republic of Korea 

Director 653-25 Deungchon-dong, 

Gangseo-gu 

Seoul, Republic of Korea 

Director 653-25 Deungchon-dong, 

Gangseo-gu 

Seoul, Republic of Korea 

Director 653-25 Deungchon-dong, 

Gangseo-gu 

Seoul, Republic of Korea 

Director 653-25 Deungchon-dong, 

Gangseo-gu 

Seoul, Republic of Korea 

Vice President, 653-25 Deungchon-dong, 

Management Support Gangseo-gu 

Division Seoul, Republic of Korea 

Captain, Operations 653-25 Deungchon-dong, 

Division Gangseo-gu 

Seoul, Republic of Korea 

General Manager, 653-25 Deungchon-dong, 

Planning & Strategy Gangseo-gu 

Team Seoul, Republic of Korea 

General Manager, 653-25 Deungchon-dong, 

Human Resource & Gangseo-gu 

Finance Team Seoul, Republic of Korea 

General Manager, 653-25 Deungchon-dong, 

Airport Customer Gangseo-gu 

Service Team Seoul, Republic of Korea 

General Manager, 653-25 Deungchon-dong, 

Cargo Business & Gangseo-gu 

Shipping Management Seoul, Republic of Korea 

Team 

Deputy General 653-25 Deungchon-dong, 

Manager, Gangseo-gu 

Cabin Safety & Seoul, Republic of Korea 

Service Team 

Citizenship 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 

Republic of Korea 
Full Name ·Title . Address Citizenship 

JungWanHo General Manager, 653-25 Deungchon-dong, Republic of Korea 

Maintenance & Gangseo-gu 

Engineering Team Seoul, Republic of Korea 

MoonJaeWoo General Manager, 653-25 Deungchon-dong, Republic of Korea 

Flight Operations Gangseo-gu 

Control Team Seoul, Republic of Korea 

KimHongKoo Deputy General 653-25 Deungchon-dong, Republic of Korea 

Manager, Gangseo-gu 

Brand Marketing & PR Seoul, Republic of Korea 

Team 

Kim Jin Ok General Manager, 653-25 Deungchon-dong, Republic ~f Korea 

Online Marketing Gangseo-gu 

Team Seoul, Republic of Korea 

ParkHyun Su Captain, 653-25 Deungchon-dong, Republic of Korea 

Safety & Security Gangseo-gu 

Department Seoul, Republic of Korea 
EXHIBITC 

Updated Ownership Information 
Information Regarding Ownership of Jin Air Company, Limited 

Name: 

Address: 

Citizenship: 

Number (and percentage) of shares 

owned: 

Hanjin Kal Co., Ltd. 

63 Namdaemun-ro, Jung-gu 

Seoul, Republic of Korea 

Republic ofKorea 

5,400,000 (100%) 

Information Regarding Ownership ofHanjin Kal Co., Ltd.5 

Name: 

Address: 

Citizenship: 

Number (and percentage) of shares 

owned: 

Name: 

Address: 

Citizenship: 

Number (and percentage) of shares 

owned: 

Name: 

Address: 

Citizenship: 

Number (and percentage) of shares 

owned: 

Name: 

Address: 

Citizenship: 

Number (and percentage) of shares 

owned: 

National Pension Service of Korea 

Kumin-Y eonkum Building, 13 

Olympic-ro 35da-gil, Songpo-gu 

Seoul, Republic ofKorea 

Republic ofKorea 

3,032,018 (10.49%) 

Hanjin Transportation Co., Ltd. 

63 Namdaemun-ro, Jung-gu 

Seoul, Republic of Korea 

Republic ofKorea 

2,799,161 (9.69%) 

Truston Asset Management 

1 OF, KTB Building, 66 

Yeoui-daero, Yeoungdeungpo-gu, 

Seoul, Republic of Korea 

Republic ofKorea 

2,058,176 (7.12%) 

Mr. Yang Ho Cho 

260 Haneul-gil, Gangseo-gu 

Seoul, Republic of Korea 

Republic ofKorea 

1,929,895 (6.68%) 

5 Except as indicated in this Exhibit C, no other person (i.e., individual, corporation or partnership) holds 5% or more 

of the capital stock ofHanjin Kal Co., Ltd. 
EXHIBITD 

Financial Summaries and Statements of Completeness/Accuracy 
Deloitte. 

Independent Auditors' Report 

English Tnlllslation of a Report Originally Issued in Korean 

To the Shareholder and the Board of Directors of 

JinAir Co., Ltd.: 

Deloitta Anjin LLC 

9FI., One IFO, . 10, Gukjegeumyung-ro, 

Youngdeungpo-gu, Seoul 

150·945, Korea 

Tel : +82 (2) 6676 1000 

Fax: +82 (2) M74 ~114 

www.deloltteanjln.co.kr 

We have audited the accompanying finWlcial statements or Jin Air Co.~ Ltd. (the "Company"). The financial 

statements consist of the statement of financial position as of December 31, 2013, and the related statement of 

comprehensive income, statement of changes in shareholder's equity and statement of cash flows, all expressed in 

Korean won, for the year ended December 31., 2013. These financial statements are the responsibility of the 

Company's management. Our responsibility is to express an opinion on these financial statement!> based on our 

audit. The financial statements of the Gompany for the year ended December 31, 2012, presented herein for 

comparative putposes were audited by other auditors, KPMO SamjongAccounting Corp., whose report dated 

March 8, 2013, expressed an unqualified opinion on those statements. 

We conducted our audit in accordance with auditing standards generally aec::epted in the Republic of Korea. Those 

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial 

statements are free of material misstatement. An audit includes examining. on a test basis, evidence SUP!' Orting the 

amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used 

and significant estimates made by management~ as well as evaluating the overall financial statement presentation. 

We believe that our audit' provides a reasortable basis for our opinion. 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial 

position of Jin Air Co.) Ltd. as of December 31, 2013, and the results of its operations, changes in its retained 

earnings and shareholder's equity, and its cash flows for t11e year then ended~ in C<Jnfonnity with Korean 

International Financial Reporting Standards (K~IFRS). 

Accounting principles and auditing standards and their application in practice vazy among countries. The 

accompanying financial statements are not intended to present the financial position, results of' operations and cash 

flows in acconiance with accounting principles and practices generally accepted in countrles other than the 

Republic. of Korea. In addition. the procedures and practices utilized in. the Republic of Korea to audit such 

financial statements may differ from those generally accepted and applied in other countries. Accordingly, thi.s 

report and the accompanying financial statements are for use by those knowledgeable about Korean accounting 

principles and auditing standards and their application. in practice. 

March 17. 2014 

Notice to Readers 

This report is effective as of March 17, 2014~ the auditors' report date. Certain subsequent events or 

circumstances may bave occurred between the auditors' report date and the iime the auditors• report is ~ad. 

Such events or circumstances could significantly affect fue accompanying financial statements and may result 

in modifications to the auditors' report. 

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DTTL (nlso re(erTed to as "Delcille GloborJ does nol pl'OV!de servloes to ellen!$. 

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M!!mber of Oeloilht Touche Tohl'llll!sU Llml!l!d 
JIN AIR CO., LTD. 

STATEMENTS OF FINANCIAL POSITION 

AS OF DECEMBER 31, 2013 AND 2012 

NOTES 2013 2012 

(In Korean won) 

CURRENT ASSETS: 

Cash aud casb equivalents 28 w 12~574,995,010 w 7,611,193,506 

Short-term financial instruments 4,28 38,024,013,111 24,224,340,732 

Trade and other receivables 5,28,29 7,899,418,508 8,092,110,170 

Other current assets 6 4,191,042,981 3, 114,027,587 

Total current assets 62,689,4692610 43,041,671,995 

NON-CURRENT ASSETS: 

Long-term financial instruments 4,28 100,000,000 

Property and equipment 7 11,279,468,015 13,542,363,497 

Intangible assets 8 132,296,766 295,369,7.38 

Deferred tax assets 25 2,893,519,116 3,652, 730,502 

Other financial assets 9,28,29 10,956,623,422 9,615,677,355 

Other non-current assets 6 591,4231976 

Total nonocurrent assets 25,953,331,295 27,106,141,092 

Total assets 88,642,800,905 70,147,813,087 

CURRENT LIABILITIES: 

Trade and other payables 10,28,29 23,933,344,614 18,220,377,849 

Short-term borrowings 11,28 2,000,000,000 

Current obligation under finance leases 12,28,29 1, 701,799,458 1,488,033,248 

Provisions 15 50,000 90,375,000 

Income tax payable 25 58,284,755 

Other current liabilities 17 28,174,489,140 16,678,166,682 

Total current liabilities 53z867 !967 ,967 38,476,952,779 

NON-CURRENT LIABILlTlES: 

Long-term trade and other payables 10,28 11,615,523 

Obligation under finance leases 12,28,29 13,531,699,658 15,461,575,767 

Defined benefit obligation 14 2,086,173,235 2,108,951,083 

Deferred revenue 16 1,393,248,000 280,038,673 

Other financial liabilities 18,28 489,978,500 

Total non-current liabilities 17!011,120,893 18,352.159,546 

Total liabilities 70,879,088,860 56,829,112,325 

SHAREHOLDER'S EQUITY: 

Capital stock 19 27,000,000,000 27,000,000,000 

Accumulated deficit 20 {9,236,287,955~ {13,681,299,238} 

Total shareholder•s equity 17.763,712.045 13!318, 700,762 

Total liabilities and sl1areholder's equity w 88,642,800.905 w 70,147.813,087 

See accompanying notes to financial statements. 
JIN AIR CO., LID. 

STATEMENTS OF COMPREHENSIVE INCOME 

FOR THE YEARS ENDED DECE.MBER 3 J, 2013 AND 2012 

NOTES 2013 2012 

(In Korean won) 

SALES 21,29 w 283,330,353,820 w 247,510,250,102 

COST OF SALES 26 260,689,806,414 220,296.426,228 

GROSS PROFIT 22,640,54 7 !406 27!2132823!874 

SELLING AND ADMINISTRATION EXPENSES 22,26,29 15,540,155,279 122

725242lz009 

OPERATING INCOME 7,1002

392.127 14A88,402,865 

Financial income 23,28 1,066,347,337 865,838,964 

Financial expenses 23,28 2,508,345,381 2,928,717,587 

Other non~operating income 24,28 1,294,804,202 2,157,731,775 

Other non-operating expenses 24,28 l; 788*883;,4 76 lt868~573,105 

INCOME BEFORE INCOME TAX EXPENSE 5,164,314,809 12,714,682,912 

INCOME TAX EXPENSE 25 940,956,709 2,881,961,259 

NET INCOME w 4,223,358,100 w 9,832,721,653 

OTHER COMPREHENSIVE INCOME AFTER 

INCOME TAX: 

Itetns not to be reclassified subsequent to income 

or loss: 

Remeasurement of defined benefit pension plans 14 221.653,183 (666,230,256) 

221,653,183 { 666,230,256} 

TOTAL COMPREHENSIVE INCOME w 4,445,011,283 w 9,166.491,397 

EARNINGS PER SHARE: 

Basic earnings per share 27 w 782 w 1,821 

See accompanying notes to financial statements. 
~ SAMJONG KPMGSAM.IONGAccounUngCorp. 

10th Floor, Gangnam Floonco Center, 

737 YtOksom-dong. 

GAOQMI~U. Seoul135·984, 

Republic of Korea 

Independent Auditors~ Report 

Based on a report originally issued in Korean 

ihe Board of Directors and Stockholder 

Jin Air Co .• L1d,: 

Tel +82(2121120100 

Fax +92 (2J21120101 

www.J<r.kprng.com 

We have audited the aceompanylng statements of financial position of Jin Air Co •• Ltd. {the "Companyu) as 

of December 31. 2012 and 2011, and the r~lated statements of comprehensive income. changes in equity 

and cash flows for the years then ended. Management is responsible for the prep$ration ~md fair 

pres~l"!t~tiQn of th~~~ flmmcl~l statements in. accordance with Korean International Financial Reporting 

Standi;trds. Our responsibility is to express an opinion on these financial statements based on our audits. 

We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. 

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether 

the financial statements are free of material misstatement. An audit lnoludes exarnlning, on a test basist 

evidence supporting the amounts and disclosures in the financial statements. An audit also Includes 

assessing the accounting principles used and significant estimates made by management as well as 

evaluatln~;rthe overall financial stalement presentation. we believe that the audit evident:e we have 

obtained is sufficient and appropriate to provide a basis for our opinion. 

ln our opinion, the financial statements referred to above present fairly, in all material respects. the financial 

position of the company as of December 31. 2012 and 2011 and its financial performance and iw cash 

flows for the years then endedj in accordance wlth Korean International Financial Reporting Standards. 

Wrthout qualifying our opinion, we draw attention to the following: 

The procedures and practices utilized in the Republic of Korea 1o audit such financial statements may differ 

from those generally acoepted and applied in other countries. Accordingly, this report and the 

accompanying financial statements are for use by those knowledgeable about Korean auditing standards 

and their application in' practice. 

As discussed in note 13. 14 and 22 to the financiat statements. the Company has transactions with its 

related parties inolucilng Korean A;r Lines Co., Ltd. in relation to lease contracts and other transactions, 

which resulted in accounts receivable and payable as of December 31, 2012. 

t:PMG SamJ~Il Ac:OIIIIti!la C(H'JI,. i c-oiJ)Oiition ntabhhtd und41 

Xott~~~n taw.lu ~'TibBr 111m oll::PMG lrnemallona~ 11 S\\iu eoopllllloo'l. 
JIN AIR CO., LTD. 

Statements of Financial Position 

Af! of Deoember 31 .. 2012 and 2011 

(fn thoVfltJnds of won) 

No to Z012 2011 

Assets 

Cash and cash equivalents 4,25 w 7,611,194 10,634,030 

Short~term investments 5,9,25 24,224,341 10.074.702 

Trod~ receivebtes 6,25 6,406;780 5,837,059 

Other receivables 6,25 2.,335,338 1'2.7,079 

Ptepayments 25 46,588 22,050 

Prepaid expensils 2.417,431 2,303,976 

lnventorles t484 

Total current assets 43,041,672 29,600,380 

Norrcurrent Investments 5,9,25 100.000 

Property~ a1reraft, furnitur~ and 

fixtures, net 7,13 13,542,363 15.758,603 

Intangible assets, net 8 295,370 4$4,639 

Gl.tilrantee deposit$ 25. 9.61s.en 7,894,451 

Deter(e~ tax assets 2() 3,652,731 6,334,987 

Total non•current assets 27,106,141 30,652,580 

TQtal assets w 70,147.813 60,152,960 

Sse accompanying notes to the financial statements. 

3 
JJN AIR CO., LTD. 

Statements of Financial Position, Continued 

As of Doc•mber 31 .. 2012 and 2011 

(In thousands of won) 

Note 2012 2011 

Liabllitles 

Short-term borrowings 11,25 w 2,000,000 5.000,000 

Other accounts payable 1.765.'288 1,593,901 

Advance r.eceipts from customers 15,344,577 15,431,752 

Accrued expenses 16,455.090 11.650,332 

Currant portion of 

obligation undar finance Teases 13,25 1,488,033 1,380,488 

Other current lfebtlitles 10.25 1.423,965 &99,6S4 

Total current liabilities 38,476,S53 36,056,037 

Oblfgation under finance leMes 13.22.26 15,461.676 18.250,382 

Defined benefit obligations 12 2.108,951 1,300,754-

0 eferred revenue 15 280,039 

Long-term accounts pt~yable ·other 25 11,615 2?.,288 

Guerentee deposits received 25 489.978 371,290 

Total non-current llabmties. 19,352,159 19.944,714 

Total Jla.bllltles 66,829,112 56,000.761 

Equity 

Common stock 1,16 27.000.000 27.000,000 

Capital adjustments {100,800) 

Accumulated deficit 17 (13,681.299} {22.746.991} 

Total equity 13,319,701 4,152,209 

Total nablllttes and equity w 70,147,813 60,162.960 

St:s accomptmying notes to the flnanaial statements. 

4 
EXHIBITE 

Verification Statement 
VERIFICATION 

Pursuant to Title 18 United States Code Section 1001, I, /;t)tf)IJ /1a 

in my individual capacity and as the authorized representative of the pleader, have not in any 

manner knowingly and willfully falsified, concealed or failed to disclose any material fact or 

made any false, fictitious, or :fi·audulent statement or knowingly used any documents which 

contain such statements in connection with the preparation, filing or prosecution of the pleading. 

I understand that an individual who is found to have violated the provisions of Title 18 United 

States Code Section 1001 shall be fined or imprisoned not more than five years, or both. 

Title 

Jin All' Company, Limited 

October 2, 2014 

Date