cebupacificair.com

Cebu Air, Inc.3rd Quarter and 9 months 2016Results of Operations

Disclaimer

11 November 2016 2

This information provided in this presentation is provided only for your reference. Such information has not been independently verified and, as such, is not guaranteed to be accurate nor complete. Neither Cebu Air, Inc. (“CEB” or the “Company”) nor any of its affiliates, shareholders, directors, employees, agents or advisers makes expressed or implied representations or warranties as to the accuracy or completeness of the information contained herein and neither of them shall accept any responsibility or liability (including any third party liability) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party’s reliance or use of such information. The information and opinions in this presentation are subject to change without notice.

EBITDAR, EBITDA, EBITDAR Margin, EBIT and core net income are not measures of performance under the Philippine Financial Reporting Standards (“PFRS”), and should not be considered in isolation or as alternatives to net income as an indicator of CEB’s operating performance or to cash flow from operating, investing and financing activities as a measure of liquidity, or any other measures of performance under PFRS. Because there are various EBITDAR, EBITDA, EBITDAR Margin, EBIT and core net income calculation methods,CEB’s presentation of these measures may not be comparable to similarly titled measures used by other companies.

This presentation also contains certain “forward-looking statements.” These forward-looking statements include words or phrases such as CEB or its management “believes”, “expects”, “anticipates”, “intends”, “plans”, “foresees”, or other words or phrases of similar import. Similarly, statements that describe CEB’s objectives, plans or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. There is no assurance that expectedevents will occur, that projections will be achieved, or that the Company and its management’s assumptions are correct.

Business Updates

4.4 4.5

13.7 14.5

5.5 5.3

16.8 16.8

3Q15 3Q16 9M15 9M16

Passengers Capacity

Operating Statistics

11 November 2016 4

• CEB flew 14.5M in 9M16, up 6.0% YOY, and 4.5M passengers in 3Q16, up 0.5% YOY

• SLF posted at 86.1% in 9M16 and 83.8% in 3Q16

• For 9M16, ASK grew 5.2% to 19.6B while RPK grew 9.5% to 16.1B;

for 3Q16, ASK grew 1.9% to 6.4B while RPK grew 2.4% to to 5.1B.

• We utilized our airbus fleet 12.5 hours per day and turned them 5.9x per day

• As of September 30, 2016: 64 destinations, 98 routes, and 2,489 weekly flights

LoadFactor

80.8%

Passenger and capacity in millions

83.8% 81.5% 86.1%

Domestic Market

11 November 2016 5

• Highest market share among all carriers at 56.8% in 3Q16(1)

• Most number of passengers carried and highest load factor

• Only carrier with competitive performance index above 1

• 34 destinations, 56 routes, and 1,995 weekly flights

• Starting Nov. 19, 2016, CEB will fly three new routes out of Cebu:

o Cebu to Calbayog, Ormoc, and Roxas

(1)3Q16 and 9M16 figures are based on internal estimates

11.3% 11.5% 11.4% 11.2%

29.4% 31.1% 28.9% 29.8%

58.9% 56.8% 59.3% 58.0%

3Q15 3Q16 9M15 9M16

Average Domestic Market Share(1)

AirAsia Group PAL Group CEB Group

International Operations

• SLF at 77.9% in 3Q16 and 80.2% in 9M16

• 25 destinations, 37 routes, and 450

weekly flights

11 November 2016 6

Destination Seat Share(1)

Hong Kong 29.3%

China 18.5%

Singapore 32.8%

(1) From CAPA route capacity data for week of October 31, 2016

Destination Seat Share(1)

Dubai 24.4%

Sydney 34.0%

Kuwait 40.7%

Riyadh 18.8%

Doha 20.2%

• SLF at 74.3% in 3Q16 and 74.1% SLF in

9M16

• 5 destinations, 5 routes, and 44 weekly

flights

Short Haul

Long Haul

Financial Results

Income Statement Highlights

11 November 2016 8

3Q15 3Q16 9M15 9M16YOY Change

3Q 9MTotal Revenue (Php Million) 12,753 13,598 42,259 46,691 6.6% 10.5%

Passenger Revenue 9,313 10,073 32,126 35,356 8.2% 10.1%Ancillary Revenue 2,554 2,675 7,645 8,786 4.8% 14.9%Cargo Revenue 886 850 2,488 2,549 -4.2% 2.5%

Average Yield per passenger 2,678 2,863 2,913 3,049 6.9% 4.7%Average fare 2,102 2,262 2,353 2,442 7.6% 3.8%Ancillary/passenger 576 601 560 607 4.3% 8.4%

Cargo yield per kg 20 22 21 23 7.9% 6.4%

Cost/ASK (CASK) 1.882 1.943 1.891 1.901 3.2% 0.5%CASK ex-fuel 1.176 1.305 1.163 1.297 10.9% 11.6%

(PHP million)EBITDAR 3,495 4,139 14,317 18,072 18.4% 26.2%EBIT 997 1,236 7,035 9,450 24.0% 34.3%Pre-tax Core Net income 756 1,022 6,313 8,815 35.2% 39.6%Net income (1,645) (584) 3,556 7,098 64.5% 99.6%

MarginsEBITDAR Margin 27.4% 30.4% 33.9% 38.7% 3.0 ppts 4.8 pptsEBIT Margin 7.8% 9.1% 16.6% 20.2% 1.3 ppts 3.6 pptsPre-tax Core Net Margin 5.9% 7.5% 14.9% 18.9% 1.6 ppts 3.9 pptsNet Margin -12.9% -4.3% 8.4% 15.2% 8.6 ppts 6.8 ppts

Balance Sheet Highlights

11 November 2016 9

As at Dec 31, As at Sep 30,Php Millions 2015 2016

Current assets 9,763 11,232Noncurrent assets 75,066 81,602Total Assets 84,829 92,834

Total debt(1) 36,589 37,499Other liabilities 23,284 24,494Total Liabilities 59,873 61,993Total Equity 24,955 30,841

Net debt-to-equity(2) 1.28x 0.99xAdjusted net debt-to-equity(3) 2.48x 2.01xCash-to-sales-LTM ratio 8% 13%Forex, closing 47.06 48.50

• Cash level at P4.7B in 2015 vs. P7.1B in 3Q16

• Property and equipment at P79.1B vs. P72.1B in 2015 due to three A320 aircraft additions, two A319 disposal, and additional PDP for future aircraft deliveries

NOTE:(1) Includes current and noncurrent portion of long-term debt(2) Net debt is total debt less cash and cash equivalents(3) Adjusted net debt is net debt plus capitalized lease and ARO liability

Cash Flows

11 November 2016 10

Php Millions 9M2016CASHFLOWS FROM OPERATING ACTIVITIESIncome after noncash adjustments 14,426Net changes in working capital 2,570Interest and taxes paid – net (949)Net cash provided by operating activities 16,047

CASHFLOWS FROM INVESTING ACTIVITIESAcquisition of and proceeds from disposal of property and equipment and other noncurrent assets (12,354)Increase in investment in joint venture (181)Dividends received from joint venture 62Net cash used in investing activities (12,473)

CASHFLOWS FROM FINANCING ACTIVITIESAvailments of long term debt 5,105Repayments of long term debt (5,257)Dividends paid (1,212)Net cash provided by financing activities (1,363)

Net foreign exchange difference 184

NET INCREASE IN CASH AND CASH EQUIVALENTS 2,395CASH AND CASH EQUIVALENTS, beginning 4,706

CASH AND EQUIVALENTS, END 7,101

Outlook

30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16

45

46

47

48

49

USDPHP Closing Rates

Fuel, Forex and, Forward BookingsFuel• As of Nov 8, 2016, Jet Kero closed at $55.63/bbl

• Hedge ratio at 52% for 4Q 2016, 41% for 2017, and 10% for 2018

Forex• As of Nov 8, 2016, USDPHP closed at 48.58

• We have no outstanding FX hedges.

Forward bookings• As of Nov 7, 3-month forward bookings are at 29.6%

of total available seats. Total bookings for the period is up by 18.6% YOY

11 November 2016 12

Data source: Bloomberg

Data source: Bloomberg

Jet Kero Close

Sept 30, 2016 $57.39/bbl

Jun 30, 2016 $58.47/bbl

USDPHP Close

Sept 30, 2016 P48.50/$

Jun 30, 2016 P47.06/$

30-Sep-15 31-Dec-15 31-Mar-16 30-Jun-16 30-Sep-16

30

40

50

60

70

80

Jet Kero Spot Price Index

Jet Kero Close

Dec 31, 2015 $43.44/bbl

Sept 30, 2015 $58.73/bbl

USDPHP Close

Dec 31, 2015 P47.06/$

Sept 30, 2015 P46.74/$

8 4 1 -

33 36 36 34

- - 3 15 6 7 8

8 8 10 11

12 55 57 59

69

2015 2016 2017 2018

A319 A320 A321 A330 ATR

Fleet Expansion

• Current fleet of 58: 36 A320, 6 A319, 6 A330, 8 ATR 72-500, and 2 ATR 72-600

• Remaining order book of 32 A321 NEO, 14 ATR 72-600, and 2 A330

• For balance of 2016 to 2021:

• 2 A330 for delivery between 2016-2017• 6 A319 to be sold between 2016-2018• 7 A320 for lease return in 2018-2019• 14 ATR 72-600 for delivery from 2017-2020• 32 A321 NEO to be delivered between 2017-2021

11 November 2016 13

Ave. fleet age(1)

5.04 years

(1) As of November 9, 2016

cebupacificair.com

Thank you