BEFORETHE DEPARTMENT OF TRANSPORTATION WASHINGTON, D.C.

APPLICATION OF: TRANSPORTESAEREOS PEGASO, S.A.DE C.V.

FOR AN EXEMPTION FROM 49 U.S.C.//41301 (U.S./ MEXICO CHARTERAIR TRANSPORTATION) DocketOST-09-0

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# sAPPLICATION OF TRANSPORTESAEREOS PEGASO, S.A. DE C.V. FORANEXEMPTION
Communications concerningthis document may be served upon: SergioZepedaTielve Santander 15, Piso 10 Mexico, D.F. 03920 Telephone: 52 55 5598-5079 Fax: 52 55 5611-5376 E-mail: szt@tapsa-mx.com Legal Representativefor: TransportesAereos Pegaso, S.Ade C.V. February2, 2012 Notice: Any person may support or oppose this application by Filling an answer and serving a copy ofthat answer on counsel for Transportes Aereos Pegaso, S.A. de C.V. and upon each person served with this application.BEFORE THE DEPARTMENTOFTRANSPORTATION WASHINGTON, D.C.



### APPLICATION OF: TRANSPORTESAEREOS PEGASO, S.A.DE C.V.



### FOR AN EXEMPTION FROM 49 U.S.C.//41301 (U.S. /MEXICO CHARTERAIR TRANSPORTATION) Docket OST-09-

APPLICATION OF TRANSPORTESAEREOS PEGASO, S.A.DE C.V. FORANEXEMPTION 

### (Filed on February2, 2012)
Pursuant to 49 U.S.C. //40109 and subpart C of the Department's Rules of Practice, Transportes Aereos Pegaso, S.A. de C.V., a Mexican AirTaxi Operator of small aircraft, request an exemption from 49 U.S.C. //41301 to authorize Transportes Aereos Pegaso, S.A. de C.V. to engage in charter foreign air transportation of passengers between Mexico and the United States ofAmerica and to engage in other passenger charter operations in accordance with 14 CFR Part 212, using small aircraft. Transportes Aereos Pegaso, S.A.de C.V. also requests stopover privileges and relief from the Department's requirement to provide prior notice of each flight, or series of flights between Mexico and the United States ofAmerica.

2TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application


### Transportes Aereos Pegaso, S.A. de C.V. (PEGASO) respectfully seeks the requested exemption from the DepartmentofTransportation fora period of at leasttwoyears. In support of this application and pursuant to the Department's Procedural Regulations, PEGASO states as follows: SubpartC-Information Requirements 211.20 Foreign aircarrier permit. (a) State the name and address of the applicant, the nature of its organization (individual, partnership, corporation, etc.) and if other than an individual, the name of the country under the laws which it is organized and the statutory citation ofsuch laws, ifany. a.1Applicantname: TransportesAereos Pegaso, S.A. deC.V. a.2Applicantaddress:

a.3Organization: Santander15, Piso 10 Col. lnsurgentes Mixcoac Mexico, D.F. 03920 Partnership a.40rganized under the laws and regulatory jurisdiction of Mexico's, Secretaria de Comunicaciones y Transportes (Secretary of Communications and Transportation) and the Direccion General de Aeronautica Civil (General Direction of Civil Aeronautics) known as DGAC. (b) State the name and official address ofthe government air transport authority or applicant's country of citizenship having regulatory jurisdiction over applicant. Secretariade ComunicacionesyTransporte Direccion General deAeronauticaCivil (DGAC) Providencia 15, Col. Del Valle No. 807 Mexico D.F. 03100

3TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application
(c) Supplythefollowing information regarding the services proposed: 1) Acomplete statementofthe authoritysought; and
Pursuant to 49 U.S.C. //40109 and subpart C of the Department's Rules of Practice, Transportes Aereos Pegaso, S.A. de C.V., a Mexican AirTaxi Operator of small executive aircraft, request an exemption from 49 U.S.C. //41301 to authorize Transportes Aereos Pegaso, S.A. de C.V. to engage in charterforeign air transportation of passengers between Mexico and the United States of America and to engage in other passengercharteroperations in accordancewith 14 CFR Part 212, using small aircraft. Transportes Aereos Pegaso, S.A.de C.V. also requests stopover privileges and relieffrom the Department's requirementto provide prior notice of each flight, or series of flights between Mexico and the United States ofAmerica. Pegaso initiated flight operations in 1981 as a taxi operatorwith Mexican DGAC license authorizing international non schedule passengerand AirTaxi service. Pegaso is operationally and financially qualified to continue performing air transportation services for which PEGASO requests authorization in this application. As evidencethereof: Although PEGASO's forecast operations do not include specific flights between third countries and the U.S., PEGASO anticipates the need to operate Fifth Freedom Charter Service and is seeking such authority subject to the prior approval pursuantto part212 ofthe Department's regulations. As a reference, please see notice ofaction taken, October2, 1996, application of Aero Personal, S.A.de C.V., docket ost-96-1562, issuing an initial exemption to Aero Personal. The DOT did renew Aero Personal's exemption by Notice of Action Taken, January 22, 2007. In the same Docket. The FAA has issued operations specificationsto Aero Personal undercertificate numberor9f672f. Pegaso·s proposed U.S. services are consistent whit the public interest for the following reasons: First: the Third and Fourth Freedom Charter Authority sought by PEGASO is authorized byAnnex II tothe U.S.-MexicoAirTransportAgreementofSeptember

4TransportesAereos Pegaso. S.A. de C.V. -Initial Exemption Application

15, 1960, as amended and extended, and therefore is presumptively in the public interest.
Second: PAGASO's operations will include carriage of passengers to the U.S. on business, thereby fostering commerce between Mexico and the U.S. consistent with the objectives of the North American Free Trade Agreement (NAFTA). Third: PEGASO's request for extra-bilateral stopover privileges for passenger flights result from the need to make occasional stops attwo or more points in the U.S. No regulatory purpose would be served by preventing PEGASO from meeting the stopover requirements of its corporate passengers. In addition, the department has routinely waived stopover restrictions for other Mexican air taxi operators Fourth: although PAGASO's request for relieffrom the requirement to notifythe DOT of all Third and Fourth Freedom flights or series of flights is also extrabilateral, comity and reciprocityfavor such relief. The notice requirements serves no specific regulatory purpose for commercial operators ofsmall, business type aircraft. It burdens the Department, as the regulating agency, and PEGASO as the party being regulated. In addition, the DOT has routinely waived the notice requirement for other Mexican AirTaxi Operators. On information and belief, the Mexican DGAC does not require advance notice forsimilaroperations by U.S. air taxis, or by U.S. corporate operators carrying passengers for compensation pursuantto Subpart FofPart 91 ofThe FederalAviation Regulations. The impact of authorizing stopover privileges to PEGASO would be negligible. PEGASO estimates that only a few passengers per month would be involved in stopover operations. It is unlikelythat U.S. carriers would transport any ofthese passengers ifthe requested authoritywerewithheld. Please refer to Notice of Action Taken, Application of transportes Aereos Mexiquenses, S. A. de C.V., Docket OST-05-21108, November29, 2005; Notice of Action Taken, Application of Aero Personal, S.A. de C.V., Docket OST-96- 1562, October23, 1997. Please refer to DOT Order 99-7-23n(July 30, 1999) which exempted all Mexican foreign aircarriers holding Department authorityfrom the requirementto obtain a statement of authorization before operating Third and Fourth Freedom charter flights so long as these aircarriers submitan advance notice ofsuch operations.



### 5TransportesAereos Pegaso. SA de C.V.
- Initial Exemption Application

Please refer to Notice of Action Taken, application of Aerovics, S.A. de C.V., Docket OST-96-1405, August 3, 2004; Notice of Action Taken, Application of Comander Mexicana, S.A. de C.V., Docket OST-97-2245, Apri116, 1998.
PEGASO has applied for part 129 operations specifications from the FAA International Field Office in Dallas-FortWorth

1) Adescription ofthe services proposed ,specifying: (i) The points in the United States proposed to be served are: THE SERVICE OFFERED BY PEGASO IS TO PROVIDE AN AVERAGE OF 5 HOURS A MONTH OF INTERNATIONAL AIR TAXI TRANSPORTATION TO: COMPANY SHARE HOLDERS AND FAMILY, EXECUTIVE PERSONNEL, BUSINESS AND VACATION PASSENGERS. THE POINTS IN THE U.S. PROPOSEDTO BE SERVEDARE: TEXAS • LAREDO,TX (KLRD) • BROWNSVILLE, TX (KBRO) • HOUSTON, TX, (KHOU) • EL PASO, TX, (KELP) • Me ALLEN (KMFE)
ARIZONA • TUCSON, AZ, ( KTUS)
CALIFORNIA • SAN DIEGO, CA, (KSDL)

FLORIDA • FORT LAUDERDALE, FL (KFLL) • KEYWEST, FL (KEYW) LUISlANA • NEWORLEANDS, LU (KMSY)

6TransportesAereos Pegaso. S.A. de C.V. -Initial Exemption Application

FLIGHTS MAY CONTINUE TO DIFFERENT CITIES IN THE USA, CANADA OR OTHER COUNTRIES ACCORDING TO FLIGHT PLANS SUGGESTED IN THE JEPSSON MANUAL. a) The frequency of service planned at the start of operations, indicating any seasonal variations; whether the service proposed is scheduled, non-scheduled, or charter whether the service would be passenger, property and mail, or a combination; and the type ofequipment (and configuration) to be used; and THE SERVICE PLANNED WILL BE PASSENGER, NON SCHEDULE, CHARTER, PROPERTY OR A COMBINATION OF THOSE, WITH THE FOLLOWINGAIRCRAFT: LEARJET31 A CONFIGURATION: 8 PAX, 2CREW. MEXICAN REG. XA-ZYZ

(ii) A service stating the manner in which the service will be operated (e.g., non stop or multi-stop, and the identity of proposed intermediatetrafficand non traffic points). THE SERVICE PLANNED WILL BE NON-STOP AND MULTl- STOP DEPENDING ON THE RANGE OF THE AIRCRAFT, DESTINATIONS AND PASSENGERS NEEDS. THE DEPARTURE AIRPORTS WILL BE MAINLY TOLUCA, EST ADO DE MEXICO INTERNATIONAL AIRPORT MMTO, CIUDAD DEL CARMEN CAMPECHE INTERNATIONAL AIRPORT MMCE AND MERIDA INTERNATIONALAIRPORT MMMD. THE DESTINATIONS ARE ACCORDING TO CUSTOMERS REQUIREMENTS, BUTOUR EXPERIENCE HAS MAINLY BEEN ENTERINGTHE USATROUGH: TEXAS • LAREDO,TX (KLRD) • BROWNSVILLE, TX (KBRO) • HOUSTON, TX, (KHOU) • EL PASO, TX, (KELP) • McALLEN (KMFE)

7TransportesAereos Pegaso. S.A de C.V. -Initial Exemption Application

ARIZONA • TUCSON, AZ, ( KTUS)
CALIFORNIA • SAN DIEGO, CA, (KSDL)
FLORIDA • FORT LAUDERDALE, FL (KFLL) • KEYWEST, FL (KEYW) LUISlANA • NEWORLEANDS, LU (KMSY)
FLIGHTS MAY CONTINUE TO DIFFERENT CITIES IN THE USA OR OTHER COUNTRIES ACCORDING TO EACH FLIGHT PLAN AND PASSENGERS NEEDS.

(d) Provide the names , addresses (both residence and business), and citizenship of all Directors, Officers and key management personnel, including the President, Vice Presidents, the Directors or SupeNisors ofOperations, Maintenance, and Finance, and the chief pilot and chief inspector. Indicate whether any ofthese persons are related by blood or marriage.
ENRIQUE ZEPEDA MORALES President Mexican Citizen Business address: Santander No. 15, Piso 10 Col. lnsurgentes Mixcoac Mexico, D.F. 03920 Residence address: KM 93.5 Carretera Toluca- Zitacuaro Zitacuaro, Michoacan, Mexico61500

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## ~-. \TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application

ENRIQUEZEPEDA NAVARRO C.E.O. Mexican Citizen Business address: Santander No. 15, Piso 10 Col. lnsurgentes Mixcoac Mexico, D.F. 03920 Residence address: Rinconada Los Encinas 7 Frace. Club de golfLos Encinas Lerma, Edo. de Mexico52031
JOSEA. EROSAZEPEDA Operations ManagerCME Mexican Citizen Business address: Hangar#5Zona Federal Aeropuerto lnternacional Ciudad del Carmen Ciudad del Carmen, Campeche, Mexico 24120 Residence address: Privada Higo 8, Col. Miami Ciudad del Carmen, Campeche, Mexico 24120
SERGIOA. ZEPEDATIELVE Administrative Manager Mexican Citizen Business address: Santander No. 15, Piso 10 Col. lnsurgentes Mixcoac Mexico, D.F. 03920 Residence address: Montalban#658 Col. Vertiz Narvarte Mexico, D.F. C.P. 03600

JUAN DE DIOS CHANONAVALDEZ Operations ManagerTLC Mexican Citizen Business address: Aeropuerto lnternacional deTolucaTransportesAereos Pegaso. S.A. de C.V. -Initial Exemption Application
Hangar EOLO Zona Hangares Privados Residence address: Calle 12 de Octubre N. 67-6 FraccionamientoArboledas2 Metepec, Edo. de Mexico 52170
NOEMI SAAVEDRA BELLO GeneralAccountant Mexican Citizen Business address: Santander No. 15, Piso 10 Col. lnsurgentes Mixcoac, Mexico, D.F. 03920 Residence address: Albarrada 54 Col. Progresista Mexico, D.F. 09240
FERNANDO NUNEZ RAMIREZ Maintenance and Engineering Chief Mexican Citizen Business address: Aeropuerto lnternacional de Villa Hermosa Hangar Pegaso Residence address: Circuito Roma No. 159 FraccionamientoSol Campestre Villa HermosaTabasco, Mexico86280
NOE MARTIN QUINTANAACEVES Chief Inspector Mexican Citizen BusinessAddress: Hangar#5Zona Federal Aeropuerto lnternacional Ciudad del Carmen Ciudad del Carmen, Campeche, Mexico ResidenceAddress: Calle 48 No. 157entre calles41-C Y43 No. 57 Fraccionamiento Franciscode Montejo

10TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application
Merida Yucatan, Mexico 97210 FranciscoJavier PrendesTrujillo Chief Pilot Mexican Citizen Licence: 200501738 Expires: 29/03/2012 Circuito El Capulin S/N 244 Business address: Santander No. 15, Piso 10 Col. lnsurgentes Mixcoac, Mexico, D.F. 03920 Residence address: Residencial del Parque Aguascalientes, Aguascalientes C.P. 20277
Carlos Manuel RuizVelazco Pilot Licence: 200602342 Expires: 01/08/2012 Business address: Santander No. 15, Piso 10 Col. lnsurgentes Mixcoac, Mexico, D.F. 03920 Residence address: Av.Las Cruces 23 Santa Fe Hermosillo Sonora C.P. 83249
THE ABOVE MENTIONED ARE PERSONNEL OF TRANSPORTES AEREOS PEGASO AND ARE RELATED BY BLOOD EXCEPT FOR: NOEMI SAAVEDRA BELLO, FERNANDO NUNEZ RAMIREZ, NOE MARTIN QUINTANA ACEVES, JOSE DE JESUS DE LEON JIMENEZ AND RAMON MORALES RUIZ (e) Provide the names and citizenship ofall persons holding five percent (5%) or more of the capital stock or capital of the applicant. Also indicate the numberand percentage ofshares ofstockorpercentage ofcapital held by each. If five percent or more of the applicant's stock is held by a corporation or partnership, set forth the name and citizenship of each person holding five percent or more ofthe entire capital stock or capital of thatcorporation partnershipand the respective interestofeach. Ifany

11TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application (f) shares are held for the benefit of another person, give the name and citizenship ofthat person.
ENRIQUE ZEPEDA MORALES MEXICAN CITIZEN NUMBER OF SHARES: 275 PERCENTAGE OF SHARES: 27.5% ENRIQUE ZEPEDA NAVARRO MEXICAN CITIZEN NUMBER OF SHARES: 100 PERCENTAGE OF SHARES: 10% ALBERTO ZAGA HOP MEXICAN CITIZEN NUMBER OF SHARES: 230 PERCENTAGE OF SHARES: 23% CARLOS ZAGA HOP MEXICAN CITIZEN NUMBER OF SHARES: 230 PERCENT AGE OF SHARES: 23% JAIME GARCIAGUTIERREZ MEXICAN CITIZEN NUMBER OF SHARES: 165 PERCENTAGE OF SHARES: 16.5%
NONE OF THE APPLICANT'S STOCK IS HELD BY A CORPORATION OR PARTNESHIP NO SHARESARE HELD FOR THE BENEFITOF ANOTHER PERSON. (g) If the applicant is not wholly owned by its homeland government, state whether the applicant (each officer, director, manager, or holder of five percentor more ofthe capital stock) holds any interestdirectlyor indirectly (through brokers or holding companies) in any ofthe entities listed below. Ifno interest is held, so state. THE APPLICANT (EACH OFFICER, DIRECTOR, MANAGER, OR**~** HOLDER OF FIVE PERCENTOR MORE OF THE CAPITALSTOCK) DO \-
12Transportes Aereos Pegaso. S.A. de C.V. -Initial Exemption Application



### NOT HOLD ANY INTEREST DIRECTLY OR INDIRECTLY (THROUGH BROKERS OR HOLDING COMPANIES) IN ANY OF THE ENTITIES LISTED BELOW:
a. Any U.S. carrier; b. Any otherforeign aircarrier; c. Any persons engaged in the business ofaeronautics; and d. Any common carrier, orany person whose principal business is the holding ofstock in, orcontrol of, any aircarrier. 3) Indicate the relationship between the applicant and its homeland government. Ifthe applicant is wholly owned orsubstantially owned by the government, indicate which government department has responsibilityfor managerial decisions. APPLICANT HAS NO RELATIONSHIP WITH ITS HOMELAND GOVERNMET 4) State whether the applicant's insurance coverage meets or exceeds the liability limits of 14 CFR part 205. State the name(s) of its insurancecarriers(s). APPLICANT'S INSURANCE COVERAGE MEETS OR EXCEEDS THE LIABILITY LIMITS OF 14CFR PART 205. INSURANCE CARRIER IS: AFIRME SEGUROS. ATTACHMENT 1: INSURANCE 

### 5) Supply certified evidence, in English, of the applicant's operating authority issued by its government that relates to the operations proposed. The evidence must include a description of the applicant's present authority, the expiration date of this authority, and the manner in which it is expected to be renewed. OPERATING AUTHORITY A.O.C. (PERMISO DE EXPLOTACION DE SERVICIOS AEREOS). IT IS RENEWED EVERY TWO YEARS. LAST RENEWAL IS GOOD FROM JAN 2011 TO JAN 2013. ATTACHMENT2: A.O.C.
13TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application


### 6) Summarize the operating history ofthe applicant. Include the types of transportation services rendered, points served, etc., from the beginning of operations to the present. Also, if the applicant is a new airline (NOT THE CASE) (i.e., an airline that began direct air service within the past 12 months), briefly summarize the business experience of each officer, director and key management personnel, emphasizing any airtransportation experience. Transportes Aereos Pegaso began operations in 1981. Services include air transportation with fixed and rotary wing aircraft for corporate personnel, executives, tourist, photography, off shore missions, mountain and sea rescue, fire extinction, ambulance and cargo hook missions to destinations in Canada, U.S., Mexico, the caribean and Latin America. In 2011 Pegaso had completed 200,000 of shore flight hours transporting over 1.8 million passengers. Since 1985 Pegaso has been certified to perform maintenace on its aircraft, engines and avionics. Facilities include a flight dispatch office, training rooms, hangars in Ciudad del Carmen and Villa Hermosa, leisure space for crews including sports activities such as swimming pool, volley ball and basket ball courts and services. In Toluca, hangar and office space is shared with Eolo FBO station. For security reasons, a video circuit recording system monitors all activities in all our facilities and we have a dedicated web system for our operations facilities with voice, information and video recording with frame relay technology. Personalized software has been developed to increase operations efficiencyand document's backup. Over the years, Pegaso has been granted many contracts from important corporations such as Pemex, Cotemar, Semarnat, Hawkeye gold & 

### diamond, inc, TASA, Schlumberger, CFE and others. 

### ATTACHMENT3:RESSUME 7) Provide a list of aircraft owned, leased and operated by the applicant. State each aircraft registration numberand the country of registration. If leased, state the address and citizenship of each lessor. Describe any plansforthe acquisition or lease ofadditional

14TransportesAereos Pegaso. SA de C.V. -Initial Exemption Application

aircraft ifthe present permitorapplication is granted as proposed. If any of the listed aircraft will not be used exclusively by the applicant, explain its proposed use. State whether any aircraft are orwill be wet-leased. AIRCRAFT OWNED: LEARJET31A REGISTRATION NUMBER IS: XA-ZYZ COUNTRY OF REGISTRATION IS: MEXICO AIRCRAFTWILL BE USED EXCLUSIVELY BYTHE APPLICANT THEREARE NO PLANS TO WET-LEASEANYAIRCRAFT THIS IS THE FIX WING AIRCRAFT THAT IS PLANNED TO FLY TO THE USA. ATTACHMENT4: COMPLETEAIRCRAFT FLEET 8) State where and by whom the maintenance ofthe aircraft is orwill be performed. State whether the applicant's maintenance program complies with the provisions of ICAO pilots and Airmen Annexes 1, 6 (Part 1) and 7. Also statewhetherthe applicant's home country is acontracting Stateto the Convention on International CivilAviation. MAINTENANCE IS STRICTLY PERFORMED ACCORDING TO THE AIRCRAFT MAINTENANCE PROGRAM IN COMPLIANCE WITH ICAO ANNEXES 1, 6 (PART I) AND 7 AT DGAC AND FAA AUTHORIZED REPAIR STATIONS IN MEXICOAND IN THE U.S., INCLUDING PAGASOS's FACILITIES. AIRCRAFT FLEET IS AIRWHORTY. 9) Briefly describe any agreements or cooperative working arrangements (e.g., block
- space, wet lease), both oral and written, entered with and between the applicant, or on behalfofthe applicant, and any U.S. orforeign air carrier, affecting the proposed services to the United States that are not on file with the Department. Ifthere are no such agreements, so state. OTHER THAN AS DESCRIBED IN THIS APPLICATION, PEGASO, DOES NOT HAVE ANY AGREEMENTS OR COOPERATIVE WORKING ARRANGEMENTS ORAL OR WRITIEN ENTEREDWITH AND BETWEEN THE APPLICANT,
15TransportesAereos Pegaso. SA deC.V.- Initial Exemption Application

AND ANY U.S. OR FOREIGN AIR CARRIER, AFFECTING THE PROPOSED SERVICES TO THE UNITED STATES THAT ARE NOTON FILEWITH THE DEPARTMENT. 10)Supply financial data summaries, setting forth in U.S. dollars the applicant's profit and loss statements and balance sheets for the 2 more recent available years (calendar or fiscal). These summaries must be accompanied by a statement from the applicant's official responsible for preparation ofthe summaries that the submissions are complete and accurate. These summaries must include the following data, but need not be more detailed than the financial summaries published by ICAO: i. The profitand loss summaryshall identify: (i) Total air transport operating revenues (separated into three categories: passenger, cargo, and othertransport revenues); 2010: USD$37,000,658 2011: USD$51,038,324 (ii) Total airtransportoperating expenses; 2010: USD$39,477,022 2011: USD$50,362,717 (iii) Operating result (difference between (i) and (ii)); 2010: USD$2,476,364 2011: USD$675,607 (iv) Non-operating items; and 2010: USD$781,938 2011: USD$879,189 (v) Profitor loss after incometaxes. 2010: USD$741,698 2011: USD$(203,582) ii. The balancesheetsummaryshall state and identify: (i) Currentassets; 2010: USD$10,989,090 2011: USD$9,688,026 (ii) Flightequipment (afterdepreciation); 2010: USD$29,772,348 2011: USD$72,173,7 42 (iii) OtherAssets; 2010: USD$2,007,619 2011: USD$52,616,059

16TransportesAereos Pegaso. S.A. de C.V. -Initial Exemption Application


### (iv) Total assets (sum of(i) through (iii);

. 2010: USD$42,769,057 2011:USD$86,646,373 (v) Current liabilities; 2010: USD$2,946,233 (vi) Other liabilities; 2010: USD$0 (vii) Long-term debt; 2010: USD$34,102,017 (viii) Capital stock; 2010: USD$2,381,270 2011: USD$11,804,240
2011: USD$0
2011: USD$19,114,415
2011: USD$2,381,270 (ix) Retained earnings (balance including capital surplus); 2010: USD$2,597,839 2011: USD$53,550,030 (x) Total liabilities and equity (sum of(v) through (ix)). 2010: USD$42,769,057 2011: USD$55,727,618
ATACHMENT5: FINANCIAL SUMMARIES


### 11)Describe the amount, type and reason for financial assistance received orexpected from the applicant's government, ifany. APPLICANT DOES NOT RECEIVE ANY FINANCIAL ASSISTANCE FROM ANY GOVERNMENT.
12)Submitan estimate showing the total traffic and the financial result ofthe proposed services for the first full year of normal operations and the supporting data employed to calculate the financial forecast. BASED IN OUR YEARS OF EXPERIENCE WE ARE EXPECTING TO FLYTHE EXECUTIVEAIRCRAFT (LEAR JET)TO THE USA

17TransportesAereos Peqaso. S.A. de C.V.
- Initial Exemption Application

AN AVERAGE OF 8 HOURSA MONTH WHICH AMOUNTS TO $230,000 USD PER YEAR AND OUR REGULAR OPERATION IN MEXICOAMOUNTS $990,000 USD PER YEAR.

13)For the preceding 5 years, state whether the applicant has been involved in anysafety ortariffviolations oranyfatal accidents. Ifso, furnish details. FOR THE PRECEDING 5 YEARS, APPLICANT HAS NOT BEEN INVOLVED IN ANY SAFETY OR TARIFF VIOLATIONS OR ANY FATALACCIDENTS.

14)Submit 3 completed copies of OST Form 4523 (Waiver of liability limits undertheWarsaw Convention).
ATTACHMENT6: 3COPIES OF FORM 4523
WHEREFORE, Transportes Aereos Pegaso, S.A. de C.V. respectfully requests exemption authorityfor a term ofat least two years to engage in charter foreign air transportation of passengers between Mexico and The United States of America and to engage and other passenger charter operations in accordance with 14 CFR Part 212. using small aircraft as set forth herein, and such other reliefas may be in the public interest.

Sergio e eda Tielve Legal representative TRANSPORTESAEREOS PEGASO, S.A. DE C.V.

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