GAD Review

PLUS NEXT GENERATION AIRCRAFT, THE UK AIRPORTS COMMISSION,
STATE AID FOR AIRPORTS, NEW TECHNOLOGY TRENDS & MORE
THE BRAND NEW GLOBAL AIRPORT DEVELOPMENT PUBLICATION
Air Travel
2040
Brian Pearce shares
the latest thinking
from IATA
Global
Privatisation
Update
India, Brazil, French
Regional Airports
and more
Aeroporti
di Roma
A New Era –
Marco Troncone
talks exclusively to
GAD Review

3icbi-GAD.com
A
fter a long period of economic and social adversity, which
severely tested the city’s foundations as one of the world’s
preferred leisure and business destinations, Athens is now
dynamically re-emerging, with traffic numbers soaring, and foreign
visitors reaching pre-crisis levels. The GAD Conference in Athens
comes precisely at a time when Greece is a focal region for airport
infrastructure development and privatisation. Three major structural
reform projects form part of the Greece’s economic development
programme this year, namely, the project aiming to capitalise on the stake
held by the Hellenic Republic Asset Development Fund in the Athens
International Airport; the ongoing tender for the privatisation of
14 regional airports; and the BOT tender for the new airport in Casteli,
on the island of Crete.
This is indeed a great time and place to host this conference:
more than 350 industry leaders, 100 airport operators, and
a network of powerful investors will connect to address
the future prospects, and the numerous new challenges
that lie ahead for the aviation industry. With airports
being the first impression and “ambassadors”
of a destination, and also significant engines
for economic development, GAD serves as
an excellent opportunity for constructive
conversations among experts from the
aviation and financial sectors.
Let me welcome you once again to this
very important event, wishing you
a very successful conference and a
memorable stay in Athens.
Dr Yiannis N. Paraschis
CEO - Athens International Airport
Dear Colleagues
and Friends
On behalf of Athens International Airport,
it is an honour to welcome you to GAD, the
world’s key airport development and finance
event, this year hosted in Athens.
© 2014 GAD Review

4 icbi-GAD.com
Best Wishes
Heidi Stancliffe
GAD Conference Director
Heidi.Stancliffe@informa.com
W
elcome to the first ever edition of GAD
Review, our brand new magazine for GAD,
profiling some of the incredible airport
executives and thought-leading investors speaking
at GAD 2014 – and now throughout the year with
our brand new GAD Asia sister event launching in
June 2015.
We promise you fresh ideas to challenge your thinking
about the future of your business – what you do
and how you do it. In our in-depth features we focus
on some of the big themes that cut across the four
content-and-networking intensive days of GAD 2014.
Flick to the second half of the magazine to see the
GAD 2014 Event Guide for four days of Social Events &
Structured Networking, how to use the
MyGAD Online Networking Platform and the fabulous
GAD team ready to help and answer any questions.
As Programme Director for GAD, I have the privilege
of launching GAD Asia, a new sister event to GAD
International, taking place in Kuala Lumpur
in June 2015 and focussing exclusively on the high
growth opportunities in this exciting region.
I’m keen to hear what would make GAD Asia an
unmissable event for you – what topics should the
programme cover, who would you like to hear from
and meet? Please reach out to me during the event or
by email at any time.
Looking forward to catching up with you over
the next four days!
Hellofrom the Global
Airport Development
Conference Director
WELCOMETOGAD
When you have finished with this
magazine please recycle it.

5#GADAthens
CONTENTS
© 2014 GAD Review
WHAT’SINSIDETHISISSUE
HIGHLIGHTS
THIS ISSUE
■ Industry Outlook
Brian Peace previews the latest
aviation data from IATA.
■ Deal Pipeline
Updates from key markets.
■ Aviation Trends
Boeing’s Fariba Alamdari looks
to the future.
■ CFO Interview
Marco Troncone on Aeroporti
Di Roma’s growth plans post
acquisition by Atlantia.
■ Big Decisions
The UK Airports Commission
shortlist make their pitch to
the GAD audience ahead of the
big debate.
■ Regulatory Pressure
Commentary from aviation
investor Paul Whelan on
the thorny issue of state aid
for airports.
■ Digital Economy
The airport of the future, with
London City’s Patrick Burrows.
MAGAZINE CREDITS
GAD Review Editor: Amos Rojter
GAD Sub-Editor: Elisabeth Wood
Sarah Kelly
GAD Conference Director: Heidi Stancliffe
Business Development
Manager: Ian Law
Design & Layout: LockOn Productions Ltd.
lockonproductions.com
Publication Printer: Trio Offset Ltd.
A New Look At The Next 20 Years Of Air Travel
Brian Peace
Global Airport Privatisations
Sidharath Kapur
French Regional Airports -
A Long Way To Privatisation
Jean-François Guitard
Aviation In Brazil
Rogério Teixeira Coimbra
Airport Leader Interview
Marco Troncone
New Generation Aircraft
Fariba Alamdari
The London Airport Capacity Debate:
Gatwick Airport
Nick Dunn
Heathrow Airport
Nigel Milton
Heathrow Hub
Steven Costello
View From A Regional Airport
Paul Kehoe
The Smarter Airport Experience
Patrick Burrows
Do State Aid Rules Need To Be Simpler?
Paul Whelan
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23

6 @GAirportD
A NEW LOOK AT
THE NEXT 20 YEARS
OF AIR TRAVEL
Brian Pearce, Chief Economist, IATA
Forecasting is never an easy task. Most attempts are wrong. Airport
investments are typically long-lived and immobile assets. Investors will
not want them left stranded by unexpected changes in travel markets.
© 2014 GAD Review
GLOBALAVIATIONTRENDS
S
o peering into the future
and trying to understand
what factors may drive the
pattern of future air travel cannot
be avoided. IATA and Tourism
Economics have just complet-
ed a joint exercise in doing just
this (www.iata.org/pax-fore-
cast) and we will be presenting
some of the results at GAD.
The BRIC economies are
obvious candidates to be the
largest air travel markets in 20
years’ time. Indeed we expect the
Chinese domestic market to add
almost 700 million passengers
annually by 2034, and China to be
one end of the top-3 internation-
al passenger markets where we
forecast the largest increase in
passenger numbers. But one of
the BRICs, Russia, does not appear
in the top-10 even by the early
2030s. Indonesia is expected to
become the 6th largest market
over this period and other non-BRIC
economies, like Turkey, Mexico,
Philippines, Colombia and Vietnam
are expected to become major
sources of air travel growth too.
Another important conclusion
from our joint assessment is that
some of today’s mature but large
markets will still be important
for airport investors in 20 years’
time. The US domestic market will
no longer be the biggest at that
point, but we still expect it to add
almost 400 million more passen-
gers annually, and the US appears
at one end of 3 out of the top-10
international growth markets.
So why don’t we expect Russia
to appear in the top-10, and why
are Japan and Germany expected

7icbi-GAD.com
to do relatively badly over the next
20 years? It turns out that there
are going to be some spectacular
demographic shifts over the next
two decades. Russia, Japan and
Germany are examples where the
population is not just expected to
shrink, but also to get older. That
matters a lot for air travel since it
is typically the population of work-
ing age that flies the most.
In contrast many African and Asian
travel markets will benefit from
demographic boosts, though not
China, where the one-child policy
will lead to an adverse shift in the
country’s age structure.
Developing markets like
India and Turkey are much
better placed in this regard.
Nevertheless, China will still
generate a very large increase
in travel demand because its
standard of living is expected
to improve dramatically. China
and a number of other, currently
middle-income, economies like
Brazil, Colombia, Malaysia and
Turkey are expected to develop
into being high-income economies
over the next two decades.
This will make a big differ-
ence since as economies move
above $13,000 GDP per capita,
median propensity to fly rises
from 0.2 trips a year per head of
population to 1.2 trips. Our joint
exercise focuses on these and
the other factors that matter for
the future of air travel.
© 2014 GAD Review
GLOBALAVIATIONTRENDS
BRIAN PEARCE
Wednesday 19th November,
9:00
The GAD 2014 Global
Traffic Forecast
SPEAKER SESSION DETAILS
 Brian Pearce, is IATA’s Chief
Economist. The role of his team
is to analyse the economic and
policy landscape facing the airline
industry, to provide credible
economic analysis to guide and
support IATA’s advocacy work.
An economist with almost 30
years of international experience
in several industries, he is also
a Visiting Professor at Cranfield
University’s Department of Air
Transport. He was formerly head
of global economic research at
the investment bank SBC Warburg
in Tokyo and then London,
and was Chief Economist at Ernst
& Young’s economic forecasting
consultancy. ■
Speaker Biography
Brian
PearceIndia
Indonesia
China
Brazil
Turkey
Mexico
US
Russia
UK
Germany
Japan
Overall growth ■ Living Standards ■ Population & Dermographics ■ Other ■
-2% 2% 6% 10% 14%
DRIVERS OF PASSENGER GROWTH 2014 2034 %CAGR SELECTED COUNTRIES

8 icbi-GAD.com
C
rippled by financing issues
and poor efficiency levels,
the traditional airport
management model is becoming
increasingly challenging to sustain,
hence leading to the rising need
for privatisation. It is estimated
that globally there are over 450
airports globally with some form
of private sector participation.
Besides United States, airport
ownership has seen significant
change across the world since 1987
when the United Kingdom became
the first country to privatise some
of its major airports, as shown
in figure below: Developments in
Global Airport Privatisations Last
two years has seen very active
privatisations across the globe
with some of the larger ones in
Portugal, Turkey and Latam region.
An interesting trend emerging is
the active participation of fund
managers especially pension funds
and sovereign wealth funds. The
twist is the emerging trend of
funds not just remaining minority
passive investors but acquisition
of complete operational entities
e.g. Hochtief acquisition by PSP and
OTPP acquisition of full control of
Bristol airport. This trend could see
emergence of SWFs and Pension
funds with deep pockets and the
confidence of operating capability.
GLOBAL AIRPORT
PRIVATISATIONS
Sidharath Kapur, President & CFO (Airports), GMR GROUP
Globally, financial constraints on the part of Government and
increasing concerns to finance high-priority public services are the key
drivers of Public Private Partnership in airport infrastructure.
© 2014 GAD Review
GLOBALPRIVITISATION

9#GADAthens
We are also seeing stray
instances of renationalisation
of airports in recent past. A
sudden change in the ruling
government, economic reasons
and lack of investment by airport
operator are key drivers leading
to the nationalisation of already
privatised assets. A few cases
are the Male airport in 2012,
three Bolivian airports in 2013
and Cardiff in 2013. While this
does not appear to be a trend,
it serves as a caution to airport
operators to political risk overhang
and ensure to take necessary
steps to mitigate them through
insurance and through demeanor.
The value of any asset is
dependent on the fundamentals
of the business, its regulation and
ownership structure. Airports are
not so homogeneous assets that
they can be straitjacketed into a
narrow valuation range. However
broadly over past few years the
range has been around 10-18
times EV/EBITDA with the trend
moving towards the higher end of
the range though with flashes of
unbridled aggression in bids like the
Brazilian airport bids. Nevertheless
as aviation sector strengthens,
it is expected the valuations
will move higher going ahead.
The year 2014 and going on
to 2015 will see continuation
of privatisations in traditional
markets like Latam and Europe
along with opening of newer
markets opening up like South East
Asia, Japan, Philippines and Africa.
Recent Developments in Indian
Airport Privatisation India has
been in the forefront of airport
privatisations and almost two
third of passenger capacity in
India lies in private hands in Delhi,
Mumbai, Bangalore, Hyderabad
and Kochi airports. The decision
of Government of India to
privatisation has proven fortuitous
in changing the face of aviation
infrastructure in the country to
world class, modernized and
efficient airports resulting in
significant benefits for passengers,
airlines and the government.
Delhi airport has been adjudged
as the second best by ACI in the
25-40 million passengers per
annum (MPPA) category for many
years. Mumbai Airport is the fifth
best in the list. Hyderabad has
won second best service quality
award in the 5-15 MPPA category.
Privatisation has also
contributed significant cash to
Airport Authority of India (AAI),
the government arm for airport
ownership thus giving it the cash
chest to modernise airports
under its control and also bring
aviation infrastructure to far flung
areas of the vast geography of
India. It has also improved the
perception of India in the global
infrastructure sector. As per the
terms of the privatisation, the
AAI retains minority stake in JV
Company; leaving majority control
with investors. AAI has earned
USD1.7 billion in revenue share
from PPP airports since FY2007.
Buoyed by the success of
privatisations, in September
2013, AAI announced upcoming
© 2014 GAD Review
GLOBALPRIVATISATIONGLOBALPRIVITISATION
1987: BAA
1990-92: Liverpool, Prestwick, Southampton, Vienna
1993-96: Athens, Belfast, Cardiff, Cochin, Copenhagen,
London City, Bournemouth, East Midlands
1997: Birmingham, Bolivia, Brisbane, Bristol, Dusseldorf,
Istanbul, Kent, Melbourne, Naples, Perth,
Rome, Sanford
1998: Asur (Mexico), Adelaid, Argentina, Auckland,
Canberra, Costa Rica, Eindhoven, Netherlands,
Hanover, Hobart, Luton, Malaysia, Skavska Sweden,
South Africa, Wellington
1999: Jakarta, Stewart (New York)
2000-03: Bangalore, Hyderbad, Narita, Fraport, Lima, Malta,
Sydney, Zurich
2004-06: Firenza (Italy), Larnaca (Cyprus), Brussels,
Bratislava (Slovakia), Budapest, Delhi, Mumbai
2007: Dublin, Pisa, St Petersburg, Hamburg, Athens,
Ecuador, Aeroports de Paris
2008: Brisbane, Belfast City, Blackpool
2009-10: London, Gatwick, Bristol
2011-14: Aeroportos de Portugal, Belgium, Stanstead
(London), Brazilian Airports: Rio de Janerio’s,
Belo Horizonte’s Cofin, Sâo Paulo Guarulhos
Govenador, Viracopos, Campinas, Brasila
Presidente Jusilino Kubitscheck
PRIVATISATION TIMELINE

10 @GAirportD
privatisations for six more
airports including Chennai, Kolkata,
Lucknow, Ahmedabad, Guwahati
and Jaipur. However the tender
process has been postponed many
times due
to a lack of preparation with
respect to the draft concession
agreement and the revenue
sharing and tariff structure
framework. The RFQ for proposed
Navi Mumbai airport (the second
airport for Mumbai) has also
been issued in February 2014.
But the project continues to face
a number of challenges. These
relate to land acquisition and the
absence of convenient surface
connectivity between Greater
Mumbai (where the majority of the
residents live) further complicated
by issues of project cost, shifting
of traffic and of course regulatory
issues. It is difficult to imagine
privatisation of Navi Mumbai
under single till regulation.
This leads to the issue of
weakness of India’s privatisation
programme. The regulatory policy
of single till adopted by AERA, the
airport regulator, is detrimental to
long term privatisation and making
future privatisations attractive.
The single till policy forced on
early stage privatisations of
Hyderabad and Bangalore airports
have impacted their profitability
and long-term returns. The
erratic policy of AERA on land
development, which is permitted as
part of privatisation, exacerbates
the woes of private operators.
Thus while privatisation has given
fantastic airports, the same cannot
be said to be true of the balance
sheets of private airport operators
which have been acquiring a
distinct glow of red.
FY07 FY08 FY09 FY010 FY011 FY12 FY13 FY14
0.0
5.0
10.0
11.0
12.0
13.0
14.0
Deli Mumbai Bengaluru + Hyderabad
Source: C.A.P.A. (Centre for Aviation, AAI)
Revenue share paid by private metro airport operators to AAI
Financial Year 2007 - Financial Year 2014
© 2014 GAD Review
GLOBALPRIVITISATION
 Mr. Sidharath Kapur is the
Chief Financial Officer of Airports
Sector of the GMR Group since
May 2009. The GMR group
operates 3 airports viz Delhi,
Hyderabad and Male airports
and has significant shareholder
interest in the Istanbul Sabiha
Gocken airport. ■
Speaker Biography
Sidharath
Kapur
“The United Kingdom became the first country to
privatise some of its major airports.”
SIDHARATH KAPUR
Monday 17th November, 10.30
Meet the New Owners:
The Deals of the Year 2014
The United Kingdom became
the first country to privatise
some of its major airports.

11icbi-GAD.com
The 2005 airport law
The law adopted on the 20th
of April 2005 related to French
airports was the first stage of the
rocket giving key tools to create
airport companies. Local Chambers
of Commerce and Industry,
which used to be the historical
concessionaire, must take the
initiative to create the local airport
company. The airport company is
granted to a long term concession
period (maximum 40 years).When
the airport company is created,
shareholders are only public bodies
including the State (60%), the local
authorities (15% together) and
the local Chamber of Commerce
(25%). In April 2007, three airport
companies were created in Lyons,
Toulouse and Bordeaux. Nice
was created one year later. From
2009 to 2014, 7 other companies
were formed and this was a great
success. Today, all French airports
are currently managed in this
new framework. Seven years
after their creation, it is possible
to have a clear vision for these
companies. The change in status
was clearly a success for airport
management. As an example, it
is easier to anticipate signifiant
investments which is promoted
by a long term concession
period. The concessionaire is now
responsible for a wide range of
activities including the runway
integrity with the exception of ATC.
Privatisation is
now a reality for
French Airports
In 2014, the French Government
has finally decided to open the
capital to private investors.
The first airport to be partially
privatised is Toulouse. There is
currently a fully open call for
tender and at this point we know
that it has attracted a dozen of
major competitors. For the time
being, only 49,9% of the capital
retained by the French State
will be sold. In about 2/3 years,
the State will decide to sell the
remaining 10% with the possibility
for the successful bidder to get
full control of the company.
Conclusion
If this call for tender is successful,
it is quite possible to imagine that
other French Regional Airport
will be also privatised. In the
beginning of 2015, that could
be a possibility for Nice or Lyon
in particular. For a long time,
privatisation of French airports
was considered as an utopia. It is
now a reality. Hopefully it will be
positive, not only for investors but
also for customers and for the
entire local development.
FRENCH REGIONAL
AIRPORTS. A LONG WAY
TO PRIVATISATION.
Jean-François Guitard,
Director International Development
Aeroports de la Cote D’Azur
© 2014 GAD Review
 Jean-François Guitard
joined Nice Airport in 1991 as
a market research manager.
In 1997, he became network
development manager. In 2000,
he was appointed as Director
of Airports Management
Studies for the Chamber of
Commerce & Industry of Nice.
His job consisted to coordinate
studies and research on behalf
11 other major French Chamber
of Commerce & Industry and to
promote a brand new status for
major regional French airports
(airports companies). He is the
writer of the 60-page white
paper relating to this new status
and an other one published in
2009 related to the privatisation
process of these airports.
He is currently Director for
international Development
of “Société des Aéroports de
la Côte d’Azur” in charge of
institutional representation
outside France of the airport
and the development of foreign
airports activities and also
still involved in the process of
creation of airports companies
in France. ■
Speaker Biography
Jean
François
Guitard
“The first airport to
be partially privatised
is Toulouse.”
JEAN-FRANÇOIS GUITARD
Wednesday 19th November, 08.15
Breakfast Briefing: Privatisation
of French Regional Airports
Creating an Airport To Airport Business

12 icbi-GAD.com
Brazil has experienced massive changes in the civil aviation
sector during the last decade. Between 2003 and 2013, the
number of passengers grew on average 11% per year, reaching
203 million passengers in 2013.
© 2014 GAD Review
GLOBALPRIVITISATION
T
his advance results from
a combination of diverse
socioeconomic and
competitive factors: economic
growth (3.7% annual average
GDP growth from 2003 to 2013);
liberalization of the aviation market
(no intervention from government
on air fares and routes since
2002); average domestic air fares
reduction (45% drop since 2002
– real terms); new companies
operating with different business
models, among other changes.
Moreover, the expectation of
the industry is that this growth
process will remain in the coming
years. According to the Brazilian
Association of Airlines, the industry
expects to double its operations
until 2020, in relation to 2012, and
experience a 58% increase in cargo
transportation in the same period. To
do so, however, a 24 billion dollars
investment is estimated to be
necessary in airports infrastructure.
To address this reality, we have
promoted a profound change in
the airport operating and funding
model, breaking the state company
Infraero’s virtual monopoly after
2012. In fact, Infraero airports
held 97% of scheduled air
transportation in Brazil until then.
The new institutional arrangement
is based on the concessions of the
largest public airports to private
sector through a model which
sought to accelerate investments,
improve airports capacity, enhance
service quality and stimulate
competition between operators.
Therefore, in 2012, the airports
of Natal (greenfield), Guarulhos -
São Paulo, Viracopos - São Paulo and
Brasília have been transferred to the
private sector. Recently, two other
important airports have also been
transferred to new concessionaires:
Rio de Janeiro - Galeão and Belo
Horizonte. 91.8 million passengers
GUARULHOS BRASÍLIA VIRACOPOS NEW NATAL
FEATURED BRAZILIAN AIRPORTS THAT HAVE EXPERIENCED CHANGES
AVIATIONINBRAZIL
ChangesAnd Opportunities
InABoomingMarket
RogérioTeixeiraCoimbra,RegulatoryPolicySecretariat,CivilAviationSecretariat

13#GADAthens© 2014 GAD Review
have travelled six airports in 2013.
After these concessions, Infraero’s
market share dropped from 97%
to 50%. On average, the auctions
of those airports have registered
premiums of almost 300%. Indeed,
the Brazilian airports concessions
were contested by a high number of
operators from all over the world.
All the resources raised with
the auctions (almost 19 billion
dollars divided over the years
of th e concessions) are directed
to the National Civil Aviation
Fund, which is used to develop
Brazilian civil aviation. Nowadays,
most part of it is being invested
in 270 regional airports.
The estimated total investment
in those airports exceeds 10 billion
dollars for the entire period of
the concessions (20-30 years,
depending on the airport). In the
first two years, the concessionaires
that began operations in 2012 have
already invested about 2 billion
dollars, increasing capacity in 45
million passengers per year. The
pictures show that new passenger
terminals were delivered, as
well as new road accesses,
aprons and runways systems.
The results above and the
high interest revealed by
investors in the Brazilian airports
concessions demonstrates that
it is a successful model and,
considering the extension of the
country and the existence of
around 700 public airports, a
continuation on this process is
expected, with significant public
investments in regional airports
and the concession of other
important airports to the private
sector. We strongly believe in
a very promising future for
Brazilian civil aviation.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
0
30
100
150
200
250
203
193
180
155
128
113111
102
96
83
71
Air Transport Demand in Brazil (Million passengers)
CAGR:11,1% (2003-2013)
Source: ANAC Brazilian Civil Aviation Agency
 Rogério Teixeira Coimbra
is a civil servant specialist
in policy and governmental
management. He is graduated in
Management and postgraduated
in Management of Civil Aviation
both of them by the University
of Brasilia. Since 2004 he works
in government offices charged
with the regulation of civil
aviation. Besides, he is member
of Air Transport Regulation Panel
of International Civil Aviation
Organization - ICAO. Nowadays,
Mr Coimbra is Secretary for Civil
Aviation Regulatory Policy and
member of the Board of
Director of Viracopos Airport
concessionaire’s. ■
Speaker Biography
Rogerio
Teixeria
Coimbra
ROGERIO TEIXEIRA
COIMBRA
Monday 17th
November, 18.00
Champagne
Roundtable:
Brazil Third Round
Concessions
Tuesday 18th
November, 17.10
24 Months On: Brazil
Case Study
SPEAKER
SESSION DETAILS

14 @GAirportD © 2014 GAD Review
The Aeroporti di Roma -
Atlantia deal was one of the
biggest transactions of 2014.
How has AdR’s strategy
changed in light of its
new ownership?
 I don’ see a change in strategy,
but a change in the effectiveness
to pursue our strategy. ADR
faces a growth story made of
robust traffic potential, of a major
infrastructural development plan
and of promising non-aviation
opportunities. Leveraging on
Atlantia capabilities will be value
add on this path, when it comes
to efficiently access financial
markets, to safely and timely
execute investments and to
address international
growth opportunities.
Some of the other airport
leaders participating at GAD
will also be going through a
sale in the coming months.
What is the one thing that you
have learnt from the process
that you would pass on as
a piece of advice to them?
 ADR’s new shareholder
actually resulted out of a merger
process, possibly more sensitive
and complicated than a typical
trade sale procedure. In any
case, taking time to work on an
effective and convincing equity
story, with distinctive and clear
key value drivers, is always of
the essence before commencing
talks with any potential buyer.
From the dominance to
Ryanair to the struggles
of Alitalia and its potential
equity relationship with
Etihad, the Italian market is
at the centre of changes in
the European airline industry.
How are you going about
delivering infrastructure for
the long term when your
airline customer base and its
requirements are changing
so fast?
 Indeed we are seeing more
and more interest from many fast
growing carriers, which combined
with the envisaged stabilization
of Alitalia, provides sufficient
peace of mind when it comes to
engage long term commitments
to build up capacity. Our challenge
will be then to properly ensure
operational flexibility to respond to
all needs and requirements as they
unfold in our assorted airlines base
The corporate finance
environment seems to be
quite benign at the moment.
Where do you think the next
big shock could come from?

 Don’t see dangerous bubbles
looking ahead; certainly certain
sovereign dynamics may be matter
of concern, especially in relation
to the long wait for global growth
to restart at an healthier pace
soon, with a firmer contribution
by core European countries and
with especially more momentum
from far east emerging markets
There is clearly an increasing
appetite for private
infrastructure debt. How
does the changing investor
base change things from
your point of view as CFO?
 In particular, we are observing
increasing interest from long
term investors, such as insurers
or pension funds, attracted by
an asset with a relatively safe
future, thanks to promising
perspectives on traffic flows and
a stable and clear regulatory
framework. Certainly, we see with
favour stable and ‘real-money’
players carving out more space
in our investors base in lieu of
more speculative operators
You previously served as
leader of ADR Retail and ADR
Mobility (Parking & Mobility
services). The last few years
have a seen a lot of light and
heat about these parts of the
airport business. In your view,
where is the best return
on investment to be found?

 Based on the experience
built both on ordinary business
and special situations, probably
the retail segment offers better
opportunities to extract value,
working on synergies, cost
efficiencies, sales effectiveness
and excellence in category
management. Other non-avio
segments, like parking/mobility
or advertising, usually offer
relatively less improvement
AIRPORTLEADERINTERVIEW
THE GAD REVIEW INTERVIEW:
MARCO TRONCONE
CHIEF FINANCIAL OFFICER OF AEROPORTI DI ROMA

potential, besides being
more exposed to the specific
domestic economic situation
One of the hot tends at
GAD this year is the digital
economy. To what extent do
you think that this is a genuine
game changer for
the airport sector?

 To the extent it will help airport
operators to devote more focus on
the passengers community, beside
the traditional airline customers.
Achieving and managing direct
contact with our end users, will
help in understanding needs and
desires and ultimately increase
perceived quality, often behind
actually delivered service level,
and extract more value from
all non-avio businesses.
If you hadn’t taken the
professional route that you
did take, what other
occupation would you like to
have followed?

 I like being on business,
don’t see myself in some other
exotic occupation: maybe less
quantitative than acting as CFO,
but by no means less based on
logic and fine negotiation when it
comes to deal making, is the role
of the business lawyer, in principle
an interesting alternative.
15icbi-GAD.com© 2014 GAD Review
AIRPORTLEADERINTERVIEW
 Marco joined Aeroporti
di Roma in 2011, where he
is currently CFO as well as
responsible for Strategy,
Regulatory and Corporate
Development. Before then,
Marco has served ADR
as Board Member, while
Investment Director in Sintonia
SA, responsible for portfolio
management and M&A in the
infrastructure sector with a
focus on airports.
Marco started his career
with AT Kearney where he
spent 12 years focusing on
infrastructure, energy and
TLC industries; he holds an
MBA and a degree in chemical
engineering. ■
Speaker Biography
Marco
Troncone
MARCO TRONCONE
Meet the New Owners:
The Deals of the Year 2014

16 icbi-GAD.com
N
ew technology is largely
aimed at improving
operating economics,
which directly affects airline
profitability. Fuel is expected to
remain the largest component
of airplane operating costs so
development efforts focus on
reducing fuel consumption.
The latest generation of Boeing
airplanes—the 787 Dreamliner,
747-8, and the upcoming
737 MAX and 777X—reduce
fuel consumption by double-
digit percentages compared
with earlier generations.
Developments in engine
technology drive much of the
improvement. Advances in wing
design also contribute to better
fuel efficiency. The composite
wings of the 787 and 777X permit
aerodynamic improvements
that could not be achieved with
conventional materials. The
777X features folding wing tips
that allow increased wingspan
in flight for better efficiency
while maintaining Code E airport
compatibility on ground. Improved
engines, aerodynamics, and
systems also reduce noise as
much as 30 percent on the 747-8.
Many developments that
reduce fuel use also improve
range and payload capability.
Increased range coupled with
improved efficiency enables
airlines to expand their networks.
Adding new destinations provides
access to new revenues and often
accelerates economic growth
New technology is largely aimed at improving operating economics,
which directly affects airline profitability. Fuel is expected to remain the
largest component of airplane operating costs so development efforts
focus on reducing fuel consumption.
NEW GENERATION
AIRCRAFT: IMPACT ON
AIRLINE PROFITABILITY
Dr. Fariba Alamdari, VP, Marketing, Boeing Commercial Airplanes
© 2014 GAD Review
NEWGENERATIONAIRCRAFT

in these markets. The 787 is
opening new routes that were
not economically viable before.
Increased payload capability
allows airlines to carry additional
passengers and cargo. The 777X
carries more payload which
improves profit potential.
New technologies also improve
airline operations through less
frequent checks and longer
life. For example, 787 and 777X
composite floor beams do
not corrode and have longer
inspection intervals. Boeing looks
for technologies that further the
industry-leading reliability of its
airplanes. The 777X leverages
the system architecture of the
777-300ER which has a 99.5
percent schedule reliability.
Interior innovations enable
airlines to carry more passengers
while improving passenger
experience. Larger and higher
windows, sculpted sidewalls
and higher ceilings give a more
spacious feel. Larger, easier-to-
open bins are more convenient
for flight attendants and enhance
the passenger experience.
The 787 maintains a lower
cabin altitude with improved air
purity and more comfortable cabin
humidity. The 787s innovative LED
lighting helps airlines differentiate
their brands. These features
make flying more enjoyable.
Over its history, growth in
commercial aviation has been
resilient and consistent.
Ever-improving airplane efficiency,
capability, and technology have
helped generate this growth,
giving passengers more flexibility
through expanded networks and
increased frequencies. Going
forward, new generation airplanes
will continue to drive growth and
help the market to innovate in
ways we can only imagine.
NEWGENERATIONAIRCRAFT
 Dr. Fariba Alamdari, Vice
President of Marketing for
Boeing Commercial Airplanes,
leads a broad team of experts
who support Boeing’s product
strategy and sales of aircraft
and services. From 2010 to 2013,
as vice president of Marketing
and Value Analysis, Alamdari
was responsible for Commercial
Airplanes’ go-to-market
strategies in regions around
the world, as well as analytics,
modeling and simulation in
support of sales and product
development. From 2006 to
2010, as vice president of Future
Markets, Alamdari led the
Current Market Outlook forecast
team and was responsible for
economic and financial analysis,
airline revenue analysis and
network fleet planning. She
also led the operation and
development of the Customer
Experience Center. ■
Speaker Biography
Dr.Fariba
Alamdari
“Boeing looks for technologies that
further the industry-leading reliability
of its airplanes.”
FARIBA ALAMDARI
Generation Z

LONDONAIRPORTCAPACITYDEBATE
G
atwick’s vision is of two world class airports in London. We
want to see Gatwick grow and, by fostering true competition
in the market, Heathrow improve. As connections to emerging
markets become more important, and the UK’s core European
markets continue to grow, London needs a network of airports,
enabling it to function as a true global city and the UK economy and
tourism to thrive as a result.
Major global cities – New York, Paris and Tokyo - have networks of
airports. They do not rely on a single mega-hub. Mega-hubs tend to
be based in smaller cities that are less significant global destinations
and have smaller populations. The UK needs some hub capacity but
crucially the amount will decline. Transferring passengers represent
around 14% for London as a whole today, but this is projected to fall
to 9% by 2050. Behind this change is the ongoing transformation
in the aviation sector. Aircraft can now fly longer distances direct,
so fewer passengers will need to transfer. Gatwick can provide the
lower costs and efficient service to cater for this next generation of
airlines - helping keep the UK competitive as its proportion of transfer
passengers shrinks.
London is one of the best connected cities in the world and this
position derives from the strength of its airport system as a whole.
Gatwick’s vision is the model that will best serve the London of the
future. Two world class airports in competition with each other
will help deliver the connectivity and economic growth the country
needs. Competition will deliver better service and cheaper fares for
passengers - liberalisation has been at the heart of the UK’s aviation
success in recent years and the UK now has the opportunity to plan
for the next chapter in this success story. Building a new runway at
Gatwick would deliver more choice, lower fares, and the economic
growth the UK needs at an environmental cost it can afford.
LONDON NEEDS TWO
WORLD CLASS AIRPORTS
Contributed by Gatwick Airport
 Nick Dunn was appointed to the
Board of Gatwick Airport Limited
as CFO in April 2010 following
the acquisition of the airport by a
consortium of private equity and
infrastructure funds. Nick joined
from Anglo American plc where
he was General Manager of
Corporate Finance. ■
Speaker Biography
Nick
Dunn
LONDON DEVELOPMENTS
NICK DUNN
Debt Financing:
Things I Wish I’d Known
Tuesday 18th November, 10.20
The London Airport Capacity Debate

LONDON DEVELOPMENTS
S
ome say the hub model is
dead and the future lies with
“hub-busting” 787 Dreamliner
aircraft which can make long
distance point to point flights viable.
But the thought that aircraft will
be able to undermine network
economics forgets fundamental
basics of how hubs work.
Hubs are the most efficient
way of connecting people and
things - whether it’s the great rail
junctions of the world, shipping ports,
mobile or digital networks. Even
Google and Facebook operate on
the basis of network economics.
The equation is simple -
connecting ten destinations to each
other via a hub requires only 9
flights. Connecting ten destinations
to each other through a point-to-
point airport requires 45 flights.
The point-to-point airport model is
not only ecologically wasteful, but
financially unviable for long-haul
connections. That’s why almost all
787s have been ordered by network
carriers who operate from a hub.
787s may allow network
carriers to fly more “thin” routes
to smaller markets from their
hubs, increasing competition and
choice for passengers. If anything,
this will strengthen the position
of the leading hubs, and may
accelerate industry consolidation.
The global landscape is changing
and the growing economies are
almost all in Asia and the Americas -
markets you can only get to by
air from Europe. That’s why France,
Germany and the Netherlands
have all invested heavily in
their hub airports. Istanbul, and
Dubai are building new ones.
Political delay has hamstrung the
airports debate in the UK for many
years. But the tide is turning and
two years ago, the UK Government
established an Airports Commission
to recommend how to the keep
the UK as an aviation hub. New
technology, such as the 787 is making
aviation cleaner, quieter and more
sustainable - and making Heathrow
expansion politically deliverable.
Heathrow is today one of the world’s
leading hub airports, handling a
quarter of British exports. Expanding
Heathrow will allow us to build on this
strength.
 Nigel leads Heathrow’s
Public Affairs and Community
Relations teams. His
responsibilities include managing
Heathrow’s relations with
politicians, government officials,
business groups and the
community around Heathrow;
co-ordinating Heathrow Airport
Ltd position on policy issues; and
liaison with local authorities,
the UK Government and the
European Commission on a range
of policy issues which impact
on Heathrow. Nigel represents
Heathrow Airport Ltd on a wide
range of trade associations and
lobbying groups. ■
Speaker Biography
Nigel
Milton
THE MYTH OF
THE HUB-BUSTER
AIRCRAFT
Nigel Milton, Director of Policy
and Political Relations, Heathrow Airport
NIGEL MILTON

20 icbi-GAD.com
D
espite its capacity constraints,
Heathrow retains the highest
business connectivity score
amongst major European hubs,
and is at the end of seven of the top
ten business routes in the world.
It is therefore the obvious choice
for securing the UK’s future global
connectivity. A virtuous cycle has
seen business choosing to locate
close to Heathrow, in turn providing
airlines with an affluent catchment
with a high propensity to fly. Market
signals could not be clearer. Given
the choice, airlines choose Heathrow
over Gatwick, even when securing
slots comes at a high price.
If expanding Heathrow is the
obvious answer for the UK, why
then has the airport debate been
so prolonged and difficult?
Our Heathrow Hub proposal
overcomes what we see as the five
critical flaws in previous proposals.
First, by retaining existing
centerlines and extending one of
the existing runways to provide
two in-line runways, separated
by a central safety zone, no new
communities are brought into
the airport’s noise footprint. By
allowing early morning arrivals to
land on the deeper runway we also
reduce noise impacts for many
communities under the flightpath
at this most sensitive time of day.
Second, our proposals avoid
widespread demolition of local
communities, and require far
THE UK’S KEY
ECONOMIC ASSETSteven Costello, Director of Heathrow Hub
© 2014 GAD Review
Heathrow is a key UK economic
asset, directly responsible
for around 1% of GDP - more
than any other single site and
as important to the national
interest as the English language,
time zone and rule of law.
LONDON DEVELOPMENTS

less landtake than alternatives.
Third, the inherent efficiency
of our masterplan reduces capital
cost and therefore maintains
competitive user charges.
The permeable airfield layout
also allows fast turn-rounds
and minimal taxiing distances,
reducing airline operating costs.
Fourth, our proposals radically
improve rail access to Heathrow,
shifting traffic from road to rail
and reducing congestion on the
local road network, which includes
some of the busiest roads in
Europe. Following the example
of airports such as Charles de
Gaulle, Schiphol and Frankfurt,
we place the airport on the
main rail network, dramatically
increasing train frequencies and
range of destinations served.
Fifth, direct rail access allows
areas outside London and the
South East, including some of the
most economically disadvantaged
regions of Europe, to benefit from
access to global markets. It also
avoids the risk of overheating
the already hugely successful
economic engine of west London
and the Thames Valley.
This also provides passengers
in the UK regions with a real
choice, either using regional
airports to connect via European
hubs, or using rail to fly direct
from Heathrow. Increasing choice
in this way improves regional
competiveness. Equally importantly,
it transforms inward investor
perceptions of the UK regions as
well-connected business locations.
In an increasingly connected
and competitive world, Europe
may already have too many major
airports. It seems unimaginable
that the UK would consciously seek
to constrain the future success
of Heathrow and its surrounding
economies. Heathrow is the
obvious place for securing the
UK’s hub status and Heathrow
Hub the logical choice.
 Steven Costello is a Director
of Heathrow Hub Ltd and Runway
Innovations Ltd, the companies
responsible for developing and
promoting independent proposals
for Heathrow expansion. His
previous experience as an architect
includes London’s first privately
financed railway station at Imperial
Wharf, and airport projects
in Bahrain, St Helena, London
(Heathrow) and East Midlands. He
also led the environmental strategy
for the UK Met Office’s new
headquarters in Exeter, advised the
Football Association on selecting
the site for their new national
academy, participated in EU-China
sustainability programmes and
provided long-term strategic advice
to a global hospitality company.
Steven has also developed a
property company with a diverse
range of assets in the UK and
Europe. He lives directly under
one of Heathrow’s main westerly
departures flight paths. ■
Speaker Biography
Steven
Costello
“If expanding Heathrow is the obvious answer
for the UK, why then has the airport debate
been so prolonged and difficult?”
LONDON DEVELOPMENTS
STEVEN COSTELLO

LONDON DEVELOPMENTS
T
his is the debate happening
around South East airport
capacity and a raft of other
strategic policy choices facing our
country, all deeply intertwined
with lively conversations about
regional devolution and the need
to rebalance the British economy.
On the Heathrow side of the
argument we hear talk of hubs
and the UK brand and, on the
Gatwick side, we are hearing more
about choice and competition.
So, which is best for Britain?
To ensure we go in the right
direction for the whole of the UK,
we need to look both at aviation
trends and broader national
conversations. On the aviation side,
emerging markets are moving
eastward and, coupled with new
hub-busting aircraft, this is making
UK hub capacity less important
for connecting the country’s
cities to global opportunities. If
we look wider than this, we can
see that communities up and
down the UK are crying out for
the rebalancing of the country’s
opportunities for growth – and
this includes opportunities for
long-haul connectivity. Businesses
are demanding new routes and,
wherever they are in the UK, they
want to direct and they want their
customers to be able to
fly direct to and from as close
to where they live and
work as they can.
For the sake of the whole of the
country’s economy, UK investment
must follow the national demand
for regional growth and these
global trends in aviation. Growing
an old fashioned hub will go
against our direction of travel.
Growth at Gatwick will support
what people want – improving
value for passengers flying from
the South East and supporting the
continued growth of our regions,
including through long-haul
airports like Birmingham.
DEVELOPMENTS IN
AND AROUND LONDON
Paul Kehoe, CEO, Birmingham Airport
UK PLC or the future of the UK economy? Selling the UK brand
from London, or enabling businesses across the country
to sell goods and services to the world.
 Paul Kehoe joined
Birmingham Airport as Chief
Executive Officer in October 2008
He started his career in aviation
as an air traffic controller in the
Royal Air Force and has worked
for a variety of companies in
the industry including British
Aerospace plc, Serco Aviation and
TBI plc. during his 25 year career
in civil aviation. ■
Speaker Biography
Paul
Kehoe
PAUL KEHOE
On Time & On Budget

I
t is a niche business, in that some
65% of those using LCY are
travelling on business and 63%
are inbound, having bought their
ticket at the other end of the route.
Airports don’t have a God-
given right to the passengers
and airlines they serve. 75%
of airports with 5 million or
less passengers in Europe are
loss making – in fact, 44% of
all airports in Europe are loss
making (up 4% in 2 years). Every
airport offers passengers access
to air travel – but is this really
enough to guarantee survival?
Understanding, communicating
and delivering on your airport’s
passenger proposition is crucial
to your success. It’s all you
have to make you stand out
from the crowd. You must
protect it at all costs.
LCY has developed a passenger
proposition based on four pillars
- location, network, customer
service and – most importantly -
speed of transit. It should take no
more than 20 minutes to get from
front door to the departure gate,
and no more than 15 minutes from
tarmac t0o train. We call it the
20:15 promise – and it’s a promise
that presents an obvious
challenge. How could we know
if we were delivering?
Several technologies were
trialled to measure the time
taken for passenger journeys
on departure and arrival. All
worked - to a degree – but only
one, CrowdVision (the technology
used to monitor crowding during
the annual Hajj at Mecca) was
accurate enough to allow us
to understand the timing of
each step of every journey.
Through specially installed
data-capturing ‘cameras’, the
CrowdVision system tracks each
journey through the airport, second
by second, metre by metre and
completely anonymously, breaking
it down into discrete stages so
that pinchpoints and blockages can
be identified and dealt with. The
information gathered is presented
in a simple graphical interface
which allows staff to understand
whether the airport is delivering
its 20:15 promise in real time.
Understanding how and if we
deliver the time-based element
of our proposition is only the
beginning. We are just starting
to come to terms with the richness
of the data generated from
understanding how passengers use
our terminal and the opportunities
are incredibly exciting.
PATRICK BURROWS
Thursday 20th November, 10.15
Passenger Experience & The Smart
Airport Experience
THEINTERNETOFTHINGS
THE SMARTER
AIRPORT EXPERIENCE
Patrick Burrows, CFO, London City Airport
“ It should take
no more than 20
minutes to get
from front door to
the departure gate.”
London City Airport (LCY) is the only London airport actually in London, handling
around 70,000 flight movements and 3.5 million passengers every year.
 Patrick joined London City
Airport in June 2011. The majority
of Patrick’s career has been spent
in retail, where he developed a
keen customer focus. Patrick was
attracted to London City Airport by
its unique passenger proposition.
Patrick joined Tesco in 1994
and over the next 14 years he
consistently drove sustainable
profit growth through a variety of
Finance Director positions covering,
Tesco’s construction, Thai and
convenience divisions amongst
others. He delivered substantial
cost savings as a Procurement
Director, as well Finance Director.
Wanting to work in a private equity
environment, Patrick became Group
Finance Director of the UK’s largest
women’s fashion retailer New Look
in 2008. He led the finance streams
of New Look’s 2010 IPO process ■
Speaker Biography
Patrick
Burrows

24 icbi-GAD.com
T
his has frequently placed
the issue of State Aid under
the spot light. Transport
accounts directly for circa 3.7%
of European GDP and 5.1% of
employment. *1 The indirect impact
is far greater. The calculation
of direct and indirect economic
benefit of the development of
air transport is often used for
political and local ammunition in
the argument for air transport
development and the justification
for financial support/State Aid.
State Aid is defined as “an
advantage in any form whatsoever
conferred on a selective basis to
an undertaking by national public
authorities”*1. There is evidence to
show that without stimulating the
growth of air transport through
financial support, many airlines
would not take the financial
risk of opening up new routes,
often in secondary airports. This
model has now expanded across
airports in general where some
sort of financial incentive is often
required by the airlines to mitigate
riskier route development.
There are a number of the
smaller regional airports with
predominantly low cost airlines
which have struggled to show
direct economic benefit and
profitability in the short term
whereas the indirect wider
economic benefits are often
far reaching. In one European
airport with a based low cost
based carrier, due to the financial
support required to support the
route development, the airport
is forecast to break even in the
9th year of its operation yet
the regional benefit of inward
traffic and investment has
been important for the region’s
GDP and development.
A maintenance base has been
created (MRO) in the same airport.
DO STATE AID RULES
NEED TO BE SIMPLER?
Paul Whelan, Director, LCAG & Strategy Consultant, ADRIA Airways
© 2014 GAD Review
STATEAIDFORAIRPORTS
The growth of European regional airports which has been
stimulated by the increase of affordable travel since the
mid-1990s has been partly supported by financial aid given by
regional stakeholders to airlines and airports.

MRO facilities when grown will
use some of the traditional
engineering skills coupled with
software composite material
technologies and computerisation
creating jobs and new skills
and clusters of new industries.
The overall economic benefit
is far reaching for the region
and the country. Without
financial aid development
would have been limited and
arguably non-existent.
The State Aid rules have
long been prohibitive because
it can give the recipient of
incentives advantages on a
selective basis and competition
could be distorted. Despite
the EU reviewing regularly
the State Aid rules, aid can
only be implemented after
approval by the commission.
Moreover the Commission
has power to recover
incompatible State Aid. If the
EU considered giving more
powers on a self-regulatory basis
it could speed up the investment
processes and stimulate more
inward investment.
*1 – Source: European Union
Website October 2014
STATEAIDFORAIRPORTS
 Paul is a well-established
international Corporate Financier,
Chairman and Managing Director
with proven Board level experience
particularly in the aviation sector.
He has privatised several European
airports and acquired, managed,
developed and sold a number of
regional airports and airlines. He
has established two new airlines in
the UK and Italy. As a consequence
of this lengthy experience in the
European aviation industry, he has
an extensive high level contact
base across the European airports
and airlines. He is often called
upon by airports, airlines and
aircraft owners to identify joint
venture partners, code share
partners, investors and acquirers.
Paul has advised and implemented
many mergers, acquisitions,
management buy-outs, and is
currently advising and managing
several aviation ventures ■
Speaker Biography
Paul
Whelan
PAUL WHELAN
In House or Outsource? The Dilemma
For Regional Airports

MEETTHEGADTEAM
SAYHELLOTO
TEAMGAD
Say hello to the staff that
have brought this issue of
GAD Review to life.
Heidi
Stancliffe
GAD
Conference
Director
heidi.stancliffe@informa.com
Amos
Rojter
Head of
Digital Media
amos.rojter@informa.com
Ian
Law
Business
Development
Manager
ian.law@informa.com
Rachel
Bo
Logistics
Manager
rachel.bo@informa.com
Elisabeth
Wood
Creative
Director
elisabeth.wood@informa.com

SOCIAL NETWORKING EVENTS
Champagne
Roundtables
Monday 17th November 18.00
Round up the day with
an informal small group
discussion hosted by
one of speakers.
Champagne, networking
and relevant, thorough
industry discussion!
Enjoy freshly prepared
barista coffee whilst
catching up with old friends
or new contacts.
The GAD Coffee House is
brought to you by
our co-hosts
Athens International Airport
and AviAlliance.
Networking
Drinks Receptions
Conclude the day and wind down with
relaxed networking
The Investing In Airport Summit
Mon 17th November:
Hotel Grande Bretagne, 18.00
GAD Main Conference Day One
Tues 18th November: Benaki Museum
18.10 (5 minute walk from Hotel Grande Bretagne)
GAD Main Conference Day Two
Weds 19th Nov: GAD Lounge, 18.00
L O U N G E
T H E
SIGN UP ON THE DAY TO RESERVE A SPACE
AT THE TABLE OF YOUR CHOICE.
Too-Hot-To-Touch
Interactive Discussions
Taking place strictly under the Chatham
House Rule in a boardroom set-up,
participants will be encouraged to speak
openly, allowing for frank, honest and fruitful
discussion between peers. Uncut!
Are Investors Overpaying And
Are Some New Owners Ever Going
To Make A Profit?
Tuesday 18th November 15.10
How Are Active New Owners Changing
The Way Airport Strategy Is Determined –
Are Key Relationships Now Being
Managed At Investor Level?
SIGN UP ON THE DAY TO RESERVE YOUR PLACE.
LATE COMERS WILL NOT BE ADMITTED.
Master
Classes
Essential context for anyone
interested in the upcoming Greek and
Japanese airport privatisations.
Sign up on the day for the session
of your choice.
Getting To Grips With The Greek Economy
The Japanese Privatisation Pipeline
Meet The Investor
Meet The CEO
L U N C H T A B L E S
Join one of our speakers for a
relaxed sit-down lunch. Sign up
on the day to reserve a space at
your favourite speaker’s table.
Meet The Investor Lunch Tables
Meet The CEO Lunch Tables
Breakfast&LunchtimeBriefings
Learnmoreaboutsomeofthehottestopportunitiesintheairportpipelineoverbreakfastor
lunch.ThisisforpeoplewhoreallywanttomakethemostoutoftheirtimeatGAD!
FIRST COME, FIRST SERVED – NO NEED TO SIGN UP IN ADVANCE
PPP For Hewanorra
International Airport, St Lucia:
Greek Airport Privatisations:
New Indian Airport Privatisations
& The Second Mumbai Airport:
Privatisation Of French Regional Airports:
Wednesday 19th November 08.15
Sign up on the day - places limited to one attendee per company

June 2015
Kuala Lumpur
Follow GAD on Twitter for more anouncements @GAirportD
GAD 2014 attendees get a £200
discount off GAD Asia 2015
Bookings will open December 2015 – contact callum.mcguire@informa.com
Quoting VIP Code: FKN2453GADAsia200 to register for your discounted place.
Please note the £200 discount will apply to the full price at the time of registration.
C O M I N G 2 0 1 5
Global Airport Development 2015
ASIA

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are speaking.
■ View all Sponsor profiles.
MyGAD is available two weeks prior to
the event through to one week after and is
exclusively available to GAD attendees only.
LOG ON OR VISIT
Scan the QR code or
visit your App store to
download the free ICBI
Events app for your
mobile or tablet device.
Visit the Social Media HELP DESK at GAD 2014 or email amos.rojter@informa.com

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