PHILIPPINES AIRASIA, INC.

Philippines AirAsia (PAA) is a wholly-owned subsidiary of AirAsia, Inc. which is a joint venture company between Filipino investors Antonio O. Cojuanco, former Ambassador Alfredo M. Yao, Michael L. Romero, Marianne B. Hontiveros and Malaysia AirAsia Berhad. PAA operates domestic and international flights out of Manila, Cebu and Kalibo (gateway to Boracay). It is by far the only local carrier that services the most number of international flights from China and South Korea to Kalibo International Airport with fly-thru services via Kuala Lumpur from Manila to various points in Asia, Australia and the Middle East. PAA is part of the AirAsia group.