11 innovative airlines

At airlinetrends.com we are continuously on the lookout for innovative products and services launched by airlines around the world as a response to industry and consumer trends. Taking a cue from the famous line of sci-fi writer William Gibson that “the future is already here, it’s just unevenly distributed,” we are kicking 2011 off with our take on the 11 most innovative airlines to keep an eye on in the coming year. Be it either to learn from, get inspired by, or even copy from, the 11 airlines we have selected provide an overview of what innovative products

and services passengers are experiencing on airlines around the world.

The airlines featured on our list do not necessarily feature on the various ‘best airlines in the world’ surveys that are published regularly. We aimed to select airlines that have come up with interesting innovations in recent years, be it as part of a company culture of continuous innovation, a strategy to challenge the industry status quo, or as part of efforts to catch up after years of underinvestment.

1. Air New Zealand

2. All Nippon Airways

3. Lufthansa

4. Delta Air Lines5. Finnair

6. Southwest Airlines7. KLM

8. Virgin America 9. Cathay Pacific 10. Emirates 11. Asiana

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1. Air New Zealand

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!!!!!!!!!!!!!!!!"M"@+!()0!V-.(./2!+)$#+!3$6)!$!6)&2!:)()&.1+!Ue!!7%#-3?!h]F!$(*!7.0)&!7.&#+?!$(*!#3)!5%G)*!8$-4!+3)''!$''.0+!7$++)(:)&+!#.!&)-'%()!%(+%*)!#3)%&!+)$#?!%(+#)$*!.5!%(#.!#3)!'$7!.5!#3)!7$++)(:)&!+)$#)*!%(!#3)!()G#!&.0,!d(!$!(.*!#.!81+%()++!#&$6)'')&+!#3$#!3$6)!#&$*)*!*.0(!#.!V-.(./2!_'$++?!51'';5$&)!V-.(./2!7$++)(:)&+!*)7$&#%(:!5&./!Q$7$(!$&)!)'%:%8')!#.!"M"@+!HV-.(./2!_'$++!^')$+$(#;9&%7@!+)&6%-)?!03%-3!%(-'1*)+!7&%.&%#2!-3)-4;%(?!5&))!'.1(:)!$--)++!$(*!7&%.&%#2!8$::$:)!$&&%6$',!!"M"?!3.0)6)&?!3$*!#.!7.+#7.()!#3)!*)81#!.5!%#+!()0!^&)/%1/!V-.(./2!+)$#%(:?!03%-3!5)$#1&)!$!5%G)*!8$-4?!*.18');0%*)!$&/&)+#+!$(*!*%6%*)&+!8)#0))(!+)$#+!#.!)(+1&)!/.&)!7&%6$-2!*1)!#.!-)&#%5%-$#%.(!%++1)+!$#!+)$#!/$(15$-#1&)&!l.%#.,!^$++)(:)&+!%(!7&)/%1/!-'$++)+!0.1'*!$'+.!3$6)!#3)!.7#%.(!#.!-&)$#)!#3)%&!.0(!/)(1!5&./!/.&)!#3$(!UD!$!'$!-$&#)!-3.%-)+!$(*!.&*)&!%#!6%$!#3)!#.1-3+-&))(!.5!#3)%&!dLV!+2+#)/?!81#!#3%+!5)$#1&)!3$+!(.#!8))(!&.'')*!.1#!2)#,!!!744%5+.25,)-,052$,-)F)%(:!$!Q$7$()+)!$%&'%()?!"M"!.55)&+!$!&$(:)!.5!%(6)(#%6)!+)&6%-)+!#3$#!)(3$(-)!#3)!#&$6)'!)G7)&%)(-),!L.&!)G$/7')?!"M"@+!()0'2!'$1(-3)*!Z$()*$!&.1#)!#.!$(*!5&./!X.+!"(:)')+?!F$(:4.4!$(*!]%(:$7.&)!3$+!/$(2!'$#)!(%:3#!*)7$&#1&)+?!+.!#3)!$%&'%()!*%/+!'%:3#+!*1&%(:!8.$&*%(:!#.!-&)$#)!$!-$'/!$#/.+73)&),!^$++)(:)&+!%(!$''!-'$++)+!$&)!$'+.!:%6)(!$!H]'))7!]177.&#!l%#@!#3$#!%(-'1*)+!#0.!#27)+!.5!$&./$;#3)&$72!-$&*+!OHW)'$G@!$(*!HW)5&)+3@P!#.!3)'7!#3)/!#.!>:)#!#.!+'))7!$(*!0$4)!17!:)(#'2,B!93)!-$&*+!)/%#!$!'$6)(*)&!.&!$(!H"M"!c&%:%($'!"&./$@!+-)(#!03)(!$!+/$''!81##.(!%+!7&)++)*,!!"M"!.7)&$#)+!FRbR;UDDVW+!.(!%(#&$;"+%$(!&.1#)+!0%#3!F1+%()++!_'$++!+)$#+!#3$#!*.!(.#!3$6)!%(;+)$#!7.0)&!7.&#+,!].!#3)!$%&'%()!')(*+!7$++)(:)&+!$(!)G#)&($'!'$7#.7!

2. All Nippon Airways

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

aKCD!

8$##)&2!03%-3!%+!-./7$#%8')!0%#3!$77&.G%/$#)'2!CD!*%55)&)(#!/$(15$-#1&)&+!$(*!7&.6%*)+!b!#.!S!3.1&+!.5!)G#&$!'$7#.7!7.0)&,!!!d(!L)8&1$&2!CDED?!"M"!%(#&.*1-)*!0./)(;.('2!'$6$#.&%)+!.(!%#+!'.(:;3$1'!5'%:3#+!03%-3!-$(!8)!%*)(#%5%)*!82!$!7%(4!6)&+%.(!.5!#3)!1(%6)&+$'!+%:(!5.&!$!'$*%)+@!&../!.(!#3)!*..&,!9.%')#!)#%I1)##)!$77)$&+!#.!8)!$(!%/7.&#$(#!7$&#!.5!"M"@+!7.'%-2!$(20$2,!93)!$%&'%()!3$+!7&)6%.1+'2!$+4)*!7$++)(:)&+!#.!1+)!#3)!'$6$#.&%)+!8)5.&)!#3)2!8.$&*!5'%:3#+!+.!$+!#.!&)*1-)!#3)!.6)&$''!0)%:3#!.5!#3)!7'$()!$(*!+$6)!51)',!"M"@+!()0!FRSR@+!0%''!$'+.!5)$#1&)!'$6$#.&%)+!0%#3!9c9c!H0$+3')#@!8%*)#+?!$!0.&'*@+!5%&+#,!!!c(!*./)+#%-!&.1#)+!"M"!7$++)(:)&+!-$(!8..4!#3)!H"M"!]42^.&#)&@!+)&6%-)!#.!3$6)!#3)%&!'1::$:)!7%-4)*!17!.&!*)'%6)&)*!$#!#3)%&!3./)!.&!.55%-)!5.&!$!+/$''!5)),!"#!#3)!$%&7.&#?!7$++)(:)&+!-$(!1+)!#3)%&!+/$&#;-3%7!)($8')*!-)''!73.()?!-&)*%#!.&!5&)I1)(#!5'2)&!-$&*!O$!-.//.(!5)$#1&)!%(!Q$7$(P!#.!+)'5;8.$&*!.(!*./)+#%-!5'%:3#+,!!!BCB)D#)6'%2$,)"#!#3)!)(*!.5!CDD[?!"M"!%(#&.*1-)*!$!()0!$(-%''$&2!&)6)(1)!7&.:&$/?!-$'')*!HJ2_3.%-)@,!93)!%*)$!8)3%(*!#3)!7&.:&$/!%+!#.!.55)&!V-.(./2!7$++)(:)&+!.(!%(#)&($#%.($'!5'%:3#+!7$%*!$--)++!#.!7&)/%1/!$/)(%#%)+?!+1-3!$+!'.1(:)!$--)++!$(*!F1+%()++!_'$++!/)$'+!$(*!8)6)&$:)+,!c(!*./)+#%-!&.1#)+!"M"!%(!"7&%'!CDED!+#$&#)*!#.!-3$&:)!V-.(./2!7$++)(:)&+!5.&!$''!*&%(4+!.#3)&!#3$(!0$#)&!$(*!:&))(!#)$,!d(+#)$*?!7$++)(:)&+!-$(!71&-3$+)!*&%(4+!5&./!"M"@+!HJ2!_3.%-)@!7$%*!-$#)&%(:!/)(1?!03%-3!$'+.!%(-'1*)+!5&)+3;#$77)*!8))&!$(*!]#$&81-4+!-.55)),!!!BCB)<%=>$%-.)+41)BCB)E&-24,--)A,.)d(!$!51&#3)&!8%*!#.!8$##')!-./7)#%#%.(!5&./!Q$7$(@+!)G#)(+%6)!3%:3;+7))*!&$%'!()#0.&4!$+!0)''!$+!:&.0%(:!'.0;-.+#!-./7)#%#%.(!5./!l.&)$!$(*!_3%($?!"M"!0%''!)+#$8'%+3!$!'.0;-.+#!$%&'%()!%(!J$&-3!CDEE!$#!c+$4$!l$(+$%!d(#)&($#%.($'!"%&7.&#,!93)!'.0;-.+#!.55+3..#!7'$(+!#.!.7)&$#)!Eb!$%&-&$5#!0%#3%(!5.1&!2)$&+!.(!*./)+#%-!&.1#)+!$(*!*)+#%($#%.(+!%(!_3%($,!c(!#3)!.#3)&!)(*!.5!#3)!+7)-#&1/!%+!#3)!H"M"!F1+%()++!Q)#@!+)&6%-)?!$!FRUR;SDD!0%#3!Ce!81+%()++!$(*Eb!)-.(./2!+)$#+?!03%-3!"M"!.7)&$#)+!*$%'2!8)#0))(!9.42.!M$&%#$!$(*!J1/8$%,!]%/%'$&!#.!F"@+!X.(*.(!_%#2!#.!M)0!g.&4!QLl!+)&6%-)?!"M"@+!0)+#8.1(*!M$&%#$!#.!J1/8$%!5'%:3#!3$+!#.!/$4)!$!+#.7!5.&!&)51)'%(:,!

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

bKCD!

!!!!!!!!!!!!!!!!d(!#3%&*!7'$-)!%+!X15#3$(+$?!03%-3!#3&.1:3!%#+!$-I1%+%#%.(!.5!]<d]]?!"1+#&%$(?!F&%#%+3!J%*'$(*!$(*!F&1++)'+!"%&'%()+!3$+!$::&)++%6)'2!')*!-.(+.'%*$#%.(!%(!#3)!V1&.7)$(!$%&'%()!%(*1+#&2,!93)!-$&&%)&!3$+!$'+.!+#$&#)*!$!()0!+18+%*%$&2!%(!d#$'2?!$(*!%+!&)7.&#)*'2!$'+.!%(#)&)+#)*!%(!]"]!$(*!Xc9!5&./!^.'$(*,!!!])&6%(:!6$&%.1+!/$&4)#!+):/)(#+!0%#3!7&.*1-#+!&$(:%(:!5&./!'.0;-.+#!=)&/$(0%(:+!#.!3%:3;)(*!X15#3$(+$!^&%6$#)!Q)#?!X15#3$(+$!%+!$!+#&.(:!8&$(*!$++.-%$#)*!0%#3!I1$'%#2?!#3.&.1:3()++!$(*!%((.6$#%.(!82!/$(2!#&$6)'')&+?!&)+1'#%(:!%(!$(!$8.6);$6)&$:)!+3$&)!.5!3%:3;2%)'*!7&)/%1/!#&$55%-,!Z.0)6)&?!#3)!$%&'%()@+!3%:3!-.+#!8$+)!$(*!*)-)(#&$'%`)*!3./)!/$&4)#!/$4)+!%#!61'()&$8')!#.!-./7)#%#%.(!5&./!'.0;-.+#!$%&'%()+!+1-3!$+!$%&8)&'%(!$(*!-$&&%)&+!5&./!#3)!=1'5!W):%.(!+1-3!$+!V/%&$#)+,!!!F0,/2&/)*%-2.2%4243)X15#3$(+$!7.+%#%.(+!%#+)'5!$#!#3)!7&)/%1/!)(*!.5!#3)!/$&4)#,!d(!#3)!$%&'%()@+!0.&*+\!>X15#3$(+$!+))+!#3)!4)2!5)$#1&)!.5!%#+!81+%()++!%(!I1$'%#2,!c1&!73%'.+.732!%+!#3$#?!#.!/$%(#$%(!#3)!')$*%(:!7.+%#%.(?!.()!/1+#!8)!8)##)&!Y!8)##)&!%(!#)&/+!.5!&)'%$8%'%#2!$(*!%((.6$#%.(,!F)-$1+)!:..*!I1$'%#2!8%(*+!-1+#./)&+,B!]$2+!#3)!$%&'%()@+!3)$*!.5!/$&4)#%(:!$(*!+$')+!93%)&&2!"(#%(.&%?!Bc6)&!#3)!()G#!5%6)!2)$&+?!0)!7'$(!#.!%(6)+#!.()!8%''%.(!V1&.!#.!17:&$*)!.1&!7&.*1-#+!%(!$''!-'$++)+!.5!+)&6%-),B!!!E&-24,--()820-.()F025+.,)<%#3!#3)!%(#&.*1-#%.(!.5!%#+!5%&+#!"USD!%(!J$2!CDED?!X15#3$(+$!3$+!+#$&#)*!$!-./7')#)!&)6$/7!.5!$''!-'$++)+!$-&.++!%#+!)(#%&)!5'))#?!+7)(*%(:!$+!/1-3!$+!VhWeDD!/%''%.(!#3&.1:3!CDEU,!93)!$%&'%()@+!"USD!%+!#3)!5%&+#!$%&-&$5#!#.!5)$#1&)!X15#3$(+$@+!()0!L%&+#!_'$++?!03%-3!$--.&*%(:!#.!#3)!$%&'%()!3$+!B#3)!I1%)#)+#!L%&+#!_'$++!

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eR;S!$%&-&$5#!5&./!'$#)!CDEE!.(?!0%#3!.#3)&!$%&-&$5#!/.*)'+!#.!5.''.0!%(!-./%(:!2)$&+,!!!9.!+)&6)!&)'$#%6)'2!+/$''!81+%()++!*)+#%($#%.(+!%(!5.&!)G$/7')!.%';&):%.(+!%(!$!-.+#;)55)-#%6)!0$2?!X15#3$(+$!+%(-)!CDDC!3$+!7$&#()&)*!0%#3!^&%6$#"%&?!03%-3!5'%)+!FRUR;SDD+!0%#3!Ce!F1+%()++!_'$++!+)$#+!$(*!Se!+)$#+!%(!V-.(./2!.(!8)3$'5!.5!#3)!$%&'%(),!]%(-)!CDDa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

3. Lufthansa

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

RKCD!

8)'%)6)!#3$#!#3)!:&.0#3!.5!V/%&$#)+?!V#%3$*!$(*!m$#$&!"%&0$2+!%+!$'&)$*2!71##%(:!7&)++1&)!.(!5$&)+!%(!%/7.&#$(#!'.(:;3$1'!/$&4)#+!+1-3!$+!d(*%$,!"+!$!&)+1'#?!#3)&)!%+!')++!/.()2!')5#!5.&!$%&'%()+!#.!-&.++;+18+%*%`)!#3)%&!+3.&#;3$1'!5))*)&!5'%:3#+!03%-3!3$6)!#.!8)-./)!$!/.&)!7&.5%#$8')!+#$(*;$'.()!.7)&$#%.(,!!!X15#3$(+$!%+!+$%*!#.!8)!#$&:)#%(:!$!eD!7)&-)(#!-.+#!&)*1-#%.(!.5!%#+!V1&.7)$(!()#0.&4!$+!7$&#!.5!$!-.+#;-1##%(:!7&.:&$/!-$'')*!H_'%/8!CDEE",!d(!T)-)/8)&!CDED?!#3)!$%&'%()!1(6)%')*!$(!Vh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n!J.&)!'.2$'#2!7&.:&$/!(.0!-$(!)$&(!$(*!&)*))/!#3)%&!/%')+!5.&!5'%:3#+!0%#3!=)&/$(0%(:+?!$(*!8):%((%(:!#3%+!/.(#3!OQ$(1$&2!CDEEP!7$++)(:)&+!-$(!$'+.!-./8%()!#%-4)#+!.(!#3)!#0.!$%&'%()+?!5.&!)G$/7')!.();0$2!0%#3!X15#3$(+$!$(*!&)#1&(!0%#3!=)&/$(0%(:+,!J)$(03%')?!$(!%(#)&($'!*)8$#)!%+!&)7.&#)*'2!0$:%(:!$#!X15#3$(+$!03)#3)&!%#!+3.1'*!#&$(+5)&!/.&)!&.1#)+!#.!=)&/$(0%(:+,!!!8<#C,.)"5#)&!$!5.1&;2)$&!+1+7)(+%.(?!X15#3$(+$!$#!#3)!)(*!.5!M.6)/8)&!CDED!&)'$1(-3)*!%#+!L'2M)#!%(5'%:3#!d(#)&()#!+)&6%-),!93)!+)&6%-)!%+!%(%#%$''2!&.'')*!.1#!.(!$%&-&$5#!.7)&$#%(:!+)')-#!M.&#3!"#'$(#%-!&.1#)+!O),:?!L&$(451&#!#.!M)0!g.&4?!T)#&.%#!$(*!"#'$(#$P!$(*!%+!-1&&)(#'2!$6$%'$8')!.(!EC!$%&-&$5#!0%#3!$(.#3)&!5.1&!#.!)(#)&!+)&6%-)!%(!#3)!()G#!5)0!0))4+,!d(!-.(A1(-#%.(!0%#3!#3)!'$1(-3!.5!L'2M)#?!X15#3$(+$!$'+.!%(#&.*1-)*!_'.1*]#&)$/?!$!#..'!#3$#!$''.0+!#&$6)'')&+!#.!-&)$#)!$!H*%:%#$'!-$&&2;.(@!0%#3!#3)%&!5$6.1&%#)!-.(#)(#?!03%-3!#3)2!#3)(!-$(!8&.0+)!$#!#3)%&!')%+1&)!03%')!.(8.$&*!O/.&)!*)#$%'+!%(!#3%+!6%*).P,!d#!%+!(.#!-')$&!03)#3)&?!$+!$(!$**%#%.($'!8)()5%#!5.&!X15#3$(+$?!_'.1*]#&)$/!$'+.!&)*1-)+!#3)!-.(+1/7#%.(!.5!8$(*0%*#3!.(8.$&*,!!!H%&43,-)X15#3$(+$!.7)&$#)+!$8.1#!bD!'.1(:)+!$&.1(*!#3)!0.&'*!$(*!%+!%(6)+#%(:!VhW!EaD!/%''%.(!O1(#%''!CDEUP!#.!&)(.6$#)!'.1(:)!5$-%'%#%)+!$#!CC!$%&7.&#+,!F)+%*)+!%#+!5'$:+3%7!L%&+#!_'$++!9)&/%($'!$#!L&$(451&#!"%&7.&#!

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m1%-4!F.$&*%(:!=$#)+@!03%-3!')#!7$++)(:)&+!0%#3!)')-#&.(%-!#%-4)#+!8.$&*!#3)!$%&-&$5#!0%#3.1#!+))%(:!$(!$%&'%()!$:)(#,!93)!+180$2;'%4)!/$-3%()+!.7)(!$1#./$#%-$''2!$5#)&!6)&%5%-$#%.(!.5!$!8$&-.*)!#3$#!%+!7&%(#)*!.1#!.&!+#.&)*!.(!$!/.8%')!73.(),!d5!$!7$++)(:)&@+!+)$#!3$+!-3$(:)*!$#!+3.&#!(.#%-)!#3)!m1%-4!F.$&*%(:!=$#)!7&%(#+!.1#!$!()0!-.17.(!0%#3!#3)!'$#)+#!*)#$%'+?!03%-3!7$++)(:)&+!-$(!7%-4!17!$+!#3)2!7$++!#3&.1:3,!!!!&-.+24+@2<2.#)X15#3$(+$!%+!'%4)'2!#.!8)-./)!#3)!5%&+#!$%&'%()!%(!#3)!0.&'*!#.!#)+#!#3)!1+)!.5!$'#)&($#%6)!51)'+!*1&%(:!-.//)&-%$'!5'%:3#!.7)&$#%.(+,!d(!"7&%'!CDEE?!#3)!$%&'%()!0%''!8):%(!$!b;/.(#3!#&%$'!0%#3!$(!"UCE!.(!+-3)*1')*!-.//)&-%$'!5'%:3#+!8)#0))(!L&$(451&#!$(*!Z$/81&:,!^)(*%(:!-)&#%5%-$#%.(?!.()!.5!#3)!$%&-&$5#@+!)(:%()+!0%''!1+)!$!aD;aD!/%G!.5!8%.51)'!$(*!#&$*%#%.($'!4)&.+)(),!!!D%@2<,)+41)-%$2+<)/,12+)X15#3$(+$!0$+!#3)!5%&+#!$%&'%()!%(!V1&.7)!#.!7$&#()&!0%#3!:).;+.-%$'!()#0.&4!L.1&+I1$&)?!&)0$&*%(:!L.1&+I1$&)!1+)&+!03.!-3)-4)*!%(!$#!#3&))!X15#3$(+$!6)(1)+!$#!#3)!CDED!J1(%-3!c4#.8)&5)+#!0%#3!$!+7)-%$'!c4#.8)&5)+#!8$*:)!$+!0)''!$+!$!VhWCD!5'%:3#!6.1-3)&,!!!X15#3$(+$@+!J2]42]#$#1+!+)&6%-)!')#+!$%&!#&$6)')&+!+3$&)!#3)%&!'.-$#%.(!*1&%(:!#3)%&!A.1&()2+!0%#3!#3)%&!.('%()!5&%)(*+!$(*!5.''.0)&+,!93)!$77'%-$#%.(!#$4)+!$!1+)&@+!5'%:3#!%(5.&/$#%.(?!%(-'1*%(:!*)7$&#1&)!$(*!$&&%6$'!*$#$?!$(*!/$#-3)+!%#!#.!&)$';#%/)!:'.8$'!$%&!#&$55%-!*$#$,!d#!#3)(!+3$&)+!6%$!)/$%'?!L$-)8..4!.&!90%##)&!&):1'$&!17*$#)+!$8.1#!*)7$&#1&)?!$&&%6$'!$(*!!03%-3!-.1(#&2!#3)2!$&)!5'2%(:!.6)&,!!!X15#3$(+$!3$+!$'+.!8))(!.()!.5!#3)!5%&+#!$%&'%()+!#.!'$1(-3!%((.6$#%6)!/.8%')!$77'%-$#%.(+?!+1-3!$+!X15#3$(+$!M$6%:$#.&?!$!($6%:$#%.(!+2+#)/;'%4)!/$7!.5!L&$(451&#!"%&7.&#!$(*!J)/8)&]-.1#?!$!/.8%');8$+)*!+.-%$'!()#0.&4!)G-'1+%6)'2!5.&!J%')+!n!J.&)!/)/8)&+,!

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

SKCD!

!!!!!!!!!!!!!!!!T)'#$!3$+!)$&()*!%#+!e#3!7'$-)!8)-$1+)!.5!%#+!/$++%6)!h]T!C!8%''%.(!%(6)+#/)(#!7&.:&$/!O#3&.1:3!/%*;CDEUP!#.!17:&$*)!%#+!:&.1(*!$(*!%(5'%:3#!)G7)&%)(-)+?!$+!0)''!$+!%(#&.*1-)!+./)!%((.6$#%6)!+)&6%-)+,!Z$6%(:!-./7')#)*!#3)!%(#):&$#%.(!.5!M.&#30)+#?!03%-3!%#!$-I1%&)*!%(!CDDS?!T)'#$!3$+!+3%5#)*!%#+!5.-1+!#.0$&*+!*&$+#%-$''2!%/7&.6%(:!#3)!-1+#./)&!)G7)&%)(-)?!+#$#%(:!#3$#!>$**&)++%(:!:$7+!%(!-1+#./)&!7&.*1-#?!#)-3(.'.:2?!5$-%'%#%)+!$(*!5'))#!%+!4)2!#.!:)()&$#%(:!+17)&%.&!&)6)(1)+!$(*!&)#1&(+,B!!!74>;<23'.I)8&<<>;<+.)-,+.-()F0,/2&/)9$%4%/#()J2>82)]%(-)!])7#)/8)&!CDD[?!T)'#$!3$+!8))(!17:&$*%(:!%#+!'.(:;3$1'!81+%()++!-'$++!#.!.55)&!51'';5'$#!8)*+,!F2!Q1()!CDEE?!3$'5!.5!%#+!'.(:;3$1'!5'))#!0%''!8)!17:&$*)*!$(*!82!/%*;CDEC?!T)'#$!0%''!.55)&!51''!5'$#;8)*!+)$#+!.(!%#+!5'))#!.5!.6)&!EDD!#&$(+;.-)$(%-!$%&-&$5#,!93)!$%&'%()!0%''!$'+.!8)!#3)!5%&+#!-1+#./)&!#.!%(+#$''!^$($+.(%-!$(*!<)8)&@+!%(#):&$#)*!'%:3#0)%:3#!#.1-3+-&))(!dLV!$(*!+'%/!-$&8.(!5%8&)!)-.(./2!+)$#!.(!Eb!5.&/)&!M.&#30)+#!FeR;eDD+!%(!/%*;CDEE,!!!L1&#3)&/.&)?!T)'#$!%+!&1/.1&)*!#.!%(#&.*1-)!$!^&)/%1/!V-.(./2!-$8%(!%(!CDEE,!]%(-)!#3)!:$7!8)#0))(!#3)!-$&&%)&@+!7&)/%1/!$(*!)-.(./2!-'$++!3$+!%(-&)$+)*!8)-$1+)!.5!%#+!17:&$*)!#.!5'$#;8)*+?!#3)&)!%+!&../!5.&!$!6$'1);5.&;/.()2!$'#)&($#%6)!%(!8)#0))(,!93)!()0!-'$++!%+!'%4)'2!#.!&)+)/8')!h(%#)*@+!V-.(./2!^'1+!.&!lXJ@+!V-.(./2!_./5.&#!.55)&%(:+?!03%-3!$&)!)++)(#%$''2!(.&/$'!)-.(./2!+)$#+!0%#3!%(-&)$+)*!'):!&../,!!!d(!M.6)/8)&!CDED?!T)'#$!-./7')#)*!#3)!%(+#$''$#%.(!.5!%(5'%:3#!<%;L%!.(!$''!ae[!/$%('%()!*./)+#%-!$%&-&$5#?!#3)!'$&:)+#!(1/8)&!.5!H-.(()-#)*!$%&-&$5#@!82!5$&,!93)!-$&&%)&!$'+.!&)-)(#'2!$((.1(-)*!7'$(+!#.!$**!<%;L%!#.!!

!!!!!!!!!!!!!!!!CCU!&):%.($'!A)#!$%&-&$5#!.7)&$#)*!82!T)'#$!_.(()-#%.(!-$&&%)&+,!X$+#!81#!(.#!')$+#?!T)'#$!A1+#!&)6)$')*!%#!%+!-.(+%*)&%(:!$(!.&*)&!.5!EDD!#.!CDD!($&&.08.*2!$%&-&$5#!o!7.++%8'2!0%#3!.7#%.(+!5.&!CDD!/.&)!o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c6)&!SDD!$:)(#+!$&)!-1&&)(#'2!*)7'.2)*!$%&+%*)!$#!$%&7.&#+!$-&.++!#3)!h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

4. Delta

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! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

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!

EbKCD!

!!!!!!!!!!!!!!!!M1/8)&!S!.(!.1&!'%+#!%+!8.1#%I1)!'.0;-.+#!-$&&%)&!j%&:%(!"/)&%-$,!X$1(-3)*!%(!"1:1+#!CDDR?!#3)!$%&'%()!A1+#!&)7.&#)*!%#+!5%&+#!()#!%(-./)!$(*!-1&&)(#'2!.7)&$#)+!Ue!$%&-&$5#!0%#3!$(.#3)&!ER!#.!8)!*)'%6)&)*!%(!CDEE,!j%&:%(!"/)&%-$!3$+!$'+.!A1+#!7'$-)*!$!bD;7'$()!.&*)&!03%-3!/$4)+!%#!#3)!'$1(-3!-1+#./)&!5.&!#3)!"%&81+@!()0!"UCD().!A)#?!$(*!)G7)-#+!#.!3$6)!$!5'))#!.5!SD!#.!EED!7'$()+!82!CDEb,!!U,$'>.0,41#)<%#3!%#+!%-.(%-!/..*!'%:3#%(:?!WVT!%(5'%:3#!)(#)&#$%(/)(#!+2+#)/!$(*!+.-%$'!/)*%$!+$66%()++?!j%&:%(!"/)&%-$!3$+!I1%-4'2!)+#$8'%+3)*!%#+)'5!$+!$!3%7!.7)&$#%.(!#1()*!%(#.!#3)!H*%:%#$'!'%5)+#2')@,!93)!H1(;.55%-%$'!$%&'%()!.5!]%'%-.(!j$'')2@!%+!$'+.!#3)!.('2!h,],!-$&&%)&!#.!%(+#$''!7.0)&!.1#')#+!%(!$''!+)$#+?!$(*!%(!J$2!CDD[!8)-$/)!#3)!5%&+#!h,],!$%&'%()!#.!.55)&!%(5'%:3#!<%L%!5'))#0%*),!d(!#3)!7$+#!#0.!2)$&+?!j%&:%(!"/)&%-$!3$+!$'+.!#)$/)*!17!0%#3!=..:')!#.!7&.6%*)!%#+!7$++)(:)&+!5&))!<%L%!*1&%(:!#3)!3.'%*$2!#&$6)'!+)$+.(,!!!Q?,1S)L1&#3)&!)/73$+%`%(:!%#+!#)-3!&..#+!%+!j%&:%(!"/)&%-$@+!%(5'%:3#!)(#)&#$%(/)(#!+2+#)/?!-$'')*!HW)*@,!^$++)(:)&+!-$(!1+)!HW)*@!#.!0$#-3!'%6)!+$#)''%#)!#)')6%+%.(?!-3$#!0%#3!.#3)&!7$++)(:)&+?!7'$2!UT!:$/)+!+1-3!$+!T../?!$(*!.55+)#!-$&8.(!)/%++%.(+!5.&!#3)%&!5'%:3#,!93)!+2+#)/!$'+.!$''.0+!7$++)(:)&+!#.!71&-3$+)!+($-4+?!/)$'+?!$(*!$'-.3.'%-!8)6)&$:)+!5&./!#3)%&!+)$#+!6%$!W)*,!L'%:3#!$##)(*$(#+!&)-)%6)!#3)!.&*)&+!6%$!$!#$8')#!^_!.(!#3)!5..*!-$&#!$(*!8&%(:!#3)!.&*)&)*!%#)/+!#.!#3)!+)$#?!#3)&)82!)'%/%($#%(:!#3)!#&$*%#%.($'!5..*!$(*!8)6)&$:)!+)&6%-),!!!9$4%(:!#3)!WVT!+2+#)/!#.!$!()G#!')6)'?!j%&:%(!"/)&%-$!%(!/%*;CDED!$**)*!$!(1/8)&!.5!%((.6$#%6)!5)$#1&)+!#.!!

!!!!!!!!!!!!!!!!#3)!+2+#)/?!%(-'1*%(:!#3)!5%&+#;)6)&!+)$#8$-4!*%:%#$'!+3.77%(:!7'$#5.&/?!$(!.7)(!#$8!+)&6%-)?!$(*!=..:')!J$7+!0%#3!#)&&$%(!6%)0,!j%&:%(!"/)&%-$!0.&4)*!0%#3!)G#)&($'!+177'%)&+!#.!#$4)!W)*!#.!#3)!()G#!')6)'?!81#!#3)!%*)$+!-$/)!5&./!j%&:%(!"/)&%-$,!]$2+!j%&:%(!"/)&%-$@+!_Vc!T$6%*!_1+3,!>d5!0)!0)&)!&)'2%(:!.(!_.l%()#%-!$(*!^$($+.(%-!#.!:)()&$#)!#3)!%*)$+!#3)(!)6)&2.()!%+!:.%(:!#.!3$6)!%#,!d(5'%:3#!)(#)&#$%(/)(#!%+!$!*%55)&)(#%$#.&!5.&!1+,!<)!3$6)!-&)$#%6)!7).7')!3)&)?!03.!7&.8$8'2!#3%(4!$!'%##')!*%55)&)(#!#3$(!.#3)&+,B!!!H%$+<);%%1)d(!4))7%(:!0%#3!%#+!_$'%5.&(%$!&..#+?!]$(!L&$(-%+-.;8$+)*!j%&:%(!"/)&%-$@+!%(5'%:3#!/)(1+!5.-1+!.(!+)$+.($'?!.&:$(%-!$(*!'.-$''2;+.1&-)*!%(:&)*%)(#+,!93)!$%&'%()!$'+.!.55)&+!'.-$'!/%-&.;8&)0!8))&+?!0%()+!$(*!7&)/%1/!$'-.3.'%-!*&%(4+!5&./!_$'%5.&(%$!5.&!+$'),!!!!%$2+<)/,12+)j%&:%(!"/)&%-$!%+!1+1$''2!.()!.5!#3)!5%&+#!$%&'%()+!#.!)G7)&%/)(#!0%#3!()0!+.-%$'!/)*%$!#)-3(%I1)+,!L.&!)G$/7')?!#.!7&./.#)!%#+!()0!+)&6%-)!#.!J)G%-.?!#3)!$%&'%()!%(!"1:1+#!CDED!.55)&)*!7).7')!03.!1+)*!'.-$#%.(;8$+)*!&)0$&*+!()#0.&4!X..7#!]#$&!#.!-3)-4;%(!6%&#1$''2!$#!]Lc!$(*!X"f!$%&7.&#+!.&!$#!#0.!#$-.!#&1-4+!%(!X"!$(*!]$(!L&$(-%+-.?!#0.!#%-4)#+!#.!J)G%-.!5.&!#3)!7&%-)!.5!.(),!!!j%&:%(!"/)&%-$!$'+.!A1+#!7$&#()&)*!0%#3!9.7:1)+#!#.!$0$&*!&)$'!5&)I1)(#!5'%)&!7.%(#+!#.!#&$6)'')&+!#3$#!1+)!#3)%&!-)''73.()!#.!H-3)-4;%(@!6%&#1$''2!$#!j%&:%(!"/)&%-$@+!$%&7.&#!5$-%'%#%)+,!J)$(03%')?!5.&!#3)!'$1(-3!.5!%#+!()0!&.1#)!#.!9.&.(#.?!#3)!$%&'%()!#)$/)*!17!0%#3!+.-%$'!/)*%$!&$(4%(:!0)8+%#)!l'.1#!#.!:%6)!$0$2!5&))!#%-4)#+!#.!+.-%$'!/)*%$!%(5'1)(#%$'+!%(!.&*)&!#.!')#!#3)/!&)6%)0!#3)!$%&'%()@+!%(5'%:3#!)G7)&%)(-),!

8. Virgin America

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

ERKCD!

!!!!!!!!!!!!!!!!"#!(1/8)&![!0)!5%(*!_$#3$2!^$-%5%-?!0%(()&!.5!#3)!H"%&'%()!.5!#3)!g)$&@!$0$&*!%(!CDD[?!$(*!$'+.!.()!.5!#3)!A1+#!+%G!a;+#$&!$%&'%()+!%(!#3)!0.&'*,!_$#3$2!0$+!3%#!3$&*!*1&%(:!#3)!5%($(-%$'!-&%+%+!$+!%#!%+!3)$6%'2!)G7.+)*!#.!81+%()++!#&$6)'')&+!5&./!#3)!5%($(-%$'!+)-#.&,!_$#3$2!&)+7.(*)*!82!7$&4%(:!$%&-&$5#?!&)*1-%(:!&.1#)+!$(*!5&)I1)(-%)+?!$(*!$+4)*!%#+!+#$55!#.!#$4)!1(7$%*!')$6),!93)!$%&'%()!$'+.!&)-.(5%:1&)*!%#+!81+%()++!-'$++!-$8%(!.(!$!(1/8)&!.5!$%&-&$5#!$(*!%(#&.*1-)*!$!5))!5.&!)G#&$;'):&../!+)$#+!%(!V-.(./2,!!!!,+.-)"+!%#+!7)&5.&/$(-)!3$+!%/7&.6)*!+3$&7'2!&)-)(#'2?!#3$(4+!#.!#3)!)-.(./%-!:&.0#3!%(!"+%$?!_$#3$2!%+!%(6)+#%(:!$:$%(!%(!%#+!7&.*1-#!$(*!3$+!'$1(-3)*!$(!h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`)!%#+!+)&6%-)!)G7)&#%+)?!_$#3$2!^$-%5%-!'$1(-3)*!$!8..4!-$'')*!H])&6%-)!%(!#3)!]42@!%(!/%*;CDEE,!<&%##)(!82!#&$%(%(:!%(+#&1-#.&+!5&./!#3)!$%&'%()@+!Hd(5'%:3#!])&6%-)+!9&$%(%(:!n!T)6)'.7/)(#@!*)7$&#/)(#?!#3)!8..4!-.(#$%(+!-$8%(!-&)0!#&$%(%(:!!

!!!!!!!!!!!!!!!!/.*1')+?!%(-'1*%(:!Ce!&)$'!-$+)!+#1*%)+!*)7%-#%(:!*%55%-1'#!+%#1$#%.(+!$(*!&)-.//)(*)*!$77&.$-3)+?!$+!0)''!$+!$&#%-')+!.(!*%55)&)(#!$+7)-#+!.5!_$#3$2!^$-%5%-@+!+)&6%-)!8)'%)5+!$(*!%#+!#&$%(%(:!73%'.+.732!$(*!#)-3(%I1)+,!!!6+.,0243)_$#3$2!^$-%5%-!%+!$/.(:!$!'%/%#)*!(1/8)&!.5!$%&'%()+!#3$#!7&)7$&)!7$&#+!.5!#3)!/)(1!5&)+3!.(!8.$&*,!93)!$%&'%()@+!'.(:;3$1'!$%&-&$5#!5)$#1&)!$(!.(8.$&*!&%-)!-..4)&?!$+!0)''!$+!$!#.$+#)&!.6)(!$(*!$(!)+7&)++.!/$-3%(),!d(!$(!%(#)&)+#%(:!-.;-&)$#%.(!%(%#%$#%6)?!_$#3$2!^$-%5%-!$'+.!&)-)(#'2!3)'*!$!-.(#)+#!%(!#3)!h]"?!-$'')*!H93)!"&#!.5!#3)!T)+)&#?@!%(!03%-3!%#!$+4)*!%#+!L$-)8..4!5$(+!#.!-./)!17!0%#3!$(!"+%$(;%(+7%&)*!*)++)&#?!+($7!$!73.#.!.5!#3)%&!-&)$#%.(?!$(*!+18/%#!%#!.('%()!5.&!6.#%(:,!93)!0%(()&!0%''!8)!$((.1(-)*!%(!L)8&1$&2!CDEE!$(*!0%''!3$6)!3%+!.&!3)&!*)++)&#!+)&6)*!.(!#3)!$%&'%()@+!5'%:3#+!.1#!.5!M.&#3!"/)&%-$!*1&%(:!CDEE,!!!6%44,$.,1).0+5,<<,0-)_$#)&%(:!#.!#3)!-.(()-#)*!#&$6)'')&?!_$#3$2!^$-%5%-!0%''!5%#!%#+!)(#%&)!5'))#!0%#3!8&.$*8$(*!d(#)&()#!$(*!-)''73.()!-.(()-#%6%#2!82!)$&'2!CDEC!%(!7$&#()&+3%7!0%#3!^$($+.(%-,!93)!+)&6%-)!0%''!$'+.!%(-'1*)!$(!%(5'%:3#!)(#)&#$%(/)(#!7.&#$'!03%-3!7$++)(:)&+!-$(!$--)++!6%$!#3)%&!/.8%')!*)6%-)+!.&!6%$!#3)!+)$#8$-4!dLV!+-&))(!5.&!5&)),!!!c(!#3)!:&.1(*?!_$#3$2!%(!c-#.8)&!CDED!.7)()*!$!()0!*)7$&#1&)!'.1(:)!$#!Z.(:!l.(:!d(#)&($#%.($'!"%&7.&#?!-$'')*!H93)!_$8%(@,!T)+%:()*!82!L.+#)&!i!^$&#()&+?!#3)!'.1(:)!5)$#1&)+!$(!d9!N.()!0%#3!5&))!<%L%?!%^$*+?!$!H9)-3(.!F$&@!0%#3!b!%J$-+?!$(*!+.;-$'')*!H].'1+!_3$%&+@!Y!$!51#1&%+#%-!8188');'%4)!-3$%&!#3$#!7&.6%*)+!)$-3!7)&+.(!0%#3!$!7&%6$#)!+7$-)!#.!)$#?!0.&4!$(*!&)'$G,!

9. Cathay Pacific

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

ESKCD!

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!!!!!!!!!!!!!!!!74;<23'.)$%44,$.252.#(),>V%4,)d(!J$&-3!CDDS?!V/%&$#)+!0$+!#3)!5%&+#!-$&&%)&!#.!%(#&.*1-)!%(5'%:3#!=]J!-.(()-#%6%#2!.(!$!'$&:)!+-$')?!$(*!-1&&)(#'2!7$++)(:)&+!.(!SR!.5!%#+!Eea!$%&-&$5#!-$(!1+)!#3)%&!-)''73.()+!$(*!7*$@+!#.!/$4)!6.%-)!-$''+!$(*!+)(*!+/+;/)++$:)+,!V/%&$#)+!%+!$'+.!%(!#3)!7&.-)++!.5!&.''%(:!.1#!%(5'%:3#!<%L%!.(!%#+!"USD+,!!!V(3$(-%(:!%#+!*%:%#$'!)(#)&#$%(/)(#!.55)&%(:!.(!#3)!:&.1(*?!V/%&$#)+!%(!CDD[!#)$/)*!17!0%#3!J%-&.+.5#!#.!-&)$#)!$(!)(#)&#$%(/)(#!`.()!%(!%#+!F1+%()++!_'$++!X.1(:)!$#!T18$%!"%&7.&#,!93)!+.;-$'')*!H);`.()@!5)$#1&)+!+)6)&$'!J%-&.+.5#!]1&5$-)!#$8')+?!$!U;+-&))(!f8.G!UbD!-$&!&$-%(:!+%/1'$#.&?!$(*!$!f8.G!UbD!H7)(#$7.*@,!!6?DW<%#+<.#)244%5+.2%4-)V/%&$#)+!%+!.()!.5!#3)!6)&2!5)0!$%&'%()+!#.!7&.6%*)!%#+!-$8%(!-&)0!0%#3!&)$';#%/)!-1+#./)&!%(5.&/$#%.(,!_$8%(!-&)0!-$(!$--)++!#3)!$%&'%()@+!_Wd]!_WJ!+2+#)/!6%$!$!*%:%#$'!*)6%-)!-$'')*!ld]!OHl(.0')*:);8$+)*!d(5'%:3#!])&6%-)@P?!03%-3!$''.0+!#3)/!#.!')$&(!$8.1#!7$++)(:)&+!7&)5)&)(-)+?!&):%+#)&!7.++%8')!-./7'$%(#+!$(*!')#!7$++)(:)&+!7$2!5.&!$!'$+#;/%(1#)!%(5'%:3#!17:&$*)!0%#3!/%')+!O4(.0(!$+!H]420$&*+!d(+#$(#!h7:&$*)!W)0$&*@P,!!!X$+#!81#!(.#!')$+#?!%(!.()!.5!#3)!/.+#!$/8%#%.1+!-.;-&)$#%.(!%(%#%$#%6)+!'$1(-3)*!82!$(!$%&'%()!+.5$&?!V/%&$#)+!%(!"1:1+#!CDED!3)'*!$!Hc1&!L1#1&)!"&#%+#+@!-./7)#%#%.(?!$+4%(:!$&#%+#!$&.1(*!#3)!0.&'*!#.!+18/%#!#3)%&!$&#0.&4!5.&!$!-3$(-)!#.!8)!5)$#1&)*!.(!#3)!/.&)!#3$(!a!/%''%.(!/)/8)&+3%7!-$&*+!.5!#3)!$%&'%()@+!5&)I1)(#!5'2)&!7&.:&$/,!

10. Emirates

!

! $%&'%()#&)(*+,-./!%+!$(!%(*)7)(*)(#!&)+)$&-3!$:)(-2!#3$#!%+!-.(#%(1.1+'2!/.(%#.&%(:!#3)!:'.8$'!$6%$#%.(!%(*1+#&2!!5.&!%((.6$#%.(+!%(!&)+7.(+)!#.!%(*1+#&2!$(*!-.(+1/)&!#&)(*+,!J.&)!%(5.&/$#%.(!.(!000,$%&'%()#&)(*+,-./!

!

E[KCD!

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11. Asiana

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