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<br /> © 2008 KPMG, an Irish partnership and a member firm of the KPMG network of independent member<br /> firms affiliated with KPMG International, a Swiss cooperative. All rights reserved.<br /> For<br /> outstanding<br /> Talk to<br /> cross-border<br /> KPMG<br /> leasing<br /> advice<br /> KPMG is the leading<br /> provider of advisory<br /> services to the<br /> cross-border leasing<br /> industry in Ireland.<br /> To find out more<br /> about how we can<br /> help you manage the<br /> tax and accounting<br /> issues associated with<br /> big ticket leasing<br /> transactions contact<br /> Ivor Conlon,<br /> Seamus Hand or<br /> Conor O’Brien<br /> today at<br /> +353 (1) 410 1000<br /> www.kpmg.ie<br /> AIRLINE FLEET<br /> MANAGEMENT<br /> INDEPENDENT ANALYSIS FOR OPERATORS OF,AND INVESTORS IN,AIRCRA<a title="Airline Fleet Management issue 60 page 1" href="http://viewer.zmags.com/publication/5269d0ed?page=1"> © 2008 KPMG, an Irish partnership and a member fi</a> <a title="Airline Fleet Management issue 60 page 2" href="http://viewer.zmags.com/publication/5269d0ed?page=2"> AIRLINE FLEET MANAGEMENT INDEPENDENT ANALYSIS FOR</a> <a title="Airline Fleet Management issue 60 page 3" href="http://viewer.zmags.com/publication/5269d0ed?page=3"> </a> <a title="Airline Fleet Management issue 60 page 4" href="http://viewer.zmags.com/publication/5269d0ed?page=4"> </a> <a title="Airline Fleet Management issue 60 page 5" href="http://viewer.zmags.com/publication/5269d0ed?page=5"> MANAGING DIRECTOR AIP Philip Tozer-Pennington: ph</a> <a title="Airline Fleet Management issue 60 page 6" href="http://viewer.zmags.com/publication/5269d0ed?page=6"> Wherever yo</a> <a title="Airline Fleet Management issue 60 page 7" href="http://viewer.zmags.com/publication/5269d0ed?page=7"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 8" href="http://viewer.zmags.com/publication/5269d0ed?page=8"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 9" href="http://viewer.zmags.com/publication/5269d0ed?page=9"> </a> <a title="Airline Fleet Management issue 60 page 10" href="http://viewer.zmags.com/publication/5269d0ed?page=10"> THE ENGINES OF TOMORROW WILL HAVE AT LEAST ONE TH</a> <a title="Airline Fleet Management issue 60 page 11" href="http://viewer.zmags.com/publication/5269d0ed?page=11"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 12" href="http://viewer.zmags.com/publication/5269d0ed?page=12"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 13" href="http://viewer.zmags.com/publication/5269d0ed?page=13"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 14" href="http://viewer.zmags.com/publication/5269d0ed?page=14"> </a> <a title="Airline Fleet Management issue 60 page 15" href="http://viewer.zmags.com/publication/5269d0ed?page=15"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 16" href="http://viewer.zmags.com/publication/5269d0ed?page=16"> leading the way in specialist power</a> <a title="Airline Fleet Management issue 60 page 17" href="http://viewer.zmags.com/publication/5269d0ed?page=17"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 18" href="http://viewer.zmags.com/publication/5269d0ed?page=18"> N_Xk`kkXb\jkfÕp% CffbXkÕ`^_kk_ifl^_k_\\p\jf]XZ_`c</a> <a title="Airline Fleet Management issue 60 page 19" href="http://viewer.zmags.com/publication/5269d0ed?page=19"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 20" href="http://viewer.zmags.com/publication/5269d0ed?page=20"> Now offering asset management services. </a> <a title="Airline Fleet Management issue 60 page 21" href="http://viewer.zmags.com/publication/5269d0ed?page=21"> NEWS ROUND-UP The latest on deals, mergers, appoi</a> <a title="Airline Fleet Management issue 60 page 22" href="http://viewer.zmags.com/publication/5269d0ed?page=22"> </a> <a title="Airline Fleet Management issue 60 page 23" href="http://viewer.zmags.com/publication/5269d0ed?page=23"> FOCUS Airline hedging positions Caught out bad</a> <a title="Airline Fleet Management issue 60 page 24" href="http://viewer.zmags.com/publication/5269d0ed?page=24"> mid-2008 to just $35 in less than six months was </a> <a title="Airline Fleet Management issue 60 page 25" href="http://viewer.zmags.com/publication/5269d0ed?page=25"> Pratt & Whitney Pratt & Whitney PurePower™ Engin</a> <a title="Airline Fleet Management issue 60 page 26" href="http://viewer.zmags.com/publication/5269d0ed?page=26"> Redefiningvpaelrufeo.rmance. Eighty years</a> <a title="Airline Fleet Management issue 60 page 27" href="http://viewer.zmags.com/publication/5269d0ed?page=27"> Airlines and fuel-price hedging TO HELP MANAGE T</a> <a title="Airline Fleet Management issue 60 page 28" href="http://viewer.zmags.com/publication/5269d0ed?page=28"> © 2008 KPMG, an Irish partnership and a member fi</a> <a title="Airline Fleet Management issue 60 page 29" href="http://viewer.zmags.com/publication/5269d0ed?page=29"> FUEL-PRICE HEDGING: A Glossary of Terms Basis</a> <a title="Airline Fleet Management issue 60 page 30" href="http://viewer.zmags.com/publication/5269d0ed?page=30"> Spot Price: The cash market price of a product fo</a> <a title="Airline Fleet Management issue 60 page 31" href="http://viewer.zmags.com/publication/5269d0ed?page=31"> US AIRLINE FUEL PRICE HEDGE POSITIONS UAL Corpor</a> <a title="Airline Fleet Management issue 60 page 32" href="http://viewer.zmags.com/publication/5269d0ed?page=32"> AMR Corporation Fuel Expense and Hedging While t</a> <a title="Airline Fleet Management issue 60 page 33" href="http://viewer.zmags.com/publication/5269d0ed?page=33"> Delta Air Lines (including Northwest Airlines) </a> <a title="Airline Fleet Management issue 60 page 34" href="http://viewer.zmags.com/publication/5269d0ed?page=34"> US Airways Mainline Guidance </a> <a title="Airline Fleet Management issue 60 page 35" href="http://viewer.zmags.com/publication/5269d0ed?page=35"> FOCUS Airline hedging positions Airline </a> <a title="Airline Fleet Management issue 60 page 36" href="http://viewer.zmags.com/publication/5269d0ed?page=36"> Airline Date of Info </a> <a title="Airline Fleet Management issue 60 page 37" href="http://viewer.zmags.com/publication/5269d0ed?page=37"> FOCUS Lessor focus: Bavaria “We always have to</a> <a title="Airline Fleet Management issue 60 page 38" href="http://viewer.zmags.com/publication/5269d0ed?page=38"> Karsten Sensen, CEO and managing director o</a> <a title="Airline Fleet Management issue 60 page 39" href="http://viewer.zmags.com/publication/5269d0ed?page=39"> BAVARIA’S AIRCRAFT FOR LEASE / SALE Boeing 737-7</a> <a title="Airline Fleet Management issue 60 page 40" href="http://viewer.zmags.com/publication/5269d0ed?page=40"> maintenix™ </a> <a title="Airline Fleet Management issue 60 page 41" href="http://viewer.zmags.com/publication/5269d0ed?page=41"> CONFESSIONS OF A BANKER Ten points for survival i</a> <a title="Airline Fleet Management issue 60 page 42" href="http://viewer.zmags.com/publication/5269d0ed?page=42"> 1. You shall rubbish Research Reports, especially</a> <a title="Airline Fleet Management issue 60 page 43" href="http://viewer.zmags.com/publication/5269d0ed?page=43"> TRADING, LEASING & FINANCE Engine Leasing </a> <a title="Airline Fleet Management issue 60 page 44" href="http://viewer.zmags.com/publication/5269d0ed?page=44"> ENGINE LEASING IN A STICKY CLIMATE AN INCREASING</a> <a title="Airline Fleet Management issue 60 page 45" href="http://viewer.zmags.com/publication/5269d0ed?page=45"> Some believe the market can contain an increase i</a> <a title="Airline Fleet Management issue 60 page 46" href="http://viewer.zmags.com/publication/5269d0ed?page=46"> 5aTTcWTRP_XcP[h^dWPeTcXTS d_X]h^dab_PaTT]VX]Tb </a> <a title="Airline Fleet Management issue 60 page 47" href="http://viewer.zmags.com/publication/5269d0ed?page=47"> AFM Engine Leasing Poll 1. OPERATIONAL SUCCESS C</a> <a title="Airline Fleet Management issue 60 page 48" href="http://viewer.zmags.com/publication/5269d0ed?page=48"> Your OEM may tell you there’s more</a> <a title="Airline Fleet Management issue 60 page 49" href="http://viewer.zmags.com/publication/5269d0ed?page=49"> AFM Engine Leasing Poll 5. To what extent do you </a> <a title="Airline Fleet Management issue 60 page 50" href="http://viewer.zmags.com/publication/5269d0ed?page=50"> ˜}ˆ˜iÊi>Ãiʈ˜>˜ViʜÀ«œÀ>̈œ˜ -Õ««œÀ̈˜}Ê̅iÊܜÀ`</a> <a title="Airline Fleet Management issue 60 page 51" href="http://viewer.zmags.com/publication/5269d0ed?page=51"> CIT, of course, wishes to fill that gap; its appl</a> <a title="Airline Fleet Management issue 60 page 52" href="http://viewer.zmags.com/publication/5269d0ed?page=52"> Your long-lasting partner for engine MRO MTU Aer</a> <a title="Airline Fleet Management issue 60 page 53" href="http://viewer.zmags.com/publication/5269d0ed?page=53"> TRADING, LEASING & FINANCE US fleets Most majo</a> <a title="Airline Fleet Management issue 60 page 54" href="http://viewer.zmags.com/publication/5269d0ed?page=54"> technology commercial aircraft, the US airlines h</a> <a title="Airline Fleet Management issue 60 page 55" href="http://viewer.zmags.com/publication/5269d0ed?page=55"> consumption at prices far below the mid-year peak</a> <a title="Airline Fleet Management issue 60 page 56" href="http://viewer.zmags.com/publication/5269d0ed?page=56"> We Unlock Financial Doors Even In The M</a> <a title="Airline Fleet Management issue 60 page 57" href="http://viewer.zmags.com/publication/5269d0ed?page=57"> US MAJOR AIRLINES' NEW DELIVERIES IN 2009 AND 201</a> <a title="Airline Fleet Management issue 60 page 58" href="http://viewer.zmags.com/publication/5269d0ed?page=58"> the mark to make sure financing deals on many new</a> <a title="Airline Fleet Management issue 60 page 59" href="http://viewer.zmags.com/publication/5269d0ed?page=59"> AIRLINE FOCUS Alitalia We had dry-cleaned our </a> <a title="Airline Fleet Management issue 60 page 60" href="http://viewer.zmags.com/publication/5269d0ed?page=60"> While Berlusconi has said Lufthansa “never physic</a> <a title="Airline Fleet Management issue 60 page 61" href="http://viewer.zmags.com/publication/5269d0ed?page=61"> AFM INTERVIEW Tim Jeans, MD, Monarch airlines </a> <a title="Airline Fleet Management issue 60 page 62" href="http://viewer.zmags.com/publication/5269d0ed?page=62"> Destination Map “You can take the man out of Rya</a> <a title="Airline Fleet Management issue 60 page 63" href="http://viewer.zmags.com/publication/5269d0ed?page=63"> Q: So things are looking up? Things are looking g</a> <a title="Airline Fleet Management issue 60 page 64" href="http://viewer.zmags.com/publication/5269d0ed?page=64"> Q: bWeheennafafrectyeoduart7a8ll7bdyetlhiveBrioee</a> <a title="Airline Fleet Management issue 60 page 65" href="http://viewer.zmags.com/publication/5269d0ed?page=65"> “Monarch is the last man standing in that leisure</a> <a title="Airline Fleet Management issue 60 page 66" href="http://viewer.zmags.com/publication/5269d0ed?page=66"> unfortunately because the UK regularity syst</a> <a title="Airline Fleet Management issue 60 page 67" href="http://viewer.zmags.com/publication/5269d0ed?page=67"> REGIONAL ECONOMICS Canada’s Jazz and Horizon </a> <a title="Airline Fleet Management issue 60 page 68" href="http://viewer.zmags.com/publication/5269d0ed?page=68"> While Air Canada did manage to raise C$614m durin</a> <a title="Airline Fleet Management issue 60 page 69" href="http://viewer.zmags.com/publication/5269d0ed?page=69"> acquisition of new technology – its Sabre </a> <a title="Airline Fleet Management issue 60 page 70" href="http://viewer.zmags.com/publication/5269d0ed?page=70"> SHORTHOPS,LONGTBO’S OUT-OF-THE-BOXTHINKING Centr</a> <a title="Airline Fleet Management issue 60 page 71" href="http://viewer.zmags.com/publication/5269d0ed?page=71"> MAINTENANCE OPERATIONS MRO in the Americas The</a> <a title="Airline Fleet Management issue 60 page 72" href="http://viewer.zmags.com/publication/5269d0ed?page=72"> rejected a scheme the Teamsters naturally o</a> <a title="Airline Fleet Management issue 60 page 73" href="http://viewer.zmags.com/publication/5269d0ed?page=73"> But they seem hopelessly anachronistic, too. Twen</a> <a title="Airline Fleet Management issue 60 page 74" href="http://viewer.zmags.com/publication/5269d0ed?page=74"> The shortest distance between two owners? Ask us.</a> <a title="Airline Fleet Management issue 60 page 75" href="http://viewer.zmags.com/publication/5269d0ed?page=75"> The Teamsters and their allies at the CBT also wa</a> <a title="Airline Fleet Management issue 60 page 76" href="http://viewer.zmags.com/publication/5269d0ed?page=76"> AMOS: MADE IN SWITZERLAND – THE INDUSTRY-LEADIN</a> <a title="Airline Fleet Management issue 60 page 77" href="http://viewer.zmags.com/publication/5269d0ed?page=77"> MAINTENANCE OPERATIONS A320 support AFM looks</a> <a title="Airline Fleet Management issue 60 page 78" href="http://viewer.zmags.com/publication/5269d0ed?page=78"> A320 support THE A320 FAMILY IS THE MOST IMPORTAN</a> <a title="Airline Fleet Management issue 60 page 79" href="http://viewer.zmags.com/publication/5269d0ed?page=79"> A320 family operator listings AIRCRAFT </a> <a title="Airline Fleet Management issue 60 page 80" href="http://viewer.zmags.com/publication/5269d0ed?page=80"> Our work... flies with you. Put your co</a> <a title="Airline Fleet Management issue 60 page 81" href="http://viewer.zmags.com/publication/5269d0ed?page=81"> A320 family operator listings AIRCRAFT </a> <a title="Airline Fleet Management issue 60 page 82" href="http://viewer.zmags.com/publication/5269d0ed?page=82"> A320 family operator listings AIRCRAFT </a> <a title="Airline Fleet Management issue 60 page 83" href="http://viewer.zmags.com/publication/5269d0ed?page=83"> A320 Specialist MRO providers – the Americas Comp</a> <a title="Airline Fleet Management issue 60 page 84" href="http://viewer.zmags.com/publication/5269d0ed?page=84"> A320 Specialist MRO providers – the Americas Comp</a> <a title="Airline Fleet Management issue 60 page 85" href="http://viewer.zmags.com/publication/5269d0ed?page=85"> A320 Specialist MRO providers – Europe Company </a> <a title="Airline Fleet Management issue 60 page 86" href="http://viewer.zmags.com/publication/5269d0ed?page=86"> A320 Specialist MRO providers – Europe Company </a> <a title="Airline Fleet Management issue 60 page 87" href="http://viewer.zmags.com/publication/5269d0ed?page=87"> A320 Specialist MRO providers – ROW Company </a> <a title="Airline Fleet Management issue 60 page 88" href="http://viewer.zmags.com/publication/5269d0ed?page=88"> A320 Specialist MRO providers –ROW Company </a> <a title="Airline Fleet Management issue 60 page 89" href="http://viewer.zmags.com/publication/5269d0ed?page=89"> A320 Specialist MRO providers – ROW Company </a> <a title="Airline Fleet Management issue 60 page 90" href="http://viewer.zmags.com/publication/5269d0ed?page=90"> A pooling of expertise in civil and military air</a> <a title="Airline Fleet Management issue 60 page 91" href="http://viewer.zmags.com/publication/5269d0ed?page=91"> CARGO & FREIGHT OPS Converted and new build </a> <a title="Airline Fleet Management issue 60 page 92" href="http://viewer.zmags.com/publication/5269d0ed?page=92"> </a> <a title="Airline Fleet Management issue 60 page 93" href="http://viewer.zmags.com/publication/5269d0ed?page=93"> reasonable to convert if the oil price is low. Wh</a> <a title="Airline Fleet Management issue 60 page 94" href="http://viewer.zmags.com/publication/5269d0ed?page=94"> The market must be viewed over the long term, but</a> <a title="Airline Fleet Management issue 60 page 95" href="http://viewer.zmags.com/publication/5269d0ed?page=95"> The ATP freighter is still as popular as ever, wi</a> <a title="Airline Fleet Management issue 60 page 96" href="http://viewer.zmags.com/publication/5269d0ed?page=96"> </a> <a title="Airline Fleet Management issue 60 page 97" href="http://viewer.zmags.com/publication/5269d0ed?page=97"> FACTS & FIGURES Fleet finance, firm orde</a> <a title="Airline Fleet Management issue 60 page 98" href="http://viewer.zmags.com/publication/5269d0ed?page=98"> FACTS & FIGURES Fleet finance, firm orde</a> <a title="Airline Fleet Management issue 60 page 99" href="http://viewer.zmags.com/publication/5269d0ed?page=99"> FACTS & FIGURES Fleet finance, firm orde</a> <a title="Airline Fleet Management issue 60 page 100" href="http://viewer.zmags.com/publication/5269d0ed?page=100"> )^QI\QWV 4MILQVO)QZKZIN\7_VMZ4M[[WZIVL5IVIOMZ </a> <a title="Airline Fleet Management issue 60 page 101" href="http://viewer.zmags.com/publication/5269d0ed?page=101"> parole.de MUC: BEST OF GERMANY Munich is BMW M</a>