### BEFORE THE DEPARTMENT OF TRANSPORTATION

WASHINGTON, D.C.

Application of CORPORACIÓN YGNUS AIR, S.A. d/b/a/ GESTAIR CARGO for a Foreign Air Carrier Permit pursuant to 49 U.S.C. §41302 and for an Exemption pursuant to 49 U.S.C. §40109 to engage in Scheduled Foreign Air Transportation of Property and Mail (U.S.-E.U.) Docket DOT-OST-2010-

APPLICATION OF CORPORACIÓN YGNUS AIR, S.A. d/b/a/ GESTAIR CARGO FOR A FOREIGN AIR CARRIER PERMIT AND FOR AN EXEMPTION

Communications concerning this document may be served upon: Moffett B. Roller ROLLER & BAUER, PLLC Washington Dulles International Airport 45005 Aviation Drive; Suite 200 Dulles, VA 20166 email: airlaw@rollerbauer.com Attorneys for Corporación Ygnus Air, S.A. d/b/a/ Gestair Cargo September 10, 2010 NOTICE: Any person may support or oppose this application by filing an answer and serving a copy of that answer on counsel for Corporación Ygnus Air, S.A., and upon each person served with this application.

### BEFORE THE DEPARTMENT OF TRANSPORTATION

WASHINGTON, D.C.

Application of CORPORACIÓN YGNUS AIR, S.A. d/b/a/ GESTAIR CARGO for a Foreign Air Carrier Permit pursuant to 49 U.S.C. §41302 and for an Exemption pursuant to 49 U.S.C. §40109 to engage in Scheduled Foreign Air Transportation of Property and Mail (U.S.-E.U.) Docket DOT-OST-2010-

APPLICATION OF CORPORACIÓN YGNUS AIR, S.A. d/b/a/ GESTAIR CARGO 

### FOR A FOREIGN AIR CARRIER PERMIT AND FOR AN EXEMPTION September 10, 2010


### Pursuant to 49 U.S.C. §40109 and Subparts B and C of the Rules of Practice of the Department of Transportation (the “Department”), Corporación Ygnus Air, S.A. (hereinafter “C Ygnus”) hereby applies for a foreign air carrier permit pursuant to 49 U.S.C. §41302 and for an exemption pursuant to 49 U.S.C. §40109 to authorize C Ygnus to operate all-cargo services to the full extent authorized by the Air Transport Agreement between the United States and the European Union. C Ygnus specifically requests authority to engage in: a. foreign scheduled and charter air transportation of property and mail from any point or points behind any Member State of the European Union via any point or points in any Member State and via intermediate points to any point or points in the United States and beyond; b. foreign scheduled and charter air transportation of property and mail between any point or points in the United States and any point or points;

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 2 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### c. other foreign charter air transportation of property and mail pursuant to the prior approval requirements under 14 C.F.R. Part 212; and d. transportation authorized by any additional route rights made available to European Community carriers in the future. C Ygnus requests that the Department issue a show-cause order granting it a foreign air carrier permit for an indefinite duration. C Ygnus further requests that the Department grant it exemption authority for a period of two years or until the effective date of a foreign air carrier permit issued to C Ygnus, whichever is
earlier. C Ygnus is a Spanish air carrier, organized and existing under the laws of Spain. C Ygnus was established as a regional passenger carrier in 1994 by Regional Airlines of France and by Gestair, a corporate air taxi from Spain. The initial name of the company was Regional Lineas Aéreas, but the name changed to Corporación Ygnus Air in 2001. In 1998 the company began all-cargo wet lease service on behalf of Iberia that has continued to the present. C Ygnus began its all-cargo operations with 2 DC-8F aircraft. C Ygnus added a third DC-8F in 2004 and in 2006 added its first B-757F freighter. C Ygnus is currently operating two B-757F aircraft, and it plans to lease two B-767F aircraft this year to use for its operations to the United States.

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 3 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### In support of this Application, and pursuant to the Department's Procedural Regulations, C Ygnus states as follows: (a) Incorporation . C Ygnus was incorporated in Spain in 1994. Its business
address is Corporación Ygnus, S.A. c/Anabel Segura, 11 28108-Alcobendas (Madrid) SPAIN (b) Air Transport Authority . The name and official address of the Spanish air transport authority that has regulatory jurisdiction over C Ygnus is: Agencia Estatal De Seguridad Aérea [National Aviation Safety Agency] Ministerio de Fomento [Ministry of Public Works and the Economy] Paseo de la Castellana, 67 28071 – Madrid SPAIN The relationship between C Ygnus and the Government of Spain is solely one in which C Ygnus is subject to the regulatory supervision of the Government of Spain. (c) Proposed Services . C Ygnus plans to commence service to the United States at the end of November 2010 by conducting all-cargo wet lease operations on behalf of another foreign air carrier. C Ygnus will make the appropriate Application for a Statement of Authorization for a long-term wet lease for this service as soon as the parties finalize the arrangement. The flights will operate between New York and a point in the European Union five times per week utilizing B-767F freighters.

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 4 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### (d) Directors & Management Personnel . Set forth below are tables with information on the directors and key management personnel. Board of Directors of C Ygnus

Name Business Address Jesús Macarrón Gómez Chairman, Mac Holfam International, S.L. c/ Anabel Segura no 11 Edif. Albatros 2C CP 28108 - Alcobendas (Madrid) José María Castillo Lacabex CEO, IMESAPI, S.A. Avda. de Manoteras no 26 CP 28050 - Madrid
José Romero de Ávila González-Albo Suministros, Importaciones y Mantenimientos Electrónicos, S.A. c/ Pradillo no 48-50 CP 28002 - Madrid
César Álvarez Olaiz Albatros Logistic, S.A. Polígono Industrial San Marcos c/ Franklin no 16 CP 28906 - Getafe
Salvador Magalló Martínez Gestair Corporación Empresarial, S.A. c/ Anabel Segura no 11 Edif. Albatros 2C CP 28108 - Alcobendas (Madrid) Alfonso Aguirre Díaz-Guardamino Secretary (non-Director) Cardenal Marcelo Spínola no 10 CP 28016 - Madrid 

### All of the directors of C Ygnus are citizens of Spain, and all reside in Madrid or adjacent jurisdictions. None of the directors are related by blood or marriage. Key Management Personnel

Name Position Years of Experience Summary of Experience
Angel Gonzalez General Director 28 Academic & professional background in economics & business administration; employed with Gestair* since 1987.
David Martinez Ochoa Director of

Operations 9 Academic background in Aviation Business Administration; employed with Gestair* since 2001; instructor in dangerous goods and in security; quality assurance; EU-OPS; CRM. Egberto Oviedo Manager of

Flight Operations 33 civil

13 military 22,800 flight hours; civil aircraft include DC9,

B727, DC10, A320 & A340; pilot for Iberia for 28 years and for Gestair* for 3 yrs.

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 5 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION

Carlos Marquez Chief Pilot 17 (9 as pilot) Employed with Gestair* since 2001; 5,500

flight hours, including DC8 & B757 aircraft; instructor in dangerous goods and in security. Gumersindo Guerrero Maintenance

Manager 13 Aeronautical engineer; with C Ygnus since 2001; regulations EU-OPS, EASA Part 145, Part 21, Part M. Alicia Albornoz Piñango Chief Inspector/

Quality Manager 9 Aeronautical engineer; employed with Gestair* since 2005; dangerous goods; safe management system; EU-OPS Arancha Gonzalez Chief Financial

Officer 13 Academic & professional background in business administration; employed with Gestair* since 1998. * Refers either to C Ygnus or to another company within the corporate framework of Gestair Interholding, S.L., as set forth in Exhibit A. 

### The business address for all of the key management personnel is at the offices of C Ygnus in Madrid. All of the key management personnel live in Madrid or adjacent jurisdictions. All of the key management personnel are Spanish citizens except for Alicia Albornoz, the Chief Inspector/Quality Manager. Ms Albornoz is a citizen of Venezuela but a legal resident of Spain. None of the key management personnel are related by blood or marriage. (e) Ownership

. The table below sets forth the ownership structure of C Ygnus.

SHAREHOLDERS OF C YGNUS CITIZENSHIP SHARES PERCENTAGE OF ISSUED SHARES
MacHolfam International S.L. Spanish 810,000 27% Imesapi, S.A Spanish 2,190,000 73% 

### MacHolfam International, S.L., is wholly owned by Gestair Interholding, S.L. Mr. Jesus Macarron Gomez owns 79 percent of the shares of Gestair

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 6 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### Interholding, and his wife, Ms. Pilar de Vicente Abanades, owns the remaining 21 percent. Both are citizens of Spain. Imesapi is wholly owned by the ACS Group. The ACS Group is a major Spanish corporation in the construction and services sector. The ACS Group is publicly traded on the Bolsa de Madrid, Spain's principal stock exchange. Detailed information regarding the ACS Group is available at its website, www.grupoacs.com/index.php/en.

SHAREHOLDERS OF FIVE PERCENT OR MORE OF THE SHARES OF THE ACS GROUP AS OF 31 DECEMBER 2009 1 / CITIZENSHIP SHARES PERCENTAGE OF ISSUED SHARES
Corporación Financiera Alba, S.A www.cf-alba.com/index.cfm Spanish 73,887,279 23.481%
Inversiones Vesán, S.A. Spanish 38,815,575 12.336%
Alberto Alcocer Torra Spanish 21,799,070 6.928% Alberto Cortina Alcocer Spanish 21,799,071 6.928% Sayglo Holding, S.L. Spanish 17,741,012 5.638% Southeastern Asset Management, Inc. U.S. 17,166,306 5.455%
1 / The ACS Group Annual Report 2009, page 108; www.grupoacs.com/index.php/en. 

### On information and belief, (i) the individuals listed above are citizens of Spain; and (ii) the ownership of the first three corporations listed above is vested in individuals who are either citizens of Spain or citizens of other Member States of the European Union. Southeastern Asset Management, Inc., is a U.S. investment management firm based in Memphis, Tennessee. (www.longleafpartners.com/about/summary.cfm)

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 7 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### (f) Other Aviation Interests . C Ygnus owns 100 percent of Audeli, S.A., a Spanish airline specializing in passenger charters. Gestair Interholding, S.L., which indirectly owns 27 percent of C Ygnus, isa holding company that maintains financial interests in a variety of aviationrelated companies. Exhibit A is a chart that summarizes the ownership of the companies that are within the corporate framework of Gestair Interholding. In addition to C Ygnus and its Audeli subsidiary, the chart includes Gestair, S.A., a commercial operator of corporate jet aircraft that holds an exemption to conduct commercial operations to and from the United States. DOT last renewed Gestair’s exemption authority on June 10, 2009, in Docket DOT-OST-2003-14801. (g) Insurance . C Ygnus will submit a copy of OST Form 6411, Foreign Air Carriers Certificate of Insurance. The combined single limit of liability coverage for its aircraft exceeds the requirements of 14 C.F.R. Part 205. (h) Government Licenses . The Director General of Civil Aviation of Spain issued an Operations License ( Licencia de Explotación) to C Ygnus on December 14, 1995. The DGAC issued the most recent renewal on December 15, 2006, effective for five years. C Ygnus will make a timely application to renew its License before it expires in December of 2011. A copy of the License, its most recent renewal, and their translations are attached as Exhibit B. C Ygnus also holds an Air Operator Certificate ( Certificado de Operador Aéreo) (AOC) issued by the DGAC of Spain. The AOC is valid indefinitely. A copy of the AOC is attached as Exhibit C.

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 8 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### (i) Aircraft . For its U.S. operations C Ygnus plans to lease two B-767 aircraft with Spanish registration. One will be the primary aircraft, and the other will serve as a backup. C Ygnus is currently in lease negotiations with the lessor of these aircraft. (j) Maintenance . Maintenance for the B-767F aircraft to be leased by C Ygnus will be provided by an authorized contractor in the European Union. The maintenance of the aircraft will comply with the provision of ICAO Pilots and Airmen Annexes 1, 6 (Part 1), and 7. Spain and the other Member States of the European Union are contracting States to the Convention on International Civil
Aviation. (k) Agreements . C Ygnus does not currently have any agreements or cooperative working arrangements with any U.S. or foreign air carrier affecting its proposed services to the United States. C Ygnus is currently negotiating a wetlease agreement with the foreign air carrier for which C Ygnus will operate allcargo flights to the United States. (l) Financial Data . Financial statements for C Ygnus for calendar years 2008, 2009, and the first six months of 2010 are provided in Exhibit D. (m) Safety/Tariff Violations & Accidents . C Ygnus has not been involved in any safety violations, tariff violations, or fatal accidents within the past five years. (n) Warsaw Agreement . C Ygnus has executed a copy of OST Form 4523 (Waiver of Liability Limits under the Warsaw Convention) (Exhibit E) and will file a copy with the Department in Docket DOT-OST-1995-236.

### A PPLICATION OF 

### C ORPORACIÓN 

### Y GNUS 

### A IR 

### , S.A., P AGE 

### 9 FOR 

### FOREIGN 

### A IR 

### CARRIER 

### P ERMIT AND 

### E XEMPTION 

### Conclusion For the foregoing reasons, Corporación Ygnus, S.A., requests that the Department of Transportation grant the foreign air carrier permit and exemption as specified in this Application as well as such other relief as the Department may deem to be in the public interest. Respectfully submitted, ROLLER & BAUER, PLLC Attorneys for Corporación Ygnus, S.A.

By:

________________________ Moffett B. Roller September 10, 2010

### CERTIFICATE OF SERVICE I hereby certify that a copy of the foregoing Application of Corporación Ygnus Air, S.A., for a Foreign Air Carrier Permit And for an Exemption was this day served upon all parties named on the following Service List via e-mail. No indication was received that any transmission by facsimile or electronic mail had failed.

_______________________________ Moffett Roller September 10, 2010 SERVICE LIST Carl B. Nelson, Jr. Associate General Counsel American Airlines carl.nelson@aa.com David L. Vaughan Counsel for United Parcel Service dvaughan@kelleydrye.com
Hershel Kamen Continental Airlines hkamen@coair.com Elliott M. Seiden Counsel for Astar Air Cargo, Inc. eseiden@bsfllp.com
Alexander Van der Bellen Managing Director – Government Affairs & Assoc. General Counsel Delta Air Lines, Inc. sascha.vanderbellen@delta.com Samuel While Evergreen International Aviation sam.white@evergreenaviation.com Nancy Sparks Managing Director Regulatory and Industry Affairs Federal Express nssparks@fedex.com Angie Garbuzinski anbird@fedex.com
David Heffernan Counsel for United Air Lines david.heffernan@wilmerhale.com Benjamin Slocum Asst. General Counsel - US Airways benjamin.slocum@usairways.com
Russell E. Pommer Assoc. Gen. Counsel & Senior Director of Regulatory Affairs - Atlas Air, Inc. rpommer@atlasair.com Kevin Montgomery Polar Air Cargo Worldwide, Inc. kevin.montgomery@polaraircargo.com
Mark McMillin Asst. General Counsel - World Airways mcmillin@woa.com

### LIST OF EXHIBITS

Exhibit A Organizational Chart for Gestair Interholding, S.L.

Exhibit B Operations License ( Licencia de Explotación) and

Renewal ( Licencia de Explotación (Renovación) )

Exhibit C Air Operator Certificate (AOC)

( Certificado de Operador Aéreo)

Exhibit D Financial statements for Corporación Ygnus

Calendar years 2008 and 2009 and the first half of 2010

Exhibit E Waiver of liability limits under the Warsaw Convention

OST Form 4523GESTAIR INTERHOLDING, S.L. GESTAIR INTERHOLDING, S.L.

Mac Holfam International, S.L. (MCH) Mac Holfam International, S.L. (MCH)

abril/10 Gestair, S.A. BUSINESS JET Gestair, S.A.

Sky Service Aviation, S.L. BUSINESS JET Sky Service Aviation, S.L. Corporación Ygnus Air, S.A. COMMERCIAL AVIATION Corporación Ygnus Air, S.A. COMMERCIAL

Audeli, S.A. COMMERCIAL AVIATION Audeli, S.A. Europarts

Aviation, S.L. LOGISTICS Europarts Aviation, S.L.

Jetplan Consulting Aronaútico, S.L. CONSULTING Jetplan Consulting Aronaútico, S.L. Corjet Maintenance Europe , S.L. BUSINESS JET MAINTENANCE Corjet Maintenance Europe , S.L. BUSINESS JET

Escola de Aviaçao Aerocondor, S.A. FLIGHT SCHOOL IN PORTUGAL Escola de Aviaçao Aerocondor, S.A. FLIGHT SCHOOL IN American Flyers España, S.L. FLIGHT SCHOOL American Flyers España, S.L.

One Way Alliance, SL (OWA) (OWA) Gestair Corporación Empresarial, S.A. Gestair Corporación Empresarial, S.A.

Maintenance Aviation Support, S.A. (MAS) AVIONICS Maintenance Aviation Support, S.A. (MAS) Anthra Europea, S.L. Anthra Europea, S.L. EFEP European Flyers, S.L. FLIGHT SCHOOL HOLDING EFEP European Flyers, S.L.

Aeroanthra Hispanolusa, SL Aeroanthra 99.90%

99.99%

27%

99.9% 99.99%

100%

99.9% 50.0%

100% 99.99%

70.39% 93.22%

0.005% 51.00%

6.78%

70.39% 100%

29.60%

0.10% 99.90% Nemex Consulting, S.L. Nemex Consulting, S.L. 38%

Gestair, S.A., 3 joint venture at 50% with Assistair, S.L. in Girona, Ibiza & Barcelona Airports. HANDLING Gestair, S.A., 3 joint venture at 50% with Assistair, S.L. in Girona, Ibiza & Barcelona Airports. 50.0% Excelair, S.A. Excelair, S.A. 50.00% Isbeal Inversiones, S.L. NONAERONAUTICAL Isbeal Inversiones, S.L.

Levacci Obras y Construcciones, S.L. NONAERONAUTICAL Levacci Obras y Construcciones, S.L. 99.99%

99.99%

0,005% European Aviation College (Adventia) European Aviation College (Adventia) 0.77%

0.005%

### OPERATING LICENCE

The General Directorate of Civil Aviation, in accordance to the Regulation (CEE) no 2407/92 of July 23 rd 

### , regarding to operating licenses to airlines and according to its competencies by the Order of The Ministry of Public Works and Transports of December 29 , 1992, establish the rules for the granting and maintaining of such licenses, considers that The REGIONAL LINEAS AEREAS, S.A. Company with registered office at C/Agüetol, 7 - 1o - 28042 Madrid. Is it in compliance with all legal requirements stated in the aforementioned regulation.
Has therefore issued this operating license being the holder authorized to operate air transport activities by remuneration or lease in the aforementioned conditions in accordance to the Declaration of Competence Certificate, as well as in the following: 1.- Authorized Traffic: Commercial air passenger traffic, freight and/or mail for the operation of: A) Air Commercial Services, according to the Regulation (CEE) no 2408/92 of July 23 , and by the Order of The Ministry of Public Works and Transports of December 29 , 1992, by regulating the intra-community air service authorization and registration of its rates. B) Other Air Services that The General Directorate of Civil Aviation expressly authorize the license holder, according to the Law 48/1960 of July 21 on Air Navigation and its additional regulations. 2.- Type(s) of Aircraft(s): those included in the Air Operations Certificate (AOC) corresponding to this operating license, provided that the aircrafts are duly registered in favor of the company in the Spanish Civil Aviation Register, orhas been expressly authorized by The General Directorate of civil Aviation to be operated by the company. 3.- Term: this license will remain in force for a period of ONE YEAR, from the date stated, except it has been previously revoked, modified or suspended, and will be renewed at the end of this term. It ́s validity will be conditioned at all the times to the possession of the Air Operating Certificate in effect, and the compliance with all previous conditions, as well as the following regulations: - Regulation (CEE) no 2407/92 of July 23 , on granting licenses to airlines. - Order of The Ministry of Public Works and Transports of December 29 , 1992, by which is established the rules for the granting and maintaining of operating license to airlines. - If applicable, to the Law 48/1960 of July 21 , on Air Navigation and its additional regulations. - Notifications, instructions and decrees issued by The General Directorate of civil Aviation in the exercise of its authority. In Madrid, 14 th

### of December 1995 The General Directorate of Civil Aviation

### OPERATING LICENCE (RENEWAL)

The General Directorate of Civil Aviation, in accordance with the Regulation (CEE) no 2407/92 of July 23 , regarding operating licenses to airlines, and the Ordiance of The Ministry of Development of March 12 , 1998, that establishes the rules for the granting and maintaining of such licenses, considers that the company CORPORACIÓN YGNUS AIR, S.A. is eligible to continue to operate air transport. Therefore, it is resolved to renew, on the same conditions and for a period of FIVE YEARS, from the date stated, December 15 ,

### 2006, the operating license with reference A20/95, granted to the mentioned holder by the decision of The General Directorate dated 14 December 1995, to perform commercial air transportation of cargo and/or mail.

In Madrid, 30 th

### of November 2006Corporación Ygnus Air, S.A. BALANCE DE SITUACIÓN AL 31 DE DICIEMBRE DE 2008

ACTIVO Notes de la Memoria Euros

ACTIVO NO CORRIENTE 27.583.415 Inmovilizado intangible Nota 5 747.207 Aplicaciones informéticas 747.207 Inmovilizado materia! Nota 6 19.778.585 Aeronaves y otro inmovilizado materia! 19.778.585 Inversiones en empresas del grupo y asociadas a largo plazo Nota 8.2 6.950.908 lnstrumentos de patrimonio 6.950.908 lnversiones financieras a largo plazo Nota 8.1 106.715 Otros activos financieros 106.715

ACTIVO CORRIENTE 6.852.046 Activos no corrientes mantenidos para la vanta Existencias 299.369 Comerciales 299.369 Deudores comerciales y otras cuentas a cobrar 2.484.206 Clientes por ventas y prestaciones de servicios 1.460.196 Clientes, empresas del grupo y asociadas Nota 15.2 1.024.010 Inversiones en empresas del grupo y asociadas a corto plazo 3.912.900 Creditos a empresas Nota 15.2 3.912.900 Inversiones financieras a corto plazo 312 Otros activos financieros 312 Periodificaciones a corto plazo 142.593 Efectivo y otros activos liquidos eguívalentes 12.666 Tesoreria 12.666 TOTAL AC1 IVO 34.435.461

PASIVO Notas de la Memoria Euros

PATRIMONIO NETO 11.228.447FONDOS PROPIOSCapital 1,350.000 Capital escriturado Nota 9 1.350.000 Prima de emisión Nota 9,2 108,423 Reservas 8.802.456 Legal y estatutarias Nota 9.1 270.000 Otras reservas 8.532.456 Resultado del ejercicio 967.568

PASIVO NO CORRIENTE 4.602.665 Deudas a largo plazo Nota 11.1 4.601.048 Deudas con entidades de credito 4 601.048 Pasivos por impuesto diferido 1.617

PASIVO CORRIENTE 18.604.349 Deudas a corto plazo 7.296.871 Deudas cori entidades de crédito Nota 11.2 7.281.489 Otros pasivos financieros 15.382 Deudas con empresas del grupo y asociadas a corto plazo Nota 15.2 7.587.120 Acreedores comerciales y otras cuentas a pagar 3.720.358 Proveedores, empresas del grupo y asociadas Nota 15.2 94.266 Acreedores varìos 3.334.578 Pasivos por impuesto corriente Nota 12.1 98.995 Personal 45.384 Otras deudas con las Administraciones Públicas Nota 12.1 147.135 TOTAL PATRIMONIO NETO Y PASIVO 34.435.461 Las Notes 1 e 18 clescritas anta Memor i a adjunta forman parte integrante del balance de sduación al 31 de diciembre de 2008Corporación Ygnus Air, SA.

CLIENTA DE PERDIDAS Y GANANCIAS DEL EJERCICIO 2008

Notas de la Memoria Eu ros

OPERACIONES CONTINLIADAS I mporle veto de la Cifra de negocios Nota 14.1 22.197.70e Ventas 22.197.706 Aprovisi ona mientos Nota 14.2 (419.405) Consumo de mercaderias (292) Consumo de materias primea y otras matenas consurn bles (419 113) Otros ingresos de explotacidn 143 rrgresas accesories y otros de gestión coniante 143 Gastos de personal Nota 14_3 (4.076.399) Suerdos. selarios y asimilado& ;3.499.363) Cargas socialas (577.030) Otros gastos de expfotacidn (13-660.882) San ,i GiO s exteriores Nota 14.4 (13.429.087) Tribulas (34.636) Otros gastos de gestión coniante (197.109) AmortizaciOn dei inmovilizado (2.995.274)

RESULTADO DE EXPLOTACION 1.045.869
Ingresos financieros Nota 14.5 306.547 Do valore& nogociabies y otros instrumento& financieros - En ernpresas del grippo y asociadas 306.547 Gastos financieros Nota 14.5 (1.342.193) Por deudas Coli empresas del grupo y asociadas (150.475) Por deudas Con terceros (1.191.716) DIferencias de cambio Nota 13 1.430.032

RESULTADO FINANCIERO 394.386 RESULTADO ANTES DE IMPUESTOS 1.440.275 I mpuestos sobre bereficlos Nota 12.1 (472.707) RESULTADO DEL EJERCICIO 967.568 Las Notar 1 a 18 descntas en ia Memoria adiunta torman parla integrante de la cuenta de perdidas y ganancias correspondiente al ejercicto 2008ACTIVO Euros PATRIMONIO NETO Y PASIVO Euros

ACTIVO NO CORRIENTE 26.273.336,69 PATRIMONIO NETO 4.943.254,70 Inmovilizado intangible 12. 071,23 FONDOS PROPIOSPatentes, licencias, marcas y similares ,00 Capital 1.350.000,00 Aplicaciones informáticas 12.071,23 Prima de emisión 108.422,58 Inmovilizado material 23. 258.882,77 Reservas 10.025.393,81 Terrenos y Construcciones ,00 Reserva Legal 269.999,97 Instalaciones técnicas y otro inmovilizado material 23.258.882,77 Otras reservas 9.755.393,84 Inmovilizado en curos y anticipos ,00 Resultados negativos de ejercicios anteriores ,00 Inversiones en empresas de grupo (,00) Resultado del ejercicio (6.540.561,69) Instrumentos de patrimonio (,00) Créditos a sociedades ,00 PASIVO NO CORRIENTE 22.532.450,23 Inversiones financieras a largo plazo 106.659,97 Depositos y fianzas a largo plazo ,00 Provisiones de fondos a largo plazo ,00 Otros activos financieros 106.659,97 Activos por impuesto diferido 2.895.722,72 Deudas a largo plazo 22.531.479,99 Acreedores por arrendamiento financiero ,00 Otras deudas con entidades de crédito 22.528.939 , 99 

### CORPORACION YGNUS AIR, S.A. BALANCES DE SITUACIÓN AL 31 DE DICIEMBRE DE 2009

Otras deudas con entidades de crédito 22.528.939,99 ACTIVO CORRIENTE 24.228.794,05 Otras deudas 2.540,00 Existencias 322.788,22 Pasivos por impuesto diferido 970,24 Deudores comerciales y otras cuentas a cobrar 3.786.616,16 PASIVO CORRIENTE 23.026.425,81 Clientes por ventas y prestaciones de servicios 3.650.167,62 Deudores, empresas del grupo y asociadas 85.888,55 Deudas a corto plazo 8.419.770,53 Personal 13.032,00 Deudas con entidades de crédito 8.419.770,53 Otros deudores 1.162,93 Acreedores por arrendamiento financiero ,00 Otros créditos con las Administraciones Públicas 36.365,06 Fianzas y depositos a corto plazo ,00 Accionistas, socios desemb exigidos ,00 Deudas con empresas del grupo y asociadas a corto plazo 2.622.795,46 Inversiones en empresas del grupo a corto plazo 10.668.564,49 Acreedores comerciales y otras cuentas a pagar 11.983.859,82 Creditos a empresas del grupo 10.668.564,49 Acreedores varios 10.973.092,38 Inversiones financieras a corto plazo 9.000.692,20 Acreedores empresas de grupo 234.546,12 Otros activos financieros 9.000.692,20 Personal 491.101,36 Periodificaciones a corto plazo ,00 Otras deudas con las Administraciones Públicas 285.119,96 Efectivo y otros activos líquidos equivalentes 450.132,98 Anticipos ,00 Tesorería ,00 Bancos 450.132,98 Periodificaciones a corto plazo

TOTAL ACTIVO 50.502.130,74 TOTAL PATRIMONIO NETO Y PASIVO 50.502.130,74