## 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 ofAeromodelo, 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 offlights, between Mexico and the United States. 4. The Administrator ofAeromodelo 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 

## (ChiefPilot 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 ofAeromodelo, 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 ofAeromodelo. 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 50EX and Falcon 900EX according to the Falcon requirements , by Jet Corporation, Inc., St. Louis, Missouri, under the

# 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 i nformation 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 ofthe Secretary ofTransportat ion 

### NOTE : For informalioll on where to file completed copies of 

### this f orm, 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 origi nal of this form with the Federal Aviation Admin istration. 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 Tax i Operator, 

### file an original of this form with the U.S. Department ofTransportation, 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 SIE RRA t:! O
. 555 PISO 3, 

### CQL
. ZEDEC ED
. PLAZA SANTA FE, MEXICO , D !STRI TO FEDERAL (Name , address of Insured Foreign Air Carrier) effective from AUGUST 1 5T 

### 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 i nsurance policies ; or is an approved su rpl us line insurer in the State (s) of 2
. The insurer assumes, under the policy or policies listed below, aircraft accident l iability 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 tota l number of passenger seats instaIIed 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 bod ily injury (excluding passengers), property damage, and passenger bod ily injury
. Policy 

### No. Amount of Coverage 0 

### This policy covers CARGO operations only and excludes 

### passenger liability insurance
. NOTE : If the ai rcraft covered by th is 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 64113.

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!!.l** **y(.__** ______ ___**..!:EoJ:a!.!<c!.!.h J: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 liabil ity 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 TEPEYAC 

### 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-**l!l·~** t I (Signature) 

# I ':l 

# Ijn 

# /1; (Date/

# Cf**~** AGENCY DISPLAY OF ESTIMATED BURDEN The public reporting btlfden for this C<lllection of information is estimated to average 30 minutes per response. If you wish 

# O Q ; 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 oftlle Secret3ry ofTransportation NOTE; For information on where to file completed copies of this form, see FILING IN STRUCTIONS below. OMB 

### No. 2 1

### 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 SIE RRA NO
. 555 PISO 3 , COL
. ZEDEC ED. 

### PLAZA**SAN1~.f_E._ f\1SXJ.QQ...QI~TRITO**  FEDE RAL (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. 

### T vve 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.h J2Q!§P.·n ,. __**_, E'='** **a"'c.,.h~O~c !<.lu!!.~~re<!.n!.l<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 $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

::::...eQ.( L(abill"-'·t v L-

_ ____ __ __**...,E~a~ch~ p~er""** **s"'o"'n -----=Ea2:c~hL:Q** **ccurrence** 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 DASSAULT FALCON 50EX 1291



### 2000 FAA or Fore ign 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. ifapplicable) 

# 2..nn 

# t 12",.)"**')~** (Address) 

# C.h t, c.,.., 

# '1-L &f"' &(\1**=- --~** **~~ ~~~** **~** u (Crf y. S fatf'. Zip Code) 

# } "'her (Officer or authorized representalive)



### _ '3

...,---

J

# l

---=-_ 

# I _) &

# I

-

# z74

# ~ (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 

### ofTransportation NOTE : For information on where 

### to file completed copies of this form, see 

### FILING INSIBUCTIONS below
. OM6 No. 21 06-0030 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. JAVI ER BARROS SIE RRA 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 rece ived 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 I nsurer (Check One) : is licensed to issue aircraft insurance policies i n the United Stales; X is licensed or approved by the government of MEXICO to issue aircraft insurance policies ; or Is an approved surplus f ine 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 orcombined wveraqe as appropriate):**~** Separate Coverages : Minimum Limit Polic'L. Na. T tlle ofLi sbilit't. Each person**~ach** Occurrence Combined Bodily Injury (Exc luding 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 bod ily injury
. Policy No
. Amount of Coverage 

### 0 This policy 

### covers CARGO operati ons only 

### and excludes passenger l iab ility 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~** **·---------------- ------~T** **vuD~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 i nstalled 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~** **ff YL-** **-- ----** **-- --------** **-- ~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 DASSAULT FALCON 900EX 199 XA-GMD Operations conducted with the following types of aircraft : 2002 x Operations with the following aircraft : (Use add itional 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. Z i p 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 , ifapplicable) 

# 2OCl 

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# 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 

# CPll U1PICJi.fDO (])fE 

# PJ{(JJ£or(ft(})()(J{

(})fE

# SPil{o/ICIOS**.Jlf£~OS** (AIR OPER ATOR 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 con diciones 

### 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 A viation 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/1476 7 < ) ' ' 

## ' DIRECCION GENERAL DE AER.ONAUTICA CIVIL. , DIRECCI9N GENERAL

## ~DJUN**"P A**  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 expedient e-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. afa cl £luel " A. P
. Num
. 2-1 Admin i stration 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
. I nt. 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\lmpro sos A \ AEROMODELO\lOll\lll707·tH·ll FNT o UGA 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**ROM OD~** **O,** 

# S.A. D E C.V
. B alance sheet s of Decembe r 31, 201 2 {Figures in Mexica , 

### Pesos)



## Assets 

## CURRENT Cash and cash equ iValents Cli e nts Other accounts rece ivable Prepaid expenses Tcta! 

### cu rrent asser 

### :=j x assets 

# !
Air equipment and ether fix assets Accumulated depre l iations 

### Net 

### fix assets
Deferred i ncome ta ., es
T ctai asse ts 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 equ ity

Total l iabilities 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

# AEROMO DELO , S .A
. DE C. V
. all ance 

## s heet as of Decembe r 31 , 20 11 (Fig ure-s i n Mexican Pesos)


## Assets CURRE NT Cash ar.d cash equivalents C lients Other 

### acco u nts receivable ?repa ld expenses 

### Total c urrent 

### assets 

### Fix as sets A:r eq u:pme nt and othe r fix assets Accumu lated depreciations 

### N et**fi~** 

### ass ets Jefem;c i ncome taxes


## T

## ota! ass ets 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 eq uity Capital stock Reserve and retained earnings Net income


### Tota l stockholder's equity

Total liabilities and stockhp l der's equity

C.P. EMI4' FULLAONDO BOTELLA Vicepresidept of Finance & 

### Administration 

### 95,654, 199 75,198, 608 1 70,852,807

698,860,686 (106,747,627)

61,117,310 653,230,369



### $ 824,083 ,176

# AE ROMOD ELO , 

# S.A. D E 

# 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 ,3 10

Vicepresi nt of Finance & Administration