Investment Summary Main risk factors in the Airline High volatility of oil prices: fluctuations are very hard to forecastindustry and their increases deeply affect the company’s profitability. Fuel represents an average of 35% of the Airline industry operating expenses, and this percentage is likely to increase in the next few years. o This aspect has been even more important lately due to the instability in oil exporting countries in Economicthe Middle East (Libya, Egypt…) pushing the prices of crude-oil up. slowdown in developed countries and especially in the United States sparked off a decrease in purchasing power; the demand in the Airline industry is hence Regulations of Greenhouse gases emissions could increase costs. Forweaker. instance, the European Parliament is planning to add aviation to the European emissions trading scheme, airlines companies could therefore be taxed according to their gases emissions. It is a risk for the Airline industry that further regulations take place in the future. Market Profile (Data as of November, 12th 2011) Market Capitalization $6.391 Billion Ownership 83% by Institutions Beta (1year) 1.23 52 week High/Low $13.75/$7.35 Daily Average Volume (3 months average) 2,394,896 Return on Equity (2010) 7.84% Return on Assets (2010) 3.09% Debt to equity ratio 54,19%