The following piece is on the possibility of getting aircraft out of Russia but I want you all today to think about the future of our sector if metal and oil prices stay at the current high levels for the remainder of 2022 and into 2023. The cost of aircraft and engine production will increase greatly, and the cost of flying aircraft has already increased greatly. Manufacturers will have no choice but to ramp up escalation for orders. This all comes at a time when landing fees are increasing and it is difficult to increase ticket prices on a hard

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