9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n and @ DbUE Belo DsW:p Horizonte O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tqDecember ]E:mj u(BCL 2008 o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OFJohn D.Z_wm0 Kasarda, y.]eW `EagJ PhD. gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag of Private Q+eJQ Enterprise n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jOKenan-Flagler N"M@B iP5y0 Business ?\hTw wd(#T School wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHzUniversity f*iA, [<?w of North $%8DT Carolina mBTzU ";"yb at "?ED9 Chapel Q$UF) Hill @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;FU.S.A. c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential Table of Contents

    9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQAbstract Sv rS .6j H...... lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vPCataloguing ;X>>z c``e \ =fe metropolitan \y io ?^2 j "LiJ Skb8@airport 7RwT systems p Pq/ j[...... k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW4 hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CBThe Ifs- Ahistorical j#i 2z IS 9ek factors V /iLd C4=cb leading &9@s to 5the ;vz 3(emergence tV _bg ^ e@v) of d,8S1multiple !ux= 7 metropolitan _vO XI cr D<* % airports 5_cQ &zoyP8 w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey*Serial = (&Y primary ?j common qH ,x M>n @path DbUE to DsW:pmultiple O#N# metropolitan u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' airports#oM 1 Soa#...... t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m15 "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[Classifying \pt;) cjlT: Ij$8% metropolitan eq58/ g:mUB OqvO< multiple Vdf)% airport nFn_y a-B>x systems z(n5? ...... VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As17 $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4The uneven 4XpUw DlgM< distribution v,Ww) 9ECyA of traffic ?w=m[...... jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)!18 oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:lThe 2xX^#effect :X60B of capacity M:1Y7 %xbr_ and K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5Low-cost #91PQ w@W0` carriers z#blJ do plcR$ not F="W"generally Z2eQ& separate S-rd] H`VXJ out ;WL#"...... OLH7# K\t&l O_Wm6 ]Fv.c XVH3319 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugwFactors b8$+3 a]7I)favoring v4SKq (6]<2the concentration;sD>L d)\8I 2y`j] M*@cS of traffic H8fzb in 6[Rrw a single =2Ia) t$e/; metropolitan 4A:Md PymI; Ep-dI airport nz*yq...... Z<](V22 e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8Managing owicB <"@,] capacityKr=J= 8gX3e and vXJ#F capital aT$80 investment o-`]I (R$G] `KT"N...... Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; advantageszhLQ7 Om8Tb 0wiauand 7/0Lmpassenger T=dpv wnAtxpreference \Me-X U5JFC...... 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4The Z^Gp. consequences Rpj_E T!6C\ ^co17 of multiple O1#Fu wJj/m metropolitan WB+#k l.:[l ^hFN0 airports '1rOu .X_e#...... Y;M"$ ?2E#4 jnu)( fAIen YkX*@ 29Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v>The unfulfilledGOuq- Tw*DH promise^U<_- 9AYUr of ;?5A`competition \A3sp *tx%D...... +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc29 abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj%The w>tWR financial _J?=C otccc consequences >:eXc 1'pn% d8-T' of multiple ePx8a )v0!l commercial -o?o1 \2KFC 3VI\J airports NE;4R...... ux(ri hz>Q! /]I(+ Zcp*b30 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential i Abstract

    9>H1E QdDYs RAi!$ wPM=@This [o utilizes YD nv gLnan rextensive G6MJ 3"QOu cross-national 1CkO : 4(r i0 47 airport0Qo S xjt# database 8kIM= s9s# to h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@in metropolitan aq6H L WiN ^S Ul regions !9M I mTaG worldwide, JAJ7o ,t;5 I ZOs and Jv drawsD& >qc pimplications %/K> 5sdi3 08.Y for ( "dU Tancredo kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,Fand 6ey* operational = (&Y ?j qH ,x metropolitan M>n @ DbUE DsW:p airport, O#N# even u 0Gn when (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /]multiple x' #oM 1 Soa# airports t)8FM are BbAd in %operation. R#a tC n/ 3k/3that q few Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[metropolitan \pt;) cjlT: Ij$8% regions eq58/ g:mUB operate OqvO< multiple Vdf)% nFn_y airports a-B>x z(n5? unless VU2I/ the Tw%)% region's t_i_A GRfnj airports dTv`K are N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+Ncapacity gAQX4 4XpUw constrained, DlgM< v,Ww) and 9ECyA 3) even ?w=m[ under jY!Ak severe hTH]. yZz?-capacity o:lKj t=hp;constraints, /5kK' K;9%5 multiple )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty airportsG`dXt /$l!( resultdWW`k in PzY#s significant ,SY^M kUr() disadvantages J(h3_ av=,P DJaT/ without +^bc` Zoll, counter-balancing s6;jq Cnx0Z 6JUR/ _PXE) advantage. @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugwSingle b8$+3 commercial a]7I) v4SKq (6]<2 airport ;sD>L d)\8I metropolitan 2y`j] M*@cS H8fzbregions, 6[Rrw on =2Ia) the t$e/; other 4A:Md hand, PymI; Ep-dIpermit nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8aviation owicB network<"@,] Kr=J= economies 8gX3e vXJ#F of aT$80 scale o-`]I allowing (R$G] `KT"N more Kmn(% destinations 3W6\Y \vg93 to v.s5D be serveduyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 frequency ylwQ; zhLQ7 of serviceOm8Tb 0wiau to those 7/0Lm T=dpvdestinations wnAtx \Me-X improving U5JFC 20?Tp the mj$"o prospect pUf3J ;0=[] of ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BGdemand FN8v> GOuq- uncertainty Tw*DH ^U<_- in air9AYUr transport ;?5A` \A3sp markets, *tx%D +2@h/ lowers BKc]c risks JO*(* of Uv"jp excess ;KjMw regional `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj%infrastructure w>tWR _J?=C capacity, otccc >:eXc and 1'pn% thereby d8-T' ePx8a lowers )v0!l -o?o1 overall \2KFC finance 3VI\J NE;4R costs ux(ri as hz>Q!air transport /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>TOn 4+b:M[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2fairports: /&mvJ 7;Or1 AITN rqp6) o!bgqand XM#=Tcloser-in Jhx-y Pampulha =;$c7 'zQUK Airport.a&u0o #Yo>y The ?PLBl metropolitan YEY0Q W&l4h region\;gfI k'Oe6 can wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz"offer 1xYLI superior btgJ# &+(&' service ,^NL_ withR4O@: greater MG%OF technicalZ_wm0 y.]eW and `EagJ economic gM-:x EEeM> efficiency XSd]' cpe9b with O7oe" one %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Ymodern :S8<3 Xh0TS airport z[R=y which WiUbV has;Dvnb substantial 7^:W8 LqDdf capacityWuTf( `?=7\ to ;H$I/ expand 3c-.V Hxm;/ and ^gY(*potentially D^Xw# _6A!' serve VoN3> as 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR aF61G, hub E$"H& (AITN). A0xVE Reopening @dNN- CqI;$ Pamulha 1Jc?O o?eY? Airport J#CKK "E4yz will X?c+lseverely o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aremarkable -bgOV xGT4o recent bnxHz progress f*iA, [<?w weaken $%8DT mBTzU the region’s ";"yb "?ED9 position Q$UF) @m"^e in domestic R;ii_ v5ZO4 and hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3global W_(Cm aviation Ds$Sf )hF3x networks. NILCF ytPz& This KlHmY is becauseZ$=;F c^r@j splitting ^HX][ U1]Z- the (2ZW1 region’s _[V,( h?+^Y air traffic *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! AITN’s PbFP@ e6bnZ ability mEpPz to meet >^O=b the 7kbdU passenger bQg:( *iCO>

    Proprietary and Confidential ii thresholds needed to maintain and grow routes which will further hinder efforts to attract transfer passengers. Accordingly, airlines would be reluctant to 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQestablish Sv rS .6j H hub lmCt service _M5Bg Zs3Vat AITN G ,!3 o" if KO commercial uU[ p '4W< WXa#z traffic 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@spreading aq6H L WiN demand ^S Ul !9M over I mTaG two JAJ7o capital-intensive ,t;5 I ZOs Jv D& >qc facilities, p %/K> 5sdi3 will 08.Y have ( "dU an kE q!z . TAud wY:CBfinancial Ifs- A j#i 2z impact IS 9ek V on/iLd both C4=cb airports, &9@s 5 ;vz but 3( tVespecially _bg ^ e@v) AITN d,8S1 !ux=which 7 _vO must XI cr generateD<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m revenues m(m`I Vycq for z WUwfuture CJ expansionhX n5t 9 VE_j if w%vOmits full economicBut4 4 vC3 ^m impact fn Hr tWN>; is to qosF be w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UBy ls_F6 siphoning 1I7Xg gwde5 air q5>FW traffic ?E*Iy from DyzTZ AITN, .zRly AVG13renewed 4xcwb commercial wHPoG a3ED\ jet CgZvu service m)NxO at &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCPampulha )TsUi qj1F( \yHDtAirport sMo)B would ](TXW likely%WY4- preclude"<:tq ]E:mj u(BCLAITN o;Rcw from syX&0 ever 5^fGr becoming LH3ev ]G@vn a successful cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sindustrial FS#:l 2xX^# airport :X60B M:1Y7and driver %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%development. "d>;5 #91PQ w@W0` The z#blJ Belo plcR$ Horizonte F="W" Z2eQ& metropolitan S-rd] H`VXJ region;WL#" OLH7# and, K\t&l indeed, O_Wm6 the ]Fv.c State XVH33 of K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShMinas *rC eQKQ8opportunity. ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; safety zhLQ7 issues, Om8Tb and 0wiau image 7/0Lm T=dpvproblems, wnAtx \Me-Xit is recommended U5JFC 20?Tp mj$"o that pUf3J all ;0=[] ;1u %p3D4commercial Z^Gp. Rpj_E airlineT!6C\ ^co17 service O1#Fu forwJj/m Belo WB+#k Horizonte l.:[l ^hFN0 be'1rOu exclusively .X_e# Y;M"$ ?2E#4concentrated jnu)( fAIen YkX*@ at Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmAITN. .A.tx +IJW[ It is W@n9Pfurther IjT)1 recommended ^9kxr <%x-8 Dn2Qg that /6j2F Pampulha JhfqZ ;@$I" serve 4,nY) as ?taqZ a general yn'0E m?4\* aviation Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDairport *;9!U CuvK/ for corporate P+=5F v.NTx and agw0H other Vcn very BZTWF light N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vrather 22;JR l&h!: than Ijsk= duplicates 3\U9$ K#XH= AITN. &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential iii Background of Study

    9>H1E QdDYs RAi!$ wPM=@The [o maintaining YD nv gLn r G6MJ two 3"QOu or more 1CkO commercial : 4(r i0 47 0Qo airportsS xjt# 8kIM= to serve s9s# h G3da 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@communities, aq6H L WiN ^S business Ul !9M I mTaG and JAJ7o local, ,t;5 state, I ZOs Jvand D& federal>qc p %/K> governments 5sdi3 08.Y ( "dU all kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,Fjust 6ey* around = (&Y ?jaccess qH ,x andM>n @efficient DbUE DsW:p commercial O#N# u 0Gn air (P service, rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /]but x' #oM also 1 Soa#how t)8FMbest toBbAd leverage % R#a tC its n/ airport3k/3 q Q*"5mhas "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[long \pt;) been cjlT: Ij$8%counted eq58/ upong:mUB OqvOx and z(n5?the governmentVU2I/ Tw%)% t_i_A of theGRfnj State dTv`K of N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+NMinas gAQX4 Gerais 4XpUw toDlgM< be a v,Ww) key node9ECyA in?w=m[ Brazil's jY!Ak aviation hTH]. yZz?- network o:lKj t=hp; and /5kK' driver K;9%5 of)mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty economicG`dXt /$l!( dWW`k development PzY#s ,SY^M throughout kUr() J(h3_ av=,Pthe Belo DJaT/ Horizonte +^bc` Zoll, s6;jq region Cnx0Z and 6JUR/ , indeed, _PXE) @O@'k the &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugwentire b8$+3 State. a]7I) v4SKq The (6]<2 airport ;sD>L opened d)\8I 2y`j] in M*@cS 1984 H8fzb at a 6[Rrwcost of=2Ia) US$400 t$e/; 4A:Md million PymI; Ep-dIon an nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8expansive owicB <"@,] site Kr=J= in Confins, 8gX3e vXJ#F 40km aT$80 north o-`]I of(R$G] downtown `KT"N Kmn(% Belo 3W6\Y Horizonte. \vg93 v.s5D Its uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>>2 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 called ylwQ; for zhLQ7 two Om8Tb long-range 0wiau 7/0Lm runways T=dpv wnAtx and four\Me-X modernU5JFC 20?Tp (300,000m mj$"o pUf3J) ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BGcargo FN8v> facilities GOuq- Tw*DH with ^U<_- an ultimate 9AYUr ;?5A` capacity \A3sp *tx%D of 147,000 +2@h/ BKc]c tonnes JO*(* of Uv"jp cargo ;KjMw annually. `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWRTwenty _J?=C years otccc >:eXc later 1'pn% (2004), d8-T' despite ePx8a )v0!l its -o?o1 superb \2KFC infrastructure 3VI\J NE;4R ux(ri and hz>Q! facilities, /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cncapacity /Bg>T of 4+b:< 5 million 9J#sc 2*)U: passengers XowJX aW^et annually) ,sorj H_t/y along jHHFt dWWmewith only p$3G( 8,882 E-8(K tonnes 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2fhad /&mvJ actually 7;Or1 rqp6) declined o!bgq XM#=T by 64 Jhx-y percent =;$c7 'zQUK (from a&u0o 1,091,544 #Yo>y ?PLBl to 388,580) YEY0Q W&l4h and \;gfIcargo k'Oe6 by wgHF_ 62 Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz"percent 1xYLI btgJ#(23,684,541 &+(&' ,^NL_ kg R4O@: to 8,882,371 MG%OF kg),Z_wm0 a y.]eWgreat `EagJ disappointment gM-:x EEeM> XSd]' to cpe9bmany. O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TSIn sharp z[R=y contrast, WiUbV ;Dvnb passengers 7^:W8 LqDdf at WuTf( more `?=7\ conveniently ;H$I/ 3c-.V Hxm;/ located ^gY(* Pampulha D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR AirportF61G, E$"H& tripled A0xVE between @dNN- CqI;$ 1996 1Jc?O and o?eY? 2004 J#CKK (1,090,818 "E4yz X?c+l to 3,194,715) o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$athere -bgOV almost xGT4o doubled bnxHz f*iA, between [<?w those $%8DT dates. mBTzU With ";"yb Pampulha "?ED9 Q$UF) dangerously @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3congested W_(Cm Ds$Sf (operating )hF3x NILCF at ytPz& twice KlHmY its intended Z$=;F c^r@j capacity ^HX][ U1]Z- with (2ZW1 outdated _[V,( h?+^Y facilities *!p!@ `8Bqu and V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! Infraero PbFP@ (ine6bnZ consultation mEpPz >^O=b with 7kbdU state bQg:( and *iCO>

    Proprietary and Confidential 1 local government officials) agreed to transfer all commercial flights (with the exception of early morning and and early evening flight to and from São Paulo) 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQto Sv AITN rS .6j Hin lmCt March _M5Bg 2005. Zs3V The G ,!3 policyo" KO uU[ was p '4W< later WXa#z changed 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6HAnnual L WiN ^S Uldata !9M on I mTaG passengers JAJ7o ,t;5 Iand ZOs cargoJv D& >qc at pAITN %/K> 5sdi3and 08.YPampulha ( "dU kE q!z . TAud wY:CBthrough Ifs- A j#i 2z the IS 9ekthird V /iLd quarter C4=cb of &9@s 2008 5 ;vzreveal 3( tV _bgthe ^ impacte@v) d,8S1 of these!ux= 7 _vOpolicies. XI cr D<* Passengers % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m at m(m`I AITN Vycq increased z WUw CJ more hX n5t than 9 VE_j ten-fold w%vOm by But4 2007 4 vC3 (to ^m 4,340,139) fn Hr while tWN>; cargo qosF doubled w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aexperienced w"1[U ls_F6 1I7Xgat Pampulha. gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(As a\yHDt result sMo)B of (and](TXW reinforcing) %WY4- "<:tq ]E:mj passenger u(BCL o;Rcw and syX&0 cargo 5^fGr growth LH3ev ]G@vnat AITN, cqu*9 both zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sits FS#:ldomestic 2xX^# :X60Band internationalM:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%wide-body "d>;5 #91PQ non-stopw@W0` z#blJ service plcR$ F="W" to Lisbon Z2eQ& viaS-rd] TAP H`VXJ and ;WL#" Miami OLH7# via K\t&l American O_Wm6 ]Fv.c Airlines. XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShThis *rC connectivity eQKQ8 ydCcw nationallyz`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 and ylwQ; Miami. zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp.Because Rpj_E T!6C\ of ^co17 its closer O1#Fu wJj/mlocation WB+#k to l.:[ldowntown ^hFN0 '1rOu Belo.X_e# Horizonte,Y;M"$ ?2E#4 jnu)( there fAIen are YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmrequests .A.tx +IJW[ by W@n9Psome airlinesIjT)1 ^9kxr and <%x-8 some Dn2Qg in /6j2Fthe businessJhfqZ ;@$I" community 4,nY) ?taqZ yn'0E to m?4\*recommence Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDcommercial *;9!U CuvK/ P+=5Fjet service v.NTx agw0Hto Pampulha Vcn forBZTWF N]-/k "h96w F /)qMbthe State c;VBQ of &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#VMinas 22;JR l&h!: Gerais Ijsk= Secretariat 3\U9$ K#XH= for&4w06 Economic Su"GD SmI@G Development =C6ig S!"-m &1J73commissioned fM[airports Y_jJ, serving yE%wx 4v$ET metropolitan -.wcy 'kQ?1 jB4-n regions H?R7C around 76g;2 d(aB' the oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnworld, 9C1Ln the <+QyB reasons wXiH7 for J:PEs these /Cw:H metropolitan eips1 =f-N7 zCu*A regions <&R+' h.@r-having m&OCt two vabFY (or more)L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Ncommercial cI2YW dLc_] BRL.a airports, vFYJV and h,ahj their0ix\i %yk7W financial !z]>8 and?9CjF service*@Ebi !)N;q consequences. =J9o+ \s]&/ :'bPD1 Basedzn6v8 \%1&@ on this y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' Amedeo W@)Ag Odoni, Q+eJQ 2003,n-Dk2 Airport iagS; a\Sz+ Systems: yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cPlanning, W:1&Q Design, )Y\b/ V,Mk< and Management x@g*G k@&jO, New N"M@B York: iP5y0 McGraw-Hill; ?\hTw wd(#T de wzs=) Neufville, s-#Rv +%RWD Richard, Myt;Q 2000, )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a“Planning -bgOV Multi-AirportxGT4o bnxHz f*iA, Systems [<?w Metropolitan $%8DT mBTzU Regions ";"yb in "?ED9 the 1990s,” Q$UF) Report@m"^e R;ii_prepared v5ZO4 for hQ(jO the CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpU.S. Federal W)AUv Aviation ](/kd X=CBW Administration, Ejm\% 2:N&y Procurement s#'cG vs)<( %R/gv Order LD8n@DTFA01-92-P-01243) Imc;( hLAo, ?g.F) has .uV7k a long ]oBE5 stream rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3of W_(Cm research Ds$Sf establishing )hF3x NILCF the ytPz&basic KlHmYframework Z$=;F for c^r@j the ^HX][study U1]Z-of multiple (2ZW1 airport_[V,( h?+^Y regions. *!p!@ Behavioral `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! have PbFP@ increased e6bnZ understanding mEpPz >^O=b 7kbdUof the factorsbQg:( *iCO>

    Proprietary and Confidential 2 analysis, that of others, and my own work at AITN, Belo Horizonte and around the world, the implications (benefits and costs) to Belo Horizonte, Minas Gerais 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQand Sv rSAITN .6j H lmCtof reintroducing _M5Bg Zs3V G ,!3 and o" KO expanding uU[ p '4W< commercialWXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@at AITN aq6H L WiNand ^S Pampulha Ul !9M I mTaG Airport JAJ7o ,t;5focusing I ZOs Jv D&on >qcsynergies p %/K> 5sdi3 between 08.Y ( "dUthe kE q!z . TAud wY:CBRecommendations Ifs- A j#i 2z IS 9ek V /iLd will C4=cb take &9@s into 5 consideration;vz 3( tV _bg ^ e@v) the d,8S1 economic !ux= 7 _vO development XI cr D<* % 5_cQ needs &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m of m(m`I Belo Vycq Horizonte z WUw CJ and hX Minasn5t 9 VE_j Gerais, w%vOm as wellBut4 4as vC3 requirements ^m fn Hr for tWN>;AITN qosFto attract w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aRather w"1[U than ls_F6 1I7Xgclose gwde5 Pampulha, q5>FW ?E*Iy a potentially DyzTZ .zRly valuableAVG13 4xcwb air wHPoG service a3ED\ strategy CgZvu m)NxO will be &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCproposed )TsUi qj1F( for\yHDt this sMo)B airport ](TXW that %WY4- could "<:tq meet ]E:mj u(BCLlocal o;Rcwbusiness syX&0 needs 5^fGr LH3ev and complement]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sAITN's FS#:l 2xX^# future :X60B hub M:1Y7 status %xbr_ to enhanceK:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%Horizonte "d>;5 #91PQ and w@W0` Minas z#blJ Gerais. plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 3 Cataloguing metropolitan airport systems

    9>H1E QdDYs RAi!$ wPM=@To [o YD nv gLn airports r G6MJ around 3"QOu 1CkO the :world 4(r i0 47 and 0Qo Sassess xjt# 8kIM= the reasons s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@International aq6H L WiN ^S(ACI) Ul !9M and I mTaG aviation JAJ7o surveys,t;5 I ZOs Jv were D& >qc used. p %/K> Focus 5sdi3 08.Yis on ( "dU the kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,FIn 6ey* order = (&Y to ?j qH ,xon M>n information @ DbUE DsW:p on theO#N# metropolitan u 0Gn (P rF na< ;area GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /]in x' which #oM 1 Soa# airports t)8FM are BbAd located % R#a tC supplied n/ 3k/3 fromq Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[regions, \pt;) cjlT: such Ij$8% as eq58/ New g:mUB York, OqvO< multiple Vdf)% nFn_y major a-B>x airports z(n5? VU2I/ are Tw%)%fairly t_i_Aclose GRfnj to one dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+Nanother, gAQX4 4XpUw requiring DlgM< careful v,Ww) 9ECyA route ?w=m[ demarcations jY!Ak hTH]. in yZz?- order o:lKj to t=hp; keep /5kK' traffic K;9%5 from )mB+) the P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty variousG`dXt /$l!( airports dWW`k PzY#s separate. ,SY^M kUr()In other J(h3_ cases, av=,P DJaT/ the airports+^bc` Zoll, are s6;jq quite Cnx0Z distant 6JUR/ _PXE) from @O@'k one &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugwanother. b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicBCatchment <"@,] Kr=J= areas 8gX3e forvXJ#F some aT$80 large o-`]I (R$G]airports `KT"N can Kmn(% be expansive. 3W6\Y \vg93 v.s5DTo illustrate, uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 1 maps ylwQ; the zhLQ7 immediate Om8Tb 0wiau points 7/0Lm T=dpvof origin wnAtx for \Me-X a sample U5JFC 20?Tp of San mj$"o Francisco pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BGjourney FN8v> GOuq- at home, Tw*DH their ^U<_- office, 9AYUr or;?5A` another \A3sp *tx%D location. +2@h/ BKc]cOthers JO*(* are Uv"jp destination ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj%passengers w>tWR _J?=C returning otccc >:eXc home. 1'pn% The d8-T' airport ePx8a )v0!l is on-o?o1 the \2KFC east 3VI\J side NE;4R of the ux(ri peninsula, hz>Q! /]I(+ Zcp*bjust 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F and /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cnnear /Bg>Tthe airport 4+b:< 9J#sc itself, 2*)U: many XowJX passengers aW^et ,sorj H_t/y begin jHHFt their dWWme journeys p$3G( E-8(Kfrom 13w&^ quite g'C:6far south u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2finland. /&mvJ 7;Or1 In additionrqp6) o!bgq XM#=Tto those Jhx-y seen =;$c7 in 'zQUK the figure, a&u0o #Yo>y a small ?PLBl concentration YEY0Q W&l4h \;gfI of k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz"passengers 1xYLI btgJ# began&+(&' ,^NL_ their R4O@: journey MG%OF with Z_wm0 a drive y.]eW from `EagJ asgM-:x far EEeM> as Sacramento XSd]' cpe9b O7oe" and %Jz?keven I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Ya :S8<3few fromXh0TS nearz[R=y LakeWiUbV Tahoe ;Dvnb 7^:W8 on the LqDdf Nevada WuTf( `?=7\border, ;H$I/ hours3c-.V Hxm;/ away. ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H&Among A0xVE the @dNN- largest CqI;$ metropolitan 1Jc?O o?eY? J#CKK multiple "E4yz X?c+lairport o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aalso -bgOV cover xGT4o an extensive bnxHz f*iA, ground[<?w area. $%8DT London, mBTzU ";"ybNew "?ED9 York, Q$UF) and @m"^e Los AngelesR;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3include W_(Cm Ds$Sfsignificant )hF3x NILCF geographic ytPz& KlHmY areas Z$=;F with c^r@j their ^HX][ far-flung U1]Z- (2ZW1 airports _[V,( h?+^Y sometimes *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T2 p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< IoE0,R would 1OGY@ like to ai*k,acknowledge Q6^"o UPy%/ the substantialOFM0! hYyx> input PbFP@ of my e6bnZ Kenan mEpPz Institute >^O=b colleague, 7kbdU bQg:( *iCO>

    Proprietary and Confidential 4 operated by a single regional authority. Stewart Airport, managed by the Port Authority of New York and , is 130 kilometers from New York’s 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQflagship Sv rS .6j Hairport, lmCt _M5Bg John Zs3V F. Kennedy. G ,!3 o" KO uU[ Palmdale p '4W< WXa#z Airport, 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@smaller, aq6H L moreWiN ^S distantUl !9M I mTaGcommercial JAJ7o ,t;5 airports I ZOs Jv D& do >qc not p %/K> offer 5sdi3 viable 08.Y alternatives ( "dU kE q!z . TAud wY:CBmost Ifs- A travelersj#i 2z IS 9ek but,V /iLd because C4=cb &9@s their 5 existence;vz 3( tV _bg affects^ e@v) d,8S1passenger !ux= 7 _vO flows XI cr and D<* prices% 5_cQ in &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m the m(m`I larger Vycq airports, z WUw CJ they hX n5t are 9 VE_j included w%vOm in theBut4 airport4 vC3 ^m regions fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!asource w"1[U for ls_F6 this 1I7Xg study, gwde5 is q5>FW a voluntary ?E*Iy DyzTZ membership .zRly AVG13 4xcwb trade wHPoG association. a3ED\ CgZvu Analysis m)NxO &>*M) is q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQClimited )TsUi qj1F( to the\yHDt airports sMo)B ](TXW reporting %WY4- data."<:tq ]E:mj With u(BCL a few o;Rcw exceptions, syX&0 5^fGr LH3evhowever, ]G@vn most cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+scommercial FS#:l 2xX^# :X60Bairports M:1Y7 do %xbr_ join ACIK:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%aircraft "d>;5 #91PQ movements. w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4over Z^Gp. 1,100 Rpj_E airports T!6C\ ^co17 in 2006.O1#Fu wJj/m This WB+#k was l.:[lan ^hFN0increase '1rOu of .X_e# 61 Y;M"$percent ?2E#4 since jnu)( 1996.fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmApproximately .A.tx +IJW[ W@n9P 3.4 IjT)1 billion, ^9kxr 77<%x-8 percent, Dn2Qg /6j2Fof those JhfqZ passengers;@$I" 4,nY) ?taqZ traveled yn'0E m?4\* through Y`rDV the+9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD209 *;9!U commercial CuvK/ P+=5F airports v.NTx agw0H in the Vcn BZTWF Half N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vtravel 22;JR l&h!:through Ijsk= 3\U9$ the busiestK#XH= &4w06 32 airports Su"GD SmI@G and one-quarter =C6ig S!"-m &1J73 go throughfM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1LnTable <+QyB 2 listswXiH7 the J:PEs 125 /Cw:H busiest eips1 =f-N7air passenger zCu*A <&R+' metropolitan h.@r- m&OCt vabFY regions L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nsize cI2YW order. dLc_] BRL.aThe numbervFYJV h,ahj of 0ix\i airports, %yk7W !z]>8total ?9CjF number *@Ebi of !)N;q recorded =J9o+ \s]&/ aircraft :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVmovements, h"!HC `]fCr o4kr]and E$*6gtotal M)h_qnumber jxn;c of I(d#O passengers aceL+ 7ts[k are UZn^o included. ZdR!# "Ezo_ Fifty-three bq@Lt If637 of t#0l^ the zG=G^ 125 eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag airports Q+eJQ offering n-Dk2 iagS; commercial a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpservice. W)AUv Thirty-seven ](/kd X=CBW of Ejm\% the fifty2:N&y busiest s#'cG vs)<( regions %R/gv containLD8n@ Imc;( multiple hLAo, ?g.F) airports .uV7k ]oBE5with rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T3 p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< PassengersoE0,R 1OGY@ are countedai*k, Q6^"o each UPy%/ time OFM0!they pass hYyx> through PbFP@ an e6bnZ airport, mEpPz so that >^O=b there 7kbdU were bQg:( just over *iCO> two

    Proprietary and Confidential 5 commercial service. Seventy-two of the 125 regions are able to provide service with a single commercial airport; 13 of the top fifty do so. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jTable H lmCt 3 presents_M5Bg Zs3V the G ,!3frequency o" KO uU[ pdistribution '4W< WXa#z 5; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@numbers aq6H L WiN of airports^S Ul !9M Iin mTaG a single JAJ7o region ,t;5 I ZOs ranges Jv D& >qc from p %/K> one 5sdi3 up 08.Yto seven. ( "dU kE q!z . TAud wY:CBpercent, Ifs- A j#i 2z 21, IS of9ek the V /iLd metropolitan C4=cb &9@s 5regions ;vz 3( tV contain_bg ^ e@v) three d,8S1 or !ux= more 7 _vO commercial XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m airports. m(m`I Vycq Almost z WUw CJall hXof n5tthose 9 VE_j regions, w%vOm 18, But4 are 4 among vC3 ^m fnthe Hr 50 tWN>; air passenger qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UTable ls_F6 1I7Xg 4 shows gwde5 the q5>FW average ?E*Iy DyzTZ number .zRly of AVG13 commercial 4xcwb wHPoG airports a3ED\ CgZvufor each m)NxO group &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCof )TsUi five qj1F( regions, \yHDt sMo)Bfrom ](TXWthe busiest %WY4- to"<:tq the ]E:mj least u(BCL busy, o;Rcw along syX&0 with 5^fGr the LH3ev average ]G@vn cqu*9number zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sof FS#:lpassengers 2xX^# :X60B served. M:1Y7 The%xbr_ regions K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%statistical "d>;5 #91PQ effects w@W0` of z#blJ a single plcR$ F="W"outlying Z2eQ& region. S-rd] H`VXJ All of;WL#" the OLH7# groups K\t&l containing O_Wm6 ]Fv.c the XVH33 top K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh50 *rC eQKQ8 average ydCcw 1.5 z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; average zhLQ7 twoOm8Tb or 0wiau more 7/0Lm airports. T=dpv wnAtx The \Me-Xvery U5JFClargest 20?Tp regions mj$"o pUf3Jhave, ;0=[] on ;1u %p3D4average, Z^Gp. Rpj_E more T!6C\ airports. ^co17 O1#Fu Note wJj/m that WB+#k the l.:[lnumber ^hFN0 '1rOuof air .X_e# passengers Y;M"$ ?2E#4 declines jnu)( fAIen rapidly YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmafter .A.tx the +IJW[ first W@n9P group IjT)1 of ^9kxrregions. <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/A careful P+=5F examination v.NTx agw0H Vcnnot the BZTWF only N]-/k "h96w F /)qMb as c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vsmall 22;JR l&h!:as Tel Ijsk= Aviv, 3\U9$ Israel, K#XH= with&4w06 less Su"GD than SmI@G ten =C6igmillion S!"-m passengers &1J73 fM[ Atlanta, Y_jJ, yE%wx the 4v$ETsixth-largest -.wcy 'kQ?1 air jB4-n travel H?R7C market 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnglobally, 9C1Ln <+QyBfunctions wXiH7 effectively J:PEs /Cw:H witheips1 =f-N7 just zCu*Aone airport. <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_]Figure BRL.a 2 contains vFYJV h,ahj a 0ix\iscatterplot %yk7W !z]>8 graphing ?9CjF *@Ebi the !)N;qrank =J9o+ size \s]&/ order :'bPD of zn6v8 airport \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVregions h"!HC against `]fCr o4kr] the E$*6g number M)h_q jxn;cof regional I(d#O aceL+ airports. 7ts[k UZn^o Consistent ZdR!# "Ezo_ with bq@Lt the If637 information t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' drops W@)Ag off Q+eJQsharply n-Dk2 after iagS; the a\Sz+ first yv?5Z several 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$alargest -bgOV regions. xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>)Table GQxVs 5 includes xF\p@ Ozwvy all z=^IJthe metropolitan llgKM @@R88 48BeG regions :blu1 examined e$0aS /:oFc s7._; and [$[fo all airportsLT,m> ,`ZQZ for D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 6 metropolitan regions (São Paulo, ranked 43rd, and Rio de Janeiro, ranked 83rd) and three of the country's airports (Congonhas, ranked 67th, Galão, ranked 131st, 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQand Sv rSGuarulhos, .6j H lmCt _M5Bg ranked Zs3V 133 G ,!3rd) o"fall KO in uU[ our p '4W< global WXa#z study 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@implications aq6H L WiN ^Sfor Ul Belo!9M I mTaGHorizonte JAJ7o ,t;5from I ZOs elsewhere Jv D& >qc p in%/K> the 5sdi3 world, 08.Y it( "dUis advantageous kE q!z . TAud wY:CBto Ifs- be A excluded.j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I InVycq the z WUwU.S. CJand hX much n5t 9 VE_j of Europe w%vOm and But4 Asia, 4 vC3 well-developed^m fn Hr tWN>; ground qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!achoice w"1[U among ls_F6 1I7Xg airports. gwde5 q5>FW Therefore, ?E*Iy DyzTZ the demarcation.zRly AVG13 4xcwb of wHPoGregions a3ED\ is not CgZvu always m)NxO cut&>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCand )TsUi dry. qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l All2xX^# travelers :X60B M:1Y7 value %xbr_ air K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%Especially "d>;5 #91PQ leisure w@W0` travelersz#blJ plcR$ willF="W" often Z2eQ& use S-rd] a H`VXJlarger ;WL#" airport OLH7# that K\t&l is further O_Wm6 ]Fv.cfrom XVH33 their K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShhome *rC flight, eQKQ8 however. ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4Germany, ylwQ; zhLQ7 in cooperation Om8Tb 0wiau 7/0Lm with T=dpv wnAtx \Me-X and U5JFCthe national 20?Tp mj$"o railway, pUf3J ;0=[] has ;1u %p3D4long Z^Gp. history Rpj_E T!6C\of providing ^co17 O1#Fu rapid wJj/m WB+#krail service l.:[l ^hFN0 to funnel'1rOu .X_e# passengers Y;M"$ ?2E#4 throughout jnu)( fAIen YkX*@ the Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmmiddle .A.tx +IJW[ Rhine W@n9P Valley IjT)1 area ^9kxr to <%x-8 Frankfurt Dn2Qg /6j2F International JhfqZ ;@$I" 4,nY)Airport, ?taqZ effectivelyyn'0E m?4\* Y`rDV enlarging +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDthe *;9!U airport’s CuvK/ P+=5F catchment v.NTx agw0H area. Vcn BZTWF N]-/k "h96w F /)qMbthe smaller c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vairports, 22;JR l&h!: which Ijsk= 3\U9$ funnels K#XH= passengers &4w06 Su"GD and SmI@G cargo =C6ig to S!"-mbetter &1J73 connected fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c4 Suzuki W:1&Q (Suzuki, )Y\b/ V,Mk< Yoshinori, x@g*G k@&jO(2007), N"M@B “Modeling iP5y0 and ?\hTw Testing wd(#T the wzs=) 'Two-Step' s-#Rv +%RWD Decision Myt;Q Process )32Jg bzPi#of )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aTravelers -bgOV in xGT4o Airport bnxHz and f*iA, Airline [<?w $%8DT Transportation mBTzU ";"yb Research: "?ED9 Q$UF)Part E: @m"^e Logistics R;ii_ and v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpTransportation W)AUv ](/kdReview X=CBW 43: 1-20) Ejm\% reports 2:N&y that s#'cG as many vs)<( %R/gvas 30 percent LD8n@ of Imc;( all airhLAo, passengers ?g.F) .uV7k in a ]oBE5 small rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3metropolitan W_(Cm Ds$Sf area, )hF3x Des NILCF Moines ytPz& IA, KlHmY drive Z$=;Ftwo hours c^r@j or^HX][ more U1]Z- in search (2ZW1 of _[V,( better h?+^Y service *!p!@ and `8Bqu lower V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! from thePbFP@ Belo e6bnZ Horizonte mEpPz area >^O=b showed 7kbdU a hugebQg:( *iCO>

    Proprietary and Confidential 7 The historical factors leading to the emergence of multiple metropolitan airports 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vPairports ;X>>z c``ein the\ =fe busiest\y io ?^2 j metropolitan"LiJ Skb8@ 7RwT regions. p Pq/ j[ k, F/AHere, y w5q5 the G`6L) critical _Xsz factors p m6G iD in ps the :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CBregions Ifs- A j#i 2zare IS distilled. 9ek V /iLd C4=cb While &9@s idiosyncratic 5 ;vz 3( tV _bg factors ^ e@v) playd,8S1 a !ux= large 7 _vO role, XI cr two D<* systematic% 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m factors m(m`I Vycqaccount z WUw for CJ much hX n5t of9 VE_j the emergence w%vOm But4 of 4 vC3multiple ^m fn Hr tWN>; airports. qosF w ?gq A mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy5 DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[multiple \pt;) cjlT: metropolitan Ij$8% eq58/ g:mUB airports. OqvO< Vdf)% The nFn_y second a-B>x is z(n5? a constraint VU2I/ Tw%)% on t_i_A capacity GRfnj dTv`K at N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+Nestablished gAQX4 4XpUw airports, DlgM< v,Ww) which 9ECyA was ?w=m[ the original jY!Ak hTH]. impetus yZz?- o:lKj for t=hp;AITN. /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!(Consistent dWW`k PzY#s with ,SY^M the kUr()above, J(h3_ the av=,P emergence DJaT/ +^bc` of Zoll, multiple s6;jq Cnx0Z airports 6JUR/ boils_PXE) down@O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugwto b8$+3two basica]7I) v4SKq historical (6]<2 ;sD>L patterns: d)\8I 2y`j] 1) M*@cS addressing H8fzb 6[Rrw inadequate =2Ia) t$e/; 4A:Mdcapacity PymI; at Ep-dI the nz*yq initial Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8commercial owicB <"@,] airport Kr=J= 8gX3e by serially vXJ#F aT$80 building o-`]I (R$G] airports `KT"N to Kmn(% relax 3W6\Y capacity \vg93 constraintsv.s5D uyNx the combined y5I,b Rzplv ihF6U geographic ZEML^ *+"NA expansion +E^)r 5[`^g of GifqZ metropolitan a9!`N V?M(D regions 0e)1m Ip7`R and .u3n2 of ynT>>airport 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4for Z^Gp. the first Rpj_E pattern. T!6C\ ^co17 Metropolitan O1#Fu wJj/m WB+#k expansion l.:[l ^hFN0 is '1rOu a contributing .X_e# Y;M"$ ?2E#4 factor jnu)( tofAIen the YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmsecond, .A.tx +IJW[ less W@n9P common, IjT)1 pattern.^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/Despite P+=5F some v.NTx potential agw0H Vcn BZTWF N]-/k "h96w F /)qMb the c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2fexception /&mvJ 7;Or1 in rqp6) that o!bgq multiple XM#=T Jhx-yairports =;$c7 'zQUKwere a&u0oplanned #Yo>y for ?PLBl military YEY0Q andW&l4h security \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz"reasons. 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh35 W_(CmDespite Ds$Sf a strong )hF3x overall NILCF riseytPz& in KlHmYdemand, Z$=;F there c^r@j are ^HX][U.S. and U1]Z- European (2ZW1 _[V,( cities h?+^Y that *!p!@have been`8Bqu able V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!expanding PbFP@ the e6bnZ stock mEpPzof runways, >^O=b which 7kbdU arebQg:( the *iCO> critical

    Proprietary and Confidential 8 Serial primary airports: The most common path to multiple metropolitan airports 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vPconstraints ;X>>z c``e \at =fe existing \y io ?^2 j airports"LiJ Skb8@ are 7RwT the p primaryPq/ j[ k, F/A factor y w5q5 driving G`6L) _Xsz the p m6G construction iD ps :%b t IGsW of hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CBplanners Ifs- A j#i 2z and IS 9ek officials V /iLd C4=cb generally &9@s 5can ;vz 3(choose tV _bg ^between e@v) d,8S1 a) !ux=expanding 7 _vO XI cr in D<* place, % 5_cQ b) &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m building m(m`I Vycq a newz WUw airport CJ hX n5tand 9 VE_jclosing w%vOm the old But4 one, 4 vC3 and ^m c)fn Hr a tWN>; new airport qosF w ?gq and mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aIn w"1[Ualmost ls_F6 all 1I7Xg regions gwde5 where q5>FW the?E*Iy last DyzTZ option .zRly emerges,AVG13 4xcwb it wHPoGis the a3ED\result CgZvu of intending m)NxO &>*M) – q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCbut )TsUi failing qj1F( \yHDt– to closesMo)B the](TXW older %WY4- airport. "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l Figure2xX^# :X60B 3 summarizes M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%planning. "d>;5 #91PQ The w@W0` first z#blJ consideration plcR$ F="W" Z2eQ& is an S-rd]increase H`VXJ in ;WL#" air passengerOLH7# K\t&l traffic.O_Wm6 ]Fv.c Without XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8a sufficient owicB <"@,] increase Kr=J= 8gX3e in air vXJ#F traffic aT$80 support o-`]I (R$G] for `KT"N additional Kmn(% 3W6\Ycapital \vg93 investment v.s5D uyNx y5I,b receive Rzplv ihF6U little ZEML^ support *+"NA from +E^)r regulatory, 5[`^g GifqZ a9!`N financial, V?M(D 0e)1m or political Ip7`R .u3n2 actors. ynT>> 3YV3> If ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4allowing, Z^Gp. Rpj_E expansion T!6C\ ^co17 in O1#Fu place wJj/m allows WB+#k greater l.:[l ^hFN0 investment '1rOu .X_e# Y;M"$ efficiency ?2E#4 jnu)( and fAIen flexibility YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmthan .A.tx building +IJW[ W@n9P a new IjT)1 airport. ^9kxr <%x-8 That Dn2Qg is, expansion /6j2F JhfqZ ;@$I" in place 4,nY) allows?taqZ yn'0E for m?4\* incremental Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDadditions *;9!U CuvK/ which P+=5F resultv.NTx agw0H in a closer Vcn over BZTWF time N]-/k "h96w F /)qMb impacts c;VBQ of &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vbuilding 22;JR l&h!: a Ijsk= new 3\U9$ greenfield K#XH= &4w06 airport. Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, are yE%wxa major 4v$ET concern -.wcy 'kQ?1 for airportjB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnmanagement. 9C1Ln <+QyB NewerwXiH7 J:PEs major /Cw:H greenfield eips1 =f-N7 zCu*Aairports <&R+' have h.@r- initially m&OCt vabFY cost L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nbillion cI2YW dLc_]for Shanghai’s BRL.a vFYJV h,ahjPudong 0ix\i %yk7W (1999) !z]>8 to $12.1 ?9CjF *@Ebibillion !)N;q for =J9o+ Hong \s]&/ Kong’s :'bPD zn6v8 new \%1&@ airport y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR (1998).F61G, E$"H& The A0xVE new @dNN-Munich CqI;$ airport 1Jc?O o?eY?(1992) J#CKK holds "E4yz an X?c+lintermediate o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cbillion. W:1&Q The )Y\b/ investmentsV,Mk< x@g*G k@&jO needed N"M@B for ground iP5y0 ?\hTw access wd(#T addswzs=) s-#Rvconsiderably +%RWD Myt;Q to these )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpcosts. W)AUv In contrast, ](/kd X=CBW Paris’ Ejm\% Charles 2:N&y de s#'cG Gaulle vs)<( %R/gvAirport LD8n@ added Imc;( two hLAo, new ?g.F) parallel .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Trunways p&r>) GQxVsin the xF\p@1990s Ozwvy at a cost z=^IJ ofllgKM $270 @@R88 million. 48BeG Major :blu1 e$0aS new /:oFc international s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 9 passenger terminals have cost $1 billion to $2 billion, recently. An individual concourse costs significantly less. Expansion in place allows capital investment 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQto Sv be rS incremental, .6j H lmCt _M5Bg hence Zs3V significantlyG ,!3 o" KO uU[ pless '4W< “lumpy.” WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@additions aq6H L WiN to ^Sthe Ul capital !9M I mTaG stock, JAJ7o some ,t;5 I ZOsairports, Jv D& >qc like p %/K>Pampulha, 5sdi3 08.Y cannot ( "dU kE q!z . TAud wY:CBin Ifs- place A j#i 2zdue IS 9ekto Va /iLdlack C4=cb of land. &9@s The 5 ;vz limited 3( tV _bg possibilities ^ e@v) d,8S1 !ux=for 7lengthening _vO XI cr D<* and% 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m adding m(m`I Vycq runways z WUw areCJ hX major n5t 9 factorsVE_j w%vOm in the But4 decision 4 vC3 ^mto fnopen Hr tWN>; regional qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aoften w"1[U preclude ls_F6 1I7Xg long-distance gwde5 q5>FW ?E*Iy service, DyzTZ as .zRly well AVG13 as pose 4xcwb safety wHPoG hazards. a3ED\ CgZvu Several m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCairports, )TsUi qj1F( including \yHDt sMo)B Gatwick ](TXW %WY4- and, "<:tqfor much]E:mj u(BCL of its o;Rcw history, syX&0 Narita, 5^fGr LH3ev have ]G@vn been cqu*9 able zx-R: to ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sprocess FS#:l 2xX^# large :X60B numbers M:1Y7 %xbr_of passengers K:O
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@making aq6H L it WiN suitable ^S Ul !9M for I mTaG almost JAJ7o all ,t;5flights. I ZOs Jv The D& >qc option p %/K> of 5sdi3 expanding 08.Y ( "dU in kE q!z . TAud wY:CBnot Ifs- openA j#i 2z to IS all9ek airports,V /iLd C4=cb however. &9@s 5 ;vz Few 3( tV airports _bg ^ e@v) have d,8S1 been !ux= 7able _vO toXI crsuccessfully D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m make m(m`I transitions Vycq z WUw acrossCJ hX n5t the 9 VE_jgenerations w%vOm But4of commercial 4 vC3 ^m fn Hr which tWN>; have qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a(1) w"1[U grassy ls_F6 field 1I7Xg to gwde5 hardened q5>FW runways?E*Iy DyzTZ to .zRly (2) AVG13an ability 4xcwb to wHPoG handle a3ED\ jet CgZvu aircraft m)NxO to &>*M)the q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCcapacity )TsUi qj1F( to \yHDt (3) handle sMo)B ](TXW large %WY4- jumbo "<:tq jets ]E:mj on u(BCLsystems o;Rcw of syX&0 parallel 5^fGr runways. LH3ev ]G@vn Some cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+swere FS#:l hemmed 2xX^# :X60B in M:1Y7by natural %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%urban "d>;5 #91PQdevelopment w@W0` z#blJ (Chicago plcR$ F="W" Midway). Z2eQ& S-rd] Berlin H`VXJ Tempelhof, ;WL#" OLH7# opened K\t&l O_Wm6 in 1923, ]Fv.c XVH33is still K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShin *rC eQKQ8construction, ydCcw z`& to BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4Hong ylwQ; Kong, zhLQ7 Denver Om8Tb 0wiau CO, 7/0Lm Munich, T=dpv Austin wnAtx \Me-X TX, U5JFCand Singapore 20?Tp mj$"o pUf3Jare ;0=[] ;1u %p3D4prominent Z^Gp. Rpj_E metropolitan T!6C\ ^co17 O1#Fu regions wJj/m WB+#k that have l.:[l ^hFN0 followed '1rOu .X_e# the Y;M"$ second ?2E#4 option jnu)( fAIen of closingYkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmthe .A.tx older +IJW[ airport. W@n9P IjT)1With ^9kxr passenger <%x-8 Dn2Qg scale /6j2F similar JhfqZ ;@$I"to Belo 4,nY) Horizonte, ?taqZ yn'0E m?4\*both Y`rDVBangalore +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDand *;9!U Hyderabad CuvK/ P+=5F in v.NTx India agw0H opened Vcnsecond BZTWF N]-/k "h96w F /)qMb more c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vdistant 22;JR l&h!: from Ijsk= the 3\U9$ city K#XH= they &4w06serve Su"GD than SmI@Gthe airport =C6ig S!"-mthey &1J73replace, fM[ replacedY_jJ, yE%wx Le 4v$ET Bourget, -.wcy 'kQ?1 which jB4-n is H?R7C now 76g;2used d(aB' for oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnbusiness 9C1Ln aviation,<+QyB wXiH7 in J:PEs1962. /Cw:H Earlier, eips1 =f-N7 La Guardia zCu*A <&R+' Airport h.@r- m&OCt replaced vabFY two L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Ncloser cI2YW- dLc_]in New BRL.a York vFYJV City h,ahj airports 0ix\i %yk7W which !z]>8 were?9CjF *@Ebi then !)N;qalso =J9o+closed \s]&/ to :'bPD commercial zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVtraffic. h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' generally W@)Ag Q+eJQ accompanied n-Dk2 iagS; a\Sz+growing yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$apopulation -bgOV xGT4o and bnxHz the f*iA,rising [<?w $%8DT for air mBTzU travel. ";"yb Therefore, "?ED9 Q$UF) when @m"^e capacity R;ii_ v5ZO4 was hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tconstrained p&r>) GQxVs at existing xF\p@ Ozwvy airports z=^IJ llgKM by an @@R88 inability 48BeG to :blu1 extend e$0aS or /:oFc add s7._; runways [$[fo LT,m> or ,`ZQZ by a D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 12 often significantly more distant from established population and employment centers than the existing airports. In those cases, the pressure to keep the 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQoriginal Sv rS .6j airportH lmCt _M5Bg was sometimes Zs3V G ,!3 o" KOoverwhelming. uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@category. aq6H L WiN O’Hare’s ^S Ul !9M much I mTaG smallerJAJ7o ,t;5 predecessor, I ZOs Jv D& >qc pMidway, %/K> 5sdi3 is 08.Y now ( "dU open kE q!z . TAud wY:CBclosed Ifs- A j#i for 2z ISdecades. 9ek V /iLd Chicago’s C4=cb &9@s Midway 5 ;vz 3( tV Airport_bg ^ e@v) has d,8S1 runways !ux= 7 _vO that XI onlycr D<* reach % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m 1,988 m(m`I meters, Vycq z WUw which CJ hXis toon5t 9short VE_j forw%vOm most But4 widebody 4 vC3 ^m jets.fn Hr tWN>; Midway qosF w is?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aresidential w"1[U ls_F6 noise. 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(Safety \yHDt is sMo)Balso a](TXW problem %WY4- at "<:tq Midway. ]E:mj u(BCL In 2007o;Rcw asyX&0 B737 5^fGr jet overranLH3ev ]G@vn the cqu*9 runway zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sand FS#:l crashed 2xX^# :X60B through M:1Y7 the %xbr_ airport K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%occupants. "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC 3,963 eQKQ8 meters ydCcw which z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 LoopylwQ; zhLQ7 while Om8Tb Midway 0wiau is7/0Lm only T=dpv 9 miles. wnAtx \Me-XDallas-Fort U5JFC 20?Tp Worth mj$"o (20 pUf3J miles) ;0=[] ;1u %p3D4Love Z^Gp. Field Rpj_E (6 T!6C\ miles), ^co17 Dulles O1#Fu wJj/m (25 miles)WB+#k l.:[land ^hFN0 Washington '1rOu .X_e# Y;M"$National ?2E#4 (4jnu)( miles), fAIen YkX*@ Bush Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmIntercontinental .A.tx +IJW[ W@n9P (18 IjT)1 miles) ^9kxr and<%x-8 Hobby Dn2Qg /6j2F (10 miles)JhfqZ ;@$I" – the 4,nY) second ?taqZ yn'0E airport m?4\* in Y`rDV each +9O.a pair *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDbeing *;9!U theCuvK/ smaller P+=5F v.NTx predecessor agw0H Vcnall used. BZTWF In N]-/k "h96w F /)qMb capacity c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vat 22;JR the l&h!:newer Ijsk= airport 3\U9$ K#XH= to absorb &4w06 full Su"GD demand SmI@G =C6igwas aS!"-m key &1J73 reason fM[ airport. Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1LnCharles <+QyB wXiH7de Gaulle J:PEs /Cw:Hand Orly eips1 =f-N7are both zCu*A still <&R+' in h.@r- service. m&OCt Pudong vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!NSuvarnabhumi cI2YW dLc_] BRL.a and vFYJV Don h,ahj Muang, 0ix\i %yk7W Incheon !z]>8 ?9CjF and *@Ebi Gimpo, !)N;q and=J9o+ KLIA \s]&/ :'bPD and zn6v8 Subang \%1&@ are y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVonly h"!HC a few `]fCr of o4kr] the E$*6gmore M)h_q recent jxn;c examples I(d#O aceL+ of 7ts[k dual UZn^o airports ZdR!# resulting "Ezo_ bq@Lt from If637 thet#0l^ recent zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag issues Q+eJQ arose n-Dk2 at PudongiagS; a\Sz+ andyv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aSuvarnabhumi -bgOV xGT4o bnxHz leading f*iA, to[<?w predecessor $%8DT mBTzU airports ";"yb "?ED9remaining Q$UF) @m"^e open. R;ii_ Buenos v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\TAires, p&r>) Taipei, GQxVs Rio xF\p@ de OzwvyJaneiro, z=^IJ and llgKM São @@R88 Paulo 48BeG also :blu1needed e$0aS to /:oFc build s7._; new [$[fo airportsLT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 13 were impractical. In each case, a combination of capacity needs and the distance to the newer airport resulted in successful pressure to maintain service at the 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQoriginal Sv rS .6j airport,H lmCt _M5Bg despite Zs3V runway G ,!3 o" KO safety uU[ p '4W; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@Some aq6H exceptional L WiN ^S Ul !9M histories I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m airports m(m`I Vycq being z WUw in operation,CJ hX n5t 9 VE_j the newer w%vOm airport But4 4 vC3was ^m the fn Hr primary tWN>; qosF airport. w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!acommercial w"1[U ls_F6 1I7Xgairports gwde5 planned q5>FW ?E*Iy to absorb DyzTZ .zRly traffic AVG13 overflow. 4xcwb wHPoG In these a3ED\ CgZvucases, m)NxO runway &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQClength )TsUi qj1F( was \yHDt not asMo)B constraint ](TXW %WY4- at the "<:tq established ]E:mj u(BCL airport. o;Rcw syX&0 Gatwick, 5^fGr LH3ev in operation ]G@vn cqu*9 since zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sthe FS#:l 1920s, 2xX^# was :X60B re-developed M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%Heathrow. "d>;5 #91PQ w@W0`The process z#blJ plcR$ was F="W" repeated Z2eQ& with S-rd] H`VXJthe development ;WL#" OLH7# K\t&l of Stansted. O_Wm6 ]Fv.c Despite XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShcrowding, *rC eQKQ8 has ydCcw remained z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 long ylwQ; runways, zhLQ7 Om8Tb and convenience0wiau 7/0Lm T=dpv to wnAtxlarge \Me-X residential U5JFC 20?Tp areas mj$"o most pUf3J prized ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BGeminence. FN8v> GOuq- A Tw*DH major ^U<_- new 9AYUr terminal ;?5A` (Terminal\A3sp *tx%D +2@h/5) recently BKc]c JO*(* opened Uv"jp and ;KjMw efforts `0J7h muygcto add abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDa *;9!Uthird CuvK/ runway P+=5F are v.NTx pushing agw0H Vcn BZTWF N]-/k "h96w F /)qMb Runway c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vlength 22;JR l&h!: is not Ijsk= a 3\U9$limitation K#XH= but&4w06 the Su"GD expansion SmI@G =C6igof traffic S!"-m &1J73at the fM[ and Y_jJ, publicyE%wx 4v$ETsentiment -.wcy 'kQ?1 which jB4-n has H?R7C also 76g;2 resulted d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnin a 9C1Lnpartial <+QyB ban wXiH7 on night J:PEs flights./Cw:H eips1 Extra =f-N7 capacity zCu*A <&R+' is needed.h.@r- m&OCt Lufthansa, vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nprimary cI2YW dLc_] German BRL.a vFYJV airline, h,ahj has 0ix\i shifted %yk7W !z]>8 some ?9CjF of its*@Ebi hub !)N;q operations =J9o+ \s]&/ to:'bPD Munich zn6v8 \%1&@ airport y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVin response. h"!HC `]fCr o4kr]Munich E$*6g Airport, M)h_q jxn;c although I(d#O aceL+ in 7ts[k a different UZn^o ZdR!# metropolitan "Ezo_ bq@Lt If637region, t#0l^ acts zG=G^ as eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' Frankfurt W@)Ag Q+eJQ operating n-Dk2 iagS; at a\Sz+ full yv?5Z capacity, 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 14 Lufthansa has also shifted some cargo operations to Frankfurt-Hahn airport, a former military base 120 km from Frankfurt.7 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jThe H lmCt New _M5Bg York Zs3V area G may,!3 o" KObe uU[the p only '4W< exampleWXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@Airport aq6H L opened WiN ^S Ul in !9M late I mTaG 1939, JAJ7o someone ,t;5 I ZOs flying Jv D& >qcto Newp %/K> York 5sdi3 might08.Y ( "dU very kE q!z . TAud wY:CBlanded Ifs- A j#i in2z Newark.IS 9ek V /iLd Fiorello C4=cb &9@s La Guardia5 ;vz 3( tV _bgfamously ^ e@v) d,8S1 once !ux= demanded 7 _vO XI cr that, D<* % since 5_cQ he &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m had m(m`I a ticket Vycq z toWUw “New CJ hX York,” n5t 9 VE_j he be w%vOm flown But4 from 4 vC3 Newark ^m fn Hr Bennett tWN>; qosF Field w ?gq in mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aname. w"1[U The ls_F6 primary 1I7Xg gwde5 New q5>FW York ?E*Iy region DyzTZ airports.zRly AVG13 were 4xcwb later wHPoG joined a3ED\ under CgZvu m)NxOthe &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCcommon )TsUi qj1F( management \yHDt sMo)B ](TXW of the %WY4- Port "<:tq Authority ]E:mj u(BCL of o;Rcw New syX&0 York 5^fGr and LH3ev New ]G@vn Jersey. cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%Metropolitan "d>;5 #91PQ w@W0` expansion z#blJ plcR$ and F="W" the Z2eQ& accumulation S-rd] H`VXJ ;WL#" of airports OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 regions ydCcw and z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4substitute Z^Gp. Rpj_E for T!6C\ the ^co17region’s O1#Fu primary wJj/m WB+#k airport. l.:[l ^hFN0 The '1rOu peripheral .X_e# Y;M"$ airports ?2E#4 jnu)( do fAIen absorb YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmpassengers .A.tx +IJW[ W@n9Pfrom the IjT)1 periphery ^9kxr <%x-8 of Dn2Qg the primary /6j2F JhfqZ airport’s ;@$I" 4,nY) catchment ?taqZ yn'0E m?4\*area, Y`rDV however. +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/New P+=5FYork v.NTxhas gained agw0H Vcnmiles BZTWF N]-/k "h96w F /)qMb c;VBQPort &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#VAuthority 22;JR l&h!: Ijsk=control, 3\U9$ areK#XH= increasingly &4w06 Su"GD surrounded SmI@G =C6ig byS!"-m population &1J73 fM[ Y_jJ, airport yE%wx but 4v$ET as -.wcythe region 'kQ?1 jB4-n has H?R7C expanded, 76g;2 d(aB' it oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnhas 9C1Lnencompassed <+QyB wXiH7 an J:PEsincreasing /Cw:H eips1 number =f-N7 zCu*A of airports. <&R+' h.@r- John m&OCt Wayne vabFY AirportL/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!NOrange cI2YW dLc_] County BRL.a andvFYJV Ontario h,ahj 0ix\i Airport %yk7W !z]>8 near ?9CjF Riverside *@Ebi !)N;q (which =J9o+ is\s]&/ owned :'bPD zn6v8 and \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVoperated h"!HC `]fCr by theo4kr] City E$*6g of M)h_q Los jxn;cAngeles I(d#O alongaceL+ 7ts[k with UZn^o Los ZdR!# Angeles "Ezo_ International bq@Lt If637 t#0l^ (LAX), zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a7 It is-bgOV unclear xGT4o why bnxHz - f*iA, [<?wAirport, $%8DT which mBTzU is only ";"yb 40 km"?ED9 further Q$UF) from @m"^e Frankfurt R;ii_ v5ZO4 than hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpHahn, W)AUvcloser to ](/kd major X=CBW cargo Ejm\% and passenger 2:N&y s#'cG markets, vs)<( %R/gv and better LD8n@ served Imc;( by hLAo, ground ?g.F) access .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3infrastructure, W_(Cm Ds$Sf was)hF3x not NILCF chosen ytPz& for KlHmY that function. Z$=;F c^r@j Cologne-Bonn ^HX][ U1]Z- (2ZW1Airport’s _[V,( runways h?+^Y *!p!@ are `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! serves PbFP@ as a UPSe6bnZ hub, mEpPz does >^O=b not have 7kbdU a night bQg:( flight *iCO>

    Proprietary and Confidential 15 Van Nuys (VNY), and LA/Palmdale Regional (PMD) Airports) have been engulfed by the LA region’s growth. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jHong H lmCt Kong _M5Bg may Zs3V now G ,!3 beo" KOaffected uU[ p '4W< by aWXa#z similar 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*[email protected]. aq6H area L WiN now ^S Uleffectively !9M I mTaG encompasses JAJ7o ,t;5 I ZOs JvBaltimore D& >qc p %/K> and 5sdi3 much 08.Y of ( "dUNorthern kE q!z . TAud wY:CBVirginia, Ifs- A j#i 2z adding IS 9ek V /iLdanother C4=cb airport &9@s 5 to;vz the3( tV region’s _bg ^ e@v) total. d,8S1 (Reagan!ux= 7 _vO NationalXI cr D<* % and 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m Dulles m(m`I VycqAirports z WUw are CJ nowhX n5t under 9 VE_j the w%vOm management But4 4 vC3 of^m Metropolitan fn Hr tWN>; Washington qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aInternational, w"1[U ls_F6 1I7Xg Oakland, gwde5 q5>FW and ?E*IySan Jose)DyzTZ that .zRly wereAVG13 each 4xcwb originally wHPoG a3ED\ oriented CgZvu m)NxO towards &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCseparate )TsUi qj1F( markets. \yHDt sMo)B Those ](TXW markets %WY4- "<:tq have ]E:mj largely u(BCL o;Rcwgrown syX&0 together, 5^fGr LH3ev as was ]G@vn illustrated cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sin FS#:lFigure 2xX^# 1. :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQDallas-Fort w@W0` z#blJWorth plcR$ Airport F="W" Z2eQ& is possibly S-rd] H`VXJ the prime;WL#" OLH7# example K\t&l ofO_Wm6 a large ]Fv.c airport XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShbeing *rCexpansion. eQKQ8 ydCcwAs the z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 the U.S. ylwQ; Federal zhLQ7 Om8Tb Aviation 0wiau 7/0Lm Administration T=dpv wnAtx \Me-X became U5JFC increasingly 20?Tp mj$"o pUf3J reluctant ;0=[] ;1u %p3D4continue Z^Gp. Rpj_E investing T!6C\ ^co17 in separateO1#Fu wJj/m airports WB+#k l.:[l in ^hFN0 each '1rOu city .X_e# that Y;M"$undermined ?2E#4 jnu)( servicefAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmquality .A.tx +IJW[ and W@n9Pfinancial IjT)1 economies ^9kxr <%x-8 Dn2Qgby duplicating /6j2F JhfqZ ;@$I"each 4,nY) other. ?taqZ A yn'0E new, m?4\* larger Y`rDV airport +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDsited *;9!U midway CuvK/ P+=5F between v.NTx agw0H the two Vcn and BZTWF N]-/k "h96w F /)qMb inc;VBQ the &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#VU.K. 22;JR Midlands l&h!: Ijsk= 3\U9$ where K#XH= some &4w06 airports Su"GD serveSmI@G multiple =C6ig S!"-m metropolitan &1J73 fM[ Y_jJ, regions yE%wx 4v$ETare, strictly -.wcy 'kQ?1 speaking, jB4-n H?R7C multiple 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnairport 9C1Ln regions. <+QyB wXiH7 Most J:PEs have /Cw:H multiple eips1 =f-N7 airports zCu*A <&R+' even h.@r- if only m&OCt one vabFY has L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nservice. cI2YW dLc_] In BRL.aDetroit, vFYJV for h,ahj example, 0ix\i %yk7W all three!z]>8 ?9CjF of the *@Ebi region’s !)N;q =J9o+ serial \s]&/ primary :'bPD zn6v8 airports, \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVDetroit h"!HC City, `]fCr o4kr]Willow E$*6g Run, M)h_q and jxn;c Detroit I(d#O aceL+ Metro 7ts[k Wayne, UZn^o ZdR!# are "Ezo_still inbq@Lt operation. If637 t#0l^ OnlyzG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag however. Q+eJQ Kansasn-Dk2 iagS; City’s a\Sz+ yv?5Zclose-in 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aformer -bgOV primary xGT4o bnxHz airport f*iA, (now[<?w a general $%8DT aviation mBTzU ";"yb airport), "?ED9 Q$UF) despite @m"^e having R;ii_ v5ZO4 the hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Trunway p&r>) capacity GQxVs xF\p@ to land Ozwvy wide-body z=^IJ llgKM @@R88aircraft, 48BeG does :blu1 not e$0aS provide /:oFc s7._;any [$[fo commercial LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 16 And a number of metropolitan regions could potentially operate more airports than they do. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jThe H lmCt need _M5Bg for some Zs3V G airports ,!3 o" KO isuU[ sufficiently p '4W< WXa#z low 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@example, aq6H L WiN are ^S now Ul !9M the I mTaG sites JAJ7oof shopping ,t;5 I ZOs Jv centers D& >qc pand %/K> parks. 5sdi3 08.Y Denver's ( "dU kE q!z . TAud wY:CBInternational Ifs- A j#i 2z IS 9ek Airport, V /iLd C4=cb which &9@s as closed5 ;vz 3( tV when _bg ^ e@v)the new d,8S1 Denver !ux= 7 _vO International XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m Airport m(m`I Vycq opened z WUw in CJ 1993, hX n5t has 9 VE_j become w%vOm a highly But4 4 successfulvC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UMilitary ls_F6 1I7Xg conversions, gwde5 q5>FW ?E*Iyin the DyzTZ U.K., .zRly , AVG13 4xcwb and, wHPoG to some a3ED\ extent, CgZvu m)NxO the U.S. &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQChave )TsUi added qj1F( \yHDt to the sMo)B supply ](TXW of%WY4- metropolitan "<:tq ]E:mj u(BCL airports. o;Rcw syX&0Because 5^fGr of LH3ev prior ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sinfrastructure FS#:l 2xX^# :X60B investment, M:1Y7 %xbr_ these K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%whereas "d>;5 #91PQ a new w@W0` greenfield z#blJ plcR$ airport F="W" Z2eQ& (one builtS-rd] H`VXJ from ;WL#" scratch) OLH7# would K\t&l O_Wm6not be, ]Fv.c allowing XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSha multiple*rCwould eQKQ8 otherwise ydCcw z`& a BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 in ylwQ; military zhLQ7 Om8Tbconversions 0wiau 7/0Lm the T=dpv major wnAtx capital \Me-X investment U5JFC 20?Tp mj$"ois a sunk pUf3J ;0=[]cost. ;1u %p3D4upgrading Z^Gp. Rpj_E and T!6C\ expansion ^co17 O1#Fu of wJj/m a limited WB+#k l.:[l subset ^hFN0 of '1rOu existing .X_e# Y;M"$ general ?2E#4 aviation jnu)( fAIen airportsYkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmhas .A.tx also +IJW[ added W@n9P to theIjT)1 supply ^9kxr <%x-8 of metropolitanDn2Qg /6j2F JhfqZ airports. ;@$I" 4,nY) Sometimes ?taqZ yn'0E m?4\* local Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDdevelopment *;9!U CuvK/ P+=5F boosters v.NTx agw0Hhave Vcn airline BZTWF N]-/k "h96w F /)qMb major c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vexisting 22;JR l&h!: airport Ijsk= 3\U9$ systems. K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyBClassifying wXiH7 J:PEs /Cw:Hmetropolitan eips1 =f-N7 zCu*A multiple <&R+' h.@r- airport m&OCt vabFY systems L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TSIn order z[R=y to WiUbV develop ;Dvnb a 7^:W8 typology LqDdf ofWuTf( metropolitan `?=7\ ;H$I/ 3c-.V airport Hxm;/ ^gY(*systems D^Xw# a set _6A!' of VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR airportsF61G, E$"H& in majorA0xVE @dNN-metropolitan CqI;$ 1Jc?O areas o?eY? were J#CKK examined. "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cthree W:1&Q data )Y\b/ sources. V,Mk< x@g*G First, k@&jO data are N"M@B examined iP5y0 ?\hTw on wd(#Tthe busiest wzs=) s-#Rv 50 +%RWDmetropolitan Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpregions W)AUv globally ](/kd X=CBW to obtain Ejm\% a broad2:N&y s#'cGcomparative vs)<( %R/gv picture LD8n@ Imc;(of multiple hLAo, ?g.F) airport .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tregions. p&r>) AsGQxVs documented xF\p@ Ozwvy above, z=^IJ llgKM multiple @@R88 airports 48BeG :blu1 are e$0aS less /:oFc common s7._; [$[fo in LT,m>the smaller ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 17 regions. Then, a more detailed picture is presented using multiple airport systems in the U.S. Finally, case study data are used to provide illustrative 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQevidence Sv rS .6j H of lmCt the _M5Bg costs Zs3Vand Gbenefits ,!3 o" KO ofuU[ having p '4W< WXa#zmultiple 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I TableVycq z WUw7 summarizes CJ hX n5t 9 VE_jthe information w%vOm But4 on4 vC3 passenger ^m fn Hr tWN>; among qosF w ?gqthe mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!awhere w"1[U multiple ls_F6 1I7Xg commercial gwde5 q5>FW airports?E*Iy DyzTZ are .zRly present, AVG13 4xcwbthe busiest wHPoG a3ED\airport CgZvu accounts m)NxO &>*M) for q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCan )TsUi average qj1F( \yHDt of 77 sMo)B percent ](TXW of %WY4- all metropolitan "<:tq ]E:mj u(BCL air o;Rcw passengers. syX&0 5^fGr The LH3ev second-busiest ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sairport FS#:l 2xX^# accounts :X60B for M:1Y7 19 %xbr_percent K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%when "d>;5 multiple#91PQ w@W0` airports z#blJ plcR$ are F="W"in operation, Z2eQ& S-rd] the H`VXJ second-busiest ;WL#" OLH7# airportK\t&l O_Wm6 accounts ]Fv.c XVH33 for, K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShon *rC of the eQKQ8 primary ydCcw airport. z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4Osaka, Z^Gp. andRpj_E Moscow, T!6C\ ^co17 doesO1#Fu the wJj/m second WB+#k l.:[lairport ^hFN0 carry '1rOu .X_e# three-fourths Y;M"$ ?2E#4 asjnu)( many fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmpassengers .A.tx +IJW[ W@n9Pas the primaryIjT)1 ^9kxr airport<%x-8 Dn2Qg and /6j2Fin only JhfqZ five ;@$I" additional 4,nY) ?taqZ yn'0Eregions, m?4\* London, Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDTokyo, *;9!U CuvK/ Miami, P+=5F Shanghai, v.NTx agw0H and Vcn the BZTWF N]-/k "h96w F /)qMb The c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vinclusion 22;JR l&h!: ofIjsk= some 3\U9$ rather K#XH= small &4w06 secondarySu"GD SmI@G airports =C6ig S!"-m in &1J73the dataset fM[ Y_jJ,does yE%wx not change 4v$ET -.wcy the 'kQ?1 main jB4-n findings H?R7C 76g;2 of the d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnanalysis. 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVThe h"!HC effect `]fCr of o4kr]capacity E$*6g M)h_qand rangejxn;c I(d#O on aceL+ traffic 7ts[k distribution UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&QIn )Y\b/ most V,Mk< multiple x@g*G airportk@&jO N"M@B regions, iP5y0 the ?\hTw primary wd(#T wzs=) airport s-#Rv (measured +%RWD Myt;Q in )32Jgterms bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpof passenger W)AUv ](/kd numbers) X=CBW Ejm\% serves 2:N&y the greatests#'cG vs)<( number %R/gv LD8n@ and Imc;(range hLAo, of destinations ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tincluding p&r>) GQxVs most xF\p@long Ozwvydistance z=^IJ travel llgKM while@@R88 the 48BeG secondary :blu1 e$0aS airport(s) /:oFc s7._; [$[fo handle LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 18 regional traffic. In a few cases, however, a secondary airport specializes in long distance and international traffic. That occurs in Tokyo and Osaka where 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQdomestically-focused Sv rS .6j H lmCt _M5Bg Zs3V Haneda G ,!3 o" and KO uU[Itami, p '4W< respectively, WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@National aq6H L WiN for ^Smany Ul !9M years. I mTaG In JAJ7o Orlando ,t;5 I ZOs a Jvmuch D& >qc smaller p %/K> 5sdi3airport 08.Y has ( "dU a kE q!z . TAud wY:CBdisproportionate Ifs- A j#i 2z IS 9ek V /iLdshare C4=cb of international &9@s 5 ;vz 3( tV travel. _bg ^ e@v) Thus, d,8S1 the !ux= relationship 7 _vO XI cr D<* between % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m the m(m`I number Vycq z ofWUw passengers CJ hX n5t 9 and VE_j an w%vOm ability But4 to handle 4 vC3 ^m long-distance fn Hr tWN>;flights qosF is a w major ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UThe ls_F6 basic 1I7Xg bottomgwde5 q5>FW line ?E*Iyis that DyzTZ regional .zRly AVG13 airport 4xcwb capacity wHPoG a3ED\ constraints, CgZvu m)NxO and &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCespecially )TsUi qj1F( those\yHDt sMo)B at the ](TXW primary %WY4- airport, "<:tq ]E:mj are u(BCL an importanto;Rcw syX&0 factor5^fGr LH3ev affecting ]G@vn the cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sdistribution FS#:l 2xX^# :X60Bof passengers M:1Y7 %xbr_ among K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%primary "d>;5 #91PQ airport w@W0` the z#blJ distribution plcR$ F="W" of Z2eQ& passengers S-rd] H`VXJ among ;WL#" OLH7#airports K\t&l in O_Wm6New York, ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShWashington, *rC more eQKQ8 uneven, ydCcw as z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; As zhLQ7 is discussed Om8Tb 0wiau further 7/0Lm T=dpvbelow, wnAtx relative \Me-X distanceU5JFC 20?Tp from mj$"o established pUf3J ;0=[] ;1u %p3D4employment Z^Gp. Rpj_E T!6C\ and ^co17population O1#Fu wJj/m centers WB+#k is l.:[l an ^hFN0 additional '1rOu .X_e# factor Y;M"$ is ?2E#4 determining jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmpassenger .A.tx +IJW[ distribution W@n9P IjT)1 ^9kxr among <%x-8 airports. Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!:In order Ijsk= 3\U9$ to further K#XH= &4w06characterize Su"GD SmI@G the nature =C6ig S!"-m of regional &1J73 fM[ of Transportation Y_jJ, yE%wx 4v$ET Statistics -.wcy 'kQ?1 to jB4-n examine H?R7C 76g;2the d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCncharacteristics 9C1Ln <+QyB ofwXiH7 the J:PEsusers /Cw:H of airports. eips1 =f-N7 ThereforezCu*A <&R+' thish.@r- detailed m&OCt vabFY analysis L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nonly cI2YW U.S. dLc_] airports. BRL.a vFYJV The h,ahj total 0ix\i number %yk7W !z]>8 of passengers?9CjF *@Ebi !)N;q at each =J9o+ airport \s]&/ :'bPD were zn6v8 tracked \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfValong h"!HC with `]fCr the o4kr] number E$*6g M)h_q using jxn;c low-cost I(d#O aceL+ carriers 7ts[k UZn^o and theZdR!# number "Ezo_ bq@Lt traveling If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' and W@)Ag the Q+eJQ average n-Dk2 distance iagS; a\Sz+ flown yv?5Z 6ET?e were top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpalso measured. W)AUv ](/kd X=CBWResults Ejm\% are presented 2:N&y s#'cG forvs)<( major %R/gv U.S.LD8n@ multi-airport Imc;( hLAo, ?g.F) regions. .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 19 There are several different types of regional multi-airport systems in the U.S. Nevertheless, each boils down to a primary airport and one or more clearly 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQsecondary Sv rS .6j H lmCt airports _M5Bg that Zs3V opportunistically G ,!3 o" KO uU[ p '4W< fill WXa#z market 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6HWith L WiN higher^S Ul !9M costs I mTaG and JAJ7o capacity ,t;5 I ZOs constraints Jv D& >qc p %/K> at their 5sdi3 primary 08.Y ( "dU airports, kE q!z . TAud wY:CBsecondary Ifs- A j#i 2z IS airports 9ek V /iLd in C4=cb Chicago, &9@s Dallas-Fort 5 ;vz 3( tV _bg Worth,^ e@v) d,8S1 and !ux=Houston 7 _vO XI specialize cr D<* % 5_cQ in &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m serving m(m`I Vycq low-cost z WUw carriers.CJ hX n5t 9 VE_jThere w%vOm is, however, But4 4 vC3 no ^mconsistent fn Hrairport tWN>; division qosF w of?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aairport w"1[U servesls_F6 1I7Xg low-cost gwde5 q5>FW carriers ?E*Iy – DyzTZin a few, .zRly such AVG13 as 4xcwb New wHPoG York, a3ED\ Los CgZvu Angeles, m)NxO and &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCBoston, )TsUi qj1F( serving \yHDt sMo)B the plurality, ](TXW %WY4- and "<:tq sometimes ]E:mj u(BCL the o;Rcw majority, syX&0 5^fGr of regional LH3ev ]G@vn low-cost cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+scarrier FS#:l 2xX^#passengers. :X60B M:1Y7 For %xbr_ example, K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%a much"d>;5 #91PQ larger w@W0` number z#blJ plcR$of low-cost F="W" Z2eQ& carrier S-rd] passengers H`VXJ ;WL#" than OLH7# Newark. K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC however, eQKQ8 ydCcwthe low-cost z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; spacezhLQ7 Om8Tblimitations 0wiau 7/0Lm long T=dpv ago wnAtxresulting \Me-X in U5JFC the 20?Tpconstruction mj$"o pUf3J of ;0=[] larger ;1u %p3D4airports, Z^Gp. Rpj_E more T!6C\ distant ^co17 O1#Fufrom wJj/m population WB+#k l.:[l and ^hFN0 business '1rOu .X_e# centers. Y;M"$ ?2E#4 Low-cost jnu)( fAIen carriers, YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmwhich .A.tx +IJW[so far W@n9P do not IjT)1 offer ^9kxr inter-continental <%x-8 Dn2Qg /6j2F JhfqZservice, ;@$I" eventually 4,nY) ?taqZ yn'0Etook m?4\* over Y`rDV the +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDformer *;9!U CuvK/ primary P+=5F airport. v.NTx agw0H In otherVcn carriers BZTWF is N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!:Most Ijsk= of 3\U9$ the preceding K#XH= &4w06 discussion Su"GD SmI@G of multiple=C6ig S!"-m airport &1J73 fM[ Y_jJ, of serialyE%wx primary4v$ET -.wcy airports 'kQ?1 jB4-n discussed H?R7C 76g;2 in d(aB' the oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnprevious 9C1Ln <+QyBsection. wXiH7 In J:PEsaddition, /Cw:H eips1U.S. =f-N7 regions zCu*A have <&R+' spread h.@r- m&OCt out sufficiently vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nairports cI2YW dLc_] grow BRL.a on vFYJV the basis h,ahj 0ix\i of serving%yk7W !z]>8 a subset ?9CjF *@Ebi of the !)N;q region. =J9o+ \s]&/ Much :'bPD of zn6v8 the \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' Airways, W@)Ag ExpressJet, Q+eJQ n-Dk2 Frontier iagS; a\Sz+ Airlines, yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cJetBlue W:1&Q Airways, )Y\b/ V,Mk< Skybus x@g*G Airlines, k@&jO Southwest N"M@B iP5y0 Airlines, ?\hTw Spirit wd(#T Airlines, wzs=) s-#Rv Sun +%RWD Country Myt;Q Airlines, )32Jg and bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aUS Airways. -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp9 Recent W)AUv research ](/kd suggestsX=CBW Ejm\%that in 2:N&y order s#'cGto make vs)<( significant %R/gv LD8n@ inroads Imc;( in regionalhLAo, ?g.F) passenger .uV7k ]oBE5 traffic, rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3low-cost W_(Cm carriersDs$Sf )hF3x may NILCF need ytPz&to locate KlHmY at the Z$=;F primary c^r@j airports ^HX][ U1]Z- (Blackstone, (2ZW1 _[V,( Erwin h?+^Y A., *!p!@ Andrew `8Bqu J. V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! of PbFP@ Airport e6bnZ Choice mEpPz in a Multi-airport>^O=b 7kbdU bQg:(Region,” *iCO>

    Proprietary and Confidential 20 apparent low-cost carrier/secondary airport division of labor may actually be geographic in origin, which is not the case for Belo Horizonte. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jLow-cost H lmCt _M5Bg carriers Zs3V have G ,!3 o" often KO uU[ specialized p '4W< WXa#z in 5; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@travelers aq6H L WiN away ^S Ul from !9M Ithe mTaG major JAJ7o regional ,t;5 I ZOs Jv airports D& >qc p which%/K> 5sdi3 are 08.Yincreasingly ( "dU kE q!z . TAud wY:CBto Ifs- reach A j#i 2z for IS suburban-based9ek V /iLd C4=cb &9@s passengers. 5 ;vz 3( tV _bg Yet ^ e@v) few d,8S1traveling !ux= 7 to_vO New XI cr YorkD<* % City5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m from m(m`I other Vycq zU.S. WUw regions CJ hX n5t would 9 VE_j consider w%vOm But4using 4 vC3 this ^m airport. fn Hr tWN>; residents qosF w ?gq of mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aLAX w"1[U a few ls_F6 decades 1I7Xg gwde5 ago q5>FW but now,?E*Iy DyzTZas traffic .zRly congestionAVG13 4xcwb wHPoGmounts a3ED\ and CgZvu population m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCspreads )TsUi qj1F( ever \yHDt further, sMo)B ](TXW outlying %WY4- markets "<:tq ]E:mj for u(BCL multiple o;Rcw syX&0airports 5^fGr have LH3ev evolved. ]G@vn cqu*9 The zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+ssecondary FS#:l 2xX^# airports :X60B M:1Y7 incorporated %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%John "d>;5 Wayne #91PQ w@W0` Airport z#blJ which plcR$ F="W"is 65 kilometersZ2eQ& S-rd] H`VXJ southeast ;WL#" ofOLH7# LAX, K\t&l are O_Wm6 not necessarily ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShdominated *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; in whichzhLQ7 Om8Tb each 0wiaubuilds 7/0Lm on T=dpva specific wnAtx strength\Me-X U5JFC and 20?Tp none mj$"o is pUf3Junder- ;0=[] ;1u %p3D4utilized. Z^Gp. Rpj_E New T!6C\ York’s ^co17 O1#Fumajor wJj/m airports WB+#k and l.:[l ^hFN0those '1rOu in the .X_e# Washington Y;M"$ ?2E#4 jnu)( D.C. fAIen may YkX*@ be in Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmthis .A.tx category. +IJW[ W@n9P In both IjT)1 ^9kxrcases, <%x-8 a smaller Dn2Qg /6j2Fairport JhfqZ close ;@$I" in 4,nY) to the?taqZ center yn'0E m?4\* city Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDspecializes *;9!U CuvK/ inP+=5F shorter v.NTx flights agw0H Vcn however, BZTWF N]-/k "h96w F /)qMb was c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vfor 22;JR decades, l&h!: Ijsk= under-utilized. 3\U9$ K#XH= &4w06 The Su"GD same SmI@G held =C6ig for Washington S!"-m &1J73 fM[ D.C., Y_jJ, yE%wx which, 4v$ET like -.wcy AITN, 'kQ?1 was jB4-n considered H?R7C 76g;2 d(aB' an oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnexpensive 9C1Ln <+QyB “white wXiH7 elephant” J:PEs /Cw:H for eips1 decades. =f-N7 zCu*A London, <&R+' h.@r- Paris, m&OCt Tokyo, vabFY and L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nalso cI2YW regions dLc_] BRL.a where vFYJV multiple h,ahj 0ix\i airports %yk7W !z]>8 now ?9CjF co-exist. *@Ebi !)N;q Although =J9o+ \s]&/ not :'bPD treated zn6v8 in\%1&@ this y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVanalysis, h"!HC `]fCr Hamilton o4kr] E$*6g and M)h_q Ft. Worth jxn;c I(d#O Alliance aceL+ 7ts[k airports UZn^o ZdR!#both specialize"Ezo_ bq@Lt inIf637 servicing t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' and W@)Ag Dallas-Fort Q+eJQ n-Dk2 Worth iagS; a\Sz+ regions, yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$arespectively. -bgOV xGT4o As bnxHz in thef*iA, evolution [<?w of $%8DT viable mBTzU secondary ";"yb "?ED9 airports Q$UF) @m"^e elsewhere, R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tmetropolitan p&r>) GQxVs region xF\p@ airportOzwvy z=^IJ capacity llgKM @@R88 constraints 48BeG :blu1are againe$0aS /:oFc the s7._;critical [$[fo factorLT,m> ,`ZQZ in the D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 21 Factors favoring the concentration of traffic in a single 9>H1E QdDYs RAi!$ wPM=@ [o YD nvmetropolitan gLn r G6MJ 3"QOu airport 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@reasons aq6H L and WiN ^Sbenefits Ul !9M I formTaG the JAJ7o emergence ,t;5 I ZOs Jvof D& multiple >qc p %/K> airport 5sdi3 08.Yregions ( "dU kE q!z . TAud wY:CBthe Ifs- typesA j#i 2z ofIS 9ekairport V /iLd regions C4=cb &9@s that 5develop. ;vz 3( tV _bg Let ^ e@v) us now d,8S1 turn !ux= 7our _vO attention XI cr D<* % to 5_cQ the &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m financial m(m`I Vycq and z WUw operational CJ hX n5t reasons9 VE_j w%vOm favoring But4 a 4 single vC3 ^m metropolitan fn Hr tWN>;airport. qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(As noted\yHDt sMo)B above, ](TXW managing %WY4- "<:tq capital ]E:mj u(BCLinvestment o;Rcw syX&0 is a 5^fGrcentral LH3ev management ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sproblem FS#:l 2xX^# for :X60Bairports. M:1Y7 Costs %xbr_ areK:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%runways, "d>;5 #91PQ terminals, w@W0` z#blJ and plcR$ ground F="W" accessZ2eQ& S-rd] systems H`VXJ –;WL#" are employedOLH7# K\t&l atO_Wm6 or near ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShcapacity *rC Savings eQKQ8 ydCcw can z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4Even ylwQ; with zhLQ7 only Om8Tb a single 0wiau regional 7/0Lm T=dpv airport, wnAtx \Me-X capacity U5JFC planning 20?Tp mj$"o is pUf3J fraught ;0=[] ;1u %p3D4risks. Z^Gp. The Rpj_E extremely T!6C\ ^co17 large O1#Fu initialwJj/m WB+#k investments l.:[l ^hFN0 '1rOuin runways, .X_e# Y;M"$ terminals ?2E#4 jnu)( andfAIen ground YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmaccess .A.tx +IJW[infrastructure W@n9P IjT)1 needs ^9kxr <%x-8to be Dn2Qg repaid /6j2F over JhfqZ long ;@$I" periods 4,nY) ?taqZ of time.yn'0E m?4\* Accurate Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDprojections *;9!U CuvK/ ofP+=5F long-term v.NTx agw0H demand Vcn informed BZTWF N]-/k "h96w F /)qMb by landing c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vfees, 22;JR gate l&h!: leases,Ijsk= 3\U9$ terminal K#XH= &4w06rentals, Su"GD and SmI@G passenger =C6ig S!"-m service &1J73 charges, fM[ decisions. Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1LnExperience <+QyB wXiH7 with J:PEs past /Cw:H passenger eips1 =f-N7 andzCu*A cargo <&R+' demandh.@r- m&OCt forecasts vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nforecast cI2YW dLc_] accuracy BRL.a vFYJV is relatively h,ahj 0ix\i %yk7Wlow. For!z]>8 example, ?9CjF *@Ebi when !)N;q =J9o+Denver \s]&/ was :'bPD planningzn6v8 \%1&@ its y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVnew h"!HC airport `]fCr ino4kr] the E$*6g mid-1980s, M)h_q jxn;c the I(d#O Federal aceL+ 7ts[kAviation UZn^o AdministrationZdR!# "Ezo_ bq@Lt If637predicted t#0l^ zG=G^ that eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag by 1995. Q+eJQ Several n-Dk2 iagS; professional a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpprojections W)AUv were](/kd X=CBW even moreEjm\% optimistic.2:N&y s#'cG vs)<( The %R/gv actual LD8n@ number Imc;( ofhLAo, passengers ?g.F) .uV7k in]oBE5 1995 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Twas p&r>)31 million, GQxVs xF\p@less than Ozwvy Denver z=^IJ llgKM Stapleton’s @@R88 48BeG mid-1980s :blu1 e$0aS peak /:oFc of s7._; 34.7 [$[fo million. LT,m> ,`ZQZ The D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 22 new airport did not exceed Stapleton’s peak passenger numbers until 1997. As of 2006, the airport had not yet reached the 56 million that was expected by 1995.10 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQFigure Sv rS .6j 5 Hshows lmCt _M5Bg the trajectory Zs3V G ,!3 o"of KO passengers uU[ p '4W< WXa#zin Denver’s 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@previously, aq6H L WiN Denver’s ^S Ul !9M I mTaGoriginal JAJ7o major ,t;5 I ZOs commercial Jv D& >qc p %/K>airport, 5sdi3 Stapleton 08.Y ( "dU kE q!z . TAud wY:CBclosed. Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /]Operational x' #oM 1 Soa# t)8FMfactors BbAd leading % R#a tC to n/ concentration3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UAnalysis ls_F6 1I7Xg of gwde5 passenger q5>FW ?E*Iy traffic DyzTZ suggests .zRly AVG13 that 4xcwb the multiple wHPoG a3ED\ commercial CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCairports )TsUi qj1F( sometimes \yHDt sMo)B found ](TXW %WY4-in metropolitan "<:tq ]E:mj u(BCL regions o;Rcw are syX&0 arranged 5^fGr LH3ev in a ]G@vn preference cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sorder FS#:l queue. 2xX^# :X60B In most M:1Y7 regions, %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%airport "d>;5 #91PQ over w@W0` the other(s). z#blJ plcR$ Passengers, F="W" Z2eQ& airlines, S-rd] H`VXJ and, ;WL#" although OLH7# K\t&l not O_Wm6discussed ]Fv.c here,XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShshippers *rC eQKQ8 Fare, ydCcw frequency z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb11 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4Minimizing Z^Gp. Rpj_E totalT!6C\ ^co17expected O1#Fu travelwJj/m WB+#k time, l.:[l that ^hFN0 is, '1rOumaximizing .X_e# Y;M"$ air ?2E#4 schedule jnu)( fAIen frequency YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmand .A.tx flexibility +IJW[ W@n9P while IjT)1 minimizing ^9kxr <%x-8 Dn2Qg ground /6j2F access JhfqZ ;@$I" time, 4,nY) are ?taqZimportant yn'0E m?4\* factors Y`rDV for +9O.a all *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDtravelers *;9!U CuvK/ and P+=5F appear v.NTx to agw0H be even Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vmetropolitan 22;JR l&h!: Ijsk= regions, 3\U9$ K#XH= airlines &4w06 and Su"GD passengers SmI@G =C6ig almost S!"-m &1J73 always fM[ to understand Y_jJ, yE%wx 4v$ETthe preference -.wcy 'kQ?1 jB4-n of passengers H?R7C 76g;2 d(aB' and oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnairlines 9C1Ln for <+QyB one wXiH7 airport J:PEs over /Cw:H another, eips1 =f-N7 a simplifiedzCu*A <&R+' modelh.@r- m&OCt of regional vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ!

    Sm8dD nHY4# _DqfV10 h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, Similar E$"H& high A0xVE projections @dNN- CqI;$were 1Jc?Oinitially o?eY? made J#CKK for AITN."E4yz X?c+l o' have W@)Agbeen found Q+eJQ to n-Dk2be the iagS; most a\Sz+ consistent yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cfactors W:1&Q in airport )Y\b/ V,Mk< choice x@g*G (Hess, k@&jO Stephane N"M@B and iP5y0John ?\hTwW. Polak, wd(#T (2006), wzs=) s-#Rv“Exploring +%RWD the Myt;Q Potential )32Jg forbzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aCross-Nesting -bgOV xGT4o Structures bnxHz f*iA, in Airport-Choice[<?w $%8DT Analysis: mBTzU A ";"yb Case-Study "?ED9 Q$UF) of the @m"^e Greater R;ii_ London v5ZO4 Area,”hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpTransportation W)AUv ](/kdResearch: X=CBW Part Ejm\% E: Logistics 2:N&y and s#'cG Transportation vs)<( %R/gv ReviewLD8n@ 42: Imc;( 63-81). hLAo, Fares, ?g.F) although.uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3potentially W_(Cm Ds$Sf a critical )hF3x choiceNILCF ytPz&factor, KlHmY are endogenously Z$=;F c^r@j ^HX][ set and U1]Z- appear (2ZW1 not _[V,( to vary h?+^Y sufficiently *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!Fares within PbFP@ airports e6bnZ mEpPz – and >^O=bindeed 7kbdU within bQg:( individual *iCO>

    Proprietary and Confidential 23 activity is shown in Figure 6. Airport activity is a function of two feedback loops: one positive and the other negative. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jThere H lmCt are _M5Bg several Zs3V reasons G ,!3 o" KO for uU[ the p '4W< concentration WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@Hotelling’s aq6H L WiN beach ^S Ul !9M vendors, I mTaG JAJ7o tend ,t;5 to Imove ZOs Jv D&towards >qc p %/K> each 5sdi3 other 08.Y in ( "dUan kE q!z . TAud wY:CBas Ifs- many A j#i 2z passengers IS 9ek V /iLd asC4=cb possible. &9@s 5 ;vz This 3( tV “head-to-head” _bg ^ e@v) d,8S1 !ux= strategy 7 _vO XI leads cr D<* airlines % 5_cQ to&zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m frequently m(m`I Vycq choosez WUw CJ to hX operate n5t 9 VE_j in the w%vOm same But4 airports 4 vC3 ^mas fntheir Hr tWN>; competitors, qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UThe ls_F6 “returns 1I7Xg gwde5 to q5>FWfrequency” ?E*Iy DyzTZ are another .zRly AVG13 reason 4xcwb forwHPoG the a3ED\ concentration CgZvu m)NxO of &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCpassenger )TsUi qj1F( \yHDttraffic sMo)B in one ](TXW airport. %WY4- We"<:tq trace]E:mj u(BCL the positive o;Rcw syX&0 loop 5^fGr in LH3evFigure ]G@vn 6. As cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+ssuggested FS#:l 2xX^# above, :X60B M:1Y7passengers %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%scheduling "d>;5 #91PQ flexibility.w@W0` z#blJ plcR$Therefore, F="W" Z2eQ& the airline S-rd] H`VXJ (or airport) ;WL#" OLH7# which K\t&l offers O_Wm6 more ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShfrequent *rC aeQKQ8 disproportionate ydCcw z`&the BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 profits. ylwQ; FigurezhLQ7 Om8Tb 7 schematically 0wiau 7/0Lm T=dpv illustrates wnAtx \Me-X the U5JFCrelationship 20?Tp mj$"o between pUf3J ;0=[] airline ;1u %p3D4service Z^Gp. frequencyRpj_E T!6C\ ^co17 and O1#Fu market wJj/m share WB+#k that l.:[l has^hFN0 been '1rOu found.X_e# Y;M"$ by several ?2E#4 jnu)( researchers. fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmPast .A.tx a point,+IJW[ W@n9P small IjT)1 improvements ^9kxr <%x-8 Dn2Qg in service /6j2F JhfqZ result ;@$I" in 4,nY) large ?taqZ market yn'0E m?4\*share Y`rDV gains. +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri14 hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/Service P+=5F frequency v.NTx agw0H is often Vcn ofBZTWF the N]-/k "h96w F /)qMb c;VBQ of &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vtransfer 22;JR l&h!: passengers Ijsk= 3\U9$ K#XH= is tied &4w06 to the Su"GD number SmI@G of =C6ig origin S!"-m and &1J73 destination fM[ Y_jJ, cross-subsidize yE%wx 4v$ET -.wcy each 'kQ?1 other, jB4-n H?R7C more 76g;2 easily d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn12 Hotelling 9C1Ln <+QyB (Hotelling, wXiH7 Harold,J:PEs /Cw:H (1929), eips1 “Stability =f-N7 zCu*A in Competition,” <&R+' h.@r- m&OCt The Economic vabFY L/P` \&FCK YH@"% c65ME (fIz"used 1xYLI snack btgJ# vendors &+(&' on,^NL_ a beach R4O@: as MG%OF a metaphor Z_wm0 for y.]eW duopoly `EagJ competition. gM-:x EEeM> His XSd]' model, cpe9b validatedO7oe" %Jz?k by I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nscores cI2YW of dLc_] empirical BRL.a studies,vFYJV h,ahj predicts 0ix\i %yk7W that competitors !z]>8 ?9CjF will *@Ebi attempt !)N;q =J9o+to match \s]&/ each :'bPD others zn6v8 offerings\%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Yand :S8<3 price. Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV13 h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, After E$"H& de Neufville A0xVE @dNN- and Odoni CqI;$ 1Jc?O(2003). o?eY? J#CKK "E4yz X?c+l o' that decreases W@)Ag Q+eJQ costs n-Dk2 but would iagS; a\Sz+ likely yv?5Z be 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cfollowed W:1&Q even )Y\b/ if V,Mk< it did x@g*G not (Oum, k@&jO Tae N"M@B Hoon, iP5y0Anming ?\hTw Zhang, wd(#T and wzs=) Yimin s-#Rv Zhang, +%RWD (1995), Myt;Q “Airline )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$anetwork -bgOV rivalry,” xGT4o bnxHz Canadian f*iA, Journal [<?wof Economics $%8DT 28: mBTzU 836-857). ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp15 The W)AUv location ](/kd of airlineX=CBW hubs Ejm\% appears 2:N&y to s#'cG be dominated vs)<( %R/gv by LD8n@ the size Imc;( of the hLAo, local ?g.F) market .uV7k (Huston, ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3John W_(Cm H. and Ds$Sf Richard )hF3x NILCFV. Butler, ytPz& (1991), KlHmY “The Z$=;F location c^r@j ^HX][of airline U1]Z- hubs,” (2ZW1 Atlantic _[V,( h?+^Y Economic *!p!@ Journal `8Bqu V%_8^ 57: E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!<975-981). oE0,R 1OGY@ The minimization ai*k, Q6^"o ofUPy%/ aggregate OFM0! distance hYyx> PbFP@traveled e6bnZ must mEpPz play a >^O=b role but 7kbdU does bQg:( spear *iCO> to

    Proprietary and Confidential 24 raising demand above threshold levels allowing more destinations to be served and more frequent service, further winning both local and transfer market 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQshare. Sv rS 16.6j Moreover,H lmCt _M5Bg each Zs3V additional G ,!3 o" KO uU[ route p '4W< increases WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@busy aq6H hub L WiN airports, ^S Ul !9M a Imajority mTaG JAJ7o of ,t;5the I ZOspassengers Jv D& >qc pare %/K> merely 5sdi3 08.Ychanging ( "dU kE q!z . TAud wY:CB Ifs- A j#iFigure 2z IS 9ek 8 Vgraphs /iLd C4=cb the &9@snumber 5 ;vz of3( tVtransfer _bg ^ e@v) passengers d,8S1 !ux= against7 _vO XI crthe D<* number % 5_cQ of&zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m origin-destination m(m`I Vycq z WUw CJ passengers hX n5t 9 VE_j for w%vOm major But4U.S. 4 airports vC3 ^m fn in Hr Selected tWN>; busyqosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aorigin w"1[U and ls_F6 destination 1I7Xg gwde5 q5>FWpassengers. ?E*Iy DyzTZ These .zRly points AVG13 4xcwbappear wHPoG above a3ED\ the CgZvu line m)NxOof &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCmagenta )TsUi qj1F( squares. \yHDt sMo)B Atlanta ](TXW %WY4-is the largest"<:tq ]E:mj metropolitan u(BCL o;Rcw syX&0 region 5^fGr to LH3ev be served ]G@vn cqu*9by a zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+ssingle FS#:l airport.2xX^# :X60B Its M:1Y7 airport %xbr_ stands K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%passengers "d>;5 #91PQ –w@W0` who essentiallyz#blJ plcR$ F="W" subsidize Z2eQ& S-rd]the H`VXJair travel ;WL#" of OLH7# the origin K\t&l O_Wm6 and destination ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShpassengers *rC service eQKQ8 connectivity ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4The ylwQ;positive zhLQ7 feedbacks Om8Tb 0wiau will 7/0Lm continue T=dpv wnAtx until \Me-X markets U5JFC 20?Tpare saturated mj$"o pUf3J at;0=[] the ;1u %p3D4feasible Z^Gp. Rpj_Eairfares T!6C\ or, ^co17 as O1#Fuillustrated wJj/m WB+#k in the l.:[l figure, ^hFN0 '1rOuuntil .X_e# congestion Y;M"$ ?2E#4 costs jnu)( beginfAIen YkX*@ to Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmerode .A.tx the+IJW[ positive W@n9P IjT)1economic ^9kxr <%x-8 externalities Dn2Qg /6j2F of JhfqZ additional ;@$I" 4,nY) routes. ?taqZ yn'0E Comparatively m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDfew *;9!U airports CuvK/ P+=5F are operating v.NTx agw0H at Vcn airports BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vtime 22;JR for l&h!: take-off Ijsk= 3\U9$ and K#XH= landing, &4w06 the Su"GD extra SmI@G fuel =C6ig used, S!"-m and &1J73 the fM[ the Y_jJ, implied yE%wx 4v$ETwelfare -.wcy loss 'kQ?1 to jB4-n passengers H?R7C 76g;2 can d(aB' be oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnsubstantial 9C1Ln <+QyB and wXiH7 they J:PEsmay /Cw:H begin eips1 to =f-N7avoid zCu*A congested <&R+' h.@r- airports m&OCt when vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Navailability cI2YW dLc_] BRL.a can also vFYJV be h,ahj a constraint 0ix\i %yk7W leading!z]>8 ?9CjF to *@Ebi higher !)N;q costs. =J9o+ \s]&/At some :'bPD zn6v8 airports, \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVcongestion h"!HC `]fCr pricing o4kr] E$*6g can M)h_q be imposed jxn;c I(d#O but, aceL+ even 7ts[k if UZn^o not, ZdR!#higher "Ezo_ airport bq@Lt operating If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh316 W_(Cm Wei and Ds$Sf Hansen )hF3x (Wei,NILCF Wenbin ytPz& KlHmY and Mark Z$=;F Hansen, c^r@j ^HX][ (2006), U1]Z- “An (2ZW1 aggregate _[V,( h?+^Y demand *!p!@ model `8Bqu for V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! TransportationPbFP@ e6bnZ mEpPzResearch >^O=b Part A7kbdU 40: 841-851) bQg:( *iCO>

    Proprietary and Confidential 25 Operational advantages and passenger preference

    9>H1E QdDYs RAi!$ wPM=@Passenger [o YD nv for gLn frequency r G6MJ 3"QOu of 1CkOservice, : 4(r i0range 47 0Qo of S destinations,xjt# 8kIM= s9s# andh G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vPregions ;X>>z dependingc``e \ =fe \y io ?^2 upon j "LiJ the Skb8@ mix 7RwT of travel p Pq/ j[ destinations k, F/A y w5q5 G`6L) and _Xszthe relativep m6G iD ps location :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CBas Ifs- runway A j#i 2z IS length 9ek V /iLd (to C4=cbhandle &9@s wide-body 5 ;vz 3( tV _bgjets), ^ e@v) runway d,8S1 number !ux= 7 _vO (to XI crhandle D<* % 5_cQthe &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m volume m(m`I Vycq of traffic),z WUw CJ or, hX less n5t 9frequently, VE_j w%vOm terminal But4 4 vC3 capacity ^m fn Hr tWN>; passengers qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[population \pt;) cjlT: Ij$8% and eq58/ employment g:mUB OqvO< centers, Vdf)% nFn_y tends a-B>x to z(n5?be the VU2I/ most Tw%)% favored t_i_A GRfnj option, dTv`K even N_,As if $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+Nits gAQX4 facilities 4XpUw are DlgM< dated. v,Ww) Relative 9ECyA ?w=m[ground jY!Ak accessibility hTH]. yZz?- o:lKjappears t=hp; /5kK'to be K;9%5 the decisive )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty factorG`dXt /$l!( in intra-regionaldWW`k PzY#s ,SY^M airport kUr() choice,J(h3_ av=,P regardless DJaT/ +^bc` of Zoll, airport s6;jq Cnx0Zquality 6JUR/ or _PXE)safety. @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3Consistent a]7I) v4SKq (6]<2 with ;sD>L the d)\8I model 2y`j] M*@cSoutlined H8fzb in 6[Rrw Figure =2Ia) 6, t$e/; Reagan 4A:Md PymI;National Ep-dI nz*yqwas Z<](Vthe e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8primary owicB Washington<"@,] Kr=J= 8gX3e airport vXJ#F foraT$80 many o-`]I (R$G]years `KT"N because Kmn(% ground 3W6\Y \vg93access v.s5D to uyNx the y5I,b suburbs Rzplv ihF6U was ZEML^significantly *+"NA +E^)r more 5[`^g convenient GifqZ a9!`N V?M(D than 0e)1mfor Dulles Ip7`R .u3n2 and ynT>> because 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4population Z^Gp. Rpj_E and T!6C\ employment ^co17 O1#Fu wJj/m diffused WB+#k l.:[loutward ^hFN0 '1rOu from .X_e# Washington Y;M"$ ?2E#4 jnu)( D.C. fAIen far YkX*@ into Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmNorthern .A.tx +IJW[ Virginia, W@n9P IjT)1 Dulles ^9kxr became <%x-8 Dn2Qg a more /6j2F viableJhfqZ ;@$I" air service4,nY) ?taqZ center yn'0E m?4\*for regional Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDorigin *;9!U CuvK/and destination P+=5F v.NTx agw0Htraffic. Vcn build BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cnupon /Bg>T the growing4+b:< 9J#sc critical 2*)U: XowJX mass aW^et and ,sorj locate H_t/y a jHHFt hub dWWmeat Dulles. p$3G( Combining E-8(K 13w&^ theg'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2fachieve /&mvJ 7;Or1 economies rqp6) o!bgq of XM#=T scale Jhx-y to serve =;$c7 'zQUK a growing a&u0o #Yo>y number ?PLBl of YEY0Q routes. W&l4h The \;gfI growth k'Oe6 wgHF_ of Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz"international 1xYLI btgJ# &+(&' traffic ,^NL_ in R4O@:the U.S. MG%OF further Z_wm0 allowed y.]eW `EagJ for gM-:xthe dispersion EEeM> XSd]' ofcpe9b inter- O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Ycontinental :S8<3 Xh0TS routesz[R=y WiUbV away ;Dvnb from 7^:W8 the LqDdf traditional WuTf( `?=7\ major ;H$I/ gateway 3c-.V Hxm;/ airports ^gY(* D^Xw# (e.g., _6A!' JFK) VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR alsoF61G, adding E$"H& A0xVE to Dulles’ @dNN- attraction. CqI;$ 1Jc?O o?eY? Similarly, J#CKK "E4yz as Silicon X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cpopulation W:1&Q )Y\b/ and V,Mk< jobs, x@g*G San k@&jO Jose AirportN"M@B iP5y0 (over ?\hTw 65 wd(#Tkilometers wzs=) s-#Rv south +%RWD of San Myt;Q Francisco) )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpexpanded W)AUv into ](/kd a X=CBW major Ejm\%airport 2:N&y and s#'cG eventually vs)<( %R/gv became LD8n@ an Imc;( American hLAo, ?g.F) Airlines .uV7k ]oBE5 hub. rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 26 A combination of excessive distance from population and employment and the failure of international traffic to increase as projected contributed to 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQMontreal Sv rS .6j H Mirabel’slmCt _M5Bg failure Zs3V G in,!3 o"Montreal. KO uU[ p '4W< A similar WXa#z 5; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@Paulo/Guarulhos aq6H L WiN ^S Ul !9M Airport I mTaG inJAJ7o 1985 ,t;5 andI ZOs reopened Jv D& >qc p %/K>in the 5sdi3 1990s 08.Y primarily ( "dU kE q!z . TAud wY:CBairport. Ifs- A j#i 2z The IS 9ek modest V /iLd C4=cbincrease &9@s in 5distance ;vz 3( tV _bg from ^ e@v) Paris d,8S1 and !ux= large 7 _vO increase XI cr D<* in% 5_cQinter- &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m continental m(m`I Vycq z flights WUw CJ eventually hX n5t 9 VE_j contributed w%vOm But4 to 4 the vC3 success ^m fn Hr tWN>; de Gaulle qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!atransfer w"1[U ls_F6service 1I7Xg within gwde5 q5>FW Europe. ?E*Iy Such DyzTZ factors .zRly AVG13 have 4xcwb not wHPoGbeen as a3ED\ strong CgZvu in m)NxO Milan &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK 17 *BWoi z3vvr FIVQCand )TsUi Malpensa qj1F( \yHDt appears sMo)B ](TXW to be %WY4- suffering "<:tq ]E:mj as au(BCL consequence. o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l Ground2xX^# :X60B access M:1Y7 convenience %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%destination "d>;5 #91PQ marketsw@W0` z#blJ tend plcR$ to F="W" favor Z2eQ& the original S-rd] H`VXJ airport ;WL#" – OLH7# and areK\t&l behind O_Wm6 the]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShsometimes *rC keep eQKQ8 older ydCcw airports z`& in BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; will zhLQ7 result Om8Tb in the 0wiau more 7/0Lm favored T=dpv wnAtx airport \Me-X “creaming” U5JFC 20?Tp mj$"othe most pUf3J ;0=[]desirable ;1u %p3D4traffic Z^Gp. leading Rpj_E T!6C\ to vastly^co17 O1#Fu different wJj/m WB+#k airport l.:[l traffic,^hFN0 '1rOu as happened.X_e# Y;M"$ ?2E#4 with jnu)( Pampulha fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm“creaming” .A.tx +IJW[ W@n9P AITN's IjT)1 traffic ^9kxr in<%x-8 the Dn2Qgperiod /6j2F between JhfqZ ;@$I" 1984 4,nY) and ?taqZ 2004. yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!:Even Ijsk= when 3\U9$ flights K#XH= &4w06to some Su"GD destinations SmI@G =C6ig are S!"-m not &1J73 restricted fM[ Y_jJ, can yE%wx apply. 4v$ET Planning -.wcy 'kQ?1 bodies jB4-n H?R7C sometimes 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnattempt 9C1Ln to <+QyB even wXiH7 out trafficJ:PEs /Cw:H by restrictingeips1 =f-N7 zCu*A traffic <&R+' at theh.@r- favored m&OCt vabFY airport. L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!NInternational cI2YW dLc_] BRL.a flights vFYJV are h,ahj limited 0ix\i %yk7W at Tokyo’s !z]>8 ?9CjF Haneda, *@Ebi !)N;q Osaka’s =J9o+ \s]&/ Itami, :'bPD and zn6v8 Seoul’s \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' conditions, W@)Ag Q+eJQattract n-Dk2 employment, iagS; a\Sz+ providing yv?5Z 6ET?e an top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cadded W:1&Q boost )Y\b/ to V,Mky]I/ ZO--i ]i"I9 B0lqS nSr$apopulation -bgOV xGT4o centers bnxHz is a keyf*iA, factor. [<?wRegional $%8DT employment mBTzU ";"yb growth "?ED9 is Q$UF) the other. @m"^e Airports R;ii_ v5ZO4 often hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpneed to W)AUv wait, perhaps](/kd X=CBW indefinitely, Ejm\% 2:N&y for metropolitan s#'cG vs)<( %R/gvareas toLD8n@ expand Imc;( before hLAo, significant ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3development W_(Cm Ds$Sf occurs. )hF3x NILCF Otherwise, ytPz& KlHmYcommuting Z$=;F costs c^r@j would ^HX][ U1]Z-outweigh (2ZW1 the _[V,( benefits h?+^Y of *!p!@ airport `8Bqu access. V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\! the needPbFP@ for e6bnZ new offices,mEpPz >^O=bwarehouses, 7kbdU andbQg:( other *iCO>

    Proprietary and Confidential 27 Gimpo airports. Without those restrictions, almost all domestic traffic would concentrate at those airports leaving the respective newer airports with so little 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQtraffic Sv rS .6jthat H lmCt their _M5Bg costs Zs3V would G ,!3 become o" KO uU[ prohibitive. p '4W< WXa#z Under5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@cover aq6H costs. L WiN ^SKansai Ul !9M isI mTaG one ofJAJ7o the ,t;5 most I ZOs costly Jv D& >qc airports p %/K> in5sdi3 the 08.Y world. ( "dU kE q!z . TAud wY:CB Ifs- A j#iWashington’s 2z IS 9ek V /iLd C4=cbReagan &9@s National, 5 ;vz 3( tV Dallas’ _bg ^ e@v) Love d,8S1 Field, !ux= 7and _vO NewXI cr D<* York’s % 5_cQ La &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m Guardia m(m`I Vycq each z WUw have CJ had hX n5t restrictions 9 VE_j w%vOm imposed But4 4 on vC3 the ^m distancefn Hr of flights tWN>; in qosF an w effort ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!ayears, w"1[U airlines ls_F6 1I7Xg at Reagangwde5 q5>FW National ?E*Iy DyzTZ Airport .zRly circumvented AVG13 4xcwb wHPoG the a3ED\distance CgZvu restrictions m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCby )TsUi scheduling qj1F( \yHDt intermediate sMo)B ](TXW %WY4- stops "<:tq or convenient]E:mj u(BCL o;Rcw transfers. syX&0 5^fGr In theLH3ev case ]G@vn of Charles cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sde FS#:l Gaulle 2xX^# airport, :X60B M:1Y7 the French %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%carrier, "d>;5 #91PQ to shift w@W0` to the z#blJ new plcR$ airport F="W" Z2eQ& at a reportedly S-rd] H`VXJ ;WL#"tremendous OLH7# K\t&l cost O_Wm6 to the ]Fv.c airline XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShand *rC airline. eQKQ8 TheydCcw French z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4service ylwQ; in anzhLQ7 effort Om8Tb to 0wiaumake 7/0Lm the T=dpvairport wnAtx more \Me-X attractive U5JFC 20?Tp to mj$"opassengers pUf3J ;0=[] and ;1u %p3D4airlines. Z^Gp. Rpj_E In some T!6C\ ^co17cases, O1#Fu the wJj/mpreference WB+#k l.:[l for ^hFN0 the older'1rOu .X_e# airport Y;M"$ is ?2E#4 transitional jnu)( fAIen butYkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmafter .A.tx more +IJW[ than W@n9P 25 IjT)1 years, ^9kxr Montreal’s <%x-8 Dn2Qg modern /6j2F JhfqZ Mirabel ;@$I" 4,nY) airport ?taqZ failedyn'0E m?4\* to attract Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDappreciable *;9!U CuvK/ P+=5Ftraffic v.NTx and agw0H was mothballed.Vcn BZTWF N]-/k "h96w F /)qMb from c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#VU.S. 22;JR and l&h!: global Ijsk= 3\U9$ contexts K#XH= suggests &4w06 Su"GD that SmI@G the opportunities =C6ig S!"-m &1J73 for fM[ severely Y_jJ, yE%wx limited 4v$ET by -.wcy splitting 'kQ?1 jB4-n air H?R7Ctraffic. 76g;2 Such d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnsplits 9C1Ln obstruct <+QyB meetingwXiH7 J:PEs the /Cw:H thresholds eips1 =f-N7 needed zCu*A <&R+' in order h.@r- m&OCtfor particular vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nservices cI2YW dLc_] to beBRL.a offered, vFYJV h,ahjeven 0ix\i though %yk7W the!z]>8 total ?9CjF market *@Ebi !)N;q demand =J9o+ \s]&/ is equivalent. :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVTerminal h"!HC `]fCr retail o4kr] beyond E$*6g M)h_q food jxn;c and I(d#O beverage aceL+ 7ts[k and UZn^o news ZdR!# items "Ezo_ is dependentbq@Lt If637 t#0l^ upon zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o'airport W@)Ag area Q+eJQ hotels, n-Dk2 convention iagS; a\Sz+ yv?5Z centers, 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$alogistics -bgOV facilities,xGT4o bnxHz and f*iA, office [<?w $%8DT mBTzU are also";"yb "?ED9limited Q$UF) by @m"^edividing R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tmetropolitan p&r>) GQxVs region xF\p@ airOzwvy passengers z=^IJ llgKM among @@R88 48BeGmultiple :blu1 airports e$0aS /:oFc hindering s7._; [$[fo LT,m> broader ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 28 The consequences of multiple metropolitan airports 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vPairlines, ;X>>z c``eairport \ =fe \y operators, io ?^2 j "LiJ Skb8@travelers 7RwT – pand, Pq/ j[ ask, F/A just y w5q5noted, G`6L) for _Xsz businesses p m6G iD psand :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CBbenefits, Ifs- A j#i 2z then IS 9ek likely V /iLd costs C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UCommercial ls_F6 1I7Xg gwde5 airports q5>FW are?E*Iy sometimes DyzTZ .zRly AVG13categorized 4xcwb wHPoG as quasi-natural a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCmonopolies. )TsUi qj1F( \yHDt With sMo)B only ](TXW a single %WY4- airport"<:tq ]E:mj in u(BCL a region, o;Rcw syX&0airports 5^fGr often LH3ev have ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty considerableG`dXt /$l!( dWW`k pricing PzY#s ,SY^Mpower kUr() that J(h3_ they av=,P can DJaT/ use to+^bc` their Zoll, advantage. s6;jq Cnx0Z 6JUR/ The _PXE)available @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugwevidence b8$+3 a]7I) suggests v4SKq (6]<2 that ;sD>L many d)\8I have2y`j] M*@cS done H8fzb so. Airports6[Rrw =2Ia) int$e/; large 4A:Md metropolitan PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8regions owicB have <"@,] beenKr=J= the8gX3e most vXJ#F profitable aT$80 o-`]I segment(R$G] `KT"N of Kmn(% the air 3W6\Y transportation \vg93 v.s5D uyNx Whiley5I,b Rzplv many ihF6U airlines ZEML^ *+"NA have +E^)r faced 5[`^g financial GifqZ a9!`N ruin, V?M(D airports, 0e)1m Ip7`R despite .u3n2 ynT>>being 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4and Z^Gp. privatization. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[Competing W@n9P IjT)1airports ^9kxr <%x-8have Dn2Qgthe potential /6j2F JhfqZ to ;@$I" diminish 4,nY) ?taqZ the yn'0Epricing m?4\* power Y`rDV of+9O.a a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDmonopoly, *;9!U CuvK/ possiblyP+=5F v.NTx improving agw0H Vcn BZTWF and N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#VAirlines 22;JR l&h!: should Ijsk= 3\U9$ likewise K#XH= benefit&4w06 Su"GD from SmI@G the competition =C6ig S!"-m &1J73 through fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2fimproved /&mvJ 7;Or1 airport rqp6) o!bgq services. XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLIIn btgJ# point &+(&' of ,^NL_ fact, R4O@: however, MG%OF experience Z_wm0 y.]eW with `EagJ multiple gM-:x EEeM> airports XSd]' cpe9b within O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Ymetropolitan :S8<3 Xh0TS z[R=y regions WiUbV suggests ;Dvnb 7^:W8 that LqDdf the WuTf( potential `?=7\ ;H$I/ benefits 3c-.V Hxm;/are not ^gY(* often D^Xw# realized _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR andF61G, that E$"H& overall A0xVE costs@dNN- increase CqI;$ 1Jc?O and o?eY? service J#CKK actually "E4yz X?c+l deteriorates. o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@ccase W:1&Q in point. )Y\b/ V,Mk< Despite x@g*G its k@&jO multiple N"M@B regional iP5y0 ?\hTw competitors, wd(#T wzs=) thiss-#Rv airport +%RWD hasMyt;Q been )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpcharacterized W)AUv ](/kd by X=CBW complaints Ejm\% 2:N&yabout s#'cG high vs)<( costs, %R/gv poor LD8n@ service Imc;( andhLAo, under-investment ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tin airport p&r>) GQxVs improvements, xF\p@ Ozwvy not z=^IJ by llgKM ever-increasing @@R88 48BeG :blu1efficiency. e$0aS /:oFc The s7._; competitive [$[fo LT,m> ,`ZQZ and D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 29 operational factors leading service to concentrate in a single airport, outlined in the previous section, often generates greater network and development benefits 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQthat Sv rSoverride .6j H lmCt cost _M5Bg savings Zs3V G due ,!3 o" to KO competition. uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@The aq6H financial L WiN ^S consequencesUl !9M I mTaG JAJ7o of ,t;5multiple I ZOs Jv D&commercial >qc p %/K> 5sdi3 airports 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#iAs 2z aIS consequence9ek V /iLd C4=cb of &9@s the lop-sided5 ;vz 3( tV _bg distribution ^ e@v) d,8S1 of !ux= passenger 7 _vO XI cr trafficD<* % 5_cQamong &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m multiple m(m`I Vycq commercial z WUw CJ hX airports n5t 9 VE_j within w%vOm most But4 metropolitan 4 vC3 ^m fn Hr tWN>;newer, qosF less w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!afacilities w"1[U ls_F6 that 1I7Xg are oftengwde5 q5>FWarchitectural ?E*Iy DyzTZ showcases, .zRly AVG13 but 4xcwb of wHPoGlittle use a3ED\ and CgZvu great m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCexpense. )TsUi qj1F( Newark \yHDt sMo)B Airport, ](TXW %WY4- for example, "<:tq ]E:mj essentially u(BCL o;Rcw boardedsyX&0 5^fGr up LH3ev a terminal ]G@vn cqu*9 that zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sfound FS#:l no2xX^# users :X60B beginning M:1Y7 %xbr_ in K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%1980s "d>;5 when#91PQ w@W0`its capacity z#blJ plcR$ of 10-15 F="W" million Z2eQ& S-rd] passengers H`VXJ ;WL#" per OLH7# year K\t&l was O_Wm6 less than ]Fv.c half XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShused. *rC eQKQ8 until ydCcw the mid-1990s.z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4Zhuhai Z^Gp. Rpj_EInternational T!6C\ ^co17 Airport,O1#Fu wJj/m near WB+#k Hong l.:[l ^hFN0 Kong '1rOu in China's.X_e# Y;M"$ Pearl ?2E#4 River jnu)( fAIen Delta, YkX*@ stays Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmessentially .A.tx +IJW[ emptyW@n9P IjT)1despite ^9kxr the <%x-8 considerable Dn2Qg /6j2F JhfqZregional ;@$I" growth4,nY) ?taqZ in yn'0E the numberm?4\* Y`rDV of +9O.a air *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDpassengers. *;9!U CuvK/ P+=5F Table v.NTx 6 above agw0H indicates Vcn labeled BZTWF N]-/k "h96w F /)qMb highly c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vsuccessful. 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, the yE%wx relationship 4v$ET -.wcy between'kQ?1 jB4-n airH?R7C passenger 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCndemand 9C1Ln and<+QyB regional wXiH7 J:PEs airport /Cw:H capacity eips1 =f-N7 under zCu*A <&R+' two scenariosh.@r- m&OCt when vabFY anL/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nis cI2YW no longer dLc_] BRL.a adequate. vFYJV h,ahj In the0ix\i first,%yk7W as !z]>8 the ?9CjF older *@Ebi airport !)N;q reaches=J9o+ \s]&/ maximum :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVcapacity h"!HC `]fCrand o4kr] space E$*6g constraints M)h_q jxn;c preclude I(d#O aceL+ further 7ts[k UZn^o expansion, ZdR!# "Ezo_ a newbq@Lt airport, If637 t#0l^ built zG=G^ to eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' demand W@)Ag is Q+eJQ commissioned. n-Dk2 iagS; a\Sz+ The yv?5Z older 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpairport W)AUv is closed. ](/kd X=CBW Strategic Ejm\% planning 2:N&y s#'cG is vs)<(in place %R/gv to LD8n@ trigger Imc;( the hLAo, construction ?g.F) .uV7k of]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tadditional p&r>) GQxVs capacity xF\p@ on Ozwvy increments z=^IJ llgKM of @@R88 10 million 48BeG passengers :blu1 e$0aS /:oFc per s7._; annum [$[fo LT,m> as existing ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 30 capacity is reached. The added capacity is in the form of an additional runway, terminals, or concourses. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6jIn H the lmCt second _M5Bg scenario,Zs3V G ,!3 o" the KO new uU[ p airport'4W< WXa#z is commissioned 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@twice aq6H the L WiN needed ^S Ul !9M capacity I mTaG inJAJ7o place ,t;5 Iwhen ZOs Jv theD& >qc new p %/K> airport 5sdi3 opens, 08.Y ( "dU the kE q!z . TAud wY:CBthe Ifs- burdenA j#i 2z IS of 9ek supporting V /iLd C4=cb three &9@s times5 ;vz 3( thetV _bg needed ^ e@v) capacity.d,8S1 !ux= 7 Moreover,_vO XI cr D<* under % 5_cQ the &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m condition m(m`I Vycq that z WUw passengers CJ hX n5t 9and VE_j airlines w%vOm have But4 –4 vC3for whatever^m fn Hr tWN>; – a strong qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!areaches w"1[U ls_F6its first 1I7Xg expansion gwde5 q5>FW trigger ?E*Iy DyzTZ increases .zRly AVG13 by 50 4xcwb percent. wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(When \yHDt the sMo)B older ](TXW airport %WY4- remains "<:tq ]E:mj open, u(BCL the o;Rcw new syX&0 airport 5^fGr must LH3ev operate]G@vn cqu*9 under zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sunfavorable FS#:l 2xX^# :X60Bload M:1Y7levels %xbr_ for a K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%needs "d>;5 to#91PQ support w@W0` additional z#blJ plcR$ F="W" unused Z2eQ& capacity S-rd] H`VXJ at lower ;WL#" levelsOLH7# K\t&lof efficiency O_Wm6 ]Fv.c (the XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShcase *rC eQKQ8 to state ydCcw in generalizablez`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 airportylwQ; zhLQ7 has Om8Tb often 0wiau been 7/0Lm a good T=dpv indicator. wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp.These Rpj_E T!6C\ scenarios ^co17 O1#Fu are certainlywJj/m WB+#k over-simplifications l.:[l ^hFN0 '1rOu .X_e# Y;M"$ but ?2E#4they jnu)(illustrate fAIen YkX*@ a Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmcentral .A.tx +IJW[ financial W@n9P consequence IjT)1 ^9kxr <%x-8 of Dn2Qgmultiple /6j2F metropolitan JhfqZ ;@$I" 4,nY) airports. ?taqZ yn'0E The m?4\* amount Y`rDV +9O.a of *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDunused *;9!U CuvK/ airport P+=5F capacity v.NTx agw0H is substantially Vcn BZTWF on N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vregional 22;JR l&h!: commercial Ijsk= 3\U9$ K#XH= airports) &4w06 materializes. Su"GD SmI@G =C6ig The S!"-m amount &1J73 of fM[operation Y_jJ, yE%wx for regional 4v$ET -.wcy development 'kQ?1 jB4-n H?R7C depends 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnupon 9C1Ln the <+QyBeffective wXiH7 management J:PEs /Cw:H eips1 of =f-N7capacity zCu*A and <&R+' distribution h.@r- m&OCt vabFYof passengers L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nbetween cI2YW dLc_] and BRL.a among vFYJV multiple h,ahj 0ix\i %yk7Wairports, !z]>8 with ?9CjF splitting *@Ebi !)N;q having =J9o+ \s]&/ overriding :'bPD zn6v8 negative \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVconsequences h"!HC `]fCr o4kr] for E$*6g air network M)h_q jxn;c density I(d#O aceL+ and 7ts[k airport-driven UZn^o ZdR!# "Ezo_ commercial bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOVThe xGT4o stylized bnxHz casesf*iA, [<?w $%8DT finance mBTzU presented ";"yb "?ED9 in Q$UF) Table @m"^e 8 illustrate R;ii_ v5ZO4 the hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tpotential p&r>) GQxVsimpact xF\p@ of the Ozwvy two z=^IJ scenarios llgKM @@R88 just discussed 48BeG :blu1 on e$0aS operator /:oFc s7._; net [$[fo annual LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 31 made to show certain points, not summaries of any particular airport’s situation. The basic parameters of each of the cases are, however, based on an analysis of a 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQsample Sv rS .6j of H lmCtmajor _M5Bg airports Zs3V inG ,!3 large o" KO U.S. uU[ pmetropolitan '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@operating aq6H L WiN at ^Sfull Ul capacity.!9M I mTaG JAJ7oThe analysis ,t;5 I ZOs Jv has D& been>qc p %/K>simplified 5sdi3 08.Y by ( assuming"dU kE q!z . TAud wY:CBdebt Ifs- A repayments j#i 2z IS 9ek V /iLdare C4=cbequal &9@s to the 5 ;vzamortized 3( tV _bg ^ coste@v) of d,8S1 capital !ux= 7investments. _vO XI cr D<* % The 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m grants m(m`I andVycq zthe WUw passenger CJ hX n5t charges9 VE_j w%vOm that fund But4 them4 vC3 ^mhave fn Hr omitted. tWN>; These qosF w can ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!acost w"1[U per ls_F6 work 1I7Xg load gwde5 unit q5>FW (WLU) ?E*Iy is DyzTZ shown .zRly as AVG13 a point 4xcwb of reference.wHPoG a3ED\ TheseCgZvu m)NxO costs &>*M)are q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCdriven )TsUi qj1F( by overall\yHDt sMo)B capacity ](TXW %WY4-whether "<:tq or ]E:mj not u(BCL the capacity o;Rcw syX&0 is fully5^fGr LH3evused. ]G@vn In the cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sillustrative FS#:l 2xX^# cases, :X60B M:1Y7the WLU’s %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%including "d>;5 #91PQ cargo w@W0` would z#blJ plcR$ not changeF="W" Z2eQ& the basicS-rd] H`VXJ points ;WL#" discussed OLH7# K\t&l below. O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC and eQKQ8 non-aeronautical ydCcw z`&each BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4in operating ylwQ; zhLQ7 costs. Om8Tb This 0wiau analysis 7/0Lm T=dpv uses wnAtx a simplified \Me-X U5JFC production 20?Tp mj$"o pUf3Jfunction. ;0=[] ;1u %p3D4is found Z^Gp. Rpj_E in U.S. T!6C\ data, ^co17 thoughO1#Fu wJj/m not WB+#k always l.:[l ^hFN0the case '1rOu internationally, .X_e# Y;M"$ ?2E#4 jnu)(aeronautical fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmrevenues .A.tx +IJW[ per W@n9P WLU IjT)1 increase ^9kxr <%x-8 with Dn2Qg size while/6j2F JhfqZ non-aeronautical ;@$I" 4,nY) ?taqZ yn'0Erevenues m?4\* Y`rDVper WLU +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDdecrease *;9!U CuvK/ with P+=5F traffic. v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ at &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vfull 22;JR capacity l&h!: Ijsk= using 3\U9$ averageK#XH= &4w06 productivity Su"GD SmI@G and =C6ig revenue S!"-m &1J73 parameters. fM[ is Y_jJ, 60 yE%wxpercent 4v$ET higher -.wcy than'kQ?1 jB4-naverage H?R7C because 76g;2 d(aB' the oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCninvestment 9C1Ln <+QyB is new wXiH7 and J:PEs has /Cw:H not eips1 yet =f-N7been zCu*A paid <&R+' down h.@r- at allm&OCt and vabFY because L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nprices cI2YW havedLc_] BRL.a been vFYJV paid. h,ahj That 0ix\i cost %yk7W is well !z]>8 ?9CjFwithin *@Ebi the !)N;q range =J9o+ of \s]&/U.S. :'bPD variation. zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HCEven `]fCr ato4kr] full E$*6g capacity, M)h_q jxn;c the I(d#Onew aceL+airport 7ts[k is UZn^o not financially ZdR!# "Ezo_ bq@Ltviable If637 unless, t#0l^ zG=G^as in eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag efficiency Q+eJQ n-Dk2 advantage. iagS; a\Sz+ yv?5ZIn the 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aillustrative -bgOV xGT4o case, bnxHz the f*iA, advantage [<?w is a$%8DT ten percent mBTzU ";"yb cost "?ED9 advantage Q$UF) @m"^e per WLUR;ii_ v5ZO4 over hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Taverage. p&r>) GQxVsAs in xF\p@all the Ozwvy scenarios, z=^IJ llgKM the @@R88cost per 48BeG WLU :blu1 decreases e$0aS /:oFc with s7._; [$[foscale. LT,m> It is,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 32 revenue than average but that possibility has not been considered here. In “New airport Case #2,” the airport generates a modest surplus. 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j“New H lmCt Airport _M5Bg Zs3VCase G #3”,!3 o" presentsKO uU[ p '4W< a more WXa#z realistic 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@this aq6H scenario, L WiN ^S the Ul !9Mairport I mTaG operator JAJ7o ,t;5 must I ZOs Jv still D& meet>qc p %/K> the large 5sdi3 08.Yfixed ( "dU costs kE q!z . TAud wY:CBairport Ifs- A j#i but2z IS without 9ek V /iLd the C4=cb capacity &9@s 5 being ;vz 3( tV fully _bg ^ utilized. e@v) d,8S1 The !ux= airport 7 _vO XI operatorcr D<* % 5_cQ must &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m therefore m(m`I Vycq absorb z WUw aCJ loss hX n5tfor 9 sometimes VE_j w%vOm many But4 4years vC3 ^m in fnanticipation Hr tWN>;of future qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[UIn ls_F6 contrast 1I7Xg gwde5 to new q5>FW airports, ?E*Iy DyzTZ established .zRly AVG13 airports 4xcwb wHPoG can be a3ED\ quite CgZvu profitable. m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC“Old )TsUi Airport qj1F( \yHDt Case sMo)B # ](TXW1” presents %WY4- "<:tqthe revenue]E:mj u(BCL and o;Rcw cost syX&0 situation 5^fGr LH3ev of an ]G@vn older cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sairport FS#:l 2xX^# operating :X60B M:1Y7at average %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%fixed "d>;5 investment #91PQ w@W0` are z#blJ only plcR$ one F="W" quarter Z2eQ& of S-rd] the H`VXJ average. ;WL#" OLH7#Again, K\t&l this O_Wm6 cost level ]Fv.c XVH33is not K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShmeant *rC it is eQKQ8 well withinydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4often ylwQ;long zhLQ7been Om8Tbpaid off.0wiau The 7/0Lm useful T=dpv wnAtxlife of \Me-X major U5JFC investments 20?Tp mj$"o pUf3Jin runways ;0=[] ;1u %p3D4partially Z^Gp. Rpj_E exceeds T!6C\ ^co17amortization O1#Fu wJj/m periods. WB+#k l.:[l Moreover, ^hFN0 '1rOu .X_e# much Y;M"$ of the?2E#4 capital jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZminvestment .A.tx +IJW[ W@n9Pis in lower IjT)1 ^9kxrprices <%x-8 that Dn2Qg existed /6j2F decades JhfqZ ;@$I" ago. 4,nY) In ?taqZ this yn'0E hypothetical m?4\* Y`rDV case, +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDthe *;9!U airport CuvK/ earnsP+=5F av.NTx sizeable agw0H surplus. Vcn BZTWF N]-/k "h96w F /)qMb c;VBQopen, &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vthe 22;JR older l&h!: airport Ijsk= 3\U9$ can K#XH= be adversely &4w06 Su"GD affected. SmI@G =C6ig “Old S!"-m Airport &1J73 CasefM[ if trafficY_jJ, yE%wx was 4v$ET evenly -.wcy split 'kQ?1 between jB4-n H?R7C old 76g;2 and d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnnew 9C1Ln airports. <+QyB This wXiH7 is J:PEs a somewhat /Cw:H eips1 arbitrary=f-N7 zCu*A division <&R+' h.@r- and, m&OCt as discussed vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Neven cI2YW splits dLc_] BRL.aare rare vFYJV in h,ahjthe absence0ix\i %yk7W of !z]>8 severe ?9CjF regional *@Ebi !)N;q capacity =J9o+ \s]&/ constraints. :'bPD zn6v8 \%1&@ Even y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVwith h"!HC a fifty `]fCr percent o4kr] E$*6g decline M)h_q injxn;c traffic, I(d#O aceL+the older 7ts[k UZn^o airport ZdR!# remains "Ezo_ bq@Lt viable. If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' for an W@)Ag older Q+eJQ airport n-Dk2 to iagS; be a\Sz+less yv?5Zefficient. 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a“Old -bgOV Airport xGT4o Case bnxHz # f*iA, 3” illustrates[<?w $%8DTthat situation. mBTzU ";"yb The "?ED9 airport Q$UF) @m"^eis assumed R;ii_ v5ZO4 to hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Toperate p&r>) at GQxVs a ten xF\p@ percent Ozwvy operating z=^IJ llgKM cost @@R88 disadvantage 48BeG :blu1 e$0aSdue to/:oFc outmoded s7._; [$[fo LT,m> and ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 33 percent disadvantage in generating non-aeronautical revenue given facility and land constraints. The airport, in order to attract airlines, also offers a ten percent 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQdiscount Sv rS .6j H on lmCt aeronautical _M5Bg Zs3V Gfees ,!3 o"stemming KO uU[ p '4W< from WXa#z reduced 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@the aq6H bounds L WiN of ^S U.S.Ul !9M observations. I mTaG JAJ7o ,t;5 Despite I ZOs Jv D& the >qc operating p %/K> 5sdi3 disadvantages, 08.Y ( "dU kE q!z . TAud wY:CB(sunk) Ifs- A j#i fixed 2z IS 9ekcosts V /iLd actually C4=cb allow&9@s 5 the;vz 3( older tV _bg airport ^ e@v) d,8S1to be !ux= financially 7 _vO XI cr viable. D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I TheVycq financialz WUw CJ hXsituation n5t 9 VE_j is differentw%vOm But4 for 4 the vC3 newly ^m fn Hr tWN>; airport, qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aremaining w"1[U ls_F6 open 1I7Xg when gwde5 q5>FWall planning ?E*Iy DyzTZ and .zRly construction AVG13 4xcwb proceeded wHPoG a3ED\ on CgZvu the m)NxObasis of&>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCparticular )TsUi qj1F( capacity\yHDt sMo)B needs. ](TXW %WY4-The large "<:tq ]E:mjfixed u(BCL costs o;Rcw of new syX&0 airports 5^fGr LH3ev mean ]G@vn that cqu*9 the zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sairport FS#:l 2xX^# operator :X60B cannot M:1Y7 %xbr_ adjust K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%substantial "d>;5 #91PQ and,w@W0` as z#blJ suggested plcR$ F="W" above, Z2eQ& can S-rd] be H`VXJ long-term. ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rCthe scenarios eQKQ8 ydCcw described. z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; can zhLQ7 be substantial.Om8Tb 0wiau 7/0Lm The T=dpv effect wnAtx of increased \Me-X U5JFC excess 20?Tp mj$"ocapacity pUf3J and;0=[] ;1u %p3D4finance Z^Gp. Rpj_Edisadvantage T!6C\ ^co17 O1#Fuwould wJj/m be WB+#kmagnified l.:[l ^hFN0 once '1rOu traffic .X_e# uncertainty Y;M"$ ?2E#4 jnu)( was fAIen taken YkX*@ into Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmaccount .A.tx +IJW[ because W@n9P newer IjT)1 ^9kxr airports <%x-8 tendDn2Qg to /6j2F be JhfqZless conveniently;@$I" 4,nY) ?taqZ located yn'0E m?4\* and Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDtherefore *;9!U CuvK/ face P+=5F a disadvantage v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb is c;VBQthat &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vthe 22;JR favored l&h!: Ijsk= airport’s 3\U9$ K#XH= traffic &4w06 and Su"GD financial SmI@G returns =C6ig S!"-m are &1J73stabilized fM[ share Y_jJ, ofyE%wx traffic 4v$ET and -.wcy revenue 'kQ?1 jB4-n fluctuations. H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnWhen 9C1Ln a new <+QyB airport wXiH7 J:PEsis added /Cw:H toeips1 an =f-N7 uncertain zCu*A <&R+' demand h.@r- environment,m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nfluctuations cI2YW dLc_] BRL.a are concentratedvFYJV h,ahj 0ix\i %yk7Wthere. !z]>8 In times ?9CjF *@Ebiof high !)N;q demand, =J9o+ \s]&/ some :'bPD passengerszn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVshift h"!HC their `]fCr travel o4kr] toE$*6g the M)h_q newer jxn;c airport. I(d#O aceL+ In times 7ts[k UZn^o of low ZdR!# demand, "Ezo_ bq@Lt those If637 travelers t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag revenues Q+eJQ at n-Dk2 the iagS;newer a\Sz+ airport yv?5Z 6ET?e and top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aincreasing -bgOV xGT4o the bnxHzlikelihood f*iA, [<?w a certain $%8DT amount mBTzU ";"yb of air "?ED9 service Q$UF) at@m"^e the R;ii_newer v5ZO4 airport hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Twill p&r>)be curtailed. GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 34 Implications for AITN and Belo Horizonte

    9>H1E QdDYs RAi!$ wPM=@This [o YD study nv gLn of r G6MJmultiple 3"QOu airport 1CkO : 4(rmetropolitan i0 47 0Qo S xjt# regions 8kIM= s9s#has h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H1. the L WiN need ^S Ul for !9M two I mTaG commercial JAJ7o ,t;5 I ZOsairports Jv D& >qcin thep %/K> Belo 5sdi3 Horizonte 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#iAITN 2z IS 9ek on V Belo /iLd C4=cbHorizonte's &9@s 5 ;vzchances 3( tV _bg of ^ expandinge@v) d,8S1 !ux= domestic 7 _vO XI andcr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I internationalVycq z WUw CJ hXair n5t service 9 VE_j and w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[Ua. ls_F6the 1I7Xg financial gwde5 q5>FW prospects ?E*Iy DyzTZof each .zRly airport, AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4b. 4XpUwthe prospectsDlgM< v,Ww) of 9ECyA Belo ?w=m[Horizontes jY!Ak hTH]. becoming yZz?- o:lKj a future t=hp; /5kK' airline K;9%5 transfer )mB+) P]c)! hub oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^#and :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQc. the w@W0` overall z#blJ economic plcR$ F="W" impact Z2eQ& S-rd]of the H`VXJ airport ;WL#" on OLH7# the economiesK\t&l O_Wm6 of]Fv.c Belo XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNxThe y5I,b informationRzplv ihF6U ZEML^ available *+"NA +E^)r cross-nationally 5[`^g GifqZ a9!`N strongly V?M(D 0e)1m indicates Ip7`R .u3n2 that ynT>> Belo 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4the Z^Gp. next Rpj_E two T!6C\decades. ^co17 O1#Fu Given wJj/m its WB+#kmodern l.:[l ^hFN0infrastructure '1rOu .X_e# Y;M"$and facilities ?2E#4 jnu)( and fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmsubstantial .A.tx +IJW[ capacityW@n9P IjT)1 for ^9kxr expansion, <%x-8 Dn2Qg AITN /6j2F will JhfqZ be ;@$I" able 4,nY) to handle ?taqZ yn'0E all m?4\* passenger Y`rDV +9O.a and *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDcargo *;9!U trafficCuvK/ P+=5F growth v.NTx forecasted agw0H Vcn the BZTWF U.S. N]-/k "h96w F /)qMb needs c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2fairport /&mvJ 7;Or1 in the rqp6) region. o!bgq XM#=T This Jhx-y is because =;$c7 'zQUK scale a&u0o effects #Yo>y improve ?PLBl YEY0Q and W&l4h per unit\;gfI k'Oe6 operating wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz"costs 1xYLI decline btgJ# &+(&' with ,^NL_ airport R4O@: size. MG%OF In the Z_wm0 longer-term, y.]eW `EagJ gM-:x this EEeM>implies XSd]' lower cpe9b costs O7oe" and%Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Yhigher :S8<3 Xh0TS benefits z[R=y for WiUbV the region.;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H&The A0xVEstudy @dNN-likewise CqI;$ implies 1Jc?O o?eY? that J#CKK a single "E4yz commercial X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@cBelo W:1&Q Horizonte's )Y\b/ V,Mk< position x@g*G k@&jO in domestic N"M@B iP5y0 and ?\hTw global wd(#T aviation wzs=) s-#Rv networks +%RWD becauseMyt;Q )32Jg it bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDpallows W)AUv for the ](/kd advantage X=CBW Ejm\% of bundling2:N&y s#'cG traffic vs)<( %R/gv flows. LD8n@ This Imc;( supports hLAo, ?g.F) greater .uV7k and ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tmore p&r>) frequent GQxVs airxF\p@ service Ozwvy including z=^IJ llgKM international@@R88 48BeG :blu1 direct e$0aS routes /:oFc s7._; as evidenced [$[fo LT,m> ,`ZQZ by D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 35 AITN's new non-stop flights to Lisbon and Miami. Unified metropolitan airport markets are also more attractive to transfer passengers from other parts of Minas 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQGerais. Sv rS .6j EvenH lmCt a _M5Bg moderate Zs3V Glevel ,!3 o" ofKO transfer uU[ p '4W< passengers WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@meet aq6H an L airlineWiN ^S Ul route !9M I mTaGload thresholdsJAJ7o ,t;5 I ZOs for Jv service.D& >qc p %/K> Few 5sdi3 additional 08.Y ( "dU passengers kE q!z . TAud wY:CBAITN Ifs- A j#i are 2z likelyIS 9ek V to /iLd result C4=cb via &9@s transfers 5 ;vz 3( tVfrom _bg ^commercial e@v) d,8S1 !ux= flights 7 _vO to XI Pampulhacr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m Airport. m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aand w"1[U AITN ls_F6 would 1I7Xg gwde5 thus q5>FWnegatively ?E*Iy DyzTZ impact .zRly both AVG13 origin 4xcwb and wHPoG destination a3ED\ CgZvu traffic m)NxO at &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCAITN )TsUi qj1F(and \yHDtpassenger sMo)B ](TXW transfers, %WY4- reducing "<:tq ]E:mj overallu(BCL o;Rcw air syX&0service 5^fGr for LH3ev Belo ]G@vnHorizonte. cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sWith FS#:l a 2xX^#50-50 :X60B passenger M:1Y7 %xbr_ split, K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%many "d>;5 local#91PQ passengersw@W0` z#blJ plcR$would F="W" be Z2eQ&needed S-rd] to H`VXJachieve ;WL#" airline OLH7# load K\t&l thresholds O_Wm6 ]Fv.c forXVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShspecific *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 has ylwQ;requested zhLQ7 Om8Tbthat Pampulha 0wiau 7/0Lm T=dpvAirport wnAtx be \Me-X its airport U5JFC 20?Tp of choice. mj$"o pUf3J As ;0=[] ;1u %p3D4happened Z^Gp. Rpj_E when T!6C\ Southwest^co17 O1#Fu wJj/m Airlines WB+#k started l.:[l ^hFN0 interstate '1rOu .X_e# service Y;M"$ ?2E#4 (which jnu)( fAIenwas YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmpreviously .A.tx +IJW[ restricted)W@n9P IjT)1 from^9kxr <%x-8 older, Dn2Qg closer /6j2F to JhfqZdowntown ;@$I" 4,nY) Dallas ?taqZ yn'0ELove m?4\* Field, Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDAmerican *;9!U CuvK/ Airlines P+=5F v.NTx shifted agw0H some Vcn BZTWF It is N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vcritical 22;JR l&h!: to AITN'sIjsk= 3\U9$ more K#XH= recent &4w06 success Su"GD SmI@G would =C6ig do S!"-mthe same, &1J73 fM[ Y_jJ, AITN's yE%wx passenger4v$ET -.wcy 'kQ?1 and jB4-ncargo H?R7C volumes 76g;2 d(aB' and oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnultimately 9C1Ln <+QyB Belo wXiH7 Horizonte's J:PEs /Cw:H centrality eips1 =f-N7 in zCu*A domestic <&R+' h.@r-and m&OCtinternational vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nnetworks cI2YW dLc_] by BRL.a reducing vFYJV h,ahj the 0ix\inumber %yk7W of !z]>8 destinations ?9CjF *@Ebi that!)N;q could=J9o+ \s]&/ be served:'bPD zn6v8 and \%1&@ by y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVreducing h"!HC `]fCr the o4kr]frequency E$*6g M)h_q of service jxn;c I(d#O to theaceL+ destinations. 7ts[k UZn^o ZdR!# Such "Ezo_ overall bq@Lt If637reduction t#0l^ zG=G^ of eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o'traffic W@)Ag would, Q+eJQ as noted,n-Dk2 iagS; be a\Sz+ a welfare yv?5Z 6ET?e loss top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$afor transfer-bgOV xGT4o passengers bnxHz f*iA, as[<?w as those $%8DT residing mBTzU ";"yb in "?ED9the Belo Q$UF) Horizonte @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tmetropolitan p&r>) GQxVs region. xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 36 The operation of two airports would not result in any significant increase in demand from the local market. In fact, for reasons enumerated above, total air 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQroutes Sv rS .6j and H lmCt traffic _M5Bg would Zs3V likelyG ,!3 o" decreaseKO uU[ p '4W< in Belo WXa#z Horizonte 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@be overbuiltaq6H L WiN ^Sand Ul !9Mit would I mTaG notJAJ7o achieve ,t;5 I ZOs its Jv D&long-sought >qc p %/K> 5sdi3economic 08.Y ( "dU development kE q!z . TAud wY:CBbenefits. Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I AproposVycq z WUw the CJ latter,hX n5t 9in VE_j 2004, w%vOm the Ministry But4 4 vC3 of ^m Finance fn Hr Infraero tWN>; qosF selected w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aan w"1[Uindustrial ls_F6 1I7Xg airport. gwde5 Keyq5>FW to ?E*Iy the successDyzTZ .zRly of AVG13AITN 4xcwb as an wHPoG industrial a3ED\ CgZvu airport m)NxO is the &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCflight )TsUi density,qj1F( \yHDt including sMo)B ](TXW international %WY4- "<:tq ]E:mj non-stop u(BCL o;Rcw service, syX&0 to 5^fGr efficiently LH3ev ]G@vn carry cqu*9 air zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+scargo FS#:l into 2xX^# and :X60B out M:1Y7 of AITN. %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%this "d>;5 policy #91PQ will w@W0` fail. z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 highway ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ;City zhLQ7and the Om8Tb airport 0wiau and7/0Lm the T=dpv new wnAtx northern \Me-X U5JFC ring 20?Tp expressway mj$"o pUf3J which, ;0=[] ;1u %p3D4when Z^Gp. completed, Rpj_E T!6C\ ^co17 will O1#Fuprovide wJj/m excellent WB+#k l.:[l AITN ^hFN0 '1rOuaccess .X_e# to Y;M"$ major ?2E#4 metropolitan jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmcommercial .A.tx +IJW[ W@n9P clusters IjT)1 more ^9kxr distant <%x-8 Dn2Qg from /6j2F the JhfqZairports. ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/The State P+=5F is v.NTx also agw0H pursuing Vcn with BZTWF N]-/k "h96w F /)qMb years, c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vmany 22;JR l&h!:electronics Ijsk= 3\U9$ firms K#XH= have &4w06 located Su"GD inSmI@G the AITN=C6ig S!"-m area &1J73 to capitalize fM[ New Y_jJ, yE%wx hotels, 4v$ET retail, -.wcy and 'kQ?1 other jB4-n private-sectorH?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCninvestments 9C1Ln <+QyB are wXiH7 also J:PEsin the /Cw:H planning eips1 =f-N7 or zCu*Adevelopment <&R+' h.@r- stage m&OCt near vabFY the L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nfuture cI2YW dLc_]success BRL.a of vFYJV these h,ahj investments 0ix\i %yk7W rests,!z]>8 ?9CjF in large *@Ebi part, !)N;q =J9o+with \s]&/a growing :'bPD zn6v8 AITN \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVaviation h"!HC `]fCrnetwork. o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag developmentQ+eJQ n-Dk2 iagS; who a\Sz+ hasyv?5Z had 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$aexperience -bgOV xGT4o with bnxHz both f*iA, Pampulha [<?w Airport $%8DT mBTzU and AITN ";"yb "?ED9 in recent Q$UF) years,@m"^e R;ii_allow v5ZO4 me hQ(jO to CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tadd p&r>)a further GQxVs important xF\p@ Ozwvy implication z=^IJ llgKM @@R88based on48BeG these :blu1 experiences e$0aS /:oFc s7._; and [$[fo local LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 37 A region's airport is really the calling card and handshake of a metropolitan area. It is what visitors and business people arriving by air see first 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQand Sv rSlast .6j andH lmCt thus _M5Bg sets Zs3V the G impression ,!3 o" KO uU[ andp '4W< image WXa#z they 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@Airport, aq6H L WiNdespite ^S Ul its!9M convenience I mTaG JAJ7o ,t;5 to Idowntown ZOs Jv D& >qc Belo p %/K> Horizonte, 5sdi3 08.Y ( does"dU kE q!z . TAud wY:CBpositive Ifs- A j#i 2z first IS 9ek and V /iLd last C4=cb impression &9@s 5 ;vzto 3(non-local tV _bg ^ e@v) air travelers.d,8S1 !ux= 7 It_vO is XIshabby cr D<* %in 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m appearance, m(m`I Vycq z WUwoutdated CJ hX inn5t facilities, 9 VE_j w%vOm and congested. But4 4 vC3 ^m When fn Hr there tWN>; four qosF years w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!asidewalks w"1[U ls_F6 sometimes 1I7Xg gwde5 flood. q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(Image \yHDt is sMo)Bsecondary, ](TXW %WY4- though, "<:tq to ]E:mj the u(BCL safety o;Rcw issues. syX&0 With 5^fGr itsLH3ev short-runway, ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+slimited FS#:l 2xX^# safety :X60B overruns, M:1Y7 %xbr_ and K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%situation "d>;5 #91PQ to w@W0`Congonhas z#blJ plcR$ and F="W" Chicago Z2eQ& Midway S-rd] H`VXJ where ;WL#" both OLH7# experienced K\t&l O_Wm6 aviation]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShdisasters *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 noise ylwQ; and zhLQ7 the Om8Tb local 0wiaucommunity 7/0Lm T=dpv association wnAtx \Me-X is U5JFC strongly 20?Tp opposed mj$"o pUf3J to ;0=[] ;1u %p3D4reopening Z^Gp. Rpj_E the T!6C\ Pampulha ^co17 O1#Fu Airport wJj/m WB+#k for commercial l.:[l ^hFN0 '1rOu jet .X_e# service. Y;M"$ ?2E#4 ANAC jnu)( has fAIen stated YkX*@ a Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZmview .A.tx that +IJW[ only W@n9P operational IjT)1 ^9kxr <%x-8restrictions Dn2Qg /6j2F should JhfqZ play ;@$I" a 4,nY) role ?taqZ in Pampulha's yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJDreopening *;9!U CuvK/ to P+=5F commercial v.NTx agw0H jet Vcn BZTWF N]-/k "h96w F /)qMb key factors c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#Vnoted 22;JR l&h!:in this Ijsk= report 3\U9$ K#XH= and the &4w06 implications Su"GD SmI@G drawn =C6ig S!"-mfor AITN &1J73 fM[ Y_jJ, yE%wx operation 4v$ET would-.wcy 'kQ?1 not jB4-n only H?R7C affect 76g;2 safety, d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCnmetropolitan 9C1Ln <+QyB image, wXiH7 J:PEsand /Cw:Hquality eips1 of =f-N7 life zCu*Aof nearby <&R+' residents,h.@r- m&OCt it vabFY would L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!Nefficient cI2YW dLc_] air BRL.a service vFYJV at AITNh,ahj 0ix\i and %yk7W any !z]>8 chance ?9CjF for *@Ebi Belo !)N;q Horizonte =J9o+ \s]&/ becoming:'bPD zn6v8 \%1&@ a y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfVsignificant h"!HC `]fCr hub o4kr] in E$*6g the domesticM)h_q jxn;c andI(d#O international aceL+ 7ts[k UZn^o aviation ZdR!# "Ezo_ network. bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o'Pampulha W@)Ag remain Q+eJQ n-Dk2 closed iagS; to a\Sz+ commercial yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$ajet service -bgOV xGT4o and bnxHzthat allf*iA, energy [<?w and $%8DTefforts mBTzU be directed ";"yb "?ED9 to Q$UF)building @m"^e more R;ii_ extensivev5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\Tpassenger p&r>) GQxVs and cargoxF\p@ Ozwvyservice z=^IJ at llgKMAITN. @@R88 To do 48BeG otherwise :blu1 e$0aS will /:oFc shortchange s7._; [$[fo LT,m> the ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 38 Pampulha could play a potentially valuable future role in Belo Horizonte's aviation arena. With the projected future growth in general aviation, very light 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQjets Sv (VLJs)rS .6j H lmCtand _M5Bgair taxi Zs3V service, G ,!3 o" the KO uU[downtown p '4W< WXa#z Belo 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@smaller, aq6H L lighterWiN ^S Ul aircraft !9M I mTaG services. JAJ7o ,t;5 VLJs, I ZOs whetherJv D& >qc p they %/K> be 5sdi3 private 08.Y ( "dUcorporate kE q!z . TAud wY:CBbroader-air Ifs- A j#i 2z IS taxi9ek V passenger /iLd C4=cb &9@sservice, 5 ;vz could 3( tV _bg quickly ^ e@v) andd,8S1 more !ux= 7 quietly_vO XI cr connectD<* % 5_cQ those &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m located m(m`I Vycq near z WUwthe downtown CJ hX n5t 9 VE_j with w%vOm distant But4 destinations. 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!aefficiently w"1[U ls_F6 met 1I7Xg by gwde5 an airport q5>FW ?E*Iyof Pampulha's DyzTZ .zRly AVG13 size while 4xcwb wHPoGnot having a3ED\ CgZvuthese m)NxO small &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCaircraft )TsUi qj1F( interfere \yHDt sMo)B with ](TXW expected %WY4- future "<:tq ]E:mj expanding u(BCL o;Rcw commercial syX&0 5^fGr LH3evjet capacity ]G@vn cqu*9 needs zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sat FS#:lAITN. 2xX^# Whereas :X60B M:1Y7 serious %xbr_ capacity K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%both "d>;5 general #91PQ w@W0` and commercial z#blJ plcR$ F="W" aviation Z2eQ& inS-rd] the H`VXJ Belo ;WL#" Horizonte OLH7# K\t&lmetropolitan O_Wm6 ]Fv.c region, XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OShthis *rC would eQKQ8 likely ydCcw havez`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 regional ylwQ; zhLQ7 economic Om8Tb development.0wiau 7/0Lm T=dpv DuplicationwnAtx \Me-X U5JFC of commercial 20?Tp mj$"o pUf3J air ;0=[]service ;1u %p3D4AITN Z^Gp. and Rpj_E Pampulha T!6C\ ^co17 likelyO1#Fu wJj/m would WB+#k have l.:[l opposite ^hFN0 '1rOu effects. .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 39 Figure 1. Ground Origins of a Sample of San Francisco International Air Passengers

    9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 40 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN2. ^UpRank [ Jht( of )G*P@ Metropolitan aq6H L WiN Region ^S Ul !9M and I mTaG Number JAJ7o of,t;5 Airports, I ZOs Jv D& 2006 >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A8 ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH7 zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 6 Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@5 f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u3 %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V

    xK&BQ commercialW[:Zqof Number airports ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\&2 T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa 1 l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH0 qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L50 uIUCn 9C1Ln <+QyB20 wXiH7 J:PEs40 /Cw:H eips1 =f-N760 zCu*A <&R+'80 h.@r- m&OCt vabFY100 L/P`140 \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 41 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN3. ^UpDecision [ Jht( )G*P@ Tree aq6HPathway L WiN ^Sto Ul Multiple !9M I mTaG Airports JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 qYes Q*"5m – single "p+z\ ^*U>s airport IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+sYes FS#:l 2xX^#Can :X60B expand M:1Y7 %xbr_ in K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*No Uv"jp– add ;KjMw overflow `0J7h muygc airportabg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj%No –w>tWR single _J?=C airport otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 42 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN4. ^UpTypology [ Jht( )G*P@ of Multiple aq6H L WiN Airport ^S Ul !9MMetropolitan I mTaG JAJ7o Regions ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ long- ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCLdistance o;Rcw syX&0 5^fGr LH3ev service? ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`&No BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ Region^WxJ$ c"L=Y4 ylwQ; zhLQ7Yes Om8Tb 0wiau 7/0Lm T=dpvLondon wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[]Tokyo ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw constrained?Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTxNo agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj WorthH_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 43 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN5. ^UpDenver [ Jht( )G*P@Passenger aq6H L Traffic,WiN ^S Ul 1981-2006 !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m50,000,000 m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK 40,000,000 *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v

    f25C% $Y$y@30,000,000 f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D u

    pGgC\ 1=Q`; mqQg\25,000,000 iZKMO B5"Ig dTTmL Z=LF9 -0U8o I*fzp !B)&n XG\3o Iw""C '5_S[ w9D,P 9.3X- \X(e] Ov]1. +Y*-4 MgIe? ]<2&! ar.tO ;Uavs wKn4[ Vrm9X ZeE\* =>yNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG15,000,000 FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD10,000,000 *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md05,000,000 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f 1981/&mvJ1982 7;Or11983 1984rqp6)1985 o!bgq1986 XM#=T1987 1988 Jhx-y1989 =;$c71990 1991 'zQUK1992 a&u0o1993 1994 #Yo>y1995 1996 ?PLBl1997 YEY0Q1998 1999 W&l4h2000 2001 \;gfI2002 k'Oe62003 wgHF_2004 2005 Gd4L+2006 2007 %^*8m ZnL

    %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*AYear <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 44 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN6. ^UpModel [ Jht( of )G*P@ Regional aq6H L Airport WiN ^S UlActivity !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; GroundqosF w ?gq accessibilitymT +h Qq& C 6sD+ cohc2Aircraft :]hA T \7H size /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCAirport )TsUi qj1F( congestion \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGrLevel LH3ev of ]G@vnservice cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8tyfeedback: G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33Positive K(Dv* feedback: yJ/F` 1qu^v f25C%congestion $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](Vbetter e"YP0 service sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80Airport o-`]I (R$G] Activity `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3JNumber ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_-- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E+ m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6Hubbing wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"%Adapted c65ME from (fIz" de 1xYLI Neufville btgJ# (2000)&+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 45 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN7. ^UpSchematic [ Jht( )G*P@ of Relationshipaq6H L WiN ^S Ul between !9M I mTaG Service JAJ7o ,t;5 Frequency I ZOs Jv D& >qc and p %/K> Market 5sdi3 Share 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m1 m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr0.8 FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM40.6 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq0.3 ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan0.1 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH 0qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7Service zCu*A frequency <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 46 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN8. ^UpThe [ Jht(Relationship )G*P@ aq6H between L WiN ^S Ul O&D !9M I mTaGand Transfer JAJ7o ,t;5 IPassengers ZOs Jv D& >qc pin %/K> 40 Large 5sdi3 08.Y U.S. ( "dU Airports, kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL 30,000,000l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. 25,000,000 %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`KATL N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 20,000,000 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(DDFW 0e)1m Ip7`R .u3n2 ynT>> 3YV3>ORD ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;

    79$Iu passengers Transfer $M\pU m5"45 ZJh9D U+Kd] '&$v$ Qfp.h D1;%Z oKoJ_ ]]b%v +YZ0v <6Vs1 YIv)V cL@WQ yKUGN m*1T. ,9@?H ;Z7p, G)Tve c86\I @ZMu[10,000,000 !g>1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XRLAX 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWmeEWR p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@GJFK =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH 3,000,000qk)2f /&mvJ 7;Or1 rqp6)5,000,000 o!bgq XM#=T 7,000,000Jhx-y =;$c7 'zQUK 9,000,000a&u0o #Yo>y ?PLBl11,000,000 YEY0Q W&l4h \;gfI13,000,000 k'Oe6 wgHF_ Gd4L+15,000,000 %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7O & zCu*AD passengers <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 47 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Figure TN9. ^UpSchematic [ Jht( )G*P@ Relationship aq6H L WiN ^S between Ul !9M I mTaG Air Passenger JAJ7o ,t;5 I ZOs Demand Jv D& >qc and p %/K> Airport 5sdi3 Capacity08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 48 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 1.TN Tancredo ^Up [ Jht( )G*P@ Neves aq6H International L WiN ^S Ul !9M Airport I mTaG and JAJ7o Pampuha ,t;5 I ZOs Jv Airport D& >qc pTraffic %/K> 5sdi3Statistics 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T2004 \7H /] x' #oM 1 Soa# t)8FM BbAd2005 % R#a tC n/ 3k/32007 q Q*"5m "p+z\Pax ^*U>s IHH?w @xE_. J*OCH zM+!a(Kg) w"1[U ls_F6 1I7Xg gwde5 q5>FW(Kg) ?E*Iy DyzTZ .zRly AVG13 (Kg)4xcwb wHPoG a3ED\ CgZvu m)NxO(Kg) &>*M) q:Z3j u07KX 7ej[.(Kg) TNIA %WN9R388,580 "+5O) cUzF[8,822,371 \pt;) cjlT: Ij$8%2,893,299 eq58/ g:mUB14,770,288 OqvO< Vdf)%3,727,501 nFn_y a-B>x z(n5?16,173,319 VU2I/ Tw%)%4,340,129 t_i_A GRfnj16,422,992 dTv`K N_,As $wM6y3,688,069 [iu9q Tg/vK14,756,491 *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU PLU %a"x]3,194,715 o:-CC yCt+N8,709,565 gAQX4 4XpUw1,281,745 DlgM< v,Ww)2,178,152 9ECyA ?w=m[800,940 jY!Ak hTH]. 629,378yZz?- o:lKj t=hp;759,824 /5kK' K;9%5 290,069)mB+) P]c)! oQo`V412,940 ^3LL) A4q1^ 0 Total Q6RCn3,583,295 @L:b0 Ckl+s17,531,936 FS#:l 2xX^#4,175,044 :X60B M:1Y7 16,948,440%xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v Source: Infraero f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 49 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Regional Metropolitan 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOuNumber 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s#Metropolitan h G3d 7a WJ BOm + <):F passenger aircraft RGCu@ E2dH 9 [tQ Sv rS .6j H lmCtRegion _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< ofWXa#z airports 5

  • ; FoM # ^,vP ;X>>z c``e2 NEW\ =fe \y YORK io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q55 G`6L) _Xsz1,486,521 p m6G iD ps :%b108,369,778 t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN3 CHICAGO ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K>3 5sdi3 08.Y1,459,696 ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z5 ISLOS 9ek VANGELES /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S17 !ux= 7 _vO1,768,311 XI cr D<* % 5_cQ87,681,227 &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y6 ?j qH ,x M>n @ DbUE1 DsW:p O#N#976,447 u 0Gn (P rF na<84,846,639 ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq7 PARISz WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m4 fn Hr825,308 tWN>; qosF 84,368,532w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa#8 HONG-KONG t)8FM BbAd % R#a tC n/ 3k/3 q67,100,855 Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F610 WASHINGTON/BALT 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb3 wHPoG a3ED\961,620 CgZvu m)NxO62,542,832 &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT:11 Ij$8%SAN eq58/ FRANCISCO g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/3 Tw%)% t_i_A878,077 GRfnj dTv`K58,975,747 N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(12 \yHDtFRANKFURT sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw2 syX&0 5^fGr529,016 LH3ev ]G@vn cqu*956,514,862 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw13 MIAMI DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?-2 o:lKj t=hp; /5kK'681,565 K;9%5 )mB+)53,903,761 P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!(14 dWW`kHOUSTON/GALVEST PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll,2 s6;jq Cnx0Z837,381 6JUR/ _PXE) 51,099,721@O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ15 DENVER w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"2 OLH7# K\t&l739,447 O_Wm6 ]Fv.c 49,354,425XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I)16 BEIJINGv4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia)1 t$e/; 4A:Md376,643 PymI; Ep-dI nz*yq48,654,770 Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ83 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB18 <"@,]LAS Kr=J= VEGAS 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(%3 3W6\Y \vg93915,846 v.s5D uyNx y5I,b19 SHANGHAIRzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D2 0e)1m 409,598Ip7`R .u3n2 ynT>>46,126,079 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y420 ylwQ;MADRID zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X3 U5JFC 20?Tp508,097 mj$"o pUf3J ;0=[]45,527,236 ;1u %p3D4 Z^Gp. Rpj_E23 PHOENIX T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e#2 Y;M"$ ?2E#4827,229 jnu)( fAIen YkX*@41,442,594 Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[24 MILANW@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I"3 4,nY) ?taqZ 439,202yn'0E m?4\* Y`rDV36,704,599 +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR25 _J?=CSINGAPORE otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC2 3VI\J NE;4R260,718 ux(ri hz>Q! /]I(+36,341,469 Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/26 ORLANDO P+=5F v.NTx agw0H Vcn 36,290,016BZTWF N]-/k "h96w F35,972,673 /)qMb 35,612,133c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!:29 Ijsk=ROME 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m2 &1J73 fM[ Y_jJ, yE%wx 4v$ET2 -.wcy 'kQ?1 246,257jB4-n H?R7C 76g;233,649,869 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or132 rqp6)MOSCOW o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl3 YEY0Q 403,992W&l4h \;gfI k'Oe633,265,248 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln33 <+QyBPHILADELPHIA wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r-1 m&OCt vabFY515,869 L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_]34 BOSTONBRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q3 =J9o+ \s]&/538,064 :'bPD zn6v8 \%1&@31,689,135 y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS35 TORONTO z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/3 3c-.V Hxm;/ 535,298^gY(* D^Xw# _6A!'31,518,827 VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC36 `]fCrJAKARTA o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o 2ZdR!# "Ezo_ 281,463bq@Lt If637 t#0l^30,812,445 zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H&37 A0xVEMUENICH @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l1 o' W@)Ag3 Q+eJQ n-Dk2416,141 iagS; a\Sz+ yv?5Z30,543,000 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV39 xGT4oSYDNEY bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED91 Q$UF) @m"^e283,636 R;ii_ v5ZO430,375,799 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv40 SEATTLE ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@1 Imc;( hLAo,340,058 ?g.F) .uV7k ]oBE529,979,097 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf41 CHARLOTTE )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z-1 (2ZW1 _[V,(509,559 h?+^Y *!p!@ `8Bqu29,693,949 V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>)42 GQxVsDUBAI xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu11 e$0aS /:oFc237,258 s7._; [$[fo LT,m> 28,788,726,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@43 SAO ai*k, PAULO Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ3 mEpPz >^O=b398,879 7kbdU bQg:( 27,928,424*iCO>

    Proprietary and Confidential 50 Table 2. Major Metropolitan Air Passenger Regions, 2006

    Regional Metropolitan 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOuNumber 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s#Metropolitan h G3d 7a WJ BOm + <):F passenger aircraft RGCu@ E2dH 9 [tQ Sv rS .6j H lmCtRegion _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< ofWXa#z airports 5

  • ; FoM # ^,vP ;X>>z 45c``e GUANGZHOU\ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q51 G`6L) _Xsz232,404 p m6G iD ps :%b26,222,037 t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L46 WiNISTANBUL ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K>2 5sdi3 08.Y277,363 ( "dU kE q!z . TAud wY:CB Ifs- A j#i 482z ISKUALA 9ek V /iLd LUMPUR C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S12 !ux= 7 _vO220,495 XI cr D<* % 5_cQ24,213,250 &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y49 ?j qH ,x M>n @ DbUE1 DsW:p O#N#157,703 u 0Gn (P rF na<22,857,445 ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq50 COPENHAGENz WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m2 fn Hr300,414 tWN>; qosF 22,737,731w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 51Soa#PALMA t)8FM DE BbAd MAJORC % R#a tC n/ 3k/3 q21,903,775 Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F653 SALT 1I7Xg LAKE gwde5 CITY q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb1 wHPoG a3ED\421,436 CgZvu m)NxO21,557,656 &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT:54 Ij$8%MUMBAI eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/1 Tw%)% t_i_A206,091 GRfnj dTv`K21,375,051 N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(55 \yHDtDUBLIN sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw1 syX&0 5^fGr196,641 LH3ev ]G@vn cqu*921,196,382 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw56 HONOLULU DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?-1 o:lKj t=hp; /5kK'317,317 K;9%5 )mB+)20,067,871 P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!(57 dWW`kGLASGOW/EDINBUR PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll,3 s6;jq Cnx0Z285,317 6JUR/ _PXE) 19,870,057@O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ58 NEW w@W0` DELHI z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"1 OLH7# K\t&l192,491 O_Wm6 ]Fv.c 19,372,694XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I)59 STOCKHOLMv4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia)2 t$e/; 4A:Md283,722 PymI; Ep-dI nz*yq19,330,800 Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ84 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB61 <"@,]ZURICH Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(%1 3W6\Y \vg93260,786 v.s5D uyNx y5I,b62 OSLORzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D2 0e)1m 251,820Ip7`R .u3n2 ynT>>18,967,791 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y463 ylwQ;TAMPA zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X1 U5JFC 20?Tp257,071 mj$"o pUf3J ;0=[]18,867,541 ;1u %p3D4 Z^Gp. Rpj_E66 SAPPORO T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e#1 Y;M"$ ?2E#4100,478 jnu)( fAIen YkX*@18,389,322 Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[67 FUKUOKAW@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I"1 4,nY) ?taqZ 137,632yn'0E m?4\* Y`rDV18,205,998 +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR68 _J?=CMANILA otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC2 3VI\J NE;4R206,007 ux(ri hz>Q! /]I(+17,990,591 Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/69 VANCOUVER P+=5F v.NTx agw0H Vcn 17,642,160BZTWF N]-/k "h96w F17,481,942 /)qMb 17,344,669c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!:72 Ijsk=BRISBANE 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m1 &1J73 fM[ Y_jJ, yE%wx 4v$ET1 -.wcy 'kQ?1 345,754jB4-n H?R7C 76g;216,244,962 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or175 rqp6)ST. LOUIS o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl1 YEY0Q 272,585W&l4h \;gfI k'Oe615,205,944 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln76 <+QyBATHENS wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r-1 m&OCt vabFY190,872 L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_]77 ANTALYABRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q1 =J9o+ \s]&/99,146 :'bPD zn6v8 \%1&@14,767,977 y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS78 KUNMING z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/1 3c-.V Hxm;/ 135,523^gY(* D^Xw# _6A!'14,448,653 VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC79 `]fCrNAHA o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o 1ZdR!# "Ezo_ 116,372bq@Lt If637 t#0l^14,172,504 zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H&80 A0xVEPORTLAND @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l1 o' W@)Ag1 Q+eJQ n-Dk2101,845 iagS; a\Sz+ yv?5Z13,357,093 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV82 xGT4oMALAGA bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED91 Q$UF) @m"^e127,769 R;ii_ v5ZO413,056,155 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv83 RIO ](/kd DE X=CBW JANEIRO Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@2 Imc;( hLAo,165,498 ?g.F) .uV7k ]oBE512,838,357 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf84 LISBON )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z-1 (2ZW1 _[V,(137,109 h?+^Y *!p!@ `8Bqu12,314,314 V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>)85 GQxVsBUENOS xF\p@ AIRES Ozwvy z=^IJ llgKM @@R88 48BeG :blu12 e$0aS /:oFc142,916 s7._; [$[fo LT,m> 12,156,670,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@86 HELSINKI ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ2 mEpPz >^O=b247,298 7kbdU bQg:( 12,143,004*iCO>

    Proprietary and Confidential 51 Table 2. Major Metropolitan Air Passenger Regions, 2006

    Regional Metropolitan 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOuNumber 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s#Metropolitan h G3d 7a WJ BOm + <):F passenger aircraft RGCu@ E2dH 9 [tQ Sv rS .6j H lmCtRegion _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< ofWXa#z airports 5

  • ; FoM # ^,vP ;X>>z 88c``e HAMBURG\ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q51 G`6L) _Xsz168,395 p m6G iD ps :%b11,954,560 t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L89 WiNBOGOTA ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K>1 5sdi3 08.Y216,592 ( "dU kE q!z . TAud wY:CB Ifs- A j#i 912z ISPRAGUE 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S11 !ux= 7 _vO166,346 XI cr D<* % 5_cQ11,567,588 &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y92 ?j qH ,x M>n @ DbUE1 DsW:p O#N#160,893 u 0Gn (P rF na<11,458,553 ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq93 MONTREALz WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m2 fn Hr235,393 tWN>; qosF w11,431,751 ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 94Soa#RIYADH t)8FM BbAd % R#a tC n/ 3k/3 q 11,321,050Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F696 CALGARY, 1I7Xg gwde5 AB, q5>FW CA ?E*Iy DyzTZ .zRly AVG13 4xcwb1 wHPoG a3ED\242,658 CgZvu m)NxO11,279,080 &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT:97 Ij$8%KANSAS eq58/ g:mUBCITY OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/1 Tw%)% t_i_A178,466 GRfnj dTv`K11,237,480 N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F(98 \yHDtMEMPHIS sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw1 syX&0 5^fGr384,823 LH3ev ]G@vn cqu*911,176,460 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw99 CAIRO DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?-1 o:lKj t=hp; /5kK'105,999 K;9%5 )mB+)10,778,097 P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!(100 dWW`kSAN PzY#sJUAN ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll,2 s6;jq Cnx0Z196,621 6JUR/ _PXE) 10,689,445@O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ101 BRASILIA w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"1 OLH7# K\t&l126,427 O_Wm6 ]Fv.c 10,379,185XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3102 a]7I) SACRAMENTO,v4SKq (6]<2 ;sD>L CALd)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia)2 t$e/; 4A:Md251,458 PymI; Ep-dI nz*yq10,362,800 Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ81 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB104 <"@,]STUTTGART Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(%1 3W6\Y \vg93167,945 v.s5D uyNx 105y5I,b PITTSBURGHRzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D1 0e)1m 235,264Ip7`R .u3n2 ynT>> 3YV3>9,987,310 ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4106 ylwQ;NICE zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X1 U5JFC 20?Tp178,861 mj$"o pUf3J ;0=[] 9,948,035;1u %p3D4 Z^Gp.109 Rpj_ETEL T!6C\ AVIV ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e#2 Y;M"$ ?2E#4108,693 jnu)( fAIen YkX*@9,850,440 Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[110 NASHVILLE,W@n9P IjT)1 ^9kxrTENN <%x-8 Dn2Qg /6j2F JhfqZ ;@$I"1 4,nY) ?taqZ 216,617yn'0E m?4\* Y`rDV 9,663,386+9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR111 _J?=CRALEIGH-DURHAM, otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC1 3VI\J NE;4R245,099 ux(ri hz>Q! /]I(+ 9,422,112Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/112 XIAN P+=5F v.NTx agw0H Vcn BZTWF9,368,953 N]-/k "h96w F9,355,235 /)qMb c;VBQ9,153,047 &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!:115 Ijsk=ALICANTE 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m1 &1J73 fM[ Y_jJ, yE%wx 4v$ET1 -.wcy 'kQ?1 103,299jB4-n H?R7C 76g;2 8,476,707d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1118 rqp6)HO CHI o!bgq MINH XM#=T CIT Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl1 YEY0Q W&l4h64,183 \;gfI k'Oe6 wgHF_8,472,423 Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln119 <+QyBAUSTIN, wXiH7 TEXAS J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r-1 m&OCt vabFY209,150 L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_]120 BUDAPESTBRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q1 =J9o+ \s]&/126,947 :'bPD zn6v8 \%1&@8,248,650 y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS121 WARSAW z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/1 3c-.V Hxm;/ 146,066^gY(* D^Xw# _6A!'8,101,827 VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC122 `]fCrINDIANAPOLIS, o4kr] E$*6g M)h_q I jxn;c I(d#O aceL+ 7ts[k UZn^o 1ZdR!# "Ezo_ 213,740bq@Lt If637 t#0l^ zG=G^8,085,394 eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H&123 A0xVESAN ANTONIO, @dNN- CqI;$ TE 1Jc?O o?eY? J#CKK "E4yz X?c+l1 o' W@)Ag1 Q+eJQ n-Dk2 86,170iagS; a\Sz+ yv?5Z 6ET?e7,643,217 top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV125 xGT4oPERTH bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED91 Q$UF) @m"^e96,658 R;ii_ v5ZO47,529,945 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-uSource: liCh3 W_(Cm ACI 2006 Ds$Sf data )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 52 Table 3. Frequency Distribution of Number of Commercial Airports, 2006

    9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 Top0Qo 50S xjt# regions 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j HCount lmCt of_M5BgPercent Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@1 aq6H L WiN1 ^S Ul !9M I mTaG73 JAJ7o58.4% ,t;5 I ZOs58.4% Jv D& >qc p1 %/K> 5sdi3 1308.Y ( "dU kE q!z . TAud wY:CB Ifs-3 A j#i 2z IS 39ek V /iLd C4=cb16 [email protected]% 5 ;vz 3(96.0% tV _bg ^ e@v)3 d,8S1 !ux= 147 _vO XI cr 28.0%D<* % 5_cQ 92.0% &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m 4m(m`I Vycq z4 WUw CJ hX 2n5t 9 VE_j1.6% w%vOm97.6% But4 4 vC34 ^m fn Hr tWN>;2.0% qosF w ?gq94.0% mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] 5x' #oM 1 Soa#5 t)8FM BbAd1 % R#a tC0.8% n/ 3k/32.0% q Q*"5m98.0% "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a7 w"1[U ls_F6 71I7Xg gwde5 1q5>FW ?E*Iy0.8% DyzTZ100.0% .zRly AVG137 4xcwb wHPoG1 a3ED\ CgZvu2.0% m)NxO &>*M)100.0% q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQCSource: )TsUi ACI 2006 qj1F( data \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 53 Table 4. Mean airports by size of regional flying market, 2006

    Mean number of Mean number 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F Mean number of annual regional of annual RGCu@ E2dH 9 [tQ Sv rS .6j metropolitanH lmCt _M5Bg regions Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ5 Skb8@ 7RwT p Pq/ j[ 4.6k, F/A y w5q5 107,411,903G`6L) _Xsz p m6G iD23,350,414 ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb20 &9@s 5 ;vz 3( tV _bg 2.4^ e@v) d,8S1 !ux=47,118,683 7 _vO XI cr D<*19,632,784 % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n2.2 @ DbUE DsW:p39,883,923 O#N# u 0Gn (P18,129,056 rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t30 9 VE_j w%vOm But41.8 4 vC3 ^m fn Hr tWN>; 19,760,838 qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW45 ?E*Iy DyzTZ .zRly AVG131.6 4xcwb wHPoG27,825,709 a3ED\ CgZvu 17,391,068m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB50 OqvO< Vdf)% nFn_y a-B>x1.6 z(n5? VU2I/ 24,142,811Tw%)% t_i_A GRfnj 15,089,257dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW55 %WY4- "<:tq ]E:mj u(BCL1.0 o;Rcw syX&021,687,024 5^fGr LH3ev ]G@vn21,687,024 cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 60 Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M65 kUr() J(h3_ av=,P DJaT/1.8 +^bc` Zoll, s6;jq18,863,200 Cnx0Z 6JUR/ _PXE)10,479,555 @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$70 F="W" Z2eQ& S-rd] 1.4H`VXJ ;WL#" OLH7#17,942,003 K\t&l O_Wm612,815,716 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L75 d)\8I 2y`j] M*@cS H8fzb1.0 6[Rrw =2Ia) t$e/;16,432,365 4A:Md PymI; Ep-dI16,432,365 nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 14,499,578ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^90 *+"NA +E^)r 5[`^g GifqZ1.0 a9!`N V?M(D11,810,897 0e)1m Ip7`R .u3n2 11,810,897ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb95 0wiau 7/0Lm T=dpv wnAtx1.4 \Me-X U5JFC11,363,734 20?Tp mj$"o pUf3J8,116,953 ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz 110 X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D1.2 +2@h/ BKc]c JO*(*9,729,020 Uv"jp ;KjMw `0J7h8,107,517 muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr115 <%x-8 Dn2Qg /6j2F JhfqZ1.0 ;@$I" 4,nY)9,208,987 ?taqZ yn'0E m?4\* Y`rDV9,208,987 +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc120 1'pn% d8-T' ePx8a )v0!l 1.0-o?o1 \2KFC 3VI\J8,455,167 NE;4R ux(ri hz>Q!8,455,167 /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx 125agw0H Vcn7,878,358 BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V Source: ACI 2006 data WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 54 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ 39%^*U>s IHH?w 49% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg25 gwde5 q5>FWGATWICK ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG263,347 a3ED\ CgZvu34,172,492 m)NxO &>*M) q:Z3j22% u07KX 7ej[. 25% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8%46 eq58/ g:mUBSTANSTED OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ 206,656Tw%)% t_i_A GRfnj23,686,800 dTv`K N_,As $wM6y17% [iu9q Tg/vK 17% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt127 sMo)B ](TXWLONDON %WY4- LUTON "<:tq ]E:mj u(BCL o;Rcw syX&0116,132 5^fGr LH3ev 9,447,494]G@vn cqu*9 zx-R: ]$l:*10% !(gfO 8kPKU 7% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ LONDON CITY 79,616 2,377,318 7% 2% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^MBIGGIN kUr() HILL J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq65,180 Cnx0Z 6JUR/ _PXE)220 @O@'k &:_K_5% ECt_g j'Zgj 0% 2 9#mHT NEW!`)Y* YORKfx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"1,486,521 OLH7# K\t&l O_Wm6108,369,778 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq15 (6]<2 ;sD>LJF d)\8IKENNEDY 2y`j] M*@cS INTL H8fzb 6[Rrw =2Ia) t$e/;378,389 4A:Md PymI;43,762,282 Ep-dI nz*yq Z<](V e"YP025% sc*fi mpB`> 40% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw444,374 z`& BxnFN30% `D7(, g[Elv 34% > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^WESTCHESTER *+"NA +E^)r 5[`^g COUNTY GifqZ a9!`N V?M(D180,798 0e)1m Ip7`R .u3n21,003,600 ynT>> 3YV3> ^B70#12% Zsh<] ZdRJJ 1% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8TbSTEWART 0wiau 7/0Lm INTL T=dpv wnAtx \Me-X U5JFC83,133 20?Tp mj$"o pUf3J308,583 ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz 65 MIDWAY INTL 298,548 18,680,663 20% 18% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxrGENERAL <%x-8 Dn2QgMITCHELL /6j2F JhfqZINTL ;@$I" 4,nY)202,505 ?taqZ yn'0E m?4\*7,299,294 Y`rDV +9O.a *vlw.14% O<[5f n3Ytw 7% 4 Wfoj" xI;IlTOKYO pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J514,178 NE;4R ux(ri100,785,897 hz>Q! /]I(+ Zcp*b 8pr;Q100% AhO5U '/,b& 100% t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F4 v.NTx agw0HTOKYO Vcn BZTWF N]-/k63% "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V 5 LOS ANGELES 1,768,311 87,681,227 100% 100% WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 53\U9$ K#XH=LOS &4w06 ANGELES Su"GD SmI@GINTL =C6ig S!"-m &1J73656,842 fM[INTL Y_jJ, yE%wx 4v$ET -.wcy136,261 'kQ?1 jB4-n H?R7C7,049,904 76g;2 d(aB' oN4Ek f%[pD8% F`eYF 8% 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=TBOB Jhx-y HOPE =;$c7 'zQUK a&u0o #Yo>y ?PLBl131,214 YEY0Q W&l4h 5,689,291\;gfI k'Oe6 wgHF_ Gd4L+ 7%%^*8m ZnL 6% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK LONG BEACH 369,738 2,758,362 21% 3% YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahjPALM 0ix\i SPRINGS %yk7W !z]>8 INTL ?9CjF *@Ebi !)N;q =J9o+94,578 \s]&/ :'bPD1,529,005 zn6v8 \%1&@ y&#'@ MwCek5% (FddL 2% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;DvnbPALMDALE 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V32,484 Hxm;/ ^gY(* D^Xw# _6A!'59 VoN3> 6E&B,2% 6i*\* ltJJ! 0% 6 Sm8dD ATLANTAnHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!#976,447 "Ezo_ bq@Lt84,846,639 If637 t#0l^ zG=G^ eZ"\\C 100% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 55 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd HARTSFIELD-JACKSON% R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w 7 @xE_. J*OCHPARIS zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG825,308 a3ED\ CgZvu84,368,532 m)NxO &>*M) q:Z3j100% u07KX 7ej[. 100% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8%7 eq58/ g:mUBCHARLES OqvO< Vdf)% DE GAULLEnFn_y a-B>x z(n5? VU2I/ 541,566Tw%)% t_i_A GRfnj56,849,567 dTv`K N_,As $wM6y66% [iu9q Tg/vK 67% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt43 sMo)B ](TXWORLY %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0233,458 5^fGr LH3ev25,622,152 ]G@vn cqu*9 zx-R: ]$l:*28% !(gfO 8kPKU 30% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww)BEAUVAIS-TILLE 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj 35,685t=hp; /5kK' K;9%51,887,971 )mB+) P]c)! oQo`V ^3LL)4% A4q1^ 2% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_VATRY K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 8 9#mHT HONG-KONG!`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7#510,649 K\t&l O_Wm667,190,070 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq14 (6]<2 ;sD>LHONG d)\8I KONG2y`j] M*@cS INTL H8fzb 6[Rrw =2Ia) t$e/;290,107 4A:Md PymI;43,857,908 Ep-dI nz*yq Z<](V e"YP057% sc*fi mpB`> 65% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J=69 8gX3eINTL vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 169,4933W6\Y \vg93 v.s5D18,356,069 uyNx WOR y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D948,578 0e)1m Ip7`R .u3n267,100,855 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# 961,620Y;M"$ ?2E#4 jnu)(62,542,832 fAIen YkX*@ Slwk0100% y$J%Y MxkLz 100% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_-WASHINGTON 9AYUr ;?5A` \A3sp DULLES *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P49 IjT)1 ^9kxrINTL <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY)379,571 ?taqZ yn'0E 22,813,067m?4\* Y`rDV +9O.a *vlw.39% O<[5f n3Ytw 36% Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXcBALTIMORE/WASHINGTON 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F58 v.NTx agw0HINTL THURGOODVcn BZTWF N]-/k32% "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V 66 NATIONAL 276,419 18,545,557 29% 30% WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa 11 l8Miq eUxanSAN 3[Q#VFRANCISCO 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73878,077 fM[ INTL Y_jJ, yE%wx 4v$ET -.wcy330,418 'kQ?1 jB4-n H?R7C14,692,875 76g;2 d(aB' oN4Ek 38%f%[pD F`eYF 25% 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=TNORMAN Jhx-y =;$c7 MINETA 'zQUK SAN a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB113 wXiH7 J:PEsJOSE /Cw:H INTL eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt188,458 vabFY L/P` \&FCK 18% 12 YH@"%FRANKFURT c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x 529,016EEeM> XSd]' cpe9b56,514,862 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y8 WiUbV ;DvnbFRANKFURT/MAIN 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V489,406 Hxm;/ ^gY(*52,810,683 D^Xw# _6A!' VoN3> 6E&B,93% 6i*\* ltJJ! 93% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_qHAHN jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# 39,610"Ezo_ bq@Lt 3,704,179If637 t#0l^ zG=G^ eZ"\\C 7% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 56 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ 56%^*U>s IHH?w 60% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FWFT ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUBLAUDERDALE/HOLLYWOO OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt56 sMo)B ](TXWD INTL %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0297,088 5^fGr LH3ev21,369,787 ]G@vn cqu*9 zx-R: ]$l:*44% !(gfO 8kPKU 40% 14 %a"x] o:-CCHOUSTON/GALVEST yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj837,381 t=hp; /5kK' K;9%551,099,721 )mB+) P]c)! oQo`V100% ^3LL) A4q1^ 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_G BUSH K:Ol8ty G`dXt /$l!( dWW`k17 PzY#s ,SY^MINTERCONTINENTAL kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq602,672 Cnx0Z 6JUR/42,550,432 _PXE) @O@'k &:_K_72% ECt_g j'Zgj 83% 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v 139 WP HOBBY 234,709 8,549,289 28% 17% f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> 15 \^hhH j6GM4DENVER q,OSh *rC eQKQ8 ydCcw739,447 z`& BxnFN100% `D7(, g[Elv 100% > F+N58 RYxV8 owicB <"@,] Kr=J=10 8gX3eDENVER vXJ#F aT$80 INTL o-`]I (R$G] `KT"N Kmn(% 598,4893W6\Y \vg93 v.s5D47,325,016 uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D376,643 0e)1m Ip7`R .u3n248,654,770 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\12 ^co17 O1#FuSCHIPHOL wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# 440,154Y;M"$ ?2E#4 jnu)(46,065,719 fAIen YkX*@ Slwk0 y$J%Y85% MxkLz 95% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_-EINDHOVEN 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*15,474 Uv"jp ;KjMw1,143,637 `0J7h muygc abg$x PMMY.3% 03)1V 2% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxrROTTERDAM <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY)64,265 ?taqZ yn'0E m?4\*1,137,835 Y`rDV +9O.a *vlw.12% O<[5f n3Ytw 2% Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& 18 LAS VEGAS 915,846 46,938,137 100% 100% t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn25% hU'XR 1a[_V 2% WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U:HENDERSON XowJX aW^et ,sorj EXECUTIVE H_t/y jHHFt dWWme p$3G(66,566 E-8(K 13w&^37,772 g'C:6 u)7B( 0,8gR #6U5\7% 6YhNa 0% 19 l8Miq eUxanSHANGHAI 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73409,598 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6)62 o!bgq XM#=THONGQIA Jhx-y =;$c7 INTL 'zQUK a&u0o #Yo>y ?PLBl177,603 YEY0Q W&l4h19,336,954 \;gfI k'Oe6 wgHF_ Gd4L+43% %^*8m ZnL 42% 20 %\ 9:vZ&MADRID DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt508,097 vabFY L/P` \&FCK 100% YH@"% c65ME (fIz" 1xYLI btgJ# &+(&'13 ,^NL_ R4O@:BARAJAS MG%OF Z_wm0 y.]eW `EagJ gM-:x 435,018EEeM> XSd]' cpe9b45,501,168 O7oe" %Jz?k I+=/x nSvXZ86% 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahjTOREJON 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+15,154 \s]&/ :'bPD zn6v825,894 \%1&@ y&#'@ MwCek3% (FddL 0% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! CUATRO VIENTOS 57,925 174 11% 0% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 57 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg16 gwde5 q5>FW(SUVARNABHUMI) ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG290,916 a3ED\ CgZvu42,799,532 m)NxO &>*M) q:Z3j96% u07KX 7ej[. 100% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUBDON OqvO< MUEANG Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)%11,360 t_i_A GRfnj dTv`K4,177 N_,As $wM6y 4%[iu9q Tg/vK 0% 22 *BWoi z3vvrSEOUL FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0288,493 5^fGr LH3ev42,127,246 ]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% %a"x] o:-CC yCt+N gAQX4 4XpUw 38DlgM< v,Ww)INCHEON 9ECyA ?w=m[ INTL jY!Ak hTH]. yZz?- o:lKj184,279 t=hp; /5kK' K;9%528,360,723 )mB+) P]c)! oQo`V64% ^3LL) A4q1^ 67% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B93 M:1Y7 %xbr_GIMPO K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 23 9#mHT PHOENIX!`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7#827,229 K\t&l O_Wm641,442,594 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>LPHOENIX d)\8I 2y`j] SKY M*@cS HARBOR H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw546,510 z`& BxnFN66% `D7(, g[Elv 100% > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3eWILLIAMS vXJ#F aT$80 GATEWAY o-`]I (R$G] `KT"N Kmn(% 280,7193W6\Y \vg93 v.s5D uyNx y5I,b Rzplv53 ihF6U ZEML^MALPENSA *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D251,229 0e)1m Ip7`R .u3n221,767,267 ynT>> 3YV3> ^B70#57% Zsh<] ZdRJJ 59% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# 260,718Y;M"$ ?2E#4 jnu)(36,341,469 fAIen YkX*@ Slwk0100% y$J%Y MxkLz 100% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH22 ^U<_-CHANGI 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*217,773 Uv"jp ;KjMw35,033,083 `0J7h muygc abg$x PMMY.84% 03)1V 96% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxrSULTAN <%x-8 ISMAIL Dn2Qg /6j2F JhfqZ ;@$I" 4,nY)42,945 ?taqZ yn'0E m?4\*1,308,386 Y`rDV +9O.a *vlw.16% O<[5f n3Ytw 4% Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& 26 t)Y7Y 3yp\&ORLANDO T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k100% "h96w F /)qMb c;VBQ &?/Xn48% hU'XR 1a[_V 5% 27 WADWPDETROIT :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme481,740 p$3G( E-8(K 13w&^35,972,673 g'C:6 u)7B( 0,8gR100% #6U5\ 6YhNa 100% l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH=DETROIT &4w06 Su"GD METRO SmI@G WAYNE =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 28 2&?=q aS,MHMINNEAPOLIS/ST. qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl475,668 YEY0Q W&l4h35,612,133 \;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEsMINNEAPOLIS/ST /Cw:H eips1 =f-N7 zCu*APAUL <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&'21 ,^NL_ R4O@:INTL MG%OF Z_wm0 y.]eW `EagJ gM-:x 475,668EEeM> XSd]' cpe9b35,612,133 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 29 9ruW0 \+G+pROME "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+379,542 \s]&/ :'bPD35,002,041 zn6v8 \%1&@ y&#'@100% MwCek (FddL 100% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y33 WiUbV ;DvnbFIUMICINO 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V315,627 Hxm;/ ^gY(*30,102,097 D^Xw# _6A!' VoN3> 6E&B,83% 6i*\* ltJJ! 86% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 58 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\100% ^*U>s IHH?w 100% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg34 gwde5 q5>FWBARCELONA ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG327,636 a3ED\ CgZvu30,000,601 m)NxO &>*M) q:Z3j85% u07KX 7ej[. 86% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUBGIRONA/COSTA OqvO< Vdf)% nFn_y BRAVA a-B>x z(n5? VU2I/ Tw%)%33,436 t_i_A GRfnj3,592,700 dTv`K N_,As $wM6y 9%[iu9q Tg/vK 10% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXWREUS %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&024,894 5^fGr LH3ev 1,377,382]G@vn cqu*9 zx-R: ]$l:* !(gfO6% 8kPKU 4% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 31 OSAKA 246,257 33,649,869 100% 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k78 PzY#s ,SY^MOSAKA kUr() (ITAMI) J(h3_ av=,P INTL DJaT/ +^bc` Zoll, s6;jq130,826 Cnx0Z 6JUR/17,050,440 _PXE) @O@'k &:_K_53% ECt_g j'Zgj 51% 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0`81 z#blJ plcR$KANSAI F="W" INTL Z2eQ& S-rd] H`VXJ ;WL#" OLH7#115,431 K\t&l O_Wm616,599,429 ]Fv.c XVH33 K(Dv*47% yJ/F` 1qu^v 49% 32 f25C% $Y$y@MOSCOW f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;403,992 4A:Md PymI;33,265,248 Ep-dI nz*yq Z<](V e"YP0100% sc*fi mpB`> 100% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw149,895 z`& BxnFN37% `D7(, g[Elv 46% > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^VNUKOVO *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 98,4370e)1m Ip7`R .u3n25,130,650 ynT>> 3YV3> ^B70#24% Zsh<] ZdRJJ 15% 33 ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC515,869 20?Tp mj$"o31,768,272 pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz 39 LOGAN INTL 406,119 27,725,443 75% 87% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxrMANCHESTER-BOSTON <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXcREGL. 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J93,138 NE;4R ux(ri 3,896,532hz>Q! /]I(+ Zcp*b 8pr;Q17% AhO5U '/,b& 12% t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0HPEASE Vcn67,160 BZTWF N]-/k "h96w7% F /)qMb c;VBQ &?/Xn78% hU'XR 1a[_V 98% WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U:JOHN XowJX C aW^et MUNRO ,sorj HAMILTONH_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH=INTL &4w06 Su"GD SmI@G =C6ig S!"-m &1J7341,878 fM[ CITY Y_jJ, CENTRE yE%wx 4v$ET -.wcy75,499 'kQ?1 jB4-n H?R7C19,117 76g;2 d(aB' oN4Ek 14%f%[pD F`eYF 0% 36 2&?=q aS,MHJAKARTA qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl281,463 YEY0Q W&l4h30,812,445 \;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB31 wXiH7 J:PEsSOEKARNO /Cw:H eips1 =f-N7HATTA zCu*A INTL <&R+' h.@r- m&OCt247,126 vabFY L/P` \&FCK 99% YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@:HALIM MG%OF PERDANKUSUMA Z_wm0 y.]eW `EagJ gM-:x EEeM>34,337 XSd]' cpe9b228,488 O7oe" %Jz?k I+=/x nSvXZ12% 952VK 1% 37 9ruW0 \+G+pMUENICH "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+411,335 \s]&/ :'bPD30,757,978 zn6v8 \%1&@ y&#'@100% MwCek (FddL 100% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr]30 E$*6g M)h_qMUNICH jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!#411,335 "Ezo_ bq@Lt30,757,978 If637 t#0l^ zG=G^ eZ"\\C 100% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 59 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ 55%^*U>s IHH?w 75% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FWLIVERPOOL ?E*Iy DyzTZ JOHN .zRly LENNON AVG13 4xcwb wHPoG91,474 a3ED\ CgZvu4,971,452 m)NxO &>*M) q:Z3j22% u07KX 7ej[. 16% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUBLEEDS/BRADFORD OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)%94,861 t_i_A GRfnj2,795,211 dTv`K N_,As $wM6y23% [iu9q Tg/vK 9% 39 *BWoi z3vvrSYDNEY FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0283,636 5^fGr LH3ev30,375,799 ]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 32 KINGSFORD SMITH 283,636 30,375,799 100% 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq340,058 Cnx0Z 6JUR/29,979,097 _PXE) @O@'k &:_K_100% ECt_g j'Zgj 100% 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0`35 z#blJ plcR$SEATTLE F="W" TACOMA Z2eQ& S-rd] INTL H`VXJ ;WL#" OLH7#340,058 K\t&l O_Wm629,979,097 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% 41 f25C% $Y$y@CHARLOTTE f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;509,559 4A:Md PymI;29,693,949 Ep-dI nz*yq Z<](V e"YP0100% sc*fi mpB`> 100% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J=36 8gX3eINTL vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 509,5593W6\Y \vg93 v.s5D29,693,949 uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ;37 zhLQ7 Om8TbDUBAI 0wiau INTL 7/0Lm T=dpv wnAtx \Me-X U5JFC237,258 20?Tp mj$"o28,788,726 pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\133 ^co17 O1#FuINT DOwJj/m GUARULHOS WB+#k l.:[l ^hFN0 '1rOu .X_e# 154,940Y;M"$ ?2E#4 jnu)(9,216,052 fAIen YkX*@ Slwk0 y$J%Y39% MxkLz 33% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_-CAMPO 9AYUr ;?5A` DE MARTE\A3sp *tx%D +2@h/ BKc]c JO*(*12,944 Uv"jp ;KjMw169,569 `0J7h muygc abg$x PMMY.3% 03)1V 1% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw 44 Wfoj" xI;IlRHINE-RHUR pT*y; D(jj% VALLw>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J367,139 NE;4R ux(ri26,495,409 hz>Q! /]I(+ Zcp*b 8pr;Q100% AhO5U '/,b& 100% t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F82 v.NTx agw0HDUSSELDORF Vcn BZTWF N]-/k59% "h96w F /)qMb c;VBQ &?/Xn41% hU'XR 1a[_V 37% 45 WADWPGUANGZHOU :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme232,404 p$3G( E-8(K 13w&^26,222,037 g'C:6 u)7B( 0,8gR100% #6U5\ 6YhNa 100% l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 423\U9$ K#XH=GUANGZHOU &4w06 Su"GD BAIYUN SmI@G =C6ig INTL S!"-m &1J73232,404 fM[ Y_jJ, yE%wx 4v$ET -.wcy277,363 'kQ?1 jB4-n H?R7C26,178,332 76g;2 d(aB' oN4Ek100% f%[pD F`eYF 100% 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6)47 o!bgq XM#=TATATURK Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl241,375 YEY0Q W&l4h23,261,878 \;gfI k'Oe6 wgHF_ Gd4L+87% %^*8m ZnL 89% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEsSABIHA /Cw:H eips1GOKCEN =f-N7 zCu*AINTL <&R+' h.@r- m&OCt35,988 vabFY L/P` \&FCK 11% 47 YH@"%MEXICO c65ME (fIz" CITY 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x 355,593EEeM> XSd]' cpe9b24,727,296 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a44 vFYJV h,ahjMEXICO 0ix\i %yk7W CITY !z]>8 ?9CjF *@Ebi !)N;q =J9o+355,593 \s]&/ :'bPD24,727,296 zn6v8 \%1&@ y&#'@100% MwCek (FddL 100% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! 48 Sm8dD KUALAnHY4# _DqfVLUMPUR h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!#220,495 "Ezo_ bq@Lt24,213,250 If637 t#0l^ zG=G^ eZ"\\C 100% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 60 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FWSUBANG ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG36,626 a3ED\ CgZvu83,502 m)NxO &>*M) q:Z3j17% u07KX 7ej[. 0% 49 %WN9RTAIPEI "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ 157,703Tw%)% t_i_A GRfnj22,857,445 dTv`K N_,As $wM6y100% [iu9q Tg/vK 100% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt48 sMo)B ](TXWTAIWAN %WY4- TAOYUAN "<:tq ]E:mj INTL u(BCL o;Rcw syX&0157,703 5^fGr LH3ev22,857,445 ]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% 50 %a"x] o:-CCCOPENHAGEN yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj300,414 t=hp; /5kK' K;9%522,737,731 )mB+) P]c)! oQo`V100% ^3LL) A4q1^ 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B59 M:1Y7 %xbr_COPENHAGEN K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$MALMÖ/STURUP F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7#42,058 K\t&l O_Wm61,938,379 ]Fv.c XVH33 K(Dv*14% yJ/F` 1qu^v 9% 51 f25C% $Y$y@PALMA f1ugw DE MAJORC b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;190,280 4A:Md PymI;22,402,257 Ep-dI nz*yq Z<](V e"YP0100% sc*fi mpB`> 100% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw190,280 z`& BxnFN100% `D7(, g[Elv 100% 52 > MELBOURNEF+N58 RYxV8 owicBAUST <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 179,1303W6\Y \vg93 v.s5D21,903,775 uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ 53 ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC421,436 20?Tp mj$"o21,557,656 pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\55 ^co17 O1#FuMUMBAI wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# 206,091Y;M"$ ?2E#4 jnu)(21,375,051 fAIen YkX*@ Slwk0100% y$J%Y MxkLz 100% 55 X;HSw DUBLIN)r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*196,641 Uv"jp ;KjMw21,196,382 `0J7h muygc abg$x100% PMMY. 03)1V 100% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C57 otccc >:eXcDUBLIN 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J196,641 NE;4R ux(ri21,196,382 hz>Q! /]I(+ Zcp*b 8pr;Q100% AhO5U '/,b& 100% 56 t)Y7Y 3yp\&HONOLULU T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k100% "h96w F /)qMb c;VBQ &?/Xn100% hU'XR 1a[_V 100% WADWP :^md0 TM%cn /Bg>T 4+b:<136 9J#sc 2*)U:GLASGOW XowJX aW^et ,sorj H_t/y jHHFt dWWme 110,063p$3G( E-8(K 13w&^8,853,951 g'C:6 u)7B( 0,8gR 39%#6U5\ 6YhNa 45% l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy48,347 'kQ?1 jB4-n H?R7C2,403,225 76g;2 d(aB' oN4Ek 17%f%[pD F`eYF 12% 58 2&?=q aS,MHNEW DELHIqk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl192,491 YEY0Q W&l4h19,372,694 \;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB61 wXiH7 J:PEsINDIRA /Cw:H GANDHIeips1 =f-N7 INTL zCu*A <&R+' h.@r- m&OCt192,491 vabFY L/P` \&FCK 100% 59 YH@"%STOCKHOLM c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x 283,722EEeM> XSd]' cpe9b19,330,800 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y73 WiUbV ;DvnbARLANDA 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V227,095 Hxm;/ ^gY(*17,667,501 D^Xw# _6A!' VoN3> 6E&B,80% 6i*\* ltJJ! 91% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_qBROMMA jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# 56,627"Ezo_ bq@Lt 1,663,299If637 t#0l^ zG=G^ eZ"\\C 9% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 61 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ 60%^*U>s IHH?w 86% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FWBRUSSELS ?E*Iy DyzTZ SOUTH .zRly AVG13 4xcwb wHPoG66,480 a3ED\ CgZvu2,166,915 m)NxO &>*M) q:Z3j16% u07KX 7ej[. 11% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUBLIEGE-BIERSET OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)%45,889 t_i_A GRfnj308,229 dTv`K N_,As $wM6y11% [iu9q Tg/vK 2% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXWANTWERP-DEURNE %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&055,023 5^fGr LH3ev ]G@vn147,849 cqu*9 zx-R: ]$l:*13% !(gfO 8kPKU 1% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 61 ZURICH 260,786 19,185,989 100% 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k63 PzY#s ,SY^MZURICH kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq260,786 Cnx0Z 6JUR/19,185,989 _PXE) @O@'k &:_K_100% ECt_g j'Zgj 100% 62 9#mHT OSLO!`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7#251,820 K\t&l O_Wm618,967,791 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq72 (6]<2 ;sD>LOSLO d)\8I INTL 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;214,640 4A:Md PymI;17,672,179 Ep-dI nz*yq Z<](V e"YP085% sc*fi mpB`> 93% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw37,180 z`& BxnFN15% `D7(, g[Elv 7% > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv64 ihF6U ZEML^TAMPA *+"NA INTL +E^)r 5[`^g GifqZ a9!`N V?M(D257,071 0e)1m Ip7`R .u3n218,867,541 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% 64 ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC291,995 20?Tp mj$"o18,788,172 pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz 65 BERLIN 250,502 18,506,506 100% 100% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P101 IjT)1 ^9kxrTEGEL <%x-8 OTTO Dn2Qg LILIENTHAL /6j2F JhfqZ ;@$I" 4,nY)140,611 ?taqZ yn'0E m?4\*11,812,625 Y`rDV +9O.a *vlw.56% O<[5f n3Ytw 64% Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXcSCHOENEFELD 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J67,702 NE;4R ux(ri 6,059,343hz>Q! /]I(+ Zcp*b 8pr;Q27% AhO5U '/,b& 33% t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0HTEMPELHOF Vcn BZTWF N]-/k17% "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V 68 SAPPORO CHITOSE 100,478 18,389,322 100% 100% WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa 67 l8Miq eUxanFUKUOKA 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73137,632 fM[ Y_jJ, yE%wx 4v$ET -.wcy206,007 'kQ?1 jB4-n H?R7C17,990,591 76g;2 d(aB' oN4Ek100% f%[pD F`eYF 100% 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6)71 o!bgq XM#=TN AQUINO Jhx-y =;$c7 INTL 'zQUK a&u0o #Yo>y ?PLBl171,913 YEY0Q W&l4h17,942,465 \;gfI k'Oe6 wgHF_ Gd4L+83% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK SUBIC BAY INTL 34,094 48,126 17% 0% YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 69 9ruW0 \+G+pVANCOUVER "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+482,210 \s]&/ :'bPD17,642,160 zn6v8 \%1&@ y&#'@100% MwCek (FddL 100% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y76 WiUbV ;DvnbVANCOUVER 7^:W8 LqDdf INTL WuTf( `?=7\ ;H$I/ 3c-.V322,396 Hxm;/ ^gY(*17,139,527 D^Xw# _6A!' VoN3> 6E&B,67% 6i*\* ltJJ! 97% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_qABBOTSFORD jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!#159,814 "Ezo_ bq@Lt If637502,633 t#0l^ zG=G^ eZ"\\C 3% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 62 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\100% ^*U>s IHH?w 100% 71 @xE_. J*OCHJOHANNESBURG zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG207,624 a3ED\ CgZvu17,344,669 m)NxO &>*M) q:Z3j100% u07KX 7ej[. 100% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8%75 eq58/ g:mUBJOHANNESBURG OqvO< Vdf)% nFn_y INTL a-B>x z(n5? VU2I/ 207,624Tw%)% t_i_A GRfnj17,344,669 dTv`K N_,As $wM6y100% [iu9q Tg/vK 100% 72 *BWoi z3vvrBRISBANE FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0165,826 5^fGr LH3ev17,087,549 ]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 77 BRISBANE INTL 165,826 17,087,549 100% 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq156,340 Cnx0Z 6JUR/16,278,700 _PXE) @O@'k &:_K_100% ECt_g j'Zgj 100% 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$CHENGDU F="W" Z2eQ&SHUANGLIU S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq83 (6]<2 ;sD>LINTL d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;156,340 4A:Md PymI;16,278,700 Ep-dI nz*yq Z<](V e"YP0100% sc*fi mpB`> 100% 74 \^hhH j6GM4CINCINNATI q,OSh *rC eQKQ8 ydCcw345,754 z`& BxnFN100% `D7(, g[Elv 100% > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3eCINCINNATI/NO vXJ#F aT$80 o-`]I KENTUCKY (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D272,585 0e)1m Ip7`R .u3n215,205,944 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\87 ^co17 O1#FuATHINAI wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# 190,872Y;M"$ ?2E#4 jnu)(15,065,267 fAIen YkX*@ Slwk0100% y$J%Y MxkLz 100% 77 X;HSw ANTALYA)r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*99,146 Uv"jp ;KjMw14,767,977 `0J7h muygc abg$x100% PMMY. 03)1V 100% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P88 IjT)1 ^9kxrANTALYA <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY)99,146 ?taqZ yn'0E 14,767,977m?4\* Y`rDV +9O.a *vlw.100% O<[5f n3Ytw 100% Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& 78 t)Y7Y 3yp\&KUNMING T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k100% "h96w F /)qMb c;VBQ &?/Xn100% hU'XR 1a[_V 100% WADWP :^md0 TM%cn /Bg>T 4+b:<91 9J#sc 2*)U:NAHA XowJX INT'L aW^et ,sorj H_t/y jHHFt dWWme 116,372p$3G( E-8(K 13w&^14,172,504 g'C:6 u)7B( 0,8gR100% #6U5\ 6YhNa 100% 80 l8Miq eUxanPORTLAND 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73260,510 fM[ INTL Y_jJ, yE%wx 4v$ET -.wcy260,510 'kQ?1 jB4-n H?R7C14,043,489 76g;2 d(aB' oN4Ek100% f%[pD F`eYF 100% 81 2&?=q aS,MHJEDDAH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl101,845 YEY0Q W&l4h13,357,093 \;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB94 wXiH7 J:PEsKING /Cw:H ABDULAZIZ eips1 =f-N7 zCu*AINTL <&R+' h.@r- m&OCt101,845 vabFY L/P` \&FCK 100% 82 YH@"%MALAGA c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x 127,769EEeM> XSd]' cpe9b13,056,155 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a95 vFYJV h,ahjMALAGA 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+127,769 \s]&/ :'bPD13,056,155 zn6v8 \%1&@ y&#'@100% MwCek (FddL 100% LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! 83 Sm8dD RIOnHY4# DE _DqfV JANEIRO h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!#165,498 "Ezo_ bq@Lt12,838,357 If637 t#0l^ zG=G^ eZ"\\C 100% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 63 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ 39%^*U>s IHH?w 28% 84 @xE_. J*OCHLISBON zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG137,109 a3ED\ CgZvu12,314,314 m)NxO &>*M) q:Z3j100% u07KX 7ej[. 100% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8%97 eq58/ g:mUBLISBON OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ 137,109Tw%)% t_i_A GRfnj12,314,314 dTv`K N_,As $wM6y100% [iu9q Tg/vK 100% 85 *BWoi z3vvrBUENOS FIVQC AIRES )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0142,916 5^fGr LH3ev12,156,670 ]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww)EZEIZA 9ECyA "MINISTRO ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_PISTARINI" K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj AEROPARQUE JORGE 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>LNEWBERY d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;79,223 4A:Md PymI;5,289,074 Ep-dI nz*yq Z<](V e"YP055% sc*fi mpB`> 44% 86 \^hhH j6GM4HELSINKI q,OSh *rC eQKQ8 ydCcw247,298 z`& BxnFN100% `D7(, g[Elv 100% > F+N58 RYxV8 owicB <"@,] Kr=J=98 8gX3eHELSINKI vXJ#F aT$80 VANTAA o-`]I (R$G] `KT"N Kmn(% 182,2263W6\Y \vg93 v.s5D12,142,873 uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 78,6110e)1m Ip7`R .u3n212,109,837 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\100 ^co17 O1#FuHAMBURG-FÜHLSBUTTEL wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# 168,395Y;M"$ ?2E#4 jnu)(11,954,560 fAIen YkX*@ Slwk0100% y$J%Y MxkLz 100% 89 X;HSw BOGOTA)r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*216,592 Uv"jp ;KjMw11,770,339 `0J7h muygc abg$x100% PMMY. 03)1V 100% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P102 IjT)1 ^9kxrELDORADO <%x-8 Dn2Qg INTL /6j2F JhfqZ ;@$I" 4,nY)216,592 ?taqZ yn'0E m?4\*11,770,339 Y`rDV +9O.a *vlw.100% O<[5f n3Ytw 100% Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& 90 t)Y7Y 3yp\&NAGOYA T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k100% "h96w F /)qMb c;VBQ &?/Xn100% hU'XR 1a[_V 100% WADWP :^md0 TM%cn /Bg>T 4+b:<104 9J#sc 2*)U:PRAHA-RUZYNE XowJX aW^et ,sorj H_t/y jHHFt dWWme166,346 p$3G( E-8(K 13w&^11,567,588 g'C:6 u)7B( 0,8gR100% #6U5\ 6YhNa 100% 92 l8Miq eUxanAUCKLAND 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73160,893 fM[ INTL Y_jJ, yE%wx 4v$ET -.wcy160,893 'kQ?1 jB4-n H?R7C11,458,553 76g;2 d(aB' oN4Ek100% f%[pD F`eYF 100% 93 2&?=q aS,MHMONTREAL qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl235,393 YEY0Q W&l4h11,431,751 \;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEsPIERRE /Cw:H eips1 ELLIOT =f-N7 TRUDEAU zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&'106 ,^NL_ R4O@:INTL MG%OF Z_wm0 y.]eW `EagJ gM-:x 213,468EEeM> XSd]' cpe9b11,431,751 O7oe" %Jz?k I+=/x nSvXZ91% 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahjMIRABEL 0ix\i %yk7W INTL !z]>8 ?9CjF *@Ebi !)N;q =J9o+21,925 \s]&/ :'bPD zn6v8 \%1&@. y&#'@ MwCek9% (FddL — 94 LW,4, )gT>bRIYADH kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V94,250 Hxm;/ ^gY(*11,328,238 D^Xw# _6A!' VoN3> 6E&B,100% 6i*\* ltJJ! 100% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 64 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\100% ^*U>s IHH?w 100% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg108 gwde5 q5>FWCLEVELAND ?E*Iy DyzTZ HOPKINS .zRly AVG13 INTL 4xcwb wHPoG249,967 a3ED\ CgZvu11,321,050 m)NxO &>*M) q:Z3j78% u07KX 7ej[. 100% %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUBBURKE OqvO< LAKEFRONTVdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)%70,827 t_i_A GRfnj dTv`K. N_,As $wM6y22% [iu9q Tg/vK — 96 *BWoi z3vvrCALGARY, FIVQC AB,)TsUi CA qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0242,658 5^fGr LH3ev11,279,080 ]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 109 CALGARY INTL 242,658 11,279,080 100% 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty CITYG`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq178,466 Cnx0Z 6JUR/11,237,480 _PXE) @O@'k &:_K_100% ECt_g j'Zgj 100% 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0`110 z#blJ plcR$KANSAS F="W" CITY Z2eQ& INTL S-rd] H`VXJ ;WL#" OLH7#178,466 K\t&l O_Wm611,237,480 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% 98 f25C% $Y$y@MEMPHIS f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;384,823 4A:Md PymI;11,176,460 Ep-dI nz*yq Z<](V e"YP0100% sc*fi mpB`> 100% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw384,823 z`& BxnFN100% `D7(, g[Elv 100% > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv112 ihF6U ZEML^CAIRO *+"NA INTL +E^)r 5[`^g GifqZ a9!`N V?M(D105,999 0e)1m Ip7`R .u3n210,778,097 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% 100 ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC196,621 20?Tp mj$"o10,689,445 pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz 101 BRASILIA 126,427 10,379,185 100% 100% X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxrINT DE<%x-8 BRASILIA-PRES Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C115 otccc >:eXcJUSCELINO 1'pn% d8-T' ePx8aKUB )v0!l -o?o1 \2KFC 3VI\J126,427 NE;4R ux(ri10,379,185 hz>Q! /]I(+ Zcp*b 8pr;Q100% AhO5U '/,b& 100% 102 t)Y7Y 3yp\&SACRAMENTO, T;BJD *;9!U CALCuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k100% "h96w F /)qMb .c;VBQ &?/Xn31% hU'XR 1a[_V — 103 WADWPGRAN :^md0 CANARIA TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme 114,938p$3G( E-8(K 13w&^10,279,594 g'C:6 u)7B( 0,8gR100% #6U5\ 6YhNa 100% l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy167,945 'kQ?1 jB4-n H?R7C10,104,958 76g;2 d(aB' oN4Ek100% f%[pD F`eYF 100% 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6)118 o!bgq XM#=TSTUTTGART Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl167,945 YEY0Q W&l4h10,104,958 \;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% 105 %\ 9:vZ&PITTSBURGH DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt235,264 vabFY L/P` \&FCK 100% YH@"% c65ME (fIz" 1xYLI btgJ# &+(&'119 ,^NL_ R4O@:PITTSBURGH MG%OF Z_wm0 INTL y.]eW `EagJ gM-:x 235,264EEeM> XSd]' cpe9b9,987,310 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL 106 LW,4, )gT>bNICE kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V178,861 Hxm;/ ^gY(* D^Xw#9,948,035 _6A!' VoN3> 6E&B,100% 6i*\* ltJJ! 100% Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr]120 E$*6g M)h_qNICE-COTE jxn;c I(d#O D'AZUR aceL+ 7ts[k UZn^o ZdR!#178,861 "Ezo_ bq@Lt 9,948,035If637 t#0l^ zG=G^ eZ"\\C 100% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 65 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg122 gwde5 q5>FWGENEVE ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG176,709 a3ED\ CgZvu9,856,546 m)NxO &>*M) q:Z3j100% u07KX 7ej[. 100% 108 %WN9RCANCUN "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)%97,228 t_i_A GRfnj9,852,615 dTv`K N_,As $wM6y100% [iu9q Tg/vK 100% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt123 sMo)B ](TXWCANCUN %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&097,228 5^fGr LH3ev 9,852,615]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% 109 %a"x] o:-CCTEL AVIV yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj108,693 t=hp; /5kK' K;9%59,850,440 )mB+) P]c)! oQo`V100% ^3LL) A4q1^ 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B132 M:1Y7 %xbr_BEN GURION K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$SDE-DOV F="W" HOZ Z2eQ& S-rd] H`VXJ ;WL#" OLH7#31,958 K\t&l O_Wm6628,888 ]Fv.c XVH33 K(Dv*29% yJ/F` 1qu^v 6% 110 f25C% $Y$y@NASHVILLE, f1ugw b8$+3 TENN a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/;216,617 4A:Md PymI;9,663,386 Ep-dI nz*yq Z<](V e"YP0100% sc*fi mpB`> 100% \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw216,617 z`& BxnFN100% `D7(, g[Elv 100% 111 > RALEIGH-DURHAM,F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 245,0993W6\Y \vg93 v.s5D9,422,112 uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ 112 ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC103,281 20?Tp mj$"o 9,368,953pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\130 ^co17 O1#FuN. KAZANTZAKIS wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$67,602 ?2E#4 jnu)(9,355,235 fAIen YkX*@ Slwk0100% y$J%Y MxkLz 100% 114 X;HSw BIRMINGHAM)r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(*119,532 Uv"jp ;KjMw9,153,047 `0J7h muygc abg$x100% PMMY. 03)1V 100% xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C134 otccc >:eXcBIRMINGHAM 1'pn% d8-T' ePx8a INTL )v0!l -o?o1 \2KFC 3VI\J119,532 NE;4R ux(ri 9,153,047hz>Q! /]I(+ Zcp*b 8pr;Q100% AhO5U '/,b& 100% 115 t)Y7Y 3yp\&ALICANTE T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k100% "h96w F /)qMb c;VBQ &?/Xn100% hU'XR 1a[_V 100% WADWP :^md0 TM%cn /Bg>T 4+b:<137 9J#sc 2*)U:TENERIFE XowJX aW^et SUR ,sorj H_t/y jHHFt dWWme p$3G(65,774 E-8(K 13w&^8,816,745 g'C:6 u)7B( 0,8gR100% #6U5\ 6YhNa 100% l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy103,299 'kQ?1 jB4-n H?R7C8,476,707 76g;2 d(aB' oN4Ek100% f%[pD F`eYF 100% 118 2&?=q aS,MHHO CHI qk)2f MINH /&mvJ CIT 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q64,183 W&l4h 8,472,423\;gfI k'Oe6 wgHF_ Gd4L+100% %^*8m ZnL 100% %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB141 wXiH7 J:PEsTAN /Cw:H SON eips1 NHAT =f-N7 INTL zCu*A <&R+' h.@r- m&OCt64,183 vabFY L/P` \&FCK 100% 119 YH@"%AUSTIN, c65ME (fIz" TEXAS 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x 209,150EEeM> XSd]' cpe9b8,261,310 O7oe" %Jz?k I+=/x100% nSvXZ 952VK 100% 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y142 WiUbV ;DvnbAUSTIN-BERGSTROM 7^:W8 LqDdf WuTf( INTL`?=7\ ;H$I/ 3c-.V209,150 Hxm;/ ^gY(* D^Xw#8,261,310 _6A!' VoN3> 6E&B,100% 6i*\* ltJJ! 100% 120 Sm8dD BUDAPESTnHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!#126,947 "Ezo_ bq@Lt 8,248,650If637 t#0l^ zG=G^ eZ"\\C 100% /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 66 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 5.TN Major ^Up [ Jht( World )G*P@ Airports, aq6H L WiN Sorted ^S Ul !9M by IRank, mTaG JAJ7o2006 ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regional Metropolitan Metropolitan q!z . TAudMetropolitan wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd of C4=cbAirport &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XIMetropolitan cr D<* % 5_cQ &zoyP w<54 n EhBMetropolitan C* passengerX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:paircraft O#N# u 0Gn (P rF na< ; GmAd :;a!oaircraft _Dg< 8 \Dn Region airport name passengers passengers rank cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m movementsfn Hr tWN>; qosF w ?gqmovements mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\100% ^*U>s IHH?w 100% @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg144 gwde5 q5>FWOKECIE ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG146,066 a3ED\ CgZvu8,101,827 m)NxO &>*M) q:Z3j100% u07KX 7ej[. 100% 122 %WN9RINDIANAPOLIS, "+5O) cUzF[ \pt;) IcjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ 213,740Tw%)% t_i_A GRfnj8,085,394 dTv`K N_,As $wM6y100% [iu9q Tg/vK 100% *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt145 sMo)B ](TXWINDIANAPOLIS %WY4- "<:tq ]E:mjINTL u(BCL o;Rcw syX&0213,740 5^fGr LH3ev 8,085,394]G@vn cqu*9 zx-R: ]$l:*100% !(gfO 8kPKU 100% %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ 123 SAN ANTONIO, TE 218,934 8,031,405 100% 100% Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k146 PzY#s ,SY^MSAN kUr() ANTONIO J(h3_ av=,P INTL DJaT/ +^bc` Zoll, s6;jq218,934 Cnx0Z 6JUR/8,031,405 _PXE) @O@'k &:_K_100% ECt_g j'Zgj 100% 124 9#mHT FORT!`)Y* fx2+% MYERS, "d>;5 FLO #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7#86,170 K\t&l O_Wm67,643,217 ]Fv.c XVH33 K(Dv*100% yJ/F` 1qu^v 100% f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>LSOUTHWEST d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw86,170 z`& BxnFN100% `D7(, g[Elv 100% 125 > PERTHF+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y96,658 \vg93 v.s5D7,529,945 uyNx y5I,b Rzplv148 ihF6U ZEML^PERTH *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D96,658 0e)1m Ip7`R .u3n27,529,945 ynT>> 3YV3> ^B70#100% Zsh<] ZdRJJ 100% ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 67 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* RegionalX[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn passengercF BL l5SMetropolitan A ,x4m m(m`I Region Vycq z WUwof CJ hX n5t 9 VE_j w%vOmAirport But4 4 name vC3 ^m fn Hr tWN>; qosF wDescription ?gq mT +h Qq& C 6sD+ Notes cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg 3gwde5HEATHROW q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3jCapacity u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/Replaced Tw%)% Croyden t_i_A GRfnj (12 m) dTv`K in 1946 N_,As $wM6yconstrained [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B25 GATWICK ](TXW %WY4- "<:tq ]E:mj u(BCL o;RcwBegan syX&0 being 5^fGr (re-)developedLH3ev ]G@vn cqu*9 in 1950s zx-R: as]$l:* Capacity!(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?-an o:lKj overflow t=hp; airport/5kK' K;9%5 )mB+) P]c)! oQo`V constrained^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B46 M:1Y7STANSTED %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` BeganZoll, s6;jq being Cnx0Z (re-)developed 6JUR/ _PXE) in @O@'k 1980s &:_K_? ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"as an OLH7# overflow K\t&l airport O_Wm6 ]Fv.c XVH33 K(Dv*White yJ/F` elephant1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq127 (6]<2LONDON ;sD>L d)\8I LUTON 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= BIGGIN8gX3e vXJ#F HILL aT$80 o-`]I (R$G] `KT"N Kmn(%no airline 3W6\Y service \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ 15 JF KENNEDY INTL ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-XSerial U5JFC and 20?Tp competing mj$"o pUf3J airports? ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu paved.X_e# Y;M"$ runways; ?2E#4 most jnu)( long fAIen distance YkX*@ Slwk0 y$J%YCapacity MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]cflights JO*(* (over Uv"jp 1,500 ;KjMw miles) `0J7h prohibited muygc abg$x PMMY.constrained 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1WESTCHESTER ^9kxr <%x-8 Dn2Qg COUNTY /6j2F JhfqZ ;@$I"Regional 4,nY) ?taqZ geographic yn'0E m?4\* expansion Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& STEWART INTL Regional geographic expansion t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc2 O'HARE 2*)U: XowJX INTL aW^et ,sorj H_t/y jHHFt dWWmeReplaced p$3G( Midway E-8(K 13w&^as primary g'C:6 airport; u)7B( 0,8gR now #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-mbeing &1J73 reconfigured fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pDconstrained F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgqGENERAL XM#=T Jhx-y MITCHELL =;$c7 'zQUK INTL a&u0o #Yo>y Regional?PLBl YEY0Q geographic W&l4h \;gfI expansion k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK 4 TOKYO YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV4 TOKYO h,ahj INTL0ix\i %yk7W (HANEDA) !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCekCapacity (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/International 3c-.V Hxm;/ flights ^gY(* disallowedD^Xw# _6A!' VoN3> 6E&B,constrained 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr]23 E$*6gNEW M)h_q TOKYO jxn;c INTL I(d#O (NARITA) aceL+ 7ts[k UZn^oBecame ZdR!# "Ezo_ primary bq@Lt international If637 t#0l^ airportzG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 68 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg126 gwde5JOHN q5>FW WAYNE ?E*Iy DyzTZ .zRly AVG13 4xcwbRegional wHPoG geographic a3ED\ CgZvu expansion m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ONTARIO g:mUB OqvO< INTL Vdf)% nFn_y a-B>x z(n5? VU2I/Regional Tw%)% geographic t_i_A GRfnj expansion dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU BOB HOPE Regional geographic expansion %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7LONG %xbr_ BEACH K:Ol8ty G`dXt /$l!( dWW`k PzY#sPALM ,SY^M SPRINGS kUr() J(h3_ INTL av=,P DJaT/ +^bc` RegionalZoll, s6;jq geographicCnx0Z 6JUR/ expansion _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJPALMDALE plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"Regional OLH7# geographic K\t&l O_Wm6 expansion ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C%6 ATLANTA $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8Reconfigured ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= INTL8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(%additional 3W6\Y additions \vg93 v.s5D more uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ77 CHARLES Om8Tb 0wiau DE GAULLE7/0Lm T=dpv wnAtx \Me-XReplaced U5JFC 20?Tp Orly mj$"oas primary pUf3J international;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\43 ^co17ORLY O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%YCapacity MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]cReplaced JO*(* Bourget Uv"jp ;KjMw (9 m) `0J7h in 1962 muygc abg$x PMMY.constrained 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1BEAUVAIS-TILLE ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otcccVATRY >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb in 1998 c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc69 SHENZHEN 2*)U: XowJX HUANGTIANaW^et ,sorj H_t/y INTL jHHFt dWWmeRegional p$3G( geographic E-8(K 13w&^ expansion; g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-mupgraded &1J73 fM[ Y_jJ, yE%wx 4v$ETupgraded -.wcy 'kQ?1 in 1995 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q9 DALLAS/FORT aS,MH qk)2f /&mvJ WOR 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK 6 DALLAS/FT WORTH INTL Replaced Love Field as primary airport in YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi 1974!)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbVLOVE ;Dvnb FIELD 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD10 WASHINGTON/BALT nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 69 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5THURGOOD q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/66 R g:mUB REAGAN OqvO< WASHINGTON Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)BNATIONAL ](TXW %WY4- "<:tq ]E:mj u(BCL o;RcwCapacity syX&0 5^fGr constrained LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x]11 SAN o:-CC FRANCISCO yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B26 M:1Y7SAN FRANCISCO%xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 89 OAKLAND INTL 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq113 (6]<2NORMAN ;sD>L d)\8I MINETA 2y`j] M*@cS SAN JOSEH8fzb 6[RrwINTL =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH12 FRANKFURTj6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J=8 FRANKFURT/MAIN8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ 13 MIAMI ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17INTL O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw14 HOUSTON/GALVEST )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P17 IjT)1G BUSH ^9kxr INTERCONTINENTAL <%x-8 Dn2Qg /6j2F JhfqZ ;@$I"Replaced 4,nY) ?taqZ Hobby yn'0E as m?4\* primary Y`rDV airport +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C139 otcccWP >:eXc HOBBY 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb1995 c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#scCOLORADO 2*)U: XowJX SPRINGSaW^et ,sorj H_t/y jHHFt dWWmeRegional p$3G( geographic E-8(K 13w&^ expansion g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq16 BEIJINGeUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ETBeing -.wcy upgraded 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q17 AMSTERDAM aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH712 SCHIPHOL J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_EINDHOVEN R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJVROTTERDAM h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4,18 LAS)gT>b VEGAS kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 70 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5HENDERSON q5>FW ?E*Iy EXECUTIVE DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R19 SHANGHAI "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B40 PUDONG ](TXW %WY4- "<:tq ]E:mj u(BCL o;RcwReplaced syX&0 5^fGr Hongqia LH3ev as ]G@vn primary cqu*9 airport zx-R: in ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?-1999 o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s62 HONGQIA ,SY^M kUr() INTL J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT20 MADRID !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq13 (6]<2BARAJAS ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia)Expansion t$e/; 4A:Md in late PymI; 1990s Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= CUATRO8gX3e vXJ#F VIENTOS aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ716 BANGKOK Om8Tb 0wiau INTL 7/0Lm (SUVARNABHUMI) T=dpv wnAtx \Me-XReplaced U5JFC 20?Tp Don mj$"oMuang pUf3J as primary ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH38 INCHEON^U<_- 9AYUr INTL ;?5A` \A3sp *tx%D +2@h/ BKc]cReplaced JO*(* Gimpo Uv"jp ;KjMwas primary `0J7h airportmuygc abg$xin PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I"2001 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc93 GIMPO >:eXc 1'pn%INTL d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#scWILLIAMS 2*)U: XowJX GATEWAY aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq24 MILANeUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+operations %^*8m ZnL to %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r-Replaced m&OCt Linate vabFY as L/P`Rome \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&'124 ,^NL_LINATE R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJVORIO h,ahj AL 0ix\i SERIO %yk7W !z]>8 ?9CjF *@Ebi LCC!)N;q and=J9o+ charter \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4,25 SINGAPORE)gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 71 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5BATAM q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwbNew wHPoG in 1995 a3ED\ with CgZvu2 4000 m)NxO m parallel &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/runways Tw%)% -- equal t_i_A Changi GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi26 ORLANDO z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM<24 ORLANDO v,Ww) 9ECyA INTL ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#sORLANDO ,SY^M kUr() SANFORD J(h3_ av=,P INTL DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT27 DETROIT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq20 (6]<2DETROIT ;sD>L d)\8I METRO 2y`j] M*@cS WAYNE H8fzb 6[Rrw =2Ia)Replaced t$e/; 4A:Md Willow PymI; Run Ep-dI (31 m)nz*yq which Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8replaced ydCcw Detroit z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(%airport 3W6\Y in xxx \vg93 v.s5D uyNx y5I,b Rzplv 21ihF6UMINNEAPOLIS/ST ZEML^ *+"NA +E^)r PAUL 5[`^g INTL GifqZ a9!`N OnlyV?M(D siginficant 0e)1m Ip7`R commercial .u3n2 ynT>> airport 3YV3> in ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-Xregion U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\33 ^co17FIUMICINO O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu Expansion.X_e# Y;M"$ continuing ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH CIAMPINO^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ30 BARCELONA W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc34 BARCELONA >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP31 OSAKA :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$78 OSAKA K#XH= &4w06(ITAMI) Su"GD INTL SmI@G =C6ig S!"-mInternational &1J73 fM[ Y_jJ, yE%wx 4v$ETReplaced -.wcy 'kQ?1 Itami jB4-n as H?R7Cprimary 76g;2 airport d(aB' in oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y 1994;?PLBl YEY0Q1st 24 hr W&l4h airport \;gfI in k'Oe6Japan wgHF_ Gd4L+ %^*8m ZnL %\32 9:vZ&MOSCOW DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a 85vFYJVDOMODEDOVO h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi Military!)N;q =J9o+ reasons \s]&/ :'bPDfor multiple zn6v8 \%1&@ airports y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y96 WiUbVSHEREMETYEVO ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6gVNUKOVO M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 72 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q airport Q*"5m in "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwbregion wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R34 BOSTON "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B39 LOGAN ](TXW INTL %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgMl8ty G`dXt /$l!( dWW`k PzY#sPEASE ,SY^M INTL kUr() TRADEPORT J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT35 TORONTO !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"Malton OLH7# 17 m K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq29 (6]<2LESTER ;sD>L d)\8I B. PEARSON 2y`j] M*@cS INTL H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC INTL eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= TORONTO8gX3e vXJ#F CITY aT$80 CENTRE o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ731 SOEKARNO Om8Tb 0wiau HATTA 7/0Lm INTL T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\30 ^co17MUNICH O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu Replaced.X_e# Y;M"$ Munich-Riem ?2E#4 jnu)( fAIen (7 m) YkX*@ in 1992 Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ38 MANCHESTER W[:Zq ('lZm .A.tx UK +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc50 MANCHESTER >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTxLIVERPOOL agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$32 KINGSFORD K#XH= &4w06 SMITH Su"GD SmI@G =C6ig S!"-mOnly &1J73 siginficant fM[airport? Y_jJ, yE%wx 4v$ETnot -.wcy happening 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q40 SEATTLE aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH735 SEATTLE J:PEs /Cw:H TACOMA eips1 =f-N7 INTL zCu*A <&R+' h.@r-Only m&OCtsiginficant vabFY commercial L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:xregion EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW041 CHARLOTTE \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 73 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_.42 DUBAI J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/37 DUBAI g:mUB OqvOx z(n5? VU2I/Only siginficantTw%)% t_i_A commercial GRfnj dTv`K airport N_,As in $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcwregion syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x]43 SAO o:-CC PAULO yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B67 M:1Y7INT DE %xbr_ CONGONHAS K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 133 INT DO GUARULHOS 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"Constrained OLH7# K\t&l by runway O_Wm6 length ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2CAMPO ;sD>L d)\8IDE MARTE2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH44 RHINE-RHURj6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J=82 DUSSELDORF8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6UADENAUER ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N nightflightV?M(D 0e)1m restrictions Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$45 GUANGZHOU c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu in.X_e# Huandu Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw46 ISTANBUL )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P47 IjT)1ATATURK ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otcccSABIHA >:eXc 1'pn% GOKCEN d8-T' ePx8aINTL )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y47 MEXICO 3yp\& T;BJD CITY *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb airport c;VBQ in &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWmeregion p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq48 KUALAeUxan 3[Q#V LUMPUR 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET1998 -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pDWhite F`eYFelephant 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgqSULTAN XM#=T Jhx-yABDUL =;$c7 AZIZ 'zQUK SHAH, a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7SUBANG J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"%49 TAIPEI c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL 48 TAIWAN TAOYUAN INTL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^oRunway ZdR!# "Ezo_ length bq@Lt restricts If637 capacity t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 74 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5MALMÖ/STURUP q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi57 GLASGOW/EDINBUR z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B136 M:1Y7GLASGOW %xbr_ K:Ol8ty G`dXt /$l!( dWW`k 138PzY#sEDINBURGH ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJPRESTWICK plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C%59 STOCKHOLM $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ780 BRUSSELS Om8Tb 0wiau NATIONAL 7/0Lm T=dpv wnAtx \Me-XUpgraded U5JFC 20?Tp in 1990s mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ANTWERP-DEURNE^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ64 VIENNA W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc79 VIENNA >:eXc 1'pn% INTL d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTxM.R. agw0H STEFANIK/IVANKA Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc101 TEGEL 2*)U: XowJX OTTO aW^et LILIENTHAL ,sorj H_t/y jHHFt dWWmeTo close p$3G( in 2012 E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\Divided 6YhNa city l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$SCHOENEFELD K#XH= &4w06 Su"GD SmI@G =C6ig S!"-mFormer &1J73 East fM[ Y_jJ, yE%wx 4v$ETopen -.wcy in 'kQ?12011); jB4-n now H?R7C "Holiday 76g;2 Airport” d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgqTEMPELHOF XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y To?PLBl close YEY0Q in 2008; W&l4h sometimes \;gfI k'Oe6 cited wgHF_ as Gd4L+the %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r-world's m&OCt oldest vabFY continually L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:xairport EEeM> (Sydney XSd]' pre-dates cpe9b O7oe" by three %Jz?k years) I+=/x nSvXZ 952VK 9ruW084 BUENOS \+G+p "/s!N AIRES cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6gEZEIZA M)h_q "MINISTRO jxn;c I(d#O PISTARINI" aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 75 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 6.TN Overview ^Up [ Jht( )G*P@ of the aq6H Evolution L WiN ^S Ulof !9MAirports I mTaG in JAJ7o Major ,t;5 RegionsI ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE Regionalq!z . TAud wY:CB Ifs- A j#i 2z IS 9ekRank V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* passengerX[ Z`9 ( "0%qMetropolitan n),,F 6ey* Region = (&Y ?j qHAirport ,x M>n name @ DbUE DsW:p O#N# u 0Gn (P rF nar tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg98 gwde5HELSINKI q5>FW VANTAA ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/HELSINKI g:mUB OqvO< MALMI Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi92 MONTREAL z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B106 M:1Y7PIERRE %xbr_ ELLIOT K:Ol8ty G`dXt /$l!( dWW`k PzY#sMIRABEL ,SY^M kUr() INTL J(h3_ av=,P DJaT/ +^bc` Zoll,Opened s6;jq in Cnx0Z 1975 6JUR/to replace _PXE) Trudeau @O@'k Intl &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#"but is OLH7# too far K\t&l from O_Wm6 population ]Fv.c centersXVH33 K(Dv*to yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia)attract t$e/; traffic 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 76 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO> H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 Regional[tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5
  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i3 CHICAGO 2z IS 9ek V /iLd C4=cb &9@s 5 103,008,091;vz 3( tV _bg ^ e@v) 74.80% d,8S1 !ux= 718.10% _vO XI cr D<*7.09% % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* =4 (&YTOKYO ?j qH ,x M>n @ DbUE65.30% DsW:p 34.70% O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I5 VycqLOS zANGELES WUw CJ hX n5t 9 VE_j w%vOm87,681,227 But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U8 HONG-KONG ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ67,190,070 .zRly AVG13 65.30%4xcwb wHPoG27.30% a3ED\ CgZvu7.41% m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;)9 cjlT:DALLAS/FORT Ij$8% eq58/ g:mUB WOR OqvO< Vdf)%67,100,855 nFn_y a-B>x z(n5?89.80% VU2I/ Tw%)%10.20% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi10 qj1F(WASHINGTON/BALT \yHDt sMo)B ](TXW %WY4- "<:tq62,542,832 ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?-36.50% o:lKj t=hp;33.90% /5kK' K;9%529.70% )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l11 2xX^#SAN FRANCISCO:X60B M:1Y7 %xbr_ K:Ol8ty G`dXt12 /$l!(FRANKFURT dWW`k PzY#s ,SY^M kUr() J(h3_56,514,862 av=,P DJaT/ +^bc`93.40% Zoll, s6;jq Cnx0Z6.55% 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;513 #91PQMIAMI w@W0` z#blJ plcR$ F="W" Z2eQ&53,903,761 S-rd] H`VXJ 60.40%;WL#" OLH7#39.60% K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+314 HOUSTON/GALVESTa]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS51,099,721 H8fzb 6[Rrw83.30% =2Ia) t$e/; 4A:Md16.70% PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N95.90% Kmn(% 3W6\Y4.11% \vg93 v.s5D uyNx17 AMSTERDAMy5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r48,347,191 5[`^g GifqZ a9!`N95.30% V?M(D 0e)1m2.37% Ip7`R .u3n22.35% ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4LAS ylwQ; VEGAS zhLQ7 Om8Tb 0wiau 7/0Lm46,938,137 T=dpv wnAtx \Me-X98.40% U5JFC 20?Tp1.51% mj$"o pUf3J0.08% ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu99.90% .X_e# Y;M"$0.06% ?2E#4 jnu)( fAIen0.00% YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v>21 GOuq-BANGKOK Tw*DH ^U<_- 9AYUr ;?5A` 42,803,709\A3sp *tx%D +2@h/100.00% BKc]c JO*(* 0.01%Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx22 +IJW[SEOUL W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg42,127,246 /6j2F JhfqZ ;@$I"67.30% 4,nY) ?taqZ32.70% yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR23 PHOENIX _J?=C otccc >:eXc 1'pn% d8-T' 41,442,594ePx8a )v0!l -o?o1 100.00%\2KFC 3VI\J NE;4R0.01% ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U24 CuvK/MILAN P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn 26/Bg>TORLANDO 4+b:< 9J#sc 2*)U: XowJX aW^et36,290,016 ,sorj H_t/y jHHFt dWWme95.50% p$3G(4.55% E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR27 l&h!:DETROIT Ijsk= 3\U9$ K#XH= &4w06 Su"GD35,972,673 SmI@G =C6ig 100.00%S!"-m &1J73 fM[35,002,041 Y_jJ, yE%wx 4v$ET86.00% -.wcy 'kQ?114.00% jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ30 7;Or1BARCELONA rqp6) o!bgq XM#=T Jhx-y =;$c734,970,683 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+'85.80% h.@r- m&OCt10.30% vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI31 OSAKAbtgJ# &+(&' ,^NL_ R4O@: MG%OF33,649,869 Z_wm0 y.]eW `EagJ50.70% gM-:x EEeM>49.30% XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW32 dLc_]MOSCOW BRL.a vFYJV h,ahj 0ix\i %yk7W33,265,248 !z]>8 ?9CjF *@Ebi46.20% !)N;q =J9o+38.40% \s]&/ :'bPD zn6v815.40% \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<333 Xh0TSPHILADELPHIA z[R=y WiUbV ;Dvnb 7^:W8 LqDdf31,768,272 WuTf( `?=7\ 100.00%;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC34 BOSTON `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O31,689,135 aceL+ 7ts[k UZn^o87.50% ZdR!# "Ezo_12.30% bq@Lt If6370.21% t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G,35 E$"H&TORONTO A0xVE @dNN- CqI;$ 1Jc?O o?eY?31,518,827 J#CKK "E4yz X?c+l o' W@)Ag98.30% Q+eJQ n-Dk21.67% iagS; a\Sz+0.06% yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q36 JAKARTA )Y\b/ V,Mk< x@g*G k@&jO N"M@B30,812,445 iP5y0 ?\hTw wd(#T99.30% wzs=) s-#Rv0.74% +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV37 MUENICH xGT4o bnxHz f*iA, [<?w 30,757,978$%8DT mBTzU ";"yb100.00% "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp38 W)AUvMANCHESTER ](/kd X=CBW UK Ejm\% 2:N&y 30,543,000s#'cG vs)<( %R/gv 74.60%LD8n@ Imc;(16.30% hLAo, ?g.F) .uV7k9.15% ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm39 SYDNEYDs$Sf )hF3x NILCF ytPz& KlHmY Z$=;F30,375,799 c^r@j ^HX][100.00% U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>)40 SEATTLE GQxVs xF\p@ Ozwvy z=^IJ llgKM29,979,097 @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ 100.00%e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 77 Table 7. The Distribution of Air Passenger Traffic Among Airports in Major Flying Regions, 2006 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 Regional[tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z41 CHARLOTTE c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT29,693,949 p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I TN ^Up [ Jht( )G*P@ aq6H L WiN ^S Ul !9M I mTaG JAJ7o ,t;5 I ZOs Jv D& >qc p100.00% %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A44 j#iRHINE-RHUR 2z IS 9ek V /iLd VALL C4=cb &9@s 5 ;vz26,495,409 3( tV _bg ^ e@v) 62.60% d,8S1 !ux= 737.40% _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey*45 = (&YGUANGZHOU ?j qH ,x M>n @ 100.00%DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I46 VycqISTANBUL z WUw CJ hX n5t 9 VE_j w%vOm26,178,332 But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U49 TAIPEI ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ22,857,445 .zRly AVG13100.00% 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;)50 cjlT:COPENHAGEN Ij$8% eq58/ g:mUB OqvO< Vdf)%22,737,731 nFn_y a-B>x z(n5?91.50% VU2I/ Tw%)%8.52% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+%Source: "d>;5 ACI 2006 #91PQ data w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K vq-(K 7&zUn 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>

    Proprietary and Confidential 78 9>H1E QdDYs RAi!$ wPM=@ [o YD nv gLn r G6MJ 3"QOu 1CkO : 4(r i0 47 0Qo S xjt# 8kIM= s9s# h G3d 7a WJ BOm + <):F RGCu@ E2dH 9 [tQ Sv rS .6j H lmCt _M5Bg Zs3V G ,!3 o" KO uU[ p '4W< WXa#z 5

  • ; FoM # ^,vP ;X>>z c``e \ =fe \y io ?^2 j "LiJ Skb8@ 7RwT p Pq/ j[ k, F/A y w5q5 G`6L) _Xsz p m6G iD ps :%b t IGsW hq."h B"'1 N /I+ \I Table 8.TN Airport ^Up [ Jht( Costs )G*P@ and aq6H Revenues L WiN ^S Ul !9M— IllustrativeI mTaG JAJ7o Cases ,t;5 I ZOs Jv D& >qc p %/K> 5sdi3 08.Y ( "dU kE q!z . TAud wY:CB Ifs- A j#i 2z IS 9ek V /iLd C4=cb &9@s 5 ;vz 3( tV _bg ^ e@v) d,8S1 !ux= 7 _vO XI cr D<* % 5_cQ &zoyP w<54 n EhB C* X[ Z`9 ( "0%q n),,F 6ey* = (&Y ?j qH ,x M>n @ DbUE DsW:p O#N# u 0Gn (P rF na< ; GmAd :;a!o _Dg< 8 \Dn cF BL l5S A ,x4m m(m`I Vycq z WUw CJ hX n5t 9 VE_j w%vOm But4 4 vC3 ^m fn Hr tWN>; qosF w ?gq mT +h Qq& C 6sD+ cohc2 :]hA T \7H /] x' #oM 1 Soa# t)8FM BbAd % R#a tC n/ 3k/3 q Q*"5m "p+z\ ^*U>s IHH?w @xE_. J*OCH zM+!a w"1[U ls_F6 1I7Xg gwde5 q5>FW ?E*Iy DyzTZ .zRly AVG13 4xcwb wHPoG a3ED\ CgZvu m)NxO &>*M) q:Z3j u07KX 7ej[. %WN9R "+5O) cUzF[ \pt;) cjlT: Ij$8% eq58/ g:mUB OqvO< Vdf)% nFn_y a-B>x z(n5? VU2I/ Tw%)% t_i_A GRfnj dTv`K N_,As $wM6y [iu9q Tg/vK *BWoi z3vvr FIVQC )TsUi qj1F( \yHDt sMo)B ](TXW %WY4- "<:tq ]E:mj u(BCL o;Rcw syX&0 5^fGr LH3ev ]G@vn cqu*9 zx-R: ]$l:* !(gfO 8kPKU %a"x] o:-CC yCt+N gAQX4 4XpUw DlgM< v,Ww) 9ECyA ?w=m[ jY!Ak hTH]. yZz?- o:lKj t=hp; /5kK' K;9%5 )mB+) P]c)! oQo`V ^3LL) A4q1^ Q6RCn @L:b0 Ckl+s FS#:l 2xX^# :X60B M:1Y7 %xbr_ K:Ol8ty G`dXt /$l!( dWW`k PzY#s ,SY^M kUr() J(h3_ av=,P DJaT/ +^bc` Zoll, s6;jq Cnx0Z 6JUR/ _PXE) @O@'k &:_K_ ECt_g j'Zgj 9#mHT !`)Y* fx2+% "d>;5 #91PQ w@W0` z#blJ plcR$ F="W" Z2eQ& S-rd] H`VXJ ;WL#" OLH7# K\t&l O_Wm6 ]Fv.c XVH33 K(Dv* yJ/F` 1qu^v f25C% $Y$y@ f1ugw b8$+3 a]7I) v4SKq (6]<2 ;sD>L d)\8I 2y`j] M*@cS H8fzb 6[Rrw =2Ia) t$e/; 4A:Md PymI; Ep-dI nz*yq Z<](V e"YP0 sc*fi mpB`> \^hhH j6GM4 q,OSh *rC eQKQ8 ydCcw z`& BxnFN `D7(, g[Elv > F+N58 RYxV8 owicB <"@,] Kr=J= 8gX3e vXJ#F aT$80 o-`]I (R$G] `KT"N Kmn(% 3W6\Y \vg93 v.s5D uyNx y5I,b Rzplv ihF6U ZEML^ *+"NA +E^)r 5[`^g GifqZ a9!`N V?M(D 0e)1m Ip7`R .u3n2 ynT>> 3YV3> ^B70# Zsh<] ZdRJJ ^WxJ$ c"L=Y4 ylwQ; zhLQ7 Om8Tb 0wiau 7/0Lm T=dpv wnAtx \Me-X U5JFC 20?Tp mj$"o pUf3J ;0=[] ;1u %p3D4 Z^Gp. Rpj_E T!6C\ ^co17 O1#Fu wJj/m WB+#k l.:[l ^hFN0 '1rOu .X_e# Y;M"$ ?2E#4 jnu)( fAIen YkX*@ Slwk0 y$J%Y MxkLz X;HSw )r=R] 0d'BG FN8v> GOuq- Tw*DH ^U<_- 9AYUr ;?5A` \A3sp *tx%D +2@h/ BKc]c JO*(* Uv"jp ;KjMw `0J7h muygc abg$x PMMY. 03)1V xK&BQ W[:Zq ('lZm .A.tx +IJW[ W@n9P IjT)1 ^9kxr <%x-8 Dn2Qg /6j2F JhfqZ ;@$I" 4,nY) ?taqZ yn'0E m?4\* Y`rDV +9O.a *vlw. O<[5f n3Ytw Wfoj" xI;Il pT*y; D(jj% w>tWR _J?=C otccc >:eXc 1'pn% d8-T' ePx8a )v0!l -o?o1 \2KFC 3VI\J NE;4R ux(ri hz>Q! /]I(+ Zcp*b 8pr;Q AhO5U '/,b& t)Y7Y 3yp\& T;BJD *;9!U CuvK/ P+=5F v.NTx agw0H Vcn BZTWF N]-/k "h96w F /)qMb c;VBQ &?/Xn hU'XR 1a[_V WADWP :^md0 TM%cn /Bg>T 4+b:< 9J#sc 2*)U: XowJX aW^et ,sorj H_t/y jHHFt dWWme p$3G( E-8(K 13w&^ g'C:6 u)7B( 0,8gR #6U5\ 6YhNa l8Miq eUxan 3[Q#V 22;JR l&h!: Ijsk= 3\U9$ K#XH= &4w06 Su"GD SmI@G =C6ig S!"-m &1J73 fM[ Y_jJ, yE%wx 4v$ET -.wcy 'kQ?1 jB4-n H?R7C 76g;2 d(aB' oN4Ek f%[pD F`eYF 2&?=q aS,MH qk)2f /&mvJ 7;Or1 rqp6) o!bgq XM#=T Jhx-y =;$c7 'zQUK a&u0o #Yo>y ?PLBl YEY0Q W&l4h \;gfI k'Oe6 wgHF_ Gd4L+ %^*8m ZnL %\ 9:vZ& DJ,L5 uIUCn 9C1Ln <+QyB wXiH7 J:PEs /Cw:H eips1 =f-N7 zCu*A <&R+' h.@r- m&OCt vabFY L/P` \&FCK YH@"% c65ME (fIz" 1xYLI btgJ# &+(&' ,^NL_ R4O@: MG%OF Z_wm0 y.]eW `EagJ gM-:x EEeM> XSd]' cpe9b O7oe" %Jz?k I+=/x nSvXZ 952VK 9ruW0 \+G+p "/s!N cI2YW dLc_] BRL.a vFYJV h,ahj 0ix\i %yk7W !z]>8 ?9CjF *@Ebi !)N;q =J9o+ \s]&/ :'bPD zn6v8 \%1&@ y&#'@ MwCek (FddL LW,4, )gT>b kSA!Y :S8<3 Xh0TS z[R=y WiUbV ;Dvnb 7^:W8 LqDdf WuTf( `?=7\ ;H$I/ 3c-.V Hxm;/ ^gY(* D^Xw# _6A!' VoN3> 6E&B, 6i*\* ltJJ! Sm8dD nHY4# _DqfV h"!HC `]fCr o4kr] E$*6g M)h_q jxn;c I(d#O aceL+ 7ts[k UZn^o ZdR!# "Ezo_ bq@Lt If637 t#0l^ zG=G^ eZ"\\C /*.Dp D=sS/ V,/LR F61G, E$"H& A0xVE @dNN- CqI;$ 1Jc?O o?eY? J#CKK "E4yz X?c+l o' W@)Ag Q+eJQ n-Dk2 iagS; a\Sz+ yv?5Z 6ET?e top^s zQ%wu k?[1K Proprietaryvq-(K and 7&zUn Confidential 3Em@c W:1&Q )Y\b/ V,Mk< x@g*G k@&jO N"M@B iP5y0 ?\hTw wd(#T wzs=) s-#Rv +%RWD Myt;Q )32Jg bzPi# )@VU\ _'i;X >y]I/ 79 ZO--i ]i"I9 B0lqS nSr$a -bgOV xGT4o bnxHz f*iA, [<?w $%8DT mBTzU ";"yb "?ED9 Q$UF) @m"^e R;ii_ v5ZO4 hQ(jO CEGhh `rE:= M3/)p sZ1a# I77\e %Io,l xOjDp W)AUv ](/kd X=CBW Ejm\% 2:N&y s#'cG vs)<( %R/gv LD8n@ Imc;( hLAo, ?g.F) .uV7k ]oBE5 rp2/c QWU:L 6[QVO 6OoDN x+H-u liCh3 W_(Cm Ds$Sf )hF3x NILCF ytPz& KlHmY Z$=;F c^r@j ^HX][ U1]Z- (2ZW1 _[V,( h?+^Y *!p!@ `8Bqu V%_8^ E?I$O 3<0i! 70? un Q$nF$ g_p.U DcY\T p&r>) GQxVs xF\p@ Ozwvy z=^IJ llgKM @@R88 48BeG :blu1 e$0aS /:oFc s7._; [$[fo LT,m> ,`ZQZ D;7T! jH lRL&> t+KZw Be\!< oE0,R 1OGY@ ai*k, Q6^"o UPy%/ OFM0! hYyx> PbFP@ e6bnZ mEpPz >^O=b 7kbdU bQg:( *iCO>