Question: Jeju Air is a founding member of the air alliance formed in what month?

Context paragraphs:
Air Canada Jetz: Air Canada Jetz is a charter airline, headquartered in Montreal, Quebec as a wholly owned subsidiary of Air Canada.  Established and starting operations on October 31, 2001, it operates a premium business service for corporate clients and professional sports teams.  The airline was originally headed by Robert Perrault, former president of Air Alliance.  Currently, it is headed by Alain Boudreau.

Ukraine Air Alliance: Ukraine Air Alliance is an airline based in Kiev, Ukraine.  It operates cargo and passenger charters as well as services to Asia, Africa and Europe.  Its main bases are Boryspil International Airport (KBP) and Zhulyany International Airport (IEV).

Bluetech Award: The Bluetech International Clean Air Technology Award (also called Bluetech Award), is an annual award presented by the Clean Air Alliance of China (CAAC) to recognize outstanding technologies that prevent and control different forms and sources of air pollution.  The Award examines each technology for breakthrough potential in terms of technological performance, environmental impact, and financial feasibility with CAAC’s standardized technology assessment methodology.  The award selection committee consists of technical professionals, industrial experts and testing specialists that are chosen every year to fit each year’s award categories.  Technologies from around the world are eligible to apply.

Islami Jamhoori Ittehad: The Islami Jamhoori Ittehad (or "IJI") English lit.  Islamic Democratic Alliance, Acronym:(IDA, IJI) (Urdu: ‎ ) was a right-wing conservative alliance formed in September 1988 to oppose the democratic socialist Pakistan Peoples Party in elections that year.  The alliance comprised nine parties, of which the major components were the Pakistan Muslim League (PML), National Peoples Party (NPP), Jamaat-e-Islami (JI), with PML accounting for 80% of the IJI's electoral candidates.  The Inter-Services Intelligence (ISI) agency, under director Hamid Gul, had a major role in forming the center-of-right political alliance.  Care had been taken to ensure that the alliance comprised nine parties to generate comparison with the nine-party Pakistan National Alliance (PNA) that had campaigned against Zulfikar Ali Bhutto in 1977.

Jeju Air: Jeju Air (), based in Jeju City, Jeju-do, South Korea, is a South Korean low-cost carrier, the first to be founded in the country.  It offers scheduled domestic services between several cities in South Korea and Seoul as well as some destinations outside of Korea.  It is also a founding member of the Value Alliance.

Jeju Air destinations: The following is a list of destinations served by Jeju Air as of November 2015.

Franco-Russian Alliance: The Franco-Russian Alliance, or Russo-French Rapprochement, was an alliance formed by the agreements of 1891–93; it lasted until 1917.  The strengthening of the German Empire, the creation of the Triple Alliance of 1882, and the exacerbation of Franco-German and Russo-German contradictions at the end of the 1880s led to a common foreign policy and mutual strategic military interests between France and Russia.  The development of financial ties between the two countries created the economic prerequisites for the Russo-French Alliance.

Value Alliance: Value Alliance is an airline alliance formed in May 2016.  It is the world's second alliance (after the U-FLY Alliance) to consist only of low-cost carriers (LCCs).  However, it is the first pan-regional LCC alliance.  It comprises seven Asia-Pacific airlines: Cebu Pacific, Jeju Air, Nok Air, NokScoot, Scoot, Tigerair Australia and Vanilla Air, along with Tigerair who merged with Scoot under the Scoot brand.

Air Alliance: Air Alliance was an airline based in Canada, which was operational from its formation in 1988 until 1999, when it was absorbed into Air Nova.  The brand name "Alliance" was then used by Air Canada until 2011 to refer to its eastern Tier III operation operated by Air Georgian.

Vanilla Alliance: The Vanilla Alliance (French: "Alliance Vanille" ) is an airline alliance formed in September 2015 to improve air connectivity within the Indian Ocean region by strengthening cooperation between the airlines of Indian Ocean Commission members.  Ultimately, the alliance wishes to increase tourism, trade, and business ties in the region.  The founding members are Air Austral, Air Madagascar, Air Mauritius, Air Seychelles and Int'Air Îles.

Supporting paragraphs: Jeju Air Value Alliance
Answer: May 2016