Jetrader - September/October 2012 - 5

Jetrader is a bi-monthly 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 401 N. Michigan Ave., Suite 2400 Chicago, IL 60611 USA Tel: 312.321.5169 Fax: 312.673.6579 www.ISTAT.org E-mail: istat@istat.org

from the president

Joe Ozimek, President International Society of Transport Aircraft Trading

ISTAT BOARD OF DIRECTORS OFFICERS Joe Ozimek President John W. Vitale Immediate Past President Daniel J. Pietrzak Vice President Marc Allinson Vice President/Treasurer Gregory A. May Vice President/Secretary DIRECTORS Ron Baur Dick Forsberg Mark Pearman-Wright Mike Skinner David Swan Steven Townend Phil Seymour Anthony Diaz Jay Hancock Douglas W. Runte David P. Sutton Jep Thornton Warren Willits Chairman, ISTAT International Appraisers Program Board of Governors

ISTAT INTERNATIONAL APPRAISERS’ PROGRAM BOARD OF GOVERNORS Phil Seymour Chairman/Senior Appraiser Olga Razzhivina Senior Appraiser Oliver Stuart-Menteth Senior Appraiser John Beekman* Richard Kruse* Bert van Leeuwen* Bruce Nicoletti* Betsy R. Snyder* Jack Feir Appraiser Fellow, Administrative Director, ISTAT International Appraisers’ Program *These individuals are not certiﬁed appraisers. ISTAT FOUNDATION BOARD OF TRUSTEES Warren Willits Chairman David P. Sutton Vice Chairman Joe Ozimek ISTAT President John W. Vitale Immediate Past ISTAT President Marc S. Allinson Vice President/Treasurer TRUSTEES Julian Balaam Robert Convey Dean Gerber Vito La Forgia Ken Perich Marco Sterk Robert Brown Todd Freeman Thomas W. Heimsoth Dana J. Lockhart Ron Pye Sonny Stern

INTERNATIONAL SOCIETY OF TRANSPORT AIRCRAFT TRADING Ron Pietrzak Executive Director Ben Barclay Project Coordinator Cynthia Cortis Conference Director Katie Walsh Conference Senior Coordinator Rebecca Holloway Senior Associate Marcia Daudelin Senior Marketing Manager

Dear fellow ISTAT member, Who would have thought I’d have to head back to Seattle to dry out! That’s where I ﬁnd myself in mid-summer as I’m recovering from this year’s Farnborough International Airshow. It was a cold and rainy ﬁve days, and I suspect it was more than weather that kept airline and industry folks from turning out in usual international air show numbers this year. Attendance was down over previous air shows. I chalk it up to the combination of poor weather, Europe’s continuing economic crisis, the pre-Olympics concerns, and the fact that airlines still aren’t seeing strong ﬁnancial results. There were clouds on the horizon in several respects. The bad weather kept the ﬂying displays low but fun to watch nonetheless. Also overhanging was the continuing debate of whether industry is overproducing or not. Time will tell on that one, but it doesn’t appear that either major OEM is facing the kind of cancellation activity that justiﬁes taking production downward. In fact, orders were lower than at recent past air shows, but activity was still robust. For those of us with interest in ﬁnancing, there were also the clouds around new global export credit ﬁnancing terms that come into play in 2013 and how those will impact this important source of product ﬁnancing. One bright spot in the clouds to be sure was our ISTAT presence and, in particular, our ﬁrst air show ISTAT Chalet. I’ve had many folks tell me how much they appreciated us having a place for our members to go not just during the storm but generally to meet up with colleagues and watch the ﬂying displays. Special thanks to ISTAT Chalet Chairman Douglas Runte for proposing the idea of an air show chalet for ISTAT members, sheparding the concept and bringing the project to its immensely successful completion. Once again, the ISTAT Airshow Reception at the Grosvenor House in downtown London was a major hit. It’s become the Monday night event for the Who’s Who in our industry. There were close to 1,000 folks who took advantage of the opportunity to have a drink, visit with friends and colleagues, and still have time to make other evening plans during a very busy week. Special thanks to Mike Skinner and team who once again worked together to make it a great success. When this message arrives, many of our members will be heading to or in Rome for this year’s ISTAT Europe conference event. It should be another great occasion for our Society and a good segue into our ﬁnal organized events for 2012, the yearend holiday events in New York and Dublin. I’m looking forward to seeing how the wind blows for the rest of what’s been an interesting and exciting year for ISTAT and me personally. Here’s to smooth sailing to all our ISTAT colleagues!

Jetrader 5

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Jetrader - September/October 2012

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