10/17/2012 14:39 FAX.

!l1" t.· I

1:. 

### F&L SERVICE CTR



### BEFORE THE DEPARTMENT OF TRANSPORTATION WASHINGTON,D.C. 7 - 17



### In the matter of the j·tpplication of

I' [4J 002

CEBU AIR, INC.

# ~~/B/A CEBU PACIFIC Am [" ) ) ) ) 

### ) ) Docket DOT -OST-20 12-

__ _ 

### for an exemption 

# frJirn 49 U.S.C. §41301 I 

## I i i· 

## I i' i

# I~ I: 

### APPLICATION FOR EXEMPTION**Communication~i** 

### with respect to this document should be addressed to: :. I I j:_ J: I' 

### !. :· I



## I I· I I i [• j: I I 

### !' I, I 

### DATED: Octob/h 17, 2012 I, ! 

### Charles F. Donley II Squire Sanders (US) LLP 1200 19th 

### Street, N.W., Suite 300 Washington, D.C. 20036 (202) 626-6840 phone (202) 626-6780 fax charles.donley@squiresanders.com
Counsel to Cebu Air, Inc. d/b/a Cebu Pacific Air10/17/2012 14:39 FAX I' ! I j; 

### !' 

### F&L SERVICE CTR



### BEFORE THE DEPARTMENT OF TRANSPORTATION WASHINGTON, D.C.

In the matter of the [application of I 141003



### CEBU AIR, INC. 

## j?!BI A CEBU PACIFIC AIR 

## i: ) ) ) ) ) ) Docket DOT-OST-2012-

__ _ for an exemption**fr~)m** 49 U.S.C. §41301 I·

_____ _,, ________________ _!


## i: i I 1:
l. 

# I APPLICATION FOR EXEMPTION I 

## I' Cebu 

### Ai{, Inc. d/b/a Cebu Pacific Air--("Cebu"), pursuant to 49 U.S.C. 40109, hereby 1: !i 

### requests an exejinption from 49 U.S.C. 41301 and, to the extent necessary, from any other 1: 

### provisions of

## ~~itle 49 and the Economic Regulations of the Department of Transportation I 

### ("Department")

### ~~to permit Cebu to engage in (i) 

### the scheduled foreign air transportation of

persons,

# prope~iy and mail from the Philippines via intermediate points to Honolulu, San \· 

### Francisco, Los

# ~i.ngeles, Guam, Saipan, and four additional points in the United States selected by the Philippinjes, and beyond to five countries selected by the Philippines; and (ii) charters in
I· 

## [

. 

### accordance**wit~:the** 

### Department's regulations, pursuant to a wet lease arrangement with a duly I;

,_ li 

### authorized U.S.I: or foreign air carrier. Cebu requests that any exemption granted by the I 

### Department**pur~iuant** 

### to this application remain in effect for a period of at least one year. Cebu 

## I

- intends to commiience scheduled service to the United States in April2013.

## ~ . .

I 

## I: i i I

. I

Jo
1-10/17/2012 14:39 FAX i I: 

### F&L SERVICE CTR



### Application of q:ebu Air, Inc. d/b/a Cebu Pacific Air Docket DOT 

### -OST -2012-

__ _ J' 

### October 17,**201i~** 

### In furtheJ. support of its application, Cebu states as follows: ! I' 

### 1.

## ]~e Applicant I; ! 

### [4] 004



### Cebu

# beJ~an operations in March 1996 utilizing a "low fare, great value" strategy. Since i 

### then, it has gro{vn enormously transporting more than 60 million passengers-more than any i' 

### other Philippine j.carrier.
Cebu is Jhe Philippines low fare leader. It 

### offers the lowest available fare in every market I· 

### it serves, utilizi:ig such popular offers as PHPSOO ali-in fares as well as discounts of 50%. While
it offers lower £.;res than its competitors, Cebu also offers its passengers innovative and creative 1: 

### services, and

# w~;, the first local airline to offer online check-in, £-ticketing and seat selection.
!· 1: 

### Cebu isj: an experienced international carrier, and already serves nineteen major j.: 

### international

# de~itinations from the Philippines, including Brunei, Cambodia (Siem Reap), China (Beijing, GuanJizhou, Shanghai, Xiamen), Hong Kong, Indonesia (Jakarta), Japan (Osaka),
1: 

### Korea (Busan, 1ji1cheon), Macau, Malaysia (Kota Kinabalu, Kuala Lumpur), Singapore, Taiwan I

. 

### (Taipei), Thailrujid (Bangkok), and Vietnam (Hanoi, Ho Chi Minh City). Cebu also serves thirty- 1· 

### two domestic +ints, operating from 

## its four hubs 

### in Manila, Cebu, Clark and 

### Davao. In
November 2012!. Cebu will commence operations at its fifth hub----lloilo-with nonstop flights to I 

### Hong Kong anJ: Singapore. Cebu serves its

# dom~stic and international destinations with its
modem fleet oflihirty-one Airbus aircraft (including 

# io A319 and 21 A320 aircraft) and eight i: 

### ATR 72-500

# air~~raft-the youngest fleet in the Philippines and one of the youngest in Asia, and
all of which entJi.ed service with Cebu direct from their manufacturers. !·· 

### Cebu's

# ~~adquarters are located. in Manila. Cebu's principal business office is located at 

## i the following ad[dress:

2

### 10/17/2012 14:39 FAX 

### F&L SERVICE CTR



### Application of Docket DOT October 17, 20 I i· 

### Air, Inc. d/b/a Cebu Pacific 

### Air ·T-2012-

__ _

bu Air, Inc. d/b/a Cebu Pacific Air 

### Lll'" •. ".,'"' Operations Center Domestic Road, Pasay City 1 01 Philippines

I 

### 141005



### Cebu is , and exists under the laws of the Philippines. Cebu is a citizen of the Philippines and J, 

### substantially owned and effectively controlled by citizens of the Philippines. I 

### Cebu is I 

### 'ty owned by CP Air Holdings, Inc., which is a Filipino company that is
owned by JG · Holdings, Inc. JG Summit Holdings, Inc. is a Filipino company largely

Cebu Air, Inc. Ownership Structure

23.63% 

### Corporations (none of which 

### own five percent 1.28%%

by this entity, 14.27% is held by the Hongkong and Shanghai Banking Corp. Ltd. in trust for clients, which are not known to Cebu. The remaining holders do not own five percent or more.

" lii..,,

........**~~"F>** 

### LanceY: Gokongwei (president) and John L. Gokongwei, Jr. (chairman). It 

### is

a wholly-owneJ

# subsidiary~: of

# ~~ Summit Holdings, Inc. 

### f '

I I· lo I 

## I I. 

### JG Summit Holdings, Inc. is also a

1 PCD Nominee q;rporation is

### ~ corporation wholly--owned by Philippine Depository and Trust Corporation, Inc. (!mown formerly 

### a9l: the Philippine Central Depository) (''PDTC") whose purpose is to act as nominee and legal title holder of all shareJi' of stock lodged in the PDTC. PDTC is a private corporation organized to establish a central depository in the

### P~ilippines and introduce scripless or book-trading in the Philippines. Under this system, brokers and custodians are !recognized by PDTC as the beneficial owners of shares. Accounts are classified as being either Filipino or Non-FiiUpino. Filipino**own~rs** of Cebu stock holding shares through PDTC are aggregated in PCD Nominee Corporatjcon-Filipino, while non-Filipino owners are aggregated in PCD Nominee Corporation-NonFilipino. The ultimre owners of these shares are not known to Cebu.

.**~** ' I, I I.

## ~~ 310/17/2012 14:40 FAX



### Application of Docket DOT October 

### 17, 2011 F&L SERVICE CTR



### Air, Inc. d/b/a Cebu Pacific Air 

### -2012-

--- [4J 007



### citizen of the Its largest shareholder is the Gokongwei Brothers Foundation Inc., I. 

## I· which owns 29 · 81% and is Filipino? I 

### I.



### No other 1: 

### JG Summit Holdings, Inc. Ownership Structure**~u** ...... j,..V 

### Corporation-non-Filipino (no participants of own five 

### or (none of which individually own five 

# * 31.033%**smrre:~:-** .. 

### 001% is owned by U.S. citizens, .001% is owned by U.K. citizens, and .002%**'-'"1'UJ·"'·~e** 

### citizens. The remaining shares are owned by Filipinos.

more five percent or more of JG Summit Holdings.
of Directors consists of nine persons, eight of whom are Filipino citizens.

Philippines. bit A hereto lists each of Cebu' s directors, key management officials and their citizenship.
"ts that it is substantially owned and effectively controlled by Filipino citizens,

as required by. 

## I 3 of the U.S.-Philippines Air Transport Agreement. Cebu is more than
seventy percent 1

. 

### owned by Filipino citizens. Nor is there any question that Filipino citizens !. I

Br,.,.thP:r" Foundation Inc. was established through donations made by John L. Gokongwei, Jr.,**Uolcon:gw~~~,** LanceY. Gokongwei, Robina Gokongwei, Henry L. Go, Johnson Robert Go and James L. are Filipinos.

4

### 10/17/2012 14:41 FAX I· I· I I• L 

### F&L SERVICE CTR



### Application of drebu Air, Inc. d/b/a Cebu Pacific Air Docket DOT-os:T-2012-

__ _ October 17,

## 201t~ !. I 

## 2. ]!he Proposed Service li 

### 141008



### Cebu in11r to 

### begin roundtrip scheduled service between Manila and Guam 

### in April
2013. Service 

### :will be operated three times weekly using aircraft wet leased from a duly
authorized U.S. 

# lor foreign air carrier, until such time as the Philippines 

# is placed in Category 1 I. 

### by the Federali;Aviation Administration and the Department amends Cebu's exemption to

remove any w1\ lease restriction. 3 

### Consistent with the bilateral and its designation, Cebu
requests an

## exe~**inption** permitting it to engage in (i) 

### the scheduled foreign air transportation of

persons,

# prope~y and mail 

### from the Philippines via intermediate points to Honolulu, San I; !- 

### Francisco, Los**~ingeles,** 

### Guam, Saipan, and four additional points in the United States selected

I**I~** 

### by the Philippines, and beyond to five countries selected by the Philippines; and (ii) charters in
accordance

## wi~:. the Department's regulations, pursuant to a wet lease arrangement with a duly 

## I; authorized U.S. 

# br foreign air carrier.

## I~ 3. 

## ,E1tness
Cebu's

# ~~erations are authorized and regulated by the Government of the Philippines. 1: 

### The**Philippine~:** 

### is a contracting State to the Convention on International Civil Aviation I' 

### ("Chicago

### Con~fention") and observes all applicable ICAO standards. Appended hereto as I 

### Exhibit B is a ll:opy of Cebu's homeland operating authority. This license is valid through i:

. I; 

### October 8, 2014;:, and will be renewed thereafter. This license represents all of the authority j; 

### Cebu requires**~iom** 

### the Philippine Government to provide the services described herein. The
address of the

# P~:ilippine aeronautical authority is: 1: 

### Givil Aviation Authority of the Philippines 

### 1\.j;.IAR d 1'1t 

### oa

______ Piasay City, Philippines 1300

3 After removal of

### ~~e wet lease restriction, Cebu expects to serve the market with its own A320 aircraft seating 180 passengers. I·,

# r~ 1\ 5

### 10/17/2012 14:41 FAX 

### F&L SERVICE CTR I,

I t· 

### Application**of~~ebu** 

### Air, Inc. d/b/a Cebu Pacific Air Docket DOT-0 1 

### ;•T-2012-

__ _ 

### October 17, 2012

## I~ I 

### [4J009



### All sen1rces to and from the U.S. will be provided utilizing aircraft wet leased from a 

## f

. duly authoriz1 U.S. 

### or foreign air carrier until such 

### time as the Philippines is restored to Category 1 

### by**~ie** 

### Federal Aviation Administration. Cebu's own fleet is and will continue to be
maintained by lcebu. All maintenance on Cebu's aircraft is performed in accordance with I I. 

### programs that**c~,~mply** 

### with the provisions of ICAO Pilots and Airmen Annexes 1, 6 (Part 1) 

### and
7. Cebu has noJ·had any fatal accidents or tariff violations in the past five years. i' 

### Cebu mj>fintains liability insurance in compliance with the requirements of 14 

### C.F.R. 205,


### and its insuran ,e certificate on Form OST 6411 is included as Exhibit C. Also included in
Exhibit Cis**Ce~~u's** 

### Warsaw agreement on Form OST 4523.


### FinanciJ statements for Cebu are appended as Exhibit 

### D. Cebu operates without
assistance from

# l~he Philippine Government. 1: 

### 4.**l~blic** 

### Interest Factors
Service**1!~etween** 

### the United States and the Philippines is governed by the Air Transport
,: 

### Agreement

# be~:reen the two countries signed on October 3, 1980, 

### as amended ("Agreement").
In accordance

# ~:~th Article 3 of the Agreement, the Philippines may designate up to three carriers 

## r to perform

## sch~duled combination service on Route 2 of Annex I to the Agreement. By note
dated SeptembJr 10, 2001, Cebu was designated under Article 3 to engage in the scheduled 

# li transportation off passengers, cargo and mail, which is consistent with Annex I, Section 1 

### (B)(2) authorizing FiliJ1ino carriers to operate:
1:**~~om** 

### the Philippines via intermediate points to Honolulu, San Francisco, Los .A:ngeles, Guam, Saipan, and four additional points in the United States to be ¥lected by the Government of the Philippines; and beyond to five countries, to be**s1~lected** 

### by the Government of the Philippines.

I 

# I L 

### ,, 

## I 1: 6

# I~ lij 

### ' 

# I 

# l I I 

# l 

# i

ij :j j 10/17/2012 14:42 FAX F&L SERVICE CTR 141010 1- j_ lo 

### Application

# ofJ~~:ebu Air, Inc. d!b/a Cebu Pacific Air Docket DOT -qsT -2012-

__ _ October 17, 20 l2 

## I: r: 

### The services**p1~posed** 

### by Cebu are fully consistent with the bilateral. The United States has consistently re<[ognized that 

### the inclusion of 

### a service in a bilateral agreement to which the

1.: 

### United States

### i~; a party and the designation of a qualified foreign carrier for such service satisfy
all relevant publiic interest requirements for grant of exemption authority. 4 I: 

### 5.

## ~nvironmental Considerations
Cebu

# s~lJmits that its application raises no environmental or energy issues. All ofCebu's

11 

### operations**un~er** 

### this exemption 

### will be conducted in accordance 

### with applicable noise
abatement

# requ\~rements. Similarly, approval of this application will not result 

### in a near-termI

## I: increase in

### fuel~~cmswnption often million gallons or more.

# WHE~FORE, Cebu Air, Inc. 

### d/b/a Cebu Pacific 

### Air respectfully requests that it be I 

### granted an exetption from 49 U.S.C. 41301 to 

### the extent necessary to permit Cebu to provide
scheduled and lt;harter foreign air transportation of persons, property and mail as more fully
described

# herei~:. or such other relief 

### as the Department deems necessary and proper. 1- ,- 

## I'



# r

I. j: 

## I:

I,

DATED:

# Octo~er 17,2012 Charles 

### F. Donley 

### II Squire Sanders (US) LLP 1200 

### 19th Street, 

### N.W., Suite 300 Washington, D.C. 20036 (202) 626-6840 phone (202) 626-6780 fax charles.donley@sguiresanders.com
Counsel to Cebu Air, 

### Inc. d/b/a Cebu Pacific Air

4 See, S.RBP. No.j96-329, at4 (1979), reprinted in 1980 U.S.C.C.A.N. 54, 57 ("The negotiation of a bilateral agreement itself re iresents a determination by the Government of the United States that the grant of route authority provided for under**~e** bilateral is in the 'public interest.'").

,-,

# ~ 7

### I~ l:

J·10/17/2012 14:42 FAX 

# i I; 

# I;

1: 1: I

### II 

### I' F&L SERVICE CTR

1: 

## Cebu Air, Inc. d/b/a Cebu Pacific Air
1: I 

### F 

## i· 

## ] l;r d 

# r· 1**~~arne** 

### an 

### It e 

### licardo J. 

### Romulo**~~hairman** I, 

## I;**~;;olm** 

### L. Gokongwei, Jr.***~Director**

# j~mesL Go* I•**~!)irector** 

### F Board of Directors**~~ance** 

### Y. 

### Gokongwei** Ji)irector, 

### President and CEO [,

# ~i·rederick D. Go+ 

### );>irector 1':- ' 

## I'**~>!..obina** 

### Y. Gokongwei-Pe++**~l)irector** 1: 

### lose F. Buena ventura 

### FiJirector

- lntonio L. 

### Go# ,?dependent Director**~~h** 

### Wee Khoon**~tp.dependent** 

### Director

# :~~~~:7John I:,. Gokongwei, Jr. +Nephew of Jo 

## m L. Gokongwei, Jr. 

### ++Daughter of John L. 

### Gokongwei, Jr. #Unrelated 

# I' · - I I-, 

# li**I~**
II' 

### Citizenship Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Singapore f4!011



### Exhibit A

### 10/17/2012 14:42 

### F&L SERVICE CTR

Cebu Air, Inc. d/b/a Cebu Pacific Air



### 'lJame and Title

# ~c,ance Y. Gokongwei**~:•resident** 

### and CEO 

## [: Key Management Officials

### ~ilach Johann 

## M. Sebastian tenior Vice President-Chief Strategist**~iaime** 

### I. Cabangis thief Financial Officer
1:rictor Emmanuel B. 

### Custodio 

# 1 yice President, Flight Operations

!tosita 

### D. Menchaca irice President, Inflight Services I;

## ~:~andice Jennifer A. 

### lyog Tice President, Marketing and Distribution**~fDSeph** 

### G. Macagga rice President, Fuel and Cargo Operations

## ~:~ntonio Jose L. 

### Rodriquez**rc~ Preside~t,**  

### Airport Services**~** 

### ... obmC. Dut

## ~j;'ice President and Comptroller

\eanette 

### U. Yu 

### lice President and Treasurer 

# 1 1\fichael S. Shau 

# rice President, People and Administration
1•lexander G. Lao**1~rice** 

### President, Commercial Planning
r:

,_ 

### i"

r: r 

### Citizenship Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines

Philippines 141012



### Exhibit A

### 10/17/2012 14:43 FAX I I 

## ·I:

I' 

# I' r; 

# li F&L SERVICE CTR

I 1: 

### Key Management Offidals [Jame 

### and Title**~.\.lej** 

### andro 

### B. Reyes aenera1 Manager, Long Haul Division

# ~~osalindo F. Rivera 

### forporate Secretary**I~** i' 

### fV"illiam 

### S. Pamintuan**~\.sst.** 

### Corporate Secretary 141013



### Citizenship Philippines

Philippines

Philippines10/17/2012 14:43 FAX 

### !: 

### F&L SERVICE CTR 141 014

:.: 1: I j;
1:



### Exhibit B

Cebu Air, Inc. d/b/a Cebu Pacific Air

License and Designation

### 10/17/2012 14:43 FAX 

### F&L SERVICE CTR 14101510/17/2012 14:52 FAX

I !- :**~** 

# 2

# .i~_28 4 2 No. .If,

j: i! !: 

### F&L SERVICE CTR

# SEPIO~

.**l~**

# Ti~ Department of Foreign Affairs resents its compliments to the +bassy of 

### the 

### UniteG: States of America and has the h nor 

### to inform 

### the ·latter 

### that the 'Philippine I_ 

### Govemm(nt designates Cebu 

### Pacific Air, In

. as an 

### official carrier of the Rep 

### lie 

### of the 

## i: Philippine[r. for passengers, catrgo, and mai by 

### air, pursuant to At1icle 

### 3 Transportrgreement between the Philippin sand United States of 16 Septei.ber 1982,

as

### amende~i. and .the Memorandum of Consul ations 

### dated 18 September 1995. 

## : I !". 

# Tl1 Department ofPoreign

# A!fai~> a ils itself of this opportunity to retew to 

### the 

### Embassy 

## olf the U

## ~ited States the assurances 

### fils highest consideratio!t

Pasay 

### City,i:'06 September 

### 2001**i~** :·.



## irn a ,:moLAZK**ctind~** Director

. l"'

... libDI JW.etl.rde Division '.1.**·~--.~nt** 

### Gf; Foreign Affainr 

## " ....,t-"L&....... firi
... J.ioo-----.,..- 

# i:'itt1t•q

i: ' 

# ' 14101610/17/2012 14:52 FAX 

### F&L SERVICE CTR



### Cebu Air, Inc. d/b/a Cebu Pacific Air

Certificate of Insurance (Form 6411)

Warsaw Agreement (Form 4523) 141017



### ExhibitC10/17/2012 14:52 FAX

Qffig:: or lhe Secrmry I)(**Tr~~Uportalion** 

### F&L SERVICE CTR !4]018

, .. ,_ 

## l\

FOREIGN AIR CARRIERS • 

### CERTlF'ICATE OF 

### INSURANCE

1.' POUCIES OF .INSURANCE FOR AIRCRAFT ACCIOENl 80D1L Y INJURY i: ANQ**PROP~1Y** DAMAGE UABIUTY i**~** FILING**!Nf!Bw;nOHS~·** .**~iltt** I**alg/:1~** QIIOI(III af tllil_**~** will! 1M FI!Mtal AYiiiUOn Aclmln!Siralion, All TnJIIIIDIJit8lion" Oht .• -'I'&. leO, &Ia lndapende.-**A..-..,$W;,~~.** ·**.~$$1.~UCEPTIOJilli!I!Ow.)** QCEp!!9H:**If~ .~.A.**  .11**~-111 ~-1M**  lrllllllld ia I**~** c::hMW**~lr** Tul ODMior. tile Ill ori(Jinll a/ IIIia fOnn llrilh ..._ U..fl. Oeparlmenl ol Tr ;;rtalkw!, Slllldal**:A~~t-** Dlv!ti!Jll (X

... 6). <100**~** Su..t, ISW, W.ahlng!Dn, D.C. ZIJ5_90 (Pia a.se type

### in/omliiKan~'-xi»Pt 

### slflnarutw•.J TH•s CERTifiES

### T~~r: Prudential Guarante• and

### Aaeur-a~. Inc:. i' IN.,..**oNn~}** I has is$ued a policy or 

# 'r*ies or Aitaelt· LJabili(y 

### ll!l!lurence to 

### _c_e-_b_u_P_a_c_1f_1_c_Ai_r_a_n_d_l_or_c_;e_b_u_A_i_r..;.•_r_nc.;;.. • .;..__
__ doing busineB'!f as Cebv: Padfie Air FAA Certificate Number

______ _ "\,**~ lllidBH-~**  

### FM C.rtlllaole numll« ot**l~ied** Flnign AiJ CMier) i· effective from 26th i':Pctober 20 ll**l.lfl~l** 

### ten (10) days after written nclice from the insurer or carrier of tha Intent to terminate cowmge 

# f• recai\l&d by th• Oepar:tml!llt of T ranaportation. NOTE: Part il05 of!M tlf<!PIIJUnOI'IL'I RegWatia111 ctoet: not 1111ow1or I pJedelermlnad tannination date, and I**tarll~** ShOwing wei\ I d'ala**i~>un~la.** !:. · 1. TflB

# Insurer(~ o islle8naed kllssue ilirnft' Insurance. poficie& in the Unllad States; J!{ ;s liCensed 

## :or l(lppri)Ved by lba government of PhUippines to lullf!l aircraft insuranca poiJcie&; 

### or o is an app

. surplus lin& lniiUiet in the State(a) of---------- ;z The ii11urei' auumM. under ltle.**poi~Gy** or**~-** IJaf.a 

### at-; .aita:alt · . t Habllf'V**lnaur-c~** fO mrnlmuma at !Nit eq**f~llowing** during · ·**~~ rnaintllnan~.**  or !Hie' of lltt:rltft In 'foreign atr iranapcrtat!On' •• lhsi lefrn iw**~nned ~**  4Q U ,S.C. 40102. { ' A. cANADtAM Ctf

### ~TER ... R TAJCi OF'eltAYO._ WfTK PAlt'r 214 AUTHQRJTY ONLY The l!llraeft**~** by ttU palil:y ha¥e: (1)**~-** 01 faYiel p,lllen;er ••aa ena 1 mtmtnum**~~-** Cllpldty of 1 ,!QO paunt:U or l&s.s; and/or**(2~~um** euthorlucJ call.eoft' -ighl orJ >Mleel1 ol no m!11'e lhao 3:1,000 pounde. (Cqmpltlt 

### ttptllfl or pgmflinJd CO!t88iltf M 

### !B!?!Wll!JlfJ:

.**r~** I, 0 Separate

## 1•~ft:**FWRri!~t&**

I· I' ]'i!. 

### i**~** I: Typg qJ Ufbifity Cotnblmrd Bodily lnj!lry**(~duiiing** P.alsenllll'l Oll'let !han- cargo .U.Adants) and Propertv**oarnagt~** Liability PIQ8111Qtr**8od.~y** Injury $7'5,000 $75,000 S75,00Q**~ 7~%**  

### or !Cilat niJmber of jlauen;6r HAb inllalled ln eiraeft
0 Combined C::{ilterage: This tombii'K!o CIJ\IBr'lgll i&: a sin !lie limil of llabilitv lor eaeh occurrenCI8 at fNSI**e~** Ia rtltl teqWed mlnlmumll't(lVd**abEJ~~e** for bQdily injuty (el[cludlng**r.~asa.ngeri),** propertr damage, and paiiMniJ&r bodily injury. Policy No. -: Amount of Coverage U,S, Oollal'l! 0 Thia poliCy

# ~lteni CARGO operation& only ancl exoludas pa1senoer llsbili!V

# il'!ltll'!l~. I

NOTI!: rf the aJrJ}an cova1ed by lhls poii"Gy hove more than 30 panor19er nata ot mor111 lhil" 11 ma•lrrlum payload Clpaci1)1 ol 1 1 7,500 pounds,**~tnl.mtum** limit. per.occurrenot! 5hall**~** 520.000.000. \.

### ~O~S~T~~~c-nn~"~1~1------~:,------------------**--------------------------------------------------~** l: !.·

### 10/17/2012 14:53 FAX 

### F&L SERVICE CTR

e. 'fum C!ILifbtljrlt C:""'blfled**~ I~!JfY**  ('ElldUdlng P

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# -----·-----
, 

# _____________ ., 

# ________ .....

\-· 

### 141019

### 10/17/2012 14:53 FAX 

### F&L SERVICE CTR 141020

i.:

·-·-·---·-·- .. ·---· ..... --l\**~** 

## Manufacturer's Serial 

### No, 

### fbiliobo.e Mekt&Mpdtl**~**


### A318 2558 RP-C3UI9 • 

### A31D 2586**RP~190** A319**~5** 

### RP-C318, A319 2838 RP..CS192 A31Q 2.788 RP-<C3tSI3 A319 2780 RP-C3194 A319**~1** RP..C3195 A310 2821 RP..CS1H AS19 

### 2852 RP-c31.97 A319 2878 RP..C31!MI A:32Q 291M RP-cl242 A320 30118 Rfl..C3U3 

### A320 3272 

## RP-C3ZU A320 3433 

### RP-C32-4$ 

### A320 3472 

### RP..C324e A320 3487 RP-03247 

### A320 »f$. RP-c3248 

## .u20 3782**RP-c~u ~**  37$7 RP-C3250 

### A320 44-47 RP-ClieO AS20 4508 RP.C»81 A320 .(5a7 AP-C32e2 

### A3.20 "-57. 

### RP•C32e3 A32Q <185.2 RP-C32B4 A320 

### 4881 RP-c3285 A320 4870 RP-o3le8 

## AUG 4827 

### RP-C3287 

### A320

.. lilCJ! 

### RP..c3288 A320 5250 RP-c32$8 

### A320 5045 

### RP..c3237**~** 

### 5087 AP-C3238

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## !;

. r u**~~Form** &523 (Form...-. C:r>.B p.,.,. 2<1ll
a: 

## r li: u-

# ~~ 

# i; 

# r**~~** ,,;**~'** 

### 1\**~ ~:** 

# ~~**~-·**

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## !: lNiJJJK: arll.1**t~d·tfln~~·** (;aHi-"''**:~~':** ...**~·** nt'J' I'Ln I'C<' !:1006 Dul:l""t l_, [t,,,,<(**Pa~<;iy** City. 11!)1**t>biHppine~** 141021

### F&L SERVICE CTR 

### 141 022



### ExhibitD

Cebu Air, Inc. d/b/a Cebu Pacific Air

Financial Statements

### 10/17/2012 14:54 FAX 1- 

### F&L SERVICE CTR



# i: CEBU**~~IR,** 

### INC. AND SUBSIDIARIES 

### CONSQLIDATED STATEMENTS OF FINANCIAL POSITION**r~** 

### i !1

ASSETs!-

,. I' Current**~bsets** Cash and**!~ash** equivalents (Note 7)

### Financia~~iSsets at fair value through profit or loss (Note 8) Receivablts (Note 9) Expend a**~e** parts, fuel, materials and supplies (Note I 0) Other cu ient assets (Note 11)

___ T--If,'ital Current Assets**Noncurr~;.t** Assets Property**~·nd** equipment (Notes 12, 16,29 and 30)**lnvestmer(~** in shares of stock and joint ventures**(Not~:;** 13 and 32) A vai1ableHor-sale investment (Note B)**~-** Other no ;\;urrent assets (Note 14) T**;~tal** Noncurrent Assets

# LIABILJ~IES AND EQUITY Current Labilities Accountsi1Payable and other accrued liabilities (Note 15) Uneamed\transportation revenue (Note 4 and 5) 

### Current**pl~rtion** of long-tenn 

### debt (Notes 12 and 16)**Financialj~iabilities** at fair value through profit or loss (Note 8) Due to re!iated parties (Note 26) -----I'I]ptal Current Liabilities

### Noncurri~nt Liabilities I· Long-ter$ debt'- net of current po11ion**(Notd~** 12 and 16) Deferred

### ~~ax liabilities- net (Note 24) Other**no~current** liabilities (Notes 17 and 22)

Equity

## (~~1ote 18) 

### Commonl;:stock Capital**p~lid** in excess of par value TreasuryliStock Net unre 'ilized losses on available-for-sale investment (Note 8)**Retained ~arnings**  · 1]iotal Equity

I'· December 31 2011 2010

P8,957' 783,986

3,261,077,998

836,786,224 397,527,340 278,691,061 13,731,866,609
41,037,543,621 409,478,237 110,367,200 391,452,391 41,948,841,449 1155,680,708,058

116,710,838,87 6

5,253,433,343 2,467,451,166 60,857,586 36,302,174

- 14,528,883,145

18,404,442,26 7 221,786,183 3,360,073,173 21 ,986,301 ,623

. 36,515,184,768

613,236,550 8,405,568,120 (529,319,321)

(5,630,261) 10,681 ,668,202 19,165,523,290 ll55,680,708,058 P9,763,288,972 3,879,438,631

862,409,591 370,032,035 264,073,803 15,139,243,032
33,985,701,079 369,644,738 114,532,000 327,847,154 34,797,724,971 P49,936,968,003

115,598,486,319

4,606,311,016 2,056,043,837 35,529,304 12,296,370,476

16,376,664,867 153,130,07] 3,203,752,687 19,733,547,625 32,029,918,101
613,236,550 8,405,568,120 (2, 714,902) 8,890,960, 134 17,907,049,902 P49,936,968,003

### ----~·:~---------------------------------------------------------- See accomj;anying Notes lo Con.wliclated Financial Statements. I' !·- 1"

# ~~~I~II~WII~~~~IIIIIIIIIIIIllll 141023

### 10/17/2012 14:55 FAX 

## ,.

# ~ I; 

## i, F&L SERVICE CTR



### CEBU 

## AliR, INC. AND SUBSIDIARIES CONS9LIDATED STATEMENTS OF COMPREHENSIVE INCOME

### ~~

## I~ ·'**REVENU~~** Sale of air fransportation services (Note 4):**Passert~er** Cargoj:·_ Ancillary**r~venue** (Note 19) 2011

Jl27,208,405,751 2,193,283,974 4,533,713,050 Years Ended December 31 2010 2009

P24,656,078,237 lll9,504,340,982

2,095,612,223 I ,684,418,350 2,337,108,499 2,122,246,979

## ----~'·~:**------------------------~~~~~~~~~~~~~~~~** I· 33,935,402,775 29,088,798,959 23,311,006,311 EXPENSEiS Flying opel<ations (Note 20)**Aircra~ a~l~**  traffic**serv~cin~** (Note 20) Deprec1at1J\Il and amort1zat10n (Note 12) Repairs an**~** maintenance (Note 

### 20) Aircraft ani engine lease (Note 29) Reservatio**~** and sales General an il administrative (Note 2!) Passenger l\brvice Other**exp~j\ses** (Note 23) 

### I' OPERA

# Tl~G INCOME OTHER

## Ij~COME (EXPENSE) Interest

### ind~me (Notes 7 and 8) Fuel hedgi·

### ~g gains (Note 8) Foreign**ex~hange** gains Equity in 'et income (loss) of joint venture (Note 13) Fair value**~ains** (losses) of financial assets designated at fair v )ue through profit or loss (Note 8) Interest

### ex~ense (Notes 16 and 17) 17,350,168,400 2,991,278,104 2,632,410,923 2,518,570,260 1, 718,431,374 1,480,637,473

820,453,486 756,785,558 138,839,386 30,407,574,964

3,527,827,811

647,397,939 477,128,001

50,154,940 42,318,202 (143,554,705) (854,269,588) 11,417,488,512 8,857,014,923 2,461,807,197 2,631,833,249 2,100,929,764 1,917,683,713 2,289,945,384 2,568,940, 713 1,604,855,579 I, 723,886,536 I ,335,983,655 994,694,826

694,888,478 822,510,363 639,480,811 580,896,015

93,293,869 49,503,211 22,63 8,673,249 20,146,963,549

6,450,125,710 3,164,042,762

237,495,750 8,848,551 474,255,226 685,574,528 576,978,771 418,182,126 25,248,534 (25,474, 123) 107,631,255 (931 ,482,279) (I ,0 12,826,822)



# -

_____**1'------------------------------~~~~----~~~~----~~~~ ~~-**  219,174,789 490,127,257 74,304,260 INCOMEiiBEFORE INCOME TAX**PROVISI~N** FOR (BENEFIT FROM) INCOME TAX fNote 24)**NETINC:~ME** Net unrealized losses on available-for-sale inves :henl (Note 8) Benefit 

# fr1 income tax (Notes 8 and 24) OTHER**~OMPREHENSIVE** INCOME, NET OF TAX TOTAL OMPREHENSIVE INCOME 1:· Basic/Dihilted Earnings Per Share

### (Notel~s)
See accom**~nying** Nme.r to Consolidated Financial Stalemenl.<. 3,747,002,600
122,584,882 3,624,417,718
(4,164,799) 1,249,440
(2,915,359) ¥3,621,502,359

¥5.93 6,940,252,967 3,238,347,022
17,759,687 (19,501 ,683) 6,922,493,280 3,257,848,705
(3,878,432)

1,163,530
(2,714,902) P6,919,778,378 1!3,257,848,705

Pll.78 P5.59

# lmiUI~III~IIIIII~~~~III~I~I~YII~ !4102410/17/2012 14:55 FAX F&L SERVICE CTR 

### I4J 025 

### I' 

# l:.-

1·: 

### r: i: 

### i· J·: 

### CERTIFICATE OF SERVCE i I· J. 1,· 

### I herebyJ)certify that one copy of the foregoing application of Cebu Air, Inc. d/b/a Cebu Pacific Air has**~l.is** 

### day been served on each of the following individuals via e-maiL 

## I,**i'~** i. 

# i; 

# [
r 

## i· i' 

### DATED:

## Octo~ier 17,2012 sascha.vanderbJlen@delta.com; sarnetta.c.barnett@delta.com; ieff.morgan@delta.com jonathan.linde@\mited.com; steve.morrissey@united.com; dan.weiss@united.com;**~h~lloway@croj~ell.com;** 

### gmurphy@crowell.com**Jhlll@dowlohne,~.com** ! 

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