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Cebu Air, Inc.2nd Quarter and 1st Half 2016Results of Operations

Disclaimer

15 August 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

4.9 5.2

9.2 10.0

5.8 5.9

11.3 11.5

2Q15 2Q16 1H15 1H16

Passengers Capacity

Operating Statistics

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• CEB flew 10.0M in 1H16, up 8.7% YOY, and 5.2M passengers in 2Q16, up 5.0% YOY

• SLF posted at 87.2% in 1H16 and 87.6% in 2Q16

• For 2Q16, ASK grew 5.7% to 6.7B while RPK grew faster to 5.6B, up 7.7% YOY. We utilized our airbus fleet 13.0 hours per day and turned them 6.5x per day

• As of June 30, 2016: 64 destinations, 98 routes, and 2,369 weekly flights

LoadFactor

84.5%

Passenger and capacity in millions

87.6% 81.8% 87.2%

11.5% 10.9% 11.4% 11.1%

28.6% 29.4% 28.6% 29.4%

59.3% 59.0% 59.4% 58.7%

2Q15 2Q16 1H15 1H16

Average Domestic Market Share(1)

AirAsia Group PAL Group CEB Group

Domestic Market

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• Highest market share at 59.0% in 2Q16(1)

• Most number of passengers carried and highest load factor

• Competitive performance index above 1 and highest among all carriers

• 34 destinations, 56 routes, and 1,889 weekly flights

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

o Cebu to Calbayog, Ormoc, and Roxas

(1)2Q16 and 1H16 figures are based on internal estimates

International Operations

• SLF posted at 81.9% in 2Q16 and 81.3% in

1H16

• 25 short haul destinations, 37 routes, and

438 weekly flights

• New route: Kalibo to Incheon effective

Oct. 1, 2016

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Destination Seat Share(1)

Singapore 29.3%

Hong Kong 30.4%

China 19.8%

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

Destination Seat Share(1)

Dubai 24.4%

Sydney 39.1%

Kuwait 76.2%

Riyadh 18.8%

Doha 20.3%

• SLF posted at 73.6% in 2Q16 and 74.1%

SLF in 1H16

• 5 long haul destinations, 5 routes, and

42 weekly flights

Short Haul

Long Haul

Source: Korea Tourism Organization

Financial Results

Income Statement Highlights

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2Q15 2Q16 1H15 1H16YOY Change

2Q 1HTotal Revenue (Php Million) 15,308 16,987 29,506 33,093 11.0% 12.2%

Passenger Revenue 12,005 13,261 22,813 25,283 10.5% 10.8%Ancillary Revenue 2,474 2,863 5,092 6,110 15.7% 20.0%Cargo Revenue 829 863 1,601 1,700 4.2% 6.2%

Average Yield per passenger 2,930 3,107 3,026 3,132 6.0% 3.5%Average fare 2,429 2,555 2,474 2,522 5.2% 1.9%Ancillary/passenger 501 552 552 610 10.2% 10.4%

Cargo yield per kg 23 24 22 24 0.2% 5.2%

Cost/ASK (CASK) 1.904 1.933 1.896 1.881 1.5% -0.8%CASK ex-fuel 1.144 1.313 1.156 1.294 14.8% 11.9%

(PHP million)EBITDAR 5,660 6,879 10,822 13,933 21.5% 28.8%EBIT 3,206 3,996 6,037 8,214 24.6% 36.1%Pre-tax Core Net income 2,991 3,793 5,556 7,793 26.8% 40.3%Net income 2,975 3,645 5,200 7,682 22.5% 47.7%

MarginsEBITDAR Margin 37.0% 40.5% 36.7% 42.1% 3.5 ppts 5.4 pptsEBIT Margin 20.9% 23.5% 20.5% 24.8% 2.6 ppts 4.4 pptsPre-tax Core Net Margin 19.5% 22.3% 18.8% 23.5% 2.8 ppts 4.7 pptsNet Margin 19.4% 21.5% 17.6% 23.2% 2.0 ppts 5.6 ppts

Balance Sheet Highlights

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

Current assets 9,763 14,954Noncurrent assets 75,066 79,395Total Assets 84,829 94,349

Total debt(1) 36,589 38,217Other liabilities 23,284 24,707Total Liabilities 59,873 62,924Total Equity 24,955 31,425

Net debt-to-equity(2) 1.28x 0.85xAdjusted net debt-to-equity(3) 2.48x 1.86xCash-to-sales-LTM ratio 8% 19%Forex, closing 47.06 47.06

• Cash level at P4.7B in 2015 vs. P11.4B in 2Q16

• Property and equipment at P76.8B vs. P72.1B in 2015 due to three A320 aircraft additions and one A319 disposal

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

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Php Millions 1H2016CASHFLOWS FROM OPERATING ACTIVITIESIncome after noncash adjustments 11,456Net changes in working capital 2,289Interest and taxes paid – net (610)Net cash provided by operating activities 13,135

CASHFLOWS FROM INVESTING ACTIVITIESAcquisition of and proceeds from disposal of property and equipment and other noncurrent assets (8,068)Increase in investment in joint venture (98)Net cash used in investing activities (8,167)

CASHFLOWS FROM FINANCING ACTIVITIESAvailments of long term debt 5,105Repayments of long term debt (3,440)Net cash provided by financing activities 1,665

Net foreign exchange difference 43

NET INCREASE IN CASH AND CASH EQUIVALENTS 6,677CASH AND CASH EQUIVALENTS, beginning 4,706

CASH AND EQUIVALENTS, END 11,383

Outlook

Fuel, Forex and, Forward BookingsFuel• As of August 11, 2016, Jet Kero at $49.96/bbl

• Hedge ratio at 38% for 2016, 31% for 2017, and 10% for 2018

Forex• As of August 11, 2016, USDPHP at 46.79

• We have no outstanding FX hedges.

Forward bookings• As of August 8, 3-month forward bookings are at

23.6% of total available seats. Total bookings for the period is up by 10.8% YOY

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Data source: Bloomberg

Data source: Bloomberg

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

44

45

46

47

48

USDPHP Closing Rates

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

30

40

50

60

70

80

Jet Kero Spot Price Index

Jet Kero Close

Jun 30, 2016 $58.47/bbl

Mar 31, 2016 $47.05/bbl

Dec 31, 2015 $43.44/bbl

Average

2Q 2016 $54.33/bbl

1Q 2016 $42.10/bbl

2Q 2015 $74.77/bbl

USDPHP Close

Jun 30, 2016 P47.06/$

Mar 31, 2016 P46.07/$

Dec 31, 2015 P47.06/$

Average

2Q 2016 P46.53/$

1Q 2016 P47.27/$

2Q 2015 P44.68/$

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 57: 36 A320, 7 A319, 8 ATR 72-500, and 6 A330

• Remaining order book of 32 A321 NEO, 16 ATR 72-600, and 2 A330

• For balance of 2016 to 2021:

• 2 A330 for delivery between 2016-2017• 7 A319 to be sold between 2016-2018• 7 A320 for lease return in 2018-2019• 16 ATR 72-600 for delivery from 2016-2020• 32 A321 NEO to be delivered between 2017-2021

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Ave. fleet age(1)

5.06 years

(1) As of August 8, 2016

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