InterVISTAS Aviation Intelligence Report May 2014

2014

IN THIS ISSUE:PAGE 3

Feature ArticlesPAGE 6

Regional ReportsPAGE 11

Aviation NewsPAGE 15

Traffic UpdatesPAGE 18

InterVISTAS News

MAY

Deborah MeehanPresident and CEO

InterVISTAS Consulting Group

Rik KrabbendamManaging Director

NACO

Vic PrinsDirector, Business Line Aviation

Royal HaskoningDHV

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This month, Ben Hasselman discusses coming changes in airport planning and Chris Greer provides us with an update on aircraft deliveries to the end of April 2014.

Our Regional Reports include:

■ Steve Martin discusses the latest developments in the small airport program in the U.S.,

■ Ian Kincaid discusses the EASA’s plan for improvements in foreign operator safety approvals,

■ Kenneth Currie highlights a recent discussion of Latin America’s need for infrastructure investment,

■ Debra Ward provides us with the latest news in the Canadian aviation and travel sectors, and

■ Doris Mak updates us on the Tata-SIA joint venture

We hope you enjoy this edition of AIR.

Best Regards,

HELLO AND WELCOME TO THE MAY 2014 EDITION OF THE AVIATION INTELLIGENCE REPORT.

2 aviation intelligence report | InterVISTAS

FeatureFeature

Feature

Ben Hasselman Business Development Director

The Hague, NetherlandsWe all realize that not only aircraft, but time, flies and development related to aviation growth follows quicker every year. Aviation and airport growth is often measured by the increase in millions of passengers or thousands of aircraft movements per annum. In some publications the era of the propeller and jet engine aircraft are mentioned as important milestones, followed by wide-body planes. The Boeing 747 is still used as the most impressive example, although the number of people that have flown in the A380 is rapidly increasing, setting a new standard.

In my daily practice, the size of airports can be characterized more and more by considering the number of passenger terminals and runways, although the latter is more related to the wind regime than capacity.

Being a supporter of the ‘one roof terminal concept’, with our national airport Amsterdam Airport Schiphol as a fine example, I get more and more skeptical about airports with more than two terminals. Looking back at the projects I have been involved in, I see examples such as Beijing Capital International Airport with three terminal buildings. The latter terminal with a floor area of 1.3 million square meters, similar to the whole area of Amsterdam Airport Schiphol! It took Beijing Capital International Airport four years to build and Schiphol 40 years! Although the signage at Schiphol refers to three terminals, these terminals are interconnected and can still be considered as a “one roof terminal”. The fact is that the second and third and fourth and fifth terminal on an airport is bigger than the previous one. From a passenger’s point of view, such an increase in scale can be worrisome.

Where does the growth stop? What is the maximum size of an airport?In preparing the winning master plan for the New Beijing International Airport with an ultimate capacity of 150 million annual passengers, of which only 10% are transfer passengers, we discovered that the one roof terminal is impossible to realize and that more terminals under one roof can be the best solution. Even more important is the conclusion that the access and egress to and from the airport is crucial and that parking of cars becomes an even bigger challenge than processing the passengers and planes. The client in Beijing reduced the maximum capacity to 130 million annual passengers giving Turkey the chance to announce that the new Istanbul airport with 150 million passengers is now the world’s largest.

I personally believe that with 150 million annual passengers and six to eight runways the maximum size of an airport has been reached. At this size, many issues arise with road access, the environment, air traffic control and availability of land, triggering the search for new and other solutions.

Other Airport ConceptsOnce in a while other concepts are presented that lead to discussions about the airport of the future and innovative solutions. NACO was recently involved with a group of architects, an airport operator (Schiphol) and contractors, to see if a new concept could work. We created i-Port, a circular terminal concept whereby aircraft are placed on a rotating platform, being processed in a linear fashion (http://www.thegrounds.com/en/projects/iport.) This kind of concept forces you to think “out of the box” and may result in other futuristic concepts. We are still looking for a launching customer: “who dares to take on this challenge”?

Innovation is a collaborative process, which is why we, together with our parent company, Royal HaskoningDHV, work in association with clients, project partners, universities, government agencies, NGOs and many other organizations to develop and introduce new ways of living and working to enhance society together, now and in the future.

Who are we?With a respectable age of 65 years, NACO is recognized as a world leader in airport development and we are not considering retirement at all! As an aviation company of Royal HaskoningDHV, the NACO team will continue to serve airport clients around the world with great energy and enthusiasm.

NACO is instrumental in solving the complexity of developing today’s airports. We have delivered solutions to over 550 airports globally in more than 100 countries. In addition to our resources, we also bring with us those of the Royal HaskoningDHV Group. Royal HaskoningDHV is a leading independent, international project management, engineering and consultancy service provider with 7,000 professionals in 35 countries around the world.

We provide clients with expertise for both strategic and operational challenges. Our expertise in physical planning, design, engineering, commercial, legal, financial and economic aspects result in innovative solutions for the sustainable development of the aviation/ airport sector.

We will continue to search for new and innovative ways to process planes and passengers. We know our destination: The Future!

FINAL STEP CHANGE IN AIRPORT PLANNING?

InterVISTAS | aviation intelligence report 3

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Christopher Greer Analyst

Vancouver, Canada

AirbusAirbus delivered a record 626 aircraft during 2013, a 6.5% increase over its previous delivery high in 2012. Net orders through 2013 stood at 1,503 aircraft, which represented a significant (80%) increase over the 833 aircraft ordered in 2012. As of 30 April 2014, Airbus reported 5,508 unfilled orders, including a nearly nine-fold increase in A350 orders in 2013 over 2012 orders. For the year ending 31 December 2013, the Airbus backlog was valued at $866 billion USD. At the 2013 Paris Air Show, Airbus won nearly $70 billion USD worth of orders for a total of 466 aircraft, of which 241 aircraft were firm orders valued at $40 billion USD. The A320 Family heavily drove the year’s record orders, particularly volume orders for airline fleets and leasing operators. A summary of the 2013-2014 Airbus results by aircraft family is provided in Table 1.

BoeingBoeing Commercial Airplanes had another record-breaking year, delivering 648 aircraft in 2013, 7.8% above their previous delivery record in 2012. The firm booked 1,335 net orders in 2013, a 15.5% increase over their 2012 bookings, and nearly matching their all-time net order record of 1,413 aircraft in 2007. In the first quarter of 2014 they added an additional 345 orders, of which 339 belonged to the 737 narrowbody family. Boeing’s backlog as of April 2014 stands at 5,154 aircraft, while their 2013 backlog of 5,080 orders was valued at $374 billion USD. A summary of Boeing’s 2013-2014 results by aircraft type (family) is provided in Table 2.

COMMERCIAL AIRCRAFT 2013 ORDER & DELIVERY SUMMARY

Aircraft Family Deliveries Net Orders Backlog

A320 – narrowbody 644 1332 4,240

A330 – widebody 144 103 260

A350 – widebody 0 242 812

A380 – widebody 31 62 196

Total 819 1,739 5,508


737 – narrowbody 594 1,547 3,811

747 – widebody 29 18 51

767 – widebody 21 2 49

777 – widebody 130 125 352

787 – widebody 91 184 891

Total 865 1,876 5,154

Table 1: Airbus 2013 – April 2014 Deliveries, Net Orders, and Backlog by Aircraft Family

Source: Airbus deliveries, net orders, and backlog until 30 April 2014, data from Airbus website.

Table 2: Boeing Commercial Airplanes 2013 – April 2014 Deliveries, Net Orders, and Backlog by Aircraft Family

Source: Boeing net orders, deliveries, and unfilled orders until 30 April 2014 from Boeing website.

The strong results of Boeing’s 2013 year were driven by record-setting output in the 737, 777, and 787 programs. Highlights of Boeing’s 2013 commercial aircraft production included: the delivery of the 7,500th 737, the 1,000th delivery of an aircraft to China, the first flight of the 787-9 Dreamliner, and the 1,000th order of the 787 Dreamliner with Etihad Airways.


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COMMERCIAL AIRCRAFT 2013 ORDER & DELIVERY SUMMARY continued

BombardierBombardier Aerospace delivered a total of 238 aircraft during 2013, showing a modest increase of 2.1% over their 2012 delivery figures. Net orders stood at 388 aircraft for 2013, down from the 481 orders secured in 2012. Bombardier’s commercial aviation section has produced 70 aircraft since the start of 2013, and secured 124 commercial aircraft orders over the same period – adding 43 orders in the first quarter of 2014 alone. While commercial aircraft orders were down in 2013 (having taken 85 orders in 2013 compared to 138 orders in 2012), deliveries were up by 10% compared to the previous year. Bombardier attributed their performance in 2013 to a broad customer base in both traditional and emerging markets. Over 2013-14 Bombardier saw growth in orders from international markets, particularly in Africa, Asia-Pacific, China, the Middle East, and Russia. A summary of Bombardier’s 2013-2014 commercial aircraft results by aircraft family are displayed in Table 3.

EmbraerEmbraer delivered 72 commercial aircraft in 2013 and the first quarter of 2014, all of which were from the E-series narrow body jetliner. For the year ending 2013 and the first quarter of 2014 the Brazilian aerospace manufacturer took in 381 firm orders. By the end of March 2014, Embraer’s backlog stood at 464 aircraft and the company reported their backlog across all aircraft orders (commercial and otherwise) to be valued at $19.2 billion USD. The order backlog overtook that of Bombardier Aerospace, one of their primary competitors in the regional jet market. 2013 marked two major milestones for Embraer; the delivery of the 1,000th

E-Jet in September, and the launch of the second-generation E-Jet family, known as the E2. A summary of Embraer’s commercial results for 2013-2014, as of 31 March 2014, is provided below:

■ 58 deliveries in 2013, of which the E-190 was the most-produced aircraft, with 31 deliveries. In the first quarter of 2014 Embraer delivered an additional 14 aircraft, with the E-175 leading production.

■ 381 firm orders through 2013 and the first quarter of 2014, including 200 firm orders with a further 200 options for the newly-launched E-Jets E2 family. The bulk of orders for the existing E-Jets family was for the E-175, with 177 firm orders over 2013 – 2014 Q1.

■ An unfilled order list of 464 aircraft as of 31 March 2014. Commercial aircraft backlog is broken down into 180 E-175, 68 E-190, and 16 E-195 aircraft. This backlog is currently valued at $19.2 billion U.S.


CRJ Series 35 35 107

Q Series (Q400) 33 34 39

C Series 0 55 203

Total 70 124 349

Table 3: Bombardier Commercial Aircraft 2013 – March 2014 Deliveries, Net Orders, and Backlog

Source: Bombardier press release, 20 January 2014; Bombardier Commercial Aircraft Status

Reports, 31 March 2014.


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Steve MartinSenior Vice President Washington DC, USA

Service to Small Communities Back in the SpotlightThe House Aviation Subcommittee held a hearing focused on issues that challenge service to small communities. Witnesses included the Department of Transportation (DOT), the Air Line Pilots Association (ALPA), regional airlines, and small community airports.

Susan Kurland, DOT’s Assistant Secretary for Aviation and International Affairs, noted that “[t]his is a challenging time for air service development,” citing high fuel prices, changes in business models, industry consolidation, a lack of availability of small fuel-efficient aircraft, and “new legislation and regulations.” She said two major factors are putting extraordinary pressure on the Essential Air Service (EAS) program:

■ The decline in the number of regional airlines that operate “appropriately sized aircraft” for these communities. Airlines have retired those aircraft, which are expensive to maintain. “As a practical matter, the 19-seat aircraft is largely obsolete,” she testified. Carriers have substituted larger aircraft such as 50-seat RJs.

■ Recent legislative and regulatory actions concerning pilot flight and duty time and minimum requirements for new hires have affected the supply of pilots, especially for regional carriers. The pilot shortage may affect the ability of small communities to retain and expand their air service.

DOT also restated and clarified its policy on EAS eligibility, regarding the per-passenger maximum subsidy. Under federal law, no community is eligible to receive EAS-subsidized service if the rate of subsidy per passenger exceeds $200 unless that city is more than 210 highway miles from the nearest medium- or large-hub airport. As a generality, over time, DOT has been relatively generous in granting waivers to that $200 limit. Now, however, DOT’s proposed policy is more emphatically stating that it would enforce the $200 cap beginning Sept. 30, 2015, based on data from the prior 12 months. If a community failed to meet that cap, DOT would begin proceedings to “show cause” why the subsidy should not be terminated.]

Capt. Lee Moak, the President of ALPA, denied the existence of a pilot shortage. “There is currently no shortage of qualified pilots,” testified Moak. “There is, however, a shortage of qualified pilots who are willing to fly for substandard wages, working conditions, and benefits.” He laid the blame on the regional airlines for driving down labor costs.

Bryan Bedford, President of Republic Airways testified that in his 15 years of experience dealing with fuel, global terrorism, and financial restructuring, he could think of no greater challenge to air service to small communities than the looming pilot shortage. Bedford cited examples of two regional airlines cancelling service to 11 airports due to a lack of pilots. The loss of service translates into significant economic impacts.

Bedford acknowledged that pilot compensation is an issue, but does not believe that pay alone will solve it. “Influences on pilot pay are complex, and include the revenue potential of the aircraft and market, passenger price sensitivity, structured fee-for-departure agreements with major airline partners, and other external constraints.” He urged Congress to direct FAA to reconsider its arbitrary 1500-hour requirement, and emphasize quality of training instead.

InterVISTAS Spearheads New Group to Address Pilot ShortageA coalition that believes that the pilot shortage is real and worsening is forming in order to find ways to mitigate or reverse the damage.

The Regional Air Service Alliance is being formed as a coalition of airports, state aviation departments, businesses, economic development agencies, chambers of commerce and others. The coalition will introduce and manage educational and lobbying initiatives designed to preserve today’s valuable regional air service. InterVISTAS Executive VP William Swelbar will serve as the Executive Director of the coalition. “There is going to be a big conversation about small community air service,” he says. “They are the first markets to lose service as the pilot supply pipeline dries up.” RASA’s initial objective will be to quantify the ramifications of the new rules on regional service and encourage those that can change the landscape—notably lawmakers and FAA—to consider alternatives that preserve both air service and safety.


UNITED STATES REPORT

Regional Reports

Kenneith CurrieExecutive Vice President, Finance and Privatization

San Francisco, USA

LATIN AMERICA REPORT

Aviation Leaders Address Need for Infrastructure Investment in Latin AmericaAir transport can no longer be considered a luxury in Latin America, aviation executives said in Santiago recently. The region is twice the size of Europe, but has fewer roads and rail lines. Such a lack of transportation infrastructure has left LATAM airlines Chief Executive Enrique Cueto begging for changes, including airport improvement.

“People confuse air transport with luxury, but air transport is a necessity,” Cueto said at a conference organized by the International Air Transport Association during the FIDAE air show in Santiago. “We need to connect through airplanes, not through trains like in Europe, which is a smaller region,” Cueto said.In Brazil, to travel to a city like Manaus, which will host several World Cup matches in June, there are only two options: plane or boat. Flying from Rio de Janeiro or São Paulo takes three to four hours, while a journey by boat up the Amazon to Manaus can last a week.

Tony Tyler, Director General and CEO of IATA pointed out that the “economic and social benefits of a successful aviation sector are clear – some 4.6 million jobs and $107 billion in GDP in Latin America.. “But many governments in the region are pursuing policies which treat the industry as a luxury—or worse as a pariah to be constrained—rather than as a catalyst for economic growth. While some countries in the region—such as Chile and Panama—recognize the value of aviation, others are erecting physical and financial barriers to success, ignoring the lessons of places like South Korea, the [Arabian] Gulf, or Singapore, which have placed aviation connectivity at the core of their development plans,” Tyler said.

A scarcity of ground transportation is not the only obstacle. Some Latin American countries have increased passenger taxes for air travel, making it even more difficult to get around. Governments across Latin America are embracing airport concessions and privatizations to speed-up infrastructure

development, said Tyler. Previous privatizations in the region raised costs for air travel without any positive impact on efficiency or capacity. Global standards can help ensure that such severe mistakes are not repeated.

“It’s no secret that a lack of airport capacity is widespread across the region. In fact, only two economies, Panama and Barbados, rank among the top 35 countries for the quality of their air transport infrastructure according to the World Economic Forum. “Creative ways to finance airport development are always welcome, provided they align with ICAO’s (International Civil Aviation Organization) policies on charges which make clear that States are ultimately responsible for the economic oversight of commercialized or privatized airports. They must ensure that key charging principles of non-discrimination, cost-relatedness, transparency and consultation with users are followed,” said Tyler.

Airline executives are uncertain how long it will take authorities to improve airport infrastructure in Latin America. They do know the first step is to see flying as means of transportation for many and not just a wealthy few. Building infrastructure is not an overnight solution to capacity issues, said Tyler. “Where capacity is scarce, it needs to be managed according to global standards until permanent solutions are found.


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Ian KincaidVice President,

Economic AnalysisLondon, UK

EUROPE REPORT

International Airlines Group (IAG) Expects Improved Profits as Iberia Continues to RecoverIAG indicated to analysts that they can expect higher profits and improved financial results for 2014. The parent company, including British Airways, Iberia and Vueling, anticipates its operating profit to increase by approximately €500 million to €1.3 billion for 2014.

The announcement was made by Chief Executive Willie Walsh at the first quarter results release. The revised financial forecast takes into account the improving performance of Iberia, which cut its first-quarter losses in half to €111 million. The Spanish carrier expects to post a small operating profit for the full 2014 year.

IAG’s lowering unit costs are a major factor in the group’s positive outlook. Employee unit costs were down 11.7% compared to last year, and non-fuel unit costs decreased 7.2% in the same time frame. Record year-over-year RPK growth of 10.9% and an increase in capacity by 11.7% were also significant factors contributing to the improved results. Walsh noted: “Given the seasonality of the business, the first quarter will always be more challenging for Iberia and Vueling than for BA.”

IAG will also continue changing the dynamic of its fleet. Specifically, BA has started to retire its 747-400s in favor of the A380 and B787 models, which are expected to come online

later this year. By the end of 2014, BA will have received eight 787s and nine A380s.

Europe to Streamline Process for Foreign-Operator Safety ApprovalsThe European Aviation Safety Agency (EASA) has almost finalized a new standardized set of procedures for foreign operators to receive safety approvals for operations in EU airspace. The agency expects to have the new rules and guidance in place by June 2014.

The move is a result of a six-year rulemaking effort that produced new Third Country Operator (Part TCO) rules, which will replace safety approvals in use by individual member states. The move essentially places EASA as a safety assessment service provider to the states, and Part TCO will use a risk-based model to process and evaluate commercial air transport service applications to, within, or from member states. Authorizations will not

be necessary for overflights, nor for any flight plans that list a member state as an alternate only.

Part TCO guidance material will soon be published by EASA, along with directions on applying and using the dedicated web-based portal for providing technical data and other records.


Regional Reports

Debra WardExecutive Consultant

Ottawa, Canada

CANADA REPORT

Air Canada Signs on to TSA PreCheckAir Canada NEXUS members can keep their shoes on. The carrier is the first international airline to join the U.S. Transportation Security Administration’s (TSA) PreCheck program, which offers expedited service to “known travelers”, allowing them to clear security without removing shoes, belts or jackets and leaving their laptops, liquids and gels in their bags. Currently Air Canada is offering the service at 41 of its 49 U.S. destination airports. The only temporary hitch is that for now, passengers have to print their boarding passes at the airport rather than download or print them off site.

Bag-tossing Video Gets Quick Action from Air CanadaA viral video showing Air Canada baggage handlers dropping excess carry-on luggage six metres into a bin below received a swift response from the airline, which according to a press report, will terminate the employees, subject to an investigation. This isn’t the first time that the on-line community pushed a carrier into the virtual spotlight. Back in 2008, the song, “United Breaks Guitars” became a global phenomenon, reaching 14 million hits on YouTube.

New U.S. Ambassador for CanadaBruce Heyman, a Chicago-based investment banker, has officially taken up the post of U.S. Ambassador to Canada. While the Keystone pipeline dominates the news, Mr. Heyman is expected to focus on increased trade and investment. With cross-border trade down between $35 - $40 billion, according to the Governor of the Bank of Canada, and a number of files on the go related to cross-

border trade, including the Beyond the Border initiative, it is likely that Mr. Heyman will be a welcome presence in Ottawa.

Vancouver International Airport (YVR) Best in North America and Ninth, World-wideFor the fifth year in a row, YVR was named the best airport in North American by the Skytrax World Airport Awards. Adding to its accolades, YVR was also ranked the 9th best airport in the world: the only airport in North America to crack the top ten. But it wasn’t alone in flying the Maple Leaf; both Toronto Pearson and Halifax Stanfield made the North America top ten list, ranking 5th and 7th respectively.

New International Interline Baggage Rules for CanadaStarting October 1, 2014, a single set of baggage rules will apply for an itinerary involving multiple air carriers purchased on a single ticket for travel to and from Canada and be disclosed on the itinerary receipt or e-ticket. This ruling by the Canadian

Transportation Agency is aimed at providing clarity and predictability across the board for interline and code share itineraries.


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Doris MakDirector, Special Projects

Vancouver, Canada

ASIA-PACIFIC REPORT

The Tata-SIA Venture Aims to Commence Operations in the FallFlight operations under the joint venture between Tata Sons and Singapore Airlines are likely to begin as soon as September 2014. The airline has not been named yet, but revealed its intentions in an application to the aviation regulator – the Directorate General of Civil Aviation (DGCA) – as well as its choice of hub in New Delhi.

An airline official stated: “Tata-SIA plans to engage initially domestic and eventually international full service scheduled passenger airline services in the civil aviation sector in India and to undertake ancillary activities related to airline services.” The carrier anticipates having 87 weekly flights from Delhi to nine cities, which include: Mumbai, Goa, Bangalore, Hyderabad, Ahmedabad, Srinagar and Patna. In the second and third years of operation, the number of cities served will increase to 16 and 20 respectively.

The full-service passenger carrier will be

constrained to domestic service only for the first five years, due to existing Indian laws. A320-200 and A320-200NEO aircraft will be leased and used to kick start the domestic routes.

The DGCA fast-tracked Tata-SIA’s application on May 8th, and asked the public to voice any objections to the proposed carrier within 20 days. Following this process, the DGCA plans to perform due diligence on issues relating to operating slots, routes dispersal, parking space and fleet size before providing a go-ahead later in the year.

Japan Airlines (JAL) and All Nippon Airways (ANA) Anticipate Mixed Financial Results for 2014Major carriers in Japan note that while the economic conditions continue to improve, high fuel costs and a weakened yen will impact financial results for the fiscal year beginning April 1 2014. While ANA is forecasting an increase in profit for the current fiscal year, JAL is expecting another decline.

ANA reports that in 2013, domestic demand steadily increased while international demand remained robust. In the same year, the carrier’s fiscal profit of $183.8 million USD was stronger than originally forecast, though approximately only half of the previous year’s profit. Additionally, operating revenues were up 7.9%, but were offset by a rise in costs of 11.3%. The lower performance in 2013, when compared to 2012 was largely driven by currency depreciation and a 22% rise in fuel costs.

JAL announced a profit of $1.6 billion USD for the 2013 fiscal year, up 12% from earlier forecasts. The airline notes the increase was driven by a “last-minute rush in demand” leading up to the April 1 increase in Japan’s consumption tax. JAL anticipates net profits to decline to $1.1 billion USD for 2014. The carrier notes: “escalation of fuel costs due to the weak yen may prevail” throughout the current fiscal year. JAL adds that it faces additional challenges due to the lower than expected number of international slots it was awarded at Tokyo Haneda Airport.


Aviation New

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ASIA-PACIFIC UPDATE

Chinese Budget Airline Confirms Order for Boeing 737 AircraftBoeing has confirmed that the new Chinese budget carrier 9 Air (a subsidiary of Juneyao Airlines) placed an order for 50 737NG and MAX aircraft. 9 Air is expected to begin scheduled services this year. It is estimated that 20 to 30 of the planes will be of the MAX variety and equipped with CFM Leap industries engines.

Lufthansa Technik Shenzhen (Lts) Expands Presence in AsiaOn May 21st 2014, LTS celebrated the opening of two buildings to assist in the expansion of its maintenance, repair and overhaul (MRO) services. The firm is headquartered at Bao’An International Airport in Shenzhen, southern China. It looks to strengthen its presence in the areas of logistic services, component supply, and Airline Support Teams (AST) for engine services throughout China and Asia. LTS President and CEO Dr. Bernd Riggers announced: “With our new state-of-the-art workshop and the modern office landscape we have built the basis for further growth. We are in a continuous process of building up new capabilities and adding more innovative products and services to serve our customers in the Asia-Pacific region.”

Srilankan Airlines Joins oneworldSriLankan Airlines has joined airline alliance oneworld, making it the first airline from the Indian subcontinent to join a global alliance. Additionally, the carrier added S7 and Finnair to its list of codeshare partners. To mark the occasion, a new ‘Visit South Asian Sub-Continent’ pass has been added to the leading range of alliance fares.

Cathay Pacific AnnouncesManchester ServiceFull service carrier Cathay Pacific announced that it will launch a four-times-weekly service between Manchester, UK, and Hong Kong. The service will be operated using a 777-300ER, with flights taking place every Monday, Tuesday, Thursday and Saturday.

Air India to Sell Three Boeing777s to Lower DebtThree of Air India’s long-haul Boeing 777-200s will be offered for complete sale through a competitive global bidding process. The move comes only four months after the state-run airline sold similar long-range models to Etihad Airways. New 787s will serve as replacements for the routes which are currently being flown by the for-sale aircraft.

Airlines Question AirAsia ProfitabilityClaim with 35% Fare CutsNew low-cost carrier AirAsia India recently claimed its offering of 35% lower fares allowed it to operate profitably. This led to some disbelief amongst competing Indian carriers. COO of SpiceJet, Sanjik Kapur, tweeted: “The Indian market. Rock bottom … fares. Last minute fares that are too low, lower than ULCCs (ultra LCCs). That will change how now with new entrants?” Management from other airlines reportedly agreed with Kapur’s sentiment.

CANADA UPDATE

WestJet Encore Begins New Fort McMurray ServicesStarting May 12, 2014, WestJet launched new non-stop daily service between Kelowna and Fort McMurray, and between Vancouver and Fort McMurray. The routes will both be flown by the Bombardier Q400 NextGen planes. In addition to the new service, WestJet will also be increasing the frequency between Calgary and Fort McMurray to three times a day, using the same aircraft type. WestJet’s Director, John Weatherill, notes: “These new services represent unprecedented opportunities for our guests to access Fort McMurray and the energy sector that is so integral to the local, provincial and national economy. It will now be less expensive and faster than ever before for workers to commute from the Okanagan Valley, Vancouver, Calgary and beyond.”


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Porter to Begin ChargingPassengers a First Bag FeeOn May 14, 2014, Porter Airlines started charging passengers for their first checked bag. The fees are to be within the range of $25 to $28.25 CAD. Porter will be the first Canadian airline to charge for a first bag on domestic flights. Porter spokesman, Brad Cicero suggested: “We still think that overall we have a pretty outstanding product when you look at the overall value proposition. We don’t ask people to pay for many things compared to other airlines and the airfares on the routes we fly are all pretty competitive.”

First Air Adopts Automatically Triggered Data Streaming TechnologyFirst Air will adopt FLYHTStream’s automatically triggered, real-time data and live black box streaming capability. The technology will be added to the carrier’s fleet, which includes the 737, ATR and 767 aircraft. A large portion of First Air’s operations are in the Canadian Artic, and such harsh conditions require continued efforts to boost safety and operational efficiencies. President and CEO of First Air, Brock Friesen, said: “FLYHT’s Automated Flight Information System (AFIRS) ensures we have 100% visibility on our aircraft at all times. We are proud to be industry leaders in adopting the FLYHTSream capability to ensure First Air has the highest level of operational awareness available on any aircraft flying today. It is another important

step in our continual process of enhancing security.”

EUROPE UPDATE

Istanbul’s Ataturk Airport NowEurope’s Third-Busiest AirportThe strong growth of Turkish Airlines has propelled Ataturk Airport to become the continent’s third busiest based on passengers handled, behind only Frankfurt Airport and Amsterdam Schiphol. In the first quarter of 2014, Turkish Airlines managed a 20.2% growth in passenger numbers, helping Istanbul Ataturk boost its passenger throughput 11.1% to 12.4 million.

Airbus Paired with KLM to Perform Longest Flight Using Sustainable Jet FuelAn A330-200 belonging to KLM has performed the longest ever commercial flight by an Airbus aircraft using sustainable jet fuel. The plane flew with a 20% blend of sustainable fuel consisting of used cooking oil for a 10-hour flight between Schiphol and Aruba. This particular flight is the first of 20 that are planned in the context of ITAKA (Initiative Towards Sustainable Kerosene for Aviation). Andrea Debbane, Airbus Vice President of Environment Affairs notes: “As the leading aircraft manufacturer, our participation in the ITAKA initiative with KLM using an A330-200 - the most fuel efficient aircraft in its category – is key to our role as a catalyst on

the commercialisation of sustainable jet fuels. We are very happy to have the full support of the European Union in the ITAKA project, supporting the aviation industry’s initiative to develop sustainable biofuels for aviation.”

Ryanair Returns to CardiffAfter an eight year absence, Ryanair will be returning to Cardiff by linking the Welsh city to Tenerife beginning in winter 2014/2015. Scheduled service is slated to begin October 30, 2014, and is expected to support an additional 15,000 additional passengers for Cardiff Airport. John Horne, CEO of Cardiff Airport notes: “We are delighted that Ryanair has chosen Cardiff as its 15th UK departure airport and see this as a major opportunity to increase choice for our customers. This development fits perfectly with our strategy to grow the number of low cost airlines and flights available from Cardiff.”

French Pilots’ Strike Called OffIn early May, a potentially disruptive French pilot’s strike was called off at the last minute. The move came several days after Air France warned a strike would risk hampering the carrier’s slow recovery, marked by six years of financial losses. Pilots had originally planned to strike in protest of a law stipulating that workers who strike must declare the intention to do so 48 hours before the start of a stoppage.

Ryanair to Provide Additional Services for Business TravellersIn light of an 8% decline in after-tax profit in the year ended March 31 2014, Ryanair announced it will continue to roll out new services to attract more business travellers. In addition to growing capacity and frequency between key business city pairs, the low cost carrier will offer a business service that includes: a more generous bag allowance, flexible tickets, premium seat allocation, mobile boarding passes and fast-track security checks. Michael O’Leary, Ryanair CEO, notes: “This service, together with our new GDS distribution strategy, will make Ryanair more accessible and easier to use for business customers.”

LATIN AMERICA UPDATE

Emirates Skycargo Begins Freighter Service to Atlanta and Mexico CityOn May 15th, the freight division of Emirates, Emirates SkyCargo, added both Atlanta and Mexico City to its schedule, boosting its freighter network to over 50 destinations worldwide. The service to Mexico City will be scheduled once per week, starting in Dubai with a stop in Frankfurt. On the way back it will stop in Houston and Copenhagen before ending in Dubai. The service to Atlanta, also weekly, starts from Dubai and stops in Frankfurt on the opening leg, whilst stopping in Copenhagen on the return leg. Nabil Sultan, Emirates Divisional Senior


Aviation New

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Ryanair to Provide Additional Services for Business TravellersIn light of an 8% decline in after-tax profit in the year ended March 31 2014, Ryanair announced it will continue to roll out new services to attract more business travellers. In addition to growing capacity and frequency between key business city pairs, the low cost carrier will offer a business service that includes: a more generous bag allowance, flexible tickets, premium seat allocation, mobile boarding passes and fast-track security checks. Michael O’Leary, Ryanair CEO, notes: “This service, together with our new GDS distribution strategy, will make Ryanair more accessible and easier to use for business customers.”

LATIN AMERICA UPDATE

Emirates Skycargo Begins Freighter Service to Atlanta and Mexico CityOn May 15th, the freight division of Emirates, Emirates SkyCargo, added both Atlanta and Mexico City to its schedule, boosting its freighter network to over 50 destinations worldwide. The service to Mexico City will be scheduled once per week, starting in Dubai with a stop in Frankfurt. On the way back it will stop in Houston and Copenhagen before ending in Dubai. The service to Atlanta, also weekly, starts from Dubai and stops in Frankfurt on the opening leg, whilst stopping in Copenhagen on the return leg. Nabil Sultan, Emirates Divisional Senior

Vice President, Cargo, stated: “The recent introduction of freighter services to Mexico City and Atlanta is part of Emirates SkyCargo’s continued expansion of our route network to offer customers new trade and business opportunities around the world. Both cities are major cargo destinations, with Mexico City being one of the largest manufacturing hubs in Latin America, while Atlanta ranks tenth among North American airports in terms of cargo volume.”

Terminal Three Opens at São Paulo AirportAs part of the planned infrastructure expansion in preparation for the 2014 FIFA World Cup, Terminal Three at Guarulhos International Airport was officially opened on 21 May 2014. The terminal, dedicated to international services, will increase passenger capacity by 12 million per year according to Airports Company South Africa, one of the owners of Concessionaria Aeroporto Internacional de Guarulhos.

MIDDLE EAST/AFRICA UPDATE

Singapore Airlines to Cease Two Middle East ServicesSingapore Airlines announced in mid-May that it will cease service to both Cairo and Riyadh this coming September. The suspension was attributed to poor demand.

Thailand Tourism Teams with Middle East CarriersThe Tourism Authority of Thailand (TAT) is exploring ways of maintaining tourism flows from some of Thailand’s most lucrative source markets in light of the various travel advisories being issued by some countries. Discussions are being held with executives of Emirates, Etihad Airways and Qatar Airways.

Ethiopian Airlines Takes Delivery of 7th DreamlinerReportedly with financial assistance from China, Ethiopian Airlines took delivery of its 7th 787 Dreamliner on 20 May 2014. It expects to take delivery of a further three 787s later this year. Ethiopian Airlines is one of the fastest growing African air carriers.

UNITED STATES UPDATE

JetBlue Continues Growthin Fort LauderdaleJetBlue continues its expansion at Fort Lauderdale with its announcement on May 21st 2014 of two new routes out of the South Florida city. The carrier will fly daily to Las Vegas and Cartagena, Columbia. JetBlue President Robin Hayes announced: “We are excited to offer our South Florida customers even more choices by adding two more exciting destinations.” By October 2014, the


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airline will fly to 32 destinations from Fort Lauderdale, with expectations to “offer 100 daily flights by 2017”, says Hayes.

United Introduces the E175 Amidstits Refleeting ProgramUnited started scheduled services using their two new E175 duel-class aircraft. The planes started operations on May 17th and 19th, operating between Chicago and Washington National, as well as Chicago and Boston Logan, respectively. United expects to add an additional two to four E175 planes to their fleet per month, for a total of 27 by the end of 2014, and 70 by the end of 2015.

AirTran to Operate Final Flightin December 2014On the 28 December 2014, AirTran will operate its final service between Atlanta and Tampa. The flight will take place in the evening as ‘FL001’, which is the same flight number used when Valuejet/AirTran started operation on 26 October 1993, on the same route.

US Airways Launches Codeshare Agreement with British AirwaysThe agreement, as of May 14th 2014, will cover nearly all of the trans-Atlantic flights of both carriers at the outset. U.S. fliers can access BA flights to Heathrow from 21 U.S. airports, and fliers from 17 European airports can access US Airways’ Charlotte and Philadelphia flights. Codeshare flights not included in the initial roll-out will be phased

Source: Innovata Schedules, via Diio.

Worldwide Schedule Capacity ChangeAirport By Region

Weekly SeatsRank Origin Continent Apr ‘13 Apr ‘14 % Chg

1 Mexico 1,122,396 1,262,162 12.5%2 Middle East 3,237,889 3,618,635 11.8%3 Africa 2,259,996 2,479,778 9.7%4 Asia 25,214,134 27,280,709 8.2%5 Central America 358,427 387,535 8.1%6 Europe 20,079,599 21,362,836 6.4%7 Caribbean 644,924 673,152 4.4%8 Australasia 2,510,987 2,606,647 3.8%9 Canada 1,570,442 1,630,194 3.8%

10 South America 4,817,404 4,853,004 0.7%11 United States 18,270,330 18,372,421 0.6%

Subtotal 80,086,528 84,527,073 5.5%


Aviation Traffic

Toronto Vancouver Montréal Calgary Edmonton Ottawa Winnipeg Halifax Victoria Kelowna Saskatoon Regina

2013

April +2.0% -1.5% -0.5% +3.4% +2.9% -2.2% -4.4% -4.3% +0.9% +0.4% +4.5% +4.8%

May +5.8% +0.4% +3.8% +5.4% +4.5% -2.3% -0.8% -3.1% +3.4% +6.1% +4.5% +2.4%

June +4.1% +4.3% +1.7% +1.9% +5.5% -4.0% -1.1% +1.0% +10.1% +6.2% +1.1% -0.6%

2nd Quarter +4.0% +1.0% +1.7% +3.6% +4.3% -2.8% -2.1% -2.1% +4.8% +4.2% +3.4% +2.2%

July +2.2% +3.7% +3.5% +3.9% +5.1% -0.2% -0.9% +1.0% +1.3% +5.3% +5.2% +5.5%

August +3.6% +5.9% +6.2% +6.6% +5.2% -0.6% -0.8% -1.4% +3.7% +5.5% +5.9% +6.1%

September +3.6% +3.1% +1.2% +4.9% +5.4% -1.1% -2.0% -1.0% +3.3% +5.2% +1.8% -1.2%

3rd Quarter +9.6% +4.3% +3.8% +5.2% +5.2% -0.6% -1.2% -0.5% +2.8% +5.3% +4.3% +3.6%

October +4.2% +2.2% +1.6% +4.8% +3.2% -1.3% -2.0% +2.2% +1.8% +6.0% +6.6% -0.2%

November +3.2% +2.6% +1.7% +6.2% +3.5% -1.5% -3.4% +1.3% +5.9% +5.3% +6.1% +6.6%

December +6.2% +7.1% +4.1% +8.0% +9.9% +1.6% +4.7% +6.3% +7.1% +7.1% +8.8% +6.3%

4th +4.6% +4.0% +2.5% +6.4% +5.6% -0.4% -0.2% +3.2% +4.8% +6.2% +7.2% +4.3%

Full Year +4.3% +2.1% +2.1% +4.8% +4.6% -2.3% -1.5% -0.7% +3.3% +3.9% +4.7% +3.5%

2014

January +3.7% +8.9% n/a +7.3% +5.8% -0.6% +0.2% +0.2% +5.2% +7.3% +6.2% +3.8%

February +6.5% +6.7% n/a +9.4% +4.8% -0.2% +2.2% +0.2% +5.4% +8.5% +6.6% +3.9%

March +2.0% +6.9% n/a +6.4% +5.0% -3.5% +0.8% -6.5% +3.7% +7.5% +5.5% +2.7%

1st Quarter +3.9% +7.5% n/a +7.6% +5.2% -1.5% +1.1% -2.6% +4.7% +7.8% +6.1% +3.5%

Source: Airport Passenger Traffic Statistics.

United States International

Atlanta Chicago LosAngeles

Dallas Denver New York JFK

London Heathrow

ParisCDG

Frankfurt Beijing Tokyo Narita

Mexico City

April -0.8% +5.6% +3.8% +5.6% -2.6% -7.5% -0.7% -3.1% -2.2% +2.5% +6.1% +4.4%

May -5.6% +0.7% +5.6% +1.5% -1.4% -0.1% +4.7% +2.5% +0.4% +3.4% +5.4% +7.3%

June -3.5% -1.2% +6.5% +3.7% -2.1% -1.0% +4.6% 0.0% +3.1% +1.4% +9.2% +8.6%

2nd Quarter -3.3% +1.7% +5.3% +3.6% -2.0% -2.9% +2.9% -0.6% +0.4% +2.4% +6.9% +6.8%

July -3.2% +1.1% +4.5% +4.3% -2.6% -1.4% +5.5% -0.5% +5.0% -2.7% +7.6% +8.3%

August -2.2% +1.2% +3.9% +3.9% -5.0% -0.8% +7.7% +3.8% +3.6% +0.6% +7.7% +8.2%

September -1.0% +1.7% +5.0% +3.8% -0.7% -2.3% +3.4% +1.0% +3.6% +1.7% +7.6% +8.6%

3rd Quarter -2.2% +1.3% +4.4% +4.0% -2.9% -1.5% +5.5% +1.4% +4.1% -0.2% +7.6% +8.4%

October -2.2% +4.2% +6.2% +4.7% -0.6% +6.2% +4.6% +3.4% +3.5% +4.5% +11.1% +7.1%

November -4.8% +1.6% +2.3% -1.1% -3.5% -3.4% +0.6% -0.1% +3.5% +0.9% +7.9% +8.3%

December +5.6% +8.1% +9.3% -0.5% +4.8% +4.6% +2.8% +3.5% +2.9% +0.2% +7.6% +8.4%

4th Quarter -0.6% +4.6% +6.0% +1.1% +0.2% +2.6% +2.7% +2.3% +3.3% +2.0% +8.9% +8.0%

Full Year Yea -1.4% +1.2% +4.8% +3.1% -1.1% n/a +3.4% +0.7% +1.7% +2.1% +7.9% +6.9%

2014

January -3.5% -7.5% +6.8% +5.6% +0.8% -2.7% +3.8% +5.3% +3.4% +9.2% +10.6% +10.0%

February -4.1% +3.2% +6.5% +1.6% +2.2% +1.7% +1.0% +3.4% +1.8% +3.6% +4.7% +10.4%

March +2.2% +4.7% +4.3% +3.0% +2.0% -1.3% -2.8% +0.0% +0.9% -3.5% +7.9% +7.0%

1st Quarter -1.5% +0.3% +5.8% +3.5% +1.7% -0.9% +0.5% +2.8% +2.0% +2.9% +7.8% +9.1%

AIRPORT TRAFFIC: SELECTED CANADIAN AIRPORTSSummary of Total Year-Over-Year Passenger Traffic Performance at Selected Canadian Airports

AIRPORT TRAFFIC: SELECTED U.S. & INTERNATIONAL AIRPORTSSummary of Total Year-Over-Year Passenger Traffic Performance at Selected Canadian Airports


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AIRLINE DATA – ASIA PACIFICAsia-Pacific Airlines Release Traffic Figures for April 2014

Airline Traffic(RPKs – millions)

Capacity (ASKs – millions)

Load Factor

8,785

i5.4%

11,807

h0.8%

74.4%

i4.9 pts

7,476

i5.4%

9,967

h0.0%

75.0%

i4.3pts

5,278

h3.0%

6,992

i0.2%

75.4%

h2.4 pts

1 9,087

h4.3%

11,046

h5.7%

82.3%

i1.1 pts

Notes: 1. Results are from March 2014 as April 2014 results were not available at the time of printing this issue. 2.Includes Cathay Pacific and Dragonair.Source: Carrier traffic reports.

AIRLINE DATA – EUROPEEuropean Airlines Release Traffic Figures for April 2014

Notes: 1. Includes Lufthansa Passenger Airlines, SWISS, and Austrian Airlines. 2. Includes British Airways, Iberia (including Iberia Express), and Vueling. Vueling traffic is currently accounted as non-premium traffic.Source: Carrier traffic reports

Airline Traffic(RPKs – millions)

Capacity (ASKs – millions)

Load Factor

19,224

h3.0%

22,683

h0.7%

84.7%

h1.9 pts

1

16,919

h0.4%

21,283

i1.2%

79.5%

h1.3 pts

216,590

h18.0%

20,680

h16.6%

80.2%

h0.9 pts


Aviation Traffic

Airline Traffic(RPMs – millions)

Capacity (ASMs – millions)

Load Factor

Canada

4,747

h9.0%

5,702

h7.5%

83.3%

h1.2 pts

1,774

h6.5%

2,155

h7.1%

82.3%

i0.4 pts

United States

3,177

h6.1%

3,786

h5.9%

83.9%

h0.2 pts

16,619

h0.6%

19,957

h1.3%

83.3%

h1.6 pts

18,114

h4.7%

21,842

h3.7%

82.9%

h0.7 pts

16,573

h6.6%

19,571

h3.0%

84.7%

h2.9 pts

9,118

h4.4%

11,167

h0.6%

82.7%

h0.7 pts

642

h6.9%

724

h6.9%

88.6%

i0.1 pts

AIRLINE DATA – NORTH AMERICANorth American Carriers Release Traffic Figures for April 2014

Notes: 1. Consolidated results for United Continental Holdings.2. Represents the combined traffic results of American and US Airways. For further information regarding the methodology used to produce combined historical results, please see the earnings press release dated January 28, 2014 which can be found at http://www.sec.gov/Archives/edgar/data/4515/000119312514023249/d662869d8k.htm.3. Results are combined traffic results for Southwest Airlines and AirTran.4. Total system includes scheduled service, fixed fee contract and non-revenue flying.

Source: Carrier traffic reports

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THE INTERVISTAS GROUP CONTINUES TO BE ACTIVE IN DELIVERING A DIVERSE RANGE OF CONSULTING PROJECTS AROUNDTHE WORLD AND SOME OF THE NEW PROJECTS WE ARE WORKING ON ARE LISTED BELOW

Comox Valley Airport Contract Extension ■ One-year contract extension with at

Comox Valley Airport. The new contract will continue into 2015 and will include air service development support and a customer service survey.

Congratulations to Houston on New All-Business Class Service to Stavanger, Norway on SAS Scandinavian ■ Congratulations to the Houston

Airport System on announcing that SAS Scandinavian Airlines, through a partnership with Privatair, will begin 6-times weekly nonstop, all-business operations from Houston, Texas to Stavanger, Norway with connections beginning August 20, 2014.

Red Deer Regional Airport Master Plan ■ Awarded the Red Deer Regional

Airport Master Plan project. We are a subcontractor to MMM Group and will provide the forecast and other support components to the master plan.

Congratulations to Will Rogers World Airport on new US Airways service to Charlotte ■ Congratulations to Will Rogers World

Airport (OKC) in Oklahoma City, Oklahoma on announcing that US Airways (owned by the American Airlines Group) will begin service from OKC to Charlotte Douglas International Airport (CLT) in Charlotte, North Carolina in July 2014.

Tourism Whistler Room Night Forecast ■ Renewed agreement to provide a

room night forecast update. Initially developed in 2008 for Tourism Whistler, we have been providing updates of the forecasting model regularly. This year, the scope will include a detailed review of the forecasting parameters, identifying new drivers and structural changes and adding new emerging markets.

Congratulations to Metropolitan Washington Airports Authority on 14 New Non-stop Destinations by Frontier Airlines ■ We are delighted to announce that our

client, the Metropolitan Washington Airports Authority, will begin new non-stop service with ultra-low-cost carrier Frontier Airlines from Washington Dulles International Airport (IAD) to 14 destinations.

Policy Paper for Basel Aero in Russia ■ Engaged by Basel Aero, the company

which operates a group of Russian airports including Sochi, has engaged InterVISTAS to complete a policy paper discussing potential impacts of eliminating visa requirements for visitors staying less than 72 hours arriving by air; and a review potential benefits of liberalizing air policy for flights in and out of Sochi.


Mike Tretheway, Chief Economist and Chief Strategic Officer UBC Dialogues - Government Policy for BC FerriesVictoria, British Columbia – June 4, 2014UBC Alumni Association organizes a series of “dialogues” each year in various locations around the world to both engage and encourage contributions from its alumni. Mike will join the panel discussion on Government Policy for BC Ferries.

ACI-NA Board Member and Commissioner ConferenceWhitefish, Montana – June 8 -10, 2014Mike will present Financing Airports.

Speaking Engagements

and Events

Johan Schӧlvinck, Vice President, Commercial ICAO Air Transport SymposiumACI Europe Regional Airports ConferenceMadeira, Portugal – May 12 – 14, 2014Johan will moderate a panel discussion titled Optimising Non-Aeronautical Revenue on Day 1, Session 4 of the conference.

Paul Ouimet, Executive, Vice PresidentDestination Marketing Association of Canada Annual MeetingCharlottetown, Prince Edward Island – June 3, 2014Paul will present The Future of DMOs: Destination Next.


We are pleased to announce that Ali Sultan has joined the Boston office as a Project Analyst. Ali graduated from Bentley University on the President’s and Dean’s list with a major in finance. He received bilingual education at Al Bayan Bilingual School in Kuwait and is fluent in English and Arabic. Ali is organized, creative, self-motivated, and is a critical and creative outside-the-box thinker. His life experience and educational background make him an excellent communicator and an ethical worker with multicultural sensitivity. Welcome to the team, Ali!

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We are pleased to announce that Chris Hedlin joined InterVISTAS as Senior Manager in the Vancouver Office. Chris spent nine years with WestJet Airlines where he gained a deep understanding of airline operations. He was a member of the network planning team and was responsible for implementing Encore’s route strategy. Chris played a key role in establishing competitive strategies, while contributing to long-term route planning, evaluating fleet and using QSI modelling to consider alliances. Welcome to the team, Chris!

We are pleased to announce that James Emerson joined InterVISTAS as Policy Analyst in the Vancouver Office. James interned at CAI Private Equity where he carried out financial analysis of potential investments, and at Vanedge Capital where he performed market research and evaluated early stage technology firms in the digital media space. James has a Bachelor of Arts in Economics and Finance from McGill University. Welcome to IVC, James!

We are pleased to announce that Christopher Greer joined InterVISTAS as an Analyst in the Vancouver Office. Christopher helps create solutions for clients by making sense out of a complicated world and applies his skills in quantitative analysis to a variety of projects Christopher is currently completing a Master’s degree in Economics at the University of Victoria. He holds a Bachelor of Science in Economics, and a Bachelor of Arts in History and Political Science, also from the University of Victoria. Welcome aboard, Chris!

We are pleased to announce that Sandy Hayes has joined InterVISTAS as Boston Office Administrator, Director of CRM. Sandy has worked at ICF SH&E (formerly SH&E) for the last thirteen years. She brings a wealth of skills and knowledge on the administration and operations side of the business and we welcome her to the InterVISTAS team!


WASHINGTON

SÃO PAULO

OTTAWA BATH

THE HAGUE

SKOP JEBOSTON

VANCOUVER

VANCOUVER OTTAWA

WASHINGTON

SÃO PAULO

BATHTHE HAGUE

InterVISTAS Consulting Group is a management consulting company with extensive expertise in aviation,

transportation and tourism. Our exceptional people have successfully delivered projects in over 70 countries around the world. We are committed to working collaboratively with our clients to apply vision and expertise to achieve results.

NACO, the Netherlands Airport Consultants, B.V. is one of the world’s leading independent airport consultancy and engineering firms offering integrated, full-service

planning and design services. With more than 60 years of experience, they have the expertise that is instrumental in solving the increasing complexity of developing today’s airports. NACO has assisted over 550 airports of all sizes in more than 100 countries with realizing their goals; goals that entail every aspect of airport design and development.

Royal HaskoningDHV combine global expertise with local knowledge to deliver a multidisciplinary range of professional engineering, consultancy and project management services in

aviation, buildings, energy, industry, infrastructure, maritime, mining, rural areas, urban areas and water.

royalhaskoningdhv.com

InterVISTAS’ Aviation Intelligence Report is a collection of information gathered from public sources, such as press releases, media articles, etc., information from confidential sources, and items heard on the street. Thus, some of the information is speculative and may not materialise.

To provide comments/feedback on the InterVISTAS’ Aviation Intelligence Report, please contact Paul Ouimet at [email protected] or 1-604-717-1800.

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InterVISTAS Aviation Intelligence Report May 2014