C02477-2021

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C

CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported) Apr 16, 2021 2. SEC Identification Number 154675 3. BIR Tax Identification No. 948-229-000 4. Exact name of issuer as specified in its charter AIR, INC. 5. Province, country or other jurisdiction of incorporation , 6. Industry Classification Code(SEC Use Only)

7. Address of principal office Level 4 Unit 4030-4031, Cebu, General Maxilom Avenue cor. Sergio Osmena Boulevard, Cebu City Postal Code 6000 8. Issuer's telephone number, including area code (632) 8802-7000 9. Former name or former address, if changed since last report N/A 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common 600,316,700 Convertible Preferred 328,947,368 11. Indicate the item numbers reported herein 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party. Cebu Air, Inc. CEB

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Cebu Air, Inc. Board Approval of a USD 250 million investment in the form of Convertible Bonds

Background/Description of the Disclosure

Please be informed that Board of Directors of Cebu Air, Inc. (the “Company”), at a special meeting held on 16 April 2021,approved a USD 250 million investment in the form of Convertible Bonds from the International Finance Corporation ("IFC"), the IFC Emerging Asia Fund and Indigo Philippines LLC (an affiliate of Indigo Partners LLC).

Further to the above approval, the Company signed an agreement on the same date to receive the USD 250 million investment in the form of Convertible Bonds with the IFC. Transaction closing is subject to post-signing deliverables,which the parties expect to complete over the succeeding weeks.

The IFC is a sister organization of the World Bank and member of the World Bank Group. It is the largest global development institution focused exclusively on the private sector in developing countries. The IFC Emerging Asia Fund isa $693 million private equity fund managed by the IFC Asset Management Company.

Indigo Partners LLC is a US based private equity firm that specializes in investing in the aviation sector. Its current airline investments include Frontier Airlines (USA), Volaris (Mexico), Wizz Air (EU) and JetSMART (Chile).

The number of underlying shares for the Convertible Bonds is 318,750,000 common shares with PHP38.00 conversion price (as transalated into U.S. Dollars at the fixed rate of $1.00 = PHP48.45).

Other Relevant Information

N/A

Filed on behalf by: Name Anne Romadine Tieng Designation Vice-President, Legal Affairs