ISTAT Jetrader - Summer 2020 - 21

What risk most concerns you
in the current market?

* 55% 	 Spread of coronavirus
* 27%		Trade barrier/
TOP, FROM LEFT: The Finance Panel was comprised of moderator Pam Hendry, John Beekman,
Ted O'Byrne, Timothy Myers, Douglas Runte and Eelco van de Stadt.
BOTTOM, FROM LEFT: The Lessor CCO Panel was comprised of moderator David Swan, Eamonn
Forbes, Declan Kelly, Paul O'Dwyer and Doug Winter.

The panel discussed three main topics: COVID-19, the MAX and ESG investing.
The panel ended with Fisher posing the question: "What is the market missing?
What should we be concerned about?" Negline suggested that the coronavirus will
have deep consequences, including possible airline consolidation. Streeter said he
used to be skeptical of ESG but doesn't think it can be underestimated.
ISTAT Appraisers Program Chair Bryson Monteleone took the stage to provide a
program update, which included welcoming the newest Senior Appraiser member
of the IBG, Kara Levine of ICF. He then welcomed the Appraisers Panel, moderated
by Bert van Leeuwen, managing director of MUFG Bank, and including Daniel Hall,
senior analyst at Ascend by Cirium; Doug Kelly, senior vice president of asset
valuation at AVITAS; Paul Leighton, managing director of The Aircraft Value Analysis
Company; Olga Razzhivina, director at Oriel; and Lindsey Webster, vice president of
asset valuation at mba Aviation.
Like most panels, the Appraisers Panel began by discussing the coronavirus and
the impact they think it will have on aviation. Each panelist agreed that the impact
would likely be greater than SARS but, as Webster pointed out, "The opportunity
for values to bounce back this time are less because we were already headed for
a recession."

protectionism

* 27%		MAX fallout
* 5% 		Higher oil prices
* 2%		 Interest rates

The Finance Panel was next, which
focused on the capital tidal wave and
its impact on the airline and investor
community. It was moderated by Pam
Hendry, vice president and treasurer
of United Airlines, and included
John Beekman, analyst at Fidelity
Investments; Ted O'Byrne, managing
director and co-head of aviation at
Carlyle Aviation Partners; Timothy
Myers, president at Boeing Capital;
Douglas Runte, managing director
and head of aviation research at
Deutsche Bank; and Eelco van de Stadt,
managing director at MUFG.
During the panel, a member of the
audience asked if the introduction of
substitution rights in EETCs is a positive
Jetrader

* SUMMER 2020 * 2 1



ISTAT Jetrader - Summer 2020

Table of Contents for the Digital Edition of ISTAT Jetrader - Summer 2020

ISTAT Jetrader - Summer 2020
From the President
News & Events
Perspectives: Q&A With Nils Hallerstrom
Live from Austin
Fixing the Leaky Pipeline
ISTAT Certified Appraisers: Valuing Aircraft During Market Disruptions
Aviation History: The Avro Canada Arrow
A Tribute to Jack B. Feir
Appraisal: A330 Freighters and Boeing 777F
ISTAT Foundation: Thinking Globally
Advertiser Index
ISTAT Jetrader - Summer 2020 - Intro
ISTAT Jetrader - Summer 2020 - ISTAT Jetrader - Summer 2020
ISTAT Jetrader - Summer 2020 - Cover2
ISTAT Jetrader - Summer 2020 - 1
ISTAT Jetrader - Summer 2020 - From the President
ISTAT Jetrader - Summer 2020 - 3
ISTAT Jetrader - Summer 2020 - 4
ISTAT Jetrader - Summer 2020 - 5
ISTAT Jetrader - Summer 2020 - 6
ISTAT Jetrader - Summer 2020 - 7
ISTAT Jetrader - Summer 2020 - News & Events
ISTAT Jetrader - Summer 2020 - 9
ISTAT Jetrader - Summer 2020 - 10
ISTAT Jetrader - Summer 2020 - 11
ISTAT Jetrader - Summer 2020 - Perspectives: Q&A With Nils Hallerstrom
ISTAT Jetrader - Summer 2020 - 13
ISTAT Jetrader - Summer 2020 - 14
ISTAT Jetrader - Summer 2020 - 15
ISTAT Jetrader - Summer 2020 - Live from Austin
ISTAT Jetrader - Summer 2020 - 17
ISTAT Jetrader - Summer 2020 - 18
ISTAT Jetrader - Summer 2020 - 19
ISTAT Jetrader - Summer 2020 - 20
ISTAT Jetrader - Summer 2020 - 21
ISTAT Jetrader - Summer 2020 - 22
ISTAT Jetrader - Summer 2020 - 23
ISTAT Jetrader - Summer 2020 - 24
ISTAT Jetrader - Summer 2020 - 25
ISTAT Jetrader - Summer 2020 - 26
ISTAT Jetrader - Summer 2020 - 27
ISTAT Jetrader - Summer 2020 - 28
ISTAT Jetrader - Summer 2020 - 29
ISTAT Jetrader - Summer 2020 - Fixing the Leaky Pipeline
ISTAT Jetrader - Summer 2020 - 31
ISTAT Jetrader - Summer 2020 - 32
ISTAT Jetrader - Summer 2020 - 33
ISTAT Jetrader - Summer 2020 - 34
ISTAT Jetrader - Summer 2020 - 35
ISTAT Jetrader - Summer 2020 - ISTAT Certified Appraisers: Valuing Aircraft During Market Disruptions
ISTAT Jetrader - Summer 2020 - 37
ISTAT Jetrader - Summer 2020 - 38
ISTAT Jetrader - Summer 2020 - 39
ISTAT Jetrader - Summer 2020 - Aviation History: The Avro Canada Arrow
ISTAT Jetrader - Summer 2020 - 41
ISTAT Jetrader - Summer 2020 - 42
ISTAT Jetrader - Summer 2020 - 43
ISTAT Jetrader - Summer 2020 - 44
ISTAT Jetrader - Summer 2020 - 45
ISTAT Jetrader - Summer 2020 - A Tribute to Jack B. Feir
ISTAT Jetrader - Summer 2020 - 47
ISTAT Jetrader - Summer 2020 - Appraisal: A330 Freighters and Boeing 777F
ISTAT Jetrader - Summer 2020 - 49
ISTAT Jetrader - Summer 2020 - 50
ISTAT Jetrader - Summer 2020 - 51
ISTAT Jetrader - Summer 2020 - 52
ISTAT Jetrader - Summer 2020 - 53
ISTAT Jetrader - Summer 2020 - ISTAT Foundation: Thinking Globally
ISTAT Jetrader - Summer 2020 - 55
ISTAT Jetrader - Summer 2020 - Advertiser Index
ISTAT Jetrader - Summer 2020 - Cover3
ISTAT Jetrader - Summer 2020 - Cover4
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