Jetrader - January/February 2013 - 3

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 330 North Wabash Avenue, Suite 2000 Chicago, Illinois 60611 USA Tel: 312.321.5169 Fax: 312.673.6579 E-mail:

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

Dear ISTAT fellow members, Consider this your official ISTAT welcome for 2013! As an industry, and society, I think 2012 was what a colleague of mine calls a “boomer” year, not a reference to the post-war generation but an exciting and flourishing time. As the year wraps up, we manufacturers are looking toward record deliveries, the world’s airlines (at least many of them) are expecting profits better than earlier estimates, and financing for new and used airplanes appears adequate and reasonably priced to meet past and future delivery demands. So far, our friend Adam Pilarski still hasn’t gotten it right when it comes to judging industry’s performance, but what would life be like for us if Adam ever quits wondering why aviation can’t make money. Not as much fun I’d wager! As for ISTAT, it was a great year by our measures. I believe the investments made in improving our member experience are paying off. Our events, both established and new ones, were very successful, and our membership has grown considerably. I’m particularly impressed by the member feedback saying that today’s ISTAT works hard to create good networking opportunities and deliver strong value. I think we’re positioned well for another great ISTAT year in the one ahead. Our conference team, led by Marc Allinson, Dan Pietrzak and Doug Runte, is at work to deliver in early March yet another outstanding annual meeting experience as we return to Florida, and the Southeast, after a two-year absence. Then there will be our other regional conferences, our Air Show presence and the various other member events that round out the year. I’m amazed at how quickly the year(s) go by when we’re having fun. It seems like only yesterday when I was handed the President’s gavel. Ah, but that’s a story for another time... For the moment, thanks for your support during 2012 and here’s to yet another great year for ISTAT and for each of you personally in the New Year ahead! Joe Ozimek

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

Jetrader 3

Jetrader - January/February 2013

Table of Contents for the Digital Edition of Jetrader - January/February 2013

A Message from the President
Q&A: Jep Thornton
Aircraft Financing in 2013
AFRA's NEW Best Management Practice (BMP) Guide Closes The Circle And Joins The Dots
ISTAT Foundation
Turbo Prop Leasing: Thoughts from the Front
Catching The Spirit: Ancillary Fees Under Attack
Aircraft Appraisals Index
Jetrader - January/February 2013 - cover1
Jetrader - January/February 2013 - cover2
Jetrader - January/February 2013 - A Message from the President
Jetrader - January/February 2013 - Calendar/News
Jetrader - January/February 2013 - 5
Jetrader - January/February 2013 - Q&A: Jep Thornton
Jetrader - January/February 2013 - 7
Jetrader - January/February 2013 - Aircraft Financing in 2013
Jetrader - January/February 2013 - 9
Jetrader - January/February 2013 - 10
Jetrader - January/February 2013 - AFRA's NEW Best Management Practice (BMP) Guide Closes The Circle And Joins The Dots
Jetrader - January/February 2013 - 12
Jetrader - January/February 2013 - ISTAT Foundation
Jetrader - January/February 2013 - Turbo Prop Leasing: Thoughts from the Front
Jetrader - January/February 2013 - 15
Jetrader - January/February 2013 - 16
Jetrader - January/February 2013 - Catching The Spirit: Ancillary Fees Under Attack
Jetrader - January/February 2013 - 18
Jetrader - January/February 2013 - Aircraft Appraisals
Jetrader - January/February 2013 - 20
Jetrader - January/February 2013 - 21
Jetrader - January/February 2013 - Index
Jetrader - January/February 2013 - cover3
Jetrader - January/February 2013 - cover4