10/17/2012 14:39 FAX. 

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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 

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Docket DOT -OST-20 12-__ _ 

for an exemption frJirn 49 U.S.C. §41301 

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APPLICATION FOR EXEMPTION 

Communication~i with respect to this document should be addressed to: :. 

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DATED: Octob/h 17, 2012 I, 

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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 

Air 
10/17/2012 14:39 FAX 

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F&L SERVICE CTR 

BEFORE THE 

DEPARTMENT OF TRANSPORTATION 

WASHINGTON, D.C. 

In the matter of the [application of 

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141003 

CEBU AIR, INC. j?!BI A CEBU PACIFIC AIR i: 

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Docket DOT-OST-2012-__ _ 

for an exemption fr~)m 49 U.S.C. §41301 _____ I· _,, ________________ _! 

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I APPLICATION FOR EXEMPTION 

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

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

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provisions of ~~itle 49 and the Economic Regulations of the Department of Transportation 

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("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 

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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 

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

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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. 

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10/17/2012 14:39 FAX 

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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: 

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1. ]~e Applicant 

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

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

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other Philippine j.carrier. 

Cebu is Jhe Philippines low fare leader. It offers the lowest available fare in every market 

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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 

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

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

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international de~itinations from the Philippines, including Brunei, Cambodia (Siem Reap), China 

(Beijing, GuanJizhou, Shanghai, Xiamen), Hong Kong, Indonesia (Jakarta), Japan (Osaka), 

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

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(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 

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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 

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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 

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the following ad[dress: 

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10/17/2012 14:39 FAX F&L SERVICE CTR 

Application of 

Docket DOT 

October 17, 20 

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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 

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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. 

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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. 

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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. 

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10/17/2012 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. 

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which owns 29 · 81% and is Filipino? 

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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. 

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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 

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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. 

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10/17/2012 14:41 FAX I· 

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F&L SERVICE CTR 

Application of drebu Air, Inc. d/b/a Cebu Pacific Air 

Docket DOT-os:T-2012-__ _ 

October 17, 201t~ !. 

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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 

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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 

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Francisco, Los ~ingeles, Guam, Saipan, and four additional points in the United States selected I 

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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. 

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Cebu's ~~erations are authorized and regulated by the Government of the Philippines. 

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The Philippine~: is a contracting State to the Convention on International Civil Aviation 

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("Chicago Con~fention") and observes all applicable ICAO standards. Appended hereto as 

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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 

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Cebu requires ~iom the Philippine Government to provide the services described herein. The 

address of the P~:ilippine aeronautical authority is: 

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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·, 

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10/17/2012 14:41 FAX F&L SERVICE CTR 

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Application of~~ebu Air, Inc. d/b/a Cebu Pacific Air 

Docket DOT-0 1

;•T-2012-__ _ 

October 17, 2012 

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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 

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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. 

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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 

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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 

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transportation off passengers, cargo and mail, which is consistent with Annex I, Section 1 (B)(2) 

authorizing FiliJ1ino carriers to operate: 

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~~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. 

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

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Application ofJ~~:ebu Air, Inc. d!b/a Cebu Pacific Air 

Docket DOT -qsT -2012-__ _ 

October 17, 20 l2 I: 

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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 

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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 

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5. ~nvironmental Considerations 

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

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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-term II: 

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. 

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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.'"). 

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

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]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 

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Board of Directors 

~~ance Y. Gokongwei** 

Ji)irector, President and CEO 

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~i·rederick D. Go+ 

);>irector 1':- ' 

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~>!..obina Y. Gokongwei-Pe++ 

~l)irector 

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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' · -

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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 

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Key Management Officials 

~ilach Johann M. Sebastian 

tenior Vice President-Chief Strategist 

~iaime I. Cabangis 

thief Financial Officer 

1:rictor Emmanuel B. Custodio 

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yice President, Flight Operations 

!tosita D. Menchaca 

irice President, Inflight Services 

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~:~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 

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1\fichael S. Shau rice President, People and Administration 

1•lexander G. Lao 

1~rice President, Commercial Planning 

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Citizenship 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

Philippines 

141012 

Exhibit A 
10/17/2012 14:43 FAX I 

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1: Key Management Offidals 

[Jame and Title 

~.\.lej andro B. Reyes 

aenera1 Manager, Long Haul Division 

~~osalindo F. Rivera 

forporate Secretary I~ 

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fV"illiam S. Pamintuan 

~\.sst. Corporate Secretary 

141013 

Citizenship 

Philippines 

Philippines 

Philippines 
10/17/2012 14:43 FAX 

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Exhibit B 

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

License 

and Designation 
10/17/2012 14:43 FAX F&L SERVICE CTR 141015 
10/17/2012 14:52 FAX 

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

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SEPIO~ 

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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 

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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. 

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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 

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irn a ,:moLAZK ctind~ Director . l"' ... libDI JW.etl.rde Division '.1. ·~--.~nt Gf; Foreign Affainr " ....,t-"L&....... firi ... J.ioo-----.,..-

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141016 
10/17/2012 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 

ExhibitC 
10/17/2012 14:52 FAX 

Qffig:: or lhe Secrmry 

I)( Tr~~Uportalion 

F&L SERVICE CTR !4]018 

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FOREIGN AIR CARRIERS • CERTlF'ICATE OF INSURANCE 

1.' POUCIES OF .INSURANCE FOR AIRCRAFT ACCIOENl 80D1L Y INJURY 

i: ANQ PROP~1Y DAMAGE UABIUTY 

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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) 

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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& 

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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 

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7,500 pounds, ~tnl.mtum limit. per.occurrenot! 5hall ~ 520.000.000. 

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~O~S~T~~~c-nn~"~1~1------~:,------------------ --------------------------------------------------~ l: 

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10/17/2012 14:53 FAX F&L SERVICE CTR 

e. 

'fum C!ILifbtljrlt 

C:""'blfled ~ I~!JfY ('ElldUdlng P .. Hnf"" other 

l!ioln t.IOqJO ~alllls) and P~ Camalios Liability 1300,000 

S300.000 

52.000,000 

5300,000 X /~'!(, of 

Ioiii llllrTIIW 41 

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inlllai!H I!! aitlnlt 

[j qtilrnbtned·e-.ge: T~ COIII!Ifnild ~ ia a :oinQia fll'llll onebil!l)' lor aadl ocauren\CIO" 11 _, equul lo-lhe t~Uioed '1'in1t11um1 tl.llla<l U<M fDt bcildi't Injury (eJr;.luding -~~s). "'"""" dlllll~~ged", end p.........,. bOdily lnjOl'f. 

~~No, AIIIOWII!II 001>8<11~ U.S. Dollart 1·., 

0 r'::tw pall~_,.~ .l'lliatll lllliywld ~$-~ aiiHI!y O'lewtaftce. 

P' " ~ OPtiJ¥in•I.AIIGE.oUIIGIUII'T 

j!~-'-----­ i -i-------

:~ 

$3oi),IJI)Q • 75% ol 

_ lor.tlllllll!bllt(Jf . ....,._ 

ifl&lllleoJ 1n liih:lell j: j[ ~ eo.ttB~~e: Thja c:cmbhtd ~ ill • .sinil•tim~ or ~ab!llly 101' otoh oo;aurarl!llla.llulll ~qual Ialiie raq~~ired 'i""'IJIIII cfl'led·~wr-llir IIOCI!Ijllrljury (aJC(llidinQ ~eq), Pftlperty dlt~n~~gtld, •lid pa~ ~1¥ ~-

AfjcyM:>. AVHDKY.Ll000Uil2 ------ M!Qulllotc-ege~ • U.S.Oolle•o 

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-:t T n. policy ,~! pcNIGie• 6IIJKI In lfDa oa1!t\Wifnlu,.(&) (CI!u& Q®l: 111e1c1t a01111o4ociel r::M tit l'olfiln Fill 

l!oalflr4!!pb N21 ..... 

2f ~~Mthl~llln:tli~~ .. ~01DIIIil'ltll111d ~ 

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j -4. t:&dl pC{It\' ~lit lhll. ~ rnee\1 or llill1:lledt !Ita ft<luiretnlltlls in l4 CI'R P81'1205. 

I P-r:-ucl.entl~al Cwttantee a-ad Aaau'l:allc~. Inc:.. .. _ 

i·: (filtnilfltl!f._, ~olll-.i/Oj;IOIIU~) 

1

_ CQ)dutg 4-\uac .• l~J:.AAC• St., LegaspJ Village 1 ---------- ~ 

I H.ak.at.i~Ci-l:,y. Pbilfpp!f.ne• ( 1229) 

I; ($, Sloll;, £!; Cl!iilifS 

Ludo /!. •. j:~arnAJ!d.u - V'f.(!e Pud.4ea.~ 

~-~-arn!IIOIII'rlflulllll~oi*·~J ---.. -·-···~ -.:to"'IG'=-~cr::-_,=;;;;;;==..,_.==:::MJ!:-::-::-----

(632) 'i81049.Ui (632) 893'.1508 

-----·-----, _____________ ., ________ ..... 

\-· 

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 
·. 

F&L SERVICE CTR 

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

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!: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~ 

!41024 
10/17/2012 14:55 FAX F&L SERVICE CTR I4J 025 

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J·: CERTIFICATE OF SERVCE 

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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'~ 

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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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