Jetrader - Spring 2017 - 5

Jetrader is a quarterly publication of the International
Society of Transport Aircraft Trading (ISTAT). ISTAT
was founded in 1983 to act as a forum and to
promote improved communications among those
involved in aviation and supporting industries, who
operate, manufacture, maintain, sell, purchase,
finance, lease, appraise, insure or otherwise engage
in activities related to transport category aircraft.
Jetrader is published for:
International Society of Transport Aircraft Trading
330 North Wabash Avenue, Suite 2000
Chicago, Illinois 60611 USA
Tel: +1.312.321.5169
Fax: +1.312.673.6579

Marc S. Allinson
Jep Thornton
David Swan
Dean Gerber
Douglas W. Runte, CFA

Immediate Past President
Vice President

Gerry Butler
Anthony Diaz
Marilyn Gan
Daniel J. Pietrzak
Phil Seymour (ex-officio)
Steven Townend
Richard Owen Walker

Damon J. D'Agostino (ex-officio)
Dick Forsberg
James Meyler
Mary Prettyman
David Sutton
John W. Vitale
Kostya Zolotusky

Chairman/Senior Appraiser
Phil Seymour
Angus Mackay
Senior Appraiser
John Beekman*
Betsy R. Snyder*
Jeff Straebler*
Mark Streeter*
Richard Young
John Trevett
Appraiser Fellow, Administrative
Director, ISTAT International
Appraisers' Program
*These individuals are not certified appraisers.
Damon J. D'Agostino
Todd Freeman
Vice Chairman
Marc S. Allinson
ISTAT President
Jep Thornton
Immediate Past ISTAT President
Douglas W. Runte, CFA Vice President/Treasurer
Robert Agnew
Sigthor Einarsson
Robert Gates
Mary Ellen S. Jones
Murrae Ross-Eskell
Betsy Snyder
Eddo Weijer

Julian Balaam
Mohamed El-Borai
Peter Huijbers
Michael Platt
Rod J. Sheridan
Andrew La Stella

Julie Wichlin
Executive Director
Ben Barclay
Operations Manager
Cynthia Cortis
Conference Director
Crystal Ligda
Marketing Manager

Dear Fellow ISTAT members:
Welcome to the spring 2017 issue of Jetrader! Sadly, it's my
last Letter from the President, as the two years of my presidency have flown by in what seems like a nanosecond. Yet,
more great things are ahead for ISTAT under the leadership of
our President-Elect Douglas Runte.
It's hard to believe that 2016 passed by in such a blur, but
Marc S. Allinson,
ISTAT President
our event schedule ended on an extremely high note, with more
than 1,500 members and guests attending our popular Holiday
Receptions. What a great year for ISTAT events, as attendance records were set
for nearly each one. I would like to extend a huge thank you to each member and
sponsor for your continued support.
I know many of you were caught up in the year-end rush to close various transactions, but I hope you had a chance to spend time with your families and recharge
your batteries. I would like to take this opportunity to wish all of you and yours
the best of health, happiness and prosperity in 2017.
At ISTAT, this year is shaping up to be a very busy one, indeed. As I write this,
ISTAT Americas is nearly upon us. Our conference committee has been extremely
busy through the holidays to put together another super program, culminating with
the presentation of the ISTAT Award to Klaus Heinemann. I cannot think of anyone
more deserving or with a more unique background as a senior banking executive,
a CEO of a major leasing company (which he took public on the NYSE) and now the
non-executive chairman of Finnair. Klaus joins a select group of executives who
have made extraordinary contributions to the industry! We offer him our heartiest
congratulations for this achievement.
I'd also be remiss if I did not thank the many members who volunteer their time
and money to the philanthropic activities of the ISTAT Foundation. Unlike for-profit
organizations, ISTAT grants the lion's share of any surplus to the Foundation, and
this year I am so proud that we will be able to grant more than $600,000 to support
the great work of its volunteers. That's truly what makes our ISTAT family special.
With my presidency in the rearview mirror, I have so many people to thank
for their support. With space limited, kudos to the two executive directors -
Ron Pietrzak and Julie Wichlin - who served me so diligently; my executive board
and Board of Trustees - a super group who only have the constant improvement
of your membership experience at heart and who find the time to give back to
the industry in between their day jobs, while getting paid only in sandwiches and
M&Ms; our events director, Cynthia Cortis, who consistently provides the finest
venues for our events and creates fresh ideas and activities around those events;
Damon D'Agostino and the Foundation Board of Trustees for their tireless philanthropic contribution and great partnership; and to those ISTAT presidents who
came before me for your meaningful and relevant advice. I stand on your shoulders
as the builders of this great organization. My legacy was not to f#$$%^k it up...
and I hope I succeeded in that.
My sincere thanks to all of you for giving me the privilege to lead this amazing
organization. It truly is one of the highlights of my career.
Please enjoy this issue of Jetrader. There is a lot to catch up on, including a look
back at several 2016 events, an interview with Klaus Heinemann, a farewell from
ISTAT Foundation Chairman Damon D'Agostino, a look at how ISTAT was started -
plus much, much more!
I look forward to seeing all of you in San Diego at ISTAT Americas!

Jetrader * Spring 2017 5

Table of Contents for the Digital Edition of Jetrader - Spring 2017

A Message from the President
Q&A: Klaus Heinemann, Partner, HH Kapital BV
Forecast for the Global Economy and Aviation in 2017: Turbulence Ahead
Reaching the Peak: Asian Airline Analysis
ISTAT Finishes the Year Strong with Two Global Events
In the Beginning: The Birth of ISTAT
2017 Finance Outlook: Boeing Forecasts Diverse Sources & Players
Defining Terms: Value, Definitions, Unit Costs & More
Bright Future: An Interview with ISTAT Scholar Ada Lo
From the ISTAT Photo Archives
Aviation History
Aircraft Appraisals
ISTAT Foundation
Advertiser Index
Jetrader - Spring 2017 - intro
Jetrader - Spring 2017 - cover1
Jetrader - Spring 2017 - cover2
Jetrader - Spring 2017 - 3
Jetrader - Spring 2017 - 4
Jetrader - Spring 2017 - A Message from the President
Jetrader - Spring 2017 - 6
Jetrader - Spring 2017 - 7
Jetrader - Spring 2017 - Calendar/News
Jetrader - Spring 2017 - 9
Jetrader - Spring 2017 - Q&A: Klaus Heinemann, Partner, HH Kapital BV
Jetrader - Spring 2017 - 11
Jetrader - Spring 2017 - 12
Jetrader - Spring 2017 - 13
Jetrader - Spring 2017 - Forecast for the Global Economy and Aviation in 2017: Turbulence Ahead
Jetrader - Spring 2017 - 15
Jetrader - Spring 2017 - 16
Jetrader - Spring 2017 - 17
Jetrader - Spring 2017 - 18
Jetrader - Spring 2017 - 19
Jetrader - Spring 2017 - Reaching the Peak: Asian Airline Analysis
Jetrader - Spring 2017 - 21
Jetrader - Spring 2017 - 22
Jetrader - Spring 2017 - ISTAT Finishes the Year Strong with Two Global Events
Jetrader - Spring 2017 - 24
Jetrader - Spring 2017 - 25
Jetrader - Spring 2017 - 26
Jetrader - Spring 2017 - 27
Jetrader - Spring 2017 - 28
Jetrader - Spring 2017 - 29
Jetrader - Spring 2017 - 30
Jetrader - Spring 2017 - 31
Jetrader - Spring 2017 - In the Beginning: The Birth of ISTAT
Jetrader - Spring 2017 - 33
Jetrader - Spring 2017 - 34
Jetrader - Spring 2017 - 2017 Finance Outlook: Boeing Forecasts Diverse Sources & Players
Jetrader - Spring 2017 - Defining Terms: Value, Definitions, Unit Costs & More
Jetrader - Spring 2017 - 37
Jetrader - Spring 2017 - 38
Jetrader - Spring 2017 - Bright Future: An Interview with ISTAT Scholar Ada Lo
Jetrader - Spring 2017 - From the ISTAT Photo Archives
Jetrader - Spring 2017 - Aviation History
Jetrader - Spring 2017 - 42
Jetrader - Spring 2017 - 43
Jetrader - Spring 2017 - Aircraft Appraisals
Jetrader - Spring 2017 - 45
Jetrader - Spring 2017 - ISTAT Foundation
Jetrader - Spring 2017 - 47
Jetrader - Spring 2017 - 48
Jetrader - Spring 2017 - Advertiser Index
Jetrader - Spring 2017 -
Jetrader - Spring 2017 - cover3
Jetrader - Spring 2017 - cover4
Jetrader - Spring 2017 - outsert1
Jetrader - Spring 2017 - outsert2
Jetrader - Spring 2017 - outsert3
Jetrader - Spring 2017 - outsert4