Ann: Macquarie Australia Conference Presentation, page-21

Very well written and correct Mars. I will just supplement that information regarding lower-yielding airfares; while it is true that from a pure front-end revenue point of view the company earns less money for each airfare sold when they are cheaper, it is important to remember that negotiations will take place with each supplier to maximise contract return in the back end. Tiered performance contracts are nothing new to the industry and I imagine that FLT will be negotiating tiers with airlines based on flown numbers instead of total TTV yield in these instances. IMO.