BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

APPLICATION OF: 

TRANSPORTES AEREOS PEGASO, S.A.DE C.V. 

FOR AN EXEMPTION FROM 49 U.S.C.//41301 

(U.S./ MEXICO CHARTER AIR TRANSPORTATION) 

Docket OST -09-0 2 2 sAPPLICATION OF 

TRANSPORTES AEREOS PEGASO, S.A. DE C.V. 

FOR AN EXEMPTION 

Communications concerning this document may be served upon: 

Sergio Zepeda Tielve 

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 Representative for: Transportes Aereos Pegaso, S.A de C.V. 

February 2, 2012 

Notice: Any person may support or oppose this application by Filling an answer 

and serving a copy of that answer on counsel for Transportes Aereos Pegaso, 

S.A. de C.V. and upon each person served with this application. 
BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

APPLICATION OF: 

TRANSPORTES AEREOS PEGASO, S.A.DE C.V. 

FOR AN EXEMPTION FROM 49 U.S.C. //41301 

(U.S. /MEXICO CHARTER AIR TRANSPORTATION) 

Docket OST -09-

APPLICATION OF 

TRANSPORTES AEREOS PEGASO, S.A.DE C.V. 

FOR AN EXEMPTION 

(Filed on February 2, 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 Air Taxi 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 of America 

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 of America. 

2 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

Transportes Aereos Pegaso, S.A. de C.V. (PEGASO) respectfully seeks the 

requested exemption from the Department of Transportation for a period of 

at least two years. 

In support of this application and pursuant to the Department's Procedural 

Regulations, PEGASO states as follows: 

Subpart C -Information Requirements 

211.20 Foreign air carrier 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 of such laws, if any. 

a.1 Applicant name: Transportes Aereos Pegaso, S.A. de C.V. 

a.2Applicant address: 

a.3 Organization: 

Santander 15, 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 of the government air transport authority 

or applicant's country of citizenship having regulatory jurisdiction over 

applicant. 

Secretaria de Comunicaciones y Transporte 

Direccion General de Aeronautica Civil (DGAC) 

Providencia 15, Col. Del Valle No. 807 

Mexico D.F. 03100 

3 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

(c) Supply the following information regarding the services proposed: 

1) A complete statement of the authority sought; 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 Air Taxi 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 charter foreign 

air transportation of passengers between Mexico and the United States of 

America 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 of America. 

Pegaso initiated flight operations in 1981 as a taxi operator with Mexican DGAC 

license authorizing international non schedule passenger and Air Taxi service. 

Pegaso is operationally and financially qualified to continue performing air 

transportation services for which PEGASO requests authorization in this 

application. As evidence thereof: 

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 pursuant to part 212 of the Department's regulations. 

As a reference, please see notice of action taken, October 2, 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 specifications to Aero Personal under certificate number or 9f672f. 

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 by Annex II to the U.S.-Mexico Air Transport Agreement of September 

4 
Transportes Aereos 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 at two 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 relief from the requirement to notify the 

DOT of all Third and Fourth Freedom flights or series of flights is also extrabilateral, comity and reciprocity favor such relief. The notice requirements serves 

no specific regulatory purpose for commercial operators of small, 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 Air Taxi Operators. On information and belief, the 

Mexican DGAC does not require advance notice for similar operations by U.S. air 

taxis, or by U.S. corporate operators carrying passengers for compensation 

pursuant to Subpart F of Part 91 of The Federal Aviation 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 unlikely that U.S. carriers would transport any of these 

passengers if the requested authority were withheld. 

Please refer to Notice of Action Taken, Application of transportes Aereos 

Mexiquenses, S. A. de C.V., Docket OST-05-21108, November 29, 2005; Notice 

of Action Taken, Application of Aero Personal, S.A. de C.V., Docket OST-96-

1562, October 23, 1997. 

Please refer to DOT Order 99-7-23n(July 30, 1999) which exempted all Mexican 

foreign air carriers holding Department authority from the requirement to obtain a 

statement of authorization before operating Third and Fourth Freedom charter 

flights so long as these air carriers submit an advance notice of such operations. 

5 
Transportes Aereos 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-Fort Worth 

1) A description of the 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. 

PROPOSED TO BE SERVED ARE: 

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) 

• KEY WEST, FL (KEYW) 

LUIS lANA 

• NEW ORLEANDS, LU (KMSY) 

6 
Transportes Aereos 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 of equipment (and configuration) to be used; and 

THE SERVICE PLANNED WILL BE PASSENGER, NON SCHEDULE, 

CHARTER, PROPERTY OR A COMBINATION OF THOSE, WITH THE 

FOLLOWING AIRCRAFT: 

LEARJET 31 A 

CONFIGURATION: 8 PAX, 2 CREW. 

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 intermediate traffic and non traffic points). 

THE SERVICE PLANNED WILL BE NON-STOP AND MUL Tl- 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 

INTERNATIONAL AIRPORT MMMD. 

THE DESTINATIONS ARE ACCORDING TO CUSTOMERS REQUIREMENTS, 

BUT OUR EXPERIENCE HAS MAINLY BEEN ENTERING THE USA TROUGH: 

TEXAS 

• LAREDO,TX (KLRD) 

• BROWNSVILLE, TX (KBRO) 

• HOUSTON, TX, (KHOU) 

• EL PASO, TX, (KELP) 

• McALLEN (KMFE) 

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

ARIZONA 

• TUCSON, AZ, ( KTUS) 

CALIFORNIA 

• SAN DIEGO, CA, (KSDL) 

FLORIDA 

• FORT LAUDERDALE, FL (KFLL) 

• KEY WEST, FL (KEYW) 

LUIS lANA 

• NEW ORLEANDS, 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 

of Operations, Maintenance, and Finance, and the chief pilot and chief 

inspector. Indicate whether any of these persons are related by blood 

or marriage. 

ENRIQUE ZEPEDA MORALES 

President 

Mexican Citizen 

Business address: 

Santander No. 15, Piso 1 0 

Col. lnsurgentes Mixcoac 

Mexico, D.F. 03920 

Residence address: 

KM 93.5 Carretera Toluca- Zitacuaro 

Zitacuaro, Michoacan, Mexico 61500 

8 

~-. \ 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

ENRIQUE ZEPEDA NAVARRO 

C.E.O. 

Mexican Citizen 

Business address: 

Santander No. 15, Piso 1 0 

Col. lnsurgentes Mixcoac 

Mexico, D.F. 03920 

Residence address: 

Rinconada Los Encinas 7 

Frace. Club de golf Los Encinas 

Lerma, Edo. de Mexico 52031 

JOSE A. EROSA ZEPEDA 

Operations Manager CME 

Mexican Citizen 

Business address: 

Hangar #5 Zona 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 

SERGIO A. ZEPEDA TIELVE 

Administrative Manager 

Mexican Citizen 

Business address: 

Santander No. 15, Piso 1 0 

Col. lnsurgentes Mixcoac 

Mexico, D.F. 03920 

Residence address: 

Montalban #658 

Col. Vertiz Narvarte 

Mexico, D.F. C.P. 03600 

JUAN DE DIOS CHANONA VALDEZ 

Operations Manager TLC 

Mexican Citizen 

Business address: 

Aeropuerto lnternacional de Toluca 
Transportes Aereos Pegaso. S.A. de C.V. -Initial Exemption Application 

Hangar EOLO 

Zona Hangares Privados 

Residence address: 

Calle 12 de Octubre N. 67-6 

Fraccionamiento Arboledas 2 

Metepec, Edo. de Mexico 52170 

NOEMI SAAVEDRA BELLO 

General Accountant 

Mexican Citizen 

Business address: 

Santander No. 15, Piso 1 0 

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 

Fraccionamiento Sol Campestre 

Villa Hermosa Tabasco, Mexico 86280 

NOE MARTIN QUINTANA ACEVES 

Chief Inspector 

Mexican Citizen 

Business Address: 

Hangar #5 Zona Federal 

Aeropuerto lnternacional Ciudad del Carmen 

Ciudad del Carmen, Campeche, Mexico 

Residence Address: 

Calle 48 No. 157 entre calles 41-C Y 43 No. 57 

Fraccionamiento Francisco de Montejo 

10 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

Merida Yucatan, Mexico 97210 

Francisco Javier Prendes Trujillo 

Chief Pilot 

Mexican Citizen 

Licence: 200501738 Expires: 29/03/2012 

Circuito El Capulin S/N 244 

Business address: 

Santander No. 15, Piso 1 0 

Col. lnsurgentes Mixcoac, 

Mexico, D.F. 03920 

Residence address: 

Residencial del Parque 

Aguascalientes, Aguascalientes C.P. 20277 

Carlos Manuel Ruiz Velazco 

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 of all persons holding five percent (5%) 

or more of the capital stock or capital of the applicant. Also indicate the 

number and percentage of shares of stock or percentage of capital 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 of the entire capital stock or capital of 

that corporation partnership and the respective interest of each. If any 

11 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

(f) shares are held for the benefit of another person, give the name and 

citizenship of that 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 GARCIA GUTIERREZ 

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 SHARES ARE HELD FOR THE BENEFIT OF 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 

percent or more of the capital stock) holds any interest directly or indirectly 

(through brokers or holding companies) in any of the entities listed below. 

If no interest is held, so state. 

THE APPLICANT (EACH OFFICER, DIRECTOR, MANAGER, OR ~ 

HOLDER OF FIVE PERCENT OR MORE OF THE CAPITAL STOCK) DO \-

12 
Transportes 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 other foreign air carrier; 

c. Any persons engaged in the business of aeronautics; and 

d. Any common carrier, or any person whose principal business is the 

holding of stock in, or control of, any air carrier. 

3) Indicate the relationship between the applicant and its homeland 

government. If the applicant is wholly owned or substantially owned 

by the government, indicate which government department has 

responsibility for managerial decisions. 

APPLICANT HAS NO RELATIONSHIP WITH ITS HOMELAND 

GOVERN MET 

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 insurance carriers(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. 

ATTACHMENT 2: A.O.C. 

13 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

6) Summarize the operating history of the 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 air transportation 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 

efficiency and 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 number and the country of 

registration. If leased, state the address and citizenship of each 

lessor. Describe any plans for the acquisition or lease of additional 

14 
Transportes Aereos Pegaso. SA de C.V. -Initial Exemption Application 

aircraft if the present permit or application 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 

or will be wet-leased. 

AIRCRAFT OWNED: 

LEARJET 31A 

REGISTRATION NUMBER IS: XA-ZYZ 

COUNTRY OF REGISTRATION IS: MEXICO 

AIRCRAFT WILL BE USED EXCLUSIVELY BY THE APPLICANT 

THERE ARE NO PLANS TO WET-LEASE ANY AIRCRAFT 

THIS IS THE FIX WING AIRCRAFT THAT IS PLANNED TO FLY 

TO THE USA. 

ATTACHMENT 4: COMPLETE AIRCRAFT FLEET 

8) State where and by whom the maintenance of the aircraft is or will 

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 state whether the applicant's home country is 

a contracting State to the Convention on International Civil Aviation. 

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 MEXICO AND 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 behalf of the 

applicant, and any U.S. or foreign air carrier, affecting the proposed 

services to the United States that are not on file with the 

Department. If there 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 ENTERED WITH AND BETWEEN THE APPLICANT, 

15 
Transportes Aereos Pegaso. SA de C.V.- Initial Exemption Application 

AND ANY U.S. OR FOREIGN AIR CARRIER, AFFECTING THE 

PROPOSED SERVICES TO THE UNITED STATES THAT ARE 

NOT ON FILE WITH 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 of the 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 profit and loss summary shall identify: 

(i) Total air transport operating revenues (separated into 

three categories: passenger, cargo, and other transport 

revenues); 

2010: USD$37,000,658 2011: USD$51 ,038,324 

(ii) Total air transport operating 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) Profit or loss after income taxes. 

2010: USD$741 ,698 2011: USD$(203,582) 

ii. The balance sheet summary shall state and identify: 

(i) Current assets; 

2010: USD$1 0,989,090 2011: USD$9,688,026 

(ii) Flight equipment (after depreciation); 

2010: USD$29, 772,348 2011: USD$72, 173,7 42 

(iii) Other Assets; 

2010: USD$2,007,619 2011: USD$52,616,059 

16 
Transportes Aereos 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 

ATACHMENT 5: FINANCIAL SUMMARIES 

11) Describe the amount, type and reason for financial assistance 

received or expected from the applicant's government, if any. 

APPLICANT DOES NOT RECEIVE ANY FINANCIAL 

ASSISTANCE FROM ANY GOVERNMENT. 

12)Submit an estimate showing the total traffic and the financial result 

of the 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 FLY THE EXECUTIVE AIRCRAFT (LEAR JET) TO THE USA 

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

AN AVERAGE OF 8 HOURS A MONTH WHICH AMOUNTS TO 

$230,000 USD PER YEAR AND OUR REGULAR OPERATION IN 

MEXICO AMOUNTS $990,000 USD PER YEAR. 

13)For the preceding 5 years, state whether the applicant has been 

involved in any safety or tariff violations or any fatal accidents. If so, 

furnish details. 

FOR THE PRECEDING 5 YEARS, APPLICANT HAS NOT BEEN 

INVOLVED IN ANY SAFETY OR TARIFF VIOLATIONS OR ANY 

FATAL ACCIDENTS. 

14)Submit 3 completed copies of OST Form 4523 (Waiver of liability 

limits under the Warsaw Convention). 

ATTACHMENT 6: 3 COPIES OF FORM 4523 

WHEREFORE, Transportes Aereos Pegaso, S.A. de C.V. respectfully requests 

exemption authority for a term of at 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 

relief as may be in the public interest. 

Sergio e eda Tielve 

Legal representative 

TRANSPORTES AEREOS PEGASO, S.A. DE C.V. 

18