UNITED STATES 

DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

APPLICATION OF 

AEROMODELO S.A. de C.V. 

For Renewal Exemption For Two Years 

Under 49 U.S.c. Section 40109; 

Docket OST -2004-17411, invoking 

The last sentence ofS U.S.c. 558(c). 

Docket OST-2004-17411 

APPLICATION FOR RENEWAL OF TWO YEAR EXEMPTION FILED BY 

AEROMODELO S.A de C.V., INVOKING 5 U.S.C. 558(c) 

1. Aeromodelo S.A. de C.V. 

Javier Barros Siena 555, Piso 6 

Col. Zedec Plaza Santa Fe 

01210 Mexico, D.F. 

Tel: +52-55-2266-0000 (Ext 6339) 

Fax: +52-55-2266-0000 (Ext. 6485) 

Aeromodelo S.A. de C.V. [hereinafter Aeromodelo] was incorporated in Mexico City, 

Mexico on February 25,2000, to provide commercial air taxi services for the companies 

ofGrupo Modelo, S.A. de C.V. 

2. The Mexican Government Air Transport Authority over the applicant is: 

Secretaria de Comunicaciones y Transpo11es 

Subsecretaria de Transp011e 

Direccion General de Aeronautica Civil 

Providencia No. 807 Pi so 6 

Colonia del Valle 

03100 Mexico, D.F. 

Mexico 

Tel. 56877660 

Fax. 55236642 

3. The operations that Aeromodelo proposes to conduct and for which it requests exemption 

from 49 U.S.C. §41301, are charter operations between Mexico and the United States, 

and other chm1ers subject to prior approval under 14 C.F.R. Part 212, using small 

equipment. The flights consist of the transportation of company executives and other 

employees and guests of Grupo Modelo and Anheuser Busch. Most flights are business 

related. These operations are encompassed in the Mexico- U.S. agreement. 
Application of Aeromodelo, S.A. de C.V 

For Renewal ofTwo Year Exemption 

Page 2 

Aeromodelo also requests stopover privileges and relief from the requirement to provide 

advance notice of each flight, or series of flights, between Mexico and the United States. 

4. The Administrator of Aeromodelo is: 

Norman Fernando Riedel (Mexican citizen) 

Business Address: 

Home Address: 

Aeromodelo S.A. de C.V. 

Javier Banos Sierra 555, Piso 6 

Col. Zedec Plaza Santa Fe 

01210 Mexico, D.F. 

The home address is withheld for security reasons relating 

to the safety ofthis individual and his family. 

The operational personnel are: 

Humberto Enrique Villanueva Sanchez (Chief Pilot and Director of Operations) 

(Mexican citizen) 

Business Address: 

Home Address: 

Aeromodelo S.A. de C.V. 

Javier Barros Sierra 555, Piso 6 

Col. Zedec Plaza Santa Fe 

01210 Mexico, D.F. 

Hacienda La Quemada #515-55 

Residencial San Miguel 

52140 Metepec 

Estado de Mexico 

Alberto Nfuedano Gonzalez (pilot) (Mexican citizen) 

Business Address: 

Home Address: 

Aeromodelo S.A. de C.V. 

Javier BmTos Sierra 555, Piso 6 

Col. Zedec Plaza Santa Fe 

01210 Mexico, D.F. 

5 de Febrero 154-12 

Col. Bellavista 

52172 Metepec 

Estado de Mexico. 

None of the above individuals owns or controls any other aeronautic company. 
Application of Aeromodelo, S.A. de C.V 

For Renewal of Two Year Exemption 

Page 3 

5. The two owners of Aeromodelo have merged and Aeromodelo is now solely owned by 

Grupo Modelo, S.A.B. DE C.V. The corporate structure is attached as Exhibit A. 

The applicant, Aeromodelo, hereby requests a waiver of the Department of 

Transpmiation Aviation Policy, that the operator be substantially owned and effectively 

controlled by its homeland nation, to the extent necessary for the grant of this exemption 

authority requested by Aeromodelo. 

There is nothing in the ownership of Aeromodelo that is inimical to the U.S. Aviation 

interest. 

6. Aeromodelo has liability insurance with Mapfre Tepeyac, S.A., with a combined limit of 

$50,000,000 USD for the Falcon 50EX XA-UDW, and with a combined limit of 

$50,000,000 USD for the Falcon 900 EX XA-GMD. Certificates of Insurance for each 

aircraft are attached as Exhibit B. 

7. Certified copies of the latest AOC authorization, issued on December 6, 2012, with an 

expiration date of November 29, 2014, authorizing Aeromodelo S.A. operations are 

attached in Exhibit C. 

8. Aeromodelo has been operating since February 25, 2000. Aeromodelo's sole 

administrator is Norman Fernando Riedel Grupo Modelo, S.A.B. de C.V., a company 

founded in 1925, which has over 46,000 employees and is the leader in the Mexican 

Brewing Industry, is the owner of Aeromodelo. 

Humbe1io Enrique Villanueva Sanchez who is the chief pilot, has over 8,100 hours of 

flight time. Copies of his curriculum vitae and qualifications were enclosed as Exhibit F 

in the 2009 Application. 

Albe1io Muedano Gonzalez has over 3,800 hours of flight time. Copies of his cuniculum 

vitae and qualifications were enclosed as Exhibit E in the 2009 Application. 

Aeromodelo has not any safety violations or defaulted on any transportation 

commitments in the past three (3) years. 

9. Aeromodelo has one Falcon 900-EX aircraft, Serial Number 99 with Mexican 

Registration XA-GMD, and one Falcon 50-EX, Serial Number 291, with Mexican 

Registration XA-UDW. The aircraft are based at the International Airport of Toluca, 

Mexico. 

There are no plans to acquire any additional aircraft through purchase or lease. 

10. Maintenance services are provided on the Falcon 50 EX and Falcon 900EX according to 

the Falcon requirements, by Jet Corporation, Inc., St. Louis, Missouri, under the 
kçîÉãÄÉê=QI=OMNP
EXHIBIT 

A 
GRUPO MODELO, S.A.B. DE C.V. CORPORATE STRUCTURE AFTER THE TRANSACTION 

Series FixedN ariable 

Shareholder Part Shares % 

Anheuser-Busch International Holdings, Inc. B Variable 2,212,017,984 49.999% I 

Anheuser-Busch Mexico Holding, S. de R.L. c Fixed I ,981,272,368 44.78% deC.V. 

Anheuser-Busch International Holdings, Inc. c Fixed 15'056,745 0.34% 

Public Investors c Fixed 215,767,074 4.86% 

TOTAL 4'424,114,171 100% 
EXHIB T 

B 
,i c' ~ AGENCY DISPLAY OF ESnMATED BURDEN 

The public reponing burden for this collection of information is estimated to average 30 minutes per response. If you wish u to comment on the accuracy of the estimate or make suggestions for reducing this burden, please direct your comments to: 

U.S. Department of Transportation, Office of Aviation Analysis, X-56, 400 ~ St., SW ,., Washington, D.C. 20590. According 

to tl'le Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays 

a valid OMB control number. 

Office of the Secretary 

of Transportation NOTE: For informalioll on where to file completed copies of this form, see FILING INSTRUCTIONS below. 

OMB No 2106-0030_~ ires 9-30-2007 

FOREIGN AIR CARRIERS • CERTIFICATE OF INSURANCE 

POLICIES OF INSURANCE FOR AIRCRAFT ACCIDENT BODILY INJURY 

AND PROPERTY DAMAGE LIABILITY 

FILING I~§TRUCTIONS : File a signed original of this form with the Federal Aviation Administration. Air Transportation Div., AFS-260, 

Independence Ave., SW ., Washington, DC 20591 . (See EXCEPTION below.) 

800 

EXCEPTION: If Section 2.A. 'ts filled in because the insured is a Canadian Charter Air Taxi Operator, file an original of this form with the U.S. 

Department of Transportation, Special Authorities Division (X-46), 400 7tto Street, SW. Washington, D.C. 20590 

(Please type information, except signatures.) 

THIS CERTIFIES THAT: MAPFR!; TEPEYAC S.A. 

(Name of Insurer) 

has issued a policy or policies of Aircraft Liability Insurance to AEROMODELO, S.A. DE C.V. 

JAVIER BARROS SIERRA t:!O. 555 PISO 3, CQL. ZEDEC ED. PLAZA SANTA FE, MEXICO, D!STRITO FEDERAL 

(Name, address of Insured Foreign Air Carrier) 

effective from AUGUST 15T 2Q1;2 until ren (10) days after written notice frcm the insurer or carrier of the intent to 

terminate coverage is received by the DepartmEHll of Transportation. 

NOTE: Part 205 of the Department's Regulations does not allow for a predetermined termination date, and a cer1ifrcate showing such a date is 

unacceptable. 

1. Tt.e Insurer (Check One}: 

is licensed to issue aircraft insurance policies in the United States; 

X is licensed or approved by the government of MEXIQQ to issue aircraft insurance policies; or 

is an approved surplus line insurer in the State(s) of 

2. The insurer assumes, under the policy or policies listed below, aircraft accident liability insured to minimums alleast equal to the following during 

operation, maintenance, or use of aircraft in "foreign air transporlation" as that term is defined in 49 U.S.C. 40102. 

(Come/ere aDDiicable s11clion A, 8, or C below): 

A. CANADIAN CHARTER AIR TAXI OPERATORS WJTH PART 294 AUTHORITY ONLY 

The aircraft covered by this policy have: (1) 30 or fewer passenger seats and a maximum payload capacity of 7,500 pounds or less; and/or 

(2) a maximum autl1orized takeoff weight on wheels of no more than 35,000 pounds. (Qomplete separate or combinfifi coverage as 

appropriate): 

0 Separate Coverages: Minimum Umit 

Polic"t,No. T me of Liabi!iJ.'£. Each Qerson J;a_c./J Occurrenc~ 

Combined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability $75,000 $2,000,000.(See note) 

Passenger Bodily Injury $75,000 $75,000 x 75% of 

total number of 

passenger seats 

i nsta II ed in aircraft 

D Combined Coverage: This combined coverage is a single limit of liabllily for each occurrence at least equal to the required minimums 

stated above for bodily injury (excluding passengers), property damage, and passenger bodily injury. 

Policy No. Amount of Coverage 

0 This policy covers CARGO operations only and excludes passenger liability insurance. 

NOTE: If the aircraft covered by this policy have moJe 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 6411 
3. 

4. 

B. FOREIGN AIR CARRIERS OPERATING SMALL AIRCRAFT 

The aircraft covered by this policy are SMALL AIRCRAFT (i.e., with 60 or fewer passer~ger seats or with a maximum payload 

capacity of 18,000 pounds or less). (Complete separate or combined coverage as appropriate): 

11 Separate Coverages: Minimum Limit 

__ ..!P~o!!lli:!<.c.t.v.!..lN!l<o'- . ___________ ~yu,p~e~o~f..!:L~ia~b~ill!!.ly(.__ ______ ___ ..!:EoJ:a!.!<c!.!.hJ:tP:s:!f :'.! n __ --=E§~h Occurrence 

Combined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability 

Passenger Bodily Injury 

$300,000 

$300.000 

$2,000,000 

$300,000 x 75% of 

total number of 

passenger seats 

installed in aircraft 

x Combined Coverage: This combined coverage is a sir~gle limit of liability for each occurrence at least equal to the required minimums 

stated above for bodily injury (excluding passengers), property damaged, and passenger bodily injury. 

Policy No. 3601300000131 Amount of Coverage USD. $50.000.000 00 

This policy covers CARGO operations only and excludes passenger liability insurance. 

C. FOREIGN AIR CARRIERS OPERATING I.ARGE AIRCRAFT 

The aircraft covered by this policy are LARGE AIRCRAFT (i.e .. with more than 60 passenger seats or with a maximum payload capacity of 

more than 18,000 pounds}. (Complete separate or combined coverage as appropriate): 

Separate Coverages: Minimum Limit 

__ ..:. li y<...!..: .:.... _______ ___ ___,T:tfJ.tt.JJf Liabilroy Each pe-rson Each OCC,f.!rrence 

Ccmbined Bodily Injury (Excluding Passengers other 

than cargo a\1er\dants) and Property Damage Liability $300,000 $20,000,000 

$300,000 x 75% of 

total number or 

Passenger Bodily Injury $300.000 

passenger seats 

installed in aircraft 

1 1 Combined Coverage: This combined coverage is a single limit or liability for each occurrence at least equal lo the required minimums 

stated above for bodily injury (excluding passengers). property damaged, and passenger bodily mjury. 

Policy No _______________ _ Amount of Coverage. __________ U.S. Dollars 

This policy covers CARGO operations only and excludes passenger liability insurance. 

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 of aircraft: 

x Operations with the following aircraft: (Use additional page il necessary) 

Make and Model 

AGUSTA A109E POWER 111641 

2005 

FAA or Foreign Flag 

Registration No. 

XA-VIC 

Each policy listed in this certificate meets or exceeds the requirements in 14 CFR Part 205. 

MAPFRE TEPEY AC SA _C'! ~ "" 12 ~!c. &~LL~"" (Name of Insurer) 

BLVD MAGNOCENTRO #5, CENTRO URBANO 

(Address) 

52760 HUJXQUILUCAN EDO_ DE MEXICO 

(City. Stale, Zip Code) 

RAQUEL MENDOZA DIAZ 

Contact (person who can verify the effectiveness of the coverage) 

5255 59 50 77 98 5255 5246 75 90 

(Area Code. Pho~ ~ode. Fax Number) 

(Signature, if appl1blb e) "--· 

OCTOBER 28. 2013 

(Date) 

(Name of Broker, if applicable) 

t 0 c.~ J,d,,~ 

(Address) 

"'!: L (;.f) 6f'J 1 

(City. State. Zip Code) 

H/A 1 e. I 

(Officer or authorized representative) 

JIC 1 3; I li'J'-1 ----=:-:-----:~ (Area Code. Phone Number) (Area Code, Fax Number) 

£if- t l!l·~ I 

(Signature) 

I ':l I jn /1; 

(Date/ 
Cf ~ AGENCY DISPLAY OF ESTIMATED BURDEN OQ The public reporting btlfden for this C<lllection of information is estimated to average 30 minutes per response. If you wish ; to comment on the accuracy of the estimate or make suggestions for reducing this burden, please direct your C<lmments to: 

U.S. Department of Transportation, Office of Aviation Analysis, X-56, 400 -rt' St., SW,., Washington, D.C. 20590. According 

to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays 

a valid OMB control number. 

Office of tlle Secret3ry 

of Transportation NOTE; For information on where to file completed copies of this form, see FILING INSTRUCTIONS below. 

OMB No. 21 06-~30 Expires 9-30--~007 

FOREIGN AIR CARRIERS • CERTIFICATE OF INSURANCE 

POLICIES OF INSURANCE FOR AIRCRAFT ACCIDENT BODILY INJURY 

AND PROPERTY DAMAGE !.lABILITY 

FILING INSTRUCTIQNS: File a signed original of this form with the Federal Aviation Administration, Air Trartsportation Div., AFS-260, 800 

Independence Ave., SW., Washington, DC 20591 . (See EXCEPTION below.) 

EXCEPTION: If Section 2.A. is filled in because the insured is a Canadian Charter Air Taxi Operator, file an original of this form with the U.S. 

Department of Transportation, Special Authorities Division (X-46}, 400 7th Street, SW, Washington, D.C. 20590 

(Please type information, except signatures.) 

THIS CERTIFIES THAT: MAPFRE TEPEYA~ ~.A. 

(Name of Insurer) 

has issued a policy or policies of Aircraft Liability Insurance to AEROMOOELO, S.A. DE C.V. 

JAVIER BARRQS SIERRA NO. 555 PISO 3, COL. ZEDEC ED. PLAZA SAN1~.f_E._f\1SXJ.QQ...QI~TRITO FEDERAL 

(Name, address of Insured Foreign Air Carrier) 

effective from AUGUST 1ST 2Q]3 until len (10) days after written notice from the insurer or carrier of the in lent to 

terminate coverage is received by the Department of Transportation. 

NOTE: Part 205 of the Department's Regulations does not allow for a predetermined termination date, and a certificate showing such a date is 

unacceptable. 

1. The Insurer (.Check One): 

is licensed to issue aircraft insurartce policies in the Uniled States: 

X is licensed or approved by the government of MEXICO to issue aircraft insurartce policies; or 

is an approved surplus line insurer in \he Stale(s) of 

2. The insurer assumes, under the policy or policies listed below. aircraft accident liability insured to minimums at least equal to the following during 

operation, maintenar1ce, or use of aircraft in "foreign air transportation• as that term is defined in 49 U.S.C. 40102. 

(COmf2/ete B/1f2/icab/e section A, B, or g below): 

A. CANADIAN CHARTER AIR TAXI OPERA TORS WITH PART 294 AUTHORITY ONLY 

The aircraft covered by this policy have: (1) 30 or fewer passenger seats and a maximum payload capacity of 7,500 pounds or less: and/or 

(2) a maximum authorized takeoff weight on wheels of no more than 35,000 pounds. (Complete separate or combined coverage as 

appropriate): 

D Separate Coverages: Minim!J!IJ Limit 

PofiC'i. No. Tvve of Uii!,bil(jy_ Each ~J.erson Each Occf.!rrence 

Combined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability $75,000 $2,000,0QO•(See note) 

Passeager Bodily Injury $75.000 $75,000 x 75% of 

total number of 

passenger seats 

installed in aircraft 

J 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 (excluding passengers), property damage, and passenger bodily injury. 

Policy No. Amount of Coverage 

D This policy covers CARGO operations only and excludes passenger liability insurance. 

NOTE: If the aircraft covered by this 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 6411 
3. 

4. 

B. FOREIGN AIR CARRIERS OPERATING SMALL AIRCRAFT 

The aircraft covered by this policy are SMALL AIRCRAFT (Le., with 60 or fewer passenger seats or with a maximum payload 

capacity of 18.000 pounds or less). (Complete separate or combined coverage as appropriate): 

Separate Coverages: Mm;mumLimil 

Poli£LfY.~o·:.------------'T'-'v;e::D::<.e..>:o::...f.:Li~·a::t..""-il~t·t __________ =>Eac.hJ2Q!§P.·n,. __ _,E'='a"'c.,.h~O~c!<.lu!!.~~re<!.n!.l<c~eCombined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability 

Passenger Bodily Injury 

$300.000 

$300,000 

$2.000,000 

$3oo.ooo x 75% of 

total number of 

passenger seats 

installed in aircraft 

x Combined Coverage: This combined coverage is a single limit of liability for each occurrence at least equal to the required mi11imums 

staled above for bodily injury (excluding passengers), property damaged. and passenger bodily injury. 

Policy No. 3601300000131 Amount of Coverage USD. $50.000,000.00 

This policy covers CARGO operations only and excludes passenger liability insurance. 

C. FOREIGN AIR CARRIERS OPERATING LARGE AIRCRAFT 

The aircraft covered by this policy are LARGE AIRCRAFT (i.e .. with more than 60 passenger seats or with a maximum payload capacity of 

more than 18,000 pounds). (Complete separate or combined coverage as appropriate!: 

1 1 Separate Coverages : Minimum Limit 

__ LP,l,o~li!:<. cvL!.!~o'-. ___________ T-wvu.P::::...e Q.( L(abill"-'·tvL-_ ________ ...,E~a~ch~p~er""s"'o"'n-----=Ea2:c~hL:Qccurrence 

Combined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability $300,000 

$300,000 

$20,000.000 

$300,000 x 75% of 

total number of 

passenger seats 

installed in aircraft 

Passenger Bodily Injury 

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 (excluding passengers), property damaged, and passenger bodily injury. 

Policy No. _______________ _ Amount of Coverage __________ U.S. Dollars 

This policy covers CARGO operations only and excludes passenger liability insurar~ce. 

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 of aircraft: 

x Operations with the following aircraft (Use additional page if necessary) 

Make and Model 

DASSAUL T FALCON 50EX 1291 

2000 

FAA or Foreign Flag 

Registration No. 

XA-UDW 

Each policy listed in this certificate meets or exceeds the requiremer~ts in 14 CFR Part 205. 

MAPFRE TEPEYAC SA 

(Name of Insurer) 

BLVD. MAGNOCENTRO #5. CENTRO URBANO 

(Address) 

52760 HUIXQU/LUCAN. EDO. DE MEXICO 

(City. State, Zip Code) 

RAQUEL MENDOZA DIAl 

Contact (person who can verify the effectiveness of the coverage) 

5255 5246 75 90 

(Area Code, Fax Number) 

OCTOBER 28. 2013 

(Date) 

P-toA l2~~ k ~oL..J. ~" ~ (Name of Broker. if applicable) 

2..nn t 12",.)" ')~ (Address) 

C.h t, c.,.., '1-L &f"' &(\1 =---~~~~~~~ 

u (Crfy. Sfatf'. Zip Code) 

} "'her 

(Officer or authorized represent alive) 

_'3...,--- J l---=-_ I_) & I -z 74 ~ (Area Code. Phone Number) (Area Code. Fax Number) 

~r 1k/--

(Signature) 

10 Jjn/1] 

(Date) 
/j~~ ~ AGENCY DISPLAY OF ESTIMATED BURDEN 

The public repor1ing burden for this collection of information is estimated to average 30 minutes per response. If you wish g , 

to comment on the accuracy of the estimate or make suggestions for reducing this burde11. please direct your comments to: 

U.S. Department of Transportation, Office of Aviation Analysis, X-56, 400 7th St., SW,., Washington, D.C. 20590. According 

to the PapeJWOrk Reduction Act of 1995, no persons are required to respond to a collection of Information unless it displays 

a valid OMB control number. 

Office of the Secretary 

of Transportation NOTE: For information on where to file completed copies of this form, see FILING INSIBUCTIONS below. 

OM6 No. 2106-0030 Ext:.ires 9-30·2007 

FOREIGN AIR CARRIERS • CERTIFICATE OF INSURANCE 

POLICIES OF INSURANCE FOR AIRCRAfT ACCIDENT BODILY INJURY 

AND PROPERTY DAMAGE LIABILITY 

FlUNG IN§:TBUCTIONS: File a signed original of this form with the Federal Aviation Administration, Mr Transportation Div., AFS-260, 800 

Independence Ave., SW., Washington, OC 20591. (See EXCEPTION below.) 

EXCEPTION: II Section 2.A. is filled in because the insured is a Canadian Charter Air Taxi Operator, file an original of this form with the U.S. 

Department of Transportation, Special Authorities Division (X-46), 400 7~ Street, SW, Washington, D.C. 20590 

(Please type information, except signatures.) 

THIS CERTIFIES THAT: MAPFRE TEPEYAC S.A. 

(Name of Insurer) 

has issued a policy or policies of Aircraft Liability Insurance to AEROMODELO. S.A. DE C.V. 

JAVIER BARROS SIERRA NO. 555 P'S.0_3.._C9l. ZEOEC ED. PLAZA SANTA FE. MEXICO, DISTRITO FEDERAL --- ·· · ·- - ·· ' (Name. address of Insured Foreign Air Carrier) • 

effective from AUGUST 1H 2013 until ten (10) days after written notice from the insurer or carrier of the intent to 

terminate coverage is received by the Department of Transportation. 

NOTE: Part 205 of the Department's Regulations does not allow for a predetermined termination date, and a certificate showing such a date is 

unacceptable. 

1. The Insurer (Check One): 

is licensed to issue aircraft insurance policies in the United Stales; 

X is licensed or approved by the government of MEXICO to issue aircraft insurance policies; or 

Is an approved surplus fine insurer in the State(s) of 

2. The insurer assumes, under the policy or policies listed below, aircraft accident liability insured to minimums at least equal to the following during 

operation, maintenance, or use of aircraft in "foreign air transportation" as that term is deftfled in 49 U.S.C. 40102 . 

(Comg.fete 8f212.llcable section A, B, or C below): 

A. CANADIAN CHARTER AIR TAXI OPERA TORS WITH PART 294 AUTHORITY ONLY 

The aircraft covered by this policy have: (1) 30 or fewer passenger seats and a maximum payload capacity of 7,500 pounds or less; and/or 

(2) a maximum authorized takeoff weight on wheels of no more than 35,000 pounds. (Complete separate or combined wveraqe as 

appropriate): 

~ Separate Coverages: Minimum Limit 

Polic'L. Na. Ttlle of Lisbilit't. Each person ~ach Occurrence 

Combined Bodily Injury (Excluding Passengers other 

than cargo aMndants) and Property Damage Liability S75,000 $2,000,000~(See note) 

Passenger Bodily Injury $75,000 $75,000 x 75% of 

total number of 

passenger seats 

installed in aircraft 

0 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 (excluding passengers), property damage, and passenger bodily injury. 

Policy No. Amount of Coverage 

0 This policy covers CARGO operations only and excludes passenger liability insurance. 

NOTE: If the aircraft covered by this 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 6411 
3. 

4. 

B. FOREIGN AIR CARRIERS OPERATING SMALL AIRCRAFT 

The aircraft covered by this policy are SMALL AIRCRAFT (i.e., with 60 or fewer passenger seals or with a maximum payload 

capacity of 18.000 pounds or less) (Complete separate or combined coverage as appropriate): 

Separate Coverages : Minimum Limit 

_____ Pqlf.~~y~N~o~·----------------------~TvuD~e~c~~L~~~b~~iiLY-------------------~E~a~c~h~p~e~ro~o~n~---=E~a~ch~O~c~c~u~~re~n~c~e~ 

Combined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability 

Passenger Bodily Injury 

$300.000 

$300,000 

$2,000,000 

$300,000 x 75% of 

total number of 

passeoger seats 

installed in aircraft 

x Combined Coverage: This combined coverage is a single limit of liability for each occurrence at least equal lo the required minimums 

stated above for bodily injury (excluding passengers), property damaged, and passenger bodily injury. 

Policy No. 3601300000131 Amount of Coverage USD. $50,000.000 .00 

This policy covers CARGO operations only and excludes passenger liability insurance. 

C. FOREIGN AIR CARRIERS OPERATING LARGE AJRCRAFT 

The aircraft covered by this policy are LARGE AIRCRAFT (i.e., with more than 60 passenger seats or wilh a maximum payload capacity of 

more than 18,000 pounds). (Complete separate or combined coverage as appropriate J: 

Separate Coverages: Minimum Limit 

----~P~o~li~cy ~o~----------------------~ofL~ ffYL-------------------~c~a~c~h~p~e~~~o~n~ __ ~E ch~O~c~c~ur~r~e~c~e~ 

Combined Bodily Injury (Excluding Passengers other 

than cargo attendants) and Property Damage Liability 

Passenger Bodily Injury 

$300,000 

$300.000 

$20.000,000 

$300,000 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 (excluding passengers), property damaged. and passenger bodily injury. 

Policy No. ____________________________ _ Amount of Coverage __ ___________ u.s Dollars 

This policy covers CARGO operations only and excludes passenger liability insurance. 

The policy or policies listed in this certificate insure(s) (Check One): Make and Model FAA or Foreign Flag 

Registration No. 

1, Operations conducted with all aircraft operated by the insured DASSAUL T FALCON 900EX 199 XA-GMD 

Operations conducted with the following types of aircraft: 2002 

x Operations with the following aircraft: (Use additional page if necessary) 

Each policy listed in this certificate meets or exceeds the requirements in 14 CFR Part 205. 

MAPFRE TEPEYAG SA 

(Name of Insurer) 

BLVD. MAGNOCENTRO #5. CENTRO URBANO 

(Address) 

52760 HUIXQUJLU<; AN. f[;O. DE MEXICO 

(City. State. Zip Code) 

RAQUEL MENDOZA DIAZ 

Contact (pe~on who can verify the effectiveness of the coverage) 

5255 5246 75 90 

(Area Code. Fax Number) 

OCTOBER 28. 2013 

(Date) 

(4<), (2~sk r'JI-~J,.-J ~~ ~~~

(Name of Broker, if applicable) 

2 OCl t f? c..., .& OJ I, ~ (Address) 

c~ U-t S tJ '1-L. ~&rl (Citv State, Zip Code) 

HLtbe ! 

(Officer or authorized representative) 

I '3il '"2-'1'1~ -...,-----,--

(Area Code, Phone Number) (Area Code, Fax Number) 

C'./ ·~ 

(Signature) 

1 'J n(' 1 1 

(Date) 
EXHIBIT 

c 
ESTADOS UNIDOS MEXICANOS 

SECRETARrA DE COMUNICACIONES Y TRANSPORTES 

SUBSECRETAR[A DE TRANSPORTE 

DIRECCI6N GENERAL DE AERONAUTICA CIVIL 

CPllU1PICJi.fDO (])fE PJ{(JJ£or(ft(})()(J{ 

(})fE SPil{o/ICIOS .Jlf£~OS (AIR OPERATOR CERTIFICATE) 

- ,, J t r., • 

.JifElJ{O:M.OtJYE£0, S . .JL (JYE Co tfl. 

.JlOC !No. (])£S I 2002 

CALLE 5 HANGAR 16 

AEROPUERTO INTERNACJONAL DE TOLUCA 

C.P. 50200, TOLUCA, EDO DE MEXICO. 

Responsable general de Ia operaci6n: 

(Operation general manager) Lie. Norman Riedel Braun 

Telefono (telephone): 

Fax: 

Correo electron! co (e-mail): 

Datos de contacto operacionales 

(Operational contact data) 

01 (722) 273 53 48 

No aplica 

operaciones_aeromodelo@hotmail.com 

La informacion de contacto donde se puede ubicar a las autoridades de gesti6n operacional sin demoras indebidas se proporciona en: 

(Contact infonnation where you can locate the operational management wit/Jout undue delay provided in) 

" Secci6n A6 de las Especificaciones de Operaci6n anexas al presente certificado (Operations Specifications Section A6 attac!led to tllis 

certificate). 

El presente documento certifica que AEROMODELO, S.A. de C.V. ha cumplido con los requerimientos establecidos en Ia Ley de 

Aviaci6n Civil, su Reglamento y Normas Oficiales Mexicanas correspondientes vigentes de los Estados Unidos Mexicanos y demas 

disposiciones aplicables, en raz6n de lo cual se le expide el presente certificado que le autoriza a realizer operaciones de transporte 

aereo comercial de conformidad con dicha Ley, Reglamento, Normas Oficiafes Mexicanas y demas disposiciones apllcables, asi como 

con los terminos, condiciones y limitaciones previstos en las especificaciones de operaci6n anexas al presente. 

El presente certificado es intransferible y salvo renuncia de su titular, a menos que sea suspendido, revocado o cancelado, 

permanecera vigente durante Ia fecha de indicada, y en case de que las condiciones y requisites que sirvieron de base para su 

otorgamiento no se mantengan actualizados, este carecera de validez. 

The present document certifies that AEROMODELO, S.A. de C. V. has mel the requirements of the Civil Aviation Law of Mexican United States and 

related operating regulations and mlos prescribed there under for 1/Je issuance of this ceJtificate and is hereby authorized to conduct commercial air 

transportation operations in accordance whit said operating regulations and mles prescribed there under and the term. conditions and limitations 

contained in the attached Specific Operating Provisions. 

This certificate is not transferable and. unless sooner surrendered, suspended or revoked, shall continue in effect until tile indicated date. 

Fecha de emisi6n (Issue date): 

Fecha de efectividad (Effective date): 

Fecha de vlgencia (Expiration (/ate): 

DIRECCION GENERAL ADJUNTA DE AVIACION 

AGSiJN CANO GALVAN 

06 de diciembre de 2012 (Dicember06. 2012). 

06 de diciembre de 2012 (Dicember06, 2012). 

29 de noviembre de 2014 (November29 2014). 

Cualquier modiflcacl6n en las llmitaciones o en los datos del titular del certiflcado, debera ser sollcitado a Ia Direccl6n General de Aeronautlca Civil. ~ Cualquier alferac16n a este certificado sin consentimiento por esclito de Ia Direcci6n General de Aeronautica Civil. sera sancionado conforme a lo establecldo en Ia Ley de 

Aviacl6n Civil. f Forma lA. 69/2002 R-1 
(SCT-02-126-A/14767<) ' ' ' DIRECCION GENERAL DE AER.ONAUTICA CIVIL. , 

DIRECCI9N GENERAL ~DJUN"PA DE AVIACION. 1 

DIRECCION DE AVIACION. 

4 .1.205.-136/12. h 

Mexico D.F. 06 de diciembre de 2012. 

lNG. JOSE CERVANTES MOJICA 

REPRESENTANTE LEGAL. 

AEROMODELO, 5. A. DE C. V. 

CALLE 5, HANGAR Num. 16, 

AEROPUERTO INTERNACIONAL DE TOLUCA, 

"LIC. ADOLFO LOPEZ MATEOS" 

C.P. 50200, EDO. DE MEXICO. 

"",fl "'l "tt:, 

c 0 M IJ · I ;; }' ( ' (~ t l 

•: r n 11 • 1'0 · r • 

En atencion a su escrito recibido por esta Direccion y una vez cubiertos los requerimientos al respecto, anexo 

al presente, se hace entrega de Ia renovaci6n del Certificado de Explotador Aereo Num. DLS / 2002, el cual 

es entregado con una vigencia al 29 de noviembre de 2014. 

Asi mismo, 

efecto, a fin de ser controlado en el expediente-fes 

C. c. p: Lie. Sergio Romero Orozco. Director Gene al de cro 

lng. Carlos Espinosa Schillinger. Director encrJ Adj n des~ uridad Aerea.- Mismo fin. 

Director de Transportes y Control Aeron · tico.- is o fin. 

Director de Control.- Mismo fin. f 

Comandancia General.- A. I. C. M. "Beni o Juar " czanine N ' m. 42 C. P. 15620 Mexico, 0. F.- Mismo fin. 

Comandancia Regional I Mazatlo\n.- A o. "G I. afacl £luel " A. P. Num. 2-1 Administration Urbana Num. 2. Col. Ju6rez, C. P. 

82180, Mazatl~n. Sin.- Mismo fin. 

Comandancia Regional 11.- Apto "Mariano Escobedo" Apodaca, N. L. A. P. Num. 62. Km. 21 Carret. a Nuevo Laredo. C. P. 66600, 

Monterrey, N. L.- Mismo fin . 

Comandancia Regional 111.- Apto. Int. De Ia Cd. De Guadalajara "Don Miguel Hidalgo y Costilla" 45659, Tlajomulco de Zuniga, Jai.-

Mismo fin . 

Comandancia Regional IV "Lie. Manuel Crescendo Rejon".- Apartado Postal Num. 5, Sucursal "F", C. P. 97291, Merida, Vue.- Mismo 

fin. 

Comandancia Regional V.- Apto "Gral. Heriberto Frias", A. P. Num. 382. Col. Centro. C. P. 91700. Veracruz, Ver.- Mismo fin. 

Comandancia Regional VI.- Apto. Int. de Ia Cd. de Toluca "Lie. Adolfo Lopez Mateos" Exhacienda Canaleja C. P. 50200, Toluca Edo de 

Mexico.- Mismo fin. 

\ '.fl o.J .,· 7.11111\iNGENIERIA DE OPtRACIONFS\AOC Otorgodos\lmprosos A\ AEROMODELO\lOll\lll707·tH·ll FNToUGA RF.NOVACI6N I>E AOC.dot 

J 

Blvd. Adolfo Lopez Mateos 1990, piso Z, Col. Los Alpes Tlacopac Del. Alvaro Obregon, D. F. 

Pagina 1 de 1 

Cp. 01010 tel. (55) 5723 9300 www.sct.gob.mx 
EXHIBIT 

D 
I ROMOD~ O, S.A. DE C.V. Balance sheet s of December 31, 201 2 

{Figures in Mexica , Pesos) 

Assets 

CURRENT 

Cash and cash equiValents 

Clients 

Other accounts receivable 

Prepaid expenses 

Tcta! current asser 

:=jx assets ! 

Air equipment and ether fix assets 

Accumulated depre liations 

Net fix assets 

Deferred income ta.,es 

Tctai assets 

435,223,369 

3,244,331 

724,912 

3,488,998 

$ 442,681 ,610 

637,448,652 

(41 2,904,678) 

224,543,974 

42,668,742 

$ 709,894,326 

Liabilities 

CURRENT 

Accounts payable 

Taxes payable 

Total current liabilities 

Stockholder's equity 

Capital stock 

Reserve and retained earnings 

Net income 

Total stockholder's equity 

Total liabilities and stockholder's equity 

C.P. E~ILIO FULLAONDO BOTELLA 

Vlcepresldent of Finance & Administration 

8,322,087 

45,567,107 

53,889,194 

698,860,686 

(45,630,317) 

2,774,763 

656,005,132 

$ 709,894,326 
AEROMODELO, S.A. DE C.V. allance sheet as of December 31 , 2011 

(Figure-s in Mexican Pesos) 

Assets 

CURRENT 

Cash ar.d cash equivalents 

Clients 

Other accounts receivable 

?repald expenses 

Total current assets 

Fix assets 

A:r equ:pment and other fix assets 

Accumulated depreciations 

Net fi~ assets 

Jefem;c income taxes 

T ota! assets 

290,213,560 

207,384,615 

251,265 

4,329,608 

$ 502,179,048 

633,734,194 

(351,993,793) 

281,740,401 

40,163,727 

$ 824,083,176 

Liabilities 

CURRENT 

Accounts payable 

Taxes payable 

Total current liabilities 

Stockholder's equity 

Capital stock 

Reserve and retained earnings 

Net income 

Total stockholder's equity 

Total liabilities and stockhplder's equity 

C.P. EMI4' FULLAONDO BOTELLA 

Vicepresidept of Finance & Administration 

95,654,199 

75,198,608 

170,852,807 

698,860,686 

(106,747,627) 

61,117,310 

653,230,369 

$ 824,083,176 
AEROMODELO, S.A. DE C.V. 

Income statement 

For the year ended December 31, 2011. 

(Figures in Mexican Pesos) 

Income for air taxi services 

Cost and operating expenses 

Operating income 

Other (Expenses) Income -NETFinance (Expenses) Income -NETIncome before tax provision 

Deferred income tax 

I.E.T.U. 

Net income 

$ 216,223,196 

113,143,661 

103,079,535 

1,761,861 

5,004,276 

109,845,672 

23, 090,238 

25,638,124 

$ 61,11 7,310 

Vicepresi nt of Finance & Administration