Issue 20 OCTOBER 2008 MARKET REPORT A PUBLICATION OF SAAB AIRCRAFT LEASING

ESTONIAN AIR’S SAAB 340s FEED SAS SYSTEM

OLT CELEBRATES 50TH ANNIVERSARY FLIES EXECUTIVE-STYLE MESSAGE FROM Michael Magnusson CONTENTS

The last six months have yet again shown how difficult Estonian Air Saab 340s work with Boeing 737s it is to make any predictions in this industry. Towards for SAS Connect Service ...... 3 the end of last year, most were looking forward to 2008 with confidence. IATA was predicting a nice Air Åland and Avitrans Nordic work together profit. Oil was hovering around $90/barrel. The $100 to provide / service ...... 5 number seemed far away. simulator moves to Oxford Aviation Academy ...... 7 Then as 2008 began, oil started its rapid climb. The industry watched in horror as it peaked around $145/barrel after just six months. Panic started spreading around Darwin supports Euro 2008 ...... 7 many boardrooms. Predictions and business plans for 2008 were thrown out the window. Airline managers began saying this was worse than September 11. IATA OLT celebrates 50th anniversary...... 8 revised its forecast on a monthly basis and was soon talking about billion dollar losses. Something had to be done, the business model was broken. Saab 2000 AEW&C on display at Farnborough ...... 8

The legacy airlines in the US made their decision, initiated by American Airlines. Saab 340 executive aircraft round-up...... 9 They would cut capacity 10-12 percent by the end of 2008 and park many aircraft, mostly older equipment. A few decided to accelerate deliveries of new fuel-efficient SAL’s Michael Magnusson assesses used aircraft. was affected to a lesser degree as it was partially shielded by the market...... 10 decline of the US dollar. One interesting result was low fare airlines were affected to a greater extent due to fuel being a much higher proportion of their expenses, Saab Destinations: Dalanzadgad Airport ...... 11 reaching almost half. For legacy airlines it became the largest expense, hovering Saab operators ...... 12 around 35 percent.

This, of course, soon impacted regional airlines as well. In the US, a few legacy airlines began cancelling contracts for capacity buys, some ended up arguing in court. Suddenly everyone had too many 50-seat regional jets. It is now forecast over 200 of these RJs will become surplus in the US over the next few years. A Delta executive referred to these RJs as the “SUV in the air with the highest fuel consumption per seat basis.” COVER PHOTO: This was bound to have an impact at Saab as well. American Eagle was forced to Estonian Air feeds the System via cut capacity and obviously chose the smallest aircraft in its fleet: the Saab 340 , Oslo and Copenhagen with two Saab 340s and and E-135. They have 27 Saab 340Bs in service, which will be parked during the six Boeing 737s. rest of 2008 and early 2009. They have already sold a few. As supply of Saab Cover photo by Eryl Crump 340Bs is tight, this move by AMR Eagle will be appreciated by those seeking a fuel-efficient, 30-seat aircraft with excellent customer support. BELOW: OLT, ’s second oldest airline, hosted a special 50th This shows, yet again, the need to be flexible and pick the right equipment. Most anniversary party at the airline’s Emden base. Saab operators appreciated its low fuel burn when oil prices were soaring. The very fuel-efficient GE engine came through again as a good benefit to the Saab 340. The Saab 340 can provide a reliable and economical trans- Who knows where oil prices will stabilize? Currently oil is $110/barrel. With this port for business executives in stylish comfort. level and a fuel-efficient aircraft, the business model works with the Saab 340. Many of our customers are showing this in their numbers. One, OLT in Germany, is celebrating its 50th anniversary, and they have flown the Saab 340 nine out of Market Report is published by those 50 years. (See related story on page 8.) Rex posted another profitable year Saab Aircraft Leasing with its all Saab 340 fleet. Editor: Kelly Murphy Over the next few months we will be participating in a couple of events, namely the Emerald Media [email protected] Saab 340 Global Operators’ Conference in Florida and the ERA General Assembly in Manchester. The Saab 340 Global Operators’ Conference is looking to be anoth- Europe: Alison Chambers er great event organized by Saab Aerotech. I urge all Saab 340 operators to attend. Emerald Media We have a good time as we exchange experience in the type. See you there! [email protected] Design and Layout: Aeris Graphic Design [email protected]

Michael Magnusson Printed in USA October 2008 President and CEO, Saab Aircraft Leasing ©2008 Saab Aircraft MARKET REPORT

ESTONIAN AIR SAAB 340s WORK WITH BOEING 737s FOR SAS CONNECT SERVICE

Story and photos by Eryl Crump

Estonian Air has increased its cost-effective regional air service since operated with one service class with the service level depending on the introduction of two Saab 340s last fall. The national airline of the destination. Flights from to and from Kuressaare , the Tallinn-based airline feeds into the Scandinavian Airlines to Stockholm includes a meal service, while flights from Tallinn to System (SAS) network via Stockholm, Oslo and Copenhagen with a and Kuressaare offer beverages only due to the short flight fleet of six Boeing 737-500s and two Saab 340s. time.”

Operating as Estonian Air Regional, a wholly-owned subsidiary com- Kalda notes the schedule (to Helsinki, Vilnius and Stockholm) has pany with its own AOC and Operators License, the 33-seaters are ser- been designed to meet the demand of the Estonian market, by offer- vicing Estonian Air flights between Tallinn-Helsinki, Tallinn-Vilnius, ing an early morning departure from Tallinn together with an evening Tallinn-, Tallinn-Stockholm and Kuressaare-Stockholm. return flight. Flights from Tallinn to Kuressaare and from Kuressaare to Stockholm are operated twice a week, enabling both longer spa Estonian Air Vice President-Operations Rait Kalda tells Saab Market holidays and weekend breaks. “They are proving to be very successful Report, “By introducing the Saab 340 into the existing fleet of and have increased our regional service very efficiently and cost Boeing 737s, Estonian Air hopes to capture and develop the growing effectively,” he adds. demand for air travel between Estonia and our neighboring regions. The aircraft has a comfortable cabin with leather seats. All flights are Initially the aircraft were operated by Swedish airline Golden Air.

Market Report | October 2008 3 MARKET REPORT

Kalda underlines “Until finalizing necessary documents, Golden Air Government beginnings... operated the flights instead of Estonian Air Regional, but the service Estonian Air was established and started operations on December 1, on board was according to Estonian Air standard.” 1991, shortly after Estonia reacquired independence. It was founded by the Estonian government with aircraft acquired from the defunct On March 6, 2008 Estonian Air Regional received the air carrier’s local Division and was partially privatized five years later. Operating License from the Estonian Ministry of Economic Affairs The privatization allowed the acquisition of Boeing 737-500s to re- and Communications and the Air Operator Certificate (AOC) from place its old Soviet planes. The first two arrived in 1995 and by the Estonian Civil Aviation Administration. “This made it possible to following year, after obtaining more of the Western-built aircraft, it enter the Saab 340 aircraft into the Estonian aircraft registry. Having was able to retire the Soviet fleet entirely. The airline now operates six our own AOC and Operating License simplifies running of the com- of the type and next spring will introduce two new Bombardier CRJ- pany and make the operations even more effective,” adds Kalda. 900NG aircraft.

In the first eight months of 2008, Estonian Air carried 483,875 Estonian Air has strong links with SAS. It operates frequent flights to passengers, a 10.3% increase year-on-year. In August, Estonian Air SAS hubs – the airline boasts “Well connected with SAS” status and flew 73,335 passengers, a 1% increase year-on-year despite the drop the airline’s frequent flyer program is SAS’ EuroBonus scheme. in charter operations.

4 Market Report | October 2008 MARKET REPORT

AIR ÅLAND AND AVITRANS NORDIC WORK TOGETHER TO PROVIDE FINLAND/ SWEDEN SERVICE

Story and photos by Eryl Crump

Flights to the beautiful Åland islands, an archipelago that stretches from the Finnish coast southwest towards Sweden, are flown by a new operator. Avitrans Nordic AB, which already oper- ates air traffic with Saab 340 for several airlines, began flying from Mariehamn to Helsinki and Stockholm for Air Åland on August 11. Two Avitrans Saab 340s are based at Mariehamn for the flights.

Avitrans Nordic President Mikael Wångdahl says, “We are delighted that Air Åland chose Avitrans Nordic as a supplier and look for- ward to working with them. This expansion of activities is part of our long-term strategy to estab- lish operations in Finland. Avitrans has the right aircraft and the com- Operations started on October 29, 2005. Air Åland operates scheduled petence to be a part of Air Åland continued service development. services from Åland to Helsinki four times a day and twice each weekday to Stockholm. Air Åland CEO Jörgen Gustafsson adds, “We have a new long-term The beautiful Åland Islands supplier with Avitrans Nordic. The combination of Avitrans Nordic and Air Åland looks exciting for the future. This gives us a platform for the company’s future development that no other operator could offer. The synergies that exist will make us stronger in the market and be able to strengthen our customer focus, which is a goal for the future.”

Air Åland is the provincial airline of the islands and is based in Mariehamn, the archipelago’s only airport.

The airline was founded on January 14, 2005 with a broad base of owners within the trade and business of the Åland islands. The goal of the owners is to maintain air traffic with good quality for a low price to mainland Finland and Sweden.

Market Report | October 2008 5 MARKET REPORT

Air Åland AB was created in 2005 Until August the airline’s operations were carried out by UAB Avion Gustafsson tells Saab Market Report discussions on starting an Åland- Express, previously Nordic Solution Air Services. The new name was based airline company have been ongoing for a long time. “A regular adopted in January when Icelandic company Avion Aircraft Trading air traffic service both west- and eastwards is vital for the competitive- purchased the company. ness and development of Åland economy. Thus, the company Flyg & Far Åland AB, later Air Åland AB, was founded in January 2005. The Avitrans Nordic has also taken over flying operations for Wingo shareholders include 24 companies and four private investors. The Express. The company was founded in 2007 and is owned by the overall goal of the owners is to maintain and secure air traffic based Swedish Tamares Holding Sweden AB and Scanproducts Ltd, in on local requirements, reasonable prices and to contribute to the de- addition to the Finnish Oy Touch N´ Go AB and Eriksson Capital AB. velopment of the local trade and the core businesses. Wingo Express began operating a twice-weekday service between Turku and Tampere in southern Finland to Oulu in the north in “The first flights were to Helsinki, and on March 13, 2006 the traffic January 2008 with a Saab 340 operated by UAB Avion Express. It has was started between Mariehamn and Stockholm-Arlanda,” he notes. carried about 20,000 passengers on the service which links three im- portant business centers – Tampere is the nearest airport to the town Last year the airline carried about 60,000 passengers on its scheduled of Nokia, the mobile phone manufacturing company. flights. Charter flights from the islands to the mainland and further afield were also carried out.

6 Market Report | October 2008 MARKET REPORT

SAAB 2000 SIMULATOR MOVES TO OXFORD AVIATION ACADEMY

A Saab 2000 simulator, formerly used by in Basle, , recently joined a Saab 340 simulator among 12 full flight simulators at the Oxford Aviation Academy (OAA) in Stockholm, Sweden.

OAA recently acquired General Flying Services, a leading ab initio airline pilot training program in Australia. The acquisition, backed by STAR Capital Partners, is a key strategic addition to the Group’s Aviation Training-Ab Initio division which also comprises the former Oxford Aviation Training, one of the world’s largest and most respect- ed airline pilot training school.

The Group was created in February 2007 through the US$275 million merger of GE Commercial Aviation Training and SAS Flight Academy, followed by the BAE Training Center in Manchester, UK. In addition, Par Aviation was recently acquired, adding aviation re- sourcing to the Group portfolio.

DARWIN AIRLINE SUPPORTS EURO 2008

Darwin Airline flew 20 flights in support of the Euro 2008 soccer tournament held in Switzerland and Austria in June.

The -based regional airline formed a partnership with the football associations of Germany and Sweden who had chosen the town of Ticino as their base for the champi- onships. A Saab 2000 was used to fly the team, their support staff and officials from Lugano to , Basel, Innsbruck, Salzburg and Klagenfurt where their matches were played.

All four of the airline’s aircraft were adorned with a special logo for the Darwin Airline Charter and Sales Network Manager Barbara Strub says: three-week long tournament. The final flight was made on June 27 “Darwin Airline is not new to this type of service. We have hosted on when the German team was flown to Vienna for the final. In an exciting board several teams, both national and international, confirming we are match, the Spanish national team emerged victorious. able to please customers seeking a particular type of treatment and adapted to their needs.”

Market Report | October 2008 7 MARKET REPORT OLT CELEBRATES 50TH ANNIVERSARY

Germany’s second oldest airline, regional carrier OLT fleet reflects the nature of operations. At the same time, while we are a (Ostfriesische Lufttransport GmbH), celebrated its 50th small airline, we operate on a much broader level through key strategic anniversary with a special party at the airline’s Emden base partnerships with bigger airlines – SAS, Malev, Icelandair and SN on September 12. Brussels.”

OLT was founded in 1958 at Emden and is owned by two shipping Co-Managing Director Dr. Berhard Brons adds: “Over the past 50 companies, Reederei Agems (74.9%) and FLN Frisia Luftverkehr years our company’s success has been based on the fact that OLT has (Reederei Norden-Frisia) (25.1%). Initially, the airline operated air taxi always paid attention to customer demand and, with a great degree of flights to islands in the North Sea. Services were expanded to charter flexibility, has developed promising niche markets. Larger carriers flights within Europe and in 1991 to scheduled services on domestic often ignore destinations with regular passenger loads of 20-100 pas- regional routes from Bremen. sengers. That’s exactly where our strength lies.”

A steady expansion of the regional timetable has continued since The first Saab was introduced in 1999 when the airline was looking 1993, starting with scheduled flights to Bremen-Brussels and for a larger aircraft and was drawn to Saab aircraft because of its supe- Nuremberg. These are now operated by a fleet of Saab 2000s and rior comfort and strong product support. Saab 340s, assisted by Metroliners and Fokker 100s. “From the outset, the aircraft was popular with passengers and it was “Niche operations is what we have always been about,” says Managing not long before a bigger aircraft was required as OLT looked to add Director Gerd Weber. “We go to places that other airlines don’t and our more international services,” notes Weber.

The Saab 2000 ™ Airborne Early Warning & Command System SAAB 2000 AEW&C ON (AEW&C) took a brief pause from its successful flight test program to DISPLAY AT FARNBOROUGH make a debut appearance at the Farnborough International Air Show in July. The flight test program began in April in Linköping and moved to Granada, for the favorable weather and hot and high conditions dur- ing the summer prior to arriving at the world’s largest air show. Towards the end of this year, the aircraft will be handed over to Saab Surveillance Systems to implement the systems testing phase of the program.

The Saab 2000 AEW&C is an advanced tactical surveillance system. It utilizes the latest generation Active Electronically Scanned Array ERI- EYE radar, now capable of detecting small air and sea targets, hovering helicopters and cruise missiles. It has a 450km instrumented range and provides coverage at 20km (65,000 ft) and can effectively survey a 500,000 square meter area and automatically track priority targets. In ad- dition to the AEW&C role, the aircraft can be used for national security and border protection missions, as an airborne command and control for disaster management coordination or emergency air traffic control.

8 Market Report | October 2008 MARKET REPORT SAAB 340 EXECUTIVE AIRCRAFT ROUND-UP by Paul Bryson

The Saab 340 executive aircraft has proven to be as dependable airports and delays associated with them, Saab’s quality of reliable and economically attractive as it is with the airlines of today. service and its high level of customer support provides the basis for Whether used for charter contracts to favorite vacation destinations successful operations in the future. Here is an update on a few or in the private sector as a means of bypassing the world’s busier models operating in the US.

NAPLETON AVIATION GROUP The executive-configured Saab 340 is one of the most exclusive configurations available. Napleton Aviation Group’s Saab 340A-036 is a prime example of many years of executive service with various operators. In 1985, the APU equipped 036 was first delivered to corporate giant Philip Morris and after several years of faithful service, it moved on to AMP, a global electronic company now known as Tyco, for the balance of the century. Prior to service with Napleton, it flew corporate services for Anglo American, which is a worldwide group of companies in- volved in natural resources including mining. Aircraft N727DL was purchased by Napleton in late 2003 for use in FAA Part 91 operations (private transport) for the Group.

Today the aircraft features a recent interior makeover by Elliott Aviation of Moline, Illinois. Its interior has been updated to current executive standards which include drop down flat screen televisions, leather seats, wet bars, work stations and other select amenities typi- cally found in a corporate aircraft cabin.

According to Napleton Director-Operations and Chief Pilot Harold Ebenroth, the aircraft is providing FAA Part 135 charter services in the Chicago area through DB Aviation.

IBC AIRWAYS JMJ FLIGHT SERVICES Saab 340A-029 has found a new home with IBC Airways based in Privately owned Saab 340A-050 of Harmony Investments is Miami, Florida. IBC acquired 340A- operated by JMJ Flight Services based in Virginia Beach and 029 in May of this year, its seventh features an updated interior. The aircraft has a unique prop Saab 340 (the first six are in cargo brake allowing the engine to operate while the prop remains configuration), and had the aircraft still. This gives the operator the ability to use electrical ameni- in executive operations by late July. ties driven by engine power, including air conditioning and The aircraft was previously with cabin lighting while on the ground. JMJ First Officer Tim Miller Indiana University for nearly eight notes the aircraft is a hard-working asset which is constantly years operating as a sports team and being scheduled for operation. executive shuttle. It features a 1+1 configuration with 18 oversized leather seats and an APU.

PEGASUS AIR Quite like 340A-036, aircraft 340A-042 has also experienced an extensive overhaul of its interior which was completed by Fort Lauderdale based, PRO Aircraft Interiors. This aircraft flies with Pegasus Air, a private operator for the owners of the Ritz-Carlton in the Cayman Islands. It has undergone extensive interior refurbish- ments and redesign with STCs in place. Pegasus Air Chief Pilot Tyson Chavez tells Saab Market Report this refurbishment is two years in the making and is well worth the wait.

Market Report | October 2008 9 MARKET REPORT SAL’S MICHAEL MAGNUSSON ASSESSES USED TURBOPROP MARKET The current economic environment has set the stage for a market which In both the passenger and cargo operations, the is “not black and white and one in Saab 340 maintains a leading position in the 30- which aircraft operators sway be- seat market with nearly 40 Saab 340A models tween RJs and ,” SAL used as cargo aircraft. President and CEO Michael Magnusson opined at the recent US The Saab 340 fleet has passed the 13 million Valuation Conference organized by flight hour mark with 414 aircraft flying with 60 Commercial Aviation Events in operators in 31 countries. The Saab 2000 fleet Washington, DC. With the supply of has flown 1.1 million flight hours with 58 aircraft used turboprops continuing to de- flying with 13 operators in 11 countries. cline, Magnusson noted the supply of good Saab 340s is at an all time low. American has begun its planned phase out of 27 Saab 340s 30- and 50-seat Turboprops & Regional Jets (Worldwide) and will complete the plan by Spring Average Daily Departures 10000 Totals 2009. These aircraft are already 3Q01 (17941) 3Q02 (17527) 3Q03 (17749) 3Q04 (18482) finding new homes. Most recently, 3Q05 (18888) 3Q06 (18110) 3Q07 (17994) 3Q08 (16926) two have been delivered to 8000 Australian regional MacAir of Queensland. Operational by the end of 2008, MacAir already operates six 6000 Saab 340Bs.

The total number of flights for the 4000 30- to 50-seat daily departures worldwide are down 6% over the last seven years from 18,000 to 2000 17,000, while the total number of flights has been stable during the - 50% - 17% - 29% + 73% 0 same period in North America. (See 30-seat TP 50-seat TP 30-seat RJ 50-seat RJ charts at right) 30- and 50-seat Turboprops & Regional Jets (North America) The 70-seat market is “where the ac- Average Daily Departures tion is,” says Magnusson with world- 10000 Totals wide departures growing from 1,700 3Q01 (10303) 3Q02 (10103) 3Q03 (10767) 3Q04 (11623) 3Q05 (11998) 3Q06 (11258) 3Q07 (11162) 3Q08 (10120) per day to nearly 5,000 daily. 8000 Possible recession trends include the effect on regionals as legacy airlines -8% cut back operations by 10-12 per- 6000 cent and the 50-seat RJ surplus of 200-300 aircraft over the next few 4000 years will need to be replaced.

“My gut feeling is that used turbo- 2000 props will be less affected by the re- cession due to lower operating and - 58% - 47% - 33% +104% capital costs,” he concluded. 0 30-seat TP 50-seat TP 30-seat RJ 50-seat RJ

10 Market Report | October 2008 MARKET REPORT

Dalanzadgad SAAB DESTINATIONS Special Facts by Paul Bryson Population: 17,000 inhabitants Average annual rainfall: 15 days = 13cm/5 in Currency: tögrög (pronounced “tugruk”) Photo: Bill Bilegsaikhan

Dalanzadgad ternational flight handling. well as candle and felt factories considered a starting place for Airport (ZMDZ/DLZ) There is only one runway avail- and wool-washing plants. the tourist’s route into the Gobi, able at DLZ (030/210), formerly Because of the number of scheduled service from the capital Located at an altitude of about a grass covered surface, which tourists who visit the area, the is welcomed, because the charters 1,470m/4,800 ft above sea level, has recently undergone major town has various camps which flights will generally arrive from Dalanzadgad Airport is just improvements including a fresh engage many of the locals in the Ulaanbaatar loaded with passen- outside and northeast of the city 2,200 m/7,200 ft asphalt surface tourism industry. gers, but return empty. of Dalanzadgad City, the capital and a modern runway lighting of Umnugobi aimag (province). system. During the summer Eznis Airways, operating three The Gobi is not as sandy as one This airport handled about season, DLZ makes very good Saab 340Bs (259, 297, 359) has might suspect, but instead cov- 19,000 passengers in 2007, and use of the 14-16 hours of in- scheduled service into and out ered with bare rock. In compar- boasts the second largest do- tense sunlight by collecting of DLZ. During the fourth ison, Dalanzadgad provides the mestic passenger volume among solar power to complement quarter of 2008, Eznis will offer typical scenery associated with Mongolian airports. other forms of power. daily flights to Ulaanbaatar (or desert-like regions because the Ulan Bator) which is Mongolia’s town is covered in 50 cm/20 in Gurvan-Saikhan, as the airport Improvements planned capital city and also its largest of sand. is known locally, was founded Initially, the DLZ airport of- city. Air transportation is the in 1957 and moved into a new fered only a small passenger ter- most desired of all travel op- Fortunately, the town’s people terminal in early 2007. minal, with limited facilities for tions, and another popular op- believe that walking barefoot on Handling 60 passengers in an passenger services. But, with the tion, the motorcycle, is slowly the sand is good for the kidneys. hour, the airport is equipped increased activity surrounding replacing the camel and horse. with modern telecommunica- the gold and copper mining Since Dalanzadgad is typically tion equipment and aircraft fu- prospects at nearby Khanbogd, eling with heating equipment and the need to further develop and a GPU is available. The air- the tourism industry, the port provides navigation ser- Mongolian Civil Aviation vices to several other airports in Authority (MCAA) built a new, the area and most recently the more pleasing terminal and up- Mongolian government has offi- graded its equipment/runway. cially listed DLZ as an interna- tional airport. Last year, the Dalanzadgad is a relatively in- new airport received one inter- dustrialized town with well-de- national flight. Future plans are veloped infrastructure and being developed for immigra- approximately 17,000 inhabi- tion and border posts, as well as tants. There is a coal-fired pow- other services required for in- erplant, a publishing house, as Photo: Bill Bilegsaikhan

Market Report | October 2008 11 MARKET REPORT

Operational status Saab 340 414 aircraft in service 60 operators in 31 countries 13.1 million flight hours 14.6 million flights SAAB 340 SAAB 2000 Saab 2000 SAAB 340 & 2000 58 aircraft in service 13 operators in 11 countries 1.1 million flight hours 1.1 million flights

(as of July 2008)

Operator Country 340 2000 Operator Country 340 2000Operator Country 340 2000 Americas Americas Europe & Africa

AeroMexico Connect Mexico 5 SOL Argentina 3 Moldavian Airlines Moldavian Rep 2

American Eagle USA 53 TAG Guatemala 1 NextJet Sweden 1

Bimini Island Air USA 2 Transwest Air Canada 3 Norse Air South Africa 5

Calm Air Canada 6 Vigo Jet Mexico 1 NRT Gabon 2

Caribair Dominican Rep. 2 Western Air Bahamas 3 OLT Germany 2 3

Colgan Airways USA 40 Europe & Africa Overland Airways Nigeria 1

Corporate Express Canada 1 3 RAF-AVIA Latvia 2

FGI Associates USA 1 Airfast Congo 1 Robin Hood Aviation Austria 2

Ginn Development USA 2 Avion Express Lithuania 3 Ryjet Spain 1

Hendrick Motorsports R USA 3 Avitrans Nordic Sweden 13 SkyTaxi 1

IBC Airways USA 7 Romania 12 Solinair 3

JMJ Flight Services USA 1 Central Connect Airlines 7 South Airlines Ukraine 2

Joe Gibbs Racing USA 2 CTK Network Aviation Ghana 2 Sprint Air Poland 10

Mesaba Airlines USA 49 Darwin Airline Switzerland 4 Swedish Air Force Sweden 9

Murray Aviation USA 1 DOT Lithuania 2 Asia-Pacific

Napleton Aviation Group USA 1 Eastern Airways Great Britain 6 Air Rarotonga Cook Islands 1

Pacific Coastal Airlines Canada 8 Estonian Air Regional Estonia 2 Eznis Airways Mongolia 3

Pegasus Air Cayman Islands 1 Fleet Air 2 Hokkaido Air System Japan 3

Peninsula Airways USA 10 flyLAL Lithuania 4 Japan Air Commuter Japan 11

Prince Edward Air Canada 1 Golden 9 4 Japan Civil Aviation Bureau Japan 2

Provincial Airlines Canada 2 Kenya Airways Kenya 2 Japan Coast Guard Japan 4

Saint-Ex Mexico 3 Great Britain 16 MacAir Australia 8

SkyBahamas Bahamas 3 Mali Air Express Mali 2 Polet Airlines Russia 6

Mars RK Ukraine 2 Regional Express Australia 41

Saab Aircraft Leasing, Inc. Saab Aircraft Leasing Saab Aircraft Leasing Saab Aerotech of America, LLC Saab Aerotech 21300 Ridgetop Circle Postal address: 4-7-13-205 Meguro 21300 Ridgetop Circle SE-581 88 Linköping Sterling, Virginia 20166, USA Box 7774, 103 96 Stockholm, Sweden Meguro-ku, Tokyo Sterling, Virginia 20166, USA Sweden Tel: +1 703 406 7200 Street address: Japan 153-0063 Tel: +1 703 406 7200 Tel: +46 13 18 00 00 Fax: +1 703 406 7224 Sveavägen 17, 11th Floor Tel: +81 3 3792 4300 Fax: +1 703 406 7222 Fax: +46 13 18 51 15 111 57 Stockholm, Sweden Fax: +81 3 3792 4315 www.saabaircraftleasing.com Tel: +46 8 463 1400 www.saabaircraft.com Fax: +46 8 463 1409 Market Report | October 2008