InterVISTAS Consulting - July 2013 Aviation Intelligence Report by Leah Dupuis

JULY 2013

IN THIS ISSUE: CEO’s Message – p 1 Supply-Driven Air Service – P. 3

Feature Articles – p 3 Regional Updates – p 9 United States  Europe  Latin America

Airport Planning – P. 5

Canada  Asia Pacific

Aviation News – p 15 Traffic Updates – p 22

Paris Air Show – P. 7

InterVISTAS News – p 24

CEO’S MESSAGE Hello and welcome to this month’s Aviation Intelligence Report. Barney Parrella discusses the air service development challenges for communities with many airlines’ shifting their approach to serving market demand. Diego Leon Chi highlights some of the recent changes in how airports are becoming better places for passengers.

Deborah Meehan Group Chief Executive Officer

Noel Szelewski provides a look at the orders and commitments signed at the recent Paris Air Show. Our Regional Reports this month include:     

The provision of budgetary flexibility by congress to the FAA allows the delay of furloughs, by Steve Martin, American’s securing of exit-financing, as well as Quito airports growing pains, covered by Kenneth Currie, A spotlight on the growth of Norwegian Air Shuttle and the EU’s decision to increase competition amongst ground handlers, by Ian Kincaid, Transport Canada’s new aviation security rules, Western Canadian Aviation Conference coverage, CAC’s EI study and the Senate Committee’s recommendation to phase out airport rents by Debra Ward, and A look at Qantas’ strategy for Asia and HKG’s environmental award, by Doris Mak.

We hope you enjoy this month’s edition.

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SUPPLY-DRIVEN AIR SERVICE: THE CHALLENGE FOR COMMUNITIES Each airline’s response to calls for air service will vary from market to market and from region to region. It is widely recognized that each airline’s unique business model will result in different approaches to serving a market, or not serving it at all. Supply addresses demand in the context of each airline’s business model.

Barney Parrella Executive Vice President

In North America, we now seem to be experiencing a significant shift in the airlines’ approach to market demand. Although often mentioned, but rarely used, as an effective treatment for airline insolvency in the past, severe and steady capacity constraint increasingly drives the supply of air service in North America. Although by no means a new or novel tool for airline management, adherence to the “capacity constraint creed” now seems ingrained in airline decision-making, especially for legacy network carriers. While a few niche carriers are rapidly growing their services and adding more services in the leisure sector, the lion’s share of air service decisions in North America are being made based on risk-avoidance and sustainability through capacity constraint.

Capacity constraint: an antidote to the airlines’ wild ride Airlines operating in North America have been through a lot over the past decade, so it is easy to understand their new-found faith in capacity constraint.  Air travel demand has been negatively impacted by increased airport security and more vigilant national border protection, depressing already mature markets.  The high, and sometimes erratic, cost of aviation fuel has made the search for profitability a more difficult challenge for most airlines, and elusive for many.  The financial crisis of 2008, the Great Recession in the U.S. and economic downturns in other areas of the world contracted the demand for air travel.  Economic sluggishness, although differing by sector and region, lingers.  Competitive pressure continues from low-cost and ultra-low-cost carriers, even in markets that used to be “protected” from competition by hub fortresses and market dominance. In the face of these and other challenges, airlines are demonstrating new levels of discipline and constraint with respect to the deployment of capacity. The reduction in domestic capacity (measured in available seat miles or ASMs) of the U.S. airline industry in 2009, as a percentage of total ASMs year over year, was the largest since 1942. That was when airline development shifted to military aircraft development and commercial air travel was severely limited.

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Figure 1: Annual Percent Change in U.S. Domestic ASMs

Source: Airlines.org, via A4A Annual Operational and Financial Results for U.S. Airlines

In recent years, industry consolidation and integration in North America have resulted in fewer competitors, and an “entente cordiale” among the major players with capacity calibrated to conservatively address demand at a sweet spot of high yield and sustainable profitability. This does have its consequences.

Supply-driven air service We may well have entered a new phase of air service development: supply-driven air service. Market maturation combined with risk aversion, consolidation and integration, now foster an environment where the apparent demand for air travel is revealed more by the availability of air service supply (capacity) than by the underlying true (or potential) demand for air travel. The truism that “the market will ensure that supply will meet demand” requires certain levels of competition, deployable supply and potential for growth. The traumatic experiences of the industry are compelling most airlines to maximize their stability and minimize their risk. This is not to say that some city-pair or region-pair markets do not experience significant competition, with the accompanying occasional boom-or-bust results. But airlines increasingly understand how to calibrate how they should serve such markets, and at the same time how they should serve other markets where upside is easier and less volatile. Resources prefer to go to the latter.

Challenges for community air service The impacts of supply-driven air service on communities are mixed, creating different challenges in different situations. However, one thing is clear: airlines have an enhanced capability to determine how much demand they wish to serve in a market, and how they wish to serve it. Inventory and revenue management have become sophisticated and drive decisions about how much capacity to provide, how best to price it, how best to adjust it, and whether or not to grow it or shrink it. Of course, airlines have always had this ability: each airline is the provider of supply on its own terms. And, of course, governments have also constrained capacity through regulation for other reasons. The difference in the current environment in North America (and not necessarily unique to North America) is that demand for air travel is latent in many markets. Demand is not being served and often not stimulated to its potential. In smaller communities and multi-airport regions, airlines are concluding that, from their perspective, less is more. The challenge for communities of all sizes is to demonstrate not only the true size and upside potential of demand in markets, but to understand how that demand relates to what an airline is trying to accomplish through its business model, and then make a compelling business case. Page 4 July 2013

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THE EVOLVING AIRPORT EXPERIENCE Aviation is a service industry, and like all service industries, customers have choices to make when it comes to their needs and expectations while travelling for business or personal reasons. Even if their choice of airports is still limited, customers will decide how they will spend their time and whether they will spend their money at airport facilities.

Diego Leon Chi Consultant

Successful airports around the world stay close to their customers and understand their preferences in order to improve service, develop customer loyalty, focus operations and increase revenues. Airport operators around the world are turning to intelligent technologies, mobile apps and social media to provide innovative amenities and services to enhance passenger experience.

Improving efficiency As air traffic continues to grow globally, fuel prices rise, security remains strict and capacity is stretched to the limit, the need for efficient airport operations is at an all-time high. Implementing advanced technology solutions in airports is becoming vital to maximise operational efficiency. Airports globally are turning to biometrics for this purpose. From the fingerprints and digital imaging stored on e-passports, to iris scanners set up at airport immigration, biometrics are a growing part of the passenger experience. Additionally, various technologies, such as video analytics, Bluetooth monitoring of passengersâ&#x20AC;&#x2122; mobile devices, and 2-D barcode scanning, are being combined with enhanced digital signage to direct passengers to available or less congested resources.

Gatwick Airport has experienced significant upgrades to the security and immigration processes. To simplify access to the security search zone, facial recognition technology has been implemented, while dedicated special assistance and family lanes have been introduced. The centralised security area in the South Terminal can now handle as many as 5,000 passengers per hour. In both the North and South Terminals, immigration e-Gates have been installed to expedite and automate border clearance for e-Passport holders.

Increasing self-service opportunities Passengers have come to expect the ability to help or process themselves with the assistance of technology in a variety of industries. This trend is being embraced in the airport environment and passengers continue to seek opportunities to expedite or enhance their terminal experience. The provision of common use self-service kiosks in various locations empowers passengers to check themselves in with any airline. Locating these devices outside the terminal building in parking garages, rental car return facilities, and intermodal transportation centers allows passengers to bypass the ticket counter entirely and proceed directly to security screening. Airport operators are also increasingly relying on self-payment systems for parking and other services.

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Las Vegas McCarran International Airport is widely recognized for its innovative approach to offsite check-in and the check-in facilities that have been implemented in the new Terminal 3. Passengers leaving Las Vegas have a number of options when it comes to checking-in, including self-service kiosks with self-tagging, kerbside check-in stations and offsite check-in along the Las Vegas Strip.

Enhancing in-terminal experience

Art displays, architecture, and a wide variety of dining and shopping offerings can greatly enhance the passenger’s airport experience:    

live music performance and events; massage and spa facilities; health clinics; and museums.

As the official host airport, Heathrow welcomed an additional 125,000 passengers as a direct result of the Olympic Games, and a number of events were held to make sure that the airport experience was very much part of the overall London 2012 experience. Numerous Olympic volunteers were sourced by the airport to welcome Olympic-related traffic and provide advice and information; the Queen’s Guards band appeared in the terminals; the official London 2012 mascots toured each of the terminals; table tennis tables were brought in for passengers to try their hand at the Olympic sport; Olympic art exhibitions were held in T5; and television screens were installed across the terminal to ensure that passengers didn’t miss a minute of the action.

Airport Loyalty programs Airlines, hotels and rental car agencies have offered loyalty programs for decades as a way to retain and attract customers. Many airports worldwide, realizing that passengers can drive to competing airports or simply drive to their destinations, are adopting the strategy. The programs are typically free and offer passenger airline miles, prizes or discounts for parking, shopping, dining, or simply flying to and from the airport. Loyalty programmes like Thanks Again (JFK, EWR & LGA airports), Privium (Schiphol Airport), ViaMilano (Milan Airport), and World Miles Program (British Airports Authority) are predominantly driven by technology and help airports to identify passengers, understand their needs and customize travel experiences. They also provide the scope of earning substantial non-aeronautical revenues by presenting enhanced retail opportunities to travellers.

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RECENT DEVELOPMENTS FROM THE PARIS AIRSHOW

Noel Szelewski Project Analyst

The 50th bi-annual International Paris Air Show was held at Le Bourget airport, on June 17-23, 2013. Competition was high between aircraft manufacturers, with results indicating nearly identical orders for both Boeing and Airbus. Specifically, Airbus received 466 orders and commitments from customers. Boeing captured 442 orders, over a third of which was due to Ryanair’s acquisition of 175 737-800’s. Embraer secured a significant order for several models of its new E2 series. SkyWest Airlines, their most notable customer from the Air Show, purchased 200 E-175 E2’s. Bombardier’s orders totalled 10, with seven orders for the Q400 and three for the CRJ1000.

Order Summary from the Airshow Customer TUI Travel PLC * Skymark Airlines GE Capital Aviation Services Qatar Airways Air Lease Corporation IAG / British Airways ** Singapore Airlines United Airlines Korean Air CIT Aerospace Ryanair Oman Air Travel Service Unidentified Customer(s)

easyJet Lufthansa Hong Kong Aviation Capital ILFC Spirit Syphax Airlines Air France-KLM Singapore Airlines United Airlines Sri Lankan Sri Lankan Doric Lease Corp Unidentified Customer(s) Continued on page 8. Page 7 July 2013

Quantity & Model BOEING (60) 737 MAX (4) 737 MAX (10) 787-10 (2) 777-300ER (7) 777-300ER (30) 787-10 (3) 787-9 (12) 787-10 (30) 787-10 (20) 787-10 (5) 747-8 (6) 777-300ER (30) 737 MAX 8 (175) 737-800 (5) 737-900ER (3) 737 MAX 8 (20) 737 (20) 737 MAX AIRBUS (100) A320neo (35) A320ceo (100) A320 (60) A320 (50) A320 (20) A320 (3) A320 (25) A350-900 (30) A350-900 (10) A350-1000 (4) A350-900 (6) A330-300 (20) A380 (3) A320

Status Commitment Commitment Commitment Firm Order Commitment Commitment Commitment Commitment Firm Order Firm Order Commitment Commitment Firm Order Firm Order Firm Order Commitment Firm Order Firm Order Commitment Commitment Firm Order Commitment Commitment Commitment Firm Order Firm Order Firm Order Firm Order Commitment Firm Order Commitment Unknown Realizing the vision together

Customer Arik Air Arik Air Horizon Air Undisclosed Airlines Skywest Inc.

Quantity & Model BOMBARDIER (3) CRJ1000 NextGen (4) Q400 NextGen (3) Q400 NextGen EMBRAER (65) E-Jets E2 (100) E175-E2 (100) E175-E2

Status Firm Order Firm Order Firm Order Letters of Intent Firm Order Purchase Rights

Sources: Boeing Data - http://boeing.mediaroom.com/index.php?s=43&item=2720 Airbus Data - http://event.airbus.com/airshows/bourget2013/news/news-detail/article/airbus-books-almost-us70-billion-at-parisair-show-2013.html Embraer Data - http://www.frequentbusinesstraveler.com/2013/06/embraer-launches-e2-e-jets-with-300-orders-at-paris-airshow/ Bombardier Data - http://www.flightglobal.com/fg-club/paris-order-tracker/

Other Highlights of the Air Show Several other storylines unfolded between aircraft manufacturers throughout the Paris Air Show. Boeing announced the launching of its third version of the Dreamliner, the 787-1000, which will carry a total of 320 passengers and deliver a smaller range than earlier models. It is set to compete against the Airbus A350 XWB series, of which the 900 variant took its first test flight out of Toulouse, France on June 14th.The A350-900 is set to enter service in the last half of 2014. Embraerâ&#x20AC;&#x2122;s approach with the new E2 model builds on the previous E1 series by adding new, more fuel efficient engines that will reduce maintenance costs. Bombardier, alternatively, has completely revamped the design for the CSeries and suggests that the new aircraft will be 20% more fuel efficient than the aircraft they replace. Boeing announced the imminent launch of the 777X, a newer iteration of its current large widebody model that is set to feature composite wings with folding tips. A launch, followed by orders from clients, is expected to take place in the fall of this year. In addition to this announcement, Boeing also indicated the early release of the 737MAX. Initially set to be delivered at year-end 2017, the singleaisle jetliner will be delivered by Boeing starting in the third quarter of 2017.

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UNITED STATES REPORT Sequester Delayed: Congress Creates Budgetary Flexibility to Allow FAA to Avoid Air Traffic Control Furloughs In 2011, Congress passed a law saying that if it could not agree on a plan to reduce the national deficit by $4 trillion USD, about $1 trillion in automatic, arbitrary and across the board budget cuts would start to take effect in 2013. Subsequently unable to reach an agreement with the Obama Administration, those cuts — known as the “sequester” — took effect on March 1.

Steve Martin Senior Vice President

For the FAA, the sequester required $637 million in cuts in three of its four budgetary accounts: Operations (mostly salaries for air traffic controllers), Facilities and Equipment, and Research and Development. Congress exempted the Airports Improvement Program. In March, FAA Administrator Huerta testified that the agency would have to furlough employees to meet the budget cuts. “The sequester is requiring the FAA to make significant cuts in services and investments. These cuts will impact air traffic control, NextGen implementation, and our certification services. We are exercising all options to reduce costs – a hiring freeze; cutting contracts; cutting travel and other items not related to day-to-day operations. One of our largest contracts is the Federal Contract Tower Program. …. These airports have lower activity levels, and together, these contract towers handle less than 3 percent of the commercial operations nationally and less than 1 percent of the passengers... In addition…, large facilities will also be affected. …[W]e have to furlough 47,000 of our employees for up to 11 days between now and September. The furloughs will reduce controller work hours at all airports with towers, but also at radar facilities across the country. …We will only allow the amount of air traffic that we can handle safely to take off and land. This means travelers should expect delays. FAA indicated that travelers should expect delays because of reduced staffing and equipment outages, which could affect major cities such as Chicago, San Francisco, and New York, where delays could reach 90 minutes in peak periods because of reduced controller staffing. Some members of Congress – particularly some Republicans – claimed that the FAA and the Obama Administration were grandstanding to try to gain political advantage in budget negotiations. Major U.S. air carriers claimed that the air traffic controller furloughs would force them to delay or cancel flights, costing millions.  Delta said it would cancel between 150 and 400 flights per day, depending on weather conditions.  United said it would cancel 269 flights per day, most of which would be United Express regional aircraft flights, affecting smaller communities.  American estimated that the furloughs would cause additional 335 daily delays, adding significantly to the 247 delays the carrier experiences on a “typical day.”  US Airways estimated its annual revenue loss will total $249 million.

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ď&#x201A;ˇ Southwest estimated losses of more than $200 million and expressed concern that customers for its shorthaul flights would shift to cars. The carriers fought back in court. Airlines for America, the Regional Airline Association and the Air Line Pilots Association filed a lawsuit with the U.S. Appeals Court to reverse the furloughs. Airport executives reacted similarly. Nearly 40 communities, along with the American Association of Airports Executives and U.S. Contract Tower Association sued FAA over its plan to end funding for contract towers. FAA subsequently postponed the closure of the contract towers from early April until mid-June to give local communities more time to decide whether they would pay to keep the towers operating. Furloughs began on April 21. Four days later, and immediately before members left Washington for a two week recess, Congress passed legislation that granted FAA the flexibility to use $253 million in unobligated funds from the Airport Improvement Fund and redistribute it to other accounts, thus giving it a mechanism to avert the furlough of air traffic controllers and tower closures. Of course, this merely delays the next fight over FAA funding until the beginning of Fiscal Year 2014 in October. Congress applied the proverbial legislative band aid that treated the immediate inconvenience without addressing the larger budgetary problem. This fix worked this time because of available funds in another FAA budget account. Those same funds will not be available in October.

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LATIN AMERICA REPORT American’s South American Routes and Slots to Secure Bankruptcy Exit Financing American Airlines plans to leverage the strength of its Latin American network as part of its emergence from bankruptcy protection by raising $3.25 billion in financing secured by its right to operate direct flights between the U.S. and South America and its airport slots in those countries, where it is the market leader. American said it may decide later to use its slots, gates and route authorities in Mexico and Central America as additional security interests in order to boost the amount of the financing that is available to it. Some of American's slots, gates and routes in Europe, China, and Japan already secure bonds due in 2016.

Kenneth Currie Executive Vice President, Finance and Privatization

U.S. airlines have previously used international route rights and valuable slots and gates at congested airports as loan collateral, but American's move comes only one year ahead of open skies between the U.S. and Brazil, the region's most important market. The U.S.-Brazil market will be fully opened in October 2015, allowing airlines from either country to operate routes of their choosing, and they may also price those routes as they choose. One remaining restriction, however, will be access to Sao Paulo's Guarulhos International Airport. While the airport is included in the open skies deal from 2015, severe congestion makes takeoff and landing slots and access to gates held by existing operators a prized commodity. In bankruptcy-court papers, American said the funding will allow it to take advantage of historically low interest rates, pay down existing bond debt and ensure it has "ample liquidity" to fund its exit from bankruptcy by way of a merger with US Airways Group Inc. Major banks have lined up to provide the financing, like Barclays Bank PLC, Citigroup Global Markets Inc., Goldman Sachs, J.P. Morgan Chase and Morgan Stanley. The financing would include a $2.25 billion term loan that American can borrow on during and following its bankruptcy case. Another $1 billion revolving loan would only be available to AMR after its exit from Chapter 11. American can borrow on the term loan for up to six years and the revolver for up to five.

New Quito Airport Manages Through Opening Issues The replacement airport in Quito, Ecuador nestled in a broad Andean valley just east of the capital has opened. The 135 foot tall control tower is the tallest in Latin America after that of Cancún, new cargo facilities double the old airport’s capacity, and the airport lies at the end of one of the few stretches of real motorway in the country. The 2.5 mile long runway is the longest of any international airport in Latin America and is capable of handling the Airbus A380. The new passenger terminal of 410,000 square feet is 27% smaller than the six-year old terminal at Guayaquil on the coast, even though Quito handles more than two-thirds of Ecuador’s international traffic. There are 60 check-in counters, down from 72 at the old airport, which is made possible by the use of more common-use technology. Quiport, the Brazilian-Canadian-U.S. consortium that runs the airport, is addressing many of the issues that cropped up following the new airport’s opening day. The consortium promised to buy more seating and buses to better serve passengers and airlines. Kinks in cargo and customs facilities are being sorted out. Food prices at airport retailers have been reduced, and construction of a new food court across from the terminal is under way. The populist government is offering a 40% fuel subsidy to airlines willing to launch new direct international routes. These will be limited in range to New York or Buenos Aires: the airport’s 2,400m altitude means that “one could fly directly to Madrid, but [only] with an empty plane,” one local commercial pilot said. Page 11 July 2013

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EUROPE REPORT EU Parliament backs increased competition for ground-handling services at select EU airports The EU Parliament voted in favor of increasing the minimum number of ground-handling service providers at select major EU airports, thereby increasing competition. In addition, Parliament added minimum service standards for ground-handling operators at airports serving over five million passengers annually. These standards impose time limits for processes including baggage check-in, the delivery of first and last items of baggage, as well as minimum reserve requirements for de-icing fluid.

Ian Kincaid Vice President, Economic Analysis

The minimum number of service providers will increase from two to three for airports handling upwards of 15 million passengers a year and/or 200,000 tons of freight annually. In 2011, there were 21 EU airports that fit the criteria for the ground-handling operator increases. Discussions on an “airport package” will start soon between Parliament and Council. Both parties hope to find a compromise on a package that boosts airport efficiency through the amending of rules on noise-related operations, as well as the allocation of take-off and landing slots.

The rise of a Scandinavian low cost carrier Norwegian Air Shuttle (NAS) continues to expand, as evidenced by last year’s sizeable purchase of Airbus and Boeing planes, the largest Europe has ever seen. The carrier is boosting its domestic network by launching several short-haul routes, as well as increasing frequencies to countries such as Spain, France and Portugal. The airline also plans to start services to several international destinations this year. These routes will originate in Oslo and Stockholm, and provide service to Bangkok and John F Kennedy International Airport. Some of the success of the airline can be attributed to the strategic placement of several NAS offices, located outside of high cost Scandinavian countries. For example, the company’s back office is in Latvia, while the IT department resides in the Ukraine. To further minimize costs, the carrier ensures the operation of new, fuel-efficient planes. The first quarter of 2013 suggests NAS is doing well, with a profit before tax totaling $40.9 million USD. Starting in April, Norwegian followed through with the plan to make Gatwick Airport their new home base. The carrier hopes this move will allow it to compete more closely with bigger low cost competitors Ryanair and easyJet. Alongside the move, NAS is set to launch a new route from LGW to Fuerteventura at a frequency of twice a week. The new destination marks the carrier’s 15th route from LGW. NAS now serves as Gatwick’s third largest carrier in terms of seat capacity, behind easyJet and British Airways.

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CANADA REPORT New proposed AvSec regulations for airports released. Transport Canada is continuing its revitalizing of the Canadian Aviation Security Regulations, 2012 to further enhance airport security programs and increase regulatory efficiency. The proposed regulatory amendments, introduced in April 2013, would complete the introduction of aviation security programs for Canada’s airports designated for security screening. The amendments also include measures which would improve how Canada meets ICAO international security standards.

Debra Ward Executive Consultant

Western Canadian Aviation Forum identifies solutions to aviation challenges. About 75 individuals representing airlines, airports, government and user groups, came together for a two day event in May aimed at identifying specific actions that government and industry could implement to enhance Canada’s air service, airports, international access and competitive position. The Forum, hosted by the Winnipeg Airports Authority (WAA) included panels of subject matter experts who examined the issues and ways forward in each of the four discussion areas, followed by breakout sessions that allowed delegates to provide their own recommendations for action. The final report and recommendations emerging from the Forum will be presented to the federal minister for Transport.

Senate committee calls for a National Air Travel Strategy, phase-out of airport rents. The Senate Committee on Transport and Communications released its second report on the future growth and competitiveness of Canadian air travel in April 2013. Among its seven recommendations, the committee calls on Transport Canada and Finance Canada to bring all relevant stakeholders to the table to establish a National Air Travel Strategy, which would take into account the special needs and challenges of the regions and the North; that Airport Authorities establish review mechanisms that allow for better scrutiny of decisions; that Transport Canada establish and implement a plan to phase out ground rents completely over time and that concurrent with the longterm plan of ending airport ground rents, Transport Canada transfer federally owned airports in the National Airports System to the airport authorities that operate them.

Canadian Airports Council study pegs aviation’s economic footprint at $34.9 billion. The first economic impact study undertaken by the Canadian Airports Council in 10 years suggests that Canada’s air transportation industry had a $34.9 billion economic footprint in 2012, supported 405,000 jobs and personal income of more than $17 billion and federal taxation of more than $7 billion. While the United States continues to be Canada’s biggest single travel partner at 24 million passengers, growth in overseas travel has been strong, averaging 4.9 per cent growth per year, with the number of overseas cities served by Canadian airports increasing by more than 30% in the last eight years.

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ASIA-PACIFIC REPORT Hong Kong International Airport (HKIA) recognized for environmental efforts

Doris Mak Director, Special Projects

The Airports Council International (ACI) presented HKIA with an Airport Carbon Accreditation “Optimisation” certificate. The certificate provides recognition to airports that have made significant efforts to minimize carbon intensities. Specifically, preliminary figures indicate that over the past two years, HKIA has reached a carbon intensity reduction of roughly 14%. This result suggests that the airport is on track to reach a target set in 2010, which is to reduce its carbon intensity by 25% prior to 2015. HKIA is the first airport in the Asia-Pacific region to reach this standard of accreditation. The ACI’s Airport Carbon Accreditation intitiative was first launched in Europe during 2009, and then brought to Asia-Pacific in November of 2011. Currently, there are four progressive levels of accreditation, which include “Mapping”, “Reduction”, “Optimisation” and “Neutrality”. HKIA’s certificate level of “Optimisation” indicates that the airport has mapped and reduced carbon emissions, as well as worked with various stakeholder entities including airlines and ground crew, to further reduce carbon emissions.

Qantas set to move forward with Asia strategy Qantas is set to forge ahead with its Asia expansion strategy. A recent codeshare agreement with China Eastern Airlines (CEA) improves the Australian carrier’s network in Asia, opening up a choice of 17 direct flights a week between mainland China and Australia, to be flown by either airline. The agreement comes after Qantas indicated their intention to expand the carriers Asian network through airline partnerships. The strategy coincides with the recent Qantas codeshare agreement with Emirates. The Emirates codeshare shifts a large number of hub operations from Singapore to Dubai for the kangaroo route (flights between Australia and the U.K.). Given this development, Qantas indicated that Changi Airport, in Singapore, will remain the airlines hub for the Asia region.

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AVIATION NEWS UNITED STATES UPDATE WHITE HOUSE TO EXTEND BIOFUELS PROGRAM A research program that produces large amounts of aviation biofuels was extended by the U.S. government. The program aims to create a total of one billion gallons by 2018. The program looks to create economic opportunity in rural areas of America, assist commercial airlines with fuel costs, and support President Obama’s initiative to address climate change. Resistance to the renewable energy initiative has come from the Republican Party, with its members noting that the biofuels are too expensive. U.S. AIRLINES BOOSTING INCOME FROM LUGGAGE FEES A record level of income was earned by U.S. airlines last year from the extra charges associated with luggage and flight changes. Specifically, ticket-change fees amounted to $2.6 billion USD and baggage fees totaled $3.5 billion USD. The figures are preliminary and were released by the U.S. Department of Transportation’s Bureau of Transportation Statistics. The data comes at a time where select U.S. airlines, including Frontier and United, opted to further raise their cancellation and baggage fees. SOUTHWEST SET TO BE THE LAUNCH CUSTOMER FOR THE 737 MAX 7 Southwest Airlines will assume the role of launch customer for Boeing’s new 737 Max 7 series. The carrier has opted to shift its aircraft order options from the current generation of 737’s in favor of the new model, which will improve fuel burn by 12% and extend its range by 400 nautical miles. The first deliveries for the next generation are expected to arrive in 2019.

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MIDDLE EAST / AFRICA UPDATE ETHIOPIAN AIRLINES TO CONTINUE GLOBAL EXPANSION Ethiopian Airlines is growing its domestic and international networks for 2013. There will be increased domestic frequencies for many locations such as Lilongwe, Liberville and N’Djamena. New international locations served include Ho Chi Minh, Manila and Seoul Incheon. EMIRATES POSTS LARGE NET PROFITS FOR 2012 Emirates, Dubai’s flagship carrier, recorded a 53% increase in net profits for the 2012 fiscal year. Total profits amounted to $622 million USD. The carrier posted a record year for capacity increase, with the airline receiving a total of 34 new aircraft. The Emirates Group, including another airline services arm named Dnata, posted a total profit of around $840 million USD. JET AIRWAYS SET TO PLACE SEVERAL ORDERS IN FLEET EXPANSION Jet Airways looks to expand its fleet with orders to be placed for both Airbus and Boeing aircraft. Specifically, the Indian carrier is looking to procure 50 Airbus NEO’s and 50 Boeing 737 MAX planes, along with an additional eight to ten 777-300 aircraft. QATAR AIRWAYS ADDS THREE AIRCRAFT TO CARGO FLEET Qatar Airways Cargo is set to replace three A300 freighters with brand new A330-200F’s. The new planes come at a time of growth and change for the company, as a $1 billion USD cargo complex is set to be completed at Hamad International Airport later this year. The carrier will also receive an additional 777 freighter during the month of June.

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EMIRATES TO LAUNCH AN A380 TO BRISBANE AND AUCKLAND Starting in October, Emirates will operate an A380 to the destinations Auckland and Brisbane, replacing one of the two 777-300ERs originally flying the routes. This move will add an additional 135 seats per flight, or 1,890 per week. The change comes as passenger demand is increasing from business and leisure travelers. This will be the fourth A380 providing service to Australia from Dubai, reinforcing Australia’s top three ranking on Emirates’ global network.

LATIN AMERICA UPDATE GOL POSTS FIRST QUARTER LOSS BUT SHOWS SIGNS OF OPTIMISM GOL, Brazil’s second largest carrier, increased its overall losses year over year for the first quarter of this year. Within the loss figures, unit revenues and yields grew while load factors decreased. GOL will continue to seek profitability by reducing domestic capacity and lowering workforce numbers. Further challenges for the carrier exist, as the airline’s management is unsure of Brazil’s ability to post a 2.5% GDP growth for the year. AZUL SET TO MOVE FORWARD WITH PLANNED INITIAL PUBLIC OFFERING After the acquisition of Brazil’s regional carrier TRIP last year, Azul is moving forward with its IPO and making the company public. Despite Gol’s recent warning of continually rising inflation and uncertain GDP growth in Brazil, Azul is noting its yield advantages and merger synergies over Gol, during conversations with investors.

EUROPE UPDATE THOMPSON AIRWAYS FIRST UK AIRLINE TO RECEIVE DREAMLINER AIRCRAFT The world’s largest charter airline, Thompson Airways, took delivery of its first Boeing 787 Dreamliner in the last week of May. The aircraft landed at Manchester in front of a large crowd of aviation Page 16 July 2013

enthusiasts. The first commercial schedule for the plane involves a round-trip between Manchester, England and Orlando Sanford airport in Florida. A second Dreamliner is set to arrive for the carrier in the beginning of June, and will offer direct service between Glasgow and Cancun. FRENCH AIR TRAFFIC CONTROLLER STRIKES IMPACT EUROPEAN FLIGHTS A three day strike was called by the European Transport Worker’s Federation (ETF) in the middle of June. Over a quarter of flights from the biggest French airports were cancelled. Carriers Ryanair and easyJet were both heavily affected, having to cancel 240 and 128 flights, respectively. The strikes are a response to the European Commission’s proposal to update the Single European Sky project, which the ETF alleges could potentially threaten the number and quality of ATC jobs.

CANADA UPDATE WESTJET ENCORE BEGINS SERVICE TO FIVE DESTINATIONS On June 24th, WestJet Encore launched its regional operations with services to Nanaimo, Vancouver, Victoria, Saskatoon and Fort St. John. The routes are to be flown by the carriers two newly acquired Bombardier Q400 NextGen aircraft. Another 18 Q400’s are currently on order, with five set to be added to the fleet before year-end. ROUGE SET TO FLY TO 23 HOLIDAY DESTINATIONS BY END OF 2013-2014 Rouge, Air Canada’s brand new leisure carrier, could be serving up to 23 destinations by the end of the 2013-2014 holiday season. Rouge began operations on July 1st, with a fleet consisting of two A319’s and two 767-300ER’s. By the end of 2013, an additional six A319’s will be added, bringing the fleet total to ten. Several holiday destinations currently served by Air Canada will be converted to Rouge starting in October. The leisure carrier will start off by serving destinations in Mexico, the Caribbean and Central America as well as Las Vegas, Orlando and Sarasota.

Realizing the vision together

POSITIVE TOURISM FIGURES REVEALED IN FIRST QUARTER RESULTS The latest benchmark figures from the Tourism Industry Association of Canada (TIAC) revealed a growth in receipts, tourism jobs and visitor arrivals for 2012. In addition, data for the first quarter of this year shows strong growth of international arrivals. Last year, Canada climbed two places in world international arrival rankings to 18th, despite falling short of 2002 arrival figures by just under four million visits. A boost in U.S. visitor arrivals accounts for a large spike of international visitation to Canada in 2013. CONSUMER GROUP ENCOURAGES FOREIGN CARRIER ENTRY The Consumers’ Association of Canada (CAC) indicated to the federal government that foreign carriers should be allowed to compete in the nation’s travel market. The CAC suggests that the protectionist nature of regulations limit consumer choices. The association will use recently collected polling data to support its argument to the government. Polling results reveal that 77% of those surveyed think that enabling foreign airline entry will increase consumer choice, while 69% agreed the move would lower costs. AUTOMATED PASSPORT CONTROL ARRIVES AT VANCOUVER AIRPORT The clearance process for passengers travelling across the border has changed with the introduction of automated passport control. The new service, currently only available to U.S. passport holders, allows the passenger to scan their passports and provide customs declaration information. Final clearance is ultimately provided by a U.S. customs officer. The new process is the result of an agreement between U.S. Customs, Canada’s Border Protection Agency and the Vancouver Airport Authority.

Page 17 July 2013

FEDEX SERVICE CENTER ARRIVES IN VANCOUVER FedEx Freight Canada opened a new facility in Surrey B.C. during the month of May. The new center will handle freight shipments from both coasts of Canada, as well as connect international markets through ocean and road networks. The new facility puts the company’s network at over 360 FedEx service centers across North America. LISA RAITT BECOMES CANADA’S NEW MINISTER OF TRANSPORTATION On July 15th, Conservative Prime Minister Steven Harper appointed Lisa Raitt as the new Minister of Transport. The decision comes as part of a broad cabinet shuffle. Previous positions held by Ms. Raitt include Minister of Natural Resources, Minister of Labour and CEO of the Toronto Port Authority.

ASIA-PACIFIC UPDATE VIRGIN ANNOUNCES NEW REGIONAL AIRLINE After acquiring Skywest in the beginning of May, Virgin is set to announce the newly branded regional airline, Virgin Australia Regional Airlines. Perth will serve as home base for the airline. A fleet of 32 aircraft will operate services to 41 different destinations, at frequency of 800 flights per week. A Virgin spokesperson notes that the Skywest integration will help grow services in regional Australia, as well as increase the charter presence in high growth markets.

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REGIONAL SERVICES TO BE BOOSTED BY CHINESE GOVERNMENT Regional airlines in China are struggling due to a skills shortage of both pilots and technicians. Instead of operating high frequency, narrow body jets better suited for regional routes, airlines are opting to use large, low frequency aircraft due to maintenance constraints on other carrier models. In an unregulated setting, these under-served routes would be snatched up by other carriers, at which point suitable planes and frequencies would be used. A trend is now taking place, with provincial and city governments providing subsidies for the use of smaller aircraft. TIGER TO PURCHASE ADDITIONAL A320 AIRCRAFT Tiger Airways is set to acquire a further 38 Airbus aircraft for its subsidiary carriers. The announcement was made by Tiger’s commercial director at a network expansion launch at Changi airport. The latest purchase will place Tiger’s fleet count at 68 by 2015. The airline currently serves 50 destinations in 13 countries around the AsiaPacific region.

THE AIRBUS A350 IS SET TO PERFORM FIRST FLIGHT Plane manufacturer Airbus is almost ready to send its latest aircraft, the A350, on its maiden flight. Tests, including fast taxiing and high engine power runs took place in the beginning of July. Flight test engineers performed the first test flight before the Paris Air Show at Le Bourget Airport. Airbus hopes the A350 will compete with Boeing’s 787, achieving a lighter weight and better fuel burn than previous models. NEW LEADERSHIP ELECTED AT AIRPORTS COUNCIL INTERNATIONAL A new chairman and vice chairman for ACI were elected at the 23rd annual general assembly in Istanbul on June 10th. Fredrick J. Piccolo and Declan Collier will assume the two positions, respectively, and are set to start in January 2014. In his new role, Mr. Piccolo expressed his desire to help ACI grow its relationships with IATA, ICAO and other stakeholder groups with the goal to strengthen and enhance the standing of airports on a global aviation stage.

OTHER NEWS IATA IMPROVES AIRLINE PROFIT FORECAST TO $12.7B FOR 2013 IATA improved their initial 2013 forecast by 20% by announcing that airlines can look to earn $12.7 billion USD this year. One of the reasons for this increase is a boost in travel demand, accelerating faster than the ability of carriers to add seats. IATA also notes that if results are in line with the forecast, the global airline industry will have its third best year since 2001. Load factors are also increasing, potentially rising to 80.3%, up from 79.2% last year.

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AIRLINE DATA – ASIA PACIFIC Asia-Pacific Airlines Release Traffic Figures for May 2013

Airline

Traffic (RPKs – millions)

Capacity (ASKs – millions)

Load Factor

9,048 1.5%

11,666 0.2%

77.6% 1.3 pts

7,521 1.3%

10,088 3.1%

74.6% 1.2 pts

4,622 1.7%

7,007 2.8%

65.9% 0.8 pts

8,392 7.0%

10,340 4.8%

81.2% 1.9 pts

1, 2

2,3

Notes:

1. Includes Qantas Domestic, QantasLink, Jetstar Domestic, Qantas International, Jetstar International, and Jetstar Asia. 2. Results are from April 2013 as May 2013 not available at the time of report issue. 3. Includes Cathay Pacific and Dragonair.

Source:

Carrier traffic reports

AIRLINE DATA – EUROPE European Airlines Release Traffic Figures for May 2013 Traffic (RPKs – millions)

Capacity (ASKs – millions)

Load Factor

18,976 4.7%

23,227 3.5%

81.7% 0.9%

18,452 4.0%

23,588 3.4%

78.2% 0.4%

16,117 7.4%

20,280 6.3%

79.5% 0.9%

Airline

Page 19 July 2013

Notes:

1. Includes Martinair. 2. Includes Lufthansa Passenger Airlines, SWISS, Austrian Airlines. 3. Performance comprises British Airways (including bmi Mainline, excluding bmi Regional and bmibaby) and Iberia (including Iberia Express).

Source:

Carrier traffic reports

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AIRLINE DATA – NORTH AMERICA North American Carriers Release Traffic Figures for May 2013 Traffic (RPMs – millions)

Airline

Capacity (ASMs – millions)

Load Factor

CANADA 4,650 2.9%

5,683 2.8%

81.8% 0.1 pts

1,512 8.2%

1,926 9.1%

78.5% 0.7 pts

2,989 9.4%

3,511 9.0%

85.1% 0.3 pts

17,938 0.8%

21,248 1.7%

84.4% 0.8 pts

11,974 0.8%

14,260 0.3%

84.0% 0.4 pts

16,767 1.4%

19,781 0.7%

84.8% 0.7 pts

5,854 5.9%

6,825 3.9%

85.8% 1.7 pts

9,347 4.2%

11,410 3.4%

81.9% 0.6 pts

UNITED STATES

Page 20 July 2013

Notes:

1. Consolidated results for United Continental Holdings. 2. Results are for American Airlines Inc., and its wholly owned subsidiary AMR Eagle Holding Corporation. 3. Results are for US Airways Group consisting of mainline-operated flights including US Airways Express flights operated by wholly owned subsidiaries PSA Airlines and Piedmont Airlines. 4. Results are combined traffic results for Southwest Airlines and AirTran.

Source:

Carrier traffic reports.

Realizing the vision together

Page 21

July 2013

Summary of Total Year-Over-Year Passenger Traffic Performance at Selected Canadian Airports

2013

2012

Source: Individual airports’ traffic reports. Note: Subject to revision. May June 2nd Quarter July August September 3rd Quarter October November December 4th Quarter Full Year January February March st 1 Quarter April

Toronto

Vancouver

Montréal

Calgary

Edmonton

Ottawa

Winnipeg

Halifax

Victoria

Kelowna

Saskatoon

Regina

+1.8% +3.8% +3.6% +1.8% +4.9% +3.7% +3.5% +5.4% +6.0% +4.5% +5.3% +5.1% +0.6% -9.5% +3.7% -1.7% n/a

+2.8% +2.2% +3.2% +2.7% +3.6% +2.8% +3.0% +3.5% +3.8% -0.7% +2.1% +3.3% -1.6% -1.8% -0.9% -1.4% -1.5%

-1.9% +0.0% +0.1% -3.0% +0.7% +0.0% -0.8% -0.2% +1.7% +3.2% +1.5% +1.0% +0.4% -1.8% +2.3% +0.3% -0.5%

+3.7% +5.3% +5.3% +4.8% +6.5% +4.2% +5.2% +7.6% +7.5% +6.5% +7.2% +6.0% +3.7% +2.2% +6.0% +4.0% +3.4%

+5.8% +3.8% +5.4% +5.5% +8.0% +5.2% +6.3% +6.6% +7.1% +3.6% +5.7% +6.4% +3.6% +2.4% +3.8% 3.3% +2.9%

+0.1% +0.3% +2.1% -1.3% +3.1% -4.0% -0.7% -3.2% -4.3% -4.0% -3.8% +1.3% -5.2% -7.2% -2.6% -5.0% -2.2%

+4.9% +4.1% +5.1% +2.5% +4.6% +1.9% +3.0% +4.6% +2.8% -2.4% +1.6% +4.4% -2.1% -4.4% -1.2% -2.6% n/a

-1.2% -2.5% +0.6% -2.7% +1.3% -2.2% -1.1% +0.0% +0.8% -5.3% -1.5% +0.3% -0.5% -8.2% -0.6% -3.1% -4.3%

-1.9% +0.6% +0.2% -2.1% +2.4% +0.4% +0.3% +0.8% +0.7% -0.3% +0.4% +0.5% -0.1% -0.4% +2.6% 0.7% +0.9%

+1.3% +3.0% +2.5% +3.2% +5.9% +2.4% +3.9% +4.5% +6.3% -0.6% +3.1% +3.7% +0.6% -0.5% +0.2% 0.1% +0.4%

+5.8% +7.2% +7.5% +3.7% +8.7% +6.5% +6.3% +4.1% +5.4% +4.7% +4.8% +6.5% +3.9% +2.8% +5.3% 4.0% +4.5%

+1.5% +7.4% +3.9% +3.8% +6.8% -0.1% +3.5% +5.6% +3.7% +3.9% +4.4% +3.9% +5.3% +0.9% +5.3% 3.8% +4.8%

Realizing the vision together

Page 22

July 2013

Summary of Total Year-Over-Year Passenger Traffic Performance at Selected U.S. & International Airports Source: Individual airportsâ&#x20AC;&#x2122; traffic reports. Note: Subject to revision.

2013

2012

United States

May June 2nd Quarter July August September 3rd Quarter October November December 4th Quarter Full Year January February March 1st Quarter April

Atlanta

Chicago

+1.4% +3.3% +2.9% +0.4% +2.1% +1.5% +1.3% +2.7% +3.7% +3.2% +3.2% +3.2% +3.1% -0.9% -0.1% +0.7% n/a

+0.6% +0.9% +0.9% -1.7% -0.2% -2.9% -1.6% -2.4% -0.9% -3.7% -2.3% +0.1% +0.6% -5.7% -3.4% -2.8% 5.6%

Los Angeles -1.2% +2.0% +1.1% +2.0% +3.0% +1.5% +2.2% +1.3% +1.6% +5.0% +2.6% +3.0% +3.3% +0.4% +5.6% +3.2% +3.8%

International

Dallas

Denver

+6.2% -0.8% +1.8% -2.1% +1.0% -3.9% -1.6% -0.7% +2.5% +4.2% +1.9% +1.4% +6.8% +2.9% +2.5% +4.0% +5.6%

-0.1% -0.9% -0.3% -0.2% +0.9% +0.8% +0.5% +3.3% +2.2% +0.3% +1.9% +0.6% +3.1% -1.6% 0.0% +0.5% -2.6%

New York JFK +3.5% +6.6% +5.8% +4.3% +12.8% +6.2% +7.7% -1.0% +4.1% +7.3% +3.4% +6.5% +5.4% -5.2% -0.3% +0.1% n/a

London Heathrow -0.6% +1.6% +0.4% -4.4% -1.9% +0.6% -2.0% -0.1% +3.1% +2.0% +1.6% +0.9% +0.3% +1.0% +3.9% +1.8% -0.7%

Paris CDG -0.1% +2.3% +1.7% -0.8% +0.3% -0.4% -0.3% -2.1% +1.1% -1.4% -0.9% +1.1% -3.0% -1.6% +1.9% -0.8% -3.1%

Frankfurt

Beijing

+1.4% +5.4% +3.2% +3.7% +4.6% +1.0% +3.1% +1.4% -2.7% -6.3% -2.3% +1.9% -4.9% +0.2% -1.1% -2.0% -2.2%

+1.8% +4.5% +2.6% +6.2% +4.8% +4.3% +5.1% +1.2% +3.1% +7.2% +3.7% +4.3% -0.3% +7.3% +7.6% +4.8% +2.5%

Tokyo Narita +29.4% +23.1% +33.4% +17.2% +17.3% +12.7% +15.7% +8.9% +11.2% +10.9% +10.3% +16.8% +6.2% +8.4% +9.7% +8.2% +6.1%

Mexico City +6.9% +13.3% +10.7% +10.9% +9.9% +8.3% +9.7% +7.7% +7.7% +6.1% +7.1% +11.8% +7.7% +2.2% +2.7% +4.2% +4.4%

Realizing the vision together

INTERVISTAS NEWS The InterVISTAS Group continues to be active in delivering a diverse range of consulting projects around the world and some of the new projects we are working on are listed below:

Belfast International Airport Route Forecasts 

Provide route forecasts for four potential network carrier services.

Central Illinois Economic Development Implementation 

In conjunction with Vital Economy, conduct interviews with the region's largest businesses that drive conventions in the area and provide an assessment of the regional tourism market.

Hartley Bay Airstrip Site Options Assessment 

Conduct a runway feasibility study to examine potential areas to locate a runway strip within proximity to the village in order to boost transportation logistics such as tourism and medical evacuations.

Business Plan Development for iPort Airport Design Concept 

Work with Schiphol Airport and a consortium to develop a business plan for a new airport design concept called iPort.

Manitoba Aviation Council Member Development and Support Roadmap 

Develop a roadmap for the association’s development and support of its members.

Niagara Frontier Transportation Authority Extension of ASD Work 

Extension of contract to provide ASD work for both Buffalo Niagara International Airport and Niagara International Airport.

John Wayne Airport, Orange County Economic and Advisory Services  

Page 23 July 2013

Complete studies of the economic impact of the airport on the region, as well as specific “micro” studies focusing on the economic impact of its new flights to Mexico. Provide advisory services on advancing its effort to obtain Port of Entry status with U.S. Customs and Border Protection (CBP).

Realizing the vision together

SPEAKING ENGAGEMENTS AND EVENTS Deborah Meehan, Chief Executive Officer Airports Council International – North America Conference September 22-25, San Jose, California Ms. Meehan will be speaking at the Airports Council International – North America conference.

Emre Serpen, Executive Vice President 1st International Sustainable Airline Management Conference, Istanbul, Turkey August 30, 2013 Emre Serpen will chair a session on airline business strategy at the Sustainable Airline Management Confrence.

Kenneth Currie, Executive Vice President Aeroinvest 2013 Conference August 27 & 28, 2013 São Paulo, Brasil Meet Kenneth Currie at the Aeroinvest 2013 Conference.

Page 24 July 2013

Realizing the vision together

STAFF ANNOUNCEMENTS The InterVISTAS Group is pleased to announce the following promotions and achievements of InterVISTAS staff members:

Richard Shieldhouse joins InterVISTAS as Executive Consultant We are delighted to announce that Richard Shieldhouse has joined InterVISTAS Consulting as an Executive Consultant. Richard is a transport and tourism specialist with more than 30 years of experience bolstering the effectiveness of transportation offerings, including 15 years as a consultant. His experience includes developing operational and financial forecasts for start-up carriers and for international airlines considering expansion into new markets. His forecasting skills have supported airports and airlines as they seek to understand the impacts of potential mergers and acquisitions. Richard is a recognized expert on the economics of tourism and has spoken to numerous academic gatherings in France, Mexico and the United States. He holds a Master degree from Harvard University in City and Regional Planning and a Doctorate from the University of Florida in Design, Construction and Planning.

Taylor Miller Promoted to Consultant We are pleased to announce the promotion of Taylor Miller to Consultant in the Bethesda office. Taylor joined InterVISTAS in 2009 and successfully supported the Airport Business and ASD practices. Taylor continues her professional development with increasingly complex and demanding work assignments. Importantly, she has made a commitment to learning new skills and understanding the many facets of aviation consulting. Taylor’s ability to transition seamlessly from work on air service development presentations to PPP traffic forecasts to air cargo market assessments makes her an invaluable asset to both InterVISTAS and our clients. As a Consultant, Taylor will increase her exposure to project and client management functions and will elevate her role in the firm’s business development efforts. Congratulations, Taylor!

Jennifer Sarkar joins InterVISTAS as Graphics Coordinator / Receptionist We are pleased to announce that Jennifer Sarkar has joined InterVISTAS Consulting as Graphics Coordinator/Receptionist in the Vancouver office. Jennifer has a passion for graphic design is skilled with info graphics, strategies and visualizations, branding and publication design. Prior to joining InterVISTAS she worked four years in the non-profit world both as a freelance graphic designer and as a youth project facilitator. Jennifer also ran a magazine by and for newcomer youth known as BEATS: Newcomer Youth Voice and Perspective. Along with her graphics coordinator responsibilities, Jennifer also plays the role of office receptionist and coordinates the daily front desk tasks for InterVISTAS head office. Jennifer has a Bachelor of Communication Design Degree from Emily Carr University of Art and Design and a strong background in Visual Arts. She is fluent in English, Bengali and Hindi.

Page 25 July 2013

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OUR OFFICES UNITED STATES

NETHERLANDS

Bethesda, Maryland 7200 Wisconsin Avenue, Suite 1103 Bethesda, MD 20814 Tel: +1-301-941-1400 Fax: +1-301-941-1402

The Hague 10 Anna van Saksenlaan 2593 HT The Hague Tel: +31 70 344 6449 Fax: +31 70 324 5302

CANADA Boston, Massachusetts One International Place 100 Oliver Street Boston, MA 02110 Tel: +1-617-535-3205

Vancouver, British Columbia 1200 West 73rd Avenue, Suite 550 Vancouver, BC V6P 6G5 Tel: +1-604-717-1800 Fax: +1-604-717-1818

UNITED KINGDOM Bath* Suite 10, Regency House 2 Wood Street, Queen Square Bath, UK BA1 2JQ Tel: +44 20 8144 1835 Fax: +44 1225 330 209

Ottawa, Ontario 55 Metcalfe Street, Suite 1100 Ottawa, ON K1P 6L5 Tel: +1-613-288-1577 Fax: +1-613-288-1578

*Registered as a Branch Office under the laws of the Registrar of Companies for England & Wales, Company No. FC027160 Branch No. BR, of InterVISTAS-EU Consulting Inc., a Canadian company incorporated under the laws of the Province of British Columbia Business Corporations Act No. BC0771664. InterVISTAS’ Aviation Intelligence Report is a collection of information gathered from public sources, such as press releases, media articles, etc., information from confidential sources, and items heard on the street. Thus, some of the information is speculative and may not materialise. To provide comments/feedback on the InterVISTAS’ Aviation Intelligence Report, please contact Paul Ouimet at paul.ouimet@intervistas.com or 1-604-717-1800. To subscribe, please send an email to subscribe@InterVISTAS.com To unsubscribe, please send an email to unsubscribe@InterVISTAS.com