# Official Journal L 93/2022

| | ISSN 1977-0677 |
| --- | --- |
| Official Journal
  of the European Union | L 93 |
| | |
| English edition | Legislation | Volume 6522 March 2022 |

ISSN 1977-0677

Official Journal

of the European Union

L 93

English edition

Legislation

Volume 6522 March 2022

---

| Contents | | II   Non-legislative acts | page |
| --- | --- | --- | --- |
| | | REGULATIONS |
| | * | Commission Regulation (EU) 2022/455 of 14 March 2022 amending Regulation (EC) No 748/2009 as regards the update of the list of aircraft operators which performed an aviation activity listed in Annex I to Directive 2003/87/EC of the European Parliament and of the Council on or after 1 January 2006 specifying the administering Member State for each aircraft operator (
  1
  ) | 1 |
| | * | Commission Implementing Regulation (EU) 2022/456 of 21 March 2022 approving the basic substance chitosan in accordance with Regulation (EC) No 1107/2009 of the European Parliament and of the Council concerning the placing of plant protection products on the market, and amending the Annex to Implementing Regulation (EU) No 540/2011 (
  1
  ) | 138 |
| | | DECISIONS |
| | * | Decision (EU) 2022/457 of the European Parliament and of the Council of 9 March 2022 on the mobilisation of the European Globalisation Adjustment Fund for Displaced Workers (EGF/2022/000 TA 2022 – Technical assistance at the initiative of the Commission) | 142 |
| | * | Decision (EU) 2022/458 of the European Parliament and of the Council of 9 March 2022 on the mobilisation of the European Globalisation Adjustment Fund for Displaced Workers following an application from Spain – EGF/2021/006 ES/Cataluña automotive | 144 |
| | * | Commission Decision (EU) 2022/459 of 10 September 2021 on the State aid SA.49668 (2019/C) (ex 2017/FC) and SA.53403 (2019/C) (ex 2017/FC) implemented by Denmark and Sweden for PostNord AB and Post Danmark A/S
  (notified under document C(2021) 6568)

   (
  1
  ) | 146 |
| | * | Commission Implementing Decision (EU) 2022/460 of 4 March 2022 amending Implementing Decision (EU) 2021/788 laying down rules for the monitoring and reporting of infections with SARS-CoV-2 in certain animal species
  (notified under document C(2022) 1270)

   (
  1
  ) | 191 |
| | * | Commission Implementing Decision (EU) 2022/461 of 15 March 2022 amending Implementing Decision (EU) 2019/570 as regards rescEU transport and logistics capacities
  (notified under document C(2022)1685)

   (
  1
  ) | 193 |

Contents

II   Non-legislative acts

page

REGULATIONS

*

Commission Regulation (EU) 2022/455 of 14 March 2022 amending Regulation (EC) No 748/2009 as regards the update of the list of aircraft operators which performed an aviation activity listed in Annex I to Directive 2003/87/EC of the European Parliament and of the Council on or after 1 January 2006 specifying the administering Member State for each aircraft operator (
  1
  )

1

1

*

Commission Implementing Regulation (EU) 2022/456 of 21 March 2022 approving the basic substance chitosan in accordance with Regulation (EC) No 1107/2009 of the European Parliament and of the Council concerning the placing of plant protection products on the market, and amending the Annex to Implementing Regulation (EU) No 540/2011 (
  1
  )

1

138

DECISIONS

*

Decision (EU) 2022/457 of the European Parliament and of the Council of 9 March 2022 on the mobilisation of the European Globalisation Adjustment Fund for Displaced Workers (EGF/2022/000 TA 2022 – Technical assistance at the initiative of the Commission)

142

*

Decision (EU) 2022/458 of the European Parliament and of the Council of 9 March 2022 on the mobilisation of the European Globalisation Adjustment Fund for Displaced Workers following an application from Spain – EGF/2021/006 ES/Cataluña automotive

144

*

Commission Decision (EU) 2022/459 of 10 September 2021 on the State aid SA.49668 (2019/C) (ex 2017/FC) and SA.53403 (2019/C) (ex 2017/FC) implemented by Denmark and Sweden for PostNord AB and Post Danmark A/S
  (notified under document C(2021) 6568)

   (
  1
  )

(notified under document C(2021) 6568)

1

146

*

Commission Implementing Decision (EU) 2022/460 of 4 March 2022 amending Implementing Decision (EU) 2021/788 laying down rules for the monitoring and reporting of infections with SARS-CoV-2 in certain animal species
  (notified under document C(2022) 1270)

   (
  1
  )

(notified under document C(2022) 1270)

1

191

*

Commission Implementing Decision (EU) 2022/461 of 15 March 2022 amending Implementing Decision (EU) 2019/570 as regards rescEU transport and logistics capacities
  (notified under document C(2022)1685)

   (
  1
  )

(notified under document C(2022)1685)

1

193

| | |
| --- | --- |
| | (1)   Text with EEA relevance. |

---

(1)   Text with EEA relevance.

1

| EN | Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period.
  The titles of all other Acts are printed in bold type and preceded by an asterisk. |
| --- | --- |

EN

Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period.

The titles of all other Acts are printed in bold type and preceded by an asterisk.

---

II Non-legislative acts

REGULATIONS

| 22.3.2022 | EN | Official Journal of the European Union | L 93/1 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/1

---

COMMISSION REGULATION (EU) 2022/455

of 14 March 2022

amending Regulation (EC) No 748/2009 as regards the update of the list of aircraft operators which performed an aviation activity listed in Annex I to Directive 2003/87/EC of the European Parliament and of the Council on or after 1 January 2006 specifying the administering Member State for each aircraft operator

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a system for greenhouse gas emission allowance trading within the Union and amending Council Directive 96/61/EC (1), and in particular Article 18a(3)(b) thereof,

Whereas:

| (1) | Aviation activities are included in the system for greenhouse gas emission allowance trading within the Union (‘EU ETS’). |
| --- | --- |

(1)

Aviation activities are included in the system for greenhouse gas emission allowance trading within the Union (‘EU ETS’).

| (2) | Commission Regulation (EC) No 748/2009 (2) establishes a list of aircraft operators which performed an aviation activity listed in Annex I to Directive 2003/87/EC on or after 1 January 2006. |
| --- | --- |

(2)

Commission Regulation (EC) No 748/2009 (2) establishes a list of aircraft operators which performed an aviation activity listed in Annex I to Directive 2003/87/EC on or after 1 January 2006.

| (3) | That list aims to reduce the administrative burden on aircraft operators by providing information on which Member State will be regulating a particular aircraft operator. |
| --- | --- |

(3)

That list aims to reduce the administrative burden on aircraft operators by providing information on which Member State will be regulating a particular aircraft operator.

| (4) | The inclusion of an aircraft operator in the EU ETS is dependent upon the performance of an aviation activity listed in Annex I to Directive 2003/87/EC and is not dependent on the inclusion in the list of aircraft operators established by the Commission on the basis of Article 18a(3) of that Directive. |
| --- | --- |

(4)

The inclusion of an aircraft operator in the EU ETS is dependent upon the performance of an aviation activity listed in Annex I to Directive 2003/87/EC and is not dependent on the inclusion in the list of aircraft operators established by the Commission on the basis of Article 18a(3) of that Directive.

| (5) | The list of the aircraft operators is based on the latest data provided by Eurocontrol. |
| --- | --- |

(5)

The list of the aircraft operators is based on the latest data provided by Eurocontrol.

| (6) | Regulation (EC) No 748/2009 should therefore be amended accordingly, |
| --- | --- |

(6)

Regulation (EC) No 748/2009 should therefore be amended accordingly,

HAS ADOPTED THIS REGULATION:

Article 1

The Annex to Regulation (EC) No 748/2009 is replaced by the text set out in the Annex to this Regulation.

Article 2

This Regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 14 March 2022.

For the Commission,

On behalf of the President,

Frans TIMMERMANS

Executive Vice-President

---

(1)  OJ L 275, 25.10.2003, p. 32.

1

(2)  Commission Regulation (EC) No 748/2009 of 5 August 2009 on the list of aircraft operators which performed an aviation activity listed in Annex I to Directive 2003/87/EC on or after 1 January 2006 specifying the administering Member State for each aircraft operator (OJ L 219, 22.8.2009, p. 1).

2

---

ANNEX

“ANNEX

BELGIUM

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 1905 | 3M COMPANY | UNITED STATES |
| 31102 | ACT AIRLINES | TURKEY |
| 38484 | AEROTRANSCARGO | MOLDOVA, REPUBLIC OF |
| 41049 | AHS AIR INT | PAKISTAN |
| 45375 | AIR BELGIUM SA | BELGIUM |
| 7649 | AIRBORNE EXPRESS | UNITED STATES |
| 47720 | AIRHUB AIRLINES LIMITED | MALTA |
| 35078 | AIRLIFT INTL (GHANA) | GHANA |
| 33612 | ALLIED AIR LIMITED | NIGERIA |
| 10335 | AMERIJET INTL | UNITED STATES |
| 27011 | ASL AIRLINES BELGIUM | BELGIUM |
| 26556 | ASL HASSELT | BELGIUM |
| 29424 | ASTRAL AVIATION LTD | KENYA |
| 31416 | AVIA TRAFFIC COMPANY | TAJIKISTAN |
| 30020 | AVIASTAR-TU CO. | RUSSIAN FEDERATION |
| 123 | ABELAG AVIATION NV | BELGIUM |
| 38941 | BMI REGIONAL LTD | UNITED KINGDOM |
| 908 | BRUSSELS AIRLINES | BELGIUM |
| f200001 | BRITISH MIDLAND REGIONAL LIMITED | UNITED KINGDOM |
| 25996 | CAIRO AVIATION | EGYPT |
| 4369 | CAL CARGO AIRLINES | ISRAEL |
| 29517 | CAPITAL AVTN SRVCS | NETHERLANDS |
| 46463 | CHALLENGE AIRLINES (BE) S.A. | BELGIUM |
| 7526 | CIGNA CORPORATION | UNITED STATES |
| f11336 | CORPORATE WINGS LLC | UNITED STATES |
| 32909 | CRESAIR | UNITED STATES |
| 40201 | EAPC SCRL | BELGIUM |
| 32432 | EGYPTAIR CARGO | EGYPT |
| f12977 | EXCELLENT INVESTMENT LLC | UNITED STATES |
| 32486 | FAYARD ENTERPRISES | UNITED STATES |
| f11102 | FEDEX EXPRESS CORPORATE AVIATION | UNITED STATES |
| 13457 | FLYING PARTNERS CVBA | BELGIUM |
| 29427 | FLYING SERVICE N.V. | BELGIUM |
| 24578 | GAFI GENERAL AVIAT | MAURITIUS |
| 34865 | GARUDA AVIATION | AUSTRALIA |
| f12983 | GREEN DIESEL LLC | UNITED STATES |
| 29980 | HAINAN AIRLINES (2) | CHINA |
| 23700 | HEWA BORA AIRWAYS | CONGO |
| 28582 | INTER WETAIL AG | SWITZERLAND |
| 9542 | INTL PAPER CY | UNITED STATES |
| 24997 | JET AIRWAYS INDIA | INDIA |
| 27709 | KALITTA AIR | UNITED STATES |
| 28087 | LAS VEGAS CHARTER | UNITED STATES |
| 48198 | LONGHAO AIRLINES | CHINA |
| 32303 | MASTER TOP LINHAS | BRAZIL |
| 37066 | MERIDIAN (AIRWAYS) | BELGIUM |
| 35776 | MERIDIAN (GHANA) | GHANA |
| 1084 | MIL BELGIUM | BELGIUM |
| 31207 | N604FJ LLC | UNITED STATES |
| f11462 | N907WS AVIATION LLC | UNITED STATES |
| 20472 | NCC SERVICES | UNITED STATES |
| 26688 | NEWELL RUBBERMAID | UNITED STATES |
| f10341 | OFFICEMAX INC | UNITED STATES |
| 31660 | RIPPLEWOOD AVTN | UNITED STATES |
| 2344 | SAUDIA | SAUDI ARABIA |
| 29222 | SILVERBACK CARGO | RWANDA |
| 30241 | SKYBLUE AVIATION | UNITED KINGDOM |
| 39079 | SOLARIUS AVIATION | UNITED STATES |
| 35334 | SONOCO PRODUCTS CO | UNITED STATES |
| 26784 | SOUTHERN AIR | UNITED STATES |
| 38995 | STANLEY BLACK&DECKER | UNITED STATES |
| 27769 | SEA AIR | BELGIUM |
| f10971 | THOMAS WILLIAM H. | UNITED STATES |
| 36184 | TNT EXPRESS (UK) | UNITED KINGDOM |
| 34920 | TRIDENT AVIATION SVC | UNITED STATES |
| 30011 | TUI AIRLINES - JAF | BELGIUM |
| 27911 | ULTIMATE ACFT SERVIC | UNITED STATES |
| 8962 | VALERO SERVICES, INC | UNITED STATES |
| 13603 | VF CORP | UNITED STATES |
| 36269 | VF INTERNATIONAL | SWITZERLAND |
| 37064 | VIPER CLASSICS LTD | UNITED KINGDOM |
| 40760 | WESTERN GLOBAL | UNITED STATES |
| f11467 | WILSON & ASSOCIATES OF DELAWARE LLC | UNITED STATES |
| 25432 | WAL-MART STORES | UNITED STATES |
| 37549 | YILTAS GROUP | TURKEY |

CRCO Identification number

Operator Name

State of the Operator

1905

3M COMPANY

UNITED STATES

31102

ACT AIRLINES

TURKEY

38484

AEROTRANSCARGO

MOLDOVA, REPUBLIC OF

41049

AHS AIR INT

PAKISTAN

45375

AIR BELGIUM SA

BELGIUM

7649

AIRBORNE EXPRESS

UNITED STATES

47720

AIRHUB AIRLINES LIMITED

MALTA

35078

AIRLIFT INTL (GHANA)

GHANA

33612

ALLIED AIR LIMITED

NIGERIA

10335

AMERIJET INTL

UNITED STATES

27011

ASL AIRLINES BELGIUM

BELGIUM

26556

ASL HASSELT

BELGIUM

29424

ASTRAL AVIATION LTD

KENYA

31416

AVIA TRAFFIC COMPANY

TAJIKISTAN

30020

AVIASTAR-TU CO.

RUSSIAN FEDERATION

123

ABELAG AVIATION NV

BELGIUM

38941

BMI REGIONAL LTD

UNITED KINGDOM

908

BRUSSELS AIRLINES

BELGIUM

f200001

BRITISH MIDLAND REGIONAL LIMITED

UNITED KINGDOM

25996

CAIRO AVIATION

EGYPT

4369

CAL CARGO AIRLINES

ISRAEL

29517

CAPITAL AVTN SRVCS

NETHERLANDS

46463

CHALLENGE AIRLINES (BE) S.A.

BELGIUM

7526

CIGNA CORPORATION

UNITED STATES

f11336

CORPORATE WINGS LLC

UNITED STATES

32909

CRESAIR

UNITED STATES

40201

EAPC SCRL

BELGIUM

32432

EGYPTAIR CARGO

EGYPT

f12977

EXCELLENT INVESTMENT LLC

UNITED STATES

32486

FAYARD ENTERPRISES

UNITED STATES

f11102

FEDEX EXPRESS CORPORATE AVIATION

UNITED STATES

13457

FLYING PARTNERS CVBA

BELGIUM

29427

FLYING SERVICE N.V.

BELGIUM

24578

GAFI GENERAL AVIAT

MAURITIUS

34865

GARUDA AVIATION

AUSTRALIA

f12983

GREEN DIESEL LLC

UNITED STATES

29980

HAINAN AIRLINES (2)

CHINA

23700

HEWA BORA AIRWAYS

CONGO

28582

INTER WETAIL AG

SWITZERLAND

9542

INTL PAPER CY

UNITED STATES

24997

JET AIRWAYS INDIA

INDIA

27709

KALITTA AIR

UNITED STATES

28087

LAS VEGAS CHARTER

UNITED STATES

48198

LONGHAO AIRLINES

CHINA

32303

MASTER TOP LINHAS

BRAZIL

37066

MERIDIAN (AIRWAYS)

BELGIUM

35776

MERIDIAN (GHANA)

GHANA

1084

MIL BELGIUM

BELGIUM

31207

N604FJ LLC

UNITED STATES

f11462

N907WS AVIATION LLC

UNITED STATES

20472

NCC SERVICES

UNITED STATES

26688

NEWELL RUBBERMAID

UNITED STATES

f10341

OFFICEMAX INC

UNITED STATES

31660

RIPPLEWOOD AVTN

UNITED STATES

2344

SAUDIA

SAUDI ARABIA

29222

SILVERBACK CARGO

RWANDA

30241

SKYBLUE AVIATION

UNITED KINGDOM

39079

SOLARIUS AVIATION

UNITED STATES

35334

SONOCO PRODUCTS CO

UNITED STATES

26784

SOUTHERN AIR

UNITED STATES

38995

STANLEY BLACK&DECKER

UNITED STATES

27769

SEA AIR

BELGIUM

f10971

THOMAS WILLIAM H.

UNITED STATES

36184

TNT EXPRESS (UK)

UNITED KINGDOM

34920

TRIDENT AVIATION SVC

UNITED STATES

30011

TUI AIRLINES - JAF

BELGIUM

27911

ULTIMATE ACFT SERVIC

UNITED STATES

8962

VALERO SERVICES, INC

UNITED STATES

13603

VF CORP

UNITED STATES

36269

VF INTERNATIONAL

SWITZERLAND

37064

VIPER CLASSICS LTD

UNITED KINGDOM

40760

WESTERN GLOBAL

UNITED STATES

f11467

WILSON & ASSOCIATES OF DELAWARE LLC

UNITED STATES

25432

WAL-MART STORES

UNITED STATES

37549

YILTAS GROUP

TURKEY

BULGARIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 33329 | AERO POWER LTD | UNITED KINGDOM |
| 27698 | AEROVISTA | UNITED ARAB EMIRATES |
| 26520 | AIR LIBYA 2 | LIBYA |
| 39180 | ALK JSC | BULGARIA |
| 36020 | ARARAT INTERNATIONAL | ARMENIA |
| 34563 | ASIA AIRWAYS | UNITED ARAB EMIRATES |
| 24508 | BALTIC AIRLINES UU | RUSSIAN FEDERATION |
| 28445 | BH AIR | BULGARIA |
| 43451 | BUL AIR LTD. | BULGARIA |
| 29056 | BULGARIA AIR | BULGARIA |
| 27538 | BULGARIAN AIR CHRTR. | BULGARIA |
| 25981 | CARGO AIR LTD. | BULGARIA |
| 32313 | EAST WING KAZAKHSTAN | KAZAKHSTAN |
| 36884 | FLY ADJARA | GEORGIA |
| 44279 | FLY2SKY OOD | BULGARIA |
| 47120 | GP AVIATION LTD | BULGARIA |
| 36995 | GR AVIA S.A. | GUINEA |
| 43984 | GULLIVAIR LTD | BULGARIA |
| 46749 | HOLIDAY EUROPE OOD | BULGARIA |
| 25134 | INTERNAL MINISTRY UU | RUSSIAN FEDERATION |
| 28505 | IRANIAN AIR TRANSPOR | IRAN, ISLAMIC REPUBLIC OF |
| 31721 | JORDAN INT AIR CARGO | JORDAN |
| 28246 | KOKSHETAU AIRLINE | KAZAKHSTAN |
| 32034 | KOMIAVIAVIATRANS 2 | RUSSIAN FEDERATION |
| 31019 | KREMENCHUK FLIGHT | UKRAINE |
| 38939 | KRUNK AVIATION 2 | UKRAINE |
| 1703 | LEARJET | UNITED STATES |
| 38109 | LUFTHANSA TECH SOFIA | BULGARIA |
| 21448 | MOSCOW AIRLINES JSC | RUSSIAN FEDERATION |
| 35530 | PAMIR AIRWAYS | AFGHANISTAN |
| 30622 | PMT AIR | CAMBODIA |
| 37661 | RGB ENTERPRISES LLC | UNITED STATES |
| 27203 | ROSAVIA AIR COMPANY | UKRAINE |
| 1830 | SENEGALAIR | SENEGAL |
| 32347 | TABAN AIR | IRAN, ISLAMIC REPUBLIC OF |
| 37954 | TROPICAL AIR (Z) LTD | TANZANIA, UNITED REPUBLIC OF |
| 37793 | UKRSPECEXPORT | UKRAINE |
| 37987 | YAK AIR | GEORGIA |
| 35082 | ZAGROS AIRLINES | IRAN, ISLAMIC REPUBLIC OF |

CRCO Identification number

Operator Name

State of the Operator

33329

AERO POWER LTD

UNITED KINGDOM

27698

AEROVISTA

UNITED ARAB EMIRATES

26520

AIR LIBYA 2

LIBYA

39180

ALK JSC

BULGARIA

36020

ARARAT INTERNATIONAL

ARMENIA

34563

ASIA AIRWAYS

UNITED ARAB EMIRATES

24508

BALTIC AIRLINES UU

RUSSIAN FEDERATION

28445

BH AIR

BULGARIA

43451

BUL AIR LTD.

BULGARIA

29056

BULGARIA AIR

BULGARIA

27538

BULGARIAN AIR CHRTR.

BULGARIA

25981

CARGO AIR LTD.

BULGARIA

32313

EAST WING KAZAKHSTAN

KAZAKHSTAN

36884

FLY ADJARA

GEORGIA

44279

FLY2SKY OOD

BULGARIA

47120

GP AVIATION LTD

BULGARIA

36995

GR AVIA S.A.

GUINEA

43984

GULLIVAIR LTD

BULGARIA

46749

HOLIDAY EUROPE OOD

BULGARIA

25134

INTERNAL MINISTRY UU

RUSSIAN FEDERATION

28505

IRANIAN AIR TRANSPOR

IRAN, ISLAMIC REPUBLIC OF

31721

JORDAN INT AIR CARGO

JORDAN

28246

KOKSHETAU AIRLINE

KAZAKHSTAN

32034

KOMIAVIAVIATRANS 2

RUSSIAN FEDERATION

31019

KREMENCHUK FLIGHT

UKRAINE

38939

KRUNK AVIATION 2

UKRAINE

1703

LEARJET

UNITED STATES

38109

LUFTHANSA TECH SOFIA

BULGARIA

21448

MOSCOW AIRLINES JSC

RUSSIAN FEDERATION

35530

PAMIR AIRWAYS

AFGHANISTAN

30622

PMT AIR

CAMBODIA

37661

RGB ENTERPRISES LLC

UNITED STATES

27203

ROSAVIA AIR COMPANY

UKRAINE

1830

SENEGALAIR

SENEGAL

32347

TABAN AIR

IRAN, ISLAMIC REPUBLIC OF

37954

TROPICAL AIR (Z) LTD

TANZANIA, UNITED REPUBLIC OF

37793

UKRSPECEXPORT

UKRAINE

37987

YAK AIR

GEORGIA

35082

ZAGROS AIRLINES

IRAN, ISLAMIC REPUBLIC OF

CZECHIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 30560 | ABS JETS INC. | CZECHIA |
| 7824 | ACL SLOVACKY | CZECHIA |
| 35387 | ACS SA | SPAIN |
| f11874 | AEG AIR A.V.V. | NETHERLANDS |
| 16895 | AERO VODOCHODY | CZECHIA |
| f11813 | AERSALE INC | UNITED STATES |
| 29735 | AIR ARABIA | UNITED ARAB EMIRATES |
| 38060 | AIR NAVIGATION LK | CZECHIA |
| 31304 | AIRCRAFT INDUSTRIES | CZECHIA |
| 39019 | AIRLINE CONT.MNTN EQ | UNITED STATES |
| 31433 | ALANDIA AIR AB | FINLAND |
| 30203 | ATMA AIRLINES | UNITED ARAB EMIRATES |
| 34057 | AVTN SPECIALTIES | UNITED STATES |
| 35333 | AXIS AVIATION GROUP | UNITED STATES |
| 34052 | BDK AIR LIMITED | CANADA |
| 22621 | CAA CZECH REPUBLIC | CZECHIA |
| 34430 | CAIMITO ENTERP. LTD | CYPRUS |
| 859 | CZECH AIRLINES | CZECHIA |
| 33327 | EARTH ONE LIMITED | UNITED KINGDOM |
| f10182 | EXECUTIVE FLIGHT SERVICES, INC. | UNITED STATES |
| 35214 | FLYDUBAI | UNITED ARAB EMIRATES |
| 24116 | GALLAGHER ENTERPRISE | UNITED STATES |
| 36242 | GEORGIAN INTERNATION | GEORGIA |
| 31631 | GLOBAL AVIATION LIBY | LIBYA |
| 42515 | GRYPHON AIR LLC | UNITED STATES |
| 35825 | HYUNDAI MOTOR CO | KOREA, REPUBLIC OF |
| 32231 | ILIN AIRCOMPANY | RUSSIAN FEDERATION |
| 30145 | INCLEDON ENTERPRISES | CYPRUS |
| 39009 | JUMP TANDEM | CZECHIA |
| 30825 | LETS FLY SRO | CZECHIA |
| 38713 | LITTLE AVIATION LTD | AUSTRALIA |
| 24616 | LR AIRLINES | CZECHIA |
| 32935 | MIDAMERICA HOLDINGS | UNITED STATES |
| 3597 | MIL CZECH REPUBLIC | CZECHIA |
| 30743 | NORSE AIR CHARTER | SOUTH AFRICA |
| 29976 | NOVA CHEMICALS | UNITED STATES |
| 35361 | OKAY HOLDING AS | CZECHIA |
| 24121 | PETROPAVLOVSK AIR | RUSSIAN FEDERATION |
| 44173 | PLORISTA LIMITED | CYPRUS |
| f13500 | PRIME AVIATION | SINGAPORE |
| 36763 | RETENTURA LTD. | CYPRUS |
| 2276 | ROCKWELL AUTOMATION | UNITED STATES |
| f10379 | RED.COM | UNITED STATES |
| f10894 | SCB FALCON, LLC | UNITED STATES |
| 32812 | SKY DIVING FOR FUN | SLOVAKIA |
| 27292 | SKY GEORGIA | GEORGIA |
| 31351 | SKY KG AIRLINES | TAJIKISTAN |
| 32157 | SKYDIVE LK | CZECHIA |
| 24903 | SMARTWINGS A.S. | CZECHIA |
| 37554 | SOVEREIGN EXPRESS | VIRGIN ISLANDS, BRITISH |
| 13702 | STEVENS EXPRESS | UNITED STATES |
| 29822 | TIME AIR SPOL SRO | CZECHIA |
| f13143 | TIMBER LLC | UNITED STATES |
| 25890 | UKRAINIAN PILOT | UKRAINE |
| 32721 | VIDEOTAPE CENTER | UNITED STATES |
| 38948 | VIETJET AIR | VIET NAM |
| 39695 | YANAIR | UKRAINE |

CRCO Identification number

Operator Name

State of the Operator

30560

ABS JETS INC.

CZECHIA

7824

ACL SLOVACKY

CZECHIA

35387

ACS SA

SPAIN

f11874

AEG AIR A.V.V.

NETHERLANDS

16895

AERO VODOCHODY

CZECHIA

f11813

AERSALE INC

UNITED STATES

29735

AIR ARABIA

UNITED ARAB EMIRATES

38060

AIR NAVIGATION LK

CZECHIA

31304

AIRCRAFT INDUSTRIES

CZECHIA

39019

AIRLINE CONT.MNTN EQ

UNITED STATES

31433

ALANDIA AIR AB

FINLAND

30203

ATMA AIRLINES

UNITED ARAB EMIRATES

34057

AVTN SPECIALTIES

UNITED STATES

35333

AXIS AVIATION GROUP

UNITED STATES

34052

BDK AIR LIMITED

CANADA

22621

CAA CZECH REPUBLIC

CZECHIA

34430

CAIMITO ENTERP. LTD

CYPRUS

859

CZECH AIRLINES

CZECHIA

33327

EARTH ONE LIMITED

UNITED KINGDOM

f10182

EXECUTIVE FLIGHT SERVICES, INC.

UNITED STATES

35214

FLYDUBAI

UNITED ARAB EMIRATES

24116

GALLAGHER ENTERPRISE

UNITED STATES

36242

GEORGIAN INTERNATION

GEORGIA

31631

GLOBAL AVIATION LIBY

LIBYA

42515

GRYPHON AIR LLC

UNITED STATES

35825

HYUNDAI MOTOR CO

KOREA, REPUBLIC OF

32231

ILIN AIRCOMPANY

RUSSIAN FEDERATION

30145

INCLEDON ENTERPRISES

CYPRUS

39009

JUMP TANDEM

CZECHIA

30825

LETS FLY SRO

CZECHIA

38713

LITTLE AVIATION LTD

AUSTRALIA

24616

LR AIRLINES

CZECHIA

32935

MIDAMERICA HOLDINGS

UNITED STATES

3597

MIL CZECH REPUBLIC

CZECHIA

30743

NORSE AIR CHARTER

SOUTH AFRICA

29976

NOVA CHEMICALS

UNITED STATES

35361

OKAY HOLDING AS

CZECHIA

24121

PETROPAVLOVSK AIR

RUSSIAN FEDERATION

44173

PLORISTA LIMITED

CYPRUS

f13500

PRIME AVIATION

SINGAPORE

36763

RETENTURA LTD.

CYPRUS

2276

ROCKWELL AUTOMATION

UNITED STATES

f10379

RED.COM

UNITED STATES

f10894

SCB FALCON, LLC

UNITED STATES

32812

SKY DIVING FOR FUN

SLOVAKIA

27292

SKY GEORGIA

GEORGIA

31351

SKY KG AIRLINES

TAJIKISTAN

32157

SKYDIVE LK

CZECHIA

24903

SMARTWINGS A.S.

CZECHIA

37554

SOVEREIGN EXPRESS

VIRGIN ISLANDS, BRITISH

13702

STEVENS EXPRESS

UNITED STATES

29822

TIME AIR SPOL SRO

CZECHIA

f13143

TIMBER LLC

UNITED STATES

25890

UKRAINIAN PILOT

UKRAINE

32721

VIDEOTAPE CENTER

UNITED STATES

38948

VIETJET AIR

VIET NAM

39695

YANAIR

UKRAINE

DENMARK

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 35753 | A/S MAERSK AVIATION | DENMARK |
| 33185 | AIR ALPHA A/C SALES | DENMARK |
| 3456 | AIR ALSIE | DENMARK |
| 22466 | AIR GREENLAND | DENMARK |
| 37856 | AIR PANAMA | PANAMA |
| 34774 | ALIGAP A/S | DENMARK |
| 142 | ATLANTIC AIRWAYS | DENMARK |
| 36122 | AVIATION HOLDINGS | UNITED STATES |
| 39508 | BGR I/S | DENMARK |
| 36842 | BRASILIA JET CENTER | BRAZIL |
| 18736 | BRUEL, N | DENMARK |
| 32921 | CANYON GATE FLT SVCS | UNITED STATES |
| 33047 | CITICAPITAL LOCAVIA | FRANCE |
| 379 | COPENHAGEN AIRTAXI | DENMARK |
| 4018 | CAMPBELL SALES COMPANY | UNITED STATES |
| 34630 | DIRECT AVIATION MNGT | UNITED KINGDOM |
| 27919 | DRT VERTRIEBS GMBH | DENMARK |
| 366 | DANISH AIR TRANSPORT A/S | DENMARK |
| f10500 | DUCHOSSOIS INDUSTRIES, INC. | UNITED STATES |
| 25431 | ELMAGAL AVIATION | SUDAN |
| 26272 | EXECUJET EUROPE A/S | DENMARK |
| 35478 | FIRST GREENWICH | UNITED KINGDOM |
| f10218 | GCTPA, LLC | UNITED STATES |
| 33254 | GE CAPITAL SOLUTIONS | DENMARK |
| 37052 | GENCHART B.V. | NETHERLANDS |
| 32364 | GLOBAL TRANSERVICE | UNITED STATES |
| 32595 | GRAAKJAER A/S | DENMARK |
| 46487 | GREAT DANE AIRLINES | DENMARK |
| 38120 | HUNNU AIR | MONGOLIA |
| 36297 | JET FLEET INTL | UNITED STATES |
| 47549 | JETTIME A/S | DENMARK |
| 34892 | JJO INVEST APS | DENMARK |
| 33518 | KIRKBI INVEST | DENMARK |
| 31243 | KIRKBI TRADING | DENMARK |
| f11022 | LAKE CAPITAL LLC | UNITED STATES |
| 34672 | LAO CAPRICORN AIR | LAO PEOPLE'S DEMOCRATIC REPUBLIC |
| 1090 | MIL DENMARK | DENMARK |
| 38155 | MOENS, G | NETHERLANDS |
| 32541 | NAPLES FLIGHT MGMT | UNITED STATES |
| 9914 | NILAN A/S | DENMARK |
| 12230 | NORDIC AVIATION CAPITAL A/S | DENMARK |
| 34830 | OLGA LEASING LTD | BERMUDA |
| f14391 | OAKTREE CAPITAL MANAGEMENT | UNITED STATES |
| 33803 | PARTNERSELSKABET | DENMARK |
| 23090 | PHARMA NORD | DENMARK |
| 33115 | POTASH CORP ( 2 ) | CANADA |
| 35196 | PRIMERA AIR SCAND | DENMARK |
| 29123 | RHEINLAND AIR SERV. | GERMANY |
| 31890 | ROMANIAN AIRPORT SVC | ROMANIA |
| 9918 | STAR AIR | DENMARK |
| 36191 | SUN WAY GEORGIA | GEORGIA |
| 4357 | SUN-AIR OF SCANDINAVIA | DENMARK |
| 46967 | SUNCLASS AIRLINES | DENMARK |
| 31527 | SYMPHONY MILLENIUM | SINGAPORE |
| 38112 | VINCENT AVIATION LTD | NEW ZEALAND |
| 32655 | VIP PARTNERFLY | DENMARK |
| 12327 | WEIBEL SCIENTIFIC | DENMARK |

CRCO Identification number

Operator Name

State of the Operator

35753

A/S MAERSK AVIATION

DENMARK

33185

AIR ALPHA A/C SALES

DENMARK

3456

AIR ALSIE

DENMARK

22466

AIR GREENLAND

DENMARK

37856

AIR PANAMA

PANAMA

34774

ALIGAP A/S

DENMARK

142

ATLANTIC AIRWAYS

DENMARK

36122

AVIATION HOLDINGS

UNITED STATES

39508

BGR I/S

DENMARK

36842

BRASILIA JET CENTER

BRAZIL

18736

BRUEL, N

DENMARK

32921

CANYON GATE FLT SVCS

UNITED STATES

33047

CITICAPITAL LOCAVIA

FRANCE

379

COPENHAGEN AIRTAXI

DENMARK

4018

CAMPBELL SALES COMPANY

UNITED STATES

34630

DIRECT AVIATION MNGT

UNITED KINGDOM

27919

DRT VERTRIEBS GMBH

DENMARK

366

DANISH AIR TRANSPORT A/S

DENMARK

f10500

DUCHOSSOIS INDUSTRIES, INC.

UNITED STATES

25431

ELMAGAL AVIATION

SUDAN

26272

EXECUJET EUROPE A/S

DENMARK

35478

FIRST GREENWICH

UNITED KINGDOM

f10218

GCTPA, LLC

UNITED STATES

33254

GE CAPITAL SOLUTIONS

DENMARK

37052

GENCHART B.V.

NETHERLANDS

32364

GLOBAL TRANSERVICE

UNITED STATES

32595

GRAAKJAER A/S

DENMARK

46487

GREAT DANE AIRLINES

DENMARK

38120

HUNNU AIR

MONGOLIA

36297

JET FLEET INTL

UNITED STATES

47549

JETTIME A/S

DENMARK

34892

JJO INVEST APS

DENMARK

33518

KIRKBI INVEST

DENMARK

31243

KIRKBI TRADING

DENMARK

f11022

LAKE CAPITAL LLC

UNITED STATES

34672

LAO CAPRICORN AIR

LAO PEOPLE'S DEMOCRATIC REPUBLIC

1090

MIL DENMARK

DENMARK

38155

MOENS, G

NETHERLANDS

32541

NAPLES FLIGHT MGMT

UNITED STATES

9914

NILAN A/S

DENMARK

12230

NORDIC AVIATION CAPITAL A/S

DENMARK

34830

OLGA LEASING LTD

BERMUDA

f14391

OAKTREE CAPITAL MANAGEMENT

UNITED STATES

33803

PARTNERSELSKABET

DENMARK

23090

PHARMA NORD

DENMARK

33115

POTASH CORP ( 2 )

CANADA

35196

PRIMERA AIR SCAND

DENMARK

29123

RHEINLAND AIR SERV.

GERMANY

31890

ROMANIAN AIRPORT SVC

ROMANIA

9918

STAR AIR

DENMARK

36191

SUN WAY GEORGIA

GEORGIA

4357

SUN-AIR OF SCANDINAVIA

DENMARK

46967

SUNCLASS AIRLINES

DENMARK

31527

SYMPHONY MILLENIUM

SINGAPORE

38112

VINCENT AVIATION LTD

NEW ZEALAND

32655

VIP PARTNERFLY

DENMARK

12327

WEIBEL SCIENTIFIC

DENMARK

GERMANY

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 26507 | AAA AVIATION & AIRCR | GERMANY |
| 34963 | ACG AIR CARGO | GERMANY |
| 17942 | ACH HAMBURG | GERMANY |
| 24933 | ADVANCE AIR LFG | GERMANY |
| 38865 | AERO BEE AIRLINES | CANADA |
| 150 | AERODIENST | GERMANY |
| 32334 | AEROFLOT CARGO | RUSSIAN FEDERATION |
| 27739 | AEROMEDICAL EVAC | SAUDI ARABIA |
| 171 | AEROWEST GMBH (HAN) | GERMANY |
| 11454 | AFI FLIGHT INSPECT. | GERMANY |
| 27692 | AHSEL HAVA | TURKEY |
| 36719 | AIR 1 AVIATION | UNITED STATES |
| 5764 | AIR ALLIANCE EXPRESS AG & CO.KG | GERMANY |
| 22484 | AIR ALLIANCE GMBH | GERMANY |
| 36344 | AIR ARABIA EGYPT | EGYPT |
| 29576 | AIR ARMENIA | ARMENIA |
| 201 | AIR CANADA | CANADA |
| 35195 | AIR CHINA BUSINESS | CHINA |
| 36986 | AIR FINKENWERDER | GERMANY |
| 36989 | AIR FUHLSBUETTEL | GERMANY |
| 32268 | AIR HAMBURG | GERMANY |
| 237 | AIR INDIA | INDIA |
| 22378 | AIR KUBAN | RUSSIAN FEDERATION |
| 5663 | AIR NAMIBIA | NAMIBIA |
| 29743 | AIR NATIONAL CORP | NEW ZEALAND |
| 17595 | AIR SERVICE BERLIN | GERMANY |
| 31446 | AIR TRANSPORT INTL 2 | UNITED STATES |
| 35215 | AIR X CHARTER (GERMANY) GMBH & CO , KG | GERMANY |
| 17794 | AIRBUS HELICOPTERS | GERMANY |
| 32484 | AIRCASTLE ADVISOR | UNITED STATES |
| 33754 | AIRCRAFT AFRICA CO | SOUTH AFRICA |
| 33817 | AIRCRAFT ASSET MGT. | GERMANY |
| 32868 | AIRCRAFT GENERAL | ITALY |
| f11396 | AIRCRAFT GUARANTY CORP TRUSTEE | UNITED STATES |
| 34984 | AIRCRAFT MNGMT LS | SWITZERLAND |
| 37424 | AIRCRAFT PARTNER | GERMANY |
| 36019 | AIRCRAFT RENT A.S. | CZECHIA |
| 38063 | AIRCRAFT SOLUTIONS | LUXEMBOURG |
| 33852 | AIRLIFT SERVICE D.O. | NORTH MACEDONIA |
| 33856 | AIRMID AVTN SVCS LTD | INDIA |
| 24283 | AIRPHIL EXPRESS | PHILIPPINES |
| 34629 | AIRVIP LTD. | BERMUDA |
| 33836 | AJWA AVIATION | SAUDI ARABIA |
| 30361 | AL HOKAIR | SWITZERLAND |
| 36165 | AL SAHAB LIMITED | BAHRAIN |
| 5165 | ALPLA AIR CHARTER | AUSTRIA |
| 38135 | ALSCO | UNITED STATES |
| 36981 | AMENTUM CAPITAL LTD | IRELAND |
| 32684 | AMJET AVIATION | UNITED STATES |
| 4944 | ANHEUSER BUSCH | UNITED STATES |
| 25743 | ANSCHUTZ | UNITED STATES |
| 31290 | AOP AIR OPERATING | SWITZERLAND |
| 34337 | API HOLDING | GERMANY |
| 33706 | ARCAS AVIATION GMBH | GERMANY |
| 38283 | ARIRANG IOM AVIATION | UNITED KINGDOM |
| 27073 | ARTOC GROUP FOR INVESTMENT AND DEVELOPMENT | EGYPT |
| 38398 | ASG AVIATION | GERMANY |
| 35310 | ASIA CONTINENT AVIA | KAZAKHSTAN |
| 25551 | ASIA CONTINENTAL | KAZAKHSTAN |
| 24940 | ASIA TODAY LTD | CHINA |
| 14559 | ASW AIR-SERVICE WERKFLUGDIESNT GMBH & CO. KG | GERMANY |
| 40316 | ATA CONCEPT GMBH | SWITZERLAND |
| 30698 | ATG SWISS FIRST | SWITZERLAND |
| 29122 | AURON LTD | BERMUDA |
| 31787 | AV8JET | UNITED KINGDOM |
| 38338 | AVANTHA HOLDING LTD | INDIA |
| 38352 | AVAZ D.O.O. | BOSNIA AND HERZEGOVINA |
| 37650 | AVIANDO SERVICES | UNITED STATES |
| 31551 | AVIATION CAP GRP | UNITED KINGDOM |
| 35968 | AVIATION INVESTMENT | GERMANY |
| 35708 | AVIATION JOLINA SEC | CANADA |
| 33093 | AVIATION PARTNERS S | HONDURAS |
| 38617 | AZT LLC | UNITED STATES |
| f10001 | ACADEMY OF ART UNIVERSITY | UNITED STATES |
| 3647 | ADOLF WÜRTH GMBH & CO. KG | GERMANY |
| 6802 | AERO PERSONAL S.A DE C.V. | MEXICO |
| 156 | AEROFLOT - RUSSIAN AIRLINES | RUSSIAN FEDERATION |
| 35126 | AEROLOGIC GMBH | GERMANY |
| 35389 | AGILES AVIATION GMBH & CO.KG | GERMANY |
| 28844 | AIR ASTANA JSC | KAZAKHSTAN |
| 33133 | AIR CHINA CARGO CO., LTD | CHINA |
| 786 | AIR CHINA LIMITED | CHINA |
| 1562 | AIR SERBIA | SERBIA |
| 22317 | AIR-SERVICE GMBH | GERMANY |
| 32419 | AIRBRIDGECARGO AIRLINES LLC | RUSSIAN FEDERATION |
| 21756 | AIRTRANS FLUGZEUGVERMIETUNGS GMBH | GERMANY |
| 8901 | ARCHER DANIELS MIDLAND COMPANY | UNITED STATES |
| 19480 | ASIANA AIRLINES | KOREA, REPUBLIC OF |
| 20979 | ATLAS AIR, INC. | UNITED STATES |
| 27868 | ATLASJET AIRLINES | TURKEY |
| 31878 | B&D AVIATION | UNITED STATES |
| 7897 | BAE SYSTEMS FLT SYST | UNITED STATES |
| 30586 | BALL CORP | UNITED STATES |
| 46216 | BAMBOO AIRWAYS | VIET NAM |
| 32840 | BARBEDOS GROUP LTD | NIGERIA |
| 37657 | BARBICAN HOLDINGS | UNITED KINGDOM |
| 509 | BASF SE | GERMANY |
| 29137 | BATAVIA AIR | INDONESIA |
| 35233 | BAVARIA INTERNATION | GERMANY |
| 30306 | BEDO BETEILIGUNGS | GERMANY |
| 17395 | BEECHCRAFT BERLIN | GERMANY |
| 38554 | BERATEX GROUP LTD | RUSSIAN FEDERATION |
| 32764 | BHARAT FORGE | INDIA |
| 11312 | BIZAIR FLUG GMBH | GERMANY |
| 3166 | BLACK & DECKER | UNITED STATES |
| f12963 | BLACK FOREST VENTURES LLC | UNITED STATES |
| 28042 | BLUE SKY GROUP | UNITED STATES |
| 37860 | BLUEJETS LTD | UNITED KINGDOM |
| 14658 | BMW AG | GERMANY |
| 38111 | BOEKHOORN M&A | NETHERLANDS |
| 6667 | BOMBARDIER AEROSPACE | UNITED STATES |
| 36062 | BORAJET HAVACILIK | TURKEY |
| 37261 | BOSTON POST LEASING | UNITED STATES |
| 37922 | BOURNEMOUTH AIR LTD. | SWITZERLAND |
| 680 | BURDA REISEFLUG | GERMANY |
| 29107 | BZL BERMUDA LIMITED | BERMUDA |
| 516 | BAHAG BAUS HANDELSGESELLSCHAFT AG ZUG/SCHWEIZ ZWEIGNIEDERLASSUNG MANNHEIM | GERMANY |
| 25978 | BAUHAUS GESELLSCHAFT FÜR BAU- UND HAUSBEDARF MBH & CO. | GERMANY |
| f10795 | BEEF PRODUCTS INC. / BPI TECHNOLOGY INC. | UNITED STATES |
| f13674 | BLACKHORSE, LLC. | UNITED STATES |
| 23956 | BLUE SKY AIRSERVICE GMBH | GERMANY |
| 29389 | BOMBARDIER PREOWNED | UNITED STATES |
| 31614 | BOMBARDIER TRANSPORTATION GMBH | GERMANY |
| 37196 | BOURNEMOUTH HANDLING LTD | UNITED KINGDOM |
| 34852 | BREMENFLY | GERMANY |
| 15176 | BUNDESPOLIZEI-FLIEGERGRUPPE | GERMANY |
| 32874 | BUSINESS JET LTD | NEW ZEALAND |
| 19823 | CA "AIR MOLDOVA" IS | MOLDOVA, REPUBLIC OF |
| 33282 | CANJET AIRLINES | CANADA |
| 34985 | CAPE CHAMONIX WINE | SOUTH AFRICA |
| 43435 | CARGO AIRCRAFT MGT | UNITED STATES |
| 46300 | CARGOLOGIC GERMANY | GERMANY |
| 43019 | CARGOLOGICAIR LTD | UNITED KINGDOM |
| 32482 | CARSON AIR LTD | CANADA |
| 5800 | CATHAY PACIFIC | CHINA |
| 26021 | CEBU PACIFIC AIR | PHILIPPINES |
| 30714 | CENTRAL MOUNTAIN AIR | CANADA |
| 28482 | CFFI VENTURES INC | CANADA |
| 35194 | CHONGQING AIRLINES | CHINA |
| 28178 | CIRRUS AVIATION | GERMANY |
| 36157 | CLUB SAAB 340 | SWITZERLAND |
| 4782 | COMFORT AIR | GERMANY |
| 23741 | COMMANDER MEXICANA | MEXICO |
| 33189 | CONTINENT AIRLINE UU | RUSSIAN FEDERATION |
| 31333 | CORP JET SVCS | UNITED KINGDOM |
| 34548 | CORPORATE JET REALI. | UNITED KINGDOM |
| 39156 | CSM MINING SUPPLIES | SOUTH AFRICA |
| 24481 | CTL LOGISTICS S.A. | POLAND |
| 39700 | CVS/CAREMARK CORPORATION | UNITED STATES |
| f10103 | CANADIAN UTILITIES LIMITED | CANADA |
| 35021 | CHAI LTD. | SWITZERLAND |
| 35418 | CHALLENGE AERO AG | UKRAINE |
| 22448 | CIRRUS AIRLINES LUFTFAHRTGESELLSCHAFT MBH | GERMANY |
| f10709 | COLGAN AIR SERVICES | UNITED STATES |
| 38182 | COMMUNITY ENTERPRISES, LLC D/B/A 4274 AVIATION | UNITED STATES |
| f10778 | COMPUTER SCIENCES CORPORATION | UNITED STATES |
| 824 | CONDOR FLUGDIENST GMBH | GERMANY |
| 43597 | D-CEMS FLUG GMBH | GERMANY |
| 30922 | DAIDALOS AVIATION | UKRAINE |
| 34179 | DAO AVIATION | DENMARK |
| 967 | DAS DIRECT AIR | GERMANY |
| 28800 | DATELINE OVERSEAS | CYPRUS |
| 30651 | DAUAIR | GERMANY |
| 18003 | DBA LUFTFAHRTGESELL. | GERMANY |
| 26466 | DC AVIATION GMBH | GERMANY |
| f10558 | DCS MANAGEMENT SERVICES | UNITED STATES |
| 30996 | DEERE & COMPANY | UNITED STATES |
| 38547 | DEKALB FARMERS MARK. | UNITED STATES |
| 37580 | DERMAPHARM | GERMANY |
| 31485 | DEUTSCHE AIRCRAFT GMBH | GERMANY |
| f10774 | DFZ, LLC | UNITED STATES |
| f10589 | DH FLUGCHARTER GMBH | GERMANY |
| 48724 | DHL AIR (AUSTRIA) GMBH | AUSTRIA |
| 35715 | DHL AIR LTD. | UNITED KINGDOM |
| 25139 | DIETZ AG | GERMANY |
| 37808 | DIETZ AVIATION GMBH | GERMANY |
| 18824 | DLR BRAUNSCHWEIG | GERMANY |
| 10853 | DLR OBERPFAFFENHOFEN | GERMANY |
| 37798 | DO-TEC GMBH | GERMANY |
| 27181 | DONAVIA JSC | RUSSIAN FEDERATION |
| 35451 | DORNIER NO LIMITS | GERMANY |
| 28795 | DULCO HANDEL GMBH | GERMANY |
| 968 | DUSSMANN P | UNITED STATES |
| 30726 | DUTCH ANTILLES EXPR. | NETHERLANDS |
| 4484 | DELTA AIR LINES, INC. | UNITED STATES |
| 8980 | DELTA TECHNICAL SERVICES LTD | GERMANY |
| 1776 | DEUTSCHE LUFTHANSA AG | GERMANY |
| 2044 | DR. AUGUST OETKER KG | GERMANY |
| 8082 | E.I. DU PONT DE NEMOURS AND COMPANY | UNITED STATES |
| 34736 | EAST UNION | RUSSIAN FEDERATION |
| 36121 | EAT LEIPZIG GMBH | GERMANY |
| 34657 | EEA GMBH | GERMANY |
| 29883 | EFB AVIATION | UNITED STATES |
| 996 | EGYPTAIR | EGYPT |
| 31615 | EICHSFELD AIR GMBH | GERMANY |
| 9807 | EMIRATES INTL | UNITED ARAB EMIRATES |
| 35749 | EON AVIATION | INDIA |
| 31041 | EPC HOLDINGS 644 | UNITED STATES |
| 36507 | ERSTE ASSET INVEST. | GERMANY |
| 19629 | ESCHMANN H D | GERMANY |
| 29929 | ETIHAD AIRWAYS | UNITED ARAB EMIRATES |
| 34011 | EURO AIR CHARTER | GERMANY |
| 1980 | EUROPEAN AIR EXPRESS | GERMANY |
| 2034 | EUROWINGS GMBH | GERMANY |
| 3639 | EVERGREEN AIRLINES | UNITED STATES |
| 48305 | EW DISCOVER GMBH | GERMANY |
| 32264 | EXECUJET ASIA | SINGAPORE |
| 36357 | EXECUJET AVIATION | SOUTH AFRICA |
| 39161 | EXECUTIVE JET SERV. | CONGO |
| 31909 | EXECUTIVE SVCS (AZ) | UNITED STATES |
| 12213 | EMIL CAPITAL PARTNERS, LLC | UNITED STATES |
| f10180 | EPPS AIR SERVICE, INC. | UNITED STATES |
| 22523 | FAA | UNITED STATES |
| 4783 | FAI RENT-A-JET GMBH | GERMANY |
| 34640 | FALCON 007 S.A.R.L. | FRANCE |
| 28589 | FANCOURT FLUGCHARTER GMBH & CO KG | GERMANY |
| 33077 | FAS GMBH | GERMANY |
| 12811 | FEGOTILA LTD | BERMUDA |
| 35937 | FINKCAS | GERMANY |
| 27700 | FIRST DATA CORP | UNITED STATES |
| 32722 | FLIGHT CAL. MALAYSIA | MALAYSIA |
| 22238 | FLIGHT CALIBRATION | GERMANY |
| 6705 | FLM AVIATION | GERMANY |
| 31012 | FLUGSCHULE HAMBURG | GERMANY |
| 42260 | FLYEGYPT | EGYPT |
| 38804 | FLYING TECHNOLOGY | RUSSIAN FEDERATION |
| 26843 | FMG-FLUGSCHULE | GERMANY |
| 11369 | FORD EUROPE LTD | UNITED KINGDOM |
| 1595 | FRENZEL G | GERMANY |
| 4232 | FRONTIER AIRLINES | UNITED STATES |
| 38973 | FUENFTE XR-GMBH | GERMANY |
| 14557 | FIRMA STEINER-FILM | GERMANY |
| f10193 | FIVE STAR AVIATION, LLC | UNITED STATES |
| 36945 | FLIGHTS HOLDINGS LIMITED | VIRGIN ISLANDS, BRITISH |
| 1778 | FLUGBEREITSCHAFT DES BUNDESMINISTERIUM DER VERTEIDIGUNG (FLBSCHFT BMVG) | GERMANY |
| 32678 | FRESENA FLUG GMBH & CO KG | GERMANY |
| 25111 | G-92 KFT | HUNGARY |
| 33827 | GABINETTE (ANG) | ANGOLA |
| 22807 | GAS AIR SERVICE GMBH | GERMANY |
| 33821 | GE CAPITAL B.V. | NETHERLANDS |
| 35147 | GE CAPITAL SWITZERL. | SWITZERLAND |
| 25027 | GEKO TRADE | GERMANY |
| 3349 | GENERAL MOTORS | UNITED STATES |
| 36747 | GEOJET LUFTFAHR. (2) | GERMANY |
| 39230 | GEORGE TOLOFARI | NIGERIA |
| 31914 | GERMAN SKY AIRLINES | GERMANY |
| 38591 | GERMANIA EXPRESS | GERMANY |
| 35803 | GHASSAN AHMED AL | UNITED ARAB EMIRATES |
| 34848 | GLOBAL A/C CONSULT | UNITED STATES |
| 25642 | GLOBAL AVTN BERMUDA | BERMUDA |
| 38372 | GLOBO AVIACAO | BRAZIL |
| 23743 | GOMEL AIRLINES | BELARUS |
| 22366 | GOVERNMENT CROATIA | CROATIA |
| 22370 | GOVERNMENT MACEDONIA | NORTH MACEDONIA |
| 38832 | GREENWAY JETS | UNITED STATES |
| 2395 | GROB AIRCRAFT AG | GERMANY |
| 32172 | GULF JET | UNITED ARAB EMIRATES |
| 9243 | GERMANIA FLUGGESELLSCHAFT MBH | GERMANY |
| 28944 | GERMANWINGS GMBH | GERMANY |
| 34841 | GIBBS INTERNATIONAL, INC. | UNITED STATES |
| 38737 | GREEN BAY PACKAGING INC. | UNITED STATES |
| 315 | GRUSS & COMPANY | UNITED STATES |
| f10984 | GUITAR CENTER, INC. | UNITED STATES |
| 37030 | HAMBURG AIRWAYS | GERMANY |
| 32580 | HASLBERGER FINANZ. | GERMANY |
| 33302 | HAVERFORD SUISSE | SWITZERLAND |
| 38607 | HAWKER BEECHCRAFT 2 | UNITED STATES |
| 31519 | HAWKER HUNTER AVTN | UNITED KINGDOM |
| 25435 | HBK HOLDING COMPANY | QATAR |
| 35307 | HELIJET CHARTER | GERMANY |
| 48372 | HESTON AIRLINES, UAB | LITHUANIA |
| 31103 | HOMAC AVIATION AG | LUXEMBOURG |
| 26281 | HTM HELICOPTER TRAVE | GERMANY |
| 27680 | HURKUS HAVAYOLU TASIMACILIK VE TIC A.S. (D.B.A. FREEBIRD AIRLINES) | TURKEY |
| 28618 | HAWORTH TRANSPORT | UNITED STATES |
| 32953 | HEIDELBERGCEMENT AG | GERMANY |
| f11187 | HERC MANAGEMENT SERVICES LLC | UNITED STATES |
| 33269 | HERRENKNECHT AVIATION GMBH | GERMANY |
| f10240 | HESS CORPORATION | UNITED STATES |
| f10652 | IAC FALCON HOLDINGS | UNITED STATES |
| f11457 | ICA GLOBAL SERVICES LLC | UNITED STATES |
| 38692 | IDEAVILLAGE PRODUCTS | UNITED STATES |
| 35785 | IFM TRAVIATION GMBH | GERMANY |
| 39551 | IKAR LLC | RUSSIAN FEDERATION |
| 25785 | ILYUSHIN AVIATION | RUSSIAN FEDERATION |
| 37757 | INFINUM ALTIDO INC., LTD | RUSSIAN FEDERATION |
| 1528 | IRANAIR | IRAN, ISLAMIC REPUBLIC OF |
| 30463 | IRAQI AIRWAYS (2) | IRAQ |
| 37529 | ISE INFORMATION SYS. | GERMANY |
| 27301 | IVANHOE AVIATION 2 | SINGAPORE |
| 24664 | INTERMAP TECHNOLOGIES | UNITED STATES |
| 35760 | JEJU AIR | KOREA, REPUBLIC OF |
| 39559 | JESWALT INTL | VIRGIN ISLANDS, BRITISH |
| 11307 | JET EXECUTIVE INT. | GERMANY |
| 27505 | JET GROUP LTD | ISRAEL |
| 21727 | JET LINK | ISRAEL |
| 2200 | JETAIR FLUG GMBH | GERMANY |
| 16761 | JETFLIGHT AVIATION INC. | SWITZERLAND |
| 3328 | JETS EXECUTIVOS | MEXICO |
| 36889 | JETSTAR PACIFIC | VIET NAM |
| 32363 | JLJ EQUIPMENT LEASIN | UNITED STATES |
| 21462 | JOHNSON CONTROLS | UNITED STATES |
| 36272 | JORDAN INTNL | CHINA |
| 11646 | JULIUS BERGER | NIGERIA |
| 32107 | JUNEYAO AIRLINES | CHINA |
| 36509 | JUNKER ERWIN GRINDI | CZECHIA |
| 21723 | JOINT STOCK COMPANY URAL AIRLINES | RUSSIAN FEDERATION |
| 37720 | K5-AVIATION GMBH | GERMANY |
| 1610 | KARMANN GMBH | GERMANY |
| 31171 | KAZAVIASPAS | KAZAKHSTAN |
| 22239 | KIEV AVIATION PLANT | UKRAINE |
| 33034 | KINGS AIRLINES (2) | NIGERIA |
| 25050 | KONTROLA LETENJA SRBIJE I CRNE GORE DOO | SERBIA |
| 1652 | KOREAN AIR LINES CO., LTD. | KOREA, REPUBLIC OF |
| 21632 | KRASNOJARSKY AIRLINE | RUSSIAN FEDERATION |
| 33039 | KUBASE AVIATION | INDIA |
| 1673 | KUWAIT AIRWAYS | KUWAIT |
| 23758 | KIMBERLY-CLARK CORPORATION | UNITED STATES |
| 25800 | KNAUF ASTRA LTD. | UNITED KINGDOM |
| 32568 | KOMPASS GMBH & CO. KG | GERMANY |
| 4335 | KRAFT FOODS GLOBAL INC. | UNITED STATES |
| 36476 | LANARA LTD | KAZAKHSTAN, KYRGYZSTAN |
| 44176 | LANBOWAN LIMITED | SWITZERLAND |
| 6383 | LECH-AIR FLUGZEUG | GERMANY |
| 20222 | LGM LUFTFAHRT GMBH | GERMANY |
| 38914 | LIBRA FLUGZEUG GBR | GERMANY |
| 28576 | LIBRA TRAVEL | SWITZERLAND |
| 42192 | LIEBHERR AVIATION | GERMANY |
| f12832 | LINCARE LEASING LLC | UNITED STATES |
| 32192 | LONDON CORPORATE JET | UNITED KINGDOM |
| 26498 | LUFT AVTN CHARTER | AUSTRALIA |
| 45016 | LYNXJET | ISRAEL |
| f10298 | LEVI, RAY & SHOUP, INC. | UNITED STATES |
| 15456 | LUFTFAHRT-BUNDESAMT | GERMANY |
| 3857 | LUFTHANSA CARGO AG | GERMANY |
| 27838 | LUFTHANSA TECHNIK AG | GERMANY |
| f13551 | M-BJEP LTD. | ISLE OF MAN |
| 24502 | M. BOHLKE VENEER CORP. | UNITED STATES |
| 21072 | MAHAN AIR | IRAN, ISLAMIC REPUBLIC OF |
| 21878 | MAKEDONSKI AVIOTRANS | NORTH MACEDONIA |
| 12521 | MARXER ANLAGEN | GERMANY |
| 36372 | MAT AIRWAYS | NORTH MACEDONIA |
| 38074 | MENA AEROSPACE (OB) | BAHRAIN |
| 19999 | MENEKSE HAVAYOLLARI | TURKEY |
| 31538 | MERLIN AVIATION | SWITZERLAND |
| 444 | MHS AVIATION GMBH | GERMANY |
| 9082 | MIDWEST AVIATION NE | UNITED STATES |
| 30093 | MIG RUSSIAN AIRCRAFT | RUSSIAN FEDERATION |
| 37975 | MILLENNIUM AVIATION | AUSTRIA |
| 37426 | MINERALOGY PTY LTD. | UNITED STATES |
| 29242 | MINISTRY OF COMMUNICATIONS | TANZANIA, UNITED REPUBLIC OF |
| 28438 | MLW AVIATION LLC | UNITED STATES |
| 25067 | MNG HAVAYOLLARI VE TASIMACILIK A.S. (MNG AIRLINES) | TURKEY |
| 3057 | MOELLERS MASCHINEN | GERMANY |
| 36267 | MONACO SPORTS MNGMT | UNITED KINGDOM |
| 28473 | MOONSTAR AVIATION | TURKEY |
| 31348 | MORGAN STANLEY MGMT | UNITED STATES |
| 27187 | MW AVIATION GMBH | GERMANY |
| 31944 | MYN AVIATION | SAUDI ARABIA |
| 38209 | MZ TRANSPORTATION | GERMANY |
| f13119 | MARINER AIR LLC | UNITED STATES |
| 38512 | MICROSTRATEGY SERVICES CORPORATION | UNITED STATES |
| f13307 | MIKLOS SERVICES CORP. | VIRGIN ISLANDS, BRITISH |
| f10785 | N16FX TRUST | UNITED STATES |
| f12724 | N250RG LLC | UNITED STATES |
| 26118 | NASA AMES CENTER | UNITED STATES |
| 36849 | NATIONAL AIR CARGO GROUP INC | UNITED STATES |
| 33963 | NATIONAL LEGACY | KUWAIT |
| 7853 | NATURAL ENVIRONMENT | UNITED KINGDOM |
| 30581 | NAYAK AIRCRAFT SERV. | GERMANY |
| 38835 | NEBULA III LTD UAE | UNITED ARAB EMIRATES |
| 11061 | NEUMEYR FLUGGERAETE | GERMANY |
| 15551 | NEW YORKER GROUP | GERMANY |
| 24661 | NORTH AMERICAN JET | UNITED STATES |
| 29267 | NOVELLUS SYSTEMS | UNITED STATES |
| 31791 | NOVESPACE | FRANCE |
| 35125 | NASSER LTD. | CAYMAN ISLANDS |
| f13922 | NEWLEAD LIMITED | VIRGIN ISLANDS, BRITISH |
| 12218 | NIKE, INC. | UNITED STATES |
| 567 | OBO JET-CHARTER GMBH | GERMANY |
| 33138 | OCA INTERNATIONAL | GERMANY |
| 22820 | OMAN AIR | OMAN |
| 22436 | OMAN ROYAL FLIGHT | OMAN |
| 2061 | OMNIPOL | CZECHIA |
| 17692 | ONUR AIR | TURKEY |
| 37597 | OOO NP AGP MERIDIAN+ | RUSSIAN FEDERATION |
| 36743 | ORANGE AIRCRAFT (2) | NETHERLANDS |
| 8236 | OWENS CORNING CORPORATION | UNITED STATES |
| 25059 | OMNI AIR INTERNATIONAL | UNITED STATES |
| 23244 | OPEN JOINT STOCK COMPANY "ROSSIYA AIRLINES" JSC "ROSSIYA AIRLINES" | RUSSIAN FEDERATION |
| 3343 | P&P PROMOTION | GERMANY |
| 852 | PARAGON RANCH | UNITED STATES |
| 36875 | PATRONUS AVIATION | VIRGIN ISLANDS, BRITISH |
| 23471 | PCT POWDER COATING TECHNOLOGIES INTL. SARL | SWITZERLAND |
| 34044 | PD AIR OPERATION LTD | GERMANY |
| 10690 | PEGASUS HAVA TASIMACILIGI A.S. | TURKEY |
| 22294 | PENSKE JET, INC. | UNITED STATES |
| 19475 | PETERS GMBH | GERMANY |
| 37609 | PETROPAVLOVSK MC | RUSSIAN FEDERATION |
| 4265 | PHIFER WIRE PRODUCTS | UNITED STATES |
| 5225 | PHOENIX AIR GMBH | GERMANY |
| 3085 | PICTON II LTD | BERMUDA |
| 22309 | POLET | RUSSIAN FEDERATION |
| 30230 | POLET ACFT MNGT | BERMUDA |
| 36251 | POLLARD ACFT SALES | UNITED STATES |
| 37040 | PREISS-DAIMLER | GERMANY |
| 34505 | PRINCESS AVIATION | LEBANON |
| 29307 | PRIVATAIR GMBH | GERMANY |
| 34553 | PRIVATE JET HOLD. | VIRGIN ISLANDS, BRITISH |
| 12196 | PRIVATE WINGS | GERMANY |
| 37417 | PRIVATEJET INT. GMBH | GERMANY |
| 3751 | PROCTER&GAMBLE | UNITED STATES |
| 12648 | PACELLI-BETEILIGUNGS GMBH & CO. KG | GERMANY |
| 33666 | PAKISTAN AVIATORS AND AVIATION (PVT) LTD. | PAKISTAN |
| 29731 | PARC AVIATION | IRELAND |
| 775 | PENTASTAR AVIATION, LLC | UNITED STATES |
| 2196 | QANTAS AIRWAYS | AUSTRALIA |
| 21912 | QATAR AIRWAYS | QATAR |
| 39255 | RA DR. JAN PLATHNER | GERMANY |
| 37057 | RADIC AVIATION | SAUDI ARABIA |
| 30124 | RAE - REGIONAL AIR | GERMANY |
| 32083 | RAY ENTERPRISES | UNITED STATES |
| 30485 | RC AVIATION LLP | UNITED STATES |
| 19436 | REGIO AIR MECKLENBRG | GERMANY |
| 33032 | RELIANCE COMMERCIAL | UNITED ARAB EMIRATES |
| 30938 | RIKSOS TURIZM LT | TURKEY |
| 5547 | RJR WINSTON SALEM | UNITED STATES |
| f13620 | RNJ GMBH. & CO KG | GERMANY |
| 48829 | ROM CARGO AIRLINES S.R.L. | ROMANIA |
| 29599 | ROYAL JET | UNITED ARAB EMIRATES |
| 32723 | RSG RENTAL SERVICES | GERMANY |
| 29927 | RUAG AEROSPACE SERV | GERMANY |
| 37464 | RUAG SCHWEIZ AG | SWITZERLAND |
| 38246 | RUSAERO | RUSSIAN FEDERATION |
| 9200 | RYAN INTL AIRLINES | UNITED STATES |
| 38368 | RYAN INTL AIRLINES 2 | UNITED STATES |
| 29352 | RENTAIR UK LTD | GERMANY |
| 27446 | RHEMA BIBLE CHURCH | UNITED STATES |
| 606 | ROBERT BOSCH GMBH | GERMANY |
| 22593 | S BRUNEI SULTAN | BRUNEI DARUSSALAM |
| 44121 | S SWAZILAND | SWAZILAND |
| f10788 | SAP AMERICA INC. | UNITED STATES |
| 18991 | SAP SE | GERMANY |
| 34319 | SAPOFINA AVTN LTD. | VIRGIN ISLANDS, BRITISH |
| 21282 | SCHROTT WETZEL GMBH | GERMANY |
| 5031 | SCHWARZMUELLER | AUSTRIA |
| 30971 | SEARAY BD100 | SOUTH AFRICA |
| 35352 | SEGRAVE AVIATION INC | UNITED STATES |
| 46854 | SF AIRLINES CO., LTD | CHINA |
| 31846 | SG FINANS A/S NORGE | SWEDEN |
| 27571 | SHANGHAI AIRLINES | CHINA |
| 22814 | SHARJAH RULERS FLT | UNITED ARAB EMIRATES |
| 27735 | SIK-AY HAVA TASIMACILIK A.S. | TURKEY |
| 38681 | SILK WAY WEST | AZERBAIJAN |
| 2463 | SINGAPORE AIRLINES | SINGAPORE |
| 1034 | SIRTE OIL | LIBYA |
| f12146 | SIRVAIR, S.A. DE C.V. | MEXICO |
| 7867 | SIXT | GERMANY |
| 32179 | SKIPPERS AVIATION | AUSTRALIA |
| 31208 | SKY BEYOND HOLDINGS | SINGAPORE |
| 2477 | SKY JET | SWITZERLAND |
| 37940 | SKY SWALLOWS LTD. | RUSSIAN FEDERATION |
| 37740 | SKYBIRD AIR LTD | NIGERIA |
| 34392 | SKYBUS | KAZAKHSTAN |
| 32816 | SKYBUS AIRLINES | UNITED STATES |
| 19819 | SKYPLAN SERVICES | CANADA |
| 31870 | SM AVIATION | GERMANY |
| 42622 | SMART JET AVIATION | VIRGIN ISLANDS, BRITISH |
| 32544 | SMS AVIATION GMBH | GERMANY |
| 33747 | SOMON AIR | TAJIKISTAN |
| 2316 | SOUTH AFRICAN AIRWAYS | SOUTH AFRICA |
| f11331 | SOUTHLAKE AVIATION LLC | UNITED STATES |
| 36224 | SPECTRA ENERGY | UNITED STATES |
| 26725 | SPIRIT AIRLINES 2 | UNITED STATES |
| 28904 | SPX FLOW | UNITED STATES |
| 5216 | SRILANKAN AIRLINES | SRI LANKA |
| 36094 | SSP AVIATION | INDIA |
| 23935 | STAR ARIES SHIPMGMT | CYPRUS |
| 32446 | STAR AVIATION SRVCS | UNITED ARAB EMIRATES |
| 29368 | STAR AVIATION UG | GERMANY |
| 15526 | STATE ENTERPRISE ANTONOV DESIGN BUREAU | UKRAINE |
| 32361 | STRONG AVIATION | KUWAIT |
| 30086 | SUMMIT AIR | CANADA |
| 44422 | SUNDAIR GMBH | GERMANY |
| 36720 | SWISS AV CONSULTANTS | SWITZERLAND |
| 28910 | SWISS GLOBAL JET MGT | SWITZERLAND |
| f12122 | SAFEWAY, INC. | UNITED STATES |
| 24784 | SAMSUNG TECHWIN CO., LTD. | KOREA, REPUBLIC OF |
| f10701 | SERVICIOS AEREOS REGIOMONTANOS, S.A. | MEXICO |
| 21734 | SIBERIA AIRLINES | RUSSIAN FEDERATION |
| f12005 | SPIRAL, INC. | UNITED STATES |
| 29841 | SPIRIT OF SPICES GMBH | GERMANY |
| 10201 | SUNEXPRESS (GÜNES EKSPRES HAVACILIK A.S.) | TURKEY |
| 28362 | SUN D'OR INTERNATIONAL AIRLINES LTD | ISRAEL |
| 12878 | SÜDZUCKER REISE-SERVICE GMBH | GERMANY |
| 36760 | T'WAY AIR CO LTD | KOREA, REPUBLIC OF |
| 8360 | TACA | EL SALVADOR |
| 40974 | TATA SIA AIRLINES LT | INDIA |
| 35978 | TATHRA INTERNATIONAL | RUSSIAN FEDERATION |
| 32576 | TB INVEST GROUP | CZECHIA |
| 31566 | TEAM AVIATION | GERMANY |
| 33120 | TEC AIRCRAFT LEASING | AUSTRIA |
| 36210 | TESLA AIR | SWITZERLAND |
| 42391 | TEXTRON AVIATION | UNITED STATES |
| 35936 | TIGER HERCULES CORP | TAIWAN |
| 48508 | TITAN AIRWAYS MALTA LIMITED | MALTA |
| f12990 | TOKECO INCORPORATED | UNITED STATES |
| 21908 | TOKOPH D P | SOUTH AFRICA |
| f14958 | TPS GROUP HOLDING INC. | VIRGIN ISLANDS, BRITISH |
| 33923 | TREK-AIR B.V. | NETHERLANDS |
| 37070 | TREVO AVIATION LTD | GERMANY |
| 1389 | TUIFLY GMBH | GERMANY |
| 33495 | TURBOJET KFT | HUNGARY |
| 33979 | TURKUAZ AIRLINES | TURKEY |
| 7971 | TW AIR | BERMUDA |
| 2681 | THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED | THAILAND |
| f10445 | THOMAS H. LEE PARTNERS | UNITED STATES |
| 14993 | THYSSENKRUPP DIENSTLEISTUNGEN GMBH | GERMANY |
| 31353 | TIDNISH HOLDINGS LIMITED | CANADA |
| f11873 | TILLFORD LIMITED | BERMUDA |
| 2758 | TURKISH AIRLINES THY | TURKEY |
| f12479 | TYREMAX PTY LTD | AUSTRALIA |
| 22512 | UGANDA EXEC FLIGHT | UGANDA |
| 27079 | UKRAINIAN MEDITERRAN | UKRAINE |
| 24948 | UKSATSE | UKRAINE |
| 46440 | UR AIRLINES | IRAQ |
| 4692 | US AIRWAYS, INC. | UNITED STATES |
| 29839 | USA 3000 AIRLINES | UNITED STATES |
| 34914 | USA JET AIRLINES 3 | UNITED STATES |
| 43007 | USAA | UNITED STATES |
| 26886 | UTAIR AVIATION, JSC | RUSSIAN FEDERATION |
| 18224 | UZBEKISTAN AIRWAYS | UZBEKISTAN |
| 2782 | UNITED AIRLINES, INC. | UNITED STATES |
| 8960 | UNITED PARCEL SERVICE CO | UNITED STATES |
| 35921 | UNITED THERAPEUTICS | UNITED STATES |
| 31984 | VARIG LOGISTICA SA | BRAZIL |
| 37759 | VENTURE AVTN GROUP | UNITED STATES |
| 5198 | VHM SCHUL & CHARTER | GERMANY |
| 31758 | VIVAT TRUST LTD. | UNITED KINGDOM |
| 45213 | VOLKSWAGEN AIRSERV. | GERMANY |
| 2812 | VRG LINHAS AEREAS S/A | BRAZIL |
| 39258 | VUKY HOLDINGS LTD | SWITZERLAND |
| 31669 | VACUNA JETS LIMITED | BERMUDA |
| 30637 | VALE S/A | BRAZIL |
| 46913 | VECELLIO MANAGEMENT SERVICE | UNITED STATES |
| 2833 | VIESSMANN WERKE GMBH & CO. KG | GERMANY |
| 18671 | VOLGA-DNEPR AIRLINES LLC | RUSSIAN FEDERATION |
| 36235 | WATERLOO AVIATION | CANADA |
| 24113 | WEBER MANAGEMENT | GERMANY |
| 1323 | WEKA FLUGDIENST GMBH | GERMANY |
| 35535 | WELLS FARGO BANK (2) | UNITED STATES |
| 34391 | WHS CONSULTING AG | SWITZERLAND |
| 10834 | WIKING HELIKOPTER | GERMANY |
| 33317 | WINAIR AUSTRIA | AUSTRIA |
| 34169 | WIZZ AIR UKRAINE LLC | UKRAINE |
| 37044 | WOELBERN FLIGHT 01 | GERMANY |
| 36967 | WOELBERN FLIGHT 02 | GERMANY |
| 2930 | WORLD AIRWAYS | UNITED STATES |
| 30605 | WHEELS AVIATION LTD. | GERMANY |
| 27514 | WIRTGEN BGMBH | GERMANY |
| 32609 | XIAMEN AVIATION AVV | RUSSIAN FEDERATION |
| 36920 | XR-GMBH | GERMANY |
| 32403 | XRS HOLDINGS, LLC | UNITED STATES |
| 34976 | YH AVIATION LTD | UNITED KINGDOM |
| 34953 | ZENITH CAPITAL LTD | SWITZERLAND |
| 33948 | ZEUS TAXI AÉREO | BRAZIL |
| 38977 | ZWEITE XR-GMBH | GERMANY |
| 5960 | ZEMAN FTL | GERMANY |
| f10488 | ZIFF BROTHERS INVESTMENT, LLC | UNITED STATES |
| 24568 | EBM-PAPST MULFINGEN GMBH & CO. KG | GERMANY |

CRCO Identification number

Operator Name

State of the Operator

26507

AAA AVIATION & AIRCR

GERMANY

34963

ACG AIR CARGO

GERMANY

17942

ACH HAMBURG

GERMANY

24933

ADVANCE AIR LFG

GERMANY

38865

AERO BEE AIRLINES

CANADA

150

AERODIENST

GERMANY

32334

AEROFLOT CARGO

RUSSIAN FEDERATION

27739

AEROMEDICAL EVAC

SAUDI ARABIA

171

AEROWEST GMBH (HAN)

GERMANY

11454

AFI FLIGHT INSPECT.

GERMANY

27692

AHSEL HAVA

TURKEY

36719

AIR 1 AVIATION

UNITED STATES

5764

AIR ALLIANCE EXPRESS AG & CO.KG

GERMANY

22484

AIR ALLIANCE GMBH

GERMANY

36344

AIR ARABIA EGYPT

EGYPT

29576

AIR ARMENIA

ARMENIA

201

AIR CANADA

CANADA

35195

AIR CHINA BUSINESS

CHINA

36986

AIR FINKENWERDER

GERMANY

36989

AIR FUHLSBUETTEL

GERMANY

32268

AIR HAMBURG

GERMANY

237

AIR INDIA

INDIA

22378

AIR KUBAN

RUSSIAN FEDERATION

5663

AIR NAMIBIA

NAMIBIA

29743

AIR NATIONAL CORP

NEW ZEALAND

17595

AIR SERVICE BERLIN

GERMANY

31446

AIR TRANSPORT INTL 2

UNITED STATES

35215

AIR X CHARTER (GERMANY) GMBH & CO , KG

GERMANY

17794

AIRBUS HELICOPTERS

GERMANY

32484

AIRCASTLE ADVISOR

UNITED STATES

33754

AIRCRAFT AFRICA CO

SOUTH AFRICA

33817

AIRCRAFT ASSET MGT.

GERMANY

32868

AIRCRAFT GENERAL

ITALY

f11396

AIRCRAFT GUARANTY CORP TRUSTEE

UNITED STATES

34984

AIRCRAFT MNGMT LS

SWITZERLAND

37424

AIRCRAFT PARTNER

GERMANY

36019

AIRCRAFT RENT A.S.

CZECHIA

38063

AIRCRAFT SOLUTIONS

LUXEMBOURG

33852

AIRLIFT SERVICE D.O.

NORTH MACEDONIA

33856

AIRMID AVTN SVCS LTD

INDIA

24283

AIRPHIL EXPRESS

PHILIPPINES

34629

AIRVIP LTD.

BERMUDA

33836

AJWA AVIATION

SAUDI ARABIA

30361

AL HOKAIR

SWITZERLAND

36165

AL SAHAB LIMITED

BAHRAIN

5165

ALPLA AIR CHARTER

AUSTRIA

38135

ALSCO

UNITED STATES

36981

AMENTUM CAPITAL LTD

IRELAND

32684

AMJET AVIATION

UNITED STATES

4944

ANHEUSER BUSCH

UNITED STATES

25743

ANSCHUTZ

UNITED STATES

31290

AOP AIR OPERATING

SWITZERLAND

34337

API HOLDING

GERMANY

33706

ARCAS AVIATION GMBH

GERMANY

38283

ARIRANG IOM AVIATION

UNITED KINGDOM

27073

ARTOC GROUP FOR INVESTMENT AND DEVELOPMENT

EGYPT

38398

ASG AVIATION

GERMANY

35310

ASIA CONTINENT AVIA

KAZAKHSTAN

25551

ASIA CONTINENTAL

KAZAKHSTAN

24940

ASIA TODAY LTD

CHINA

14559

ASW AIR-SERVICE WERKFLUGDIESNT GMBH & CO. KG

GERMANY

40316

ATA CONCEPT GMBH

SWITZERLAND

30698

ATG SWISS FIRST

SWITZERLAND

29122

AURON LTD

BERMUDA

31787

AV8JET

UNITED KINGDOM

38338

AVANTHA HOLDING LTD

INDIA

38352

AVAZ D.O.O.

BOSNIA AND HERZEGOVINA

37650

AVIANDO SERVICES

UNITED STATES

31551

AVIATION CAP GRP

UNITED KINGDOM

35968

AVIATION INVESTMENT

GERMANY

35708

AVIATION JOLINA SEC

CANADA

33093

AVIATION PARTNERS S

HONDURAS

38617

AZT LLC

UNITED STATES

f10001

ACADEMY OF ART UNIVERSITY

UNITED STATES

3647

ADOLF WÜRTH GMBH & CO. KG

GERMANY

6802

AERO PERSONAL S.A DE C.V.

MEXICO

156

AEROFLOT - RUSSIAN AIRLINES

RUSSIAN FEDERATION

35126

AEROLOGIC GMBH

GERMANY

35389

AGILES AVIATION GMBH & CO.KG

GERMANY

28844

AIR ASTANA JSC

KAZAKHSTAN

33133

AIR CHINA CARGO CO., LTD

CHINA

786

AIR CHINA LIMITED

CHINA

1562

AIR SERBIA

SERBIA

22317

AIR-SERVICE GMBH

GERMANY

32419

AIRBRIDGECARGO AIRLINES LLC

RUSSIAN FEDERATION

21756

AIRTRANS FLUGZEUGVERMIETUNGS GMBH

GERMANY

8901

ARCHER DANIELS MIDLAND COMPANY

UNITED STATES

19480

ASIANA AIRLINES

KOREA, REPUBLIC OF

20979

ATLAS AIR, INC.

UNITED STATES

27868

ATLASJET AIRLINES

TURKEY

31878

B&D AVIATION

UNITED STATES

7897

BAE SYSTEMS FLT SYST

UNITED STATES

30586

BALL CORP

UNITED STATES

46216

BAMBOO AIRWAYS

VIET NAM

32840

BARBEDOS GROUP LTD

NIGERIA

37657

BARBICAN HOLDINGS

UNITED KINGDOM

509

BASF SE

GERMANY

29137

BATAVIA AIR

INDONESIA

35233

BAVARIA INTERNATION

GERMANY

30306

BEDO BETEILIGUNGS

GERMANY

17395

BEECHCRAFT BERLIN

GERMANY

38554

BERATEX GROUP LTD

RUSSIAN FEDERATION

32764

BHARAT FORGE

INDIA

11312

BIZAIR FLUG GMBH

GERMANY

3166

BLACK & DECKER

UNITED STATES

f12963

BLACK FOREST VENTURES LLC

UNITED STATES

28042

BLUE SKY GROUP

UNITED STATES

37860

BLUEJETS LTD

UNITED KINGDOM

14658

BMW AG

GERMANY

38111

BOEKHOORN M&A

NETHERLANDS

6667

BOMBARDIER AEROSPACE

UNITED STATES

36062

BORAJET HAVACILIK

TURKEY

37261

BOSTON POST LEASING

UNITED STATES

37922

BOURNEMOUTH AIR LTD.

SWITZERLAND

680

BURDA REISEFLUG

GERMANY

29107

BZL BERMUDA LIMITED

BERMUDA

516

BAHAG BAUS HANDELSGESELLSCHAFT AG ZUG/SCHWEIZ ZWEIGNIEDERLASSUNG MANNHEIM

GERMANY

25978

BAUHAUS GESELLSCHAFT FÜR BAU- UND HAUSBEDARF MBH & CO.

GERMANY

f10795

BEEF PRODUCTS INC. / BPI TECHNOLOGY INC.

UNITED STATES

f13674

BLACKHORSE, LLC.

UNITED STATES

23956

BLUE SKY AIRSERVICE GMBH

GERMANY

29389

BOMBARDIER PREOWNED

UNITED STATES

31614

BOMBARDIER TRANSPORTATION GMBH

GERMANY

37196

BOURNEMOUTH HANDLING LTD

UNITED KINGDOM

34852

BREMENFLY

GERMANY

15176

BUNDESPOLIZEI-FLIEGERGRUPPE

GERMANY

32874

BUSINESS JET LTD

NEW ZEALAND

19823

CA "AIR MOLDOVA" IS

MOLDOVA, REPUBLIC OF

33282

CANJET AIRLINES

CANADA

34985

CAPE CHAMONIX WINE

SOUTH AFRICA

43435

CARGO AIRCRAFT MGT

UNITED STATES

46300

CARGOLOGIC GERMANY

GERMANY

43019

CARGOLOGICAIR LTD

UNITED KINGDOM

32482

CARSON AIR LTD

CANADA

5800

CATHAY PACIFIC

CHINA

26021

CEBU PACIFIC AIR

PHILIPPINES

30714

CENTRAL MOUNTAIN AIR

CANADA

28482

CFFI VENTURES INC

CANADA

35194

CHONGQING AIRLINES

CHINA

28178

CIRRUS AVIATION

GERMANY

36157

CLUB SAAB 340

SWITZERLAND

4782

COMFORT AIR

GERMANY

23741

COMMANDER MEXICANA

MEXICO

33189

CONTINENT AIRLINE UU

RUSSIAN FEDERATION

31333

CORP JET SVCS

UNITED KINGDOM

34548

CORPORATE JET REALI.

UNITED KINGDOM

39156

CSM MINING SUPPLIES

SOUTH AFRICA

24481

CTL LOGISTICS S.A.

POLAND

39700

CVS/CAREMARK CORPORATION

UNITED STATES

f10103

CANADIAN UTILITIES LIMITED

CANADA

35021

CHAI LTD.

SWITZERLAND

35418

CHALLENGE AERO AG

UKRAINE

22448

CIRRUS AIRLINES LUFTFAHRTGESELLSCHAFT MBH

GERMANY

f10709

COLGAN AIR SERVICES

UNITED STATES

38182

COMMUNITY ENTERPRISES, LLC D/B/A 4274 AVIATION

UNITED STATES

f10778

COMPUTER SCIENCES CORPORATION

UNITED STATES

824

CONDOR FLUGDIENST GMBH

GERMANY

43597

D-CEMS FLUG GMBH

GERMANY

30922

DAIDALOS AVIATION

UKRAINE

34179

DAO AVIATION

DENMARK

967

DAS DIRECT AIR

GERMANY

28800

DATELINE OVERSEAS

CYPRUS

30651

DAUAIR

GERMANY

18003

DBA LUFTFAHRTGESELL.

GERMANY

26466

DC AVIATION GMBH

GERMANY

f10558

DCS MANAGEMENT SERVICES

UNITED STATES

30996

DEERE & COMPANY

UNITED STATES

38547

DEKALB FARMERS MARK.

UNITED STATES

37580

DERMAPHARM

GERMANY

31485

DEUTSCHE AIRCRAFT GMBH

GERMANY

f10774

DFZ, LLC

UNITED STATES

f10589

DH FLUGCHARTER GMBH

GERMANY

48724

DHL AIR (AUSTRIA) GMBH

AUSTRIA

35715

DHL AIR LTD.

UNITED KINGDOM

25139

DIETZ AG

GERMANY

37808

DIETZ AVIATION GMBH

GERMANY

18824

DLR BRAUNSCHWEIG

GERMANY

10853

DLR OBERPFAFFENHOFEN

GERMANY

37798

DO-TEC GMBH

GERMANY

27181

DONAVIA JSC

RUSSIAN FEDERATION

35451

DORNIER NO LIMITS

GERMANY

28795

DULCO HANDEL GMBH

GERMANY

968

DUSSMANN P

UNITED STATES

30726

DUTCH ANTILLES EXPR.

NETHERLANDS

4484

DELTA AIR LINES, INC.

UNITED STATES

8980

DELTA TECHNICAL SERVICES LTD

GERMANY

1776

DEUTSCHE LUFTHANSA AG

GERMANY

2044

DR. AUGUST OETKER KG

GERMANY

8082

E.I. DU PONT DE NEMOURS AND COMPANY

UNITED STATES

34736

EAST UNION

RUSSIAN FEDERATION

36121

EAT LEIPZIG GMBH

GERMANY

34657

EEA GMBH

GERMANY

29883

EFB AVIATION

UNITED STATES

996

EGYPTAIR

EGYPT

31615

EICHSFELD AIR GMBH

GERMANY

9807

EMIRATES INTL

UNITED ARAB EMIRATES

35749

EON AVIATION

INDIA

31041

EPC HOLDINGS 644

UNITED STATES

36507

ERSTE ASSET INVEST.

GERMANY

19629

ESCHMANN H D

GERMANY

29929

ETIHAD AIRWAYS

UNITED ARAB EMIRATES

34011

EURO AIR CHARTER

GERMANY

1980

EUROPEAN AIR EXPRESS

GERMANY

2034

EUROWINGS GMBH

GERMANY

3639

EVERGREEN AIRLINES

UNITED STATES

48305

EW DISCOVER GMBH

GERMANY

32264

EXECUJET ASIA

SINGAPORE

36357

EXECUJET AVIATION

SOUTH AFRICA

39161

EXECUTIVE JET SERV.

CONGO

31909

EXECUTIVE SVCS (AZ)

UNITED STATES

12213

EMIL CAPITAL PARTNERS, LLC

UNITED STATES

f10180

EPPS AIR SERVICE, INC.

UNITED STATES

22523

FAA

UNITED STATES

4783

FAI RENT-A-JET GMBH

GERMANY

34640

FALCON 007 S.A.R.L.

FRANCE

28589

FANCOURT FLUGCHARTER GMBH & CO KG

GERMANY

33077

FAS GMBH

GERMANY

12811

FEGOTILA LTD

BERMUDA

35937

FINKCAS

GERMANY

27700

FIRST DATA CORP

UNITED STATES

32722

FLIGHT CAL. MALAYSIA

MALAYSIA

22238

FLIGHT CALIBRATION

GERMANY

6705

FLM AVIATION

GERMANY

31012

FLUGSCHULE HAMBURG

GERMANY

42260

FLYEGYPT

EGYPT

38804

FLYING TECHNOLOGY

RUSSIAN FEDERATION

26843

FMG-FLUGSCHULE

GERMANY

11369

FORD EUROPE LTD

UNITED KINGDOM

1595

FRENZEL G

GERMANY

4232

FRONTIER AIRLINES

UNITED STATES

38973

FUENFTE XR-GMBH

GERMANY

14557

FIRMA STEINER-FILM

GERMANY

f10193

FIVE STAR AVIATION, LLC

UNITED STATES

36945

FLIGHTS HOLDINGS LIMITED

VIRGIN ISLANDS, BRITISH

1778

FLUGBEREITSCHAFT DES BUNDESMINISTERIUM DER VERTEIDIGUNG (FLBSCHFT BMVG)

GERMANY

32678

FRESENA FLUG GMBH & CO KG

GERMANY

25111

G-92 KFT

HUNGARY

33827

GABINETTE (ANG)

ANGOLA

22807

GAS AIR SERVICE GMBH

GERMANY

33821

GE CAPITAL B.V.

NETHERLANDS

35147

GE CAPITAL SWITZERL.

SWITZERLAND

25027

GEKO TRADE

GERMANY

3349

GENERAL MOTORS

UNITED STATES

36747

GEOJET LUFTFAHR. (2)

GERMANY

39230

GEORGE TOLOFARI

NIGERIA

31914

GERMAN SKY AIRLINES

GERMANY

38591

GERMANIA EXPRESS

GERMANY

35803

GHASSAN AHMED AL

UNITED ARAB EMIRATES

34848

GLOBAL A/C CONSULT

UNITED STATES

25642

GLOBAL AVTN BERMUDA

BERMUDA

38372

GLOBO AVIACAO

BRAZIL

23743

GOMEL AIRLINES

BELARUS

22366

GOVERNMENT CROATIA

CROATIA

22370

GOVERNMENT MACEDONIA

NORTH MACEDONIA

38832

GREENWAY JETS

UNITED STATES

2395

GROB AIRCRAFT AG

GERMANY

32172

GULF JET

UNITED ARAB EMIRATES

9243

GERMANIA FLUGGESELLSCHAFT MBH

GERMANY

28944

GERMANWINGS GMBH

GERMANY

34841

GIBBS INTERNATIONAL, INC.

UNITED STATES

38737

GREEN BAY PACKAGING INC.

UNITED STATES

315

GRUSS & COMPANY

UNITED STATES

f10984

GUITAR CENTER, INC.

UNITED STATES

37030

HAMBURG AIRWAYS

GERMANY

32580

HASLBERGER FINANZ.

GERMANY

33302

HAVERFORD SUISSE

SWITZERLAND

38607

HAWKER BEECHCRAFT 2

UNITED STATES

31519

HAWKER HUNTER AVTN

UNITED KINGDOM

25435

HBK HOLDING COMPANY

QATAR

35307

HELIJET CHARTER

GERMANY

48372

HESTON AIRLINES, UAB

LITHUANIA

31103

HOMAC AVIATION AG

LUXEMBOURG

26281

HTM HELICOPTER TRAVE

GERMANY

27680

HURKUS HAVAYOLU TASIMACILIK VE TIC A.S. (D.B.A. FREEBIRD AIRLINES)

TURKEY

28618

HAWORTH TRANSPORT

UNITED STATES

32953

HEIDELBERGCEMENT AG

GERMANY

f11187

HERC MANAGEMENT SERVICES LLC

UNITED STATES

33269

HERRENKNECHT AVIATION GMBH

GERMANY

f10240

HESS CORPORATION

UNITED STATES

f10652

IAC FALCON HOLDINGS

UNITED STATES

f11457

ICA GLOBAL SERVICES LLC

UNITED STATES

38692

IDEAVILLAGE PRODUCTS

UNITED STATES

35785

IFM TRAVIATION GMBH

GERMANY

39551

IKAR LLC

RUSSIAN FEDERATION

25785

ILYUSHIN AVIATION

RUSSIAN FEDERATION

37757

INFINUM ALTIDO INC., LTD

RUSSIAN FEDERATION

1528

IRANAIR

IRAN, ISLAMIC REPUBLIC OF

30463

IRAQI AIRWAYS (2)

IRAQ

37529

ISE INFORMATION SYS.

GERMANY

27301

IVANHOE AVIATION 2

SINGAPORE

24664

INTERMAP TECHNOLOGIES

UNITED STATES

35760

JEJU AIR

KOREA, REPUBLIC OF

39559

JESWALT INTL

VIRGIN ISLANDS, BRITISH

11307

JET EXECUTIVE INT.

GERMANY

27505

JET GROUP LTD

ISRAEL

21727

JET LINK

ISRAEL

2200

JETAIR FLUG GMBH

GERMANY

16761

JETFLIGHT AVIATION INC.

SWITZERLAND

3328

JETS EXECUTIVOS

MEXICO

36889

JETSTAR PACIFIC

VIET NAM

32363

JLJ EQUIPMENT LEASIN

UNITED STATES

21462

JOHNSON CONTROLS

UNITED STATES

36272

JORDAN INTNL

CHINA

11646

JULIUS BERGER

NIGERIA

32107

JUNEYAO AIRLINES

CHINA

36509

JUNKER ERWIN GRINDI

CZECHIA

21723

JOINT STOCK COMPANY URAL AIRLINES

RUSSIAN FEDERATION

37720

K5-AVIATION GMBH

GERMANY

1610

KARMANN GMBH

GERMANY

31171

KAZAVIASPAS

KAZAKHSTAN

22239

KIEV AVIATION PLANT

UKRAINE

33034

KINGS AIRLINES (2)

NIGERIA

25050

KONTROLA LETENJA SRBIJE I CRNE GORE DOO

SERBIA

1652

KOREAN AIR LINES CO., LTD.

KOREA, REPUBLIC OF

21632

KRASNOJARSKY AIRLINE

RUSSIAN FEDERATION

33039

KUBASE AVIATION

INDIA

1673

KUWAIT AIRWAYS

KUWAIT

23758

KIMBERLY-CLARK CORPORATION

UNITED STATES

25800

KNAUF ASTRA LTD.

UNITED KINGDOM

32568

KOMPASS GMBH & CO. KG

GERMANY

4335

KRAFT FOODS GLOBAL INC.

UNITED STATES

36476

LANARA LTD

KAZAKHSTAN, KYRGYZSTAN

44176

LANBOWAN LIMITED

SWITZERLAND

6383

LECH-AIR FLUGZEUG

GERMANY

20222

LGM LUFTFAHRT GMBH

GERMANY

38914

LIBRA FLUGZEUG GBR

GERMANY

28576

LIBRA TRAVEL

SWITZERLAND

42192

LIEBHERR AVIATION

GERMANY

f12832

LINCARE LEASING LLC

UNITED STATES

32192

LONDON CORPORATE JET

UNITED KINGDOM

26498

LUFT AVTN CHARTER

AUSTRALIA

45016

LYNXJET

ISRAEL

f10298

LEVI, RAY & SHOUP, INC.

UNITED STATES

15456

LUFTFAHRT-BUNDESAMT

GERMANY

3857

LUFTHANSA CARGO AG

GERMANY

27838

LUFTHANSA TECHNIK AG

GERMANY

f13551

M-BJEP LTD.

ISLE OF MAN

24502

M. BOHLKE VENEER CORP.

UNITED STATES

21072

MAHAN AIR

IRAN, ISLAMIC REPUBLIC OF

21878

MAKEDONSKI AVIOTRANS

NORTH MACEDONIA

12521

MARXER ANLAGEN

GERMANY

36372

MAT AIRWAYS

NORTH MACEDONIA

38074

MENA AEROSPACE (OB)

BAHRAIN

19999

MENEKSE HAVAYOLLARI

TURKEY

31538

MERLIN AVIATION

SWITZERLAND

444

MHS AVIATION GMBH

GERMANY

9082

MIDWEST AVIATION NE

UNITED STATES

30093

MIG RUSSIAN AIRCRAFT

RUSSIAN FEDERATION

37975

MILLENNIUM AVIATION

AUSTRIA

37426

MINERALOGY PTY LTD.

UNITED STATES

29242

MINISTRY OF COMMUNICATIONS

TANZANIA, UNITED REPUBLIC OF

28438

MLW AVIATION LLC

UNITED STATES

25067

MNG HAVAYOLLARI VE TASIMACILIK A.S. (MNG AIRLINES)

TURKEY

3057

MOELLERS MASCHINEN

GERMANY

36267

MONACO SPORTS MNGMT

UNITED KINGDOM

28473

MOONSTAR AVIATION

TURKEY

31348

MORGAN STANLEY MGMT

UNITED STATES

27187

MW AVIATION GMBH

GERMANY

31944

MYN AVIATION

SAUDI ARABIA

38209

MZ TRANSPORTATION

GERMANY

f13119

MARINER AIR LLC

UNITED STATES

38512

MICROSTRATEGY SERVICES CORPORATION

UNITED STATES

f13307

MIKLOS SERVICES CORP.

VIRGIN ISLANDS, BRITISH

f10785

N16FX TRUST

UNITED STATES

f12724

N250RG LLC

UNITED STATES

26118

NASA AMES CENTER

UNITED STATES

36849

NATIONAL AIR CARGO GROUP INC

UNITED STATES

33963

NATIONAL LEGACY

KUWAIT

7853

NATURAL ENVIRONMENT

UNITED KINGDOM

30581

NAYAK AIRCRAFT SERV.

GERMANY

38835

NEBULA III LTD UAE

UNITED ARAB EMIRATES

11061

NEUMEYR FLUGGERAETE

GERMANY

15551

NEW YORKER GROUP

GERMANY

24661

NORTH AMERICAN JET

UNITED STATES

29267

NOVELLUS SYSTEMS

UNITED STATES

31791

NOVESPACE

FRANCE

35125

NASSER LTD.

CAYMAN ISLANDS

f13922

NEWLEAD LIMITED

VIRGIN ISLANDS, BRITISH

12218

NIKE, INC.

UNITED STATES

567

OBO JET-CHARTER GMBH

GERMANY

33138

OCA INTERNATIONAL

GERMANY

22820

OMAN AIR

OMAN

22436

OMAN ROYAL FLIGHT

OMAN

2061

OMNIPOL

CZECHIA

17692

ONUR AIR

TURKEY

37597

OOO NP AGP MERIDIAN+

RUSSIAN FEDERATION

36743

ORANGE AIRCRAFT (2)

NETHERLANDS

8236

OWENS CORNING CORPORATION

UNITED STATES

25059

OMNI AIR INTERNATIONAL

UNITED STATES

23244

OPEN JOINT STOCK COMPANY "ROSSIYA AIRLINES" JSC "ROSSIYA AIRLINES"

RUSSIAN FEDERATION

3343

P&P PROMOTION

GERMANY

852

PARAGON RANCH

UNITED STATES

36875

PATRONUS AVIATION

VIRGIN ISLANDS, BRITISH

23471

PCT POWDER COATING TECHNOLOGIES INTL. SARL

SWITZERLAND

34044

PD AIR OPERATION LTD

GERMANY

10690

PEGASUS HAVA TASIMACILIGI A.S.

TURKEY

22294

PENSKE JET, INC.

UNITED STATES

19475

PETERS GMBH

GERMANY

37609

PETROPAVLOVSK MC

RUSSIAN FEDERATION

4265

PHIFER WIRE PRODUCTS

UNITED STATES

5225

PHOENIX AIR GMBH

GERMANY

3085

PICTON II LTD

BERMUDA

22309

POLET

RUSSIAN FEDERATION

30230

POLET ACFT MNGT

BERMUDA

36251

POLLARD ACFT SALES

UNITED STATES

37040

PREISS-DAIMLER

GERMANY

34505

PRINCESS AVIATION

LEBANON

29307

PRIVATAIR GMBH

GERMANY

34553

PRIVATE JET HOLD.

VIRGIN ISLANDS, BRITISH

12196

PRIVATE WINGS

GERMANY

37417

PRIVATEJET INT. GMBH

GERMANY

3751

PROCTER&GAMBLE

UNITED STATES

12648

PACELLI-BETEILIGUNGS GMBH & CO. KG

GERMANY

33666

PAKISTAN AVIATORS AND AVIATION (PVT) LTD.

PAKISTAN

29731

PARC AVIATION

IRELAND

775

PENTASTAR AVIATION, LLC

UNITED STATES

2196

QANTAS AIRWAYS

AUSTRALIA

21912

QATAR AIRWAYS

QATAR

39255

RA DR. JAN PLATHNER

GERMANY

37057

RADIC AVIATION

SAUDI ARABIA

30124

RAE - REGIONAL AIR

GERMANY

32083

RAY ENTERPRISES

UNITED STATES

30485

RC AVIATION LLP

UNITED STATES

19436

REGIO AIR MECKLENBRG

GERMANY

33032

RELIANCE COMMERCIAL

UNITED ARAB EMIRATES

30938

RIKSOS TURIZM LT

TURKEY

5547

RJR WINSTON SALEM

UNITED STATES

f13620

RNJ GMBH. & CO KG

GERMANY

48829

ROM CARGO AIRLINES S.R.L.

ROMANIA

29599

ROYAL JET

UNITED ARAB EMIRATES

32723

RSG RENTAL SERVICES

GERMANY

29927

RUAG AEROSPACE SERV

GERMANY

37464

RUAG SCHWEIZ AG

SWITZERLAND

38246

RUSAERO

RUSSIAN FEDERATION

9200

RYAN INTL AIRLINES

UNITED STATES

38368

RYAN INTL AIRLINES 2

UNITED STATES

29352

RENTAIR UK LTD

GERMANY

27446

RHEMA BIBLE CHURCH

UNITED STATES

606

ROBERT BOSCH GMBH

GERMANY

22593

S BRUNEI SULTAN

BRUNEI DARUSSALAM

44121

S SWAZILAND

SWAZILAND

f10788

SAP AMERICA INC.

UNITED STATES

18991

SAP SE

GERMANY

34319

SAPOFINA AVTN LTD.

VIRGIN ISLANDS, BRITISH

21282

SCHROTT WETZEL GMBH

GERMANY

5031

SCHWARZMUELLER

AUSTRIA

30971

SEARAY BD100

SOUTH AFRICA

35352

SEGRAVE AVIATION INC

UNITED STATES

46854

SF AIRLINES CO., LTD

CHINA

31846

SG FINANS A/S NORGE

SWEDEN

27571

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CHINA

22814

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UNITED ARAB EMIRATES

27735

SIK-AY HAVA TASIMACILIK A.S.

TURKEY

38681

SILK WAY WEST

AZERBAIJAN

2463

SINGAPORE AIRLINES

SINGAPORE

1034

SIRTE OIL

LIBYA

f12146

SIRVAIR, S.A. DE C.V.

MEXICO

7867

SIXT

GERMANY

32179

SKIPPERS AVIATION

AUSTRALIA

31208

SKY BEYOND HOLDINGS

SINGAPORE

2477

SKY JET

SWITZERLAND

37940

SKY SWALLOWS LTD.

RUSSIAN FEDERATION

37740

SKYBIRD AIR LTD

NIGERIA

34392

SKYBUS

KAZAKHSTAN

32816

SKYBUS AIRLINES

UNITED STATES

19819

SKYPLAN SERVICES

CANADA

31870

SM AVIATION

GERMANY

42622

SMART JET AVIATION

VIRGIN ISLANDS, BRITISH

32544

SMS AVIATION GMBH

GERMANY

33747

SOMON AIR

TAJIKISTAN

2316

SOUTH AFRICAN AIRWAYS

SOUTH AFRICA

f11331

SOUTHLAKE AVIATION LLC

UNITED STATES

36224

SPECTRA ENERGY

UNITED STATES

26725

SPIRIT AIRLINES 2

UNITED STATES

28904

SPX FLOW

UNITED STATES

5216

SRILANKAN AIRLINES

SRI LANKA

36094

SSP AVIATION

INDIA

23935

STAR ARIES SHIPMGMT

CYPRUS

32446

STAR AVIATION SRVCS

UNITED ARAB EMIRATES

29368

STAR AVIATION UG

GERMANY

15526

STATE ENTERPRISE ANTONOV DESIGN BUREAU

UKRAINE

32361

STRONG AVIATION

KUWAIT

30086

SUMMIT AIR

CANADA

44422

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GERMANY

36720

SWISS AV CONSULTANTS

SWITZERLAND

28910

SWISS GLOBAL JET MGT

SWITZERLAND

f12122

SAFEWAY, INC.

UNITED STATES

24784

SAMSUNG TECHWIN CO., LTD.

KOREA, REPUBLIC OF

f10701

SERVICIOS AEREOS REGIOMONTANOS, S.A.

MEXICO

21734

SIBERIA AIRLINES

RUSSIAN FEDERATION

f12005

SPIRAL, INC.

UNITED STATES

29841

SPIRIT OF SPICES GMBH

GERMANY

10201

SUNEXPRESS (GÜNES EKSPRES HAVACILIK A.S.)

TURKEY

28362

SUN D'OR INTERNATIONAL AIRLINES LTD

ISRAEL

12878

SÜDZUCKER REISE-SERVICE GMBH

GERMANY

36760

T'WAY AIR CO LTD

KOREA, REPUBLIC OF

8360

TACA

EL SALVADOR

40974

TATA SIA AIRLINES LT

INDIA

35978

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RUSSIAN FEDERATION

32576

TB INVEST GROUP

CZECHIA

31566

TEAM AVIATION

GERMANY

33120

TEC AIRCRAFT LEASING

AUSTRIA

36210

TESLA AIR

SWITZERLAND

42391

TEXTRON AVIATION

UNITED STATES

35936

TIGER HERCULES CORP

TAIWAN

48508

TITAN AIRWAYS MALTA LIMITED

MALTA

f12990

TOKECO INCORPORATED

UNITED STATES

21908

TOKOPH D P

SOUTH AFRICA

f14958

TPS GROUP HOLDING INC.

VIRGIN ISLANDS, BRITISH

33923

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NETHERLANDS

37070

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GERMANY

1389

TUIFLY GMBH

GERMANY

33495

TURBOJET KFT

HUNGARY

33979

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TURKEY

7971

TW AIR

BERMUDA

2681

THAI AIRWAYS INTERNATIONAL PUBLIC COMPANY LIMITED

THAILAND

f10445

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UNITED STATES

14993

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GERMANY

31353

TIDNISH HOLDINGS LIMITED

CANADA

f11873

TILLFORD LIMITED

BERMUDA

2758

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TURKEY

f12479

TYREMAX PTY LTD

AUSTRALIA

22512

UGANDA EXEC FLIGHT

UGANDA

27079

UKRAINIAN MEDITERRAN

UKRAINE

24948

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UKRAINE

46440

UR AIRLINES

IRAQ

4692

US AIRWAYS, INC.

UNITED STATES

29839

USA 3000 AIRLINES

UNITED STATES

34914

USA JET AIRLINES 3

UNITED STATES

43007

USAA

UNITED STATES

26886

UTAIR AVIATION, JSC

RUSSIAN FEDERATION

18224

UZBEKISTAN AIRWAYS

UZBEKISTAN

2782

UNITED AIRLINES, INC.

UNITED STATES

8960

UNITED PARCEL SERVICE CO

UNITED STATES

35921

UNITED THERAPEUTICS

UNITED STATES

31984

VARIG LOGISTICA SA

BRAZIL

37759

VENTURE AVTN GROUP

UNITED STATES

5198

VHM SCHUL & CHARTER

GERMANY

31758

VIVAT TRUST LTD.

UNITED KINGDOM

45213

VOLKSWAGEN AIRSERV.

GERMANY

2812

VRG LINHAS AEREAS S/A

BRAZIL

39258

VUKY HOLDINGS LTD

SWITZERLAND

31669

VACUNA JETS LIMITED

BERMUDA

30637

VALE S/A

BRAZIL

46913

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UNITED STATES

2833

VIESSMANN WERKE GMBH & CO. KG

GERMANY

18671

VOLGA-DNEPR AIRLINES LLC

RUSSIAN FEDERATION

36235

WATERLOO AVIATION

CANADA

24113

WEBER MANAGEMENT

GERMANY

1323

WEKA FLUGDIENST GMBH

GERMANY

35535

WELLS FARGO BANK (2)

UNITED STATES

34391

WHS CONSULTING AG

SWITZERLAND

10834

WIKING HELIKOPTER

GERMANY

33317

WINAIR AUSTRIA

AUSTRIA

34169

WIZZ AIR UKRAINE LLC

UKRAINE

37044

WOELBERN FLIGHT 01

GERMANY

36967

WOELBERN FLIGHT 02

GERMANY

2930

WORLD AIRWAYS

UNITED STATES

30605

WHEELS AVIATION LTD.

GERMANY

27514

WIRTGEN BGMBH

GERMANY

32609

XIAMEN AVIATION AVV

RUSSIAN FEDERATION

36920

XR-GMBH

GERMANY

32403

XRS HOLDINGS, LLC

UNITED STATES

34976

YH AVIATION LTD

UNITED KINGDOM

34953

ZENITH CAPITAL LTD

SWITZERLAND

33948

ZEUS TAXI AÉREO

BRAZIL

38977

ZWEITE XR-GMBH

GERMANY

5960

ZEMAN FTL

GERMANY

f10488

ZIFF BROTHERS INVESTMENT, LLC

UNITED STATES

24568

EBM-PAPST MULFINGEN GMBH & CO. KG

GERMANY

ESTONIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 34613 | ABELIA TRADING LTD | CYPRUS |
| 38113 | FL TECHNICS AB | LITHUANIA |
| 22574 | MIL JAPAN | JAPAN |
| 10937 | MIL RUSSIA | RUSSIAN FEDERATION |
| 1117 | MIL SWITZERLAND | SWITZERLAND |
| 35109 | NORTH WIND AIRLINES | ESTONIA |
| 38604 | SMARTLYNX ESTONIA | ESTONIA |
| 30036 | ULS AIRLINES CARGO | TURKEY |
| 36496 | ZAMBEZI AIRLINES | ZIMBABWE |

CRCO Identification number

Operator Name

State of the Operator

34613

ABELIA TRADING LTD

CYPRUS

38113

FL TECHNICS AB

LITHUANIA

22574

MIL JAPAN

JAPAN

10937

MIL RUSSIA

RUSSIAN FEDERATION

1117

MIL SWITZERLAND

SWITZERLAND

35109

NORTH WIND AIRLINES

ESTONIA

38604

SMARTLYNX ESTONIA

ESTONIA

30036

ULS AIRLINES CARGO

TURKEY

36496

ZAMBEZI AIRLINES

ZIMBABWE

IRELAND

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 34931 | BLUE NIGHTINGALE TRADING | SOUTH AFRICA |
| 32901 | 142955 ONTARIO LTD | CANADA |
| 37435 | 921BE LLC | UNITED STATES |
| 27726 | 994748 ONTARIO INC | CANADA |
| f11440 | A & C BUSINESS SERVICES INC | UNITED STATES |
| 27976 | ABCO AVIATION INCORPORATED | UNITED STATES |
| 35023 | ACFT FINANCE TRUST | IRELAND |
| 31510 | ACP JETS | UNITED STATES |
| f11447 | ADC AVIATION LLC | UNITED STATES |
| f10775 | ADP AVIATION, LLC | UNITED STATES |
| 132 | AER LINGUS | IRELAND |
| 29293 | AERO TIMBER PARTNERS | UNITED STATES |
| 23714 | AERO TOY STORE LLC | UNITED STATES |
| 28752 | AEROMANAGMENT GROUP | UNITED STATES |
| 39015 | AEROSTAR LTD IRELAND | IRELAND |
| 32813 | AIR BLESSING | UNITED STATES |
| 7057 | AIR SHAMROCK | UNITED STATES |
| 32218 | AIR TAHOMA | UNITED STATES |
| 28432 | AIR TREK | UNITED STATES |
| 33141 | AIRTIME LLC | UNITED STATES |
| 34285 | ALCHEMIST JET AIR LLC | UNITED STATES |
| f12838 | ALEDO SUB LLC | UNITED STATES |
| 26140 | ALLTECH | UNITED STATES |
| 30995 | ALPHA ONE FLIGHT SERVICES | UNITED STATES |
| f12957 | AMC 50 LLC | UNITED STATES |
| 31782 | AMERIPRISE FINANCIAL | UNITED STATES |
| 27173 | APACHE CORP | UNITED STATES |
| 38618 | AR INVESTMENTS LLC. | UNITED STATES |
| 39205 | ARGOS CAPITAL MNGT | UNITED STATES |
| 34018 | ARKIVA LTD. | IRELAND |
| 298 | ASL AIRLINES (IRELAND) LIMITED | IRELAND |
| 29280 | ASTOR STREET ASSET | UNITED STATES |
| 35166 | AT&T MANAGEMENT SERVICES, L.P. | UNITED STATES |
| 33136 | ATLANTIC AV KTEB | UNITED STATES |
| 33008 | AVIA PARTNER DENMARK | DENMARK |
| 36309 | AVIANOVA (RUSSIA) | RUSSIAN FEDERATION |
| 30118 | AVIATION CORPORATE SERVICES | IRELAND |
| f11798 | AVION SALES LLC | UNITED STATES |
| 27087 | AVIONETA | UNITED STATES |
| 29670 | AERO WAYS INC | UNITED STATES |
| f10007 | AIR REESE, LLC | UNITED STATES |
| f10765 | ALASKA EASTERN PARTNERS | UNITED STATES |
| 36324 | ALTIS | IRELAND |
| f12155 | AMALGAMATED CONSOLIDATED, INC. | UNITED STATES |
| f12108 | AMBASSADOR MARKETING INTERNATIONAL INC. | UNITED STATES |
| 26369 | B&G LEASING | UNITED STATES |
| 34053 | BANK OF NOVA SCOTIA | CANADA |
| 31686 | BARNARD AVIATION | UNITED STATES |
| 1537 | BAXTER HEALTH CARE | UNITED STATES |
| 34487 | BAZIS INTL INC. | CANADA |
| 33090 | BEACON AVIATION | IRELAND |
| f11361 | BEAUTY CENTRAL LLC | UNITED STATES |
| 25114 | BECKER GROUP | UNITED STATES |
| 6890 | BECTON DICKINSON | UNITED STATES |
| 32660 | BEDEK AVIATION | ISRAEL |
| 38915 | BEL AIR LLC | UNITED STATES |
| 36482 | BGST LLC | UNITED STATES |
| 33557 | BIG PLAY FLIGHT SVCS | UNITED STATES |
| f12964 | BLATTI AVIATION INC | UNITED STATES |
| 33247 | BLUE CITY HOLDINGS LTD | UNITED STATES |
| f11410 | BORG HOLDINGS LLC | UNITED STATES |
| 31975 | BOULDER US | UNITED STATES |
| 32952 | BPG PROPERTIES | UNITED STATES |
| 37279 | BUSINESS A.CENTRE CO | THAILAND |
| f12103 | BENSON FOOTBALL, LLC | UNITED STATES |
| 35372 | BINDLEY CAPITAL PARTNERS | UNITED STATES |
| f12682 | BOMBARDIER NEW AIRCRAFT | UNITED STATES |
| 36888 | BOSTON SCIENTIFIC CORP | UNITED STATES |
| f11899 | C C MEDIA HOLDINGS INC | UNITED STATES |
| 35160 | C. DOT AVIATION, LLC | UNITED STATES |
| 36790 | C2C AIR CHARTERS | UNITED STATES |
| 37117 | CA, INC. | UNITED STATES |
| 32717 | CAMERON HENKIND | UNITED STATES |
| 22953 | CAPE CLEAR CAPITAL | UNITED STATES |
| 22724 | CARDINAL HEALTH AVTN | UNITED STATES |
| 30615 | CARLISLE HOLDINGS LLC | UNITED STATES |
| 34066 | CASTLE 2003-2 IRELAND LTD | IRELAND |
| 34153 | CAYLEY AVIATION | SWITZERLAND |
| 30896 | CCA AIR CHARTER | UNITED STATES |
| f10927 | CEF 2002 AIRCRAFT LLC D/B/A CERIDIAN CORPORATION | UNITED STATES |
| 36333 | CELLO AVIATION LTD | UNITED KINGDOM |
| 29250 | CENTURION AVTN SRVCS | UNITED STATES |
| 36860 | CESSNA FINANCE CORP | UNITED KINGDOM |
| f11418 | CESSNA FINANCE CORP | UNITED KINGDOM |
| 29096 | CHUBB FLIGHT OPERATIONS | UNITED STATES |
| 5078 | CINTAS | UNITED STATES |
| 37889 | CIRRUS AVIATION (US) | UNITED STATES |
| 21455 | CITYJET | IRELAND |
| 36082 | CMC GROUP INC. | UNITED STATES |
| 35826 | CONSTELLATION LEASING LLC | UNITED STATES |
| 32509 | COOK AIRCRAFT LEASNG | UNITED STATES |
| 33877 | CORACLE AVIATION | SWITZERLAND |
| 19036 | CORPORATE JETS PA | UNITED STATES |
| 9248 | CRANE COMPANY | UNITED STATES |
| 28444 | CROSS AVTN | UNITED KINGDOM |
| f11386 | CUNA MUTUAL INSURANCE SOCIETY | UNITED STATES |
| f13609 | CENTER FOR DISEASE DETECTION LLC | UNITED STATES |
| 3769 | CHEVRON U.S.A.INC. | UNITED STATES |
| f12458 | CODALE ELECTRIC SUPPLY INC. | UNITED STATES |
| f11882 | COLSON & COLSON GENERAL CONTRACTOR | UNITED STATES |
| f13788 | CONSTELLATION PRODUCTIONS | UNITED STATES |
| 30753 | COVIDIEN | UNITED STATES |
| f10987 | COZZENS AND CUDAHY AIR | UNITED STATES |
| f10650 | DARBY HOLDINGS | UNITED STATES |
| f11469 | DELAWARE GLOBAL OPERATION LLC | UNITED STATES |
| 31690 | DELTA JET USA | UNITED STATES |
| 24235 | DENISTON ENTERPRISES | UNITED STATES |
| 35507 | DIAMOND AIR CHARTER | UNITED KINGDOM |
| 30715 | DMB AVIATION | UNITED STATES |
| 35370 | DOMINOS PIZZA (2) | UNITED STATES |
| f12713 | DSS214 LLC | UNITED STATES |
| 6064 | DUBAI AIR WING | UNITED ARAB EMIRATES |
| 27997 | DYNAMIC AVIATION SERVICES INC | UNITED STATES |
| f13128 | DAVID A. DUFFIELD/ PEGASUS VI, LLC. | UNITED STATES |
| 45097 | DREAMLINE AVIATION LLC | UNITED STATES |
| 35072 | EAC AIR LLC | UNITED STATES |
| 8339 | EATON | UNITED STATES |
| 1009 | ELI LILLY | UNITED STATES |
| 23828 | EMC IRELAND | IRELAND |
| 23627 | EMERCOM RUSSIA | RUSSIAN FEDERATION |
| 33649 | ENCORE 684 LLC | UNITED STATES |
| f11381 | ENCORE/SB AVIATION LLC | UNITED STATES |
| f12801 | EUROPEAN AIRCRAFT CHARTER INC | UNITED STATES |
| f10176 | ENERGY CORPORATION OF AMERICA | UNITED STATES |
| f15935 | EXCOLO AVIATION | UNITED STATES |
| f10183 | EXECUTIVE FLIGHT SOLUTIONS, LLC | UNITED STATES |
| 33361 | FAGEN INC | UNITED STATES |
| 29521 | FAIRMONT AVIATION SE | CANADA |
| 35375 | FALCON 50 LLC | UNITED STATES |
| 33587 | FANAR AVIATION LTD | UNITED ARAB EMIRATES |
| 32271 | FAST LINK EGYPT | EGYPT |
| 34792 | FASTNET JET ALLIANCE | IRELAND |
| 28181 | FERRO CORP | UNITED STATES |
| 30469 | FIRST VIRTUAL AIR | UNITED STATES |
| 18781 | FJ900 | UNITED STATES |
| 9532 | FL AVIATION CORPORATION | UNITED STATES |
| 47917 | FLEXIBLE FLIGHT WLL | BAHRAIN |
| 31774 | FLYING SQUIRREL | UNITED STATES |
| 10276 | FLYNN FINANCIAL | UNITED STATES |
| 6573 | FOUR STAR | UNITED STATES |
| 34371 | FREEBIRD MNGMT LTD. | IRELAND |
| f12717 | FREEMAN AIR CHARTER SERVICES | UNITED STATES |
| 3826 | FRIEDKIN INTL | UNITED STATES |
| 22293 | FRONTLINER INC | UNITED STATES |
| f12666 | FALCON FIFTY LLC | UNITED STATES |
| 35797 | FELHAM ENTERPRISES INC | UNITED STATES |
| 23081 | FERTITTA ENTERPRISES | UNITED STATES |
| f10208 | FLIGHTSTAR CORPORATION | UNITED STATES |
| f10877 | FORTUNE BRANDS, INC. | UNITED STATES |
| 21858 | FROST ADMINISTRATIVE SERVICES, INC. | UNITED STATES |
| f11889 | FUTURA TRAVELS LIMITED | INDIA |
| 39022 | GAUGHAN FLYING LLC | UNITED STATES |
| 38550 | GC INTERNATIONAL LLC | UNITED STATES |
| 22286 | GE CAPITAL-GECAS EI | IRELAND |
| 32292 | GE COMMERCIAL AV SVC | IRELAND |
| 26624 | GENERAL MILLS SALES | UNITED STATES |
| 38543 | GEORGE GUND 3 | UNITED STATES |
| f13141 | GIII AIRCRAFT MANAGEMENT, LLC | UNITED STATES |
| f12778 | GIV EXEC JET LLC | UNITED STATES |
| 38943 | GLOBAL EXPRESS GROUP | UNITED STATES |
| 33121 | GLOBAL TRIP SUPPORT | UNITED STATES |
| 23814 | GLOBAL WINGS LTD | SWITZERLAND |
| 3964 | GOODYEAR | UNITED STATES |
| f10230 | GPAIR LIMITED | CANADA |
| f11374 | GREEN CHAIR PRODUCTIONS INC | UNITED STATES |
| f12820 | GREENBRIER CAPITAL LLC | UNITED STATES |
| 26847 | GREENHILL AVTN | UNITED STATES |
| 31561 | GULF PACIFIC AVTN SV | UNITED STATES |
| f11239 | GAMESTOP, INC | UNITED STATES |
| 33031 | GEMINI LTD | UNITED STATES |
| f13449 | GENERAL DYNAMICS LAND SYSTEMS | UNITED STATES |
| f12159 | GILEAD SCIENCES | UNITED STATES |
| f10231 | GRAHAM BROTHERS CONSTRUCTION CO., INC | UNITED STATES |
| 22958 | GROUP HOLDINGS | UNITED STATES |
| f13612 | GUTHY RENKER AVIATION | UNITED STATES |
| f15722 | H.E. MANAGEMENT | UNITED STATES |
| 24874 | HAC (HANGAR ACQUISITION CORPORATION) | UNITED STATES |
| 28219 | HARLEY-DAVIDSON | UNITED STATES |
| 21857 | HARSCO | UNITED STATES |
| 31054 | HEAVYLIFT INT. | UNITED ARAB EMIRATES |
| 1423 | HERSHEY COMPANY | UNITED STATES |
| 26380 | HERTZ CORP | UNITED STATES |
| 35241 | HIGHFIELDS CAP MGMT | UNITED STATES |
| 24583 | HILL AIR COMPANY I LLC | UNITED STATES |
| 24776 | HOME DEPOT | UNITED STATES |
| 33420 | HOWARD HOLDINGS PLC | IRELAND |
| 5170 | HUMANA | UNITED STATES |
| 29387 | HARBERT AVIATION | UNITED STATES |
| f12750 | HAWK HOLLOW AVIATION LLC | UNITED STATES |
| 42446 | HORMEL FOODS CORPORATION | UNITED STATES |
| f11193 | IAMAW | UNITED STATES |
| 24747 | IFFTG | UNITED STATES |
| 32500 | ILFC IRELAND LTD | IRELAND |
| 21409 | IRVING AIR SERVICE | CANADA |
| 28726 | INTERNATIONAL JET MANAGEMENT | UNITED STATES |
| 36005 | IRVING OIL TRANSPORT INC. | CANADA |
| 32671 | JANNAIRE LLP | UNITED KINGDOM |
| 35830 | JAPC INC | UNITED STATES |
| f10275 | JELD-WEN, INC. | UNITED STATES |
| 27861 | JEP LEASING | UNITED STATES |
| 22094 | JEPPESEN UK LTD | UNITED KINGDOM |
| 32549 | JET CLIPPER JOHNNY | UNITED STATES |
| 35926 | JET LOGISTICS INC | UNITED STATES |
| 35981 | JET SHARES ONLY | UNITED STATES |
| 32652 | JET SMART INC | UNITED STATES |
| 30210 | JET-A-WAY CHARTERS | UNITED STATES |
| 36494 | JETSELECT, LLC | UNITED STATES |
| 48322 | JFW LEASING II LLC | UNITED STATES |
| 34915 | JKB JET HOLDINGS LLC | UNITED STATES |
| 26509 | JOLUK AVTN | UNITED STATES |
| 39282 | JAMES S OFFIELD | UNITED STATES |
| f10555 | JANAH MANAGEMENT COMPANY LTD. | UNITED KINGDOM |
| 31850 | JARDEN CORP | UNITED STATES |
| f10276 | JEPSON ASSOCIATES INC. | UNITED STATES |
| 34314 | JET DIRECT AVIATION (FILED FOR BANKRUPTCY ON 25/02/2009) | UNITED STATES |
| f10282 | JOHN M. CONNORS, JR. | UNITED STATES |
| 1584 | JOHNSON&JOHNSON | UNITED STATES |
| 35520 | JONES INTERNATIONAL AVIATION LLC | UNITED STATES |
| f10702 | KEB AIRCRAFT SALES, INC. | UNITED STATES |
| 8180 | KELLOGG | UNITED STATES |
| f11341 | KKN TRANSPORTATION LEASING LLC | UNITED STATES |
| 32210 | KLEIN TOOLS | UNITED STATES |
| 20894 | KOHLER CO | UNITED STATES |
| f10286 | KANSAS CITY LIFE INSURANCE COMPANY | UNITED STATES |
| f10287 | KENAIR, INC. | UNITED STATES |
| f10713 | KONFARA COMPANY | UNITED STATES |
| 31706 | LCG ENTERPRISES | UNITED STATES |
| 35616 | LEONARD GREEN & PART | UNITED STATES |
| 12275 | LIBERTY MUTUAL | UNITED STATES |
| 32207 | LISBON LIMITED | BERMUDA |
| 1823 | LOCKHEED MARTIN CORP | UNITED STATES |
| 28852 | LONDON CITY JET | UNITED KINGDOM |
| 35829 | LOWES COMPANIES INC | UNITED STATES |
| 40196 | LP 221 LC | UNITED STATES |
| 37926 | LUGHNASA MGMT LLC | UNITED STATES |
| 36958 | LUNA ENTERTAINMENT | UNITED STATES |
| f10295 | LECO CORPORATION | UNITED STATES |
| 29729 | LETICA LEASING LLC | UNITED STATES |
| 36957 | LEVEL 3 COMMUNICATIONS | UNITED STATES |
| f10302 | LOWER CROSS AIRCRAFT CORP. | UNITED STATES |
| 38901 | M&M AVIATION GROUP | UNITED STATES |
| 36961 | MAGELLAN A/C SVCS | IRELAND |
| 30454 | MAJJEC JHETT | UNITED STATES |
| 26422 | MANDAN | UNITED STATES |
| 38653 | MANHAG AG | SWITZERLAND |
| 31670 | MATTHEWS JOHN | UNITED KINGDOM |
| 29444 | MC GROUP | UNITED STATES |
| 12177 | MELLON BANK | UNITED STATES |
| 27630 | MERCURY ENGINEERING | IRELAND |
| 11068 | MGM RESORTS AVIATION CORP | UNITED STATES |
| 30050 | MHS TRAVEL & CHTR | UNITED STATES |
| 37895 | MID SOUTH JETS INC | UNITED STATES |
| 26475 | MIDAMERICAN ENERGY | UNITED STATES |
| f13615 | MIDES SEM DE CV | EL SALVADOR |
| 1104 | MIL IRELAND | IRELAND |
| f10317 | MMB MANAGEMENT ADVISORY SERVICES | UNITED STATES |
| 31703 | MMRB SERVICES | UNITED STATES |
| 35625 | MODESTO EXEC AIR CHR | UNITED STATES |
| f11411 | MONAVIE AIRCRAFT LEASING LLC | UNITED STATES |
| 36426 | MPW INDUSTRIAL SVCS | UNITED STATES |
| 40770 | MRTV LLC | UNITED STATES |
| 32479 | MVA AVIATION LTD. | BERMUDA |
| f12230 | MANNCO LLC | UNITED STATES |
| 27893 | MERCK & CO., INC. | UNITED STATES |
| f10507 | MIDLAND FINANCIAL CO. | UNITED STATES |
| f10968 | MOZART INVESTMENTS, INC. | UNITED STATES |
| f11326 | N14FX TRUST C/O WILMINGTON TRUST CO | UNITED STATES |
| f12769 | N48KZ LLC | UNITED STATES |
| 39276 | N583KD LLC | UNITED STATES |
| 18796 | N728LW LLC | UNITED STATES |
| f10324 | NASCAR, INC. | UNITED STATES |
| f10328 | NCR CORPORATION | UNITED STATES |
| 18352 | NESTLE PURINA PETCAR | UNITED STATES |
| 29867 | NEXT FLIGHT JETS | UNITED STATES |
| 32930 | NINETY EIGHT AVTN | UNITED STATES |
| 33473 | NOK AIR | THAILAND |
| f10962 | NORTH AMERICAN FLIGHT SERVICES | UNITED STATES |
| 26985 | NORTH STAR AVTN | UNITED STATES |
| 42956 | NORWEGIAN AIR INTL | IRELAND |
| 31004 | NOVA CORPORATE SERVICES | UNITED KINGDOM |
| 36522 | NEW ORION AIR GROUP | UNITED STATES |
| 43372 | NOBLE ENERGY, INC. | UNITED STATES |
| f10334 | NOEL GROUP AVIATION | UNITED STATES |
| f12013 | NORFOLK SOUTHERN CORP. | UNITED STATES |
| f12093 | NUSTAR LOGISTICS | UNITED STATES |
| f10917 | OAKLR AVIATION SERVICES LLC | UNITED STATES |
| 32397 | OFFICE DEPOT | UNITED STATES |
| 37310 | OKAY AIRWAYS | CHINA |
| 9116 | OMEGA AIR (USA) | UNITED STATES |
| f11444 | OPA LLC | UNITED STATES |
| 7079 | ORBIS INTL | UNITED STATES |
| 35897 | OSLO EXPRESS | UNITED STATES |
| 37383 | OSPREY AIR LEASE LLC | UNITED STATES |
| 2079 | OWENS ILLINOIS | UNITED STATES |
| f11106 | ORANGE CRIMSON AVIATION, LLC | UNITED STATES |
| 10012 | P & E PROPERTIES | UNITED STATES |
| 33261 | PACIFIC SKY | CANADA |
| 8792 | PALMER A | UNITED STATES |
| f10642 | PAM MANAGEMENT SERV. LLC | UNITED STATES |
| 36792 | PB AIR LLC | UNITED STATES |
| 29783 | PEGASUS AVIATION CA | UNITED STATES |
| 36816 | PHILLIPS EDISON & CO | UNITED STATES |
| 32055 | PIONEER ADVENTURES | NEW ZEALAND |
| 39139 | PITCH LINK LLC | UNITED STATES |
| f10361 | PNC FINANCIAL SERVICES GROUP | UNITED STATES |
| f11419 | POLAR BEAR EXPRESS II LLC | UNITED STATES |
| f10729 | PPD DEVELOPMENT, LLC | UNITED STATES |
| 32096 | PRIME AVIATION JSC | KAZAKHSTAN |
| 34180 | PROFESSIONAL CARE | UNITED STATES |
| f10820 | PALM BEACH AVIATION, INC. | UNITED STATES |
| f10351 | PARAMOUNT PICTURES CORPORATION | UNITED STATES |
| 3252 | PEPSICO, INC. | UNITED STATES |
| f10918 | PILGRIM AIR | UNITED STATES |
| f10979 | PINJET AVIATION, LLC | UNITED STATES |
| 31045 | PRIVATESKY AVIATION LLC | UNITED STATES |
| 7076 | PROJECT ORBIS INTERNATIONAL, INC. | FRANCE |
| 26605 | QUEST AVTN | UNITED STATES |
| 29692 | RABBIT RUN | UNITED STATES |
| 32706 | RBGT LLC | UNITED STATES |
| f10978 | REAUD MORGAN QUINN | UNITED STATES |
| 31234 | RED BARN FARMS | UNITED STATES |
| 37662 | REYNOLDS JET MGMT | UNITED STATES |
| 29947 | RIVERSIDE AVIATION LLC | UNITED STATES |
| 35940 | RIZON JET UK LTD | UNITED KINGDOM |
| 38890 | RKK MANAGEMENT, INC. | UNITED STATES |
| 31650 | ROBINSON AVTN | UNITED STATES |
| f11777 | ROBINSON LEASING INC | UNITED STATES |
| 36351 | ROCKWELL COLLINS LLC | UNITED STATES |
| 23899 | ROLLINS INC. | UNITED STATES |
| 29788 | RORO 212 | UNITED STATES |
| 31502 | ROTOR TRADE (ARC) | UNITED STATES |
| 2292 | ROWAN COMPANIES PLC | UNITED STATES |
| 30090 | RUSAVIATION | UNITED ARAB EMIRATES |
| 39971 | RUUD LIGHTING INC | UNITED STATES |
| 46258 | RYANAIR UK LIMITED | UNITED KINGDOM |
| 8651 | RYANAIR DAC | IRELAND |
| 28054 | SAFEWAY | UNITED STATES |
| 45188 | SAS IRELAND | IRELAND |
| 34898 | SD VERMOGENSVERWALT | GERMANY |
| f12851 | SDL MANAGEMENT COMPANY LLC | UNITED STATES |
| 871 | SEAGULL AIRCRAFT CORP | UNITED STATES |
| f11250 | SGSF CAPITAL VENTURE LLC | UNITED STATES |
| 32093 | SHEARWATER AIR | UNITED STATES |
| 24869 | SIERRA PACIFIC IND | UNITED STATES |
| 40083 | SILVER AIR 2 | UNITED STATES |
| 36640 | SIM SAS | FRANCE |
| f12817 | SITRICK AND CO | UNITED STATES |
| 28509 | SPEEDWINGS BUSINESS SA | MEXICO |
| f12106 | SPG FRANK GROUP (SPG MANAGEMENT, LLC AND FRANK GROUP, LLC) | UNITED STATES |
| 40089 | SPIRE FLIGHT SOL. | UNITED KINGDOM |
| 30500 | STANDARD & POORS | UNITED STATES |
| 31823 | STARSHIP ENTERPRISE | UNITED STATES |
| 44504 | SUPER UNIVERSAL LLC | UNITED STATES |
| 37246 | SELECT MANAGEMENT RESOURCES, LLC | UNITED STATES |
| f10824 | SEMINOLE TRIBE OF FLORIDA | UNITED STATES |
| f14029 | SIGNATURE GROUP LLC | UNITED STATES |
| f13116 | STANDRIDGE COLOR CORPORATION | UNITED STATES |
| 36081 | STARBUCKS CORPORATION | UNITED STATES |
| f10501 | SUNOCO INC. | UNITED STATES |
| 35071 | T2 AVIATION MGMT. | UNITED STATES |
| 32156 | TALLWOOD MANAGEMNT | UNITED STATES |
| f12709 | TAMPA BAY AIRLINES LLC C/O BLUMBERGEXCELSIOR CORP | UNITED STATES |
| 21578 | TENNECO INC | UNITED STATES |
| 3696 | TEXAS INSTRUMENTS | UNITED STATES |
| f11309 | THIRD SECURITY LLC | UNITED STATES |
| f14943 | THUNDERBIRD AVIATION OPERATOR LTD. | UNITED STATES |
| f13842 | TLS AVIATION LLC | UNITED STATES |
| f12991 | TONY DOWNS FOODS | UNITED STATES |
| 26406 | TRANS WEST AIR SRVCS | UNITED STATES |
| 9788 | TRANSIT AIR SRVC | UNITED STATES |
| 31673 | TRAVELERS INDEMNITY CO | UNITED STATES |
| 29623 | TRICYCLE AVIATION | UNITED STATES |
| 38625 | TASHI CORPORATION | UNITED STATES |
| f11003 | TENDENCIA ASSET MANAGEMENT | CAYMAN ISLANDS |
| 25363 | THE BOEING COMPANY | UNITED STATES |
| 40990 | THE SHERWIN-WILLIAMS COMPANY | UNITED STATES |
| f10446 | TOUR AIR, INC. | UNITED STATES |
| f12231 | TRANSLATIN S.A. | UNITED STATES |
| 45090 | UNICORP AVIATION LLC | UNITED STATES |
| 4090 | UNITED COMPANY THE | UNITED STATES |
| 2797 | UNITED STATES STEEL | UNITED STATES |
| f10462 | US BANK NA TRUSTEE | UNITED STATES |
| f10460 | UNISYS CORPORATION | UNITED STATES |
| 9252 | UNIVERSITY CORPORATION FOR ATMOSPHERIC RESEARCH (UCAR) | UNITED STATES |
| 9275 | VALLEJO INVESTMENTS | UNITED STATES |
| f11803 | VALLEY JET LLC | UNITED STATES |
| 29120 | VEN AIR | IRELAND |
| 32119 | VIA FELIZ II | UNITED STATES |
| 24690 | VICTORY AVTN FLORIDA | UNITED STATES |
| 28043 | VILLAGE EQUIPMENT | UNITED STATES |
| 8142 | VIRGIN ATLANTIC AIRWAYS LTD | UNITED KINGDOM |
| 36447 | VTB LEASING (EUROPE) | RUSSIAN FEDERATION |
| f10591 | VULCAN MATERIALS COMPANY | UNITED STATES |
| 35911 | WALLAN AVIATION 2 | SAUDI ARABIA |
| 38924 | WAR ENTERPRISES | UNITED STATES |
| f10470 | WASTE MANAGEMENT, INC | UNITED STATES |
| 5187 | WELDBEND | UNITED STATES |
| 35439 | WELLS FARGO BANK NW | UNITED STATES |
| 31125 | WESTON LTD | IRELAND |
| 22445 | WHITE CLOUD | UNITED STATES |
| 38797 | WILDGOOSE LLC | UNITED STATES |
| 33542 | WING FINANCIAL LLC | UNITED STATES |
| 28282 | WINGEDFOOT AVTN | UNITED STATES |
| 38212 | WINGS AVIATION (DE) | UNITED STATES |
| 29233 | WRENAIR | IRELAND |
| 36499 | WARNER CHILCOTT | UNITED STATES |
| f10815 | WASHINGTON PENN PLASTIC COMPANY | UNITED STATES |
| f10789 | WELLS FARGO BANK NORTHWEST, C/O MORGAN & MORGAN | UNITED STATES |
| f10792 | WERNER ENTERPRISES INC. | UNITED STATES |
| 25465 | WESTJET | CANADA |
| f11532 | WORLDWIDE AIRCRAFT HOLDING COMPANY | BERMUDA |
| 32454 | XJET USA | UNITED STATES |
| f10485 | XEROX CORPORATION | UNITED STATES |
| 31649 | Z1 HOLDINGS | UNITED STATES |
| 44261 | ZALA GROUP LLC | UNITED STATES |
| 39577 | ZAROX HOLDINGS LTD | UNITED KINGDOM |
| f11027 | ZENITH INSURANCE COMPANY | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

34931

BLUE NIGHTINGALE TRADING

SOUTH AFRICA

32901

142955 ONTARIO LTD

CANADA

37435

921BE LLC

UNITED STATES

27726

994748 ONTARIO INC

CANADA

f11440

A & C BUSINESS SERVICES INC

UNITED STATES

27976

ABCO AVIATION INCORPORATED

UNITED STATES

35023

ACFT FINANCE TRUST

IRELAND

31510

ACP JETS

UNITED STATES

f11447

ADC AVIATION LLC

UNITED STATES

f10775

ADP AVIATION, LLC

UNITED STATES

132

AER LINGUS

IRELAND

29293

AERO TIMBER PARTNERS

UNITED STATES

23714

AERO TOY STORE LLC

UNITED STATES

28752

AEROMANAGMENT GROUP

UNITED STATES

39015

AEROSTAR LTD IRELAND

IRELAND

32813

AIR BLESSING

UNITED STATES

7057

AIR SHAMROCK

UNITED STATES

32218

AIR TAHOMA

UNITED STATES

28432

AIR TREK

UNITED STATES

33141

AIRTIME LLC

UNITED STATES

34285

ALCHEMIST JET AIR LLC

UNITED STATES

f12838

ALEDO SUB LLC

UNITED STATES

26140

ALLTECH

UNITED STATES

30995

ALPHA ONE FLIGHT SERVICES

UNITED STATES

f12957

AMC 50 LLC

UNITED STATES

31782

AMERIPRISE FINANCIAL

UNITED STATES

27173

APACHE CORP

UNITED STATES

38618

AR INVESTMENTS LLC.

UNITED STATES

39205

ARGOS CAPITAL MNGT

UNITED STATES

34018

ARKIVA LTD.

IRELAND

298

ASL AIRLINES (IRELAND) LIMITED

IRELAND

29280

ASTOR STREET ASSET

UNITED STATES

35166

AT&T MANAGEMENT SERVICES, L.P.

UNITED STATES

33136

ATLANTIC AV KTEB

UNITED STATES

33008

AVIA PARTNER DENMARK

DENMARK

36309

AVIANOVA (RUSSIA)

RUSSIAN FEDERATION

30118

AVIATION CORPORATE SERVICES

IRELAND

f11798

AVION SALES LLC

UNITED STATES

27087

AVIONETA

UNITED STATES

29670

AERO WAYS INC

UNITED STATES

f10007

AIR REESE, LLC

UNITED STATES

f10765

ALASKA EASTERN PARTNERS

UNITED STATES

36324

ALTIS

IRELAND

f12155

AMALGAMATED CONSOLIDATED, INC.

UNITED STATES

f12108

AMBASSADOR MARKETING INTERNATIONAL INC.

UNITED STATES

26369

B&G LEASING

UNITED STATES

34053

BANK OF NOVA SCOTIA

CANADA

31686

BARNARD AVIATION

UNITED STATES

1537

BAXTER HEALTH CARE

UNITED STATES

34487

BAZIS INTL INC.

CANADA

33090

BEACON AVIATION

IRELAND

f11361

BEAUTY CENTRAL LLC

UNITED STATES

25114

BECKER GROUP

UNITED STATES

6890

BECTON DICKINSON

UNITED STATES

32660

BEDEK AVIATION

ISRAEL

38915

BEL AIR LLC

UNITED STATES

36482

BGST LLC

UNITED STATES

33557

BIG PLAY FLIGHT SVCS

UNITED STATES

f12964

BLATTI AVIATION INC

UNITED STATES

33247

BLUE CITY HOLDINGS LTD

UNITED STATES

f11410

BORG HOLDINGS LLC

UNITED STATES

31975

BOULDER US

UNITED STATES

32952

BPG PROPERTIES

UNITED STATES

37279

BUSINESS A.CENTRE CO

THAILAND

f12103

BENSON FOOTBALL, LLC

UNITED STATES

35372

BINDLEY CAPITAL PARTNERS

UNITED STATES

f12682

BOMBARDIER NEW AIRCRAFT

UNITED STATES

36888

BOSTON SCIENTIFIC CORP

UNITED STATES

f11899

C C MEDIA HOLDINGS INC

UNITED STATES

35160

C. DOT AVIATION, LLC

UNITED STATES

36790

C2C AIR CHARTERS

UNITED STATES

37117

CA, INC.

UNITED STATES

32717

CAMERON HENKIND

UNITED STATES

22953

CAPE CLEAR CAPITAL

UNITED STATES

22724

CARDINAL HEALTH AVTN

UNITED STATES

30615

CARLISLE HOLDINGS LLC

UNITED STATES

34066

CASTLE 2003-2 IRELAND LTD

IRELAND

34153

CAYLEY AVIATION

SWITZERLAND

30896

CCA AIR CHARTER

UNITED STATES

f10927

CEF 2002 AIRCRAFT LLC D/B/A CERIDIAN CORPORATION

UNITED STATES

36333

CELLO AVIATION LTD

UNITED KINGDOM

29250

CENTURION AVTN SRVCS

UNITED STATES

36860

CESSNA FINANCE CORP

UNITED KINGDOM

f11418

CESSNA FINANCE CORP

UNITED KINGDOM

29096

CHUBB FLIGHT OPERATIONS

UNITED STATES

5078

CINTAS

UNITED STATES

37889

CIRRUS AVIATION (US)

UNITED STATES

21455

CITYJET

IRELAND

36082

CMC GROUP INC.

UNITED STATES

35826

CONSTELLATION LEASING LLC

UNITED STATES

32509

COOK AIRCRAFT LEASNG

UNITED STATES

33877

CORACLE AVIATION

SWITZERLAND

19036

CORPORATE JETS PA

UNITED STATES

9248

CRANE COMPANY

UNITED STATES

28444

CROSS AVTN

UNITED KINGDOM

f11386

CUNA MUTUAL INSURANCE SOCIETY

UNITED STATES

f13609

CENTER FOR DISEASE DETECTION LLC

UNITED STATES

3769

CHEVRON U.S.A.INC.

UNITED STATES

f12458

CODALE ELECTRIC SUPPLY INC.

UNITED STATES

f11882

COLSON & COLSON GENERAL CONTRACTOR

UNITED STATES

f13788

CONSTELLATION PRODUCTIONS

UNITED STATES

30753

COVIDIEN

UNITED STATES

f10987

COZZENS AND CUDAHY AIR

UNITED STATES

f10650

DARBY HOLDINGS

UNITED STATES

f11469

DELAWARE GLOBAL OPERATION LLC

UNITED STATES

31690

DELTA JET USA

UNITED STATES

24235

DENISTON ENTERPRISES

UNITED STATES

35507

DIAMOND AIR CHARTER

UNITED KINGDOM

30715

DMB AVIATION

UNITED STATES

35370

DOMINOS PIZZA (2)

UNITED STATES

f12713

DSS214 LLC

UNITED STATES

6064

DUBAI AIR WING

UNITED ARAB EMIRATES

27997

DYNAMIC AVIATION SERVICES INC

UNITED STATES

f13128

DAVID A. DUFFIELD/ PEGASUS VI, LLC.

UNITED STATES

45097

DREAMLINE AVIATION LLC

UNITED STATES

35072

EAC AIR LLC

UNITED STATES

8339

EATON

UNITED STATES

1009

ELI LILLY

UNITED STATES

23828

EMC IRELAND

IRELAND

23627

EMERCOM RUSSIA

RUSSIAN FEDERATION

33649

ENCORE 684 LLC

UNITED STATES

f11381

ENCORE/SB AVIATION LLC

UNITED STATES

f12801

EUROPEAN AIRCRAFT CHARTER INC

UNITED STATES

f10176

ENERGY CORPORATION OF AMERICA

UNITED STATES

f15935

EXCOLO AVIATION

UNITED STATES

f10183

EXECUTIVE FLIGHT SOLUTIONS, LLC

UNITED STATES

33361

FAGEN INC

UNITED STATES

29521

FAIRMONT AVIATION SE

CANADA

35375

FALCON 50 LLC

UNITED STATES

33587

FANAR AVIATION LTD

UNITED ARAB EMIRATES

32271

FAST LINK EGYPT

EGYPT

34792

FASTNET JET ALLIANCE

IRELAND

28181

FERRO CORP

UNITED STATES

30469

FIRST VIRTUAL AIR

UNITED STATES

18781

FJ900

UNITED STATES

9532

FL AVIATION CORPORATION

UNITED STATES

47917

FLEXIBLE FLIGHT WLL

BAHRAIN

31774

FLYING SQUIRREL

UNITED STATES

10276

FLYNN FINANCIAL

UNITED STATES

6573

FOUR STAR

UNITED STATES

34371

FREEBIRD MNGMT LTD.

IRELAND

f12717

FREEMAN AIR CHARTER SERVICES

UNITED STATES

3826

FRIEDKIN INTL

UNITED STATES

22293

FRONTLINER INC

UNITED STATES

f12666

FALCON FIFTY LLC

UNITED STATES

35797

FELHAM ENTERPRISES INC

UNITED STATES

23081

FERTITTA ENTERPRISES

UNITED STATES

f10208

FLIGHTSTAR CORPORATION

UNITED STATES

f10877

FORTUNE BRANDS, INC.

UNITED STATES

21858

FROST ADMINISTRATIVE SERVICES, INC.

UNITED STATES

f11889

FUTURA TRAVELS LIMITED

INDIA

39022

GAUGHAN FLYING LLC

UNITED STATES

38550

GC INTERNATIONAL LLC

UNITED STATES

22286

GE CAPITAL-GECAS EI

IRELAND

32292

GE COMMERCIAL AV SVC

IRELAND

26624

GENERAL MILLS SALES

UNITED STATES

38543

GEORGE GUND 3

UNITED STATES

f13141

GIII AIRCRAFT MANAGEMENT, LLC

UNITED STATES

f12778

GIV EXEC JET LLC

UNITED STATES

38943

GLOBAL EXPRESS GROUP

UNITED STATES

33121

GLOBAL TRIP SUPPORT

UNITED STATES

23814

GLOBAL WINGS LTD

SWITZERLAND

3964

GOODYEAR

UNITED STATES

f10230

GPAIR LIMITED

CANADA

f11374

GREEN CHAIR PRODUCTIONS INC

UNITED STATES

f12820

GREENBRIER CAPITAL LLC

UNITED STATES

26847

GREENHILL AVTN

UNITED STATES

31561

GULF PACIFIC AVTN SV

UNITED STATES

f11239

GAMESTOP, INC

UNITED STATES

33031

GEMINI LTD

UNITED STATES

f13449

GENERAL DYNAMICS LAND SYSTEMS

UNITED STATES

f12159

GILEAD SCIENCES

UNITED STATES

f10231

GRAHAM BROTHERS CONSTRUCTION CO., INC

UNITED STATES

22958

GROUP HOLDINGS

UNITED STATES

f13612

GUTHY RENKER AVIATION

UNITED STATES

f15722

H.E. MANAGEMENT

UNITED STATES

24874

HAC (HANGAR ACQUISITION CORPORATION)

UNITED STATES

28219

HARLEY-DAVIDSON

UNITED STATES

21857

HARSCO

UNITED STATES

31054

HEAVYLIFT INT.

UNITED ARAB EMIRATES

1423

HERSHEY COMPANY

UNITED STATES

26380

HERTZ CORP

UNITED STATES

35241

HIGHFIELDS CAP MGMT

UNITED STATES

24583

HILL AIR COMPANY I LLC

UNITED STATES

24776

HOME DEPOT

UNITED STATES

33420

HOWARD HOLDINGS PLC

IRELAND

5170

HUMANA

UNITED STATES

29387

HARBERT AVIATION

UNITED STATES

f12750

HAWK HOLLOW AVIATION LLC

UNITED STATES

42446

HORMEL FOODS CORPORATION

UNITED STATES

f11193

IAMAW

UNITED STATES

24747

IFFTG

UNITED STATES

32500

ILFC IRELAND LTD

IRELAND

21409

IRVING AIR SERVICE

CANADA

28726

INTERNATIONAL JET MANAGEMENT

UNITED STATES

36005

IRVING OIL TRANSPORT INC.

CANADA

32671

JANNAIRE LLP

UNITED KINGDOM

35830

JAPC INC

UNITED STATES

f10275

JELD-WEN, INC.

UNITED STATES

27861

JEP LEASING

UNITED STATES

22094

JEPPESEN UK LTD

UNITED KINGDOM

32549

JET CLIPPER JOHNNY

UNITED STATES

35926

JET LOGISTICS INC

UNITED STATES

35981

JET SHARES ONLY

UNITED STATES

32652

JET SMART INC

UNITED STATES

30210

JET-A-WAY CHARTERS

UNITED STATES

36494

JETSELECT, LLC

UNITED STATES

48322

JFW LEASING II LLC

UNITED STATES

34915

JKB JET HOLDINGS LLC

UNITED STATES

26509

JOLUK AVTN

UNITED STATES

39282

JAMES S OFFIELD

UNITED STATES

f10555

JANAH MANAGEMENT COMPANY LTD.

UNITED KINGDOM

31850

JARDEN CORP

UNITED STATES

f10276

JEPSON ASSOCIATES INC.

UNITED STATES

34314

JET DIRECT AVIATION (FILED FOR BANKRUPTCY ON 25/02/2009)

UNITED STATES

f10282

JOHN M. CONNORS, JR.

UNITED STATES

1584

JOHNSON&JOHNSON

UNITED STATES

35520

JONES INTERNATIONAL AVIATION LLC

UNITED STATES

f10702

KEB AIRCRAFT SALES, INC.

UNITED STATES

8180

KELLOGG

UNITED STATES

f11341

KKN TRANSPORTATION LEASING LLC

UNITED STATES

32210

KLEIN TOOLS

UNITED STATES

20894

KOHLER CO

UNITED STATES

f10286

KANSAS CITY LIFE INSURANCE COMPANY

UNITED STATES

f10287

KENAIR, INC.

UNITED STATES

f10713

KONFARA COMPANY

UNITED STATES

31706

LCG ENTERPRISES

UNITED STATES

35616

LEONARD GREEN & PART

UNITED STATES

12275

LIBERTY MUTUAL

UNITED STATES

32207

LISBON LIMITED

BERMUDA

1823

LOCKHEED MARTIN CORP

UNITED STATES

28852

LONDON CITY JET

UNITED KINGDOM

35829

LOWES COMPANIES INC

UNITED STATES

40196

LP 221 LC

UNITED STATES

37926

LUGHNASA MGMT LLC

UNITED STATES

36958

LUNA ENTERTAINMENT

UNITED STATES

f10295

LECO CORPORATION

UNITED STATES

29729

LETICA LEASING LLC

UNITED STATES

36957

LEVEL 3 COMMUNICATIONS

UNITED STATES

f10302

LOWER CROSS AIRCRAFT CORP.

UNITED STATES

38901

M&M AVIATION GROUP

UNITED STATES

36961

MAGELLAN A/C SVCS

IRELAND

30454

MAJJEC JHETT

UNITED STATES

26422

MANDAN

UNITED STATES

38653

MANHAG AG

SWITZERLAND

31670

MATTHEWS JOHN

UNITED KINGDOM

29444

MC GROUP

UNITED STATES

12177

MELLON BANK

UNITED STATES

27630

MERCURY ENGINEERING

IRELAND

11068

MGM RESORTS AVIATION CORP

UNITED STATES

30050

MHS TRAVEL & CHTR

UNITED STATES

37895

MID SOUTH JETS INC

UNITED STATES

26475

MIDAMERICAN ENERGY

UNITED STATES

f13615

MIDES SEM DE CV

EL SALVADOR

1104

MIL IRELAND

IRELAND

f10317

MMB MANAGEMENT ADVISORY SERVICES

UNITED STATES

31703

MMRB SERVICES

UNITED STATES

35625

MODESTO EXEC AIR CHR

UNITED STATES

f11411

MONAVIE AIRCRAFT LEASING LLC

UNITED STATES

36426

MPW INDUSTRIAL SVCS

UNITED STATES

40770

MRTV LLC

UNITED STATES

32479

MVA AVIATION LTD.

BERMUDA

f12230

MANNCO LLC

UNITED STATES

27893

MERCK & CO., INC.

UNITED STATES

f10507

MIDLAND FINANCIAL CO.

UNITED STATES

f10968

MOZART INVESTMENTS, INC.

UNITED STATES

f11326

N14FX TRUST C/O WILMINGTON TRUST CO

UNITED STATES

f12769

N48KZ LLC

UNITED STATES

39276

N583KD LLC

UNITED STATES

18796

N728LW LLC

UNITED STATES

f10324

NASCAR, INC.

UNITED STATES

f10328

NCR CORPORATION

UNITED STATES

18352

NESTLE PURINA PETCAR

UNITED STATES

29867

NEXT FLIGHT JETS

UNITED STATES

32930

NINETY EIGHT AVTN

UNITED STATES

33473

NOK AIR

THAILAND

f10962

NORTH AMERICAN FLIGHT SERVICES

UNITED STATES

26985

NORTH STAR AVTN

UNITED STATES

42956

NORWEGIAN AIR INTL

IRELAND

31004

NOVA CORPORATE SERVICES

UNITED KINGDOM

36522

NEW ORION AIR GROUP

UNITED STATES

43372

NOBLE ENERGY, INC.

UNITED STATES

f10334

NOEL GROUP AVIATION

UNITED STATES

f12013

NORFOLK SOUTHERN CORP.

UNITED STATES

f12093

NUSTAR LOGISTICS

UNITED STATES

f10917

OAKLR AVIATION SERVICES LLC

UNITED STATES

32397

OFFICE DEPOT

UNITED STATES

37310

OKAY AIRWAYS

CHINA

9116

OMEGA AIR (USA)

UNITED STATES

f11444

OPA LLC

UNITED STATES

7079

ORBIS INTL

UNITED STATES

35897

OSLO EXPRESS

UNITED STATES

37383

OSPREY AIR LEASE LLC

UNITED STATES

2079

OWENS ILLINOIS

UNITED STATES

f11106

ORANGE CRIMSON AVIATION, LLC

UNITED STATES

10012

P & E PROPERTIES

UNITED STATES

33261

PACIFIC SKY

CANADA

8792

PALMER A

UNITED STATES

f10642

PAM MANAGEMENT SERV. LLC

UNITED STATES

36792

PB AIR LLC

UNITED STATES

29783

PEGASUS AVIATION CA

UNITED STATES

36816

PHILLIPS EDISON & CO

UNITED STATES

32055

PIONEER ADVENTURES

NEW ZEALAND

39139

PITCH LINK LLC

UNITED STATES

f10361

PNC FINANCIAL SERVICES GROUP

UNITED STATES

f11419

POLAR BEAR EXPRESS II LLC

UNITED STATES

f10729

PPD DEVELOPMENT, LLC

UNITED STATES

32096

PRIME AVIATION JSC

KAZAKHSTAN

34180

PROFESSIONAL CARE

UNITED STATES

f10820

PALM BEACH AVIATION, INC.

UNITED STATES

f10351

PARAMOUNT PICTURES CORPORATION

UNITED STATES

3252

PEPSICO, INC.

UNITED STATES

f10918

PILGRIM AIR

UNITED STATES

f10979

PINJET AVIATION, LLC

UNITED STATES

31045

PRIVATESKY AVIATION LLC

UNITED STATES

7076

PROJECT ORBIS INTERNATIONAL, INC.

FRANCE

26605

QUEST AVTN

UNITED STATES

29692

RABBIT RUN

UNITED STATES

32706

RBGT LLC

UNITED STATES

f10978

REAUD MORGAN QUINN

UNITED STATES

31234

RED BARN FARMS

UNITED STATES

37662

REYNOLDS JET MGMT

UNITED STATES

29947

RIVERSIDE AVIATION LLC

UNITED STATES

35940

RIZON JET UK LTD

UNITED KINGDOM

38890

RKK MANAGEMENT, INC.

UNITED STATES

31650

ROBINSON AVTN

UNITED STATES

f11777

ROBINSON LEASING INC

UNITED STATES

36351

ROCKWELL COLLINS LLC

UNITED STATES

23899

ROLLINS INC.

UNITED STATES

29788

RORO 212

UNITED STATES

31502

ROTOR TRADE (ARC)

UNITED STATES

2292

ROWAN COMPANIES PLC

UNITED STATES

30090

RUSAVIATION

UNITED ARAB EMIRATES

39971

RUUD LIGHTING INC

UNITED STATES

46258

RYANAIR UK LIMITED

UNITED KINGDOM

8651

RYANAIR DAC

IRELAND

28054

SAFEWAY

UNITED STATES

45188

SAS IRELAND

IRELAND

34898

SD VERMOGENSVERWALT

GERMANY

f12851

SDL MANAGEMENT COMPANY LLC

UNITED STATES

871

SEAGULL AIRCRAFT CORP

UNITED STATES

f11250

SGSF CAPITAL VENTURE LLC

UNITED STATES

32093

SHEARWATER AIR

UNITED STATES

24869

SIERRA PACIFIC IND

UNITED STATES

40083

SILVER AIR 2

UNITED STATES

36640

SIM SAS

FRANCE

f12817

SITRICK AND CO

UNITED STATES

28509

SPEEDWINGS BUSINESS SA

MEXICO

f12106

SPG FRANK GROUP (SPG MANAGEMENT, LLC AND FRANK GROUP, LLC)

UNITED STATES

40089

SPIRE FLIGHT SOL.

UNITED KINGDOM

30500

STANDARD & POORS

UNITED STATES

31823

STARSHIP ENTERPRISE

UNITED STATES

44504

SUPER UNIVERSAL LLC

UNITED STATES

37246

SELECT MANAGEMENT RESOURCES, LLC

UNITED STATES

f10824

SEMINOLE TRIBE OF FLORIDA

UNITED STATES

f14029

SIGNATURE GROUP LLC

UNITED STATES

f13116

STANDRIDGE COLOR CORPORATION

UNITED STATES

36081

STARBUCKS CORPORATION

UNITED STATES

f10501

SUNOCO INC.

UNITED STATES

35071

T2 AVIATION MGMT.

UNITED STATES

32156

TALLWOOD MANAGEMNT

UNITED STATES

f12709

TAMPA BAY AIRLINES LLC C/O BLUMBERGEXCELSIOR CORP

UNITED STATES

21578

TENNECO INC

UNITED STATES

3696

TEXAS INSTRUMENTS

UNITED STATES

f11309

THIRD SECURITY LLC

UNITED STATES

f14943

THUNDERBIRD AVIATION OPERATOR LTD.

UNITED STATES

f13842

TLS AVIATION LLC

UNITED STATES

f12991

TONY DOWNS FOODS

UNITED STATES

26406

TRANS WEST AIR SRVCS

UNITED STATES

9788

TRANSIT AIR SRVC

UNITED STATES

31673

TRAVELERS INDEMNITY CO

UNITED STATES

29623

TRICYCLE AVIATION

UNITED STATES

38625

TASHI CORPORATION

UNITED STATES

f11003

TENDENCIA ASSET MANAGEMENT

CAYMAN ISLANDS

25363

THE BOEING COMPANY

UNITED STATES

40990

THE SHERWIN-WILLIAMS COMPANY

UNITED STATES

f10446

TOUR AIR, INC.

UNITED STATES

f12231

TRANSLATIN S.A.

UNITED STATES

45090

UNICORP AVIATION LLC

UNITED STATES

4090

UNITED COMPANY THE

UNITED STATES

2797

UNITED STATES STEEL

UNITED STATES

f10462

US BANK NA TRUSTEE

UNITED STATES

f10460

UNISYS CORPORATION

UNITED STATES

9252

UNIVERSITY CORPORATION FOR ATMOSPHERIC RESEARCH (UCAR)

UNITED STATES

9275

VALLEJO INVESTMENTS

UNITED STATES

f11803

VALLEY JET LLC

UNITED STATES

29120

VEN AIR

IRELAND

32119

VIA FELIZ II

UNITED STATES

24690

VICTORY AVTN FLORIDA

UNITED STATES

28043

VILLAGE EQUIPMENT

UNITED STATES

8142

VIRGIN ATLANTIC AIRWAYS LTD

UNITED KINGDOM

36447

VTB LEASING (EUROPE)

RUSSIAN FEDERATION

f10591

VULCAN MATERIALS COMPANY

UNITED STATES

35911

WALLAN AVIATION 2

SAUDI ARABIA

38924

WAR ENTERPRISES

UNITED STATES

f10470

WASTE MANAGEMENT, INC

UNITED STATES

5187

WELDBEND

UNITED STATES

35439

WELLS FARGO BANK NW

UNITED STATES

31125

WESTON LTD

IRELAND

22445

WHITE CLOUD

UNITED STATES

38797

WILDGOOSE LLC

UNITED STATES

33542

WING FINANCIAL LLC

UNITED STATES

28282

WINGEDFOOT AVTN

UNITED STATES

38212

WINGS AVIATION (DE)

UNITED STATES

29233

WRENAIR

IRELAND

36499

WARNER CHILCOTT

UNITED STATES

f10815

WASHINGTON PENN PLASTIC COMPANY

UNITED STATES

f10789

WELLS FARGO BANK NORTHWEST, C/O MORGAN & MORGAN

UNITED STATES

f10792

WERNER ENTERPRISES INC.

UNITED STATES

25465

WESTJET

CANADA

f11532

WORLDWIDE AIRCRAFT HOLDING COMPANY

BERMUDA

32454

XJET USA

UNITED STATES

f10485

XEROX CORPORATION

UNITED STATES

31649

Z1 HOLDINGS

UNITED STATES

44261

ZALA GROUP LLC

UNITED STATES

39577

ZAROX HOLDINGS LTD

UNITED KINGDOM

f11027

ZENITH INSURANCE COMPANY

UNITED STATES

GREECE

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 23232 | AEROSVIT | UKRAINE |
| 31586 | AFRICAN EXPRESS AWYS | KENYA |
| 39537 | AIR CANADA ROUGE LP | CANADA |
| 30742 | AIR COLUMBUS | UKRAINE |
| 40237 | AIR LEISURE | EGYPT |
| 29972 | AIR LINK INTL (CY) | CYPRUS |
| 44218 | AIR MEDITERRANEAN | GREECE |
| 37802 | AIR TRAFFIC LTD | KENYA |
| 46328 | AIRCOMPANY JONIKA LLC | UKRAINE |
| 39471 | AIT AVIATION & TOUR. | ISRAEL |
| 47756 | ALLIANCE EXECUTIVE JETS LTD. | MALTA |
| 35757 | AMBER AVTN (UK) LTD. | UNITED KINGDOM |
| 31252 | AMREF FLYING DOCTORS | KENYA |
| 37966 | ASPAMIA LLC | UNITED STATES |
| 38330 | AVIATION SCIENCES CO | SAUDI ARABIA |
| 23359 | AVIATRANS K LTD | UKRAINE |
| 20514 | AEGEAN AIRLINES | GREECE |
| 375 | AMERICAN INTERNATIONAL GROUP | UNITED STATES |
| f12684 | AVENGE INC | UNITED STATES |
| 48020 | BEES AIRLINE | UKRAINE |
| 34069 | BELRESCUEAVIA | BELARUS |
| 33770 | BENSLOW BERMUDA LTD. | SWITZERLAND |
| 47535 | BLACK EAGLE HAVACILIC ANONIM SIRKETI | TURKEY |
| 35368 | BLUE BIRD AIRWAYS | GREECE |
| 20501 | BLUE BIRD AVIATION | KENYA |
| 29396 | BOOTH CREEK MGMT | UNITED STATES |
| 31747 | CAAC FLIGHT INSPECT | CHINA |
| 35729 | CASSEL INVEST LTD | VIRGIN ISLANDS, BRITISH |
| 19644 | COSTAIR LTD | GREECE |
| 33761 | DAL GROUP (SUDAN) | SUDAN |
| 36466 | DESINENCE LTD | VIRGIN ISLANDS, BRITISH |
| f11403 | DRAGON LEASING CORP | UNITED STATES |
| 30350 | EAGLE AIR LTD | UGANDA |
| 40100 | ELLINAIR S.A. | GREECE |
| 36585 | ELTANIN AVIATION | UNITED KINGDOM |
| 31744 | EUROPEAN AIR CRANE | ITALY |
| 32903 | EXECUTIVE AIRL.PTY | AUSTRALIA |
| 37101 | EXECUTIVE FLIGHT DIV | QATAR |
| 35228 | FIRST AIRWAYS | GREECE |
| 34427 | FLIGHT OPTIONS (AUS) | AUSTRALIA |
| 31722 | GAINJET AVIATION | GREECE |
| f11377 | GENERAL ELECTRIC CAPITAL CORP | UNITED STATES |
| 33178 | GLOBAL AIRWAYS (FA) | SOUTH AFRICA |
| 36785 | GLOBAL ELITE JETS | SAUDI ARABIA |
| 36620 | GRAND A AIRCRAFT LLC | UNITED STATES |
| 17957 | GREENLEAF | UNITED STATES |
| 38025 | GRYPHON AIRLINES | KUWAIT |
| f11417 | GS200 INC TRUSTEE | UNITED STATES |
| 32656 | GULF GLOBAL SVCS LTD | UNITED KINGDOM |
| 23443 | HCAA | GREECE |
| 38724 | HEAD START AVTN SYS | CYPRUS |
| 36043 | HERITAGE AVTN DEV. | UNITED KINGDOM |
| f12006 | HANWHA CHEMICAL CORPORATION | KOREA, REPUBLIC OF |
| 38831 | INTAKA MANAGE PTY | SOUTH AFRICA |
| 38792 | INTER ILES AIR | MADAGASCAR, COMOROS, REUNION |
| 26787 | INTRACOM | GREECE |
| 31881 | INTRALOT | UNITED STATES |
| 36434 | ISLANDSITE INVEST. | SOUTH AFRICA |
| 31621 | JADAYEL AVIATION | SAUDI ARABIA |
| 31622 | JET AIRLINES JSC | KAZAKHSTAN |
| 36274 | JETSTREAM WORLDWIDE | CHINA |
| 29503 | KSENODOXEIA ELLADOS | GREECE |
| 33560 | KENRICK LTD. | ISRAEL |
| 35938 | KNIGHTSDENE LIMITED | UNITED KINGDOM |
| 25549 | MACEDONIAN AIRLINES | GREECE |
| 47934 | MARATHON AIRLINES | GREECE |
| 32732 | MCKINLEY CAPITAL | UNITED STATES |
| 1099 | MIL GREECE | GREECE |
| 21948 | MINAIR | CENTRAL AFRICAN REPUBLIC |
| 33733 | MOJO AVTN INC/N818LK | BRAZIL |
| 40473 | N.Z. VOYAGES | FRANCE |
| 35475 | NORDSTAR AIRLINES | RUSSIAN FEDERATION |
| 34624 | OLYMPIC AIR | GREECE |
| 43116 | OLYMPUS AIRWAYS S.A. | GREECE |
| 43757 | ORANGE2FLY AIRLINES | GREECE |
| 24067 | ORASCOM | EGYPT |
| 22404 | OXY USA INC | UNITED STATES |
| f10342 | OLAYAN FINANCING COMPANY | SAUDI ARABIA |
| 2055 | OLYMPIC AIRLINES | GREECE |
| 30316 | PAKISTAN STATE | PAKISTAN |
| 37162 | PALADIN ENERGY LTD | AUSTRALIA |
| 24760 | PALESTINIAN AIRLINES | PALESTINIAN TERRITORY, OCCUPIED |
| 22981 | PALMYRA AVIATION LTD | GREECE |
| 28119 | POLISH MORSKI | POLAND |
| 34853 | PORT SIVIL HAVACILIK | TURKEY |
| 37638 | PRIMEVALUE TRADING | VIRGIN ISLANDS, BRITISH |
| 35665 | PRIVILEGE AIRWAYS | INDIA |
| 35750 | QUICK FLIGHT LIMITED | INDIA |
| 23672 | RUSSIAN SKY AIRLINES | RUSSIAN FEDERATION |
| 9012 | S & K BERMUDA LTD | BERMUDA |
| 44653 | SCOOT PTE LTD | SINGAPORE |
| 22305 | SEAFLIGHT AVTN | BERMUDA |
| f11025 | SELA HOLDING COMPANY LTD | SAUDI ARABIA |
| 36327 | SEVEN X AVIATION | MONTENEGRO |
| 29176 | SINCOM AVIA | UKRAINE |
| 3991 | SIOUX COMPANY LTD | SWITZERLAND |
| 31109 | SKY EXPRESS GREECE | GREECE |
| f11402 | SUNTRUST EQUIPMENT FINANCE & LEASING CORP | UNITED STATES |
| 29509 | THE STATE EMERGENCY SERVICE OF UKRAINE | UKRAINE |
| 31819 | TRANS AVIATION | KUWAIT |
| 28601 | TRAVCO AIR | EGYPT |
| 46019 | UMATILA TRADING LIMITED | CYPRUS |
| 9459 | UNIVERSAL AIR LINK | UNITED STATES |
| 38722 | VAXUCO | VIET NAM |
| 24805 | YAMAL | RUSSIAN FEDERATION |

CRCO Identification number

Operator Name

State of the Operator

23232

AEROSVIT

UKRAINE

31586

AFRICAN EXPRESS AWYS

KENYA

39537

AIR CANADA ROUGE LP

CANADA

30742

AIR COLUMBUS

UKRAINE

40237

AIR LEISURE

EGYPT

29972

AIR LINK INTL (CY)

CYPRUS

44218

AIR MEDITERRANEAN

GREECE

37802

AIR TRAFFIC LTD

KENYA

46328

AIRCOMPANY JONIKA LLC

UKRAINE

39471

AIT AVIATION & TOUR.

ISRAEL

47756

ALLIANCE EXECUTIVE JETS LTD.

MALTA

35757

AMBER AVTN (UK) LTD.

UNITED KINGDOM

31252

AMREF FLYING DOCTORS

KENYA

37966

ASPAMIA LLC

UNITED STATES

38330

AVIATION SCIENCES CO

SAUDI ARABIA

23359

AVIATRANS K LTD

UKRAINE

20514

AEGEAN AIRLINES

GREECE

375

AMERICAN INTERNATIONAL GROUP

UNITED STATES

f12684

AVENGE INC

UNITED STATES

48020

BEES AIRLINE

UKRAINE

34069

BELRESCUEAVIA

BELARUS

33770

BENSLOW BERMUDA LTD.

SWITZERLAND

47535

BLACK EAGLE HAVACILIC ANONIM SIRKETI

TURKEY

35368

BLUE BIRD AIRWAYS

GREECE

20501

BLUE BIRD AVIATION

KENYA

29396

BOOTH CREEK MGMT

UNITED STATES

31747

CAAC FLIGHT INSPECT

CHINA

35729

CASSEL INVEST LTD

VIRGIN ISLANDS, BRITISH

19644

COSTAIR LTD

GREECE

33761

DAL GROUP (SUDAN)

SUDAN

36466

DESINENCE LTD

VIRGIN ISLANDS, BRITISH

f11403

DRAGON LEASING CORP

UNITED STATES

30350

EAGLE AIR LTD

UGANDA

40100

ELLINAIR S.A.

GREECE

36585

ELTANIN AVIATION

UNITED KINGDOM

31744

EUROPEAN AIR CRANE

ITALY

32903

EXECUTIVE AIRL.PTY

AUSTRALIA

37101

EXECUTIVE FLIGHT DIV

QATAR

35228

FIRST AIRWAYS

GREECE

34427

FLIGHT OPTIONS (AUS)

AUSTRALIA

31722

GAINJET AVIATION

GREECE

f11377

GENERAL ELECTRIC CAPITAL CORP

UNITED STATES

33178

GLOBAL AIRWAYS (FA)

SOUTH AFRICA

36785

GLOBAL ELITE JETS

SAUDI ARABIA

36620

GRAND A AIRCRAFT LLC

UNITED STATES

17957

GREENLEAF

UNITED STATES

38025

GRYPHON AIRLINES

KUWAIT

f11417

GS200 INC TRUSTEE

UNITED STATES

32656

GULF GLOBAL SVCS LTD

UNITED KINGDOM

23443

HCAA

GREECE

38724

HEAD START AVTN SYS

CYPRUS

36043

HERITAGE AVTN DEV.

UNITED KINGDOM

f12006

HANWHA CHEMICAL CORPORATION

KOREA, REPUBLIC OF

38831

INTAKA MANAGE PTY

SOUTH AFRICA

38792

INTER ILES AIR

MADAGASCAR, COMOROS, REUNION

26787

INTRACOM

GREECE

31881

INTRALOT

UNITED STATES

36434

ISLANDSITE INVEST.

SOUTH AFRICA

31621

JADAYEL AVIATION

SAUDI ARABIA

31622

JET AIRLINES JSC

KAZAKHSTAN

36274

JETSTREAM WORLDWIDE

CHINA

29503

KSENODOXEIA ELLADOS

GREECE

33560

KENRICK LTD.

ISRAEL

35938

KNIGHTSDENE LIMITED

UNITED KINGDOM

25549

MACEDONIAN AIRLINES

GREECE

47934

MARATHON AIRLINES

GREECE

32732

MCKINLEY CAPITAL

UNITED STATES

1099

MIL GREECE

GREECE

21948

MINAIR

CENTRAL AFRICAN REPUBLIC

33733

MOJO AVTN INC/N818LK

BRAZIL

40473

N.Z. VOYAGES

FRANCE

35475

NORDSTAR AIRLINES

RUSSIAN FEDERATION

34624

OLYMPIC AIR

GREECE

43116

OLYMPUS AIRWAYS S.A.

GREECE

43757

ORANGE2FLY AIRLINES

GREECE

24067

ORASCOM

EGYPT

22404

OXY USA INC

UNITED STATES

f10342

OLAYAN FINANCING COMPANY

SAUDI ARABIA

2055

OLYMPIC AIRLINES

GREECE

30316

PAKISTAN STATE

PAKISTAN

37162

PALADIN ENERGY LTD

AUSTRALIA

24760

PALESTINIAN AIRLINES

PALESTINIAN TERRITORY, OCCUPIED

22981

PALMYRA AVIATION LTD

GREECE

28119

POLISH MORSKI

POLAND

34853

PORT SIVIL HAVACILIK

TURKEY

37638

PRIMEVALUE TRADING

VIRGIN ISLANDS, BRITISH

35665

PRIVILEGE AIRWAYS

INDIA

35750

QUICK FLIGHT LIMITED

INDIA

23672

RUSSIAN SKY AIRLINES

RUSSIAN FEDERATION

9012

S & K BERMUDA LTD

BERMUDA

44653

SCOOT PTE LTD

SINGAPORE

22305

SEAFLIGHT AVTN

BERMUDA

f11025

SELA HOLDING COMPANY LTD

SAUDI ARABIA

36327

SEVEN X AVIATION

MONTENEGRO

29176

SINCOM AVIA

UKRAINE

3991

SIOUX COMPANY LTD

SWITZERLAND

31109

SKY EXPRESS GREECE

GREECE

f11402

SUNTRUST EQUIPMENT FINANCE & LEASING CORP

UNITED STATES

29509

THE STATE EMERGENCY SERVICE OF UKRAINE

UKRAINE

31819

TRANS AVIATION

KUWAIT

28601

TRAVCO AIR

EGYPT

46019

UMATILA TRADING LIMITED

CYPRUS

9459

UNIVERSAL AIR LINK

UNITED STATES

38722

VAXUCO

VIET NAM

24805

YAMAL

RUSSIAN FEDERATION

SPAIN

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 26560 | 245 PILOT SERVICES | UNITED STATES |
| 39446 | ACANITT (CZA) HOLD. | CAYMAN ISLANDS |
| 4648 | AERO ANGELES | MEXICO |
| 45064 | AERO GUERNSEY LTD | UNITED KINGDOM |
| 19709 | AERODATA BELGIUM | BELGIUM |
| 36647 | AEROGAL | ECUADOR |
| 33221 | AEROLINEA PRINCIPAL | CHILE |
| 160 | AEROLINEAS ARGENTINA | ARGENTINA |
| 45206 | AEROLINEAS ESTELAR LATINOAMERICA C.A. | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 20010 | AEROLINEAS TEHUACAN | MEXICO |
| 38432 | AEROMASTER DEL PERU | PERU |
| 36924 | AERON CIVIL PANAMA | PANAMA |
| 30520 | AEROTAXI LOS VALLES | SPAIN |
| 2880 | AEROVIAS DE MEXICO | MEXICO |
| 29534 | AFRIQUE CARGO SERV | SENEGAL |
| 44479 | AIR 31 LLC | UNITED STATES |
| 29323 | AIR AMDER | MAURITANIA |
| 24500 | AIR COMET S.A. | SPAIN |
| 9345 | AIR EUROPA | SPAIN |
| 28016 | AIR EXECUTIVE S.L. | SPAIN |
| 36047 | AIR LOGISTICS (LUX) | LUXEMBOURG |
| 33862 | AIR MANAGEMENT JSC | RUSSIAN FEDERATION |
| 22380 | AIR NOSTRUM | SPAIN |
| 39181 | AIR ONE AVTN PRIVATE | INDIA |
| 31681 | AIR TRACTOR EUROPE | SPAIN |
| 38965 | AIRBUS HELI ESPANA | SPAIN |
| 7968 | AIRBUS HELICOPTER | FRANCE |
| 37072 | AIRCRAFT HOLDINGS | UNITED STATES |
| 36793 | AIRLEASE CORPORATION | UNITED STATES |
| 34981 | AIRLIFT USA LLP | UNITED STATES |
| 20066 | AIRLINK SOUTH AFRICA | SOUTH AFRICA |
| 36637 | ALBA STAR S.A. | SPAIN |
| 43746 | ALHOKAIR AVIATION | SWITZERLAND |
| 43337 | ALLIANCEJET, LLC | RUSSIAN FEDERATION |
| 32075 | ALPEMA & TOURISM | SPAIN |
| 29581 | AMB GROUP | UNITED STATES |
| 38970 | AMERICAN JET S.A. | ARGENTINA |
| 31409 | AMERICAN KING AIR FE | UNITED STATES |
| 37598 | AMS LTD | UNITED KINGDOM |
| 34891 | ANDALUS LINEAS AER. | SPAIN |
| 26796 | ANSETT WORLDWIDE | AUSTRALIA |
| 31725 | ANTRAK AIR GHANA | GHANA |
| 28325 | ARAMARK | UNITED STATES |
| 32948 | ARKAS S.A. | COLOMBIA |
| f12734 | ASPEN TRADING CORP | UNITED STATES |
| 37408 | ASSOCIATED AVTN (2) | NIGERIA |
| 31605 | ASTAR (RCH FLIGHTS) | UNITED STATES |
| 32213 | ATLANTIC BRIDGE AV 2 | UNITED KINGDOM |
| 9456 | AUDELI | SPAIN |
| 42429 | AV. NAVAL GUAYAQUIL | ECUADOR |
| 35532 | AVEX AIR TRAINING | SOUTH AFRICA |
| 21660 | AVIACION COMERCIAL | MEXICO |
| 460 | AVIANCA | COLOMBIA |
| 36095 | AVION LLC | UNITED STATES |
| 31593 | AVIONICA SUVER S.L. | SPAIN |
| 33149 | AVPRO INC (2) | UNITED STATES |
| 26651 | AZUR AIR LLC | RUSSIAN FEDERATION |
| 8740 | ABBOTT LABORATORIES | UNITED STATES |
| f10630 | AEROLIDER, S.A. DE C.V. | MEXICO |
| 39686 | AIR PRODUCTS & CHEMICALS INC. | UNITED STATES |
| 29159 | AIRMAX, LLC | UNITED STATES |
| 23373 | AL TAMEER CO. LTD. | SAUDI ARABIA |
| f11014 | AMERICAN RESOURCES | UNITED STATES |
| f10332 | ASTRA 136 LLC | UNITED STATES |
| f11141 | AVERUCA, C.A. | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 12669 | BA CITYFLYER LTD | UNITED KINGDOM |
| f11811 | BANK OF UTAH TRUSTEE | UNITED STATES |
| 38654 | BARRAGAN MIGUEL | MEXICO |
| 32565 | BELLON AVIATION LTD. | SWITZERLAND |
| f13938 | BEST FLY S.L | SPAIN |
| 2621 | BINTER CANARIAS SA | SPAIN |
| 32392 | BIONIC AVIATION CC | SOUTH AFRICA |
| 35545 | BRASIL WARRANT | BRAZIL |
| 22234 | BRECO INTL | UNITED KINGDOM |
| f12909 | BRISAIR S.A. | UNITED KINGDOM |
| 19815 | BRISTOW NIGERIA | NIGERIA |
| 37278 | BUA DELAWARE INC | UNITED KINGDOM |
| f10074 | BANK OF AMERICA, NA | UNITED STATES |
| 38518 | BENIPAULA INC | UNITED STATES |
| 10970 | BOMBARDIER AEROSPACE CORPORATION | UNITED STATES |
| f12165 | BRADLEYVILLE, LTD | UNITED STATES |
| 31613 | C.S.P.SOCIETE | MAURITANIA |
| 27598 | CABO VERDE EXPRESS | CAPE VERDE |
| 30834 | CANADIAN METRO AIRL | CANADA |
| 38558 | CANARIAS AIRLINES | SPAIN |
| 36213 | CANARY FLY S.L. | SPAIN |
| 35186 | CAPITEQ | AUSTRALIA |
| 4029 | CARGILL | UNITED STATES |
| 23687 | CASA AIR SERVICES | MOROCCO |
| 32893 | CAVERTON HELICOPTERS | NIGERIA |
| 29796 | CETO MARKETING S.A. | UNITED KINGDOM |
| 38300 | CHALLENGER 5445 LLC | UNITED STATES |
| f10706 | CI-TEN LEASING CORP. | UNITED STATES |
| 44018 | CITGO PETROLEUM CORPORATION | UNITED STATES |
| 36279 | CLEARSKIES | AUSTRALIA |
| 32365 | CNL GROUP SERVICES | UNITED STATES |
| 38420 | COMP. NAT. NAV. SAS | FRANCE |
| 38329 | COMPANIA OPERADORA DE CORTO Y MEDIO RADIO IBERIA EXPRESS S.A. | SPAIN |
| 37198 | CONF. BRASILEIRA | BRAZIL |
| 36755 | CONSORCIO CJPP | BRAZIL |
| f11327 | COOK CANYON (GP) LLC | UNITED STATES |
| f13639 | COOPER AIR REPRESENTAÇÃO COMERCIAL LTDA | BRAZIL |
| 39318 | COORDENACAO DE AVIACION OPERACIONAL DA POLICIA FEDERAL | BRAZIL |
| 24180 | CORP YGNUS AIR S.A. | SPAIN |
| f14711 | CORPORACION CASTILLO BERTRAN | UNITED STATES |
| 32284 | CORPORATE OIL & GAS | NIGERIA |
| 36833 | COYABA LLC | UNITED STATES |
| 37293 | CPC SA | UNITED STATES |
| f11342 | CSC TRUST CO OF DELAWARE TRUSTEE | UNITED STATES |
| 31491 | CSIM AIR | UNITED STATES |
| f11870 | CALETON HOLDINGS | CAYMAN ISLANDS |
| 32564 | CARABO CAPITAL | UNITED STATES |
| f12156 | CAREFUSION CORPORATION | UNITED STATES |
| f10817 | CASAFIN II LLC | UNITED STATES |
| 39988 | COCKRELL RESOURCES | UNITED STATES |
| f11018 | CONDOR EXPRESS S.A. | ARGENTINA |
| f10127 | CONFORTO EMPREENDIMENTOS E PARICIPACOES LTDA | BRAZIL |
| f10710 | CONTESSA PREMIUM FOODS | UNITED STATES |
| 38519 | CORIMON CA | CAYMAN ISLANDS |
| 35909 | COVINGTON AVIATION | UNITED STATES |
| 29548 | DARTASSAN | IRELAND |
| 26776 | DEAN FOODS | UNITED STATES |
| 37252 | DELAWARE GG INC | UNITED STATES |
| 29208 | DES R CARGO EXPRESS | MAURITANIA |
| 35756 | DNEST AVIATION | MALAYSIA |
| 3464 | DODSON INTERNTL PART | UNITED STATES |
| 33251 | DORNIER NIGERIA | NIGERIA |
| 31583 | DTC LLC | UNITED STATES |
| 11968 | DUKE OF WESTMINSTER | UNITED KINGDOM |
| 37414 | DALLAH AL BARAKA HOLDING COMPANY | SAUDI ARABIA |
| f10136 | DAYCO PROPERTIES LTD | UNITED STATES |
| f12879 | EAGLE AIR SERVICES CORP | UNITED STATES |
| 35754 | EASSDA | UNITED KINGDOM |
| 35658 | EAST COAST JETS INC | UNITED STATES |
| 46999 | EASTERN AIRLINES LLC | UNITED STATES |
| 8808 | EASTMAN KODAK | UNITED STATES |
| 47475 | EASYCHARTER LLC | GEORGIA |
| 23226 | EASYJET AIRLINE COMPANY LTD | UNITED KINGDOM |
| 46235 | EASYJET UK LIMITED | UNITED KINGDOM |
| 31715 | ECUATO GUINEANA (2) | EQUATORIAL GUINEA |
| 37813 | EDIFICA 2000 | SPAIN |
| f12753 | EDINTON HOLDINGS USA INC | UNITED STATES |
| 10068 | EDREES MUSTAFA | SAUDI ARABIA |
| 35209 | EHEIM VERWALTUNGS | GERMANY |
| 30842 | EJS-AVIATION SERVICE | BAHAMAS |
| 44771 | ELITAVIA SAN MARINO | SAN MARINO |
| 44757 | ELITE AERO IRELAND | IRELAND |
| 29935 | ELMET AVIATION | UNITED STATES |
| 35607 | ELYSIAN AIRLINES | GUINEA |
| 38631 | EMB EQUIPMENT LLC | UNITED STATES |
| 39123 | EMBRAER COMMERCIAL | UNITED STATES |
| 4025 | EMBRAER SA | UNITED STATES |
| 39798 | EMBRAER SA-COMMERC. | BRAZIL |
| f13610 | EMSI AVIATION | UNITED STATES |
| 31186 | ENGUIA GEN CE LTDA | BRAZIL |
| 24823 | EUROCONTINENTAL | SPAIN |
| 26217 | EUROPEAN FLYERS SL U | SPAIN |
| 40052 | EVELOP AIRLINES S.L. | SPAIN |
| 38902 | EVOLUTION ASSET MNGT | UNITED STATES |
| 32605 | EXEC JET MANAGEMENT | UNITED KINGDOM |
| 31653 | EXEC JET SERVICE (N) | NIGERIA |
| 38423 | EXECUFLIGHT INC | UNITED STATES |
| 32736 | EXECUTIVE AIR SVCS | UNITED STATES |
| 27226 | EXECUTIVE AIRLINES | SPAIN |
| 26852 | EXECUTIVE SKYFLEET | UNITED STATES |
| f10915 | ELECTRIC BOAT CORPORATION | UNITED STATES |
| f12480 | ESSAR SHIPPING & LOGISTICS LTD | UNITED KINGDOM |
| 35238 | FAIRMONT AVTN COMP | SWITZERLAND |
| 7382 | FALCONAIR LTD | SOUTH AFRICA |
| f12978 | FATHER & SON AIR LLC | UNITED STATES |
| 34494 | FCI AVIATION LLC | UNITED KINGDOM |
| 37269 | FENWAY AVIATION | BRAZIL |
| 18767 | FIRST INTL AVTN | UNITED STATES |
| 26564 | FL AVIATION | UNITED STATES |
| 35848 | FLANA | SOUTH AFRICA |
| 19907 | FLIGHT CONSULTANCY | UNITED KINGDOM |
| 38894 | FLIGHT PLANS SOLUTI | UNITED STATES |
| 22596 | FLIGHTLINE SL | SPAIN |
| 38755 | FLY540 ANGOLA | ANGOLA |
| 31915 | FLYANT SERVICIOS AER | SPAIN |
| 5453 | FLYBE LTD | UNITED KINGDOM |
| 38743 | FLYGTACK LTD | UNITED KINGDOM |
| 31970 | FLYING FALCON | UNITED STATES |
| 10992 | FLYING LION | UNITED STATES |
| 24821 | FORMACION AEROFAN SL | SPAIN |
| 34647 | FOSTER AVIATION | UNITED KINGDOM |
| 32961 | FRAPMAG LTD | UNITED KINGDOM |
| 22740 | FREWTON LTD | UNITED KINGDOM |
| 37166 | FS AVIATION LLP | UNITED KINGDOM |
| 31564 | FUGRO AVIAT CANADA | CANADA |
| 36054 | FUJI DREAM AIRLINES | JAPAN |
| 35955 | FULUCA INVESTMENTS | SOUTH AFRICA |
| f10761 | FIREFLY ENTERTAINMENT INC. | UNITED STATES |
| 31802 | FLO-SUN AIRCRAFT, INC. | UNITED STATES |
| 47536 | GALISTAIR TRADING LIMITED | MALTA |
| 38961 | GAMBIA BIRD AIRLINE | GAMBIA |
| 4402 | GESTAIR | SPAIN |
| 25841 | GF AIR | UNITED STATES |
| f10220 | GG AIRCRAFT LLC | UNITED STATES |
| 39093 | GLOBAL AIRCRAFT LLC | UNITED STATES |
| 38732 | GLOBAL FIVE HOLDINGS | UNITED STATES |
| 28586 | GO AHEAD INTERNATION | SWITZERLAND |
| 32506 | GOAL VERWALTUNGS (2) | GERMANY |
| 30962 | GOF AIR SA DE CV | MEXICO |
| 28810 | GOLDNER D | UNITED STATES |
| 34043 | GRAND CHINA EXPRESS | CHINA |
| 28228 | GUARDA COSTEIRA GV | CAPE VERDE |
| 1356 | GULFSTREAM SAVANNAH | UNITED STATES |
| f10219 | GENERAL AVILEASING, INC. | UNITED STATES |
| 37447 | GINNAIRE RENTAL INC. | UNITED STATES |
| f10226 | GLASS AVIATION, INC. | UNITED STATES |
| f11875 | H&S AIR, LLC. | UNITED STATES |
| 27295 | HAGEL W | AUSTRIA |
| 32525 | HARPO INC | UNITED STATES |
| 31805 | HARVARD OIL & GAS | CANADA |
| 28012 | HAWKAIRE | UNITED STATES |
| 28603 | HCC SERVICE CO | UNITED STATES |
| 38138 | HEBEI AIRLINES LTD | CHINA |
| 42954 | HELIDOSA AVIATION | DOMINICAN REPUBLIC |
| 37568 | HELITT LINEAS AEREAS | SPAIN |
| 31991 | HENNIG . | SOUTH AFRICA |
| 38709 | HEVELCA SOCIETE | UNITED STATES |
| 44230 | HEWLETT PACKARD ENTERPRISES | UNITED STATES |
| f11786 | HI FLITE INC | UNITED STATES |
| 34338 | HISPANIA FLYJET | SPAIN |
| 28615 | HOLA AIRLINES S.L. | SPAIN |
| 33213 | HOLLYWOOD AVIATION | UNITED STATES |
| 31093 | HONG KONG EXPRESS | HONG KONG SAR |
| 34316 | HYUNDAI COLOMBIA | COLOMBIA |
| 31848 | HYUNDAY COLOMBIA | COLOMBIA |
| 35962 | I FLY LTD | RUSSIAN FEDERATION |
| 1475 | IBERIA | SPAIN |
| 25406 | IBERWORLD S.A.U. | SPAIN |
| 25843 | ICE BIRD | SWITZERLAND |
| 27097 | INAER AV.ANFIBIOS | SPAIN |
| 1416 | INAER HELI.OFF-SHORE | SPAIN |
| 4470 | INDUSTRIAS TITAN | SPAIN |
| 45397 | INITIUM AVIATION S.L. | SPAIN |
| 35945 | INSEL AIR | NETHERLANDS |
| 37049 | INSULAR CLASS SL | SPAIN |
| 36530 | INTERALIMENT S.A.L. | LEBANON |
| f12784 | INTERNATIONAL AVIATION LLC | UNITED STATES |
| 37023 | INTERNATIONAL FLIGHT | BELGIUM |
| 32557 | INTL CONCERTS | UNITED STATES |
| 34440 | INTL FLIGHT RES | UNITED STATES |
| 31816 | INTL PRIVATE JET | SWITZERLAND |
| 33401 | INTL TRADE HOLDING | KUWAIT |
| f11397 | INVERSIONES LA MESETA C.A. | UNITED STATES |
| 30947 | IRS AIRLINES LTD | NIGERIA |
| 29121 | ISLAS AIRWAYS | SPAIN |
| 31918 | ISM AVIATION | UNITED KINGDOM |
| 39033 | ITABIRA AGRO INDUSTR | BRAZIL |
| 10117 | INTERNATIONAL LEASE FINANCE CORPORATION | UNITED STATES |
| 39179 | INVERSIONES 2 DE MARZO S.A. | UNITED STATES |
| 43786 | J P ADMINISTRACAO E PARTICIPACOES LTDA | BRAZIL |
| 28372 | J.W. CHILDS ASSOCIATES | UNITED STATES |
| 31247 | JAIR | SOUTH AFRICA |
| 27693 | JATO AVTN | UNITED KINGDOM |
| 36350 | JCPENNEY CO. INC. | UNITED STATES |
| 36363 | JEM INVESTMENTS | UNITED STATES |
| 7532 | JET2.COM LTD | UNITED KINGDOM |
| 7628 | JOHNSON FRANKLIN | UNITED STATES |
| 6281 | JOHNSON SC AND SON | UNITED STATES |
| f10912 | JORGE GREGORIO PEREZ COMPAC | ARGENTINA |
| f10284 | JUPITER LEASING INC. | UNITED STATES |
| 34608 | KAMA AVIATION | RUSSIAN FEDERATION |
| 22691 | KAVMINVODYAVIA | RUSSIAN FEDERATION |
| 32291 | KELLY CORP | UNITED STATES |
| 30722 | KING AIR & TRAVELS | NIGERIA |
| 21519 | KINGS AVIATION | UNITED KINGDOM |
| 22866 | KOGALYMAVIA | RUSSIAN FEDERATION |
| 34665 | KUNPENG AIRLINES | CHINA |
| 32518 | LAI | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| f12766 | LAS EUGENIAS AIRCRAFT HOLDINGS LLC | UNITED STATES |
| 29663 | LATAM AIRLINES ECUADOR S.A | ECUADOR |
| 1689 | LATAM AIRLINES GROUP S.A. | CHILE |
| 32926 | LATAM AIRLINES PERU S.A. | PERU |
| 34764 | LEGACY ACFT HOLDONGS | UNITED STATES |
| 33087 | LEMCO HOLDINGS LTD. | BERMUDA |
| f10606 | LHF HOLDINGS INC. | UNITED STATES |
| 35540 | LIBYAN CAA | LIBYA |
| 37675 | LIDER AVIACAO | BRAZIL |
| 8562 | LIDER TAXI AEREO | BRAZIL |
| 34815 | LIFT IRELAND LEASING | IRELAND |
| 32145 | LINK AVIATION | UNITED KINGDOM |
| 32711 | LITORANEA LINHAS AER | BRAZIL |
| 34783 | LLC NORD WIND | RUSSIAN FEDERATION |
| 32253 | LTH JET LEASING | BRAZIL |
| 30440 | LARK AVIATION LLC | UNITED STATES |
| 32826 | LEWIS AERONAUTICAL | UNITED STATES |
| f12478 | LONGFELLOW MANAGEMENT SERVICES LLC | UNITED STATES |
| f14571 | LOTCA SERVICIOS INTEGRALES S.L. | SPAIN |
| f12854 | M&N EQUIPMENT LLC | UNITED STATES |
| f11439 | MACYS CORPORATE SERVICES INC | UNITED STATES |
| 32533 | MAITON AIR LLP | UNITED KINGDOM |
| 32725 | MALI AIR EXPRESS | MALI |
| 28276 | MARBYIA EXEC. FLIGHT | SAUDI ARABIA |
| 14376 | MARTINEZ RIDAO | SPAIN |
| 37112 | MAX AIR (NIGERIA) | NIGERIA |
| 26115 | MEDAIR CHARTER | SOUTH AFRICA |
| 28439 | MEDIA CONSULTING SERVICES | UNITED STATES |
| 35494 | MENA AEROSPEASE | UNITED ARAB EMIRATES |
| 26957 | MENAJIAN | UNITED STATES |
| 38791 | MENORCA LLC | UNITED STATES |
| 40210 | MERCADONA S.A. | SPAIN |
| 31076 | METRO JET USA | UNITED STATES |
| 39178 | METROPOLITAN AVT LLC | UNITED STATES |
| 14322 | MEXICANA | MEXICO |
| 39275 | MID-SOUTH INV. LLC | UNITED STATES |
| 34331 | MIKES AIRPLANE RENT2 | UNITED STATES |
| 26896 | MOBIL NIGERIA 2 | NIGERIA |
| 1922 | MONARCH AIRLINES LTD | UNITED KINGDOM |
| 10262 | MONARCH GEN AVIATION | SWITZERLAND |
| 4341 | MOTOROLA MOBILITY | UNITED STATES |
| 8099 | MSF AVIATION | CAYMAN ISLANDS |
| 35701 | MULTIPROMOTUR S.L. | SPAIN |
| 37311 | MARCUS EVANS AVIANS LTD. | UNITED KINGDOM |
| f13442 | MICHIGAN AVIATION LLC | UNITED STATES |
| 24765 | MONZA NEGOCIOS | BRAZIL |
| f10321 | N T AIR, INC. | UNITED STATES |
| f11388 | N450JE LLC | UNITED STATES |
| 31771 | N526EE | UNITED STATES |
| 32502 | NASAIR | SAUDI ARABIA |
| 604 | NAYSA | SPAIN |
| 31792 | NHT LINHAS AEREAS | BRAZIL |
| f10331 | NII HOLDINGS INC. | UNITED STATES |
| 31834 | NITA JET | UNITED STATES |
| 39070 | NNP HOLDING S/A | BRAZIL |
| 36142 | NOAR LINHAS AEREAS | BRAZIL |
| 33203 | NOCLAF LIMITED | UNITED KINGDOM |
| 1997 | NOMADS | UNITED STATES |
| 32556 | NYGREN U | SWEDEN |
| 39746 | NEW AVANT GARDE LTD | MALTA |
| 18907 | NORMAN AVIATION | UNITED STATES |
| 31679 | OASIS SERVICES | UNITED STATES |
| 32396 | OBODEN IBRU | UNITED ARAB EMIRATES |
| 35840 | OCEANAIR TAXI AEREO | BRAZIL |
| 24549 | ODYSSEY AVTN | UNITED STATES |
| 37779 | ONCAM AVIATION LTD | UNITED KINGDOM |
| 33704 | ORIONAIR S.L. | SPAIN |
| 44636 | ORTAC OPERATIONS | UNITED KINGDOM |
| f10603 | OTO DEVELOPMENT, LLC | UNITED STATES |
| 42965 | PAIC PARTICIPAOES | BRAZIL |
| 33299 | PALM AVIATION | UNITED ARAB EMIRATES |
| 35266 | PCS AVIATION SERVICES, LLC | UNITED STATES |
| 44056 | PDVSA PETROLEO S.A. | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 8455 | PERSONAL JET FLORIDA | UNITED STATES |
| 35295 | PHOENICIA AVIATION | LEBANON |
| 31257 | PICK N PAY (2) | SOUTH AFRICA |
| 42844 | PLUS ULTRA LINEAS | SPAIN |
| 30970 | POOL AVIATION NW LTD | UNITED KINGDOM |
| 35542 | PORTSIDE INTL LTD | UNITED KINGDOM |
| 32241 | PRESIDENTIAL(N981BW) | UNITED STATES |
| 38147 | PRIME AIR SVCS LTD | NIGERIA |
| 32000 | PRIVILEGE STYLE SA | SPAIN |
| 32852 | PRIYAN FOUNDATION | UNITED STATES |
| f12698 | PROFESSIONAL JET III LLC | UNITED STATES |
| 32480 | PRONAIR AIRLINES SL | SPAIN |
| 29804 | PUNTO-FA | SPAIN |
| 23017 | PERM AIRLINES | RUSSIAN FEDERATION |
| 34864 | Q JETS AVIATION | CANADA |
| 33331 | QUADRA AVIATION LP | UNITED KINGDOM |
| 27231 | QUANTUM AIR | SPAIN |
| 37367 | RADCOOL INVESTMENTS | SOUTH AFRICA |
| 33067 | RAINBOW AIR | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 12856 | RAYTHEON AIRCRAFT | UNITED KINGDOM |
| f11770 | REAL WORLD TOURS INC | UNITED STATES |
| f12825 | RED HAWK AVIATION LLC | UNITED STATES |
| 26960 | RED WINGS CJSC | RUSSIAN FEDERATION |
| 32100 | RING AIR | UNITED STATES |
| 23739 | ROYAL FLIGHT | RUSSIAN FEDERATION |
| 35605 | RPK CAPITAL LLC | UNITED STATES |
| 34812 | RPK CAPITAL MNGT | UNITED STATES |
| 34828 | RUNWAY ASSET MNGT | SOUTH AFRICA |
| 33521 | RYJET | SPAIN |
| f13673 | REDWINGS, S.A. DE C.V. | MEXICO |
| 23071 | S ARGENTINA | ARGENTINA |
| 38250 | SAETA SL | SPAIN |
| 36517 | SAICUS AIR S.L. | SPAIN |
| 25502 | SAL EXPRESS | SAO TOME AND PRINCIPE |
| 29057 | SANTA BARBARA (2) | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 32602 | SANTANA TEXTIL | BRAZIL |
| 37768 | SAPETRO AVIATION LTD | VIRGIN ISLANDS, BRITISH |
| 29825 | SAS INSTITUTE | UNITED STATES |
| 37164 | SASEMAR | SPAIN |
| 32195 | SATA VENEZUELA | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 37785 | SDE SA | BELGIUM |
| 1095 | SECCION ECONOMICO-ADMIN. | SPAIN |
| 39149 | SEGURANCA TAXI AEREO | BRAZIL |
| 37250 | SENEGAL AIRLINES LTD | SENEGAL |
| 37448 | SERIPATRI PARTICIP | BRAZIL |
| 30674 | SEV AEREO POLICIA | SPAIN |
| 36232 | SIENNA CORP SERVICES | SWITZERLAND |
| 34785 | SIERRA NEVADA CORP. | UNITED STATES |
| 32002 | SIERRA STELLAR | UNITED STATES |
| 33719 | SKY AIR WORLD | AUSTRALIA |
| 25929 | SKY SERVICES AVTN | SPAIN |
| 45552 | SKYUP AIRLINES LLC | UKRAINE |
| 35092 | SKYWAY LTD. | GEORGIA |
| 30794 | SLEEPWELL AVTN | UNITED KINGDOM |
| 38895 | SOBHA PURAVANKARA | INDIA |
| 39712 | SOL DEL PARAGUAY | PARAGUAY |
| 11926 | SONAIR ANGOLA | ANGOLA |
| 33250 | SOSOLISO A/L (2) | NIGERIA |
| 19182 | SOTAN | BRAZIL |
| 36602 | SOUTH AVIATION INC | UNITED STATES |
| 31632 | SOUTH EAST ASIAN | PHILIPPINES |
| 4298 | SPANAIR S A | SPAIN |
| 28727 | SPENAERO | UNITED STATES |
| 31936 | SQUADRON AVTN SVCS | BRAZIL |
| 24644 | ST MERRYN AIR | UNITED KINGDOM |
| 46001 | STAR JET S.R.L. | SAN MARINO |
| 1485 | STOCKWOOD V | UNITED STATES |
| 30064 | STREAMLINE RUSSIA | RUSSIAN FEDERATION |
| 27934 | SUGAR PINE AVIATION LLC | UNITED STATES |
| 34009 | SUNRIDER CORPORATION | UNITED STATES |
| 33679 | SVS AERO COSTA AZAHA | SPAIN |
| 11309 | SWIFTAIR ESPANA | SPAIN |
| 37862 | STARWOOD MANAGEMENT LLC | UNITED STATES |
| 43970 | TAESPEJO PORTUGAL | PORTUGAL |
| 31288 | TAG AVTN ESPANA | SPAIN |
| 34933 | TAILWIND AIRLINES | TURKEY |
| 36754 | TAK AVIATION | UNITED STATES |
| 12249 | TAM AVIAÇÃO EXECUTIVA E TÁXI AÉREO S/A | BRAZIL |
| 4121 | TAMPA SA | COLOMBIA |
| 22992 | TATARSTAN AIRLINES | RUSSIAN FEDERATION |
| 31963 | TAXI FLY GROUP SA | SPAIN |
| f12830 | TDC MANAGEMENT LLC | UNITED STATES |
| 27034 | THOMAS COOK AIRLINES LTD | UNITED KINGDOM |
| 35745 | TIANJIN AIRLINES | CHINA |
| 34310 | TIGER AIRCRAFT TRAD. | UNITED STATES |
| 34198 | TITAN AVIATION UAE | UNITED ARAB EMIRATES |
| 9705 | TOWER HOUSE CONSULTS | UNITED KINGDOM |
| 27626 | TRABAJOS AER ESPEJO | SPAIN |
| 37007 | TRABAJOS EXTREMENOS | SPAIN |
| 35159 | TRAMAS TEXTILES SA | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 28247 | TRANS AER BOLIVIANA | BOLIVIA, PLURINATIONAL STATE OF |
| 15453 | TRANSAERO AIRLINES | RUSSIAN FEDERATION |
| 34609 | TRANSCON INTERNATIONAL INC. | BAHAMAS |
| 36589 | TRANSP AEREOS XALAPA | UNITED STATES |
| 34330 | TRANSPAIS AEREO | MEXICO |
| 22047 | TRANSPORTES DEL SUR | SPAIN |
| 38544 | TRIM AIR CHARTER | UNITED STATES |
| 36812 | TRINIDAIR UK LTD | UNITED KINGDOM |
| 13174 | TRUSTAIR LTD | UNITED KINGDOM |
| 30131 | TUI AIRWAYS LTD | UNITED KINGDOM |
| 29974 | TURBOR AIR CARGO (2) | SENEGAL |
| f12239 | TEJRIA SERVICES LIMITED, BERMUDA | BERMUDA |
| 37642 | TERMO NORTE ENERGIA LTDA | BRAZIL |
| 34271 | UAML AIR CHARTER | UNITED STATES |
| 38903 | UNIQUE JET AVIATION | UNITED STATES |
| 36046 | USN AVIATION LLC | UNITED STATES |
| 37185 | UTD BANK OF AFRICA | NIGERIA |
| 8705 | VER.SCHWEIZ.FLIEGER | SWITZERLAND |
| 35913 | VESEY AIR LLC | UNITED STATES |
| 29086 | VIM AIRLINES | RUSSIAN FEDERATION |
| 34107 | VIPER AVIATION LLC | UNITED STATES |
| 35330 | VIRCOP JETS S.L. | SPAIN |
| 38266 | VOLOTEA S.L. | SPAIN |
| 30190 | VUELING AIRLINES | SPAIN |
| 29378 | WAMOS AIR, SA | SPAIN |
| 44827 | WCA HOLDINGS | UNITED STATES |
| 2885 | WESTAIR FLYING | UNITED KINGDOM |
| 1162 | WILLIAMS GRAND PRIX | UNITED KINGDOM |
| 36586 | WIN WIN SERVICES | UNITED STATES |
| 36955 | WINGS JET LTD | MOROCCO |
| 31438 | WOOD J M | UNITED KINGDOM |
| 35259 | WORLD WIDE AC FERRY | CANADA |
| 48067 | WORLD2FLY SLU | SPAIN |
| 34390 | WTORRE S.A. | BRAZIL |
| f10475 | WESTAIR CORPORATION | UNITED STATES |
| f10479 | WICHITA AIR SERVICES, INC. | UNITED STATES |
| f11514 | WINDWAY CAPITAL CORP | UNITED STATES |
| 35374 | XTO ENERGY INC | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

26560

245 PILOT SERVICES

UNITED STATES

39446

ACANITT (CZA) HOLD.

CAYMAN ISLANDS

4648

AERO ANGELES

MEXICO

45064

AERO GUERNSEY LTD

UNITED KINGDOM

19709

AERODATA BELGIUM

BELGIUM

36647

AEROGAL

ECUADOR

33221

AEROLINEA PRINCIPAL

CHILE

160

AEROLINEAS ARGENTINA

ARGENTINA

45206

AEROLINEAS ESTELAR LATINOAMERICA C.A.

VENEZUELA, BOLIVARIAN REPUBLIC OF

20010

AEROLINEAS TEHUACAN

MEXICO

38432

AEROMASTER DEL PERU

PERU

36924

AERON CIVIL PANAMA

PANAMA

30520

AEROTAXI LOS VALLES

SPAIN

2880

AEROVIAS DE MEXICO

MEXICO

29534

AFRIQUE CARGO SERV

SENEGAL

44479

AIR 31 LLC

UNITED STATES

29323

AIR AMDER

MAURITANIA

24500

AIR COMET S.A.

SPAIN

9345

AIR EUROPA

SPAIN

28016

AIR EXECUTIVE S.L.

SPAIN

36047

AIR LOGISTICS (LUX)

LUXEMBOURG

33862

AIR MANAGEMENT JSC

RUSSIAN FEDERATION

22380

AIR NOSTRUM

SPAIN

39181

AIR ONE AVTN PRIVATE

INDIA

31681

AIR TRACTOR EUROPE

SPAIN

38965

AIRBUS HELI ESPANA

SPAIN

7968

AIRBUS HELICOPTER

FRANCE

37072

AIRCRAFT HOLDINGS

UNITED STATES

36793

AIRLEASE CORPORATION

UNITED STATES

34981

AIRLIFT USA LLP

UNITED STATES

20066

AIRLINK SOUTH AFRICA

SOUTH AFRICA

36637

ALBA STAR S.A.

SPAIN

43746

ALHOKAIR AVIATION

SWITZERLAND

43337

ALLIANCEJET, LLC

RUSSIAN FEDERATION

32075

ALPEMA & TOURISM

SPAIN

29581

AMB GROUP

UNITED STATES

38970

AMERICAN JET S.A.

ARGENTINA

31409

AMERICAN KING AIR FE

UNITED STATES

37598

AMS LTD

UNITED KINGDOM

34891

ANDALUS LINEAS AER.

SPAIN

26796

ANSETT WORLDWIDE

AUSTRALIA

31725

ANTRAK AIR GHANA

GHANA

28325

ARAMARK

UNITED STATES

32948

ARKAS S.A.

COLOMBIA

f12734

ASPEN TRADING CORP

UNITED STATES

37408

ASSOCIATED AVTN (2)

NIGERIA

31605

ASTAR (RCH FLIGHTS)

UNITED STATES

32213

ATLANTIC BRIDGE AV 2

UNITED KINGDOM

9456

AUDELI

SPAIN

42429

AV. NAVAL GUAYAQUIL

ECUADOR

35532

AVEX AIR TRAINING

SOUTH AFRICA

21660

AVIACION COMERCIAL

MEXICO

460

AVIANCA

COLOMBIA

36095

AVION LLC

UNITED STATES

31593

AVIONICA SUVER S.L.

SPAIN

33149

AVPRO INC (2)

UNITED STATES

26651

AZUR AIR LLC

RUSSIAN FEDERATION

8740

ABBOTT LABORATORIES

UNITED STATES

f10630

AEROLIDER, S.A. DE C.V.

MEXICO

39686

AIR PRODUCTS & CHEMICALS INC.

UNITED STATES

29159

AIRMAX, LLC

UNITED STATES

23373

AL TAMEER CO. LTD.

SAUDI ARABIA

f11014

AMERICAN RESOURCES

UNITED STATES

f10332

ASTRA 136 LLC

UNITED STATES

f11141

AVERUCA, C.A.

VENEZUELA, BOLIVARIAN REPUBLIC OF

12669

BA CITYFLYER LTD

UNITED KINGDOM

f11811

BANK OF UTAH TRUSTEE

UNITED STATES

38654

BARRAGAN MIGUEL

MEXICO

32565

BELLON AVIATION LTD.

SWITZERLAND

f13938

BEST FLY S.L

SPAIN

2621

BINTER CANARIAS SA

SPAIN

32392

BIONIC AVIATION CC

SOUTH AFRICA

35545

BRASIL WARRANT

BRAZIL

22234

BRECO INTL

UNITED KINGDOM

f12909

BRISAIR S.A.

UNITED KINGDOM

19815

BRISTOW NIGERIA

NIGERIA

37278

BUA DELAWARE INC

UNITED KINGDOM

f10074

BANK OF AMERICA, NA

UNITED STATES

38518

BENIPAULA INC

UNITED STATES

10970

BOMBARDIER AEROSPACE CORPORATION

UNITED STATES

f12165

BRADLEYVILLE, LTD

UNITED STATES

31613

C.S.P.SOCIETE

MAURITANIA

27598

CABO VERDE EXPRESS

CAPE VERDE

30834

CANADIAN METRO AIRL

CANADA

38558

CANARIAS AIRLINES

SPAIN

36213

CANARY FLY S.L.

SPAIN

35186

CAPITEQ

AUSTRALIA

4029

CARGILL

UNITED STATES

23687

CASA AIR SERVICES

MOROCCO

32893

CAVERTON HELICOPTERS

NIGERIA

29796

CETO MARKETING S.A.

UNITED KINGDOM

38300

CHALLENGER 5445 LLC

UNITED STATES

f10706

CI-TEN LEASING CORP.

UNITED STATES

44018

CITGO PETROLEUM CORPORATION

UNITED STATES

36279

CLEARSKIES

AUSTRALIA

32365

CNL GROUP SERVICES

UNITED STATES

38420

COMP. NAT. NAV. SAS

FRANCE

38329

COMPANIA OPERADORA DE CORTO Y MEDIO RADIO IBERIA EXPRESS S.A.

SPAIN

37198

CONF. BRASILEIRA

BRAZIL

36755

CONSORCIO CJPP

BRAZIL

f11327

COOK CANYON (GP) LLC

UNITED STATES

f13639

COOPER AIR REPRESENTAÇÃO COMERCIAL LTDA

BRAZIL

39318

COORDENACAO DE AVIACION OPERACIONAL DA POLICIA FEDERAL

BRAZIL

24180

CORP YGNUS AIR S.A.

SPAIN

f14711

CORPORACION CASTILLO BERTRAN

UNITED STATES

32284

CORPORATE OIL & GAS

NIGERIA

36833

COYABA LLC

UNITED STATES

37293

CPC SA

UNITED STATES

f11342

CSC TRUST CO OF DELAWARE TRUSTEE

UNITED STATES

31491

CSIM AIR

UNITED STATES

f11870

CALETON HOLDINGS

CAYMAN ISLANDS

32564

CARABO CAPITAL

UNITED STATES

f12156

CAREFUSION CORPORATION

UNITED STATES

f10817

CASAFIN II LLC

UNITED STATES

39988

COCKRELL RESOURCES

UNITED STATES

f11018

CONDOR EXPRESS S.A.

ARGENTINA

f10127

CONFORTO EMPREENDIMENTOS E PARICIPACOES LTDA

BRAZIL

f10710

CONTESSA PREMIUM FOODS

UNITED STATES

38519

CORIMON CA

CAYMAN ISLANDS

35909

COVINGTON AVIATION

UNITED STATES

29548

DARTASSAN

IRELAND

26776

DEAN FOODS

UNITED STATES

37252

DELAWARE GG INC

UNITED STATES

29208

DES R CARGO EXPRESS

MAURITANIA

35756

DNEST AVIATION

MALAYSIA

3464

DODSON INTERNTL PART

UNITED STATES

33251

DORNIER NIGERIA

NIGERIA

31583

DTC LLC

UNITED STATES

11968

DUKE OF WESTMINSTER

UNITED KINGDOM

37414

DALLAH AL BARAKA HOLDING COMPANY

SAUDI ARABIA

f10136

DAYCO PROPERTIES LTD

UNITED STATES

f12879

EAGLE AIR SERVICES CORP

UNITED STATES

35754

EASSDA

UNITED KINGDOM

35658

EAST COAST JETS INC

UNITED STATES

46999

EASTERN AIRLINES LLC

UNITED STATES

8808

EASTMAN KODAK

UNITED STATES

47475

EASYCHARTER LLC

GEORGIA

23226

EASYJET AIRLINE COMPANY LTD

UNITED KINGDOM

46235

EASYJET UK LIMITED

UNITED KINGDOM

31715

ECUATO GUINEANA (2)

EQUATORIAL GUINEA

37813

EDIFICA 2000

SPAIN

f12753

EDINTON HOLDINGS USA INC

UNITED STATES

10068

EDREES MUSTAFA

SAUDI ARABIA

35209

EHEIM VERWALTUNGS

GERMANY

30842

EJS-AVIATION SERVICE

BAHAMAS

44771

ELITAVIA SAN MARINO

SAN MARINO

44757

ELITE AERO IRELAND

IRELAND

29935

ELMET AVIATION

UNITED STATES

35607

ELYSIAN AIRLINES

GUINEA

38631

EMB EQUIPMENT LLC

UNITED STATES

39123

EMBRAER COMMERCIAL

UNITED STATES

4025

EMBRAER SA

UNITED STATES

39798

EMBRAER SA-COMMERC.

BRAZIL

f13610

EMSI AVIATION

UNITED STATES

31186

ENGUIA GEN CE LTDA

BRAZIL

24823

EUROCONTINENTAL

SPAIN

26217

EUROPEAN FLYERS SL U

SPAIN

40052

EVELOP AIRLINES S.L.

SPAIN

38902

EVOLUTION ASSET MNGT

UNITED STATES

32605

EXEC JET MANAGEMENT

UNITED KINGDOM

31653

EXEC JET SERVICE (N)

NIGERIA

38423

EXECUFLIGHT INC

UNITED STATES

32736

EXECUTIVE AIR SVCS

UNITED STATES

27226

EXECUTIVE AIRLINES

SPAIN

26852

EXECUTIVE SKYFLEET

UNITED STATES

f10915

ELECTRIC BOAT CORPORATION

UNITED STATES

f12480

ESSAR SHIPPING & LOGISTICS LTD

UNITED KINGDOM

35238

FAIRMONT AVTN COMP

SWITZERLAND

7382

FALCONAIR LTD

SOUTH AFRICA

f12978

FATHER & SON AIR LLC

UNITED STATES

34494

FCI AVIATION LLC

UNITED KINGDOM

37269

FENWAY AVIATION

BRAZIL

18767

FIRST INTL AVTN

UNITED STATES

26564

FL AVIATION

UNITED STATES

35848

FLANA

SOUTH AFRICA

19907

FLIGHT CONSULTANCY

UNITED KINGDOM

38894

FLIGHT PLANS SOLUTI

UNITED STATES

22596

FLIGHTLINE SL

SPAIN

38755

FLY540 ANGOLA

ANGOLA

31915

FLYANT SERVICIOS AER

SPAIN

5453

FLYBE LTD

UNITED KINGDOM

38743

FLYGTACK LTD

UNITED KINGDOM

31970

FLYING FALCON

UNITED STATES

10992

FLYING LION

UNITED STATES

24821

FORMACION AEROFAN SL

SPAIN

34647

FOSTER AVIATION

UNITED KINGDOM

32961

FRAPMAG LTD

UNITED KINGDOM

22740

FREWTON LTD

UNITED KINGDOM

37166

FS AVIATION LLP

UNITED KINGDOM

31564

FUGRO AVIAT CANADA

CANADA

36054

FUJI DREAM AIRLINES

JAPAN

35955

FULUCA INVESTMENTS

SOUTH AFRICA

f10761

FIREFLY ENTERTAINMENT INC.

UNITED STATES

31802

FLO-SUN AIRCRAFT, INC.

UNITED STATES

47536

GALISTAIR TRADING LIMITED

MALTA

38961

GAMBIA BIRD AIRLINE

GAMBIA

4402

GESTAIR

SPAIN

25841

GF AIR

UNITED STATES

f10220

GG AIRCRAFT LLC

UNITED STATES

39093

GLOBAL AIRCRAFT LLC

UNITED STATES

38732

GLOBAL FIVE HOLDINGS

UNITED STATES

28586

GO AHEAD INTERNATION

SWITZERLAND

32506

GOAL VERWALTUNGS (2)

GERMANY

30962

GOF AIR SA DE CV

MEXICO

28810

GOLDNER D

UNITED STATES

34043

GRAND CHINA EXPRESS

CHINA

28228

GUARDA COSTEIRA GV

CAPE VERDE

1356

GULFSTREAM SAVANNAH

UNITED STATES

f10219

GENERAL AVILEASING, INC.

UNITED STATES

37447

GINNAIRE RENTAL INC.

UNITED STATES

f10226

GLASS AVIATION, INC.

UNITED STATES

f11875

H&S AIR, LLC.

UNITED STATES

27295

HAGEL W

AUSTRIA

32525

HARPO INC

UNITED STATES

31805

HARVARD OIL & GAS

CANADA

28012

HAWKAIRE

UNITED STATES

28603

HCC SERVICE CO

UNITED STATES

38138

HEBEI AIRLINES LTD

CHINA

42954

HELIDOSA AVIATION

DOMINICAN REPUBLIC

37568

HELITT LINEAS AEREAS

SPAIN

31991

HENNIG .

SOUTH AFRICA

38709

HEVELCA SOCIETE

UNITED STATES

44230

HEWLETT PACKARD ENTERPRISES

UNITED STATES

f11786

HI FLITE INC

UNITED STATES

34338

HISPANIA FLYJET

SPAIN

28615

HOLA AIRLINES S.L.

SPAIN

33213

HOLLYWOOD AVIATION

UNITED STATES

31093

HONG KONG EXPRESS

HONG KONG SAR

34316

HYUNDAI COLOMBIA

COLOMBIA

31848

HYUNDAY COLOMBIA

COLOMBIA

35962

I FLY LTD

RUSSIAN FEDERATION

1475

IBERIA

SPAIN

25406

IBERWORLD S.A.U.

SPAIN

25843

ICE BIRD

SWITZERLAND

27097

INAER AV.ANFIBIOS

SPAIN

1416

INAER HELI.OFF-SHORE

SPAIN

4470

INDUSTRIAS TITAN

SPAIN

45397

INITIUM AVIATION S.L.

SPAIN

35945

INSEL AIR

NETHERLANDS

37049

INSULAR CLASS SL

SPAIN

36530

INTERALIMENT S.A.L.

LEBANON

f12784

INTERNATIONAL AVIATION LLC

UNITED STATES

37023

INTERNATIONAL FLIGHT

BELGIUM

32557

INTL CONCERTS

UNITED STATES

34440

INTL FLIGHT RES

UNITED STATES

31816

INTL PRIVATE JET

SWITZERLAND

33401

INTL TRADE HOLDING

KUWAIT

f11397

INVERSIONES LA MESETA C.A.

UNITED STATES

30947

IRS AIRLINES LTD

NIGERIA

29121

ISLAS AIRWAYS

SPAIN

31918

ISM AVIATION

UNITED KINGDOM

39033

ITABIRA AGRO INDUSTR

BRAZIL

10117

INTERNATIONAL LEASE FINANCE CORPORATION

UNITED STATES

39179

INVERSIONES 2 DE MARZO S.A.

UNITED STATES

43786

J P ADMINISTRACAO E PARTICIPACOES LTDA

BRAZIL

28372

J.W. CHILDS ASSOCIATES

UNITED STATES

31247

JAIR

SOUTH AFRICA

27693

JATO AVTN

UNITED KINGDOM

36350

JCPENNEY CO. INC.

UNITED STATES

36363

JEM INVESTMENTS

UNITED STATES

7532

JET2.COM LTD

UNITED KINGDOM

7628

JOHNSON FRANKLIN

UNITED STATES

6281

JOHNSON SC AND SON

UNITED STATES

f10912

JORGE GREGORIO PEREZ COMPAC

ARGENTINA

f10284

JUPITER LEASING INC.

UNITED STATES

34608

KAMA AVIATION

RUSSIAN FEDERATION

22691

KAVMINVODYAVIA

RUSSIAN FEDERATION

32291

KELLY CORP

UNITED STATES

30722

KING AIR & TRAVELS

NIGERIA

21519

KINGS AVIATION

UNITED KINGDOM

22866

KOGALYMAVIA

RUSSIAN FEDERATION

34665

KUNPENG AIRLINES

CHINA

32518

LAI

VENEZUELA, BOLIVARIAN REPUBLIC OF

f12766

LAS EUGENIAS AIRCRAFT HOLDINGS LLC

UNITED STATES

29663

LATAM AIRLINES ECUADOR S.A

ECUADOR

1689

LATAM AIRLINES GROUP S.A.

CHILE

32926

LATAM AIRLINES PERU S.A.

PERU

34764

LEGACY ACFT HOLDONGS

UNITED STATES

33087

LEMCO HOLDINGS LTD.

BERMUDA

f10606

LHF HOLDINGS INC.

UNITED STATES

35540

LIBYAN CAA

LIBYA

37675

LIDER AVIACAO

BRAZIL

8562

LIDER TAXI AEREO

BRAZIL

34815

LIFT IRELAND LEASING

IRELAND

32145

LINK AVIATION

UNITED KINGDOM

32711

LITORANEA LINHAS AER

BRAZIL

34783

LLC NORD WIND

RUSSIAN FEDERATION

32253

LTH JET LEASING

BRAZIL

30440

LARK AVIATION LLC

UNITED STATES

32826

LEWIS AERONAUTICAL

UNITED STATES

f12478

LONGFELLOW MANAGEMENT SERVICES LLC

UNITED STATES

f14571

LOTCA SERVICIOS INTEGRALES S.L.

SPAIN

f12854

M&N EQUIPMENT LLC

UNITED STATES

f11439

MACYS CORPORATE SERVICES INC

UNITED STATES

32533

MAITON AIR LLP

UNITED KINGDOM

32725

MALI AIR EXPRESS

MALI

28276

MARBYIA EXEC. FLIGHT

SAUDI ARABIA

14376

MARTINEZ RIDAO

SPAIN

37112

MAX AIR (NIGERIA)

NIGERIA

26115

MEDAIR CHARTER

SOUTH AFRICA

28439

MEDIA CONSULTING SERVICES

UNITED STATES

35494

MENA AEROSPEASE

UNITED ARAB EMIRATES

26957

MENAJIAN

UNITED STATES

38791

MENORCA LLC

UNITED STATES

40210

MERCADONA S.A.

SPAIN

31076

METRO JET USA

UNITED STATES

39178

METROPOLITAN AVT LLC

UNITED STATES

14322

MEXICANA

MEXICO

39275

MID-SOUTH INV. LLC

UNITED STATES

34331

MIKES AIRPLANE RENT2

UNITED STATES

26896

MOBIL NIGERIA 2

NIGERIA

1922

MONARCH AIRLINES LTD

UNITED KINGDOM

10262

MONARCH GEN AVIATION

SWITZERLAND

4341

MOTOROLA MOBILITY

UNITED STATES

8099

MSF AVIATION

CAYMAN ISLANDS

35701

MULTIPROMOTUR S.L.

SPAIN

37311

MARCUS EVANS AVIANS LTD.

UNITED KINGDOM

f13442

MICHIGAN AVIATION LLC

UNITED STATES

24765

MONZA NEGOCIOS

BRAZIL

f10321

N T AIR, INC.

UNITED STATES

f11388

N450JE LLC

UNITED STATES

31771

N526EE

UNITED STATES

32502

NASAIR

SAUDI ARABIA

604

NAYSA

SPAIN

31792

NHT LINHAS AEREAS

BRAZIL

f10331

NII HOLDINGS INC.

UNITED STATES

31834

NITA JET

UNITED STATES

39070

NNP HOLDING S/A

BRAZIL

36142

NOAR LINHAS AEREAS

BRAZIL

33203

NOCLAF LIMITED

UNITED KINGDOM

1997

NOMADS

UNITED STATES

32556

NYGREN U

SWEDEN

39746

NEW AVANT GARDE LTD

MALTA

18907

NORMAN AVIATION

UNITED STATES

31679

OASIS SERVICES

UNITED STATES

32396

OBODEN IBRU

UNITED ARAB EMIRATES

35840

OCEANAIR TAXI AEREO

BRAZIL

24549

ODYSSEY AVTN

UNITED STATES

37779

ONCAM AVIATION LTD

UNITED KINGDOM

33704

ORIONAIR S.L.

SPAIN

44636

ORTAC OPERATIONS

UNITED KINGDOM

f10603

OTO DEVELOPMENT, LLC

UNITED STATES

42965

PAIC PARTICIPAOES

BRAZIL

33299

PALM AVIATION

UNITED ARAB EMIRATES

35266

PCS AVIATION SERVICES, LLC

UNITED STATES

44056

PDVSA PETROLEO S.A.

VENEZUELA, BOLIVARIAN REPUBLIC OF

8455

PERSONAL JET FLORIDA

UNITED STATES

35295

PHOENICIA AVIATION

LEBANON

31257

PICK N PAY (2)

SOUTH AFRICA

42844

PLUS ULTRA LINEAS

SPAIN

30970

POOL AVIATION NW LTD

UNITED KINGDOM

35542

PORTSIDE INTL LTD

UNITED KINGDOM

32241

PRESIDENTIAL(N981BW)

UNITED STATES

38147

PRIME AIR SVCS LTD

NIGERIA

32000

PRIVILEGE STYLE SA

SPAIN

32852

PRIYAN FOUNDATION

UNITED STATES

f12698

PROFESSIONAL JET III LLC

UNITED STATES

32480

PRONAIR AIRLINES SL

SPAIN

29804

PUNTO-FA

SPAIN

23017

PERM AIRLINES

RUSSIAN FEDERATION

34864

Q JETS AVIATION

CANADA

33331

QUADRA AVIATION LP

UNITED KINGDOM

27231

QUANTUM AIR

SPAIN

37367

RADCOOL INVESTMENTS

SOUTH AFRICA

33067

RAINBOW AIR

VENEZUELA, BOLIVARIAN REPUBLIC OF

12856

RAYTHEON AIRCRAFT

UNITED KINGDOM

f11770

REAL WORLD TOURS INC

UNITED STATES

f12825

RED HAWK AVIATION LLC

UNITED STATES

26960

RED WINGS CJSC

RUSSIAN FEDERATION

32100

RING AIR

UNITED STATES

23739

ROYAL FLIGHT

RUSSIAN FEDERATION

35605

RPK CAPITAL LLC

UNITED STATES

34812

RPK CAPITAL MNGT

UNITED STATES

34828

RUNWAY ASSET MNGT

SOUTH AFRICA

33521

RYJET

SPAIN

f13673

REDWINGS, S.A. DE C.V.

MEXICO

23071

S ARGENTINA

ARGENTINA

38250

SAETA SL

SPAIN

36517

SAICUS AIR S.L.

SPAIN

25502

SAL EXPRESS

SAO TOME AND PRINCIPE

29057

SANTA BARBARA (2)

VENEZUELA, BOLIVARIAN REPUBLIC OF

32602

SANTANA TEXTIL

BRAZIL

37768

SAPETRO AVIATION LTD

VIRGIN ISLANDS, BRITISH

29825

SAS INSTITUTE

UNITED STATES

37164

SASEMAR

SPAIN

32195

SATA VENEZUELA

VENEZUELA, BOLIVARIAN REPUBLIC OF

37785

SDE SA

BELGIUM

1095

SECCION ECONOMICO-ADMIN.

SPAIN

39149

SEGURANCA TAXI AEREO

BRAZIL

37250

SENEGAL AIRLINES LTD

SENEGAL

37448

SERIPATRI PARTICIP

BRAZIL

30674

SEV AEREO POLICIA

SPAIN

36232

SIENNA CORP SERVICES

SWITZERLAND

34785

SIERRA NEVADA CORP.

UNITED STATES

32002

SIERRA STELLAR

UNITED STATES

33719

SKY AIR WORLD

AUSTRALIA

25929

SKY SERVICES AVTN

SPAIN

45552

SKYUP AIRLINES LLC

UKRAINE

35092

SKYWAY LTD.

GEORGIA

30794

SLEEPWELL AVTN

UNITED KINGDOM

38895

SOBHA PURAVANKARA

INDIA

39712

SOL DEL PARAGUAY

PARAGUAY

11926

SONAIR ANGOLA

ANGOLA

33250

SOSOLISO A/L (2)

NIGERIA

19182

SOTAN

BRAZIL

36602

SOUTH AVIATION INC

UNITED STATES

31632

SOUTH EAST ASIAN

PHILIPPINES

4298

SPANAIR S A

SPAIN

28727

SPENAERO

UNITED STATES

31936

SQUADRON AVTN SVCS

BRAZIL

24644

ST MERRYN AIR

UNITED KINGDOM

46001

STAR JET S.R.L.

SAN MARINO

1485

STOCKWOOD V

UNITED STATES

30064

STREAMLINE RUSSIA

RUSSIAN FEDERATION

27934

SUGAR PINE AVIATION LLC

UNITED STATES

34009

SUNRIDER CORPORATION

UNITED STATES

33679

SVS AERO COSTA AZAHA

SPAIN

11309

SWIFTAIR ESPANA

SPAIN

37862

STARWOOD MANAGEMENT LLC

UNITED STATES

43970

TAESPEJO PORTUGAL

PORTUGAL

31288

TAG AVTN ESPANA

SPAIN

34933

TAILWIND AIRLINES

TURKEY

36754

TAK AVIATION

UNITED STATES

12249

TAM AVIAÇÃO EXECUTIVA E TÁXI AÉREO S/A

BRAZIL

4121

TAMPA SA

COLOMBIA

22992

TATARSTAN AIRLINES

RUSSIAN FEDERATION

31963

TAXI FLY GROUP SA

SPAIN

f12830

TDC MANAGEMENT LLC

UNITED STATES

27034

THOMAS COOK AIRLINES LTD

UNITED KINGDOM

35745

TIANJIN AIRLINES

CHINA

34310

TIGER AIRCRAFT TRAD.

UNITED STATES

34198

TITAN AVIATION UAE

UNITED ARAB EMIRATES

9705

TOWER HOUSE CONSULTS

UNITED KINGDOM

27626

TRABAJOS AER ESPEJO

SPAIN

37007

TRABAJOS EXTREMENOS

SPAIN

35159

TRAMAS TEXTILES SA

VENEZUELA, BOLIVARIAN REPUBLIC OF

28247

TRANS AER BOLIVIANA

BOLIVIA, PLURINATIONAL STATE OF

15453

TRANSAERO AIRLINES

RUSSIAN FEDERATION

34609

TRANSCON INTERNATIONAL INC.

BAHAMAS

36589

TRANSP AEREOS XALAPA

UNITED STATES

34330

TRANSPAIS AEREO

MEXICO

22047

TRANSPORTES DEL SUR

SPAIN

38544

TRIM AIR CHARTER

UNITED STATES

36812

TRINIDAIR UK LTD

UNITED KINGDOM

13174

TRUSTAIR LTD

UNITED KINGDOM

30131

TUI AIRWAYS LTD

UNITED KINGDOM

29974

TURBOR AIR CARGO (2)

SENEGAL

f12239

TEJRIA SERVICES LIMITED, BERMUDA

BERMUDA

37642

TERMO NORTE ENERGIA LTDA

BRAZIL

34271

UAML AIR CHARTER

UNITED STATES

38903

UNIQUE JET AVIATION

UNITED STATES

36046

USN AVIATION LLC

UNITED STATES

37185

UTD BANK OF AFRICA

NIGERIA

8705

VER.SCHWEIZ.FLIEGER

SWITZERLAND

35913

VESEY AIR LLC

UNITED STATES

29086

VIM AIRLINES

RUSSIAN FEDERATION

34107

VIPER AVIATION LLC

UNITED STATES

35330

VIRCOP JETS S.L.

SPAIN

38266

VOLOTEA S.L.

SPAIN

30190

VUELING AIRLINES

SPAIN

29378

WAMOS AIR, SA

SPAIN

44827

WCA HOLDINGS

UNITED STATES

2885

WESTAIR FLYING

UNITED KINGDOM

1162

WILLIAMS GRAND PRIX

UNITED KINGDOM

36586

WIN WIN SERVICES

UNITED STATES

36955

WINGS JET LTD

MOROCCO

31438

WOOD J M

UNITED KINGDOM

35259

WORLD WIDE AC FERRY

CANADA

48067

WORLD2FLY SLU

SPAIN

34390

WTORRE S.A.

BRAZIL

f10475

WESTAIR CORPORATION

UNITED STATES

f10479

WICHITA AIR SERVICES, INC.

UNITED STATES

f11514

WINDWAY CAPITAL CORP

UNITED STATES

35374

XTO ENERGY INC

UNITED STATES

FRANCE

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 26915 | 171JC | UNITED STATES |
| 24008 | 223RD FLIGHT UNIT | RUSSIAN FEDERATION |
| 34029 | 2M EXECUTIVE AVTN | VIRGIN ISLANDS, BRITISH |
| 12312 | 35-55 PARTNERSHIP | UNITED STATES |
| 34746 | 51 NORTH LIMITED | UNITED KINGDOM |
| 30021 | 57 AVIATION SERVICES LLC | UNITED STATES |
| 6803 | 711 CODY INC | UNITED STATES |
| 29177 | 900NB | UNITED STATES |
| 29496 | A J WALTER AVIATION | UNITED KINGDOM |
| 28417 | AAK COMPANY | LEBANON |
| 38065 | AAR CORP | UNITED STATES |
| 31724 | AAS EUROPE | FRANCE |
| 44931 | AB AIR HOLDING | UNITED ARAB EMIRATES |
| 31439 | ABC AEROLINEAS SA | MEXICO |
| 28588 | ABDULLAH SAID B. | SWITZERLAND |
| 32962 | ABG AIR LTD | UNITED KINGDOM |
| 36488 | ABSOLUTE AVIATION | SOUTH AFRICA |
| 35443 | AC TRAVEL LLC | UNITED STATES |
| 4306 | ACCOR SA | FRANCE |
| 31934 | ACFT MGMT & TRADING | UNITED KINGDOM |
| 30786 | ACFT SARL | LUXEMBOURG |
| 31617 | ACFT SARL 2 | LUXEMBOURG |
| 35097 | ACTIFLY | FRANCE |
| 30027 | ADAM AVIATION | UNITED STATES |
| 27910 | ADVANCED TRAINING SY | UNITED STATES |
| 24201 | AEC INTERN. LTD | SWITZERLAND |
| 31600 | AELIS AIR SERVICES | FRANCE |
| 30943 | AERO CAPITAL SAS | FRANCE |
| 32371 | AERO JET CORPORATE | FRANCE |
| 31785 | AERO SAINT EXUPERY | FRANCE |
| 22257 | AERO SERVICES LF | FRANCE |
| 28041 | AERO SVC CORPORATE | FRANCE |
| 8491 | AERO SVC EXECUTIVE | FRANCE |
| 26891 | AEROGAVIOTA | CUBA |
| 33839 | AEROJET MANAGEMENT | GERMANY |
| 25901 | AEROMAR AIRLINES | MEXICO |
| 33014 | AERONEXUS CORP. LTD | SOUTH AFRICA |
| 5461 | AEROSTOCK | FRANCE |
| 30336 | AFRIJET AIRLINES(2) | NIGERIA |
| 28604 | AFRIQIYAH AIRWAYS | LIBYA |
| 36823 | AGCORP | UNITED STATES |
| 35102 | AGROAIR SAS | FRANCE |
| 1769 | AIGLE AZUR | FRANCE |
| 32481 | AIR 26 | ANGOLA |
| 182 | AIR AFFAIRES GABON | GABON |
| 186 | AIR ALGERIE | ALGERIA |
| 35192 | AIR ARABIA MAROC | MOROCCO |
| 28684 | AIR ASIA | MALAYSIA |
| 29420 | AIR AUSTRAL 2 | FRANCE |
| 35175 | AIR BOTSWANA CO.BW | BOTSWANA |
| 30592 | AIR BURKINA (2) | BURKINA FASO |
| 29815 | AIR CAIRO | EGYPT |
| 34225 | AIR CHARTER PROFSNL | UNITED STATES |
| 33288 | AIR CORPORATE FRANCE | FRANCE |
| 38966 | AIR COTE D'IVOIRE | CÔTE D'IVOIRE |
| 30879 | AIR DECCAN | INDIA |
| 32290 | AIR DIVISION KAZAKH | KAZAKHSTAN |
| 227 | AIR FRANCE | FRANCE |
| 231 | AIR GEFCO | FRANCE |
| 551 | AIR GROUP (VAN NUYS) | UNITED STATES |
| 35198 | AIR GUYANE | FRANCE |
| 24148 | AIR HARRODS LTD | UNITED KINGDOM |
| 32175 | AIR HORIZON (TOGO) | TOGO |
| 30281 | AIR IVOIRE (2) | CÔTE D'IVOIRE |
| 31977 | AIR KING JET | SWITZERLAND |
| 32016 | AIR LEASING | CAMEROON |
| 252 | AIR MADAGASCAR | MADAGASCAR |
| 261 | AIR MAURITIUS | MAURITIUS |
| 12060 | AIR ND | FRANCE |
| 25802 | AIR PARTNER PRIVATE JETS LTD | UNITED KINGDOM |
| 28019 | AIR PINK D.O.O. | SERBIA |
| 24430 | AIR PRINT | LUXEMBOURG |
| 31913 | AIR SARINA | SWITZERLAND |
| 45224 | AIR SENEGAL | SENEGAL |
| 2564 | AIR SENEGAL INTL | SENEGAL |
| 5636 | AIR SEYCHELLES | SEYCHELLES |
| 26152 | AIR SRPSKA | BOSNIA AND HERZEGOVINA |
| 34196 | AIR SWIFT LTD. | BERMUDA |
| 25943 | AIR TAHITI NUI | FRANCE |
| 5633 | AIR TRANSAT | CANADA |
| 31078 | AIR TURQUOISE SAS | FRANCE |
| 12593 | AIR VENDEE INVEST | FRANCE |
| 34296 | AIR WING LTD | BELIZE |
| 2496 | AIRBUS OPER. SAS | FRANCE |
| 308 | AIRBUS SAS | FRANCE |
| 24094 | AIRBUS TRANSPORT | FRANCE |
| 4790 | AIRBY | FRANCE |
| 38173 | AIRCRAFT MGT SVCES | BELGIUM |
| f11330 | AIRCRAFT PROPERTIES LLC C/O GOODMAN PROPERTIES | UNITED STATES |
| 30562 | AIRCRAFT SALE&LEASE | LUXEMBOURG |
| 32884 | AIRCRAFT SUPPORT | LEBANON |
| 31015 | AIREDALE ENTERPRISE | UNITED ARAB EMIRATES |
| 18045 | AIRFLEET CREDIT | UNITED STATES |
| 18982 | AIRFLITE | UNITED STATES |
| 38429 | AIRSTAR LEASING LTD | UNITED KINGDOM |
| 36825 | AKDN LOGISTIQUE | FRANCE |
| 8231 | AL ANWAE EST | SAUDI ARABIA |
| 36155 | AL ATHEER | SAUDI ARABIA |
| 28640 | AL MISEHAL GROUP | SAUDI ARABIA |
| 24197 | AL NASSR LTD | SWITZERLAND |
| 31508 | AL SALAM 319 LTD | CAYMAN ISLANDS |
| 30177 | AL-GHAZZAWI (N450T) | SAUDI ARABIA |
| 27005 | AL-GHAZZAWI (N727GG) | SAUDI ARABIA |
| 21699 | ALCATEL USA | UNITED STATES |
| 17947 | ALENIA AEROSPAZIO | ITALY |
| 30184 | ALII AVIATION | UNITED STATES |
| 5117 | ALL NIPPON AIRWAYS | JAPAN |
| 38790 | ALLFAST FASTENING | UNITED STATES |
| 32632 | ALLJETS CAPITAL AVV | RUSSIAN FEDERATION |
| f11476 | ALN (BERMUDA) LTD | BERMUDA |
| 32601 | ALPHA CHARLIE | UNITED STATES |
| 35733 | ALPHA GOLF AVIATION | MONACO |
| 34201 | ALPHA STAR AVTN SVCS | SAUDI ARABIA |
| 38428 | ALPHALAND CORP. | PHILIPPINES |
| 48084 | ALPI JETS GMBH | AUSTRIA |
| 37317 | ALPIN SKYJETS LTD | SWITZERLAND |
| 45304 | ALTAIR JETS CORP | COLOMBIA |
| 26287 | ALTONA | SWITZERLAND |
| 2987 | ALTRIA CLIENT SVCS | UNITED STATES |
| 34289 | ALVADOR LLC | UNITED STATES |
| 35920 | ALWAFEER AIR | SAUDI ARABIA |
| 38876 | AMAC AEROSPACE SG | SWITZERLAND |
| 22656 | AMBASSADE DE LA REPUBLIQUE | EGYPT |
| 364 | AMBRION AVIATION | UNITED KINGDOM |
| 35837 | AMER GROUP | EGYPT |
| 369 | AMERICAN AIRLINES | UNITED STATES |
| f836 | AMERICAN EAGLE | UNITED STATES |
| 34234 | AMERICAN ELECTRIC | UNITED STATES |
| 40684 | AMERICAN FLYING JET | UNITED STATES |
| 8928 | AMERICAN HOME PROD | UNITED STATES |
| 25806 | AMERIDAIR | FRANCE |
| f12696 | AML LEASING LLC | UNITED STATES |
| 32857 | ANCFCC | MOROCCO |
| 31016 | ANDAMAN AVIATION | UNITED ARAB EMIRATES |
| 32747 | ANGODIS | ANGOLA |
| 34393 | ANISTANTE HOLDING | SWITZERLAND |
| 38913 | ANTARES AGROPECUARIA | BRAZIL |
| 30530 | AO SKY CORPORATION | UNITED STATES |
| 984 | APACHE AVIATION | FRANCE |
| 6188 | APEX OIL COMPANY, INC. | UNITED STATES |
| 28676 | APRILIA HOLDINGS INC | CAYMAN ISLANDS |
| f10036 | APIGROUP, INC | UNITED STATES |
| 34185 | AQUARIUS AVIATION | CAYMAN ISLANDS |
| 37233 | ARABIAN JETS | SAUDI ARABIA |
| 4999 | ARAMCO SAUDI ARABIA | UNITED STATES |
| 37878 | ARG SA | BRAZIL |
| 37184 | ARGENTRE ENTERPRISE | BRAZIL |
| 31512 | ARINC DIRECT | UNITED STATES |
| 406 | ARKIA ISRAEL AL | ISRAEL |
| 33376 | ARMAD | SWITZERLAND |
| 28382 | ARMAVIA AVIACOMPANY LLC | ARMENIA |
| 20337 | ARTEMIS S.A. | FRANCE |
| 29210 | ASECNA (SENEGAL) | SENEGAL |
| 8624 | ASHMAWI AVIATION | SPAIN |
| 35141 | ASHOK LEYLAND LTD | INDIA |
| 27518 | ASL AIRLINES | FRANCE |
| 36976 | ATALANTA AIR | UNITED STATES |
| 22135 | ATLANTA JET | UNITED STATES |
| 30506 | ATLAS BLUE | MOROCCO |
| 9002 | ATR (AVIONS DE TR) | FRANCE |
| 37011 | AV CONSULTANTS ASPEN | UNITED STATES |
| 36380 | AVANGARD AVTN LTD | RUSSIAN FEDERATION |
| 17951 | AVDEF | FRANCE |
| 34589 | AVEL BRAO | FRANCE |
| 33558 | AVIA TREASURY GMBH | AUSTRIA |
| 29467 | AVIALAIR | FRANCE |
| 35748 | AVIAMARKET LIMITED | UNITED KINGDOM |
| 30645 | AVIAMAX | GERMANY |
| f11782 | AVIATION ASSOCIATES LLC | UNITED STATES |
| 29399 | AVIATION CAPITAL GRP | UNITED STATES |
| 26160 | AVIATION CMP | CANADA |
| 34340 | AVIATION INC | UNITED STATES |
| 38085 | AVIATION LINK | SAUDI ARABIA |
| 33992 | AVIATION PARTNERS 2 | UNITED STATES |
| 38198 | AVIATRAX | LUXEMBOURG |
| 25574 | AVIENT AVIATION | ZIMBABWE |
| 34211 | AVIJET UK LTD | UNITED KINGDOM |
| 36345 | AVIONAC FRANCE | FRANCE |
| 23721 | AVIREX | GABON |
| 27329 | AVPLAN TRIP SUPPORT | UNITED STATES |
| 33168 | AVTEX AIR SERVICES | AUSTRALIA |
| 33188 | AVTN DEVLPMENT INTL | IRELAND |
| 33050 | AVTRADE UK | UNITED KINGDOM |
| 35255 | AVX TAXI AEREO | BRAZIL |
| 31420 | AWSAJ AVIATION SVCS | LIBYA |
| 27710 | AXIS AIRWAYS | FRANCE |
| 18980 | AZERBAIJAN AIRLINES | AZERBAIJAN |
| 36972 | AZUL LINHAS AEREAS | BRAZIL |
| f10002 | ACT TWO, INC. | UNITED STATES |
| 39565 | ADAMS OFFICE LLC | UNITED STATES |
| f14959 | AEROFINANCE INVEST CORP. | VIRGIN ISLANDS, BRITISH |
| 30304 | AIR CARAIBES | FRANCE |
| f2003 | AIR CENTURY | DOMINICAN REPUBLIC |
| 10054 | AIR CORSICA | FRANCE |
| f12199 | AIR FLEET OPERATIONS LIMITED | UNITED KINGDOM |
| 36010 | ALPHA JET (ALABAMA) | UNITED STATES |
| f12107 | AMERICAN CREDIT ACCEPTANCE | UNITED STATES |
| f791 | AMERIJET INTERNATIONAL AVIATION | UNITED STATES |
| 35644 | AMYS KITCHEN | UNITED STATES |
| 35895 | ANDROMEDA LTD. | CYPRUS |
| 45146 | ANGEL WINGS | UNITED STATES |
| f10726 | ARCADIA AVIATION LLC | UNITED STATES |
| 22917 | ARLINGTON AIRCRAFT OF NEVADA LLC | UNITED STATES |
| f10038 | AU REVOIR AIR | UNITED STATES |
| 32958 | AVENIR WORLDWIDE. | UNITED ARAB EMIRATES |
| f10059 | AVENUE DISTRIBUIDORA DE VEICULOS LTDA | BRAZIL |
| f10060 | AVIATION 604 AG | SWITZERLAND |
| f10061 | B H AVIATION LTD | UNITED STATES |
| 36004 | B2 MANAGMENT LTD. | BAHRAIN |
| 32705 | BAA JET MANAGEMENT | CHINA |
| 32767 | BAC LEASING LTD | UNITED KINGDOM |
| 22433 | BAHRAIN ROYAL FLIGHT | BAHRAIN |
| 37896 | BAM AVIATION LLC | UNITED STATES |
| 22230 | BANCO SAFRA SA | BRAZIL |
| 12083 | BANGKOK AIRWAYS | THAILAND |
| 6323 | BANLINE AVIATION | UNITED KINGDOM |
| 23830 | BB AVIATION INC. | SWITZERLAND |
| 28129 | BCA-BUSINESS | FRANCE |
| 29975 | BCC EQUIPMENT LEASE | UNITED STATES |
| 48731 | BD MD-87 LLC | UNITED STATES |
| 37358 | BEIJING CAPITAL | CHINA |
| 27140 | BEK AIR | KAZAKHSTAN |
| 9170 | BEL AIR | SWITZERLAND |
| 35267 | BELL FINANCIAL CORP | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 7723 | BELL TEXTRON | UNITED STATES |
| 28608 | BERGAIR | SWITZERLAND |
| 37353 | BERTA FINANCE LTD | BELIZE |
| 36116 | BEST AERO HANDLING | RUSSIAN FEDERATION |
| 32888 | BEST AVIATION LTD | BANGLADESH |
| 35950 | BF JET AIR | GHANA |
| 27458 | BHG FLIGHTS LLC | UNITED STATES |
| 32788 | BISMILLAH AIRLINES | BANGLADESH |
| 26292 | BIZAIR LTD | UNITED KINGDOM |
| 34299 | BKF AVIATION LIMITED | UNITED STATES |
| 25627 | BLUE HERON AVIATION | SWITZERLAND |
| 28677 | BLUE LINE | FRANCE |
| 33691 | BONEL MARKETING S.A. | SWITZERLAND |
| 39696 | BONIDEA CO, LTD | CHINA |
| 25099 | BOOGIE PERFORMANCE | FRANCE |
| 35778 | BOREH INTERNATIONAL | UNITED ARAB EMIRATES |
| 30550 | BOSNIA AIRLINES | BOSNIA AND HERZEGOVINA |
| 43658 | BOSTON AIR LIMITED | CAYMAN ISLANDS |
| 35724 | BRASIF SA | BRAZIL |
| 34276 | BRASS BOX LTD | CYPRUS |
| 34825 | BRASSBOX | UKRAINE |
| 32340 | BRAVO AVIATION | UNITED KINGDOM |
| 21446 | BREITLING | SWITZERLAND |
| 30940 | BRIDGE AVIATION | UNITED KINGDOM |
| 29373 | BRIDGTOWN PLANT | UNITED KINGDOM |
| 36768 | BRILLIANT MEDIA | UNITED KINGDOM |
| 38488 | BRISTOW AUSTRALIA | AUSTRALIA |
| 29940 | BROOM P AVTN SVCS | UNITED STATES |
| 22676 | BROOME WELLINGTON | UNITED KINGDOM |
| 8153 | BRUME | FRANCE |
| 31448 | BUCKHEAD | UNITED STATES |
| 32896 | BUMI RESOURCES | UNITED ARAB EMIRATES |
| 36301 | BUQUEBUS | ARGENTINA |
| 32260 | BUREAU POLICE AERO. | FRANCE |
| 35325 | BURGAN K | KUWAIT |
| 31315 | BURMESTER OVERSEAS | VIRGIN ISLANDS, BRITISH |
| 34152 | BUSI JET INTL. | SWITZERLAND |
| 35499 | BUSINESS AIR A.S | CZECHIA |
| 32630 | BUSINESS AVIATION 2 | CONGO |
| 32497 | BUSINESS AVIATION LG | BELGIUM |
| f10174 | BVG VIAJES SA DE CV | MEXICO |
| f2008 | BVI AIRWAYS | VIRGIN ISLANDS, BRITISH |
| f10079 | BEACH CAPITAL MANAGEMENT | UNITED STATES |
| 35068 | BEACON CAPITAL PARTNERS, LLC | UNITED STATES |
| f10082 | BELAIR AVIATION LLC | UNITED STATES |
| f11004 | BILLION MARK LTD. | HONG KONG SAR |
| f10878 | BLUE VISTA, LLC | UNITED STATES |
| f10647 | BOLLORÉ SA | FRANCE |
| f10834 | BOULDER AVIATION MANAGEMENT | UNITED STATES |
| f12751 | C & S AVIATION LTD | UNITED STATES |
| 38938 | C.A.GROUP LTD | VIRGIN ISLANDS, BRITISH |
| 5988 | C.T.T.A. | MOROCCO |
| 37649 | CALEDONIAN HEL. LTD | UNITED KINGDOM |
| 36413 | CALILA INVEST. | BRAZIL |
| 32578 | CALVIN KLEIN STUDIO LLC | UNITED STATES |
| 28583 | CAPELINK ESTABLISH. | SWITZERLAND |
| 36417 | CAPITAL AVIATION PTE | SINGAPORE |
| 9122 | CARTIER EUROPE | NETHERLANDS |
| 34144 | CASAM SARL | FRANCE |
| 39000 | CASANOVA AIR 7X LTD | UNITED KINGDOM |
| 8921 | CASINO ADVANCED TECH | FRANCE |
| 39170 | CATERHAMJET MALAYSIA | MALAYSIA |
| 31570 | CBAIR | UNITED STATES |
| 29199 | CBAS (PVT) LTD | INDIA |
| f10110 | CBS MASS MEDIA CORPORATION | UNITED STATES |
| 31445 | CELESTIAL AIRWAYS | UNITED ARAB EMIRATES |
| 37372 | CELINA AVIATION LTD | SWITZERLAND |
| f12811 | CENTER AIR LLC | UNITED STATES |
| 29635 | CENTRAL MANAGMT SVCS | UNITED STATES |
| 36944 | CERTECO ENGINEERING | AUSTRIA |
| 26842 | CFPR | FRANCE |
| 20711 | CGTM | FRANCE |
| 37115 | CHAD GOVERNMENT | CHAD |
| 29049 | CHC HELICOPTERS INTL | CANADA |
| 29834 | CHINA CARGO AIRLINES | CHINA |
| 12141 | CHINA EASTERN | CHINA |
| 31087 | CHURCHILL AVIATION | UNITED STATES |
| 40109 | CHURCHILL SERV | NIGERIA |
| 31361 | CIT AEROSPACE INT. | IRELAND |
| 27210 | CITIGROUP | UNITED STATES |
| 37193 | CLEAR SKY ASSOCIATES | TAIWAN |
| f11398 | CLEVELAND PEAK LLC | UNITED STATES |
| 31057 | CLOUD AIR SERVICE | BERMUDA |
| 35400 | CLUB 17 S.A. | RUSSIAN FEDERATION |
| 38305 | CLUB PREMIER LTD | SWITZERLAND |
| 9049 | COLLEEN CORPORATION | UNITED STATES |
| 36701 | COMFORT JET AVT | UNITED KINGDOM |
| 4796 | COMILOG | GABON |
| f826 | COMMANDEMENT DU TRANSPORT AERIEN MILITAIRE FRANÇAIS | FRANCE |
| 38652 | COMORES AVIATION | MADAGASCAR, COMOROS, REUNION |
| 28584 | COMPANY TAWIQ | SWITZERLAND |
| 4742 | CONDOR AVTN | UNITED KINGDOM |
| 6535 | CONSOLIDATED CONTRTS | UNITED KINGDOM |
| 38166 | COORDINATES OPS | UNITED STATES |
| 8338 | COPLEY NEWSPAPERS | UNITED STATES |
| 31680 | CORP JET MGMT | VIRGIN ISLANDS, BRITISH |
| 6369 | CORSAIR FRANCE | FRANCE |
| 30051 | COSTA AZZOURA | UNITED ARAB EMIRATES |
| 37273 | COVE AVTN PARTNERS | UNITED STATES |
| 12219 | COX ENTERPRISES | UNITED STATES |
| 31073 | CP MANAGEMENT | UNITED STATES |
| 35062 | CPI AVIATION LLC/ALPHA WINGS/LLC | UNITED STATES |
| 38602 | CREDIT SUISSE | SWITZERLAND |
| 37073 | CROMPTON GREAVES LTD | INDIA |
| 3513 | CROWN EQUIPMENT | UNITED STATES |
| 38259 | CROWN PRINCE COURT | MOROCCO |
| 31994 | CANADIAN NATIONAL RAILWAY COMPANY | CANADA |
| f13705 | CARLYLE INVESTMENT MANAGEMENT, LLC | UNITED STATES |
| 38593 | CEDEL INTERNATIONAL INVESTMENTS, INC. | UNITED STATES |
| f13919 | CENTURY OCEAN LIMITED | VIRGIN ISLANDS, BRITISH |
| 31812 | CEPHALON | UNITED STATES |
| f10556 | CHALLENGER MANAGEMENT LLC | UNITED STATES |
| f10770 | CHARLES SCHWAB | UNITED STATES |
| f13215 | COBALT RESOURCES, LLC | UNITED STATES |
| 10627 | CONTROL TECHNIQUES LTD. | UNITED KINGDOM |
| f10128 | CORPORATE FLIGHT ALTERNATIVES, INC. | UNITED STATES |
| 31577 | D & D AVIATION | UNITED KINGDOM |
| 27974 | DAALLO AIRLINES 2 | DJIBOUTI |
| 33242 | DALCAM LLC | UNITED STATES |
| 31467 | DALIA AIRLINES | LUXEMBOURG |
| 34168 | DARTE HOLDINGS | RUSSIAN FEDERATION |
| 18972 | DASSAULT AVIATION | FRANCE |
| 27123 | DATEL DIRECT LTD | UNITED KINGDOM |
| 37864 | DDA AVIATION | UNITED STATES |
| 31582 | DE ROUBIN JEAN | FRANCE |
| 32809 | DEAN PHILLIPS INC | UNITED STATES |
| 11638 | DECAUX | FRANCE |
| 35752 | DECCAN CARGO | INDIA |
| f11325 | DELAWARE CHALLENGER OPERATIONS LLC | UNITED STATES |
| 35353 | DELMUN AVIATION SVCS | BAHRAIN |
| 27665 | DIAMAIR | SWITZERLAND |
| 32494 | DIEXIM EXPRESSO AV. | ANGOLA |
| 9703 | DISNEY AVIATION GROUP | UNITED STATES |
| 35356 | DISTANT HORIZON | ISRAEL |
| f12814 | DJT OPERATIONS I LLC | UNITED STATES |
| 944 | DONINGTON AVIATION | UNITED KINGDOM |
| 37038 | DORSTONE HOLDINGS | UNITED KINGDOM |
| 22389 | DOUANES FRANCAISES | FRANCE |
| 42839 | DP WORLD FZE | UNITED ARAB EMIRATES |
| 5432 | DREAM AVIATION LTD | LEBANON |
| 38450 | DSF FLUGZEUGPORTFOLI | GERMANY |
| 24571 | DSWA | UNITED STATES |
| 9784 | DUNAVANT ENTERPRISES | UNITED STATES |
| 31133 | DUNMORE HOMES | UNITED STATES |
| 28590 | DUNVIEW | SWITZERLAND |
| f10134 | DANKJOLD REED AVIATION LLC | UNITED STATES |
| 27183 | DARTSWIFT AVIATION, INC. | UNITED STATES |
| 1139 | DASSAULT FALCON JET | UNITED STATES |
| 35657 | DÉDALUS ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA. | BRAZIL |
| f10888 | DIAMOND A ADMINISTRATION LLC | UNITED STATES |
| f2005 | DOMINICAN REPUBLIC AIR FORCE | DOMINICAN REPUBLIC |
| 34844 | DOMINION RESOURCES SERVICES INC. | UNITED STATES |
| 7028 | DOW CHEMICAL COMPANY, THE | UNITED STATES |
| 22252 | EAGLE AIRCRAFT | UNITED STATES |
| 35705 | EAGLE AVIATION EUROP | FRANCE |
| 35820 | EAGLES AVTN MGNT | UNITED ARAB EMIRATES |
| 31743 | EAST STAR AIRLINES | CHINA |
| 35500 | EASTAR JET | KOREA, REPUBLIC OF |
| 34303 | EASTINDO | INDONESIA |
| 32095 | EASTWAY AVIATION LLC | UNITED STATES |
| 32462 | EASY AVIATION | UNITED KINGDOM |
| 32591 | EBONY SHINE | CAYMAN ISLANDS |
| 29279 | ECUATORIAL CARGO | EQUATORIAL GUINEA |
| 31985 | EGYPT JET AVIATION | EGYPT |
| f12482 | EIGER JET LTD | BERMUDA |
| 29879 | EL-SEIF ENGINEERING | SAUDI ARABIA |
| 25120 | ELBRUS-AVIA AIR ENT. | RUSSIAN FEDERATION |
| 23028 | ELI'S BREAD | UNITED STATES |
| f12745 | ELK MOUNTAIN VENTURES INC | UNITED STATES |
| 1013 | EMERSON ELECTRIC | UNITED STATES |
| 34060 | EMPECOM CORPORATION | CYPRUS |
| 43240 | EMPIRE AVIATION SM | SAN MARINO |
| 22291 | ENAC FRANCE | FRANCE |
| 37188 | ENEX AVIATION LTD | UNITED KINGDOM |
| 36295 | ENHANCE AERO | FRANCE |
| 38636 | ENHANCE AERO GROUPE | FRANCE |
| 23576 | ENNA - ALGERIE | ALGERIA |
| 27894 | ENTREPRENEURIAL ASST | UNITED STATES |
| 32775 | EQUAFLIGHT SERVICE | CONGO |
| 34778 | EQUAJET | CONGO |
| 32084 | EQUATORIAL GUINEA | EQUATORIAL GUINEA |
| f2000 | EU AIRWAYS | IRELAND |
| 36196 | EU-FLIGHT-SERVICE | GERMANY |
| 30005 | EURL JC DARMON | FRANCE |
| 34293 | EURO EXEC AVIATION SERVICES LTD | UNITED KINGDOM |
| 35725 | EURO JET INTL LTD | UNITED KINGDOM |
| 46208 | EWA AIR | FRANCE |
| f10181 | EWA HOLDINGS LLC | UNITED STATES |
| 29654 | EWA WEST | UNITED STATES |
| 32827 | EXEC JET SOLUTIONS | UNITED STATES |
| 36643 | EXECUJET NEW ZEALAND | NEW ZEALAND |
| 36448 | EXECUTIVE AIRSHARE | UNITED STATES |
| 39348 | EXECUTIVE AUTHORITY | LIBYA |
| 32109 | EXECUTIVE CHARTR USA | UNITED STATES |
| 28587 | EXECUTIVE JET A/C | CAYMAN ISLANDS |
| 25073 | EXECUTIVE JET CHRTR | GERMANY |
| 26147 | EXECUTIVE JETS LTD | SAUDI ARABIA |
| 26060 | EXECUTIVE WINGS HE | EGYPT |
| 31131 | EXPRESS CAMEL | SAUDI ARABIA |
| f10121 | ELEVENTH STREET AVIATION, LLC | UNITED STATES |
| f10175 | EMAX OIL COMPANY | UNITED STATES |
| 37746 | ENTERPRISE RENT-A-CAR, ENTERPRISE HOLDINGS | UNITED STATES |
| f2004 | ESTELAR | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 44318 | EXCELLENCE AVIATION LTD | UNITED KINGDOM |
| 30494 | EXECUTIVE JET GROUP LIMITED | UNITED KINGDOM |
| 23881 | EXECUTIVE JET MANAGEMENT | UNITED STATES |
| 35173 | F & L AVIATION | UNITED STATES |
| 34313 | FA 116 OU FA 137 INC | SWITZERLAND |
| 15665 | FAL HOLDINGS ARABIA | SAUDI ARABIA |
| 25553 | FALCON AIR EXPRESS | UNITED STATES |
| f12819 | FALCON AIRCRAFT LEASING LLC | UNITED STATES |
| 31310 | FARNER AIRWINGS | SWITZERLAND |
| 39047 | FASTJET TANZANIA | TANZANIA, UNITED REPUBLIC OF |
| 8430 | FAYAIR (JERSEY) | UNITED KINGDOM |
| 36124 | FAYAIR LTD | UNITED STATES |
| 37429 | FAYCROFT FINANCE CO. | VIRGIN ISLANDS, BRITISH |
| 15911 | FC AVIATION | FRANCE |
| 35728 | FCS LIMITED | UNITED KINGDOM |
| 1147 | FEDERAL EXPRESS | UNITED STATES |
| 31156 | FERNCROFT | UNITED KINGDOM |
| f12735 | FG AVIATION LLC | UNITED STATES |
| 38525 | FGA 9 LTD | UNITED KINGDOM |
| f10191 | FHC FLIGHT SERVICES LLC | UNITED STATES |
| 28540 | FIA (PARIS) | FRANCE |
| 34669 | FIREFLY | MALAYSIA |
| 32846 | FIRST COMMERCIAL | UNITED STATES |
| 38268 | FIRST MANDARIN B.A | CHINA |
| 38238 | FIRST RESERVE CORP | UNITED STATES |
| 37747 | FJ20-166, LLC | UNITED STATES |
| 9695 | FJR PRIVATE FLIGHT | UNITED ARAB EMIRATES |
| 34064 | FL510 | SWITZERLAND |
| 31665 | FLEET INT AVTN & FIN | UNITED KINGDOM |
| 35764 | FLEET MGT AIRWAYS SA | SWITZERLAND |
| 21504 | FLICAPE PTY LTD | SOUTH AFRICA |
| 38413 | FLIGHT ASSIST UK LTD | UNITED KINGDOM |
| 8542 | FLIGHT LEVELS | UNITED STATES |
| 31640 | FLIGHTINVEST | LUXEMBOURG |
| 33626 | FLY 18 | SWITZERLAND |
| 30372 | FLY AIR SA | FRANCE |
| 30343 | FLYING BIRD | FRANCE |
| 29223 | FLYING FINN OY | FINLAND |
| 31775 | FLYING M | UNITED STATES |
| 33632 | FLYMEX | MEXICO |
| 39563 | FMS-FLEET MGT.SERV. | FRANCE |
| 31116 | FOCUS AIR USA | UNITED STATES |
| 21529 | FOREST AVIATION LTD | UNITED KINGDOM |
| 7521 | FORMULA ONE MNGMT | UNITED KINGDOM |
| 32322 | FORTUNE AIR | SOUTH AFRICA |
| 29147 | FOX AVIATION CANADA | CANADA |
| f12777 | FRANKLIN LAKES ENTERPRISES LLC | UNITED STATES |
| f11353 | FRC HOLDING INC V | UNITED STATES |
| 43613 | FRENCH BEE | FRANCE |
| 2804 | FUTURA FINANCES | FRANCE |
| 32164 | FUTURA TRAVELS | INDIA |
| 27867 | FUTURE ELECTRONICS | CANADA |
| f12240 | FALCONWING LIMITED BVI | VIRGIN ISLANDS, BRITISH |
| f10194 | FJET MANAGEMENT, LLC | UNITED STATES |
| f10203 | FLETCHER JONES MANAGEMENT GROUP | UNITED STATES |
| f10210 | FOREIGN MANUFACTURES FINANCE CORP | UNITED STATES |
| 45908 | G & L AVIATION | UNITED STATES |
| 32749 | G ECUATORIAL | EQUATORIAL GUINEA |
| 33864 | G5 AVIATION | SOUTH AFRICA |
| 34978 | G550 LIMITED | VIRGIN ISLANDS, BRITISH |
| 32621 | GABON AIRLINES | GABON |
| 36117 | GAETAIR SARL | SWITZERLAND |
| 38839 | GAFTREN INVESTMENTS | VIRGIN ISLANDS, BRITISH |
| 31746 | GALAXY AIRLINES | JAPAN |
| 7618 | GAMA AVIATION LTD | UNITED KINGDOM |
| 35922 | GEN AVTN FLYING SVCS | UNITED STATES |
| 34971 | GEORGETOWN INTERSTAT | UNITED STATES |
| 23693 | GEORGIAN AIRWAYS | GEORGIA |
| 35885 | GEORGIAN STAR | GEORGIA |
| 36098 | GEXAIR LTD. | UNITED KINGDOM |
| 36716 | GHAITH AVIATION | SAUDI ARABIA |
| 31328 | GHANA INTL AIRLINES | GHANA |
| 32233 | GIE-ODER | FRANCE |
| 22850 | GIORI ROBERTO | MONACO |
| 31182 | GIOSTYLE LLC | UNITED STATES |
| 38481 | GIS AVIATION A.V.V. | CYPRUS |
| 37097 | GIV-SP AIR SERVICE | RUSSIAN FEDERATION |
| f11424 | GKMG PARTNERS LLC | UNITED STATES |
| 43332 | GLEN WEST 300 INC TRUSTEE | UNITED KINGDOM |
| 36040 | GLOBAL BUSINESS ASS. | MALAYSIA |
| f11804 | GLOBAL CHALLENGER LLC | UNITED STATES |
| 35699 | GLOBAL FLEET OIL GAS | UNITED KINGDOM |
| 30539 | GLOBAL FLIGHT SRVS | UNITED STATES |
| 47786 | GLOBAL JET ARUBA | NETHERLANDS |
| 32997 | GLOBAL JET INTL | AUSTRALIA |
| 43646 | GLOBAL JET IOM LTD | UNITED KINGDOM |
| 32437 | GO XLS LTD | UNITED KINGDOM |
| f12170 | GOLD EAGLE LTD | BERMUDA |
| 35355 | GOLDEN FALCON 348 | UNITED ARAB EMIRATES |
| 32508 | GOUGH AVIATION | SOUTH AFRICA |
| 22767 | GOVERNMENT AIR TRANS | NAMIBIA |
| 22659 | GOVERNMENT MONTENEGR | MONTENEGRO |
| 22982 | GOVERNMENT OF NIGER | NIGER |
| 28048 | GRAHAM CAPITAL | UNITED STATES |
| 30778 | GRANARD LTD | UNITED KINGDOM |
| 38796 | GRATEFIELD LTD | BERMUDA |
| f11352 | GREAT BUY INC | UNITED STATES |
| 6672 | GREGG AIR | UNITED KINGDOM |
| 36031 | GRUPO DE TRANSPORTE AEREO ESPECIAL | ECUADOR |
| 32596 | GSC PARTNERS | UNITED STATES |
| 30895 | GSCP (NJ) INC | UNITED STATES |
| 35841 | GUARDIAN HOLDINGS | UNITED STATES |
| 1365 | GULF AIR | BAHRAIN |
| f12104 | GWI ASSET MANAGEMENT S.A. | BRAZIL |
| f11448 | GYPSY BABY LLC | UNITED STATES |
| 38975 | GYRO AIR LTD | NIGERIA |
| 36630 | GEM AVIATION A.V.V. | CYPRUS |
| f10223 | GLACIAL ENERGY | UNITED STATES |
| f15516 | GLOBAL CHARTER SERVICES LIMITED | BAHAMAS |
| f12244 | GOLDEN MEDAL LIMITED BVI | VIRGIN ISLANDS, BRITISH |
| f12247 | GOOD THINK LIMITED CAYMAN ISLAND | VIRGIN ISLANDS, BRITISH |
| f15110 | GRANDLINGTON LTD. | UNITED STATES |
| f10234 | GUIDARA NORDESTE PARTICIPACOES LTDA | BRAZIL |
| 31947 | HAGONDALE LTD | UNITED KINGDOM |
| 31731 | HALCYONAIR | CAPE VERDE |
| 5362 | HALLIBURTON | UNITED STATES |
| 37326 | HASHIM BIN SAID | SAUDI ARABIA |
| 33959 | HASSANCO S.A. | SWITZERLAND |
| 10105 | HAWKER PACIFIC PTE | SINGAPORE |
| 33342 | HEAVYLIFT CONGO | CONGO |
| 37863 | HELICONIA LS | FRANCE |
| 36756 | HELICONIA PALMAIR | MOROCCO |
| f11024 | HENDRICK MOTORSPORTS | UNITED STATES |
| 37523 | HIGH PERFORMANCE 100 | SWITZERLAND |
| 21365 | HILL-ROM | UNITED STATES |
| 44103 | HINSON CORPORATE FLIGHT SERVICES INC. | UNITED STATES |
| 5152 | HM AIR LTD | SAUDI ARABIA |
| 38899 | HOLLYFRONTIER PAY. | UNITED STATES |
| 38750 | HOLYPEAK PROPRIETARY | AUSTRALIA |
| 39317 | HOP! | FRANCE |
| 38904 | HS AIR FINANCE LLC | BRAZIL |
| 37195 | HS AIR FINANCE | BRAZIL |
| f11464 | HYPERION AIR INC | UNITED STATES |
| f10794 | HAGADONE AVIATION LLC | UNITED STATES |
| 32412 | HAMILTON AVIATION INC. | UNITED STATES |
| 35935 | HARRINFORD LTD | UNITED STATES |
| f14309 | HEMBERG TRADING LIMITED | VIRGIN ISLANDS, BRITISH |
| 38040 | HINDALCO INDUSTRIES LIMITED | INDIA |
| f1434 | HORTA, LLC | UNITED STATES |
| 37170 | HOSPITALIZACION CLINICO C.A. | UNITED STATES |
| 24848 | ICEC TOUR SPOL | CZECHIA |
| 45419 | ICON TAXI AEREO | BRAZIL |
| 37906 | ID AIR | FRANCE |
| 39137 | IFG - INTL FIN. GRP | SWITZERLAND |
| 29661 | IKAROS AVIATION AVV | UKRAINE |
| 36740 | IMD AIRWAYS | SPAIN |
| 32492 | INDIA FLYSAFE AVTN | INDIA |
| 33071 | INDUSTR. AERONAUTICA | COLOMBIA |
| 36832 | INDUSTRY EAST EUROPE | SWITZERLAND |
| 33559 | INDYCAR AVIATION | UNITED STATES |
| 33204 | INEOS AVIATION LIMITED | UNITED KINGDOM |
| 30427 | INFINIT AIR | SPAIN |
| 32394 | INFINITY AVIATION | UNITED ARAB EMIRATES |
| 34222 | INLOGS INTERNATIONAL | UNDEFINED |
| 21442 | INSTITUT NATIONAL DE L'INFORMATION GEOGRAPHIQUE ET FORESTIERE (IGN) | FRANCE |
| 33654 | INTER AMERICAN | ANGOLA |
| 23792 | INTERCON USA | UNITED STATES |
| 31081 | INTERFACE OPS LLC | UNITED STATES |
| 31965 | INTERGLOBE AVTN LTD (T/A INDIGO) | INDIA |
| 31503 | INTERNATIONAL JETCLUB LTD | UNITED KINGDOM |
| 37561 | INTL GAMING TECH | UNITED STATES |
| 33831 | INTL TRIP PLANNING | UNITED STATES |
| 32524 | INVESTAVIA | KAZAKHSTAN |
| 37249 | IP AVIATION L.P. | CANADA |
| 28061 | ISLAND AVTN USA | UNITED STATES |
| f12706 | ISLAND PARK AVIATION LLC | UNITED STATES |
| 33890 | ISLENA INVERSIONES | HONDURAS |
| 21879 | ISRAIR AIRLINES & TOURISM LTD | ISRAEL |
| 30038 | IXAIR | FRANCE |
| 37780 | INVERSIONES DAVANIC | COLOMBIA |
| f10263 | ITHACA LLC | UNITED STATES |
| 1559 | JAPAN AIRLINES | JAPAN |
| 32986 | JBS CONSULTING LLC | UNITED STATES |
| 31772 | JCAS | SWITZERLAND |
| 26998 | JDP FRANCE | FRANCE |
| 21889 | JEPPESEN DATAPLAN 2 | UNITED STATES |
| 26479 | JET 2000 | RUSSIAN FEDERATION |
| 30385 | JET AVIATION FZCO | UNITED ARAB EMIRATES |
| 26911 | JET BLUE AIRWAYS | UNITED STATES |
| 37719 | JET CONNECTIONS | UNITED KINGDOM |
| 32217 | JET CRUISING | LUXEMBOURG |
| 34614 | JET DIRECT AVIATION | UNITED STATES |
| 33015 | JET MANAGEMENT SA | SWITZERLAND |
| 33769 | JET ONE JSC | KAZAKHSTAN |
| 32848 | JET PREMIER ONE | MALAYSIA |
| 33417 | JET STREAM AVIATION | SAUDI ARABIA |
| 38174 | JET XPRESS | CÔTE D'IVOIRE |
| 24165 | JETCLUB LTD | SWITZERLAND |
| 36498 | JETFLITE INTL LLC | UNITED STATES |
| 31137 | JETS RENT AVTN | FRANCE |
| 38847 | JETSTAR JAPAN | JAPAN |
| 30733 | JETSTEFF AVIATION | UNITED KINGDOM |
| f10970 | JHS MANAGEMENT, LLC. | UNITED STATES |
| f12768 | JIMMIE JOHNSON RACING II INC | UNITED STATES |
| 23153 | JINDAL STEEL | INDIA |
| 32069 | JOHN MASON ACFT SVCS | UNITED KINGDOM |
| 24536 | JP MORGAN CHASE CY | UNITED STATES |
| 29395 | JR EXECUTIVE | LEBANON |
| f10265 | JACKSON NATIONAL LIFE | UNITED STATES |
| f10277 | JEREISSATI PARTICIPACOES S/A | BRAZIL |
| 1065 | JET AVIATION BUSINESS JETS | UNITED STATES |
| 31555 | JET CENTRE LTD | UNITED KINGDOM |
| f13613 | JET SELECT LLC | UNITED STATES |
| 6510 | KALAIR LTD. | SAUDI ARABIA |
| 34887 | KALDERON LTD | UNITED KINGDOM |
| 28504 | KARTHAGO AIRLINES | TUNISIA |
| 34348 | KARTHAGO PRIVATE JET | TUNISIA |
| 38123 | KAS CORPORATION LTD. | LEBANON |
| 30709 | KAZAVIA | KAZAKHSTAN |
| 32381 | KB HOME | UNITED STATES |
| 29190 | KBBD | UNITED STATES |
| 34670 | KEEPFLYING LLP | UNITED KINGDOM |
| 24347 | KERZNER INTL. | UNITED STATES |
| 35242 | KNIGHT AVIATION LLC | UNITED STATES |
| 34843 | KOSTAR AIRLINES | KOREA, REPUBLIC OF |
| 35727 | KREDEL INTERNATIONAL | VIRGIN ISLANDS, BRITISH |
| f12222 | KSH CAPITAL L.P. | UNITED STATES |
| 34192 | KUDOS AVIATION LTD | UNITED KINGDOM |
| f10290 | KW FLIGHT, LLC / CENTRAL MISSOURI AVIATION, INC. | UNITED STATES |
| f12041 | KEY AVIATION LLC | UNITED STATES |
| 37923 | LA AVIATION | SWITZERLAND |
| 40758 | LA COMPAGNIE | FRANCE |
| 1971 | LABORATOIRE ASL | FRANCE |
| 36286 | LAC AVIATION | UNITED KINGDOM |
| 30455 | LAS VEGAS JET | UNITED STATES |
| 33111 | LAYAN INTL. | VIRGIN ISLANDS, BRITISH |
| 30595 | LEACH CAPITAL | UNITED STATES |
| 34956 | LEGACY AVIATION LIMITED | UNITED ARAB EMIRATES |
| 2816 | LEGENDAIR LTD. | SWITZERLAND |
| 34322 | LG ELECTRONICS INC. | KOREA, REPUBLIC OF |
| 13358 | LIBYAN AIR CARGO | LIBYA |
| 26342 | LIGNES AER. CONGO. | CONGO |
| 4489 | LIMITED BRANDS SERVICE COMPANY | UNITED STATES |
| 1731 | LINA CONGO | CONGO |
| f904 | LINEAS AEREAS SUDAMERICANAS | COLOMBIA |
| 37068 | LINK AIR SVCS | UNITED KINGDOM |
| 23603 | LONDON EXECUTIVE AVIATION LTD | UNITED KINGDOM |
| 25272 | LOTUS AIR | EGYPT |
| 33450 | LOV'AIR AVIATION | FRANCE |
| 24211 | LOWA LTD | UNITED STATES |
| 28079 | LOYD'S BUSINESS JETS | POLAND |
| f10303 | LR ENTERPRISES MANAGEMENT LLC | UNITED STATES |
| 40240 | LUCKY AIR LTD | CHINA |
| 37092 | LUIS FUENMAYOR | UNITED STATES |
| 31034 | LUKOIL-AVIA SWISS | SWITZERLAND |
| 29070 | LUXFLIGHT EXECUTIVE | LUXEMBOURG |
| 7764 | LVMH SERVICES | FRANCE |
| 37071 | LX AVIATION (SPV)LTD | VIRGIN ISLANDS, BRITISH |
| 19696 | LYRECO | FRANCE |
| f11360 | LYS LLC | UNITED STATES |
| f10875 | LAYLA JET | BERMUDA |
| 4381 | LEUCADIA AVIATION, INC. | UNITED STATES |
| f13333 | LIGON AIR LLC | UNITED STATES |
| f10304 | LUCIANO ANTONIO ZOGBI | BRAZIL |
| 33834 | M. SQUARE AVIATION | BERMUDA |
| 34423 | MACAU JET INTL | MACAO SAR |
| 29993 | MAG AVIATION | UNITED STATES |
| 26383 | MAGIC CONDOR LTD | BERMUDA |
| f11359 | MAGIC JOHNSON ENTERTAINMENT INC | UNITED STATES |
| 34992 | MAINSAIL TRADING 93 | SOUTH AFRICA |
| 32078 | MALIBU CONSULTING | UNITED STATES |
| 34975 | MALU AVIATION | CONGO |
| 23021 | MANAG'AIR | FRANCE |
| 34019 | MANO RIVER | UNITED STATES |
| 34154 | MARCO POLO AVTN LTD. | CAYMAN ISLANDS |
| 1824 | MARIN | FRANCE |
| 37003 | MARITIME INVESTMENT | MONACO |
| 1976 | MARITIME INVESTMENT AND SHIPPING CO. LTD. | MONACO |
| 36263 | MAROC TELECOM | MOROCCO |
| 1828 | MARSHALL AEROSPACE | UNITED KINGDOM |
| 1831 | MARTIN BAKER | UNITED KINGDOM |
| 32707 | MASC AIR LTD | SWITZERLAND |
| 27014 | MASTERJET SWITZ. | SWITZERLAND |
| 34840 | MASWINGS SDN. BHD. | MALAYSIA |
| 40818 | MATRIX AVIATION 650 | UNITED KINGDOM |
| 33238 | MAURITANIA AIRWAYS | MAURITANIA |
| 37893 | MAURITANIE AIRLINES | MAURITANIA |
| 31978 | MAXWELL AVIATION INC | UNITED STATES |
| 27863 | MAYES JOHN | UNITED STATES |
| f12986 | MB AVIATION LLC | UNITED STATES |
| 4260 | MCCAIN FOODS | CANADA |
| 30315 | MCKINLEY ACFT HLDNG | UNITED STATES |
| 31545 | MDA SAS | FRANCE |
| 31140 | ME LEASING | UNITED STATES |
| 1855 | MEA AIR LIBAN | LEBANON |
| 38759 | MEGA GLOBAL AIR | MALDIVES |
| 9689 | MELVIN SIMON & ASSOCIATES, INC. | UNITED STATES |
| 21443 | METEO-FRANCE | FRANCE |
| f10316 | MFP SERVICES LLC | UNITED STATES |
| 28986 | MHS AVIATION SDN BHD | MALAYSIA |
| 37403 | MIAMI FERRY CONTRACT | UNITED STATES |
| 27573 | MID ROC LEASING | SAUDI ARABIA |
| 36881 | MID SOUTH AVIATION | UNITED STATES |
| 36859 | MIDAS AIR | UNITED STATES |
| 29971 | MIDDLE EAST JET SVCS | LEBANON |
| 30837 | MIDROC AVIATION | SAUDI ARABIA |
| 617 | MIL BRAZIL | BRAZIL |
| 702 | MIL CANADA | CANADA |
| 1098 | MIL FRANCE | FRANCE |
| 1800 | MIL MALAYSIA | MALAYSIA |
| 34821 | MILLETREIZE | FRANCE |
| 12626 | MILLION AIR CHARTER | UNITED STATES |
| 26724 | MILLION AIR SALT LAK | UNITED STATES |
| 35609 | MINISTRY DEF SLOVENI | SLOVENIA |
| 36033 | MISH AVIATION SVCS | GHANA |
| 31556 | MISTRAL AEREO | CANADA |
| 31331 | MITRE AVIATION LTD | UNITED KINGDOM |
| 33855 | MOBYHOLD LIMITED | UNITED KINGDOM |
| 35060 | MOISEEV ALEX | MONACO |
| 35455 | MONT BLANC AVIATION | SWITZERLAND |
| 38782 | MONTEBELLO LTDA | BRAZIL |
| 32755 | MONTROSE GLOBAL | UNITED KINGDOM |
| 7058 | MORRIS COMMUNICATION | UNITED STATES |
| 34441 | MOSCOW HELICOPTER | RUSSIAN FEDERATION |
| 2996 | MOTOROLA AUSTIN TX | UNITED STATES |
| 32202 | MOUNTAIN AVTN LTD | UNITED KINGDOM |
| 31584 | MVOC | UNITED STATES |
| 32579 | MYSKY LLP | UNITED KINGDOM |
| 35975 | MACBENS PATRIMONIAL LTDA | HUNGARY |
| f13614 | MARK ANTHONY GROUP INC | CANADA |
| 30280 | MARSICO AVIATION, LLC | UNITED STATES |
| f12655 | MASS JET LEASE | PHILIPPINES |
| f10312 | MCCORMICK AND COMPANY INC. | UNITED STATES |
| f10313 | MENDOTA AIRCRAFT MANAGEMENT | UNITED STATES |
| 24019 | MID EAST JET | SAUDI ARABIA |
| f14952 | MINTER MANAGEMENT LIMITED | VIRGIN ISLANDS, BRITISH |
| 28010 | MONDOIL | UNITED STATES |
| 34936 | MOORE CAPITAL MANAGEMENT, LP DBA GX AVIATION | UNITED STATES |
| 31770 | N304RJ | UNITED STATES |
| 32270 | N349BA | UNITED STATES |
| 32370 | N72RK | UNITED STATES |
| 28895 | NAC AVIATION | UNITED KINGDOM |
| f1000 | NAM AIRLINES | UNITED STATES |
| 31025 | NATASCHA ESTABLISHMENT | UNITED ARAB EMIRATES |
| 26668 | NATIONAL AIR SERVICE | SAUDI ARABIA |
| 28966 | NATIONAL AVIATION 2 | EGYPT |
| 34727 | NATIONAL CITY COMM | UNITED STATES |
| 9900 | NATIONWIDE MUTUAL | UNITED STATES |
| 38371 | NAVINTAIR INC | UNITED STATES |
| 31097 | NEBULA LTD. | BERMUDA |
| 38228 | NEGRI IMMOBILIARE | ITALY |
| 31095 | NETJETS AVIATION INC | UNITED STATES |
| 32424 | NEW AXIS AIRWAYS | FRANCE |
| 34651 | NEW CAIRO REAL EST | EGYPT |
| 32626 | NEWCASTLE AIRCRAFT | UNITED STATES |
| 35373 | NEXT GENERATION VENT | UNITED STATES |
| 38125 | NEXUS FLT OPS SVCS | SAUDI ARABIA |
| 20855 | NIGERIAN POLICE | NIGERIA |
| 31199 | NISSAN NTH AMERICA | UNITED STATES |
| 34560 | NOBLE FOODS LIMITED | UNITED KINGDOM |
| 32959 | NOFA AVIATION | UNITED ARAB EMIRATES |
| 40016 | NOMAD AVIATION LTD | MALTA |
| 32963 | NORDEX AIR | RUSSIAN FEDERATION |
| 39364 | NORTH CARIBOO FLYING | CANADA |
| 38103 | NORTH STAR AVTN LTD | SWITZERLAND |
| 10326 | NOUVELAIR TUNISIE | TUNISIA |
| 39066 | NOVOAIR LTD | BANGLADESH |
| 33212 | NPM MANAGEMENT | UNITED STATES |
| 31489 | NS AVIATION | SWITZERLAND |
| f13501 | NS FALCON | BERMUDA |
| 36629 | NW NORDWEST | SWITZERLAND |
| 22190 | NWT AIRCRAFT | UNITED STATES |
| 32861 | NY JETS TRANSPORTER | BERMUDA |
| f12094 | NAJA LOCAÇÃO EMPRESARIAL LTD | BRAZIL |
| f10327 | NATIONAL GYPSUM COMPANY | UNITED STATES |
| 31264 | O AIR | FRANCE |
| 21845 | OAKMONT | UNITED STATES |
| 30908 | OCANA ASSETS LTD | UNITED STATES |
| 38509 | ODYSSEE JET SA | LUXEMBOURG |
| 12316 | OFTC.INC. | UNITED STATES |
| 28984 | OLDBURY HOLDINGS | UNITED ARAB EMIRATES |
| 35132 | OMEGA VII | FRANCE |
| 34603 | OMYA INTERNATIONAL | SWITZERLAND |
| 30957 | ONE THIRTY NINE | LUXEMBOURG |
| 36166 | ONEXP | DENMARK |
| 32311 | OPENSKIES | FRANCE |
| 31341 | ORIENT GLOBAL AVTN | SINGAPORE |
| 28050 | OUTFITTER AVIATION | UNITED STATES |
| 4139 | OYONNAIR | FRANCE |
| 29465 | OAKMONT HOLDINGS, LLC | UNITED STATES |
| 44402 | OAKWOOD BOOKS, INC. | UNITED STATES |
| 44187 | OPERADORA DE VUELOS EJECUTIVAS, S.A. DE C.V. | MEXICO |
| 31395 | OUTPOST INTERNATIONAL, LLC | UNITED STATES |
| 32859 | OVLAS SA | NIGERIA |
| 25856 | PACE CARGO ENTERRP | UNITED STATES |
| 2088 | PAKISTAN INTERNATIONAL AIRLINES | PAKISTAN |
| 31966 | PALMAIR AVIATION | MOROCCO |
| 948 | PAN MARITIME LTD | UNITED KINGDOM |
| 38406 | PARADOX INTERNATIONAL BIRDS LTD | UNITED STATES |
| 26289 | PARAFFIN AIR | UNITED STATES |
| 36085 | PARK HOUSE AVTN LTD | BERMUDA |
| 36994 | PEABODY ENERGY | UNITED STATES |
| 38284 | PEACH AVIATION | JAPAN |
| 35524 | PETRO AIR | LIBYA |
| 34403 | PHEEBE LIMITED | UNITED KINGDOM |
| 33969 | PHENOMAIR | FRANCE |
| 32252 | PLANET AVIATION UU | RUSSIAN FEDERATION |
| f11455 | PLEASANT AIRCRAFT LEASING LLC | UNITED STATES |
| 32061 | POLYGON AIR | UNITED STATES |
| 2176 | PPG INDUSTRIES | UNITED STATES |
| 38693 | PREMIAIR (WI) 2 | INDONESIA |
| 32060 | PREMIER AIR | UNITED STATES |
| 22439 | PRESIDENCE DE LA REPUBLIQUE | ALGERIA |
| 22576 | PRESIDENCY OF THE REPUBLIC OF SENEGAL | SENEGAL |
| 31920 | PRESTBURY TWO | UNITED KINGDOM |
| 36197 | PRESTIGE JET JORDAN | JORDAN |
| 33762 | PRESTIGE JET RENTAL | UNITED ARAB EMIRATES |
| 35261 | PRESTOIL SAS | FRANCE |
| 45965 | PRIMA AVIATION S.R.L. | SAN MARINO |
| 36789 | PRIME LEGACY MGMT | UNITED STATES |
| 35401 | PRINCESS AVIATION DT | TUNISIA |
| 36797 | PRIVATE JET GROUP | LEBANON |
| 35093 | PRIVATE JETS LUXEMB. | LUXEMBOURG |
| 32346 | PROFRED PARTNERS LLP | UNITED KINGDOM |
| 36931 | PSD | FRANCE |
| f11206 | PVM MANAGEMENT LLC | UNITED STATES |
| f10350 | PACIFIC COAST FEATHER COMPANY | UNITED STATES |
| 30188 | PACIFIC CONNECTION INC. | UNITED STATES |
| 36039 | PARADOX SECURITY SYS | CANADA |
| f10609 | PEGASUS SOUTH, LLC | UNITED STATES |
| 29691 | PINNACLE AVIATION | UNITED STATES |
| f12236 | POWER EASE INVESTMENTS LIMITED BVI | VIRGIN ISLANDS, BRITISH |
| 31595 | PREMIER AVIATION | RUSSIAN FEDERATION |
| 28189 | PROAIR CHARTER | GERMANY |
| 22432 | QATAR AMIRI FLIGHT | QATAR |
| 31585 | QUALCOMM | UNITED STATES |
| 35924 | QWEST COMMUNICATIONS | UNITED STATES |
| 39476 | QATAR EXECUTIVE | QATAR |
| 1427 | RAININ AIR | UNITED STATES |
| 36817 | RCR JETS AG | SWITZERLAND |
| f11026 | RD HUBBARD ENTERPRISES INC. | UNITED STATES |
| 29739 | RDV PROPERTIES (ARC) | UNITED STATES |
| 34087 | REAL EXECUTIVE GMBH | SWITZERLAND |
| 37695 | REAL FLY SARL | MOROCCO |
| 31655 | REATEX INVEST | VIRGIN ISLANDS, BRITISH |
| 30061 | REIMS AVIATION IND | FRANCE |
| 33614 | RICHARD HAYWARD | UNITED KINGDOM |
| 7403 | RICHMOR AVIATION | UNITED STATES |
| 23719 | RIDA AVIATION LTD | BERMUDA |
| 8963 | RIVER ISLAND CLOTHING CO. | UNITED KINGDOM |
| f10973 | RJ CORMAN AVIATION SERVICES LLC | UNITED STATES |
| 34680 | RJH ADVISORY | UNITED STATES |
| 31630 | RJM AVIATION | CHAD |
| 30422 | RL WINGS LLC | UNITED STATES |
| 32627 | RNW ENTERPRISES, LLC | UNITED STATES |
| 8271 | ROCKWELL COLLINS | UNITED STATES |
| 30374 | RONSO SA DE CV | MEXICO |
| 31808 | ROTOR TRADE 2 | UNITED STATES |
| 31026 | ROUST TRADING | UNITED ARAB EMIRATES |
| 36887 | ROUTE 450 INVESTMENT | BRAZIL |
| 27737 | ROXBURY TECHNOLOGIES | SWITZERLAND |
| 258 | ROYAL AIR MAROC | MOROCCO |
| 3932 | RRSM INTERNATIONAL, LLC | SAUDI ARABIA |
| 37548 | RSR-614RD | UNITED STATES |
| 35879 | RUBICON AVIATION | UNITED KINGDOM |
| f10378 | RED WHITE & BLUE PICTURES, INC. | UNITED STATES |
| 35828 | RELATED COMPANIES | UNITED STATES |
| f14565 | RETRAITE VERTE LIMITED | VIRGIN ISLANDS, BRITISH |
| f10385 | REX REALTY CO | UNITED STATES |
| f13924 | RICHIE SKY LIMITED | VIRGIN ISLANDS, BRITISH |
| 44808 | RIO BONITO COMUNICACAO LTDA | BRAZIL |
| f10391 | ROUX INVESTMENT MNGT CO | UNITED STATES |
| 22442 | S CONGO D.R. (KIN) | CONGO |
| 22575 | S DJIBOUTI | DJIBOUTI |
| 22426 | S GABON | GABON |
| 32125 | S GAMBIA (2) | GAMBIA |
| 22438 | S MONACO | MONACO |
| 27535 | S PRESIDENT SUDAN | SUDAN |
| 22977 | S TCHAD | CHAD |
| 33152 | SAAD AIR LTD | BAHRAIN |
| 22756 | SABRINA FISHERIES | UNITED STATES |
| 38042 | SABY FINANCE | VIRGIN ISLANDS, BRITISH |
| 27640 | SAESA | SPAIN |
| 39349 | SAF FLIGHT LLC | UNITED STATES |
| 37497 | SAFEGUARD SOLUTIONS | NETHERLANDS |
| 34967 | SAINTEX AERO SARL | FRANCE |
| 25946 | SALEM AVIATION | SAUDI ARABIA |
| f2007 | SAP AIR (SERVICIOS AÉREOS PROFESIONALES, S.A) | DOMINICAN REPUBLIC |
| 5373 | SATENA | COLOMBIA |
| 36114 | SAUCAR LIMITED | UNITED KINGDOM |
| 30067 | SAVENCIA | BELGIUM |
| 20462 | SBD BRETONNE DEVELOP | FRANCE |
| 31959 | SBM GROUP | UNITED STATES |
| 32560 | SCD BV | NETHERLANDS |
| 28744 | SCHREINER CAMEROUN | CAMEROON |
| 31358 | SCM ARUBA A.V.V. | UKRAINE |
| 30353 | SCOOT TIGERAIR PTE. LTD. | SINGAPORE |
| 3236 | SCOTTISH & NEWCASTLE | UNITED KINGDOM |
| 32411 | SCOTTS MIRACLE-GRO | UNITED STATES |
| 36492 | SEAGRAVE AVIATION | UNITED STATES |
| 22328 | SECURITE CIVILE LF | FRANCE |
| 36018 | SEGERIS CAPITAL LTD | BRAZIL |
| 1249 | SELIA | FRANCE |
| 27881 | SERLUX | LUXEMBOURG |
| 33112 | SEVENTH SENSE STAR | BERMUDA |
| 35652 | SFD RUSSIA | RUSSIAN FEDERATION |
| f12875 | SHADOWFAX LLC | UNITED STATES |
| 38490 | SHANGHAI DEER JET | CHINA |
| f12810 | SHORENSTEIN PROPERTIES LLC | UNITED STATES |
| 30513 | SICHUAN AIRLINES (3) | CHINA |
| 28022 | SIEBEL SYSTEMS UK | UNITED KINGDOM |
| 36604 | SIERRA AVIATION LP | UNITED STATES |
| 5468 | SIGAIR LTD | BERMUDA |
| 34418 | SIGMA AVIATION | IRELAND |
| 33581 | SIGNAL AVIATION LTD | UNITED KINGDOM |
| f12744 | SILVER LAKE AVIATION LLC | UNITED STATES |
| 32728 | SILVER VENTURES INC | UNITED STATES |
| 2466 | SIRIUS | SWITZERLAND |
| 32892 | SIRTE OIL COMPANY | LIBYA |
| 24200 | SIT-SET AVTN AG | SWITZERLAND |
| 35424 | SJ MANAGEMENT LLC | UNITED STATES |
| 36037 | SK TELECOMM | KOREA, REPUBLIC OF |
| 27746 | SK TRAVEL | UNITED STATES |
| 29880 | SKY AVIATION | SAUDI ARABIA |
| 38247 | SKY LINER AVIATION | SWITZERLAND |
| 43301 | SKY PRIME AVTN SRV | SAUDI ARABIA |
| 24926 | SKYDRIFT LTD | UNITED KINGDOM |
| 40301 | SKYMARK AIRLINES INC | JAPAN |
| 39132 | SKYPLAN FZC | UNITED ARAB EMIRATES |
| 38576 | SKYSCRAPER LTD | UNITED KINGDOM |
| 32337 | SKYSTEAD | UNITED ARAB EMIRATES |
| 30105 | SKYTRADERS PTY | AUSTRALIA |
| 34050 | SKYWAY LTD | RUSSIAN FEDERATION |
| 35371 | SL MANAGEMENT | UNITED STATES |
| 32149 | SMART AVIATION | FRANCE |
| f13550 | SME EQUIPMENT LEASING | UNITED STATES |
| 31695 | SN AIR MALI | MALI |
| 37745 | SN TRANS HELICOPTERE | FRANCE |
| 29738 | SNC BOETOS | FRANCE |
| 30770 | SNC CAVOK | FRANCE |
| 37669 | SNS IMPORTADORA | BRAZIL |
| 33859 | SOBEYS CAPITAL INCORPORATED | CANADA |
| 3517 | SOFAXIS | FRANCE |
| 22730 | SOGERMA | FRANCE |
| 40696 | SONNIG INT PRVT JET | UNITED ARAB EMIRATES |
| 6404 | SONY AVIATION | UNITED STATES |
| 36182 | SOPHAR PROPERTY | VIRGIN ISLANDS, BRITISH |
| 42857 | SORENS AERO LIMITED | MALTA |
| 38553 | SORENS GROUP LTD | RUSSIAN FEDERATION |
| 36653 | SOUTH AFR. BREWERIES | SOUTH AFRICA |
| 26378 | SOUTHERN AIRLINES | NIGERIA |
| 5752 | SOUTHERN CROSS USA | UNITED STATES |
| 44896 | SOUTHERN JET CO.,LTD | CHINA |
| 35993 | SPACEWING COMPANY | SAUDI ARABIA |
| 17921 | SPECIALISED TRANSP. | UNITED KINGDOM |
| 37714 | SPEEDFLY SARL | FRANCE |
| 39251 | SPEEDWINGS BUSINESS SA | SWITZERLAND |
| 27840 | SPHINX WINGS | SWITZERLAND |
| 42722 | SPIRIT JETS LLC | UNITED STATES |
| 34595 | SPRING MOUNTAIN (2) | UNITED STATES |
| 32789 | SPRINGWAY LTD | RUSSIAN FEDERATION |
| 32899 | SRIWIJAYA WORLD FUEL | SINGAPORE |
| 39234 | SRTS | FRANCE |
| 42170 | STA JETS | UNITED STATES |
| 26231 | STAFF AIR SERVICE | FRANCE |
| 35477 | STAR AIRWAYS ALBANIA | ALBANIA |
| 35421 | STAR JET LTD | UNITED STATES |
| 2574 | STARJET AVIATION | SWITZERLAND |
| 24204 | STARLING AVIATION | UNITED ARAB EMIRATES |
| 31400 | STARR EQUIPMENT | UNITED STATES |
| 28169 | STATE AIR BERKUT | KAZAKHSTAN |
| 32993 | STC BERMUDA LTD. | EGYPT |
| 28156 | STEELCASE | UNITED STATES |
| 37550 | STEELE AVIATION INC | UNITED STATES |
| 32436 | STENSRUD VENTURES | UNITED STATES |
| 33469 | STEPHEN R. LLOYD | UNITED KINGDOM |
| 33040 | STORMJETS SA | SWITZERLAND |
| 4488 | STRASBOURG AVIATION | FRANCE |
| 35602 | STRATEGIC AIR. SAS | FRANCE |
| 24529 | SUBPRICE | UNITED KINGDOM |
| 39210 | SUBURBAN MOTORS COMP | UNITED STATES |
| 35339 | SUKHOI CIVIL ACFT | RUSSIAN FEDERATION |
| 20474 | SUMMIT AVTN USA 2 | UNITED STATES |
| 31657 | SUN AIR (EGYPT) | EGYPT |
| 23210 | SUNRISE (ALSHOROOK) | EGYPT |
| 25392 | SWIFT-AERO, JSC | RUSSIAN FEDERATION |
| 9768 | SWISS PRIVATE AVTN | SWITZERLAND |
| 30257 | SYMPHONY MASTER | SWITZERLAND |
| 33362 | SYMPHONY MASTER UAE | UNITED ARAB EMIRATES |
| 38298 | SYPHAX AIRLINES | TUNISIA |
| 2642 | SYRIAN ARAB AIRLINES | SYRIAN ARAB REPUBLIC |
| f1467 | SAILS IN CONCERT, INC. | UNITED STATES |
| f12147 | SANRIDGE OPERATING COMPANY | UNITED STATES |
| f12601 | SAPPHIRE INTERNATIONAL GROUP, INC | UNITED STATES |
| f14957 | SETFAIR AVIATION LTD. | ISLE OF MAN |
| 37718 | SFERA JET LLC | RUSSIAN FEDERATION |
| 38579 | SINO JET MANAGEMENT LIMITED | CHINA |
| f10403 | SKYE GRYPHON, LLC | UNITED STATES |
| f10405 | SNAPPER CONSULTING INC. | BRAZIL |
| f12484 | SONIC FINANCIAL | UNITED STATES |
| 21791 | SOUTHERN CROSS INTERNATIONAL | NETHERLANDS |
| 30582 | SPACE EXPLORATION | UNITED STATES |
| f14886 | STAR VISION HOLDINGS INC. | VIRGIN ISLANDS, BRITISH |
| f10410 | STARWOOD ASSET MANAGEMENT, LLC | UNITED STATES |
| f10419 | STEPHENS INVESTMENT HOLDINGS LLC | UNITED STATES |
| f11008 | SUCCESS MASTER LTD. | VIRGIN ISLANDS, BRITISH |
| 5967 | SYNTHES USA SALES LLC | UNITED STATES |
| 38197 | TAA AVIATION LTD | SWITZERLAND |
| 27385 | TAF LINHAS AEREAS | BRAZIL |
| 26684 | TAG AVIATION UK LTD | UNITED KINGDOM |
| 33802 | TAIL WIND LTD. | SINGAPORE |
| 26797 | TAK AVIATION UK LTD | UNITED KINGDOM |
| 4386 | TAM LINHAS AEREAS | BRAZIL |
| 37224 | TAMARA NIGER AVIATIO | NIGER |
| 35843 | TANELA VENTURES LTD | RUSSIAN FEDERATION |
| 26582 | TASSILI AIRLINES SA | ALGERIA |
| 31962 | TAT LEASING | FRANCE |
| 4189 | TAUBMAN | UNITED STATES |
| 24156 | TAXI AIR JET-FRET | FRANCE |
| 37359 | TEKLOC | UNITED STATES |
| 29164 | TELUS COMMUNICATIONS | CANADA |
| 37446 | TEMPEST CAPITAL | UNITED KINGDOM |
| 36518 | TERRY BROWN | CANADA |
| 28634 | THALES | FRANCE |
| 799 | THE COCA-COLA COMPANY | UNITED STATES |
| 22524 | THE COMMANDER | NIGERIA |
| 32042 | THE FUTURA CORP | CANADA |
| 30474 | THE WORLD IS YOURS LTD. | UNITED KINGDOM |
| 21075 | THERMO FISHER SCIENTIFIC | UNITED STATES |
| 35441 | THOMAS ENTERPRISES | UNITED STATES |
| 31882 | TIKO AIR (2) | MADAGASCAR |
| 4744 | TITAN AIRWAYS LTD | UNITED KINGDOM |
| 24764 | TOTAL LINHAS AEREAS | BRAZIL |
| 31535 | TOUMAI AIR TCHAD SA | CHAD |
| 31676 | TOWER HOUSE CONSULT. | GAMBIA |
| 33891 | TOWN & COUNTRY FOOD | UNITED STATES |
| 32029 | TPG AVIATION | SOUTH AFRICA |
| 29860 | TPS | UNITED STATES |
| 26086 | TRADLUX | LUXEMBOURG |
| 37172 | TRANS AER MAR CORTES | MEXICO |
| 30585 | TRANS EURO AIR | UNITED KINGDOM |
| 34062 | TRANSAIR CARGO SVC | CONGO |
| 12193 | TRANSASIA AIRWAYS | TAIWAN |
| 32673 | TRANSAVIA FRANCE SAS | FRANCE |
| 26670 | TRANSMERIDIAN AVTN | UNITED STATES |
| f11432 | TRANSWESTERN TRANSPORTS LLC | UNITED STATES |
| 35158 | TRIBECA AVT PARTNERS | UNITED STATES |
| 37551 | TRIDENT PETROLEUM | EGYPT |
| 30112 | TRIGANA AIR SERVICE | INDONESIA |
| 21887 | TUDOR INVESTMENTS | UNITED STATES |
| 2752 | TUNIS AIR | TUNISIA |
| 31018 | TURNBERRY MANAGEMENT | UNITED STATES |
| 21666 | TUTOR SALIBA CORPORATION | UNITED STATES |
| 28237 | TWIN JET | FRANCE |
| 28983 | TWINWOOD TRANSPORT. | UNITED ARAB EMIRATES |
| 28467 | TY AIR INC | UNITED STATES |
| f10437 | TARGET CORPORATION | UNITED STATES |
| 38565 | TETRAN ASSETS LTD. | UNITED KINGDOM |
| f10497 | THE YUCAIPA COMPANIES LLC | UNITED STATES |
| 36894 | THORN AIR LTD | UNITED STATES |
| f12235 | TOP DELIGHT WORLDWIDE LTD | VIRGIN ISLANDS, BRITISH |
| f10498 | TRACINDA CORPORATION | UNITED STATES |
| f14951 | TRANSCONTINENTAL PROPERTIES LIMITED | UNITED KINGDOM |
| f11188 | TRIAN FUND MANAGEMENT | UNITED STATES |
| f10452 | TRUMAN ARNOLD COMPANIES | UNITED STATES |
| f10990 | TY-TEX EXPLORATION INC. | UNITED STATES |
| 28221 | UAS UNITED AVIATION | UNITED ARAB EMIRATES |
| f10814 | UETA, INC. | UNITED STATES |
| 22150 | UKRAINE AIR ALLIANCE | UKRAINE |
| 38877 | UNI AIR TAIWAN | TAIWAN |
| 34820 | UNIFOX HOLDINGS LTD | BELIZE |
| 32094 | UNION PACIFIC CORP | UNITED STATES |
| 34874 | UNITED AVIATION (OM) | LIBYA |
| 38621 | UNITED AVTN MGMT | SAUDI ARABIA |
| 21505 | UNITED CONSTRUCTION | TURKEY |
| 28092 | UNITED HEALTHCARE SERVICES INC | UNITED STATES |
| 34059 | UNITED WEST AIRLINES | UNITED STATES |
| 33177 | UNIV AVN MIDDLE EAST | UNITED ARAB EMIRATES |
| 35834 | UTFLIGHT | UNITED STATES |
| 2795 | UNIVERSAL WEATHER AND AVIATION, INC. | UNITED STATES |
| 24318 | VALAVIA | FRANCE |
| 28829 | VALIANT AVIATION | BERMUDA |
| 33962 | VALLJET | FRANCE |
| 10637 | VALMONT | UNITED STATES |
| 30253 | VENTURA AVIATION | MONACO |
| 34280 | VEREIN DC3 | SWITZERLAND |
| 38968 | VERHILL CORPORATE | VIRGIN ISLANDS, BRITISH |
| 40919 | VGS ACFT LEASING | UNITED KINGDOM |
| 37581 | VIA JETS OOD.SRL | BULGARIA |
| 19445 | VIETNAM AIRLINES JSC | VIET NAM |
| 33703 | VIKING AVIATION LTD. | UNITED KINGDOM |
| 13351 | VOL PRESIDENTIEL | BURKINA FASO |
| 23952 | VOLARE AIRCOMPANY | UKRAINE |
| 38134 | VOLPE AVIATION LLC | UNITED STATES |
| 27628 | VULCAN AVIATION | UNITED KINGDOM |
| 23592 | VULCAN INC | UNITED STATES |
| 33249 | VOYAGE INTERNATIONAL | UNITED ARAB EMIRATES |
| 31377 | WA DEVELOPMENTS | UNITED KINGDOM |
| 35615 | WADI AVIATION | CAYMAN ISLANDS |
| 30891 | WAF LTD | CAYMAN ISLANDS |
| 34990 | WAHA CAPITAL | UNITED ARAB EMIRATES |
| 36777 | WALKER AIR SVCS | AUSTRALIA |
| 34886 | WATANIA AIRWAYS | KUWAIT |
| 36041 | WATSCO HOLDINGS INC | UNITED STATES |
| 35351 | WAVES JET | JORDAN |
| 6924 | WEDGE AVIATION | UNITED STATES |
| 29491 | WELLS AVIATION | UNITED STATES |
| 34317 | WESTJET FALCON 50061 | VIRGIN ISLANDS, BRITISH |
| f10476 | WGL CAPITAL CORPORATION | UNITED STATES |
| 31779 | WHISKEY ROMEO OWNER | UNITED STATES |
| 31064 | WHITE LOTUS | UNITED STATES |
| 38210 | WHITE MOUNTAIN AVTN | UNITED STATES |
| 28542 | WHITE ROSE AVTN | UNITED STATES |
| 32120 | WILDERNESS POINT ASS | UNITED STATES |
| 32294 | WILKES AND MCHUGH | UNITED STATES |
| 3021 | WILLIAMS COMPANIES | UNITED STATES |
| 34191 | WILLIAMS INTL CO LLC | UNITED STATES |
| 37767 | WIN AVIATION LTD. | CAYMAN ISLANDS |
| f1071 | WINAIR (ST. MAARTEN NETHERLANDS ANTILLES) | SINT MAARTEN |
| 31765 | WINDS AWAY | UNITED STATES |
| 37331 | WINDWARD AVIATION | UNITED STATES |
| 36815 | WING AVTN CHTR SVC | UNITED STATES |
| 25648 | WING AVTN USA | UNITED STATES |
| 36782 | WINGS AIR | INDONESIA |
| 32929 | WINGS OVER AFRICA | NAMIBIA |
| 32063 | WIP TRADING | SWITZERLAND |
| 35668 | WORLD FUEL SVCS EUR | UNITED KINGDOM |
| 31938 | WREN ACQUISITIONS | UNITED STATES |
| 42945 | WASTE CONNECTIONS INC. | UNITED STATES |
| 8721 | WESTFIELD AVIATION INC | AUSTRALIA |
| f2006 | WHITEJETS | BRAZIL |
| f10481 | WILLIAMS-SONOMA, INC. | UNITED STATES |
| f10482 | WINDSOR MEDIA INC. | UNITED STATES |
| f10881 | WORLDWIDE BUSINESS JETS CORP | UNITED STATES |
| 24421 | XAMEX INVESTMENTS | UNITED STATES |
| 33042 | XCLUSIVEJET CHARTER | UNITED KINGDOM |
| 45259 | XJC LTD | UNITED KINGDOM |
| 23330 | XL AIRWAYS FRANCE | FRANCE |
| 38359 | YAAS | UNITED STATES |
| 2941 | YEMENIA | YEMEN |
| 11467 | YUM BRANDS INC. | UNITED STATES |
| 31488 | YYA AVIATION | BERMUDA |
| 40036 | YYA MANAGEMENT LTD | JERSEY |
| f10823 | YET AGAIN, INC. | UNITED STATES |
| 35471 | ZEST AIRWAYS INC | PHILIPPINES |
| 35614 | ZOGBI LUCIANO | SWITZERLAND |
| 32665 | ZYMAN AVIATION LLC | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

26915

171JC

UNITED STATES

24008

223RD FLIGHT UNIT

RUSSIAN FEDERATION

34029

2M EXECUTIVE AVTN

VIRGIN ISLANDS, BRITISH

12312

35-55 PARTNERSHIP

UNITED STATES

34746

51 NORTH LIMITED

UNITED KINGDOM

30021

57 AVIATION SERVICES LLC

UNITED STATES

6803

711 CODY INC

UNITED STATES

29177

900NB

UNITED STATES

29496

A J WALTER AVIATION

UNITED KINGDOM

28417

AAK COMPANY

LEBANON

38065

AAR CORP

UNITED STATES

31724

AAS EUROPE

FRANCE

44931

AB AIR HOLDING

UNITED ARAB EMIRATES

31439

ABC AEROLINEAS SA

MEXICO

28588

ABDULLAH SAID B.

SWITZERLAND

32962

ABG AIR LTD

UNITED KINGDOM

36488

ABSOLUTE AVIATION

SOUTH AFRICA

35443

AC TRAVEL LLC

UNITED STATES

4306

ACCOR SA

FRANCE

31934

ACFT MGMT & TRADING

UNITED KINGDOM

30786

ACFT SARL

LUXEMBOURG

31617

ACFT SARL 2

LUXEMBOURG

35097

ACTIFLY

FRANCE

30027

ADAM AVIATION

UNITED STATES

27910

ADVANCED TRAINING SY

UNITED STATES

24201

AEC INTERN. LTD

SWITZERLAND

31600

AELIS AIR SERVICES

FRANCE

30943

AERO CAPITAL SAS

FRANCE

32371

AERO JET CORPORATE

FRANCE

31785

AERO SAINT EXUPERY

FRANCE

22257

AERO SERVICES LF

FRANCE

28041

AERO SVC CORPORATE

FRANCE

8491

AERO SVC EXECUTIVE

FRANCE

26891

AEROGAVIOTA

CUBA

33839

AEROJET MANAGEMENT

GERMANY

25901

AEROMAR AIRLINES

MEXICO

33014

AERONEXUS CORP. LTD

SOUTH AFRICA

5461

AEROSTOCK

FRANCE

30336

AFRIJET AIRLINES(2)

NIGERIA

28604

AFRIQIYAH AIRWAYS

LIBYA

36823

AGCORP

UNITED STATES

35102

AGROAIR SAS

FRANCE

1769

AIGLE AZUR

FRANCE

32481

AIR 26

ANGOLA

182

AIR AFFAIRES GABON

GABON

186

AIR ALGERIE

ALGERIA

35192

AIR ARABIA MAROC

MOROCCO

28684

AIR ASIA

MALAYSIA

29420

AIR AUSTRAL 2

FRANCE

35175

AIR BOTSWANA CO.BW

BOTSWANA

30592

AIR BURKINA (2)

BURKINA FASO

29815

AIR CAIRO

EGYPT

34225

AIR CHARTER PROFSNL

UNITED STATES

33288

AIR CORPORATE FRANCE

FRANCE

38966

AIR COTE D'IVOIRE

CÔTE D'IVOIRE

30879

AIR DECCAN

INDIA

32290

AIR DIVISION KAZAKH

KAZAKHSTAN

227

AIR FRANCE

FRANCE

231

AIR GEFCO

FRANCE

551

AIR GROUP (VAN NUYS)

UNITED STATES

35198

AIR GUYANE

FRANCE

24148

AIR HARRODS LTD

UNITED KINGDOM

32175

AIR HORIZON (TOGO)

TOGO

30281

AIR IVOIRE (2)

CÔTE D'IVOIRE

31977

AIR KING JET

SWITZERLAND

32016

AIR LEASING

CAMEROON

252

AIR MADAGASCAR

MADAGASCAR

261

AIR MAURITIUS

MAURITIUS

12060

AIR ND

FRANCE

25802

AIR PARTNER PRIVATE JETS LTD

UNITED KINGDOM

28019

AIR PINK D.O.O.

SERBIA

24430

AIR PRINT

LUXEMBOURG

31913

AIR SARINA

SWITZERLAND

45224

AIR SENEGAL

SENEGAL

2564

AIR SENEGAL INTL

SENEGAL

5636

AIR SEYCHELLES

SEYCHELLES

26152

AIR SRPSKA

BOSNIA AND HERZEGOVINA

34196

AIR SWIFT LTD.

BERMUDA

25943

AIR TAHITI NUI

FRANCE

5633

AIR TRANSAT

CANADA

31078

AIR TURQUOISE SAS

FRANCE

12593

AIR VENDEE INVEST

FRANCE

34296

AIR WING LTD

BELIZE

2496

AIRBUS OPER. SAS

FRANCE

308

AIRBUS SAS

FRANCE

24094

AIRBUS TRANSPORT

FRANCE

4790

AIRBY

FRANCE

38173

AIRCRAFT MGT SVCES

BELGIUM

f11330

AIRCRAFT PROPERTIES LLC C/O GOODMAN PROPERTIES

UNITED STATES

30562

AIRCRAFT SALE&LEASE

LUXEMBOURG

32884

AIRCRAFT SUPPORT

LEBANON

31015

AIREDALE ENTERPRISE

UNITED ARAB EMIRATES

18045

AIRFLEET CREDIT

UNITED STATES

18982

AIRFLITE

UNITED STATES

38429

AIRSTAR LEASING LTD

UNITED KINGDOM

36825

AKDN LOGISTIQUE

FRANCE

8231

AL ANWAE EST

SAUDI ARABIA

36155

AL ATHEER

SAUDI ARABIA

28640

AL MISEHAL GROUP

SAUDI ARABIA

24197

AL NASSR LTD

SWITZERLAND

31508

AL SALAM 319 LTD

CAYMAN ISLANDS

30177

AL-GHAZZAWI (N450T)

SAUDI ARABIA

27005

AL-GHAZZAWI (N727GG)

SAUDI ARABIA

21699

ALCATEL USA

UNITED STATES

17947

ALENIA AEROSPAZIO

ITALY

30184

ALII AVIATION

UNITED STATES

5117

ALL NIPPON AIRWAYS

JAPAN

38790

ALLFAST FASTENING

UNITED STATES

32632

ALLJETS CAPITAL AVV

RUSSIAN FEDERATION

f11476

ALN (BERMUDA) LTD

BERMUDA

32601

ALPHA CHARLIE

UNITED STATES

35733

ALPHA GOLF AVIATION

MONACO

34201

ALPHA STAR AVTN SVCS

SAUDI ARABIA

38428

ALPHALAND CORP.

PHILIPPINES

48084

ALPI JETS GMBH

AUSTRIA

37317

ALPIN SKYJETS LTD

SWITZERLAND

45304

ALTAIR JETS CORP

COLOMBIA

26287

ALTONA

SWITZERLAND

2987

ALTRIA CLIENT SVCS

UNITED STATES

34289

ALVADOR LLC

UNITED STATES

35920

ALWAFEER AIR

SAUDI ARABIA

38876

AMAC AEROSPACE SG

SWITZERLAND

22656

AMBASSADE DE LA REPUBLIQUE

EGYPT

364

AMBRION AVIATION

UNITED KINGDOM

35837

AMER GROUP

EGYPT

369

AMERICAN AIRLINES

UNITED STATES

f836

AMERICAN EAGLE

UNITED STATES

34234

AMERICAN ELECTRIC

UNITED STATES

40684

AMERICAN FLYING JET

UNITED STATES

8928

AMERICAN HOME PROD

UNITED STATES

25806

AMERIDAIR

FRANCE

f12696

AML LEASING LLC

UNITED STATES

32857

ANCFCC

MOROCCO

31016

ANDAMAN AVIATION

UNITED ARAB EMIRATES

32747

ANGODIS

ANGOLA

34393

ANISTANTE HOLDING

SWITZERLAND

38913

ANTARES AGROPECUARIA

BRAZIL

30530

AO SKY CORPORATION

UNITED STATES

984

APACHE AVIATION

FRANCE

6188

APEX OIL COMPANY, INC.

UNITED STATES

28676

APRILIA HOLDINGS INC

CAYMAN ISLANDS

f10036

APIGROUP, INC

UNITED STATES

34185

AQUARIUS AVIATION

CAYMAN ISLANDS

37233

ARABIAN JETS

SAUDI ARABIA

4999

ARAMCO SAUDI ARABIA

UNITED STATES

37878

ARG SA

BRAZIL

37184

ARGENTRE ENTERPRISE

BRAZIL

31512

ARINC DIRECT

UNITED STATES

406

ARKIA ISRAEL AL

ISRAEL

33376

ARMAD

SWITZERLAND

28382

ARMAVIA AVIACOMPANY LLC

ARMENIA

20337

ARTEMIS S.A.

FRANCE

29210

ASECNA (SENEGAL)

SENEGAL

8624

ASHMAWI AVIATION

SPAIN

35141

ASHOK LEYLAND LTD

INDIA

27518

ASL AIRLINES

FRANCE

36976

ATALANTA AIR

UNITED STATES

22135

ATLANTA JET

UNITED STATES

30506

ATLAS BLUE

MOROCCO

9002

ATR (AVIONS DE TR)

FRANCE

37011

AV CONSULTANTS ASPEN

UNITED STATES

36380

AVANGARD AVTN LTD

RUSSIAN FEDERATION

17951

AVDEF

FRANCE

34589

AVEL BRAO

FRANCE

33558

AVIA TREASURY GMBH

AUSTRIA

29467

AVIALAIR

FRANCE

35748

AVIAMARKET LIMITED

UNITED KINGDOM

30645

AVIAMAX

GERMANY

f11782

AVIATION ASSOCIATES LLC

UNITED STATES

29399

AVIATION CAPITAL GRP

UNITED STATES

26160

AVIATION CMP

CANADA

34340

AVIATION INC

UNITED STATES

38085

AVIATION LINK

SAUDI ARABIA

33992

AVIATION PARTNERS 2

UNITED STATES

38198

AVIATRAX

LUXEMBOURG

25574

AVIENT AVIATION

ZIMBABWE

34211

AVIJET UK LTD

UNITED KINGDOM

36345

AVIONAC FRANCE

FRANCE

23721

AVIREX

GABON

27329

AVPLAN TRIP SUPPORT

UNITED STATES

33168

AVTEX AIR SERVICES

AUSTRALIA

33188

AVTN DEVLPMENT INTL

IRELAND

33050

AVTRADE UK

UNITED KINGDOM

35255

AVX TAXI AEREO

BRAZIL

31420

AWSAJ AVIATION SVCS

LIBYA

27710

AXIS AIRWAYS

FRANCE

18980

AZERBAIJAN AIRLINES

AZERBAIJAN

36972

AZUL LINHAS AEREAS

BRAZIL

f10002

ACT TWO, INC.

UNITED STATES

39565

ADAMS OFFICE LLC

UNITED STATES

f14959

AEROFINANCE INVEST CORP.

VIRGIN ISLANDS, BRITISH

30304

AIR CARAIBES

FRANCE

f2003

AIR CENTURY

DOMINICAN REPUBLIC

10054

AIR CORSICA

FRANCE

f12199

AIR FLEET OPERATIONS LIMITED

UNITED KINGDOM

36010

ALPHA JET (ALABAMA)

UNITED STATES

f12107

AMERICAN CREDIT ACCEPTANCE

UNITED STATES

f791

AMERIJET INTERNATIONAL AVIATION

UNITED STATES

35644

AMYS KITCHEN

UNITED STATES

35895

ANDROMEDA LTD.

CYPRUS

45146

ANGEL WINGS

UNITED STATES

f10726

ARCADIA AVIATION LLC

UNITED STATES

22917

ARLINGTON AIRCRAFT OF NEVADA LLC

UNITED STATES

f10038

AU REVOIR AIR

UNITED STATES

32958

AVENIR WORLDWIDE.

UNITED ARAB EMIRATES

f10059

AVENUE DISTRIBUIDORA DE VEICULOS LTDA

BRAZIL

f10060

AVIATION 604 AG

SWITZERLAND

f10061

B H AVIATION LTD

UNITED STATES

36004

B2 MANAGMENT LTD.

BAHRAIN

32705

BAA JET MANAGEMENT

CHINA

32767

BAC LEASING LTD

UNITED KINGDOM

22433

BAHRAIN ROYAL FLIGHT

BAHRAIN

37896

BAM AVIATION LLC

UNITED STATES

22230

BANCO SAFRA SA

BRAZIL

12083

BANGKOK AIRWAYS

THAILAND

6323

BANLINE AVIATION

UNITED KINGDOM

23830

BB AVIATION INC.

SWITZERLAND

28129

BCA-BUSINESS

FRANCE

29975

BCC EQUIPMENT LEASE

UNITED STATES

48731

BD MD-87 LLC

UNITED STATES

37358

BEIJING CAPITAL

CHINA

27140

BEK AIR

KAZAKHSTAN

9170

BEL AIR

SWITZERLAND

35267

BELL FINANCIAL CORP

VENEZUELA, BOLIVARIAN REPUBLIC OF

7723

BELL TEXTRON

UNITED STATES

28608

BERGAIR

SWITZERLAND

37353

BERTA FINANCE LTD

BELIZE

36116

BEST AERO HANDLING

RUSSIAN FEDERATION

32888

BEST AVIATION LTD

BANGLADESH

35950

BF JET AIR

GHANA

27458

BHG FLIGHTS LLC

UNITED STATES

32788

BISMILLAH AIRLINES

BANGLADESH

26292

BIZAIR LTD

UNITED KINGDOM

34299

BKF AVIATION LIMITED

UNITED STATES

25627

BLUE HERON AVIATION

SWITZERLAND

28677

BLUE LINE

FRANCE

33691

BONEL MARKETING S.A.

SWITZERLAND

39696

BONIDEA CO, LTD

CHINA

25099

BOOGIE PERFORMANCE

FRANCE

35778

BOREH INTERNATIONAL

UNITED ARAB EMIRATES

30550

BOSNIA AIRLINES

BOSNIA AND HERZEGOVINA

43658

BOSTON AIR LIMITED

CAYMAN ISLANDS

35724

BRASIF SA

BRAZIL

34276

BRASS BOX LTD

CYPRUS

34825

BRASSBOX

UKRAINE

32340

BRAVO AVIATION

UNITED KINGDOM

21446

BREITLING

SWITZERLAND

30940

BRIDGE AVIATION

UNITED KINGDOM

29373

BRIDGTOWN PLANT

UNITED KINGDOM

36768

BRILLIANT MEDIA

UNITED KINGDOM

38488

BRISTOW AUSTRALIA

AUSTRALIA

29940

BROOM P AVTN SVCS

UNITED STATES

22676

BROOME WELLINGTON

UNITED KINGDOM

8153

BRUME

FRANCE

31448

BUCKHEAD

UNITED STATES

32896

BUMI RESOURCES

UNITED ARAB EMIRATES

36301

BUQUEBUS

ARGENTINA

32260

BUREAU POLICE AERO.

FRANCE

35325

BURGAN K

KUWAIT

31315

BURMESTER OVERSEAS

VIRGIN ISLANDS, BRITISH

34152

BUSI JET INTL.

SWITZERLAND

35499

BUSINESS AIR A.S

CZECHIA

32630

BUSINESS AVIATION 2

CONGO

32497

BUSINESS AVIATION LG

BELGIUM

f10174

BVG VIAJES SA DE CV

MEXICO

f2008

BVI AIRWAYS

VIRGIN ISLANDS, BRITISH

f10079

BEACH CAPITAL MANAGEMENT

UNITED STATES

35068

BEACON CAPITAL PARTNERS, LLC

UNITED STATES

f10082

BELAIR AVIATION LLC

UNITED STATES

f11004

BILLION MARK LTD.

HONG KONG SAR

f10878

BLUE VISTA, LLC

UNITED STATES

f10647

BOLLORÉ SA

FRANCE

f10834

BOULDER AVIATION MANAGEMENT

UNITED STATES

f12751

C & S AVIATION LTD

UNITED STATES

38938

C.A.GROUP LTD

VIRGIN ISLANDS, BRITISH

5988

C.T.T.A.

MOROCCO

37649

CALEDONIAN HEL. LTD

UNITED KINGDOM

36413

CALILA INVEST.

BRAZIL

32578

CALVIN KLEIN STUDIO LLC

UNITED STATES

28583

CAPELINK ESTABLISH.

SWITZERLAND

36417

CAPITAL AVIATION PTE

SINGAPORE

9122

CARTIER EUROPE

NETHERLANDS

34144

CASAM SARL

FRANCE

39000

CASANOVA AIR 7X LTD

UNITED KINGDOM

8921

CASINO ADVANCED TECH

FRANCE

39170

CATERHAMJET MALAYSIA

MALAYSIA

31570

CBAIR

UNITED STATES

29199

CBAS (PVT) LTD

INDIA

f10110

CBS MASS MEDIA CORPORATION

UNITED STATES

31445

CELESTIAL AIRWAYS

UNITED ARAB EMIRATES

37372

CELINA AVIATION LTD

SWITZERLAND

f12811

CENTER AIR LLC

UNITED STATES

29635

CENTRAL MANAGMT SVCS

UNITED STATES

36944

CERTECO ENGINEERING

AUSTRIA

26842

CFPR

FRANCE

20711

CGTM

FRANCE

37115

CHAD GOVERNMENT

CHAD

29049

CHC HELICOPTERS INTL

CANADA

29834

CHINA CARGO AIRLINES

CHINA

12141

CHINA EASTERN

CHINA

31087

CHURCHILL AVIATION

UNITED STATES

40109

CHURCHILL SERV

NIGERIA

31361

CIT AEROSPACE INT.

IRELAND

27210

CITIGROUP

UNITED STATES

37193

CLEAR SKY ASSOCIATES

TAIWAN

f11398

CLEVELAND PEAK LLC

UNITED STATES

31057

CLOUD AIR SERVICE

BERMUDA

35400

CLUB 17 S.A.

RUSSIAN FEDERATION

38305

CLUB PREMIER LTD

SWITZERLAND

9049

COLLEEN CORPORATION

UNITED STATES

36701

COMFORT JET AVT

UNITED KINGDOM

4796

COMILOG

GABON

f826

COMMANDEMENT DU TRANSPORT AERIEN MILITAIRE FRANÇAIS

FRANCE

38652

COMORES AVIATION

MADAGASCAR, COMOROS, REUNION

28584

COMPANY TAWIQ

SWITZERLAND

4742

CONDOR AVTN

UNITED KINGDOM

6535

CONSOLIDATED CONTRTS

UNITED KINGDOM

38166

COORDINATES OPS

UNITED STATES

8338

COPLEY NEWSPAPERS

UNITED STATES

31680

CORP JET MGMT

VIRGIN ISLANDS, BRITISH

6369

CORSAIR FRANCE

FRANCE

30051

COSTA AZZOURA

UNITED ARAB EMIRATES

37273

COVE AVTN PARTNERS

UNITED STATES

12219

COX ENTERPRISES

UNITED STATES

31073

CP MANAGEMENT

UNITED STATES

35062

CPI AVIATION LLC/ALPHA WINGS/LLC

UNITED STATES

38602

CREDIT SUISSE

SWITZERLAND

37073

CROMPTON GREAVES LTD

INDIA

3513

CROWN EQUIPMENT

UNITED STATES

38259

CROWN PRINCE COURT

MOROCCO

31994

CANADIAN NATIONAL RAILWAY COMPANY

CANADA

f13705

CARLYLE INVESTMENT MANAGEMENT, LLC

UNITED STATES

38593

CEDEL INTERNATIONAL INVESTMENTS, INC.

UNITED STATES

f13919

CENTURY OCEAN LIMITED

VIRGIN ISLANDS, BRITISH

31812

CEPHALON

UNITED STATES

f10556

CHALLENGER MANAGEMENT LLC

UNITED STATES

f10770

CHARLES SCHWAB

UNITED STATES

f13215

COBALT RESOURCES, LLC

UNITED STATES

10627

CONTROL TECHNIQUES LTD.

UNITED KINGDOM

f10128

CORPORATE FLIGHT ALTERNATIVES, INC.

UNITED STATES

31577

D & D AVIATION

UNITED KINGDOM

27974

DAALLO AIRLINES 2

DJIBOUTI

33242

DALCAM LLC

UNITED STATES

31467

DALIA AIRLINES

LUXEMBOURG

34168

DARTE HOLDINGS

RUSSIAN FEDERATION

18972

DASSAULT AVIATION

FRANCE

27123

DATEL DIRECT LTD

UNITED KINGDOM

37864

DDA AVIATION

UNITED STATES

31582

DE ROUBIN JEAN

FRANCE

32809

DEAN PHILLIPS INC

UNITED STATES

11638

DECAUX

FRANCE

35752

DECCAN CARGO

INDIA

f11325

DELAWARE CHALLENGER OPERATIONS LLC

UNITED STATES

35353

DELMUN AVIATION SVCS

BAHRAIN

27665

DIAMAIR

SWITZERLAND

32494

DIEXIM EXPRESSO AV.

ANGOLA

9703

DISNEY AVIATION GROUP

UNITED STATES

35356

DISTANT HORIZON

ISRAEL

f12814

DJT OPERATIONS I LLC

UNITED STATES

944

DONINGTON AVIATION

UNITED KINGDOM

37038

DORSTONE HOLDINGS

UNITED KINGDOM

22389

DOUANES FRANCAISES

FRANCE

42839

DP WORLD FZE

UNITED ARAB EMIRATES

5432

DREAM AVIATION LTD

LEBANON

38450

DSF FLUGZEUGPORTFOLI

GERMANY

24571

DSWA

UNITED STATES

9784

DUNAVANT ENTERPRISES

UNITED STATES

31133

DUNMORE HOMES

UNITED STATES

28590

DUNVIEW

SWITZERLAND

f10134

DANKJOLD REED AVIATION LLC

UNITED STATES

27183

DARTSWIFT AVIATION, INC.

UNITED STATES

1139

DASSAULT FALCON JET

UNITED STATES

35657

DÉDALUS ADMINISTRAÇÃO E PARTICIPAÇÕES LTDA.

BRAZIL

f10888

DIAMOND A ADMINISTRATION LLC

UNITED STATES

f2005

DOMINICAN REPUBLIC AIR FORCE

DOMINICAN REPUBLIC

34844

DOMINION RESOURCES SERVICES INC.

UNITED STATES

7028

DOW CHEMICAL COMPANY, THE

UNITED STATES

22252

EAGLE AIRCRAFT

UNITED STATES

35705

EAGLE AVIATION EUROP

FRANCE

35820

EAGLES AVTN MGNT

UNITED ARAB EMIRATES

31743

EAST STAR AIRLINES

CHINA

35500

EASTAR JET

KOREA, REPUBLIC OF

34303

EASTINDO

INDONESIA

32095

EASTWAY AVIATION LLC

UNITED STATES

32462

EASY AVIATION

UNITED KINGDOM

32591

EBONY SHINE

CAYMAN ISLANDS

29279

ECUATORIAL CARGO

EQUATORIAL GUINEA

31985

EGYPT JET AVIATION

EGYPT

f12482

EIGER JET LTD

BERMUDA

29879

EL-SEIF ENGINEERING

SAUDI ARABIA

25120

ELBRUS-AVIA AIR ENT.

RUSSIAN FEDERATION

23028

ELI'S BREAD

UNITED STATES

f12745

ELK MOUNTAIN VENTURES INC

UNITED STATES

1013

EMERSON ELECTRIC

UNITED STATES

34060

EMPECOM CORPORATION

CYPRUS

43240

EMPIRE AVIATION SM

SAN MARINO

22291

ENAC FRANCE

FRANCE

37188

ENEX AVIATION LTD

UNITED KINGDOM

36295

ENHANCE AERO

FRANCE

38636

ENHANCE AERO GROUPE

FRANCE

23576

ENNA - ALGERIE

ALGERIA

27894

ENTREPRENEURIAL ASST

UNITED STATES

32775

EQUAFLIGHT SERVICE

CONGO

34778

EQUAJET

CONGO

32084

EQUATORIAL GUINEA

EQUATORIAL GUINEA

f2000

EU AIRWAYS

IRELAND

36196

EU-FLIGHT-SERVICE

GERMANY

30005

EURL JC DARMON

FRANCE

34293

EURO EXEC AVIATION SERVICES LTD

UNITED KINGDOM

35725

EURO JET INTL LTD

UNITED KINGDOM

46208

EWA AIR

FRANCE

f10181

EWA HOLDINGS LLC

UNITED STATES

29654

EWA WEST

UNITED STATES

32827

EXEC JET SOLUTIONS

UNITED STATES

36643

EXECUJET NEW ZEALAND

NEW ZEALAND

36448

EXECUTIVE AIRSHARE

UNITED STATES

39348

EXECUTIVE AUTHORITY

LIBYA

32109

EXECUTIVE CHARTR USA

UNITED STATES

28587

EXECUTIVE JET A/C

CAYMAN ISLANDS

25073

EXECUTIVE JET CHRTR

GERMANY

26147

EXECUTIVE JETS LTD

SAUDI ARABIA

26060

EXECUTIVE WINGS HE

EGYPT

31131

EXPRESS CAMEL

SAUDI ARABIA

f10121

ELEVENTH STREET AVIATION, LLC

UNITED STATES

f10175

EMAX OIL COMPANY

UNITED STATES

37746

ENTERPRISE RENT-A-CAR, ENTERPRISE HOLDINGS

UNITED STATES

f2004

ESTELAR

VENEZUELA, BOLIVARIAN REPUBLIC OF

44318

EXCELLENCE AVIATION LTD

UNITED KINGDOM

30494

EXECUTIVE JET GROUP LIMITED

UNITED KINGDOM

23881

EXECUTIVE JET MANAGEMENT

UNITED STATES

35173

F & L AVIATION

UNITED STATES

34313

FA 116 OU FA 137 INC

SWITZERLAND

15665

FAL HOLDINGS ARABIA

SAUDI ARABIA

25553

FALCON AIR EXPRESS

UNITED STATES

f12819

FALCON AIRCRAFT LEASING LLC

UNITED STATES

31310

FARNER AIRWINGS

SWITZERLAND

39047

FASTJET TANZANIA

TANZANIA, UNITED REPUBLIC OF

8430

FAYAIR (JERSEY)

UNITED KINGDOM

36124

FAYAIR LTD

UNITED STATES

37429

FAYCROFT FINANCE CO.

VIRGIN ISLANDS, BRITISH

15911

FC AVIATION

FRANCE

35728

FCS LIMITED

UNITED KINGDOM

1147

FEDERAL EXPRESS

UNITED STATES

31156

FERNCROFT

UNITED KINGDOM

f12735

FG AVIATION LLC

UNITED STATES

38525

FGA 9 LTD

UNITED KINGDOM

f10191

FHC FLIGHT SERVICES LLC

UNITED STATES

28540

FIA (PARIS)

FRANCE

34669

FIREFLY

MALAYSIA

32846

FIRST COMMERCIAL

UNITED STATES

38268

FIRST MANDARIN B.A

CHINA

38238

FIRST RESERVE CORP

UNITED STATES

37747

FJ20-166, LLC

UNITED STATES

9695

FJR PRIVATE FLIGHT

UNITED ARAB EMIRATES

34064

FL510

SWITZERLAND

31665

FLEET INT AVTN & FIN

UNITED KINGDOM

35764

FLEET MGT AIRWAYS SA

SWITZERLAND

21504

FLICAPE PTY LTD

SOUTH AFRICA

38413

FLIGHT ASSIST UK LTD

UNITED KINGDOM

8542

FLIGHT LEVELS

UNITED STATES

31640

FLIGHTINVEST

LUXEMBOURG

33626

FLY 18

SWITZERLAND

30372

FLY AIR SA

FRANCE

30343

FLYING BIRD

FRANCE

29223

FLYING FINN OY

FINLAND

31775

FLYING M

UNITED STATES

33632

FLYMEX

MEXICO

39563

FMS-FLEET MGT.SERV.

FRANCE

31116

FOCUS AIR USA

UNITED STATES

21529

FOREST AVIATION LTD

UNITED KINGDOM

7521

FORMULA ONE MNGMT

UNITED KINGDOM

32322

FORTUNE AIR

SOUTH AFRICA

29147

FOX AVIATION CANADA

CANADA

f12777

FRANKLIN LAKES ENTERPRISES LLC

UNITED STATES

f11353

FRC HOLDING INC V

UNITED STATES

43613

FRENCH BEE

FRANCE

2804

FUTURA FINANCES

FRANCE

32164

FUTURA TRAVELS

INDIA

27867

FUTURE ELECTRONICS

CANADA

f12240

FALCONWING LIMITED BVI

VIRGIN ISLANDS, BRITISH

f10194

FJET MANAGEMENT, LLC

UNITED STATES

f10203

FLETCHER JONES MANAGEMENT GROUP

UNITED STATES

f10210

FOREIGN MANUFACTURES FINANCE CORP

UNITED STATES

45908

G & L AVIATION

UNITED STATES

32749

G ECUATORIAL

EQUATORIAL GUINEA

33864

G5 AVIATION

SOUTH AFRICA

34978

G550 LIMITED

VIRGIN ISLANDS, BRITISH

32621

GABON AIRLINES

GABON

36117

GAETAIR SARL

SWITZERLAND

38839

GAFTREN INVESTMENTS

VIRGIN ISLANDS, BRITISH

31746

GALAXY AIRLINES

JAPAN

7618

GAMA AVIATION LTD

UNITED KINGDOM

35922

GEN AVTN FLYING SVCS

UNITED STATES

34971

GEORGETOWN INTERSTAT

UNITED STATES

23693

GEORGIAN AIRWAYS

GEORGIA

35885

GEORGIAN STAR

GEORGIA

36098

GEXAIR LTD.

UNITED KINGDOM

36716

GHAITH AVIATION

SAUDI ARABIA

31328

GHANA INTL AIRLINES

GHANA

32233

GIE-ODER

FRANCE

22850

GIORI ROBERTO

MONACO

31182

GIOSTYLE LLC

UNITED STATES

38481

GIS AVIATION A.V.V.

CYPRUS

37097

GIV-SP AIR SERVICE

RUSSIAN FEDERATION

f11424

GKMG PARTNERS LLC

UNITED STATES

43332

GLEN WEST 300 INC TRUSTEE

UNITED KINGDOM

36040

GLOBAL BUSINESS ASS.

MALAYSIA

f11804

GLOBAL CHALLENGER LLC

UNITED STATES

35699

GLOBAL FLEET OIL GAS

UNITED KINGDOM

30539

GLOBAL FLIGHT SRVS

UNITED STATES

47786

GLOBAL JET ARUBA

NETHERLANDS

32997

GLOBAL JET INTL

AUSTRALIA

43646

GLOBAL JET IOM LTD

UNITED KINGDOM

32437

GO XLS LTD

UNITED KINGDOM

f12170

GOLD EAGLE LTD

BERMUDA

35355

GOLDEN FALCON 348

UNITED ARAB EMIRATES

32508

GOUGH AVIATION

SOUTH AFRICA

22767

GOVERNMENT AIR TRANS

NAMIBIA

22659

GOVERNMENT MONTENEGR

MONTENEGRO

22982

GOVERNMENT OF NIGER

NIGER

28048

GRAHAM CAPITAL

UNITED STATES

30778

GRANARD LTD

UNITED KINGDOM

38796

GRATEFIELD LTD

BERMUDA

f11352

GREAT BUY INC

UNITED STATES

6672

GREGG AIR

UNITED KINGDOM

36031

GRUPO DE TRANSPORTE AEREO ESPECIAL

ECUADOR

32596

GSC PARTNERS

UNITED STATES

30895

GSCP (NJ) INC

UNITED STATES

35841

GUARDIAN HOLDINGS

UNITED STATES

1365

GULF AIR

BAHRAIN

f12104

GWI ASSET MANAGEMENT S.A.

BRAZIL

f11448

GYPSY BABY LLC

UNITED STATES

38975

GYRO AIR LTD

NIGERIA

36630

GEM AVIATION A.V.V.

CYPRUS

f10223

GLACIAL ENERGY

UNITED STATES

f15516

GLOBAL CHARTER SERVICES LIMITED

BAHAMAS

f12244

GOLDEN MEDAL LIMITED BVI

VIRGIN ISLANDS, BRITISH

f12247

GOOD THINK LIMITED CAYMAN ISLAND

VIRGIN ISLANDS, BRITISH

f15110

GRANDLINGTON LTD.

UNITED STATES

f10234

GUIDARA NORDESTE PARTICIPACOES LTDA

BRAZIL

31947

HAGONDALE LTD

UNITED KINGDOM

31731

HALCYONAIR

CAPE VERDE

5362

HALLIBURTON

UNITED STATES

37326

HASHIM BIN SAID

SAUDI ARABIA

33959

HASSANCO S.A.

SWITZERLAND

10105

HAWKER PACIFIC PTE

SINGAPORE

33342

HEAVYLIFT CONGO

CONGO

37863

HELICONIA LS

FRANCE

36756

HELICONIA PALMAIR

MOROCCO

f11024

HENDRICK MOTORSPORTS

UNITED STATES

37523

HIGH PERFORMANCE 100

SWITZERLAND

21365

HILL-ROM

UNITED STATES

44103

HINSON CORPORATE FLIGHT SERVICES INC.

UNITED STATES

5152

HM AIR LTD

SAUDI ARABIA

38899

HOLLYFRONTIER PAY.

UNITED STATES

38750

HOLYPEAK PROPRIETARY

AUSTRALIA

39317

HOP!

FRANCE

38904

HS AIR FINANCE LLC

BRAZIL

37195

HS AIR FINANCE

BRAZIL

f11464

HYPERION AIR INC

UNITED STATES

f10794

HAGADONE AVIATION LLC

UNITED STATES

32412

HAMILTON AVIATION INC.

UNITED STATES

35935

HARRINFORD LTD

UNITED STATES

f14309

HEMBERG TRADING LIMITED

VIRGIN ISLANDS, BRITISH

38040

HINDALCO INDUSTRIES LIMITED

INDIA

f1434

HORTA, LLC

UNITED STATES

37170

HOSPITALIZACION CLINICO C.A.

UNITED STATES

24848

ICEC TOUR SPOL

CZECHIA

45419

ICON TAXI AEREO

BRAZIL

37906

ID AIR

FRANCE

39137

IFG - INTL FIN. GRP

SWITZERLAND

29661

IKAROS AVIATION AVV

UKRAINE

36740

IMD AIRWAYS

SPAIN

32492

INDIA FLYSAFE AVTN

INDIA

33071

INDUSTR. AERONAUTICA

COLOMBIA

36832

INDUSTRY EAST EUROPE

SWITZERLAND

33559

INDYCAR AVIATION

UNITED STATES

33204

INEOS AVIATION LIMITED

UNITED KINGDOM

30427

INFINIT AIR

SPAIN

32394

INFINITY AVIATION

UNITED ARAB EMIRATES

34222

INLOGS INTERNATIONAL

UNDEFINED

21442

INSTITUT NATIONAL DE L'INFORMATION GEOGRAPHIQUE ET FORESTIERE (IGN)

FRANCE

33654

INTER AMERICAN

ANGOLA

23792

INTERCON USA

UNITED STATES

31081

INTERFACE OPS LLC

UNITED STATES

31965

INTERGLOBE AVTN LTD (T/A INDIGO)

INDIA

31503

INTERNATIONAL JETCLUB LTD

UNITED KINGDOM

37561

INTL GAMING TECH

UNITED STATES

33831

INTL TRIP PLANNING

UNITED STATES

32524

INVESTAVIA

KAZAKHSTAN

37249

IP AVIATION L.P.

CANADA

28061

ISLAND AVTN USA

UNITED STATES

f12706

ISLAND PARK AVIATION LLC

UNITED STATES

33890

ISLENA INVERSIONES

HONDURAS

21879

ISRAIR AIRLINES & TOURISM LTD

ISRAEL

30038

IXAIR

FRANCE

37780

INVERSIONES DAVANIC

COLOMBIA

f10263

ITHACA LLC

UNITED STATES

1559

JAPAN AIRLINES

JAPAN

32986

JBS CONSULTING LLC

UNITED STATES

31772

JCAS

SWITZERLAND

26998

JDP FRANCE

FRANCE

21889

JEPPESEN DATAPLAN 2

UNITED STATES

26479

JET 2000

RUSSIAN FEDERATION

30385

JET AVIATION FZCO

UNITED ARAB EMIRATES

26911

JET BLUE AIRWAYS

UNITED STATES

37719

JET CONNECTIONS

UNITED KINGDOM

32217

JET CRUISING

LUXEMBOURG

34614

JET DIRECT AVIATION

UNITED STATES

33015

JET MANAGEMENT SA

SWITZERLAND

33769

JET ONE JSC

KAZAKHSTAN

32848

JET PREMIER ONE

MALAYSIA

33417

JET STREAM AVIATION

SAUDI ARABIA

38174

JET XPRESS

CÔTE D'IVOIRE

24165

JETCLUB LTD

SWITZERLAND

36498

JETFLITE INTL LLC

UNITED STATES

31137

JETS RENT AVTN

FRANCE

38847

JETSTAR JAPAN

JAPAN

30733

JETSTEFF AVIATION

UNITED KINGDOM

f10970

JHS MANAGEMENT, LLC.

UNITED STATES

f12768

JIMMIE JOHNSON RACING II INC

UNITED STATES

23153

JINDAL STEEL

INDIA

32069

JOHN MASON ACFT SVCS

UNITED KINGDOM

24536

JP MORGAN CHASE CY

UNITED STATES

29395

JR EXECUTIVE

LEBANON

f10265

JACKSON NATIONAL LIFE

UNITED STATES

f10277

JEREISSATI PARTICIPACOES S/A

BRAZIL

1065

JET AVIATION BUSINESS JETS

UNITED STATES

31555

JET CENTRE LTD

UNITED KINGDOM

f13613

JET SELECT LLC

UNITED STATES

6510

KALAIR LTD.

SAUDI ARABIA

34887

KALDERON LTD

UNITED KINGDOM

28504

KARTHAGO AIRLINES

TUNISIA

34348

KARTHAGO PRIVATE JET

TUNISIA

38123

KAS CORPORATION LTD.

LEBANON

30709

KAZAVIA

KAZAKHSTAN

32381

KB HOME

UNITED STATES

29190

KBBD

UNITED STATES

34670

KEEPFLYING LLP

UNITED KINGDOM

24347

KERZNER INTL.

UNITED STATES

35242

KNIGHT AVIATION LLC

UNITED STATES

34843

KOSTAR AIRLINES

KOREA, REPUBLIC OF

35727

KREDEL INTERNATIONAL

VIRGIN ISLANDS, BRITISH

f12222

KSH CAPITAL L.P.

UNITED STATES

34192

KUDOS AVIATION LTD

UNITED KINGDOM

f10290

KW FLIGHT, LLC / CENTRAL MISSOURI AVIATION, INC.

UNITED STATES

f12041

KEY AVIATION LLC

UNITED STATES

37923

LA AVIATION

SWITZERLAND

40758

LA COMPAGNIE

FRANCE

1971

LABORATOIRE ASL

FRANCE

36286

LAC AVIATION

UNITED KINGDOM

30455

LAS VEGAS JET

UNITED STATES

33111

LAYAN INTL.

VIRGIN ISLANDS, BRITISH

30595

LEACH CAPITAL

UNITED STATES

34956

LEGACY AVIATION LIMITED

UNITED ARAB EMIRATES

2816

LEGENDAIR LTD.

SWITZERLAND

34322

LG ELECTRONICS INC.

KOREA, REPUBLIC OF

13358

LIBYAN AIR CARGO

LIBYA

26342

LIGNES AER. CONGO.

CONGO

4489

LIMITED BRANDS SERVICE COMPANY

UNITED STATES

1731

LINA CONGO

CONGO

f904

LINEAS AEREAS SUDAMERICANAS

COLOMBIA

37068

LINK AIR SVCS

UNITED KINGDOM

23603

LONDON EXECUTIVE AVIATION LTD

UNITED KINGDOM

25272

LOTUS AIR

EGYPT

33450

LOV'AIR AVIATION

FRANCE

24211

LOWA LTD

UNITED STATES

28079

LOYD'S BUSINESS JETS

POLAND

f10303

LR ENTERPRISES MANAGEMENT LLC

UNITED STATES

40240

LUCKY AIR LTD

CHINA

37092

LUIS FUENMAYOR

UNITED STATES

31034

LUKOIL-AVIA SWISS

SWITZERLAND

29070

LUXFLIGHT EXECUTIVE

LUXEMBOURG

7764

LVMH SERVICES

FRANCE

37071

LX AVIATION (SPV)LTD

VIRGIN ISLANDS, BRITISH

19696

LYRECO

FRANCE

f11360

LYS LLC

UNITED STATES

f10875

LAYLA JET

BERMUDA

4381

LEUCADIA AVIATION, INC.

UNITED STATES

f13333

LIGON AIR LLC

UNITED STATES

f10304

LUCIANO ANTONIO ZOGBI

BRAZIL

33834

M. SQUARE AVIATION

BERMUDA

34423

MACAU JET INTL

MACAO SAR

29993

MAG AVIATION

UNITED STATES

26383

MAGIC CONDOR LTD

BERMUDA

f11359

MAGIC JOHNSON ENTERTAINMENT INC

UNITED STATES

34992

MAINSAIL TRADING 93

SOUTH AFRICA

32078

MALIBU CONSULTING

UNITED STATES

34975

MALU AVIATION

CONGO

23021

MANAG'AIR

FRANCE

34019

MANO RIVER

UNITED STATES

34154

MARCO POLO AVTN LTD.

CAYMAN ISLANDS

1824

MARIN

FRANCE

37003

MARITIME INVESTMENT

MONACO

1976

MARITIME INVESTMENT AND SHIPPING CO. LTD.

MONACO

36263

MAROC TELECOM

MOROCCO

1828

MARSHALL AEROSPACE

UNITED KINGDOM

1831

MARTIN BAKER

UNITED KINGDOM

32707

MASC AIR LTD

SWITZERLAND

27014

MASTERJET SWITZ.

SWITZERLAND

34840

MASWINGS SDN. BHD.

MALAYSIA

40818

MATRIX AVIATION 650

UNITED KINGDOM

33238

MAURITANIA AIRWAYS

MAURITANIA

37893

MAURITANIE AIRLINES

MAURITANIA

31978

MAXWELL AVIATION INC

UNITED STATES

27863

MAYES JOHN

UNITED STATES

f12986

MB AVIATION LLC

UNITED STATES

4260

MCCAIN FOODS

CANADA

30315

MCKINLEY ACFT HLDNG

UNITED STATES

31545

MDA SAS

FRANCE

31140

ME LEASING

UNITED STATES

1855

MEA AIR LIBAN

LEBANON

38759

MEGA GLOBAL AIR

MALDIVES

9689

MELVIN SIMON & ASSOCIATES, INC.

UNITED STATES

21443

METEO-FRANCE

FRANCE

f10316

MFP SERVICES LLC

UNITED STATES

28986

MHS AVIATION SDN BHD

MALAYSIA

37403

MIAMI FERRY CONTRACT

UNITED STATES

27573

MID ROC LEASING

SAUDI ARABIA

36881

MID SOUTH AVIATION

UNITED STATES

36859

MIDAS AIR

UNITED STATES

29971

MIDDLE EAST JET SVCS

LEBANON

30837

MIDROC AVIATION

SAUDI ARABIA

617

MIL BRAZIL

BRAZIL

702

MIL CANADA

CANADA

1098

MIL FRANCE

FRANCE

1800

MIL MALAYSIA

MALAYSIA

34821

MILLETREIZE

FRANCE

12626

MILLION AIR CHARTER

UNITED STATES

26724

MILLION AIR SALT LAK

UNITED STATES

35609

MINISTRY DEF SLOVENI

SLOVENIA

36033

MISH AVIATION SVCS

GHANA

31556

MISTRAL AEREO

CANADA

31331

MITRE AVIATION LTD

UNITED KINGDOM

33855

MOBYHOLD LIMITED

UNITED KINGDOM

35060

MOISEEV ALEX

MONACO

35455

MONT BLANC AVIATION

SWITZERLAND

38782

MONTEBELLO LTDA

BRAZIL

32755

MONTROSE GLOBAL

UNITED KINGDOM

7058

MORRIS COMMUNICATION

UNITED STATES

34441

MOSCOW HELICOPTER

RUSSIAN FEDERATION

2996

MOTOROLA AUSTIN TX

UNITED STATES

32202

MOUNTAIN AVTN LTD

UNITED KINGDOM

31584

MVOC

UNITED STATES

32579

MYSKY LLP

UNITED KINGDOM

35975

MACBENS PATRIMONIAL LTDA

HUNGARY

f13614

MARK ANTHONY GROUP INC

CANADA

30280

MARSICO AVIATION, LLC

UNITED STATES

f12655

MASS JET LEASE

PHILIPPINES

f10312

MCCORMICK AND COMPANY INC.

UNITED STATES

f10313

MENDOTA AIRCRAFT MANAGEMENT

UNITED STATES

24019

MID EAST JET

SAUDI ARABIA

f14952

MINTER MANAGEMENT LIMITED

VIRGIN ISLANDS, BRITISH

28010

MONDOIL

UNITED STATES

34936

MOORE CAPITAL MANAGEMENT, LP DBA GX AVIATION

UNITED STATES

31770

N304RJ

UNITED STATES

32270

N349BA

UNITED STATES

32370

N72RK

UNITED STATES

28895

NAC AVIATION

UNITED KINGDOM

f1000

NAM AIRLINES

UNITED STATES

31025

NATASCHA ESTABLISHMENT

UNITED ARAB EMIRATES

26668

NATIONAL AIR SERVICE

SAUDI ARABIA

28966

NATIONAL AVIATION 2

EGYPT

34727

NATIONAL CITY COMM

UNITED STATES

9900

NATIONWIDE MUTUAL

UNITED STATES

38371

NAVINTAIR INC

UNITED STATES

31097

NEBULA LTD.

BERMUDA

38228

NEGRI IMMOBILIARE

ITALY

31095

NETJETS AVIATION INC

UNITED STATES

32424

NEW AXIS AIRWAYS

FRANCE

34651

NEW CAIRO REAL EST

EGYPT

32626

NEWCASTLE AIRCRAFT

UNITED STATES

35373

NEXT GENERATION VENT

UNITED STATES

38125

NEXUS FLT OPS SVCS

SAUDI ARABIA

20855

NIGERIAN POLICE

NIGERIA

31199

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UNITED STATES

34560

NOBLE FOODS LIMITED

UNITED KINGDOM

32959

NOFA AVIATION

UNITED ARAB EMIRATES

40016

NOMAD AVIATION LTD

MALTA

32963

NORDEX AIR

RUSSIAN FEDERATION

39364

NORTH CARIBOO FLYING

CANADA

38103

NORTH STAR AVTN LTD

SWITZERLAND

10326

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TUNISIA

39066

NOVOAIR LTD

BANGLADESH

33212

NPM MANAGEMENT

UNITED STATES

31489

NS AVIATION

SWITZERLAND

f13501

NS FALCON

BERMUDA

36629

NW NORDWEST

SWITZERLAND

22190

NWT AIRCRAFT

UNITED STATES

32861

NY JETS TRANSPORTER

BERMUDA

f12094

NAJA LOCAÇÃO EMPRESARIAL LTD

BRAZIL

f10327

NATIONAL GYPSUM COMPANY

UNITED STATES

31264

O AIR

FRANCE

21845

OAKMONT

UNITED STATES

30908

OCANA ASSETS LTD

UNITED STATES

38509

ODYSSEE JET SA

LUXEMBOURG

12316

OFTC.INC.

UNITED STATES

28984

OLDBURY HOLDINGS

UNITED ARAB EMIRATES

35132

OMEGA VII

FRANCE

34603

OMYA INTERNATIONAL

SWITZERLAND

30957

ONE THIRTY NINE

LUXEMBOURG

36166

ONEXP

DENMARK

32311

OPENSKIES

FRANCE

31341

ORIENT GLOBAL AVTN

SINGAPORE

28050

OUTFITTER AVIATION

UNITED STATES

4139

OYONNAIR

FRANCE

29465

OAKMONT HOLDINGS, LLC

UNITED STATES

44402

OAKWOOD BOOKS, INC.

UNITED STATES

44187

OPERADORA DE VUELOS EJECUTIVAS, S.A. DE C.V.

MEXICO

31395

OUTPOST INTERNATIONAL, LLC

UNITED STATES

32859

OVLAS SA

NIGERIA

25856

PACE CARGO ENTERRP

UNITED STATES

2088

PAKISTAN INTERNATIONAL AIRLINES

PAKISTAN

31966

PALMAIR AVIATION

MOROCCO

948

PAN MARITIME LTD

UNITED KINGDOM

38406

PARADOX INTERNATIONAL BIRDS LTD

UNITED STATES

26289

PARAFFIN AIR

UNITED STATES

36085

PARK HOUSE AVTN LTD

BERMUDA

36994

PEABODY ENERGY

UNITED STATES

38284

PEACH AVIATION

JAPAN

35524

PETRO AIR

LIBYA

34403

PHEEBE LIMITED

UNITED KINGDOM

33969

PHENOMAIR

FRANCE

32252

PLANET AVIATION UU

RUSSIAN FEDERATION

f11455

PLEASANT AIRCRAFT LEASING LLC

UNITED STATES

32061

POLYGON AIR

UNITED STATES

2176

PPG INDUSTRIES

UNITED STATES

38693

PREMIAIR (WI) 2

INDONESIA

32060

PREMIER AIR

UNITED STATES

22439

PRESIDENCE DE LA REPUBLIQUE

ALGERIA

22576

PRESIDENCY OF THE REPUBLIC OF SENEGAL

SENEGAL

31920

PRESTBURY TWO

UNITED KINGDOM

36197

PRESTIGE JET JORDAN

JORDAN

33762

PRESTIGE JET RENTAL

UNITED ARAB EMIRATES

35261

PRESTOIL SAS

FRANCE

45965

PRIMA AVIATION S.R.L.

SAN MARINO

36789

PRIME LEGACY MGMT

UNITED STATES

35401

PRINCESS AVIATION DT

TUNISIA

36797

PRIVATE JET GROUP

LEBANON

35093

PRIVATE JETS LUXEMB.

LUXEMBOURG

32346

PROFRED PARTNERS LLP

UNITED KINGDOM

36931

PSD

FRANCE

f11206

PVM MANAGEMENT LLC

UNITED STATES

f10350

PACIFIC COAST FEATHER COMPANY

UNITED STATES

30188

PACIFIC CONNECTION INC.

UNITED STATES

36039

PARADOX SECURITY SYS

CANADA

f10609

PEGASUS SOUTH, LLC

UNITED STATES

29691

PINNACLE AVIATION

UNITED STATES

f12236

POWER EASE INVESTMENTS LIMITED BVI

VIRGIN ISLANDS, BRITISH

31595

PREMIER AVIATION

RUSSIAN FEDERATION

28189

PROAIR CHARTER

GERMANY

22432

QATAR AMIRI FLIGHT

QATAR

31585

QUALCOMM

UNITED STATES

35924

QWEST COMMUNICATIONS

UNITED STATES

39476

QATAR EXECUTIVE

QATAR

1427

RAININ AIR

UNITED STATES

36817

RCR JETS AG

SWITZERLAND

f11026

RD HUBBARD ENTERPRISES INC.

UNITED STATES

29739

RDV PROPERTIES (ARC)

UNITED STATES

34087

REAL EXECUTIVE GMBH

SWITZERLAND

37695

REAL FLY SARL

MOROCCO

31655

REATEX INVEST

VIRGIN ISLANDS, BRITISH

30061

REIMS AVIATION IND

FRANCE

33614

RICHARD HAYWARD

UNITED KINGDOM

7403

RICHMOR AVIATION

UNITED STATES

23719

RIDA AVIATION LTD

BERMUDA

8963

RIVER ISLAND CLOTHING CO.

UNITED KINGDOM

f10973

RJ CORMAN AVIATION SERVICES LLC

UNITED STATES

34680

RJH ADVISORY

UNITED STATES

31630

RJM AVIATION

CHAD

30422

RL WINGS LLC

UNITED STATES

32627

RNW ENTERPRISES, LLC

UNITED STATES

8271

ROCKWELL COLLINS

UNITED STATES

30374

RONSO SA DE CV

MEXICO

31808

ROTOR TRADE 2

UNITED STATES

31026

ROUST TRADING

UNITED ARAB EMIRATES

36887

ROUTE 450 INVESTMENT

BRAZIL

27737

ROXBURY TECHNOLOGIES

SWITZERLAND

258

ROYAL AIR MAROC

MOROCCO

3932

RRSM INTERNATIONAL, LLC

SAUDI ARABIA

37548

RSR-614RD

UNITED STATES

35879

RUBICON AVIATION

UNITED KINGDOM

f10378

RED WHITE & BLUE PICTURES, INC.

UNITED STATES

35828

RELATED COMPANIES

UNITED STATES

f14565

RETRAITE VERTE LIMITED

VIRGIN ISLANDS, BRITISH

f10385

REX REALTY CO

UNITED STATES

f13924

RICHIE SKY LIMITED

VIRGIN ISLANDS, BRITISH

44808

RIO BONITO COMUNICACAO LTDA

BRAZIL

f10391

ROUX INVESTMENT MNGT CO

UNITED STATES

22442

S CONGO D.R. (KIN)

CONGO

22575

S DJIBOUTI

DJIBOUTI

22426

S GABON

GABON

32125

S GAMBIA (2)

GAMBIA

22438

S MONACO

MONACO

27535

S PRESIDENT SUDAN

SUDAN

22977

S TCHAD

CHAD

33152

SAAD AIR LTD

BAHRAIN

22756

SABRINA FISHERIES

UNITED STATES

38042

SABY FINANCE

VIRGIN ISLANDS, BRITISH

27640

SAESA

SPAIN

39349

SAF FLIGHT LLC

UNITED STATES

37497

SAFEGUARD SOLUTIONS

NETHERLANDS

34967

SAINTEX AERO SARL

FRANCE

25946

SALEM AVIATION

SAUDI ARABIA

f2007

SAP AIR (SERVICIOS AÉREOS PROFESIONALES, S.A)

DOMINICAN REPUBLIC

5373

SATENA

COLOMBIA

36114

SAUCAR LIMITED

UNITED KINGDOM

30067

SAVENCIA

BELGIUM

20462

SBD BRETONNE DEVELOP

FRANCE

31959

SBM GROUP

UNITED STATES

32560

SCD BV

NETHERLANDS

28744

SCHREINER CAMEROUN

CAMEROON

31358

SCM ARUBA A.V.V.

UKRAINE

30353

SCOOT TIGERAIR PTE. LTD.

SINGAPORE

3236

SCOTTISH & NEWCASTLE

UNITED KINGDOM

32411

SCOTTS MIRACLE-GRO

UNITED STATES

36492

SEAGRAVE AVIATION

UNITED STATES

22328

SECURITE CIVILE LF

FRANCE

36018

SEGERIS CAPITAL LTD

BRAZIL

1249

SELIA

FRANCE

27881

SERLUX

LUXEMBOURG

33112

SEVENTH SENSE STAR

BERMUDA

35652

SFD RUSSIA

RUSSIAN FEDERATION

f12875

SHADOWFAX LLC

UNITED STATES

38490

SHANGHAI DEER JET

CHINA

f12810

SHORENSTEIN PROPERTIES LLC

UNITED STATES

30513

SICHUAN AIRLINES (3)

CHINA

28022

SIEBEL SYSTEMS UK

UNITED KINGDOM

36604

SIERRA AVIATION LP

UNITED STATES

5468

SIGAIR LTD

BERMUDA

34418

SIGMA AVIATION

IRELAND

33581

SIGNAL AVIATION LTD

UNITED KINGDOM

f12744

SILVER LAKE AVIATION LLC

UNITED STATES

32728

SILVER VENTURES INC

UNITED STATES

2466

SIRIUS

SWITZERLAND

32892

SIRTE OIL COMPANY

LIBYA

24200

SIT-SET AVTN AG

SWITZERLAND

35424

SJ MANAGEMENT LLC

UNITED STATES

36037

SK TELECOMM

KOREA, REPUBLIC OF

27746

SK TRAVEL

UNITED STATES

29880

SKY AVIATION

SAUDI ARABIA

38247

SKY LINER AVIATION

SWITZERLAND

43301

SKY PRIME AVTN SRV

SAUDI ARABIA

24926

SKYDRIFT LTD

UNITED KINGDOM

40301

SKYMARK AIRLINES INC

JAPAN

39132

SKYPLAN FZC

UNITED ARAB EMIRATES

38576

SKYSCRAPER LTD

UNITED KINGDOM

32337

SKYSTEAD

UNITED ARAB EMIRATES

30105

SKYTRADERS PTY

AUSTRALIA

34050

SKYWAY LTD

RUSSIAN FEDERATION

35371

SL MANAGEMENT

UNITED STATES

32149

SMART AVIATION

FRANCE

f13550

SME EQUIPMENT LEASING

UNITED STATES

31695

SN AIR MALI

MALI

37745

SN TRANS HELICOPTERE

FRANCE

29738

SNC BOETOS

FRANCE

30770

SNC CAVOK

FRANCE

37669

SNS IMPORTADORA

BRAZIL

33859

SOBEYS CAPITAL INCORPORATED

CANADA

3517

SOFAXIS

FRANCE

22730

SOGERMA

FRANCE

40696

SONNIG INT PRVT JET

UNITED ARAB EMIRATES

6404

SONY AVIATION

UNITED STATES

36182

SOPHAR PROPERTY

VIRGIN ISLANDS, BRITISH

42857

SORENS AERO LIMITED

MALTA

38553

SORENS GROUP LTD

RUSSIAN FEDERATION

36653

SOUTH AFR. BREWERIES

SOUTH AFRICA

26378

SOUTHERN AIRLINES

NIGERIA

5752

SOUTHERN CROSS USA

UNITED STATES

44896

SOUTHERN JET CO.,LTD

CHINA

35993

SPACEWING COMPANY

SAUDI ARABIA

17921

SPECIALISED TRANSP.

UNITED KINGDOM

37714

SPEEDFLY SARL

FRANCE

39251

SPEEDWINGS BUSINESS SA

SWITZERLAND

27840

SPHINX WINGS

SWITZERLAND

42722

SPIRIT JETS LLC

UNITED STATES

34595

SPRING MOUNTAIN (2)

UNITED STATES

32789

SPRINGWAY LTD

RUSSIAN FEDERATION

32899

SRIWIJAYA WORLD FUEL

SINGAPORE

39234

SRTS

FRANCE

42170

STA JETS

UNITED STATES

26231

STAFF AIR SERVICE

FRANCE

35477

STAR AIRWAYS ALBANIA

ALBANIA

35421

STAR JET LTD

UNITED STATES

2574

STARJET AVIATION

SWITZERLAND

24204

STARLING AVIATION

UNITED ARAB EMIRATES

31400

STARR EQUIPMENT

UNITED STATES

28169

STATE AIR BERKUT

KAZAKHSTAN

32993

STC BERMUDA LTD.

EGYPT

28156

STEELCASE

UNITED STATES

37550

STEELE AVIATION INC

UNITED STATES

32436

STENSRUD VENTURES

UNITED STATES

33469

STEPHEN R. LLOYD

UNITED KINGDOM

33040

STORMJETS SA

SWITZERLAND

4488

STRASBOURG AVIATION

FRANCE

35602

STRATEGIC AIR. SAS

FRANCE

24529

SUBPRICE

UNITED KINGDOM

39210

SUBURBAN MOTORS COMP

UNITED STATES

35339

SUKHOI CIVIL ACFT

RUSSIAN FEDERATION

20474

SUMMIT AVTN USA 2

UNITED STATES

31657

SUN AIR (EGYPT)

EGYPT

23210

SUNRISE (ALSHOROOK)

EGYPT

25392

SWIFT-AERO, JSC

RUSSIAN FEDERATION

9768

SWISS PRIVATE AVTN

SWITZERLAND

30257

SYMPHONY MASTER

SWITZERLAND

33362

SYMPHONY MASTER UAE

UNITED ARAB EMIRATES

38298

SYPHAX AIRLINES

TUNISIA

2642

SYRIAN ARAB AIRLINES

SYRIAN ARAB REPUBLIC

f1467

SAILS IN CONCERT, INC.

UNITED STATES

f12147

SANRIDGE OPERATING COMPANY

UNITED STATES

f12601

SAPPHIRE INTERNATIONAL GROUP, INC

UNITED STATES

f14957

SETFAIR AVIATION LTD.

ISLE OF MAN

37718

SFERA JET LLC

RUSSIAN FEDERATION

38579

SINO JET MANAGEMENT LIMITED

CHINA

f10403

SKYE GRYPHON, LLC

UNITED STATES

f10405

SNAPPER CONSULTING INC.

BRAZIL

f12484

SONIC FINANCIAL

UNITED STATES

21791

SOUTHERN CROSS INTERNATIONAL

NETHERLANDS

30582

SPACE EXPLORATION

UNITED STATES

f14886

STAR VISION HOLDINGS INC.

VIRGIN ISLANDS, BRITISH

f10410

STARWOOD ASSET MANAGEMENT, LLC

UNITED STATES

f10419

STEPHENS INVESTMENT HOLDINGS LLC

UNITED STATES

f11008

SUCCESS MASTER LTD.

VIRGIN ISLANDS, BRITISH

5967

SYNTHES USA SALES LLC

UNITED STATES

38197

TAA AVIATION LTD

SWITZERLAND

27385

TAF LINHAS AEREAS

BRAZIL

26684

TAG AVIATION UK LTD

UNITED KINGDOM

33802

TAIL WIND LTD.

SINGAPORE

26797

TAK AVIATION UK LTD

UNITED KINGDOM

4386

TAM LINHAS AEREAS

BRAZIL

37224

TAMARA NIGER AVIATIO

NIGER

35843

TANELA VENTURES LTD

RUSSIAN FEDERATION

26582

TASSILI AIRLINES SA

ALGERIA

31962

TAT LEASING

FRANCE

4189

TAUBMAN

UNITED STATES

24156

TAXI AIR JET-FRET

FRANCE

37359

TEKLOC

UNITED STATES

29164

TELUS COMMUNICATIONS

CANADA

37446

TEMPEST CAPITAL

UNITED KINGDOM

36518

TERRY BROWN

CANADA

28634

THALES

FRANCE

799

THE COCA-COLA COMPANY

UNITED STATES

22524

THE COMMANDER

NIGERIA

32042

THE FUTURA CORP

CANADA

30474

THE WORLD IS YOURS LTD.

UNITED KINGDOM

21075

THERMO FISHER SCIENTIFIC

UNITED STATES

35441

THOMAS ENTERPRISES

UNITED STATES

31882

TIKO AIR (2)

MADAGASCAR

4744

TITAN AIRWAYS LTD

UNITED KINGDOM

24764

TOTAL LINHAS AEREAS

BRAZIL

31535

TOUMAI AIR TCHAD SA

CHAD

31676

TOWER HOUSE CONSULT.

GAMBIA

33891

TOWN & COUNTRY FOOD

UNITED STATES

32029

TPG AVIATION

SOUTH AFRICA

29860

TPS

UNITED STATES

26086

TRADLUX

LUXEMBOURG

37172

TRANS AER MAR CORTES

MEXICO

30585

TRANS EURO AIR

UNITED KINGDOM

34062

TRANSAIR CARGO SVC

CONGO

12193

TRANSASIA AIRWAYS

TAIWAN

32673

TRANSAVIA FRANCE SAS

FRANCE

26670

TRANSMERIDIAN AVTN

UNITED STATES

f11432

TRANSWESTERN TRANSPORTS LLC

UNITED STATES

35158

TRIBECA AVT PARTNERS

UNITED STATES

37551

TRIDENT PETROLEUM

EGYPT

30112

TRIGANA AIR SERVICE

INDONESIA

21887

TUDOR INVESTMENTS

UNITED STATES

2752

TUNIS AIR

TUNISIA

31018

TURNBERRY MANAGEMENT

UNITED STATES

21666

TUTOR SALIBA CORPORATION

UNITED STATES

28237

TWIN JET

FRANCE

28983

TWINWOOD TRANSPORT.

UNITED ARAB EMIRATES

28467

TY AIR INC

UNITED STATES

f10437

TARGET CORPORATION

UNITED STATES

38565

TETRAN ASSETS LTD.

UNITED KINGDOM

f10497

THE YUCAIPA COMPANIES LLC

UNITED STATES

36894

THORN AIR LTD

UNITED STATES

f12235

TOP DELIGHT WORLDWIDE LTD

VIRGIN ISLANDS, BRITISH

f10498

TRACINDA CORPORATION

UNITED STATES

f14951

TRANSCONTINENTAL PROPERTIES LIMITED

UNITED KINGDOM

f11188

TRIAN FUND MANAGEMENT

UNITED STATES

f10452

TRUMAN ARNOLD COMPANIES

UNITED STATES

f10990

TY-TEX EXPLORATION INC.

UNITED STATES

28221

UAS UNITED AVIATION

UNITED ARAB EMIRATES

f10814

UETA, INC.

UNITED STATES

22150

UKRAINE AIR ALLIANCE

UKRAINE

38877

UNI AIR TAIWAN

TAIWAN

34820

UNIFOX HOLDINGS LTD

BELIZE

32094

UNION PACIFIC CORP

UNITED STATES

34874

UNITED AVIATION (OM)

LIBYA

38621

UNITED AVTN MGMT

SAUDI ARABIA

21505

UNITED CONSTRUCTION

TURKEY

28092

UNITED HEALTHCARE SERVICES INC

UNITED STATES

34059

UNITED WEST AIRLINES

UNITED STATES

33177

UNIV AVN MIDDLE EAST

UNITED ARAB EMIRATES

35834

UTFLIGHT

UNITED STATES

2795

UNIVERSAL WEATHER AND AVIATION, INC.

UNITED STATES

24318

VALAVIA

FRANCE

28829

VALIANT AVIATION

BERMUDA

33962

VALLJET

FRANCE

10637

VALMONT

UNITED STATES

30253

VENTURA AVIATION

MONACO

34280

VEREIN DC3

SWITZERLAND

38968

VERHILL CORPORATE

VIRGIN ISLANDS, BRITISH

40919

VGS ACFT LEASING

UNITED KINGDOM

37581

VIA JETS OOD.SRL

BULGARIA

19445

VIETNAM AIRLINES JSC

VIET NAM

33703

VIKING AVIATION LTD.

UNITED KINGDOM

13351

VOL PRESIDENTIEL

BURKINA FASO

23952

VOLARE AIRCOMPANY

UKRAINE

38134

VOLPE AVIATION LLC

UNITED STATES

27628

VULCAN AVIATION

UNITED KINGDOM

23592

VULCAN INC

UNITED STATES

33249

VOYAGE INTERNATIONAL

UNITED ARAB EMIRATES

31377

WA DEVELOPMENTS

UNITED KINGDOM

35615

WADI AVIATION

CAYMAN ISLANDS

30891

WAF LTD

CAYMAN ISLANDS

34990

WAHA CAPITAL

UNITED ARAB EMIRATES

36777

WALKER AIR SVCS

AUSTRALIA

34886

WATANIA AIRWAYS

KUWAIT

36041

WATSCO HOLDINGS INC

UNITED STATES

35351

WAVES JET

JORDAN

6924

WEDGE AVIATION

UNITED STATES

29491

WELLS AVIATION

UNITED STATES

34317

WESTJET FALCON 50061

VIRGIN ISLANDS, BRITISH

f10476

WGL CAPITAL CORPORATION

UNITED STATES

31779

WHISKEY ROMEO OWNER

UNITED STATES

31064

WHITE LOTUS

UNITED STATES

38210

WHITE MOUNTAIN AVTN

UNITED STATES

28542

WHITE ROSE AVTN

UNITED STATES

32120

WILDERNESS POINT ASS

UNITED STATES

32294

WILKES AND MCHUGH

UNITED STATES

3021

WILLIAMS COMPANIES

UNITED STATES

34191

WILLIAMS INTL CO LLC

UNITED STATES

37767

WIN AVIATION LTD.

CAYMAN ISLANDS

f1071

WINAIR (ST. MAARTEN NETHERLANDS ANTILLES)

SINT MAARTEN

31765

WINDS AWAY

UNITED STATES

37331

WINDWARD AVIATION

UNITED STATES

36815

WING AVTN CHTR SVC

UNITED STATES

25648

WING AVTN USA

UNITED STATES

36782

WINGS AIR

INDONESIA

32929

WINGS OVER AFRICA

NAMIBIA

32063

WIP TRADING

SWITZERLAND

35668

WORLD FUEL SVCS EUR

UNITED KINGDOM

31938

WREN ACQUISITIONS

UNITED STATES

42945

WASTE CONNECTIONS INC.

UNITED STATES

8721

WESTFIELD AVIATION INC

AUSTRALIA

f2006

WHITEJETS

BRAZIL

f10481

WILLIAMS-SONOMA, INC.

UNITED STATES

f10482

WINDSOR MEDIA INC.

UNITED STATES

f10881

WORLDWIDE BUSINESS JETS CORP

UNITED STATES

24421

XAMEX INVESTMENTS

UNITED STATES

33042

XCLUSIVEJET CHARTER

UNITED KINGDOM

45259

XJC LTD

UNITED KINGDOM

23330

XL AIRWAYS FRANCE

FRANCE

38359

YAAS

UNITED STATES

2941

YEMENIA

YEMEN

11467

YUM BRANDS INC.

UNITED STATES

31488

YYA AVIATION

BERMUDA

40036

YYA MANAGEMENT LTD

JERSEY

f10823

YET AGAIN, INC.

UNITED STATES

35471

ZEST AIRWAYS INC

PHILIPPINES

35614

ZOGBI LUCIANO

SWITZERLAND

32665

ZYMAN AVIATION LLC

UNITED STATES

CROATIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 35661 | AVIATION DYNAMIX LLC | UNITED STATES |
| 12495 | CROATIA AIRLINES HRVATSKA ZRAKOPLOVNA TVRTKA D.D. | CROATIA |
| 48249 | ETF AIRWAYS | CROATIA |
| 23236 | TRADE AIR | CROATIA |
| 32152 | WYNDHAM WORLDWIDE | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

35661

AVIATION DYNAMIX LLC

UNITED STATES

12495

CROATIA AIRLINES HRVATSKA ZRAKOPLOVNA TVRTKA D.D.

CROATIA

48249

ETF AIRWAYS

CROATIA

23236

TRADE AIR

CROATIA

32152

WYNDHAM WORLDWIDE

UNITED STATES

ITALY

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 35380 | 19TH HOLE CORP | UNITED KINGDOM |
| 36325 | 21ST CENTURY FOX AMERICA, INC. | UNITED STATES |
| f12167 | 251 FINANCE INC | UNITED STATES |
| 37781 | 43 AIR SCHOOL | SOUTH AFRICA |
| 39001 | 546 PARTICIPACOES | BRAZIL |
| 37425 | ABBERTON LTD | UNITED ARAB EMIRATES |
| 24650 | ABU DHABI AVIATION | UNITED ARAB EMIRATES |
| 27832 | ADVENTAIR | UNITED STATES |
| 1662 | AEROMANAGEMENT | UNITED STATES |
| 29651 | AEROMANAGEMENT EUROP | ITALY |
| 30371 | AEROPORTUL MARCULEST | MOLDOVA, REPUBLIC OF |
| 36365 | AERORUTAS SATA | ARGENTINA |
| 29326 | AEROSERVICIOS EJE | MEXICO |
| 19195 | AEROTRANSPORTES PRIV | MEXICO |
| 35660 | AEROYACHT INVESTMENT | ITALY |
| 29450 | AIC CANADA | CANADA |
| 46358 | AIR ALBANIA | ALBANIA |
| 37380 | AIR ARABIA JORDAN | JORDAN |
| 11479 | AIR DOLOMITI | ITALY |
| 11698 | AIR ITALY | ITALY |
| 31884 | AIR PRESTIGIO | UNITED STATES |
| 35312 | AIR SPEA S.R.L. | ITALY |
| 34676 | AIR UGANDA | UGANDA |
| 33278 | AIR WING S.P.A. | SAN MARINO |
| 32513 | AIR-TEC AFRICA | SOUTH AFRICA |
| 30283 | AIRCRAFT PROPERTIES | UNITED STATES |
| 27328 | AIRSTARS AIRWAY | RUSSIAN FEDERATION |
| 36074 | AL FOZAN HOLDING CO. | SAUDI ARABIA |
| 36145 | AL SHOHRA PVT JET | JORDAN |
| 37604 | ALBATROS ACFT CORP | CANADA |
| 30526 | ALBATROS AIRWAYS | ALBANIA |
| 43583 | ALBAWINGS | ALBANIA |
| 9303 | ALBERTO CULVER | UNITED STATES |
| 21690 | ALG TRANSP UK OFFICE | UNITED STATES |
| 48463 | ALISCARGO AIRLINES S.P.A. | ITALY |
| 34831 | ALITALIA S.A.I. SPA ITALY | ITALY |
| 36390 | ALLIBO AIR CARGO | LIBYA |
| 28123 | AMRASH | UNITED STATES |
| 36383 | ANDERSON AIR LTD. | CANADA |
| f13950 | ASTRA HOLDINGS INC. | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 27139 | ATLANTIC AVTN 2 | UNITED STATES |
| 31623 | AVALON CAPITAL GROUP | UNITED STATES |
| 40652 | AVCON JET LIMITED | UNITED KINGDOM |
| 36508 | AVIATION CAPITAL SOL | UNITED KINGDOM |
| 36451 | AXSOA S.P.A. | ITALY |
| f11555 | AERO TAXIS METROPOLITANOS | MEXICO |
| 37236 | AGROPECUARIA SANTANA DO DESERTO LTDA. | BRAZIL |
| 36964 | AIR MANDALAY | INDIA |
| f10004 | AIR MERCURY, LTD. | BERMUDA |
| f10022 | ALCOA, INC. | UNITED STATES |
| 29878 | BALMORAL AIR PTY | AUSTRALIA |
| 31999 | BASHKORTOSTAN AIR | RUSSIAN FEDERATION |
| 6989 | BASS ENTERPRISES | UNITED STATES |
| 36153 | BAYHAM LIMITED | SAUDI ARABIA |
| 34857 | BB FLY S.R.L. | ITALY |
| 27039 | BEEHAWK AVIATION | UNITED STATES |
| 20198 | BELAVIA AIRLINES | BELARUS |
| 34866 | BELL GEOSPACE | UNITED KINGDOM |
| 32891 | BERJAYA AIR SDN (2) | MALAYSIA |
| 43571 | BISSELL LEASING CO LLC | UNITED STATES |
| f15676 | BLACKROCK | UNITED STATES |
| 32734 | BLUE JET | CYPRUS |
| 31928 | BLUE MERCURY S.R.L. | ITALY |
| 43979 | BLUE PANORAMA (3) LI | ITALY |
| f11338 | BLUE STAR MANAGEMENT SERVICES CORP | UNITED STATES |
| 36408 | BLUEBAIR JET | SWITZERLAND |
| 37770 | BOEING WICHITA IDS | UNITED STATES |
| 38549 | BOMBARDIER LEARJET | UNITED STATES |
| 37190 | BORDER GUARD EP | POLAND |
| 35243 | BRAATHENS TRAINING | SWEDEN |
| 32635 | BRAMPTONIA LTD | UNITED KINGDOM |
| 39045 | BRAZIL TRADING LTDA | BRAZIL |
| 32566 | BRENZIL PTY | AUSTRALIA |
| 34320 | BRIARWOOD PROD. LTD | UNITED KINGDOM |
| 590 | BRITISH AIRWAYS PLC | UNITED KINGDOM |
| 27675 | BUDDHA AIR | NEPAL |
| 35914 | BUSINESS AIR PARTS | UNITED STATES |
| 36409 | BUSINESS JET CONSULT | UNITED STATES |
| 36342 | BZ AIR LTD | UNITED KINGDOM |
| 8974 | BERWIND CORPORATION | UNITED STATES |
| f13502 | BIOTAB NUTRACEUTICALS | UNITED STATES |
| f10086 | BLACK DIAMOND AVIATION | UNITED STATES |
| 24544 | BLOOMBERG SERVICES LLC | UNITED STATES |
| 38499 | BOLLINGER ENTERPRISES, LLC | UNITED STATES |
| 36979 | C FLY S.R.L. | ITALY |
| f10100 | C. CARY PATTERSON | UNITED STATES |
| 19019 | CABLEAIR | UNITED STATES |
| 5083 | CAI | ITALY |
| f11308 | CANDYBAR AVIATION LLC | UNITED STATES |
| 32079 | CAREMARK AVIATION | UNITED STATES |
| 35318 | CARGOLUX ITALIA | ITALY |
| 36379 | CARISLE BAY | SWITZERLAND |
| 26954 | CARNIVAL CORP | UNITED STATES |
| 38117 | CAROPAN COMPANY SA | VIRGIN ISLANDS, BRITISH |
| 31898 | CATEX USA | UNITED STATES |
| 42934 | CBX AVIATION LLC | UNITED STATES |
| 36292 | CERAMICA CLEOPATRA | EGYPT |
| 28796 | CHARTWELL AVIATION | UNITED STATES |
| 36770 | CHEMIPLASTICA | UNITED KINGDOM |
| 35645 | CN AVIATION | UNITED STATES |
| 24759 | CNH AMERICA LLC | UNITED STATES |
| 32850 | CONSOLIDATED PRESS H | AUSTRALIA |
| 33096 | COPART INC | UNITED STATES |
| 31929 | COR AVIATION | UNITED STATES |
| 35761 | CORPO FORRESTALE DELLO STATO | ITALY |
| 26988 | COSTCO WHOLESALE | UNITED STATES |
| 38402 | COTEMINAS | BRAZIL |
| 31211 | CSC TRANSPORTATION | UNITED STATES |
| f13770 | CAMERON INDUSTRIES CONSULT INC. | VIRGIN ISLANDS, BRITISH |
| f12602 | CARTERA DE INVERSIONES VENEZOLA C.A. | UNITED STATES |
| 37741 | CASAM INT | EGYPT |
| f10307 | COLONY ADVISORS, LLC | UNITED STATES |
| f10124 | CONANICUT AVIATION | UNITED STATES |
| 30812 | CONSOLIDATED INVESTMENT GROUP | UNITED STATES |
| 37371 | DAKO AIRLINES SA | LUXEMBOURG |
| 36557 | DANGOTE INDUSTRIES | NIGERIA |
| 36006 | DAR JANA GROUP | SAUDI ARABIA |
| 32598 | DELIA A/S | DENMARK |
| 36591 | DELMAR SYSTEMS INC. | UNITED STATES |
| 36268 | DELTON GROUP INC. | RUSSIAN FEDERATION |
| 27358 | DI AIR | MONTENEGRO |
| 38765 | DIAMOND CAPITAL INV | UNITED STATES |
| 18428 | DOLE FOODS | UNITED STATES |
| 28426 | DOLPHIN AIR EXPRESS | ITALY |
| 9322 | DOMUS | ITALY |
| f11470 | DOUBLE V RESOURCES LLC | UNITED STATES |
| 30245 | DRAX GROUP | UNITED STATES |
| 31864 | DS AVIATION | ISRAEL |
| 23676 | DUDMASTON LTD | SWITZERLAND |
| 29468 | DILLARD'S INC. | UNITED STATES |
| 39049 | E C MENZIES AVIATION | UNITED STATES |
| 33586 | E+A AVIATION | SWITZERLAND |
| 13008 | EDS USA | UNITED STATES |
| 47761 | EGO AIRWAYS SPA | ITALY |
| f12872 | EGRET MANAGEMENT LLC | UNITED STATES |
| 27824 | ELIWORK SRL | ITALY |
| 8149 | ENAV ITALIA | ITALY |
| 34700 | EP AVIATION LLC | UNITED STATES |
| 1039 | ETHIOPIAN AIRLINES | ETHIOPIA |
| f12110 | EUROJET HOLDINGS LTD | BERMUDA |
| 36996 | EXECUJET CHARTER SVC | UNITED STATES |
| 1076 | EXXONMOBIL AV SVCS | UNITED STATES |
| 42493 | ELK MOUNTAIN CONSULTING LLC | UNITED STATES |
| f11891 | ENCANTO INVESTMENT INC | UNITED STATES |
| 45526 | FAISAL MEHMOOD | SAUDI ARABIA |
| f12791 | FERTITTA ENTERTAINMENT LLC | UNITED STATES |
| 24342 | FININVEST | ITALY |
| 22368 | FINMECCANICA S.P.A DIVISIONE ELICOTTERI | ITALY |
| 31568 | FINMECCANICA S.P.A DIVISIONE VELIVOLI | ITALY |
| 48419 | FLEXJET OPERATIONS MALTA LIMITED | MALTA |
| 31464 | FLIGH TEST ASSOCIATE | UNITED STATES |
| 32391 | FLIGHTPARTNER | UNITED KINGDOM |
| 43521 | FLY ONE S.R.L. | MOLDOVA, REPUBLIC OF |
| 36118 | FLY540 KENYA | KENYA |
| 46113 | FLYBOSNIA D.O.O. | BOSNIA AND HERZEGOVINA |
| 21557 | FLYNOR JET | ITALY |
| 38931 | FORTE AVIATION PARTS | UNITED STATES |
| 37983 | FRI-EL GREEN POWER | ITALY |
| 35183 | FIRSTENERGY SERVICE COMPANY | UNITED STATES |
| f10871 | FORT CALUMET COMPANY | UNITED STATES |
| f10215 | FRY'S ELECTRONICS, INC. | UNITED STATES |
| f12234 | FULL HILL LIMITED HONG KONG | HONG KONG SAR |
| 43740 | FULL WING HOLDINGS LIMITED | SINGAPORE |
| 34836 | G200 LTD | BERMUDA |
| 32161 | G350 LEASING LLC | UNITED STATES |
| 34858 | GALAXY AIRWAYS INC. | CANADA |
| 37037 | GAMAY ENTERPRISES LT | BRAZIL |
| 1278 | GE CORPORATE AIR TRP | UNITED STATES |
| 35213 | GEDEAM TOURISM S.A. | LUXEMBOURG |
| 30273 | GEFA LEASING GMBH | GERMANY |
| 29961 | GENERAL WORK GUINEA | EQUATORIAL GUINEA |
| 36315 | GEO LOGISTICA | ITALY |
| 33100 | GHK COMPANY LLC | UNITED STATES |
| 36948 | GIANAIR LTD | GHANA |
| 30058 | GIV AIRWAYS LLC | UNITED KINGDOM |
| 36179 | GLENN EAGLES RESEARC | RUSSIAN FEDERATION |
| f12981 | GLOBAL MANAGEMENT CONSULTING LTD | UNITED STATES |
| 27805 | GMG AIRLINES LTD | BANGLADESH |
| 32024 | GMR INDUSTRY LTD | INDIA |
| 29615 | GOLDEN AIR SRL | ITALY |
| 32887 | GP AVIATION | UNITED STATES |
| f11463 | GR1040 INC | UNITED STATES |
| 3259 | GRAINGER | UNITED STATES |
| 36873 | GRASKOP AVIATION LLC | BRAZIL |
| 6179 | GREENAAP CONSULTANTS | UNITED KINGDOM |
| 23240 | GTC MANAGEMT BURBANK | UNITED STATES |
| 31017 | GULF AVIATION | UNITED ARAB EMIRATES |
| 32263 | GUTMEN INC. | BRAZIL |
| f10914 | GALT AVIATION, LLC | UNITED STATES |
| 38698 | GLOBAL PIPELINE SERVICES LTD | UNITED KINGDOM |
| 12127 | HAMILTON COMPANIES | UNITED STATES |
| 32296 | HANSUNG AIRLINES | KOREA, REPUBLIC OF |
| 34031 | HAWKER 700LTD | UNITED KINGDOM |
| 31253 | HERITAGE JETS (FL) | UNITED STATES |
| 38229 | HERMES AVIATION LTD. | MALTA |
| f10248 | HGA, LLC | UNITED STATES |
| 37563 | HIGH TECH AIRCRAFT 2 | UNITED STATES |
| 42259 | HK BELLAWINGS JET | CHINA |
| 22863 | HUBBARD ENTERPRISES | UNITED STATES |
| 31089 | HAWKER AVIATION LLC | UNITED STATES |
| f12241 | HERMES CAPITAL LIMITED BERMUDA | BERMUDA |
| 37266 | HEWLETT PACKARD INC. | UNITED STATES |
| 40880 | HOOD CAPITAL LLC | UNITED STATES |
| 37842 | IBEX AIR CHARTER | LEBANON |
| 17402 | IBM | UNITED STATES |
| 36144 | ILC AVIATION GMBH | AUSTRIA |
| 25061 | INAER AVIATION ITALIA S.P.A. | ITALY |
| 36788 | INDONESIA AIR TRA(2) | INDONESIA |
| 38619 | INSPERITY INC | UNITED STATES |
| 36455 | INTL AVIATION LLC | UNITED STATES |
| 26959 | ISCAR ISRAEL | ISRAEL |
| 27510 | ITALEASE | ITALY |
| 48643 | ITALIA TRASPORTO AEREO S.P.A. | ITALY |
| f13901 | INDIKA MITRA INVESTMENTS PTE LTD | UNITED STATES |
| f10259 | INVERSIONES FAR WEST INC. | UNITED STATES |
| 38415 | JB AVIATION II LLC | UNITED STATES |
| 37841 | JBS S/A | BRAZIL |
| 493 | JC BAMFORD EXCAVATORS LTD | UNITED KINGDOM |
| 35564 | JET AVIATION (VA) | UNITED STATES |
| 38551 | JET AVIVA LLC | UNITED STATES |
| 25029 | JET PLANE CORP | DENMARK |
| 31941 | JET SUPPORT GROUP | CAYMAN ISLANDS |
| 32677 | JETALLIANCE EAST JSC | RUSSIAN FEDERATION |
| 38438 | JETCOM S.R.L. | ITALY |
| 34346 | JETDIRECT AVTN INC | UNITED STATES |
| 32062 | JETEX FLIGHT SUPPORT | LIBYA |
| 30695 | JETLINK EXPRESS | KENYA |
| 42277 | JETOLOGY GMBH | AUSTRIA |
| 34576 | JETPLANET S.R.L. | ITALY |
| f12752 | JK AVIATION LLC | UNITED STATES |
| f12763 | JODA LLC | UNITED STATES |
| f10283 | JSM AT FALCON, LLC | UNITED STATES |
| f10285 | JUSTRAVL AIRCRAFT MANAGEMENT, INC. | UNITED STATES |
| 32068 | K & M AVIATION | UNITED STATES |
| 43770 | KAITAR RESOURCES | UNITED STATES |
| 36322 | KARNAVATI AVIATION | INDIA |
| 38012 | KAUPÉ AVIATION LTD | SWITZERLAND |
| 32845 | KILMER MANAGEMENT | CANADA |
| 26927 | KNICKERBOCKER | UNITED STATES |
| 38264 | KRYPTON AVIATION LTD | IRELAND |
| f11389 | L & L LEASING IV LLC | UNITED STATES |
| 31324 | LAS VEGAS SANDS | UNITED STATES |
| 29205 | LATIUM 3 INC | UNITED STATES |
| 32713 | LAUTHER-PHILLIPS | UNITED STATES |
| 29027 | LEADING EDGE | UNITED STATES |
| 38276 | LEILA JET LTD. | UNITED ARAB EMIRATES |
| 30044 | LEMOINE INVESTMENTS | UNITED STATES |
| 31451 | LENNAR | UNITED STATES |
| f10880 | LFG AVIATION | AUSTRALIA |
| f15957 | LFG AVIATION LIMITED | UNITED KINGDOM |
| 23188 | LIBYAN AIR AMBULANCE | LIBYA |
| 1727 | LIBYAN AIRLINES | LIBYA |
| 39036 | LIFEJET LTD. | MALTA |
| 31756 | LIGHTAIR | UNITED STATES |
| 18942 | LINDSTROEM ENAR | SWEDEN |
| 33253 | LINUS AIRWAYS | INDONESIA |
| 28628 | LUKOIL AVIA | RUSSIAN FEDERATION |
| 45395 | LUMIWINGS SA | GREECE |
| 48565 | LUXWING LTD (ITALIAN BRANCH) | ITALY |
| 22416 | LVOV AIRLINES | UKRAINE |
| f10999 | LATAM LLC | UNITED STATES |
| f14955 | LEITRIM MANAGEMENT SA | PANAMA |
| f10839 | LEONARD GREEN AND PARTNERS, L.P. | UNITED STATES |
| f10781 | LUCKY FIVES LLC | UNITED STATES |
| 37803 | M-NICE LIMITED | GERMANY |
| 33931 | MACSTEEL JET SVCS | BERMUDA |
| 35314 | MAE AIRCRAFT MGMT. | BAHRAIN |
| 36367 | MAGELLAN AVIATION | IRELAND |
| 36421 | MARCPLAN CHARTER | AUSTRALIA |
| 27891 | MASS MUTUAL LIFE | UNITED STATES |
| 39901 | MATONE PROMOTORA | BRAZIL |
| 35469 | MAZAG | CAYMAN ISLANDS |
| 31708 | MCAIR SERVICES | UNITED KINGDOM |
| 26848 | MCDONALD'S CORP | UNITED STATES |
| 38206 | MELO PARTICIPACOES | BRAZIL |
| 32051 | MERIDIAN AIRCOMPANY | UKRAINE |
| 37676 | MILLENNIUM LABS | UNITED STATES |
| 24266 | MINISTERO INTERNO | ITALY |
| 36406 | MISTER JET | GERMANY |
| f10769 | MSS FALCON 900LLC | UNITED STATES |
| 36762 | MURRAY AIR | UNITED KINGDOM |
| 34926 | MURRAY AIR LTD | MALTA |
| 45058 | MYWAY AIRLINES | GEORGIA |
| 36491 | MANAGEMENT SERVICES | UNITED STATES |
| f10828 | MARNELL CORRAO ASSOCIATES | UNITED STATES |
| f10315 | MEXICO TRANSPORTES AEREOS S.A DE C.V. | MEXICO |
| 28892 | N90BJ | UNITED STATES |
| 36980 | NAND AVIATION | SAUDI ARABIA |
| 33889 | NAVELLIER & ASSOCS | UNITED STATES |
| 28484 | NEOS | ITALY |
| 36477 | NESMA AIRLINES | EGYPT |
| f12702 | NETJETS SALES INC | UNITED STATES |
| 33201 | NEWCO MANAGEMENT GRP | UNITED STATES |
| 26030 | NEXT CENTURY AVTN | UNITED STATES |
| 29756 | NOEVIR AVIATION | UNITED STATES |
| 30609 | NORDAVIA - REGIONAL AIRLINES, JSC | RUSSIAN FEDERATION |
| f11329 | NORLEASE INC | UNITED STATES |
| f14731 | NORTHEASTERN AVIATION | UNITED STATES |
| f12605 | NET MEDICAL, C.A. | UNITED STATES |
| 26129 | NEW WORLD AVIATION, INC. | UNITED STATES |
| f10338 | NORDSTROM, INC. | UNITED STATES |
| f10633 | NORTHWESTERN MUTUAL LIFE INS. CO. | UNITED STATES |
| 27302 | OAK MANAGEMENT | UNITED STATES |
| 33502 | OCEAN SKY (TURKEY) | TURKEY |
| 35934 | ODYSSEY ADVENTURES | UNITED STATES |
| 37412 | OPI SERVIZI S.R.L. | ITALY |
| 36149 | OZARK MANAGEMENT (2) | UNITED STATES |
| 32200 | PABLO AIR LINE SRL | ITALY |
| 32786 | PACIFIC INFORMATION | NETHERLANDS |
| 31079 | PAFO | UNITED STATES |
| 35642 | PELICAN DEVELOPMENT | UNITED STATES |
| 32710 | PENN NATIONAL GAMING | UNITED STATES |
| 31232 | PETROFF AIR | RUSSIAN FEDERATION |
| 36592 | PFP AVIATION LLC | UNITED STATES |
| 36071 | PHOENIX AVTN MNGMENT | EGYPT |
| 32057 | PINNACLE OPERATIONS | UNITED STATES |
| 28946 | PITTCO | UNITED STATES |
| 34770 | PL LOGISTICS CORP | SOUTH AFRICA |
| 44877 | PLATINUM EQUITY LLC | UNITED STATES |
| 43114 | POBEDA AIRLINES, LLC | RUSSIAN FEDERATION |
| 8487 | POSTE AIR CARGO S.R.L. | ITALY |
| 30442 | PRECISION AIR SVCS | TANZANIA, UNITED REPUBLIC OF |
| 23692 | PRECISION AIR SVCS. | TANZANIA, UNITED REPUBLIC OF |
| 31222 | PRIVATE AIRCRAFT INT | ISRAEL |
| 25235 | PROVINCIA AUTONOMA | ITALY |
| 32329 | PUNJ LLOYD | INDIA |
| f11009 | PARK RISE INVESTMENTS LTD. | VIRGIN ISLANDS, BRITISH |
| f10557 | PENOBSCOT PROPERTIES, LLC | UNITED STATES |
| f10357 | PINEHURST MEADOWS LLC | UNITED STATES |
| f10372 | R.O.P. AVIATION, INC. | UNITED STATES |
| f11465 | RAMSEY ASSET MANAGEMENT LLC | UNITED STATES |
| 33019 | REALI TAXI AEREO | BRAZIL |
| 29515 | RED LINE AIR LLC | UNITED STATES |
| 37772 | REMOREX PTY LTD AUS | AUSTRALIA |
| 22653 | RENAIR 315 LLC | UNITED STATES |
| 27572 | RHEA VENDORS | ITALY |
| 32661 | ROONEY HOLDINGS INC | UNITED STATES |
| 33024 | ROYAL FALCON | JORDAN |
| f11347 | RSI HOLDING LLC | UNITED STATES |
| f10373 | RAPTOR GROUP HOLDINGS LP | UNITED STATES |
| f10390 | ROCHESTER AVIATION, INC. | UNITED STATES |
| 30783 | S EQUATORIAL GUINEA | EQUATORIAL GUINEA |
| 29524 | S.K.M. | BERMUDA |
| f12989 | SAFEGUARD ENTERPRISES LLC | UNITED STATES |
| 45973 | SAN MARINO EXECUTIVE AVIATION S.R.L. | SAN MARINO |
| 37839 | SARDINIAN SKY SERVIC | ITALY |
| 35774 | SASO AIR LLC | BRAZIL |
| f11482 | SCP AVIATION LLC | UNITED STATES |
| 28283 | SCS SERVICES | UNITED STATES |
| 25882 | SEQUOIA MILLENNIUM | UNITED STATES |
| 36271 | SERVICE CORP INTL | UNITED STATES |
| 23243 | SERVIS AIR HAVA | TURKEY |
| 10356 | SERVIZI TRASPORTI | ITALY |
| 28179 | SEVASTOPOL AVIA | UKRAINE |
| 37392 | SGC AVIATION GMBH | AUSTRIA |
| 27163 | SHERIDAN AVTN | UNITED STATES |
| 36742 | SILVER BIRD INT. | GERMANY |
| 8484 | SIRIO | ITALY |
| 34918 | SKY AERONAUTICAL | IRELAND |
| 37931 | SKY BEYOND | SINGAPORE |
| 35899 | SKY LINE SRL | ITALY |
| 38190 | SKYJET AVIATION SVCS | NIGERIA |
| 31624 | SKYKAR AVIATION | UNITED STATES |
| 10748 | SKYSERVICE AIRLINES | CANADA |
| 31074 | SKYWAY RUSSIA | RUSSIAN FEDERATION |
| 34027 | SOPHIA AIRLINES | CÔTE D'IVOIRE |
| 34631 | SORENA EXPORT LTD. | UKRAINE |
| 45925 | SORENS AERO SM S.R.L. | SAN MARINO |
| 36438 | SOUTH AFRICAN EXP. | SOUTH AFRICA |
| 30462 | SOUTHERN AIR SYSTEM | UNITED STATES |
| 36112 | SPAN AIR PVT LTD | INDIA |
| 30747 | SPRINGLINE | CAYMAN ISLANDS |
| 38586 | STAR AERO HOLDINGS | UNITED STATES |
| 34744 | STAR UP S.A. | PERU |
| 25832 | STEPHENSON AIR SVCS | UNITED STATES |
| 37243 | STRYKER CORP. | UNITED STATES |
| 29813 | SUNCOR ENERGY | CANADA |
| 34329 | SVCS AEREOS DENIM | MEXICO |
| 31789 | SYDNEY JET CHARTER | AUSTRALIA |
| f10435 | SYMAX LLC | UNITED STATES |
| 20467 | SAMARITAN'S PURSE | UNITED STATES |
| 2428 | SENTRY INSURANCE A MUTUAL COMPANY DBA PRODUCTIVITY | UNITED STATES |
| f10400 | SERVICIOS AEREOS SUDAMERICANOS S.A. | ARGENTINA |
| 37964 | SKY WINGS LTD | GERMANY |
| 30904 | SKYFLIGHT | UNITED STATES |
| 31505 | SPRINGWAY | RUSSIAN FEDERATION |
| 29126 | STAR AIRCRAFT LEASING S.A. | UNITED STATES |
| f10414 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO. | UNITED STATES |
| 31740 | SUNSTATE AVIATION AND LEASING, LLC | UNITED STATES |
| 22663 | TAVISTOCK AVTN | UNITED STATES |
| 36827 | TCC AIR SERVICES INC | UNITED STATES |
| 38643 | TESSITURA ROBECCHETT | ITALY |
| 36462 | TOP ACES INC | CANADA |
| 32110 | TOP AIRCRAFT | UNITED STATES |
| 37276 | TRI MARINE LOGISTICS | UNITED STATES |
| 31381 | TRIP LINHAS AEREAS 2 | BRAZIL |
| 33685 | TRT EQUITY ADVISORS LLC | UNITED STATES |
| 36364 | TIME WARNER CABLE ENTERPRISES LLC. | UNITED STATES |
| f12493 | TITLEMAX AVIATION, INC. | UNITED STATES |
| f11186 | TRINITY BROADCASTING OF FL., INC. | UNITED STATES |
| 35594 | UNITED AIRGROUP COR. | VIRGIN ISLANDS, BRITISH |
| 35073 | UNITED AVIATION (HL) | LIBYA |
| f12469 | UPMC | UNITED STATES |
| f12001 | V1 AVIATION INC. | UNITED STATES |
| 34977 | V1 FLT SUP. INTL | UNITED STATES |
| 42737 | VALOR FLY LTD | MALTA |
| 29884 | VIZAVI-AVIA LTD | RUSSIAN FEDERATION |
| 32561 | VK AVIATION USA | UNITED STATES |
| 32987 | VOLIAMO | SWITZERLAND |
| 42494 | VERDE CAPITAL CORP | UNITED STATES |
| 35634 | WALKER AIR | AUSTRALIA |
| 34937 | WELLARD AVIATION | AUSTRALIA |
| f11301 | WELLS FARGO DELAWARE TRUST CO NA TRUSTEE | UNITED STATES |
| 34127 | WELTALL-AVIA | RUSSIAN FEDERATION |
| 30275 | WESTERN STONE &METAL | UNITED STATES |
| 34873 | WESTSTAR AVTN SVCS | MALAYSIA |
| 8586 | WHIRLPOOL | UNITED STATES |
| 38875 | WHITE TAIL AVTN AVV | UNITED STATES |
| 26545 | WIDEWORLD SRVCS | URUGUAY |
| 38045 | WIN AIR JET | TAIWAN |
| 33364 | WINDROSE AVIATION | UKRAINE |
| 29596 | WINNEPEG C/O REYES | UNITED STATES |
| 22444 | WORTHINGTON INDUSTRY | UNITED STATES |
| f10568 | WESTBURY GROUP LTD. | BERMUDA |
| 2634 | WESTERN AIR CHARTER INC | UNITED KINGDOM |
| f10872 | WESTWIND AQUISITION | UNITED STATES |
| f12248 | WORLD NOBLE LIMITED CAYMAN ISLAND | VIRGIN ISLANDS, BRITISH |
| 35438 | XLA AVIATION | SWITZERLAND |
| f13019 | XCOAL ENERGY & RESOURCES | UNITED STATES |
| 28383 | YAKUTIA AIRCOMPANY J | RUSSIAN FEDERATION |

CRCO Identification number

Operator Name

State of the Operator

35380

19TH HOLE CORP

UNITED KINGDOM

36325

21ST CENTURY FOX AMERICA, INC.

UNITED STATES

f12167

251 FINANCE INC

UNITED STATES

37781

43 AIR SCHOOL

SOUTH AFRICA

39001

546 PARTICIPACOES

BRAZIL

37425

ABBERTON LTD

UNITED ARAB EMIRATES

24650

ABU DHABI AVIATION

UNITED ARAB EMIRATES

27832

ADVENTAIR

UNITED STATES

1662

AEROMANAGEMENT

UNITED STATES

29651

AEROMANAGEMENT EUROP

ITALY

30371

AEROPORTUL MARCULEST

MOLDOVA, REPUBLIC OF

36365

AERORUTAS SATA

ARGENTINA

29326

AEROSERVICIOS EJE

MEXICO

19195

AEROTRANSPORTES PRIV

MEXICO

35660

AEROYACHT INVESTMENT

ITALY

29450

AIC CANADA

CANADA

46358

AIR ALBANIA

ALBANIA

37380

AIR ARABIA JORDAN

JORDAN

11479

AIR DOLOMITI

ITALY

11698

AIR ITALY

ITALY

31884

AIR PRESTIGIO

UNITED STATES

35312

AIR SPEA S.R.L.

ITALY

34676

AIR UGANDA

UGANDA

33278

AIR WING S.P.A.

SAN MARINO

32513

AIR-TEC AFRICA

SOUTH AFRICA

30283

AIRCRAFT PROPERTIES

UNITED STATES

27328

AIRSTARS AIRWAY

RUSSIAN FEDERATION

36074

AL FOZAN HOLDING CO.

SAUDI ARABIA

36145

AL SHOHRA PVT JET

JORDAN

37604

ALBATROS ACFT CORP

CANADA

30526

ALBATROS AIRWAYS

ALBANIA

43583

ALBAWINGS

ALBANIA

9303

ALBERTO CULVER

UNITED STATES

21690

ALG TRANSP UK OFFICE

UNITED STATES

48463

ALISCARGO AIRLINES S.P.A.

ITALY

34831

ALITALIA S.A.I. SPA ITALY

ITALY

36390

ALLIBO AIR CARGO

LIBYA

28123

AMRASH

UNITED STATES

36383

ANDERSON AIR LTD.

CANADA

f13950

ASTRA HOLDINGS INC.

VENEZUELA, BOLIVARIAN REPUBLIC OF

27139

ATLANTIC AVTN 2

UNITED STATES

31623

AVALON CAPITAL GROUP

UNITED STATES

40652

AVCON JET LIMITED

UNITED KINGDOM

36508

AVIATION CAPITAL SOL

UNITED KINGDOM

36451

AXSOA S.P.A.

ITALY

f11555

AERO TAXIS METROPOLITANOS

MEXICO

37236

AGROPECUARIA SANTANA DO DESERTO LTDA.

BRAZIL

36964

AIR MANDALAY

INDIA

f10004

AIR MERCURY, LTD.

BERMUDA

f10022

ALCOA, INC.

UNITED STATES

29878

BALMORAL AIR PTY

AUSTRALIA

31999

BASHKORTOSTAN AIR

RUSSIAN FEDERATION

6989

BASS ENTERPRISES

UNITED STATES

36153

BAYHAM LIMITED

SAUDI ARABIA

34857

BB FLY S.R.L.

ITALY

27039

BEEHAWK AVIATION

UNITED STATES

20198

BELAVIA AIRLINES

BELARUS

34866

BELL GEOSPACE

UNITED KINGDOM

32891

BERJAYA AIR SDN (2)

MALAYSIA

43571

BISSELL LEASING CO LLC

UNITED STATES

f15676

BLACKROCK

UNITED STATES

32734

BLUE JET

CYPRUS

31928

BLUE MERCURY S.R.L.

ITALY

43979

BLUE PANORAMA (3) LI

ITALY

f11338

BLUE STAR MANAGEMENT SERVICES CORP

UNITED STATES

36408

BLUEBAIR JET

SWITZERLAND

37770

BOEING WICHITA IDS

UNITED STATES

38549

BOMBARDIER LEARJET

UNITED STATES

37190

BORDER GUARD EP

POLAND

35243

BRAATHENS TRAINING

SWEDEN

32635

BRAMPTONIA LTD

UNITED KINGDOM

39045

BRAZIL TRADING LTDA

BRAZIL

32566

BRENZIL PTY

AUSTRALIA

34320

BRIARWOOD PROD. LTD

UNITED KINGDOM

590

BRITISH AIRWAYS PLC

UNITED KINGDOM

27675

BUDDHA AIR

NEPAL

35914

BUSINESS AIR PARTS

UNITED STATES

36409

BUSINESS JET CONSULT

UNITED STATES

36342

BZ AIR LTD

UNITED KINGDOM

8974

BERWIND CORPORATION

UNITED STATES

f13502

BIOTAB NUTRACEUTICALS

UNITED STATES

f10086

BLACK DIAMOND AVIATION

UNITED STATES

24544

BLOOMBERG SERVICES LLC

UNITED STATES

38499

BOLLINGER ENTERPRISES, LLC

UNITED STATES

36979

C FLY S.R.L.

ITALY

f10100

C. CARY PATTERSON

UNITED STATES

19019

CABLEAIR

UNITED STATES

5083

CAI

ITALY

f11308

CANDYBAR AVIATION LLC

UNITED STATES

32079

CAREMARK AVIATION

UNITED STATES

35318

CARGOLUX ITALIA

ITALY

36379

CARISLE BAY

SWITZERLAND

26954

CARNIVAL CORP

UNITED STATES

38117

CAROPAN COMPANY SA

VIRGIN ISLANDS, BRITISH

31898

CATEX USA

UNITED STATES

42934

CBX AVIATION LLC

UNITED STATES

36292

CERAMICA CLEOPATRA

EGYPT

28796

CHARTWELL AVIATION

UNITED STATES

36770

CHEMIPLASTICA

UNITED KINGDOM

35645

CN AVIATION

UNITED STATES

24759

CNH AMERICA LLC

UNITED STATES

32850

CONSOLIDATED PRESS H

AUSTRALIA

33096

COPART INC

UNITED STATES

31929

COR AVIATION

UNITED STATES

35761

CORPO FORRESTALE DELLO STATO

ITALY

26988

COSTCO WHOLESALE

UNITED STATES

38402

COTEMINAS

BRAZIL

31211

CSC TRANSPORTATION

UNITED STATES

f13770

CAMERON INDUSTRIES CONSULT INC.

VIRGIN ISLANDS, BRITISH

f12602

CARTERA DE INVERSIONES VENEZOLA C.A.

UNITED STATES

37741

CASAM INT

EGYPT

f10307

COLONY ADVISORS, LLC

UNITED STATES

f10124

CONANICUT AVIATION

UNITED STATES

30812

CONSOLIDATED INVESTMENT GROUP

UNITED STATES

37371

DAKO AIRLINES SA

LUXEMBOURG

36557

DANGOTE INDUSTRIES

NIGERIA

36006

DAR JANA GROUP

SAUDI ARABIA

32598

DELIA A/S

DENMARK

36591

DELMAR SYSTEMS INC.

UNITED STATES

36268

DELTON GROUP INC.

RUSSIAN FEDERATION

27358

DI AIR

MONTENEGRO

38765

DIAMOND CAPITAL INV

UNITED STATES

18428

DOLE FOODS

UNITED STATES

28426

DOLPHIN AIR EXPRESS

ITALY

9322

DOMUS

ITALY

f11470

DOUBLE V RESOURCES LLC

UNITED STATES

30245

DRAX GROUP

UNITED STATES

31864

DS AVIATION

ISRAEL

23676

DUDMASTON LTD

SWITZERLAND

29468

DILLARD'S INC.

UNITED STATES

39049

E C MENZIES AVIATION

UNITED STATES

33586

E+A AVIATION

SWITZERLAND

13008

EDS USA

UNITED STATES

47761

EGO AIRWAYS SPA

ITALY

f12872

EGRET MANAGEMENT LLC

UNITED STATES

27824

ELIWORK SRL

ITALY

8149

ENAV ITALIA

ITALY

34700

EP AVIATION LLC

UNITED STATES

1039

ETHIOPIAN AIRLINES

ETHIOPIA

f12110

EUROJET HOLDINGS LTD

BERMUDA

36996

EXECUJET CHARTER SVC

UNITED STATES

1076

EXXONMOBIL AV SVCS

UNITED STATES

42493

ELK MOUNTAIN CONSULTING LLC

UNITED STATES

f11891

ENCANTO INVESTMENT INC

UNITED STATES

45526

FAISAL MEHMOOD

SAUDI ARABIA

f12791

FERTITTA ENTERTAINMENT LLC

UNITED STATES

24342

FININVEST

ITALY

22368

FINMECCANICA S.P.A DIVISIONE ELICOTTERI

ITALY

31568

FINMECCANICA S.P.A DIVISIONE VELIVOLI

ITALY

48419

FLEXJET OPERATIONS MALTA LIMITED

MALTA

31464

FLIGH TEST ASSOCIATE

UNITED STATES

32391

FLIGHTPARTNER

UNITED KINGDOM

43521

FLY ONE S.R.L.

MOLDOVA, REPUBLIC OF

36118

FLY540 KENYA

KENYA

46113

FLYBOSNIA D.O.O.

BOSNIA AND HERZEGOVINA

21557

FLYNOR JET

ITALY

38931

FORTE AVIATION PARTS

UNITED STATES

37983

FRI-EL GREEN POWER

ITALY

35183

FIRSTENERGY SERVICE COMPANY

UNITED STATES

f10871

FORT CALUMET COMPANY

UNITED STATES

f10215

FRY'S ELECTRONICS, INC.

UNITED STATES

f12234

FULL HILL LIMITED HONG KONG

HONG KONG SAR

43740

FULL WING HOLDINGS LIMITED

SINGAPORE

34836

G200 LTD

BERMUDA

32161

G350 LEASING LLC

UNITED STATES

34858

GALAXY AIRWAYS INC.

CANADA

37037

GAMAY ENTERPRISES LT

BRAZIL

1278

GE CORPORATE AIR TRP

UNITED STATES

35213

GEDEAM TOURISM S.A.

LUXEMBOURG

30273

GEFA LEASING GMBH

GERMANY

29961

GENERAL WORK GUINEA

EQUATORIAL GUINEA

36315

GEO LOGISTICA

ITALY

33100

GHK COMPANY LLC

UNITED STATES

36948

GIANAIR LTD

GHANA

30058

GIV AIRWAYS LLC

UNITED KINGDOM

36179

GLENN EAGLES RESEARC

RUSSIAN FEDERATION

f12981

GLOBAL MANAGEMENT CONSULTING LTD

UNITED STATES

27805

GMG AIRLINES LTD

BANGLADESH

32024

GMR INDUSTRY LTD

INDIA

29615

GOLDEN AIR SRL

ITALY

32887

GP AVIATION

UNITED STATES

f11463

GR1040 INC

UNITED STATES

3259

GRAINGER

UNITED STATES

36873

GRASKOP AVIATION LLC

BRAZIL

6179

GREENAAP CONSULTANTS

UNITED KINGDOM

23240

GTC MANAGEMT BURBANK

UNITED STATES

31017

GULF AVIATION

UNITED ARAB EMIRATES

32263

GUTMEN INC.

BRAZIL

f10914

GALT AVIATION, LLC

UNITED STATES

38698

GLOBAL PIPELINE SERVICES LTD

UNITED KINGDOM

12127

HAMILTON COMPANIES

UNITED STATES

32296

HANSUNG AIRLINES

KOREA, REPUBLIC OF

34031

HAWKER 700LTD

UNITED KINGDOM

31253

HERITAGE JETS (FL)

UNITED STATES

38229

HERMES AVIATION LTD.

MALTA

f10248

HGA, LLC

UNITED STATES

37563

HIGH TECH AIRCRAFT 2

UNITED STATES

42259

HK BELLAWINGS JET

CHINA

22863

HUBBARD ENTERPRISES

UNITED STATES

31089

HAWKER AVIATION LLC

UNITED STATES

f12241

HERMES CAPITAL LIMITED BERMUDA

BERMUDA

37266

HEWLETT PACKARD INC.

UNITED STATES

40880

HOOD CAPITAL LLC

UNITED STATES

37842

IBEX AIR CHARTER

LEBANON

17402

IBM

UNITED STATES

36144

ILC AVIATION GMBH

AUSTRIA

25061

INAER AVIATION ITALIA S.P.A.

ITALY

36788

INDONESIA AIR TRA(2)

INDONESIA

38619

INSPERITY INC

UNITED STATES

36455

INTL AVIATION LLC

UNITED STATES

26959

ISCAR ISRAEL

ISRAEL

27510

ITALEASE

ITALY

48643

ITALIA TRASPORTO AEREO S.P.A.

ITALY

f13901

INDIKA MITRA INVESTMENTS PTE LTD

UNITED STATES

f10259

INVERSIONES FAR WEST INC.

UNITED STATES

38415

JB AVIATION II LLC

UNITED STATES

37841

JBS S/A

BRAZIL

493

JC BAMFORD EXCAVATORS LTD

UNITED KINGDOM

35564

JET AVIATION (VA)

UNITED STATES

38551

JET AVIVA LLC

UNITED STATES

25029

JET PLANE CORP

DENMARK

31941

JET SUPPORT GROUP

CAYMAN ISLANDS

32677

JETALLIANCE EAST JSC

RUSSIAN FEDERATION

38438

JETCOM S.R.L.

ITALY

34346

JETDIRECT AVTN INC

UNITED STATES

32062

JETEX FLIGHT SUPPORT

LIBYA

30695

JETLINK EXPRESS

KENYA

42277

JETOLOGY GMBH

AUSTRIA

34576

JETPLANET S.R.L.

ITALY

f12752

JK AVIATION LLC

UNITED STATES

f12763

JODA LLC

UNITED STATES

f10283

JSM AT FALCON, LLC

UNITED STATES

f10285

JUSTRAVL AIRCRAFT MANAGEMENT, INC.

UNITED STATES

32068

K & M AVIATION

UNITED STATES

43770

KAITAR RESOURCES

UNITED STATES

36322

KARNAVATI AVIATION

INDIA

38012

KAUPÉ AVIATION LTD

SWITZERLAND

32845

KILMER MANAGEMENT

CANADA

26927

KNICKERBOCKER

UNITED STATES

38264

KRYPTON AVIATION LTD

IRELAND

f11389

L & L LEASING IV LLC

UNITED STATES

31324

LAS VEGAS SANDS

UNITED STATES

29205

LATIUM 3 INC

UNITED STATES

32713

LAUTHER-PHILLIPS

UNITED STATES

29027

LEADING EDGE

UNITED STATES

38276

LEILA JET LTD.

UNITED ARAB EMIRATES

30044

LEMOINE INVESTMENTS

UNITED STATES

31451

LENNAR

UNITED STATES

f10880

LFG AVIATION

AUSTRALIA

f15957

LFG AVIATION LIMITED

UNITED KINGDOM

23188

LIBYAN AIR AMBULANCE

LIBYA

1727

LIBYAN AIRLINES

LIBYA

39036

LIFEJET LTD.

MALTA

31756

LIGHTAIR

UNITED STATES

18942

LINDSTROEM ENAR

SWEDEN

33253

LINUS AIRWAYS

INDONESIA

28628

LUKOIL AVIA

RUSSIAN FEDERATION

45395

LUMIWINGS SA

GREECE

48565

LUXWING LTD (ITALIAN BRANCH)

ITALY

22416

LVOV AIRLINES

UKRAINE

f10999

LATAM LLC

UNITED STATES

f14955

LEITRIM MANAGEMENT SA

PANAMA

f10839

LEONARD GREEN AND PARTNERS, L.P.

UNITED STATES

f10781

LUCKY FIVES LLC

UNITED STATES

37803

M-NICE LIMITED

GERMANY

33931

MACSTEEL JET SVCS

BERMUDA

35314

MAE AIRCRAFT MGMT.

BAHRAIN

36367

MAGELLAN AVIATION

IRELAND

36421

MARCPLAN CHARTER

AUSTRALIA

27891

MASS MUTUAL LIFE

UNITED STATES

39901

MATONE PROMOTORA

BRAZIL

35469

MAZAG

CAYMAN ISLANDS

31708

MCAIR SERVICES

UNITED KINGDOM

26848

MCDONALD'S CORP

UNITED STATES

38206

MELO PARTICIPACOES

BRAZIL

32051

MERIDIAN AIRCOMPANY

UKRAINE

37676

MILLENNIUM LABS

UNITED STATES

24266

MINISTERO INTERNO

ITALY

36406

MISTER JET

GERMANY

f10769

MSS FALCON 900LLC

UNITED STATES

36762

MURRAY AIR

UNITED KINGDOM

34926

MURRAY AIR LTD

MALTA

45058

MYWAY AIRLINES

GEORGIA

36491

MANAGEMENT SERVICES

UNITED STATES

f10828

MARNELL CORRAO ASSOCIATES

UNITED STATES

f10315

MEXICO TRANSPORTES AEREOS S.A DE C.V.

MEXICO

28892

N90BJ

UNITED STATES

36980

NAND AVIATION

SAUDI ARABIA

33889

NAVELLIER & ASSOCS

UNITED STATES

28484

NEOS

ITALY

36477

NESMA AIRLINES

EGYPT

f12702

NETJETS SALES INC

UNITED STATES

33201

NEWCO MANAGEMENT GRP

UNITED STATES

26030

NEXT CENTURY AVTN

UNITED STATES

29756

NOEVIR AVIATION

UNITED STATES

30609

NORDAVIA - REGIONAL AIRLINES, JSC

RUSSIAN FEDERATION

f11329

NORLEASE INC

UNITED STATES

f14731

NORTHEASTERN AVIATION

UNITED STATES

f12605

NET MEDICAL, C.A.

UNITED STATES

26129

NEW WORLD AVIATION, INC.

UNITED STATES

f10338

NORDSTROM, INC.

UNITED STATES

f10633

NORTHWESTERN MUTUAL LIFE INS. CO.

UNITED STATES

27302

OAK MANAGEMENT

UNITED STATES

33502

OCEAN SKY (TURKEY)

TURKEY

35934

ODYSSEY ADVENTURES

UNITED STATES

37412

OPI SERVIZI S.R.L.

ITALY

36149

OZARK MANAGEMENT (2)

UNITED STATES

32200

PABLO AIR LINE SRL

ITALY

32786

PACIFIC INFORMATION

NETHERLANDS

31079

PAFO

UNITED STATES

35642

PELICAN DEVELOPMENT

UNITED STATES

32710

PENN NATIONAL GAMING

UNITED STATES

31232

PETROFF AIR

RUSSIAN FEDERATION

36592

PFP AVIATION LLC

UNITED STATES

36071

PHOENIX AVTN MNGMENT

EGYPT

32057

PINNACLE OPERATIONS

UNITED STATES

28946

PITTCO

UNITED STATES

34770

PL LOGISTICS CORP

SOUTH AFRICA

44877

PLATINUM EQUITY LLC

UNITED STATES

43114

POBEDA AIRLINES, LLC

RUSSIAN FEDERATION

8487

POSTE AIR CARGO S.R.L.

ITALY

30442

PRECISION AIR SVCS

TANZANIA, UNITED REPUBLIC OF

23692

PRECISION AIR SVCS.

TANZANIA, UNITED REPUBLIC OF

31222

PRIVATE AIRCRAFT INT

ISRAEL

25235

PROVINCIA AUTONOMA

ITALY

32329

PUNJ LLOYD

INDIA

f11009

PARK RISE INVESTMENTS LTD.

VIRGIN ISLANDS, BRITISH

f10557

PENOBSCOT PROPERTIES, LLC

UNITED STATES

f10357

PINEHURST MEADOWS LLC

UNITED STATES

f10372

R.O.P. AVIATION, INC.

UNITED STATES

f11465

RAMSEY ASSET MANAGEMENT LLC

UNITED STATES

33019

REALI TAXI AEREO

BRAZIL

29515

RED LINE AIR LLC

UNITED STATES

37772

REMOREX PTY LTD AUS

AUSTRALIA

22653

RENAIR 315 LLC

UNITED STATES

27572

RHEA VENDORS

ITALY

32661

ROONEY HOLDINGS INC

UNITED STATES

33024

ROYAL FALCON

JORDAN

f11347

RSI HOLDING LLC

UNITED STATES

f10373

RAPTOR GROUP HOLDINGS LP

UNITED STATES

f10390

ROCHESTER AVIATION, INC.

UNITED STATES

30783

S EQUATORIAL GUINEA

EQUATORIAL GUINEA

29524

S.K.M.

BERMUDA

f12989

SAFEGUARD ENTERPRISES LLC

UNITED STATES

45973

SAN MARINO EXECUTIVE AVIATION S.R.L.

SAN MARINO

37839

SARDINIAN SKY SERVIC

ITALY

35774

SASO AIR LLC

BRAZIL

f11482

SCP AVIATION LLC

UNITED STATES

28283

SCS SERVICES

UNITED STATES

25882

SEQUOIA MILLENNIUM

UNITED STATES

36271

SERVICE CORP INTL

UNITED STATES

23243

SERVIS AIR HAVA

TURKEY

10356

SERVIZI TRASPORTI

ITALY

28179

SEVASTOPOL AVIA

UKRAINE

37392

SGC AVIATION GMBH

AUSTRIA

27163

SHERIDAN AVTN

UNITED STATES

36742

SILVER BIRD INT.

GERMANY

8484

SIRIO

ITALY

34918

SKY AERONAUTICAL

IRELAND

37931

SKY BEYOND

SINGAPORE

35899

SKY LINE SRL

ITALY

38190

SKYJET AVIATION SVCS

NIGERIA

31624

SKYKAR AVIATION

UNITED STATES

10748

SKYSERVICE AIRLINES

CANADA

31074

SKYWAY RUSSIA

RUSSIAN FEDERATION

34027

SOPHIA AIRLINES

CÔTE D'IVOIRE

34631

SORENA EXPORT LTD.

UKRAINE

45925

SORENS AERO SM S.R.L.

SAN MARINO

36438

SOUTH AFRICAN EXP.

SOUTH AFRICA

30462

SOUTHERN AIR SYSTEM

UNITED STATES

36112

SPAN AIR PVT LTD

INDIA

30747

SPRINGLINE

CAYMAN ISLANDS

38586

STAR AERO HOLDINGS

UNITED STATES

34744

STAR UP S.A.

PERU

25832

STEPHENSON AIR SVCS

UNITED STATES

37243

STRYKER CORP.

UNITED STATES

29813

SUNCOR ENERGY

CANADA

34329

SVCS AEREOS DENIM

MEXICO

31789

SYDNEY JET CHARTER

AUSTRALIA

f10435

SYMAX LLC

UNITED STATES

20467

SAMARITAN'S PURSE

UNITED STATES

2428

SENTRY INSURANCE A MUTUAL COMPANY DBA PRODUCTIVITY

UNITED STATES

f10400

SERVICIOS AEREOS SUDAMERICANOS S.A.

ARGENTINA

37964

SKY WINGS LTD

GERMANY

30904

SKYFLIGHT

UNITED STATES

31505

SPRINGWAY

RUSSIAN FEDERATION

29126

STAR AIRCRAFT LEASING S.A.

UNITED STATES

f10414

STATE FARM MUTUAL AUTOMOBILE INSURANCE CO.

UNITED STATES

31740

SUNSTATE AVIATION AND LEASING, LLC

UNITED STATES

22663

TAVISTOCK AVTN

UNITED STATES

36827

TCC AIR SERVICES INC

UNITED STATES

38643

TESSITURA ROBECCHETT

ITALY

36462

TOP ACES INC

CANADA

32110

TOP AIRCRAFT

UNITED STATES

37276

TRI MARINE LOGISTICS

UNITED STATES

31381

TRIP LINHAS AEREAS 2

BRAZIL

33685

TRT EQUITY ADVISORS LLC

UNITED STATES

36364

TIME WARNER CABLE ENTERPRISES LLC.

UNITED STATES

f12493

TITLEMAX AVIATION, INC.

UNITED STATES

f11186

TRINITY BROADCASTING OF FL., INC.

UNITED STATES

35594

UNITED AIRGROUP COR.

VIRGIN ISLANDS, BRITISH

35073

UNITED AVIATION (HL)

LIBYA

f12469

UPMC

UNITED STATES

f12001

V1 AVIATION INC.

UNITED STATES

34977

V1 FLT SUP. INTL

UNITED STATES

42737

VALOR FLY LTD

MALTA

29884

VIZAVI-AVIA LTD

RUSSIAN FEDERATION

32561

VK AVIATION USA

UNITED STATES

32987

VOLIAMO

SWITZERLAND

42494

VERDE CAPITAL CORP

UNITED STATES

35634

WALKER AIR

AUSTRALIA

34937

WELLARD AVIATION

AUSTRALIA

f11301

WELLS FARGO DELAWARE TRUST CO NA TRUSTEE

UNITED STATES

34127

WELTALL-AVIA

RUSSIAN FEDERATION

30275

WESTERN STONE &METAL

UNITED STATES

34873

WESTSTAR AVTN SVCS

MALAYSIA

8586

WHIRLPOOL

UNITED STATES

38875

WHITE TAIL AVTN AVV

UNITED STATES

26545

WIDEWORLD SRVCS

URUGUAY

38045

WIN AIR JET

TAIWAN

33364

WINDROSE AVIATION

UKRAINE

29596

WINNEPEG C/O REYES

UNITED STATES

22444

WORTHINGTON INDUSTRY

UNITED STATES

f10568

WESTBURY GROUP LTD.

BERMUDA

2634

WESTERN AIR CHARTER INC

UNITED KINGDOM

f10872

WESTWIND AQUISITION

UNITED STATES

f12248

WORLD NOBLE LIMITED CAYMAN ISLAND

VIRGIN ISLANDS, BRITISH

35438

XLA AVIATION

SWITZERLAND

f13019

XCOAL ENERGY & RESOURCES

UNITED STATES

28383

YAKUTIA AIRCOMPANY J

RUSSIAN FEDERATION

CYPRUS

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 33683 | A&S WORLD AIRCRAFT | UNITED STATES |
| 35731 | AGREVIA HOLDINGS | GREECE |
| 27258 | AIM AVIATION | ISRAEL |
| 34989 | AIR EXECUTIVE | CYPRUS |
| 32393 | AIR ONE CORP | SWITZERLAND |
| 37309 | AIRLINE ALLIED SVCS | INDIA |
| 10639 | AIRSTAR GROUP | UNITED STATES |
| 33059 | ALLIANCE AIR | INDIA |
| 34807 | ALMOJIL AVIATION | UNITED ARAB EMIRATES |
| 47632 | ARIUS LTD | CHINA |
| 36209 | ARK AIRWAYS | ARMENIA |
| 31856 | AVIATION SVCS GUAM | UNITED STATES |
| 25193 | AVIATORS INDIA | INDIA |
| 33319 | AIRCRAFT ASSOCIATES INC | UNITED STATES |
| f10023 | ALPHA TECHNOLOGIES, INC. | UNITED STATES |
| 37570 | AZUR AVIATION | FRANCE |
| 31603 | BRITISH GULF INTNL | UNITED ARAB EMIRATES |
| 31988 | BUSINESS-AERO OOO | RUSSIAN FEDERATION |
| 37660 | CENTAURI RP AVIATION | UNITED STATES |
| 33580 | CENTRAFRIQUE AIR EXP | CENTRAL AFRICAN REPUBLIC |
| 44370 | CHARLIE AIRLINES LTD | CYPRUS |
| 12148 | CHIM NIR AVIATION | ISRAEL |
| 34081 | COMAIR (KULULA) | SOUTH AFRICA |
| 20324 | CSM AVIATION | CYPRUS |
| 866 | CYPRUS AIRWAYS | CYPRUS |
| 33534 | DOIYATEC COMMS LTD | NIGERIA |
| 27554 | EDT SHIPMANAGEMENT | CYPRUS |
| 16417 | EUROCYPRIA | CYPRUS |
| 31008 | FALCON EXPRESS CARGO | UNITED ARAB EMIRATES |
| 44973 | FALCON WINGS | UNITED ARAB EMIRATES |
| 34679 | FALLBROOK PTY LTD | AUSTRALIA |
| 34823 | FIRST KUWAITI | KUWAIT |
| 31112 | FLAIR AVIATION GMBH | GERMANY |
| 37354 | FLY ME | MALDIVES |
| 8214 | FUNAIR | UNITED STATES |
| 36929 | GLOBAL JET DUBAI | UNITED ARAB EMIRATES |
| 35606 | GLOBAL PROJECTS | INDIA |
| 7978 | GLOBE AERO (3) | UNITED STATES |
| 31245 | GLOBE JET | LEBANON |
| 32491 | GOAIRLINES INDIA | INDIA |
| 34421 | GULF JET (DUBAI) | UNITED ARAB EMIRATES |
| f10827 | GLENN EAGLES RESEARCH LLP | UNITED KINGDOM |
| 29619 | HAMRA AIR | UNITED ARAB EMIRATES |
| f12985 | HELMSBRISCOE | UNITED STATES |
| 36429 | HINDUSTAN CONSTRUCT. | INDIA |
| 32114 | INDO PACIFIC AVTN | INDIA |
| 35562 | INTEGRATED AVIATION | JORDAN |
| 31523 | INTERLINK AIRLINES | SOUTH AFRICA |
| 5292 | JENSON & NICHOLSON | SINGAPORE |
| 7132 | JOANNOU PARASKEVAIDE | UNITED KINGDOM |
| 36427 | JSW STEEL LTD | INDIA |
| 30932 | KINGFISHER AIRLINES | INDIA |
| 46191 | M&N AVIATION | UNITED STATES |
| 30973 | MARSLAND AVIATION | SUDAN |
| 31441 | MEGA | KAZAKHSTAN |
| 1102 | MIL NETHERLANDS | NETHERLANDS |
| 35759 | NAL ASSET MANAGEMENT LTD | UNITED KINGDOM |
| 28698 | NATIONAL ACFT LEASIN | UNITED STATES |
| 35849 | NATIONAL AVTN COMP. | INDIA |
| 32955 | NEW MACAU LANDMARK | MACAO SAR |
| 46450 | NORTH-WEST LLC | RUSSIAN FEDERATION |
| 24788 | ORIENT THAI AIRLINES | THAILAND |
| 30217 | ORION AIR PTE | SINGAPORE |
| 31143 | ORION-X" LTD. | RUSSIAN FEDERATION |
| 24229 | PANKH | RUSSIAN FEDERATION |
| 32162 | PARAMOUNT AIRWAYS VI | INDIA |
| 30697 | PEARSONS ASSETS GRP | SINGAPORE |
| 37181 | PINNACLE AIR PVT LTD | INDIA |
| 38271 | PRESTIGE INTL HOLDIN | UNITED ARAB EMIRATES |
| f10384 | RELIANCE TRANSPORT & TRAVELS PVT LTD | INDIA |
| f11013 | ROCKCREEK AVIATION | UNITED STATES |
| f10393 | SAIB LLC | UNITED STATES |
| 26471 | SAKAVIA SERVICE | GEORGIA |
| 32298 | SCANDI HIST FLIGHT | NORWAY |
| 26695 | SELECT PLANT HIRE | UNITED KINGDOM |
| 48700 | SEVEN THREE SEVEN | UNITED STATES |
| 29833 | SKY GATE | JORDAN |
| 47965 | SMJET SRL | SAN MARINO |
| 36639 | STARS AWAY AVIATION | SOUTH AFRICA |
| f10401 | SHOTGUN RANCH | UNITED STATES |
| 34281 | SKY AVIATION SERVICES | UNITED ARAB EMIRATES |
| 33512 | TAHMID AIR | KAZAKHSTAN |
| 43177 | TUS AIRWAYS LTD | CYPRUS |
| 29649 | UB AIR PVT LTD | UNITED STATES |
| 30383 | UKRAINIAN HELICOPTER | UKRAINE |
| 26103 | UTAIR-HELICOPTERS | RUSSIAN FEDERATION |
| 26821 | VERTICAL-T COMPANY | RUSSIAN FEDERATION |

CRCO Identification number

Operator Name

State of the Operator

33683

A&S WORLD AIRCRAFT

UNITED STATES

35731

AGREVIA HOLDINGS

GREECE

27258

AIM AVIATION

ISRAEL

34989

AIR EXECUTIVE

CYPRUS

32393

AIR ONE CORP

SWITZERLAND

37309

AIRLINE ALLIED SVCS

INDIA

10639

AIRSTAR GROUP

UNITED STATES

33059

ALLIANCE AIR

INDIA

34807

ALMOJIL AVIATION

UNITED ARAB EMIRATES

47632

ARIUS LTD

CHINA

36209

ARK AIRWAYS

ARMENIA

31856

AVIATION SVCS GUAM

UNITED STATES

25193

AVIATORS INDIA

INDIA

33319

AIRCRAFT ASSOCIATES INC

UNITED STATES

f10023

ALPHA TECHNOLOGIES, INC.

UNITED STATES

37570

AZUR AVIATION

FRANCE

31603

BRITISH GULF INTNL

UNITED ARAB EMIRATES

31988

BUSINESS-AERO OOO

RUSSIAN FEDERATION

37660

CENTAURI RP AVIATION

UNITED STATES

33580

CENTRAFRIQUE AIR EXP

CENTRAL AFRICAN REPUBLIC

44370

CHARLIE AIRLINES LTD

CYPRUS

12148

CHIM NIR AVIATION

ISRAEL

34081

COMAIR (KULULA)

SOUTH AFRICA

20324

CSM AVIATION

CYPRUS

866

CYPRUS AIRWAYS

CYPRUS

33534

DOIYATEC COMMS LTD

NIGERIA

27554

EDT SHIPMANAGEMENT

CYPRUS

16417

EUROCYPRIA

CYPRUS

31008

FALCON EXPRESS CARGO

UNITED ARAB EMIRATES

44973

FALCON WINGS

UNITED ARAB EMIRATES

34679

FALLBROOK PTY LTD

AUSTRALIA

34823

FIRST KUWAITI

KUWAIT

31112

FLAIR AVIATION GMBH

GERMANY

37354

FLY ME

MALDIVES

8214

FUNAIR

UNITED STATES

36929

GLOBAL JET DUBAI

UNITED ARAB EMIRATES

35606

GLOBAL PROJECTS

INDIA

7978

GLOBE AERO (3)

UNITED STATES

31245

GLOBE JET

LEBANON

32491

GOAIRLINES INDIA

INDIA

34421

GULF JET (DUBAI)

UNITED ARAB EMIRATES

f10827

GLENN EAGLES RESEARCH LLP

UNITED KINGDOM

29619

HAMRA AIR

UNITED ARAB EMIRATES

f12985

HELMSBRISCOE

UNITED STATES

36429

HINDUSTAN CONSTRUCT.

INDIA

32114

INDO PACIFIC AVTN

INDIA

35562

INTEGRATED AVIATION

JORDAN

31523

INTERLINK AIRLINES

SOUTH AFRICA

5292

JENSON & NICHOLSON

SINGAPORE

7132

JOANNOU PARASKEVAIDE

UNITED KINGDOM

36427

JSW STEEL LTD

INDIA

30932

KINGFISHER AIRLINES

INDIA

46191

M&N AVIATION

UNITED STATES

30973

MARSLAND AVIATION

SUDAN

31441

MEGA

KAZAKHSTAN

1102

MIL NETHERLANDS

NETHERLANDS

35759

NAL ASSET MANAGEMENT LTD

UNITED KINGDOM

28698

NATIONAL ACFT LEASIN

UNITED STATES

35849

NATIONAL AVTN COMP.

INDIA

32955

NEW MACAU LANDMARK

MACAO SAR

46450

NORTH-WEST LLC

RUSSIAN FEDERATION

24788

ORIENT THAI AIRLINES

THAILAND

30217

ORION AIR PTE

SINGAPORE

31143

ORION-X" LTD.

RUSSIAN FEDERATION

24229

PANKH

RUSSIAN FEDERATION

32162

PARAMOUNT AIRWAYS VI

INDIA

30697

PEARSONS ASSETS GRP

SINGAPORE

37181

PINNACLE AIR PVT LTD

INDIA

38271

PRESTIGE INTL HOLDIN

UNITED ARAB EMIRATES

f10384

RELIANCE TRANSPORT & TRAVELS PVT LTD

INDIA

f11013

ROCKCREEK AVIATION

UNITED STATES

f10393

SAIB LLC

UNITED STATES

26471

SAKAVIA SERVICE

GEORGIA

32298

SCANDI HIST FLIGHT

NORWAY

26695

SELECT PLANT HIRE

UNITED KINGDOM

48700

SEVEN THREE SEVEN

UNITED STATES

29833

SKY GATE

JORDAN

47965

SMJET SRL

SAN MARINO

36639

STARS AWAY AVIATION

SOUTH AFRICA

f10401

SHOTGUN RANCH

UNITED STATES

34281

SKY AVIATION SERVICES

UNITED ARAB EMIRATES

33512

TAHMID AIR

KAZAKHSTAN

43177

TUS AIRWAYS LTD

CYPRUS

29649

UB AIR PVT LTD

UNITED STATES

30383

UKRAINIAN HELICOPTER

UKRAINE

26103

UTAIR-HELICOPTERS

RUSSIAN FEDERATION

26821

VERTICAL-T COMPANY

RUSSIAN FEDERATION

LATVIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 37312 | AERO TRANSPORTE SA | UNITED STATES |
| 28309 | AEROKLUB AIST | RUSSIAN FEDERATION |
| 23085 | AIR BALTIC COORPORATION | LATVIA |
| 47345 | ELERON AVIATION LLC | UKRAINE |
| 31027 | FERAFORT INVESTMENT | UNITED ARAB EMIRATES |
| 35448 | HENNY, J | BELGIUM |
| 18062 | INVERSIA CARGO | LATVIA |
| 37294 | MARIMAX JETS LTD. | RUSSIAN FEDERATION |
| 24839 | RUSAIR JOINT STOCK | RUSSIAN FEDERATION |
| 34950 | SIMPLEJET LV | LATVIA |
| 37697 | SKY GUINEE AIRLINES | TAJIKISTAN |
| 21470 | SMARTLYNX AIRLINES | LATVIA |
| 36339 | TARCO AIR | SUDAN |
| 35294 | TRI STAR AVTN CO | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

37312

AERO TRANSPORTE SA

UNITED STATES

28309

AEROKLUB AIST

RUSSIAN FEDERATION

23085

AIR BALTIC COORPORATION

LATVIA

47345

ELERON AVIATION LLC

UKRAINE

31027

FERAFORT INVESTMENT

UNITED ARAB EMIRATES

35448

HENNY, J

BELGIUM

18062

INVERSIA CARGO

LATVIA

37294

MARIMAX JETS LTD.

RUSSIAN FEDERATION

24839

RUSAIR JOINT STOCK

RUSSIAN FEDERATION

34950

SIMPLEJET LV

LATVIA

37697

SKY GUINEE AIRLINES

TAJIKISTAN

21470

SMARTLYNX AIRLINES

LATVIA

36339

TARCO AIR

SUDAN

35294

TRI STAR AVTN CO

UNITED STATES

LITHUANIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 26887 | AEROCENTRUM SPOL | CZECHIA |
| 37287 | ASSOCIATION B-JET LT | LITHUANIA |
| 35868 | AVIA FUNDS MNGMT | LITHUANIA |
| 26550 | AVIAVILSA LVR | LITHUANIA |
| 31300 | AVION EXPRESS | LITHUANIA |
| 48075 | AVION EXPRESS (2) | LITHUANIA |
| 36910 | EUROPOS VARTAI, VSI | LITHUANIA |
| 43825 | EXPRESS AIR CARGO | TUNISIA |
| 43681 | GETJET AIRLINES | LITHUANIA |
| 39561 | GRAND CRU AIRLINES | LITHUANIA |
| 38814 | JENDELA | GERMANY |
| 34813 | MERIDIAN AIRWAYS | NIGERIA |
| 31219 | QANOT SHARQ | UZBEKISTAN |
| 35831 | SAKHALINSKIE (SAT) | RUSSIAN FEDERATION |
| 32679 | SAMAL AIR | KAZAKHSTAN |
| 25815 | SCAT | KAZAKHSTAN |
| 34582 | SMALL PLANET (EY) | LITHUANIA |
| 30296 | STAR UP | PERU |
| 27781 | TRITON AVTN SERVICES | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

26887

AEROCENTRUM SPOL

CZECHIA

37287

ASSOCIATION B-JET LT

LITHUANIA

35868

AVIA FUNDS MNGMT

LITHUANIA

26550

AVIAVILSA LVR

LITHUANIA

31300

AVION EXPRESS

LITHUANIA

48075

AVION EXPRESS (2)

LITHUANIA

36910

EUROPOS VARTAI, VSI

LITHUANIA

43825

EXPRESS AIR CARGO

TUNISIA

43681

GETJET AIRLINES

LITHUANIA

39561

GRAND CRU AIRLINES

LITHUANIA

38814

JENDELA

GERMANY

34813

MERIDIAN AIRWAYS

NIGERIA

31219

QANOT SHARQ

UZBEKISTAN

35831

SAKHALINSKIE (SAT)

RUSSIAN FEDERATION

32679

SAMAL AIR

KAZAKHSTAN

25815

SCAT

KAZAKHSTAN

34582

SMALL PLANET (EY)

LITHUANIA

30296

STAR UP

PERU

27781

TRITON AVTN SERVICES

UNITED STATES

LUXEMBOURG

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 36598 | AERO NORTH INTL LTD | CHINA |
| 24391 | AERO-CHARTER UKRAINE | UKRAINE |
| 36613 | BULLFINCH LTD | BERMUDA |
| 724 | CARGOLUX | LUXEMBOURG |
| f11328 | EBAY INC | UNITED STATES |
| 26356 | EMERALD AVTN USA | UNITED STATES |
| 37613 | FLEET UNLIMITED | UNITED STATES |
| 26052 | GLOBAL JET LUXEMBOUR | LUXEMBOURG |
| 25247 | HUSKY | CANADA |
| 38885 | LOUE AIR S.A. | LUXEMBOURG |
| 1781 | LUXAIR | LUXEMBOURG |
| 23415 | LUXAVIATION S.A. | LUXEMBOURG |
| 22811 | MASCO | UNITED STATES |
| 6051 | RANGEFLYERS, INC | UNITED STATES |
| 29957 | SMART CARGO S.A. | LUXEMBOURG |
| 37485 | STRATEGIC AIR SA | LUXEMBOURG |
| 32947 | SUPARNA AIRLINES | CHINA |
| 25108 | TRADEWINDS AIRLINES | UNITED STATES |
| 38821 | UNI-TOP AIRLINES | CHINA |
| 43606 | ZIMMER INC. | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

36598

AERO NORTH INTL LTD

CHINA

24391

AERO-CHARTER UKRAINE

UKRAINE

36613

BULLFINCH LTD

BERMUDA

724

CARGOLUX

LUXEMBOURG

f11328

EBAY INC

UNITED STATES

26356

EMERALD AVTN USA

UNITED STATES

37613

FLEET UNLIMITED

UNITED STATES

26052

GLOBAL JET LUXEMBOUR

LUXEMBOURG

25247

HUSKY

CANADA

38885

LOUE AIR S.A.

LUXEMBOURG

1781

LUXAIR

LUXEMBOURG

23415

LUXAVIATION S.A.

LUXEMBOURG

22811

MASCO

UNITED STATES

6051

RANGEFLYERS, INC

UNITED STATES

29957

SMART CARGO S.A.

LUXEMBOURG

37485

STRATEGIC AIR SA

LUXEMBOURG

32947

SUPARNA AIRLINES

CHINA

25108

TRADEWINDS AIRLINES

UNITED STATES

38821

UNI-TOP AIRLINES

CHINA

43606

ZIMMER INC.

UNITED STATES

HUNGARY

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 25569 | ABC AIR HUNGARY | HUNGARY |
| 32787 | AEROLIMOUSINE RUSSIA | RUSSIAN FEDERATION |
| 34259 | AIR HIGHNESSES LTD. | ARMENIA |
| 28525 | AIRQUARIUS CONTRACTS | SOUTH AFRICA |
| 36490 | ALBION HOLDINGS LTD | UNITED KINGDOM |
| 20273 | ASL AIRLINES HUNGARY | HUNGARY |
| 29545 | AVIA CREW LEASING | UNITED STATES |
| 31616 | BALTYKA LTD. | UKRAINE |
| 21621 | BLACKBURN INTL.HU | HUNGARY |
| 32389 | EASTERN EXPRESS | KAZAKHSTAN |
| 30366 | JET-STREAM KFT | HUNGARY |
| 36479 | JETEX FLT SUP. DUBAI | UNITED ARAB EMIRATES |
| 39195 | JABIL CIRCUIT, INC. | UNITED STATES |
| 24336 | KRUNK AVIATION | UKRAINE |
| 1103 | MIL HUNGARY | HUNGARY |
| 35863 | MIL HUNGARY NAMA | HUNGARY |
| 32487 | P.M. AIR | CANADA |
| 31411 | PLAZA CENTERS LTD. | HUNGARY |
| 37039 | ROLLINS AIR | HONDURAS |
| 35145 | SKA INTERNATIONAL | UNITED ARAB EMIRATES |
| 37703 | SKIVA AIR | ARMENIA |
| 38354 | SKY AVIATION (IND) | INDONESIA |
| 32526 | SKYEXPRESS JSC | RUSSIAN FEDERATION |
| 27768 | SMARTWINGS HUNGARY KFT. | HUNGARY |
| 32807 | SUN TV NETWORK | INDIA |
| 27948 | TAM AIR JSC | GEORGIA |
| 34398 | TOTAL AERO SVCS LTD | UNITED KINGDOM |
| 34636 | UKRSPETSEXPORT | UKRAINE |
| 22148 | VALKYRIE LEASING LLC | UNITED STATES |
| 30078 | WIZZ AIR HUNGARY LTD | HUNGARY |
| 34351 | YAS AIR | IRAN, ISLAMIC REPUBLIC OF |

CRCO Identification number

Operator Name

State of the Operator

25569

ABC AIR HUNGARY

HUNGARY

32787

AEROLIMOUSINE RUSSIA

RUSSIAN FEDERATION

34259

AIR HIGHNESSES LTD.

ARMENIA

28525

AIRQUARIUS CONTRACTS

SOUTH AFRICA

36490

ALBION HOLDINGS LTD

UNITED KINGDOM

20273

ASL AIRLINES HUNGARY

HUNGARY

29545

AVIA CREW LEASING

UNITED STATES

31616

BALTYKA LTD.

UKRAINE

21621

BLACKBURN INTL.HU

HUNGARY

32389

EASTERN EXPRESS

KAZAKHSTAN

30366

JET-STREAM KFT

HUNGARY

36479

JETEX FLT SUP. DUBAI

UNITED ARAB EMIRATES

39195

JABIL CIRCUIT, INC.

UNITED STATES

24336

KRUNK AVIATION

UKRAINE

1103

MIL HUNGARY

HUNGARY

35863

MIL HUNGARY NAMA

HUNGARY

32487

P.M. AIR

CANADA

31411

PLAZA CENTERS LTD.

HUNGARY

37039

ROLLINS AIR

HONDURAS

35145

SKA INTERNATIONAL

UNITED ARAB EMIRATES

37703

SKIVA AIR

ARMENIA

38354

SKY AVIATION (IND)

INDONESIA

32526

SKYEXPRESS JSC

RUSSIAN FEDERATION

27768

SMARTWINGS HUNGARY KFT.

HUNGARY

32807

SUN TV NETWORK

INDIA

27948

TAM AIR JSC

GEORGIA

34398

TOTAL AERO SVCS LTD

UNITED KINGDOM

34636

UKRSPETSEXPORT

UKRAINE

22148

VALKYRIE LEASING LLC

UNITED STATES

30078

WIZZ AIR HUNGARY LTD

HUNGARY

34351

YAS AIR

IRAN, ISLAMIC REPUBLIC OF

MALTA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 42638 | AIR HORIZONT LTD | MALTA |
| 256 | AIR MALTA | MALTA |
| 39454 | AIR X CHARTER LTD. | MALTA |
| 40823 | ALBINATI AVIATION | MALTA |
| 36714 | BACA HYDRA LEASING | AUSTRIA |
| 37355 | BRISE AIR S.A. | UNITED ARAB EMIRATES |
| 31541 | CHRISTIE AVTN | AUSTRALIA |
| 34461 | COMLUX MALTA LTD | MALTA |
| 34875 | CONTRACTAIR LTD. | UNITED KINGDOM |
| 44510 | CORENDON AIR. EUROPE | MALTA |
| f12667 | CAPITAL AEROSPACE | UNITED STATES |
| 32146 | DAVID FRIEND | AUSTRALIA |
| 32274 | DBF AVIATION SERV 2 | AUSTRALIA |
| 38978 | DRITTE XR-GMBH | GERMANY |
| 35153 | ERIK THUN AB | SWEDEN |
| 37277 | FLUGLAUSNIR | ICELAND |
| 46243 | FREEBIRD AIRLINES EUROPE LTD. | MALTA |
| 37769 | GLOBAL SERVICES LLC | UNITED STATES |
| 32637 | HARDY AVIATION | AUSTRALIA |
| 30537 | HEAVYLIFT CARGO | SIERRA LEONE |
| 39628 | HI FLY LIMITED | MALTA |
| 37284 | IMAGEAIR P/L | AUSTRALIA |
| 38462 | IZY AIR | NIGERIA |
| 36198 | KASAS LTD | KENYA |
| 25799 | KHARKOV AIRCRAFT | UKRAINE |
| 22461 | KING AIR SERVICES | SOUTH AFRICA |
| 45233 | MAG AEROSPACE | UNITED STATES |
| 38158 | MALETH-AERO AOC LTD | MALTA |
| 47594 | MALTA AIR TRAVEL LTD | MALTA |
| 32978 | NEVILLE DUNN'S AVIAT | AUSTRALIA |
| f12461 | OSMOTICA LEASING LLC | UNITED STATES |
| 31897 | PAY S AIR SERVICE | AUSTRALIA |
| 33780 | PTB (EMERALD) PTY | UNITED KINGDOM |
| 39008 | R & M AIRCRAFT PTY | AUSTRALIA |
| 34775 | ROYAL AIRLINES LTD | PAKISTAN |
| 22960 | S TOGO | TOGO |
| 37109 | SKY AIRLINE | CHILE |
| 46360 | SMARTLYNX AIRLINES MALTA LTD. | MALTA |
| 32979 | SRD AVIATION | AUSTRALIA |
| 31989 | SUKHOY OAO OKB | RUSSIAN FEDERATION |
| 39103 | TEN BARREL INC. | CANADA |
| f11796 | THRESHOLD VENTURES INC | UNITED STATES |
| f10459 | TURNER ENTERPRISES, INC. | UNITED STATES |
| 34260 | US MARSHALS SERVICE | UNITED STATES |
| 38457 | VESTING PARTICIPACOE | BRAZIL |
| 38482 | VISTAJET LIMITED | MALTA |
| 27137 | WASHINGTON TIMES AVT | UNITED STATES |
| 36435 | WELLHOME AIR CARRIER | SOUTH AFRICA |

CRCO Identification number

Operator Name

State of the Operator

42638

AIR HORIZONT LTD

MALTA

256

AIR MALTA

MALTA

39454

AIR X CHARTER LTD.

MALTA

40823

ALBINATI AVIATION

MALTA

36714

BACA HYDRA LEASING

AUSTRIA

37355

BRISE AIR S.A.

UNITED ARAB EMIRATES

31541

CHRISTIE AVTN

AUSTRALIA

34461

COMLUX MALTA LTD

MALTA

34875

CONTRACTAIR LTD.

UNITED KINGDOM

44510

CORENDON AIR. EUROPE

MALTA

f12667

CAPITAL AEROSPACE

UNITED STATES

32146

DAVID FRIEND

AUSTRALIA

32274

DBF AVIATION SERV 2

AUSTRALIA

38978

DRITTE XR-GMBH

GERMANY

35153

ERIK THUN AB

SWEDEN

37277

FLUGLAUSNIR

ICELAND

46243

FREEBIRD AIRLINES EUROPE LTD.

MALTA

37769

GLOBAL SERVICES LLC

UNITED STATES

32637

HARDY AVIATION

AUSTRALIA

30537

HEAVYLIFT CARGO

SIERRA LEONE

39628

HI FLY LIMITED

MALTA

37284

IMAGEAIR P/L

AUSTRALIA

38462

IZY AIR

NIGERIA

36198

KASAS LTD

KENYA

25799

KHARKOV AIRCRAFT

UKRAINE

22461

KING AIR SERVICES

SOUTH AFRICA

45233

MAG AEROSPACE

UNITED STATES

38158

MALETH-AERO AOC LTD

MALTA

47594

MALTA AIR TRAVEL LTD

MALTA

32978

NEVILLE DUNN'S AVIAT

AUSTRALIA

f12461

OSMOTICA LEASING LLC

UNITED STATES

31897

PAY S AIR SERVICE

AUSTRALIA

33780

PTB (EMERALD) PTY

UNITED KINGDOM

39008

R & M AIRCRAFT PTY

AUSTRALIA

34775

ROYAL AIRLINES LTD

PAKISTAN

22960

S TOGO

TOGO

37109

SKY AIRLINE

CHILE

46360

SMARTLYNX AIRLINES MALTA LTD.

MALTA

32979

SRD AVIATION

AUSTRALIA

31989

SUKHOY OAO OKB

RUSSIAN FEDERATION

39103

TEN BARREL INC.

CANADA

f11796

THRESHOLD VENTURES INC

UNITED STATES

f10459

TURNER ENTERPRISES, INC.

UNITED STATES

34260

US MARSHALS SERVICE

UNITED STATES

38457

VESTING PARTICIPACOE

BRAZIL

38482

VISTAJET LIMITED

MALTA

27137

WASHINGTON TIMES AVT

UNITED STATES

36435

WELLHOME AIR CARRIER

SOUTH AFRICA

NETHERLANDS

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 9954 | L3HARRIS TECHNOLOGIES, INC. | UNITED STATES |
| 30998 | AEROVERTIGO 2 | UNITED STATES |
| 23557 | AIR MEMPHIS | NETHERLANDS |
| 37191 | AIR NORTH PARTNERSHI | CANADA |
| 29998 | AIR UNIVERSAL LTD | JORDAN |
| 36307 | AIRBULANCE | NETHERLANDS |
| 39427 | AMERICAN EAGLE EXEC. | PUERTO RICO |
| 21363 | ANGOLA AIR CHARTER | ANGOLA |
| 29335 | ASPEN I LLC | UNITED STATES |
| 23464 | AVIACON ZITOTRANS | RUSSIAN FEDERATION |
| 35323 | AVIODROME LELYSTAD | NETHERLANDS |
| 39021 | BAIRES FLY S.A. | ARGENTINA |
| 31611 | BLUE AIRWAYS LLC | ARMENIA |
| 33759 | BLUE BIRD AVTN (HS) | SUDAN |
| 34080 | BRASILIAN AIRCRAFT | NETHERLANDS |
| 33147 | BUSINESS AIR (TX) | UNITED STATES |
| 29157 | BROKERAGE AND MANAGEMENT CORP | UNITED STATES |
| f10613 | C&E HOLDINGS INC. | UNITED STATES |
| 34199 | CANAL AIR LLC | UNITED STATES |
| f11794 | CARPAU CORP | UNITED STATES |
| 38494 | CAVOK AIR | UKRAINE |
| 30369 | CEOC LLC | UNITED STATES |
| f10114 | CFG SERVICE CORP, INC. | UNITED STATES |
| 2386 | CHC AIRWAYS | NETHERLANDS |
| 6984 | CHINA AIRLINES | TAIWAN |
| 24134 | CHINA SOUTHERN | CHINA |
| 48817 | CHINA SOUTHERN CARGO | CHINA |
| 39138 | CITATION 550 LLC | UNITED STATES |
| 34951 | COMPAGNIE D'AVIATION | CONGO |
| 30777 | CORENDON AIRLINES | TURKEY |
| 34761 | COVENTRY FIRST | UNITED STATES |
| 44184 | CRAIG PROTEIN DIVISION | UNITED STATES |
| 37301 | CORENDON DUTCH AIRLINE B.V. | NETHERLANDS |
| 31592 | DAC-AVIATION | CANADA |
| 37643 | DAROCO HOLDINGS LLC | UNITED STATES |
| 28015 | DC-YHDISTYS | FINLAND |
| 23651 | DENIM AIR | NETHERLANDS |
| 36211 | DENIM AIR ACMI BV | NETHERLANDS |
| 39325 | DORNIER 3095 LLC | UNITED STATES |
| 7398 | DYNAMIC AIRLINES | NETHERLANDS |
| f10140 | DEVON REALTY ADVISORS, LLC | UNITED STATES |
| f12172 | DIGITAL MONITORING PRODUCTS | UNITED STATES |
| 25536 | DYNAMIC AVIATION GROUP INC. | UNITED STATES |
| 29824 | EIE EAGLE | UNITED ARAB EMIRATES |
| 1005 | ELAL | ISRAEL |
| 27085 | ELAS PROFESSIONAL | NETHERLANDS |
| 21725 | EMERGO FINANCE | CANADA |
| 36313 | ENERJET | CANADA |
| 14846 | EVA AIR | TAIWAN |
| 22713 | EASTMAN CHEMICAL COMPANY | UNITED STATES |
| 33648 | EMERSON CLIMATE TECHNOLOGIES | UNITED STATES |
| 36876 | FIRST FUTURE AIR SVC | INDIA |
| 35663 | FIRST PROP AVIATION | GREECE |
| 29640 | FLORIDA WEST INTL AW | UNITED STATES |
| 38731 | FLY GEORGIA | GEORGIA |
| 30803 | FOKKER HERITAGE | NETHERLANDS |
| 8034 | FOKKER TECHNIEK BV | NETHERLANDS |
| 11556 | GABON AIR TRANSPORT | GABON |
| 3140 | GARUDA | INDONESIA |
| 24666 | GCB BEHEER | NETHERLANDS |
| 32209 | GENERAL TECHNICS | UNITED KINGDOM |
| 34347 | GHASSAN AHMED | KUWAIT |
| 28885 | GLOBAL ACFT SERVICES UNITED STATES | UNITED STATES |
| 12137 | GOLDEN EUROPE JET & AIR VAMPIRES SA | GERMANY |
| 33773 | GRAHAM CAPITAL MGMT | UNITED STATES |
| 3707 | HEEREMA VLIEGBEDRIJF | NETHERLANDS |
| 8352 | HEINZ COMPANY | UNITED STATES |
| f11872 | HECKMANN ENTERPRISES INC. | UNITED STATES |
| 31163 | INTERSTATE AIRLINE | NETHERLANDS |
| f10255 | IDAHO INVESTMENTS INC. | UNITED STATES |
| f12150 | JAY AVIATION II LLC | UNITED STATES |
| 38601 | JET A COMPANY | UNITED STATES |
| 5131 | JM AVIATION HOLDINGS | UNITED STATES |
| 19232 | JETAWAY AIR SERVICE | UNITED STATES |
| 3735 | KENYA AIRWAYS | KENYA |
| 1640 | KLM | NETHERLANDS |
| 1989 | KLM CITYHOPPER | NETHERLANDS |
| 12405 | KOM ACTIVITY | NETHERLANDS |
| 12573 | KEYCORP AVIATION CENTER | UNITED STATES |
| 31329 | LAN CARGO SA | CHILE |
| 42823 | LBN, LLC / CENTRAL MISSOURI AVIATION, INC. | UNITED STATES |
| 29439 | LIBERTY GLOBAL EUROP | NETHERLANDS |
| 35336 | LODGINGS 2000 | UNITED KINGDOM |
| f11885 | LIBERTY GLOBAL, INC | UNITED STATES |
| 1833 | MARTINAIR | NETHERLANDS |
| 33151 | MASS HOLDING | NETHERLANDS |
| 23109 | MEISNER AIRCRAFT | UNITED STATES |
| 34026 | MIL NETH TRANSPORT | NETHERLANDS |
| 37631 | MK AIR PTY LTD | AUSTRALIA |
| 1801 | MALAYSIA AIRLINES BERHAD | MALAYSIA |
| 31780 | N941AM | UNITED STATES |
| 278 | NIPPON CARGO | JAPAN |
| 2023 | NORTHWEST AIRLINES | UNITED STATES |
| 1770 | NATIONAAL LUCHT- EN RUIMTEVAARTLABORATORIUM | NETHERLANDS |
| 38627 | NEXTERA ENERGY INC. | UNITED STATES |
| f12496 | NOBLE SERVICES SWITZERLAND, LLC | UNITED STATES |
| 37321 | OMI MANAGEMENT US LP | UNITED STATES |
| 43017 | OSA AVIATION | NIGERIA |
| 37004 | OSHKOSH CORPORATION | UNITED STATES |
| f10349 | OSHKOSH CORPORATION | UNITED STATES |
| f10928 | OXBOW FALCON LLC | UNITED STATES |
| 34344 | PARADIGM JET MGMT | UNITED STATES |
| 449 | PATH | UNITED STATES |
| 37434 | PEGASUS TECH | UNITED STATES |
| 37153 | PERFECT 10 ANTENNA | UNITED STATES |
| 22139 | POLAR AIR CARGO WW | UNITED STATES |
| f12245 | PRIME CITY HOLDINGS LIMITED BVI | VIRGIN ISLANDS, BRITISH |
| 35365 | PRO FLITE LLC D/B/A ZEN AIR LLC | UNITED STATES |
| 42799 | PROMEGA CORPORATION | UNITED STATES |
| 21667 | ROSS INVESTMENTS | UNITED STATES |
| 2297 | ROYAL JORDANIAN AIRLINES | JORDAN |
| 44521 | ROYALAIR AB | SWEDEN |
| 30294 | RUYGROK | NETHERLANDS |
| 35234 | SAMCO AIRCRAFT CORP | NETHERLANDS |
| 32631 | SEXTANT HOLDINGS | UNITED STATES |
| 22418 | SHAMROCK AVTN NJ | UNITED STATES |
| 2440 | SHELL AIRCRAFT LTD | NETHERLANDS |
| 31729 | SILVER AIR LTD | UNITED ARAB EMIRATES |
| 44026 | SKY GATES AIRLINES | RUSSIAN FEDERATION |
| 38711 | SKY UNLIMITED WEZUP | NETHERLANDS |
| 20544 | SKYLINE AVIATION | NETHERLANDS |
| 6050 | SKYWEST AIRLINES | AUSTRALIA |
| 31449 | SOC. DE CONSERVATION | NETHERLANDS |
| 25246 | SPECSAVERS AVTN | UNITED KINGDOM |
| 2628 | SURINAM AIRWAYS LTD | SURINAM |
| 32167 | SAMA LELTAYARAN COMPANY LIMITED | SAUDI ARABIA |
| 29913 | SUNSET AVIATION LLC (DBA SOLAIRUS AVIATION) | UNITED STATES |
| 22345 | THE NATIONAL POLICE | NETHERLANDS |
| 27799 | TIDEWATER | UNITED STATES |
| 2723 | TRANSAVIA AIRLINES | NETHERLANDS |
| 38200 | TRAVEL AIR (PAPUA) | PAPUA NEW GUINEA |
| 26165 | TRYGON LTD | UNITED KINGDOM |
| 30852 | TUI NED. ARKEFLY | NETHERLANDS |
| 42362 | TESORO AVIATION COMPANY | UNITED STATES |
| 35763 | UNITED AIRWAYS (BD) | BANGLADESH |
| 37890 | UNIVERSAL HEALTH MGM | UNITED STATES |
| 19198 | UNIVERSAL WEATHER UK | UNITED KINGDOM |
| f10629 | WEYERHAEUSER COMPANY | UNITED STATES |
| 23316 | WILMINGTON TRUST COMPANY TRUSTEE | UNITED STATES |
| 42795 | XIAMEN AIRLINES | CHINA |
| 31532 | XOJET | UNITED STATES |
| f11242 | ZOE AIR | SOUTH AFRICA |

CRCO Identification number

Operator Name

State of the Operator

9954

L3HARRIS TECHNOLOGIES, INC.

UNITED STATES

30998

AEROVERTIGO 2

UNITED STATES

23557

AIR MEMPHIS

NETHERLANDS

37191

AIR NORTH PARTNERSHI

CANADA

29998

AIR UNIVERSAL LTD

JORDAN

36307

AIRBULANCE

NETHERLANDS

39427

AMERICAN EAGLE EXEC.

PUERTO RICO

21363

ANGOLA AIR CHARTER

ANGOLA

29335

ASPEN I LLC

UNITED STATES

23464

AVIACON ZITOTRANS

RUSSIAN FEDERATION

35323

AVIODROME LELYSTAD

NETHERLANDS

39021

BAIRES FLY S.A.

ARGENTINA

31611

BLUE AIRWAYS LLC

ARMENIA

33759

BLUE BIRD AVTN (HS)

SUDAN

34080

BRASILIAN AIRCRAFT

NETHERLANDS

33147

BUSINESS AIR (TX)

UNITED STATES

29157

BROKERAGE AND MANAGEMENT CORP

UNITED STATES

f10613

C&E HOLDINGS INC.

UNITED STATES

34199

CANAL AIR LLC

UNITED STATES

f11794

CARPAU CORP

UNITED STATES

38494

CAVOK AIR

UKRAINE

30369

CEOC LLC

UNITED STATES

f10114

CFG SERVICE CORP, INC.

UNITED STATES

2386

CHC AIRWAYS

NETHERLANDS

6984

CHINA AIRLINES

TAIWAN

24134

CHINA SOUTHERN

CHINA

48817

CHINA SOUTHERN CARGO

CHINA

39138

CITATION 550 LLC

UNITED STATES

34951

COMPAGNIE D'AVIATION

CONGO

30777

CORENDON AIRLINES

TURKEY

34761

COVENTRY FIRST

UNITED STATES

44184

CRAIG PROTEIN DIVISION

UNITED STATES

37301

CORENDON DUTCH AIRLINE B.V.

NETHERLANDS

31592

DAC-AVIATION

CANADA

37643

DAROCO HOLDINGS LLC

UNITED STATES

28015

DC-YHDISTYS

FINLAND

23651

DENIM AIR

NETHERLANDS

36211

DENIM AIR ACMI BV

NETHERLANDS

39325

DORNIER 3095 LLC

UNITED STATES

7398

DYNAMIC AIRLINES

NETHERLANDS

f10140

DEVON REALTY ADVISORS, LLC

UNITED STATES

f12172

DIGITAL MONITORING PRODUCTS

UNITED STATES

25536

DYNAMIC AVIATION GROUP INC.

UNITED STATES

29824

EIE EAGLE

UNITED ARAB EMIRATES

1005

ELAL

ISRAEL

27085

ELAS PROFESSIONAL

NETHERLANDS

21725

EMERGO FINANCE

CANADA

36313

ENERJET

CANADA

14846

EVA AIR

TAIWAN

22713

EASTMAN CHEMICAL COMPANY

UNITED STATES

33648

EMERSON CLIMATE TECHNOLOGIES

UNITED STATES

36876

FIRST FUTURE AIR SVC

INDIA

35663

FIRST PROP AVIATION

GREECE

29640

FLORIDA WEST INTL AW

UNITED STATES

38731

FLY GEORGIA

GEORGIA

30803

FOKKER HERITAGE

NETHERLANDS

8034

FOKKER TECHNIEK BV

NETHERLANDS

11556

GABON AIR TRANSPORT

GABON

3140

GARUDA

INDONESIA

24666

GCB BEHEER

NETHERLANDS

32209

GENERAL TECHNICS

UNITED KINGDOM

34347

GHASSAN AHMED

KUWAIT

28885

GLOBAL ACFT SERVICES UNITED STATES

UNITED STATES

12137

GOLDEN EUROPE JET & AIR VAMPIRES SA

GERMANY

33773

GRAHAM CAPITAL MGMT

UNITED STATES

3707

HEEREMA VLIEGBEDRIJF

NETHERLANDS

8352

HEINZ COMPANY

UNITED STATES

f11872

HECKMANN ENTERPRISES INC.

UNITED STATES

31163

INTERSTATE AIRLINE

NETHERLANDS

f10255

IDAHO INVESTMENTS INC.

UNITED STATES

f12150

JAY AVIATION II LLC

UNITED STATES

38601

JET A COMPANY

UNITED STATES

5131

JM AVIATION HOLDINGS

UNITED STATES

19232

JETAWAY AIR SERVICE

UNITED STATES

3735

KENYA AIRWAYS

KENYA

1640

KLM

NETHERLANDS

1989

KLM CITYHOPPER

NETHERLANDS

12405

KOM ACTIVITY

NETHERLANDS

12573

KEYCORP AVIATION CENTER

UNITED STATES

31329

LAN CARGO SA

CHILE

42823

LBN, LLC / CENTRAL MISSOURI AVIATION, INC.

UNITED STATES

29439

LIBERTY GLOBAL EUROP

NETHERLANDS

35336

LODGINGS 2000

UNITED KINGDOM

f11885

LIBERTY GLOBAL, INC

UNITED STATES

1833

MARTINAIR

NETHERLANDS

33151

MASS HOLDING

NETHERLANDS

23109

MEISNER AIRCRAFT

UNITED STATES

34026

MIL NETH TRANSPORT

NETHERLANDS

37631

MK AIR PTY LTD

AUSTRALIA

1801

MALAYSIA AIRLINES BERHAD

MALAYSIA

31780

N941AM

UNITED STATES

278

NIPPON CARGO

JAPAN

2023

NORTHWEST AIRLINES

UNITED STATES

1770

NATIONAAL LUCHT- EN RUIMTEVAARTLABORATORIUM

NETHERLANDS

38627

NEXTERA ENERGY INC.

UNITED STATES

f12496

NOBLE SERVICES SWITZERLAND, LLC

UNITED STATES

37321

OMI MANAGEMENT US LP

UNITED STATES

43017

OSA AVIATION

NIGERIA

37004

OSHKOSH CORPORATION

UNITED STATES

f10349

OSHKOSH CORPORATION

UNITED STATES

f10928

OXBOW FALCON LLC

UNITED STATES

34344

PARADIGM JET MGMT

UNITED STATES

449

PATH

UNITED STATES

37434

PEGASUS TECH

UNITED STATES

37153

PERFECT 10 ANTENNA

UNITED STATES

22139

POLAR AIR CARGO WW

UNITED STATES

f12245

PRIME CITY HOLDINGS LIMITED BVI

VIRGIN ISLANDS, BRITISH

35365

PRO FLITE LLC D/B/A ZEN AIR LLC

UNITED STATES

42799

PROMEGA CORPORATION

UNITED STATES

21667

ROSS INVESTMENTS

UNITED STATES

2297

ROYAL JORDANIAN AIRLINES

JORDAN

44521

ROYALAIR AB

SWEDEN

30294

RUYGROK

NETHERLANDS

35234

SAMCO AIRCRAFT CORP

NETHERLANDS

32631

SEXTANT HOLDINGS

UNITED STATES

22418

SHAMROCK AVTN NJ

UNITED STATES

2440

SHELL AIRCRAFT LTD

NETHERLANDS

31729

SILVER AIR LTD

UNITED ARAB EMIRATES

44026

SKY GATES AIRLINES

RUSSIAN FEDERATION

38711

SKY UNLIMITED WEZUP

NETHERLANDS

20544

SKYLINE AVIATION

NETHERLANDS

6050

SKYWEST AIRLINES

AUSTRALIA

31449

SOC. DE CONSERVATION

NETHERLANDS

25246

SPECSAVERS AVTN

UNITED KINGDOM

2628

SURINAM AIRWAYS LTD

SURINAM

32167

SAMA LELTAYARAN COMPANY LIMITED

SAUDI ARABIA

29913

SUNSET AVIATION LLC (DBA SOLAIRUS AVIATION)

UNITED STATES

22345

THE NATIONAL POLICE

NETHERLANDS

27799

TIDEWATER

UNITED STATES

2723

TRANSAVIA AIRLINES

NETHERLANDS

38200

TRAVEL AIR (PAPUA)

PAPUA NEW GUINEA

26165

TRYGON LTD

UNITED KINGDOM

30852

TUI NED. ARKEFLY

NETHERLANDS

42362

TESORO AVIATION COMPANY

UNITED STATES

35763

UNITED AIRWAYS (BD)

BANGLADESH

37890

UNIVERSAL HEALTH MGM

UNITED STATES

19198

UNIVERSAL WEATHER UK

UNITED KINGDOM

f10629

WEYERHAEUSER COMPANY

UNITED STATES

23316

WILMINGTON TRUST COMPANY TRUSTEE

UNITED STATES

42795

XIAMEN AIRLINES

CHINA

31532

XOJET

UNITED STATES

f11242

ZOE AIR

SOUTH AFRICA

AUSTRIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 28314 | AAA - AIR ALPS AVTN | AUSTRIA |
| 21973 | AAA COOPER TRANSPORT | UNITED STATES |
| 209 | AIR CHARTER LTD | SWITZERLAND |
| 35091 | AIR SYLHET AG | AUSTRIA |
| 37260 | ALTENRHEIN LUFTFAHRT | AUSTRIA |
| 31943 | AMGEN | UNITED STATES |
| 45735 | ANISEC LUFTFAHRT | AUSTRIA |
| 38061 | ARTJET LTD | BERMUDA |
| 27885 | AUSTIN JET HOLDING | AUSTRIA |
| 440 | AUSTRIAN AIRLINES | AUSTRIA |
| 35521 | AVIATION SVC. MNGT | UNITED ARAB EMIRATES |
| 35434 | AVIATION-LOWW GMBH | AUSTRIA |
| 32825 | AVTN PARTNERS INC | UNITED STATES |
| 33061 | AVCON JET AG | AUSTRIA |
| f11781 | BCOM AIR LLC | UNITED STATES |
| 11578 | BERTSCH AVIATION | AUSTRIA |
| 31562 | BFS BUSINESS FLIGHT | AUSTRIA |
| 27000 | CENTRE-AVIA AIRLINES | RUSSIAN FEDERATION |
| 3813 | CHARTER AIR | AUSTRIA |
| 20561 | COMTEL AIR | AUSTRIA |
| 44050 | CONCOFF TRADING CORPORATION | VIRGIN ISLANDS, BRITISH |
| 32053 | DJT AVIATION GMBH | AUSTRIA |
| 45083 | EASYJET EUROPE AIRLINE GMBH | AUSTRIA |
| 36370 | FEWOTEL BERTRIEBS | AUSTRIA |
| 8620 | FLY JET | ITALY |
| 36874 | FAMBRAN ENTERPRISES LLC | UNITED STATES |
| 1277 | GENERAL DYNAMICS | UNITED STATES |
| 15451 | GEORGETOWN MNGMNT | UNITED STATES |
| 31326 | GLOBAL JET AUSTRIA | AUSTRIA |
| 29397 | GROSSMANN AIR (2) | AUSTRIA |
| 30486 | HADID INTNL SERVICES | UNITED ARAB EMIRATES |
| f11412 | IGT | UNITED STATES |
| 38013 | INNOVATIVE PROPERTIE | UNITED STATES |
| 30323 | INTERNATIONAL JET | AUSTRIA |
| 28512 | INTERSKY LUFTFAHRT | AUSTRIA |
| 28548 | JET AVIATION H KONG | CHINA |
| 31952 | JET ICU AIR AMBULNCE | UNITED STATES |
| 39111 | JETALLIANCE (2) | AUSTRIA |
| 34493 | JETLINES | GERMANY |
| 25637 | KRONO AIR | AUSTRIA |
| 32335 | LARET AVIATION LTD. | SWITZERLAND |
| 30222 | LAUDAMOTION GMBH | AUSTRIA |
| f10771 | LK AIR, INC. | UNITED STATES |
| 37796 | LYONESS AVIATION | AUSTRIA |
| 39012 | M B P COM. & IMP. | BRAZIL |
| 28808 | M.A.P. MANAGEMENT + PLANNING | AUSTRIA |
| 9965 | MAGNA INTERNATIONAL | CANADA |
| 1083 | MIL AUSTRIA | AUSTRIA |
| 22617 | MIL SLOVENIA | SLOVENIA |
| 33517 | MJET GMBH | AUSTRIA |
| 33073 | MAJESTIC EXECUTIVE AVIATION AG | AUSTRIA |
| 29932 | NIKI LUFTFAHRT GMBH | AUSTRIA |
| 8582 | OMY AVIATION SUISSE | SWITZERLAND |
| f10348 | ORIENT WONDER INTERNATIONL LTD. | BERMUDA |
| 33154 | PARAGON GLOBAL FLT S | UNITED KINGDOM |
| 35956 | PEGASUS JETS LTD. | SWITZERLAND |
| 2168 | PORSCHE KONSTRUKTION | AUSTRIA |
| 39219 | PROXIMA LTD | UNITED ARAB EMIRATES |
| 43776 | POWDR AVIATION, INC. | UNITED STATES |
| 32449 | ROBIN HOOD AVIATION | AUSTRIA |
| 46850 | RP AIRCRAFT MNT | SWITZERLAND |
| 38249 | RZ AIR CHARTER GMBH | AUSTRIA |
| 3858 | SCHAFFER | AUSTRIA |
| 27384 | SCHAFFER GMBH | SWITZERLAND |
| 45298 | SPARFELL LUFTFAHRT GMBH | AUSTRIA |
| 13030 | STRASSER GMBH | AUSTRIA |
| 35104 | SWAN VIEW | AUSTRIA |
| 33497 | TAK SERVICES LTD AVV | JORDAN |
| 25989 | THE FLYING BULLS | AUSTRIA |
| 28567 | TUPACK | AUSTRIA |
| 3000 | TYROLEAN AIRWAYS | AUSTRIA |
| 8421 | TYROLEAN JET SERVICE | AUSTRIA |
| 19210 | UKRAINE INTL AIRLINE | UKRAINE |
| 32735 | VIENNA JET | AUSTRIA |
| 37019 | VIPJET LIMITED | IRELAND |
| 33552 | VIPJETS LUFTFAHRT | AUSTRIA |
| 32040 | VISTAJET | AUSTRIA |
| 26443 | VOLGA AVIAEXPRESS | RUSSIAN FEDERATION |
| f10472 | WEEKS-DAVIES AVIATION, INC. | UNITED STATES |
| 36939 | XENTRA PHARM LTD | IRELAND |

CRCO Identification number

Operator Name

State of the Operator

28314

AAA - AIR ALPS AVTN

AUSTRIA

21973

AAA COOPER TRANSPORT

UNITED STATES

209

AIR CHARTER LTD

SWITZERLAND

35091

AIR SYLHET AG

AUSTRIA

37260

ALTENRHEIN LUFTFAHRT

AUSTRIA

31943

AMGEN

UNITED STATES

45735

ANISEC LUFTFAHRT

AUSTRIA

38061

ARTJET LTD

BERMUDA

27885

AUSTIN JET HOLDING

AUSTRIA

440

AUSTRIAN AIRLINES

AUSTRIA

35521

AVIATION SVC. MNGT

UNITED ARAB EMIRATES

35434

AVIATION-LOWW GMBH

AUSTRIA

32825

AVTN PARTNERS INC

UNITED STATES

33061

AVCON JET AG

AUSTRIA

f11781

BCOM AIR LLC

UNITED STATES

11578

BERTSCH AVIATION

AUSTRIA

31562

BFS BUSINESS FLIGHT

AUSTRIA

27000

CENTRE-AVIA AIRLINES

RUSSIAN FEDERATION

3813

CHARTER AIR

AUSTRIA

20561

COMTEL AIR

AUSTRIA

44050

CONCOFF TRADING CORPORATION

VIRGIN ISLANDS, BRITISH

32053

DJT AVIATION GMBH

AUSTRIA

45083

EASYJET EUROPE AIRLINE GMBH

AUSTRIA

36370

FEWOTEL BERTRIEBS

AUSTRIA

8620

FLY JET

ITALY

36874

FAMBRAN ENTERPRISES LLC

UNITED STATES

1277

GENERAL DYNAMICS

UNITED STATES

15451

GEORGETOWN MNGMNT

UNITED STATES

31326

GLOBAL JET AUSTRIA

AUSTRIA

29397

GROSSMANN AIR (2)

AUSTRIA

30486

HADID INTNL SERVICES

UNITED ARAB EMIRATES

f11412

IGT

UNITED STATES

38013

INNOVATIVE PROPERTIE

UNITED STATES

30323

INTERNATIONAL JET

AUSTRIA

28512

INTERSKY LUFTFAHRT

AUSTRIA

28548

JET AVIATION H KONG

CHINA

31952

JET ICU AIR AMBULNCE

UNITED STATES

39111

JETALLIANCE (2)

AUSTRIA

34493

JETLINES

GERMANY

25637

KRONO AIR

AUSTRIA

32335

LARET AVIATION LTD.

SWITZERLAND

30222

LAUDAMOTION GMBH

AUSTRIA

f10771

LK AIR, INC.

UNITED STATES

37796

LYONESS AVIATION

AUSTRIA

39012

M B P COM. & IMP.

BRAZIL

28808

M.A.P. MANAGEMENT + PLANNING

AUSTRIA

9965

MAGNA INTERNATIONAL

CANADA

1083

MIL AUSTRIA

AUSTRIA

22617

MIL SLOVENIA

SLOVENIA

33517

MJET GMBH

AUSTRIA

33073

MAJESTIC EXECUTIVE AVIATION AG

AUSTRIA

29932

NIKI LUFTFAHRT GMBH

AUSTRIA

8582

OMY AVIATION SUISSE

SWITZERLAND

f10348

ORIENT WONDER INTERNATIONL LTD.

BERMUDA

33154

PARAGON GLOBAL FLT S

UNITED KINGDOM

35956

PEGASUS JETS LTD.

SWITZERLAND

2168

PORSCHE KONSTRUKTION

AUSTRIA

39219

PROXIMA LTD

UNITED ARAB EMIRATES

43776

POWDR AVIATION, INC.

UNITED STATES

32449

ROBIN HOOD AVIATION

AUSTRIA

46850

RP AIRCRAFT MNT

SWITZERLAND

38249

RZ AIR CHARTER GMBH

AUSTRIA

3858

SCHAFFER

AUSTRIA

27384

SCHAFFER GMBH

SWITZERLAND

45298

SPARFELL LUFTFAHRT GMBH

AUSTRIA

13030

STRASSER GMBH

AUSTRIA

35104

SWAN VIEW

AUSTRIA

33497

TAK SERVICES LTD AVV

JORDAN

25989

THE FLYING BULLS

AUSTRIA

28567

TUPACK

AUSTRIA

3000

TYROLEAN AIRWAYS

AUSTRIA

8421

TYROLEAN JET SERVICE

AUSTRIA

19210

UKRAINE INTL AIRLINE

UKRAINE

32735

VIENNA JET

AUSTRIA

37019

VIPJET LIMITED

IRELAND

33552

VIPJETS LUFTFAHRT

AUSTRIA

32040

VISTAJET

AUSTRIA

26443

VOLGA AVIAEXPRESS

RUSSIAN FEDERATION

f10472

WEEKS-DAVIES AVIATION, INC.

UNITED STATES

36939

XENTRA PHARM LTD

IRELAND

POLAND

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 36500 | A&S WORLD ACFT INC | RUSSIAN FEDERATION |
| 31588 | AERO POWER UK | UNITED KINGDOM |
| 40166 | AIR GO EGYPT | EGYPT |
| 38570 | AIR NORTH REGIONAL | AUSTRALIA |
| 33187 | AIR POLAND SP.Z.O.O. | POLAND |
| 35191 | ALMASRIA | EGYPT |
| 21406 | AMC AIRLINES | EGYPT |
| 42288 | AMC AVIATION - EP | POLAND |
| 37958 | ARKADY SP.Z.O.O. | POLAND |
| 31554 | ASIA UNIVERSAL JET | LATVIA |
| 27743 | AWAS AVTN SRVC | UNITED STATES |
| 32447 | BEGAL AIR | UNITED KINGDOM |
| 38443 | BINGO AIRWAYS | POLAND |
| 37678 | BAUSCH HEALTH US LLC | UNITED STATES |
| 33876 | CEZAR PRZEDSIEBIORST | POLAND |
| 31191 | ECC LEASING COMPANY | NETHERLANDS |
| 38442 | EHT SA | LUXEMBOURG |
| 36143 | ENTER AIR | POLAND |
| 25625 | EUROLOT SA | POLAND |
| 36312 | GOTTBETTER & PARTNER | UNITED STATES |
| 32532 | HAWKER PARTNERSHIP | UNITED KINGDOM |
| 9962 | ICELAND FROZEN FOODS | UNITED KINGDOM |
| 24631 | J S AVIATION | UNITED KINGDOM |
| 31322 | JET STORY SP.Z.O.O. | POLAND |
| 32562 | KORAL BLUE AIRLINES | EGYPT |
| 33079 | LC ENGINEERING | POLAND |
| 1763 | LOT POLISH AIRLINES | POLAND |
| 30797 | MAGELLAN PRO-SERVICE | POLAND |
| 15423 | MARITIME OFFICE | POLAND |
| 35190 | MIDWEST AIRLINES | EGYPT |
| 1097 | MIL FINLAND | FINLAND |
| 6310 | MIL NATO NAPMA | GERMANY |
| 1113 | MIL POLAND | POLAND |
| 1082 | MINISTERE DE LA DEFENSE NAT. | ALGERIA |
| 37385 | MUSCO SPORTS LIGHT | UNITED STATES |
| 21498 | NESMA | SAUDI ARABIA |
| 32654 | NG2 S.A. | POLAND |
| 31237 | OLT EXPRESS REGIONAL | POLAND |
| 37290 | OLT EXPRESS POLAND | POLAND |
| 32132 | PARKRIDGE AVIATION | UNITED KINGDOM |
| 15686 | PODELENIE 24 900 | BULGARIA |
| 28514 | POGRANICHNAYA KAZ | KAZAKHSTAN |
| 32968 | POLISH AIR NAVIG | POLAND |
| 29333 | PYRLANDIA BOOGIE SP. | POLAND |
| 30603 | PZL MIELEC | POLAND |
| 24855 | ROVNO UNIVERSAL AVIA | UKRAINE |
| 45504 | RYANAIR SUN | POLAND |
| 30329 | SAGA AIRLINES | TURKEY |
| 35551 | SAUDI MEDICAL SERV. | SAUDI ARABIA |
| 38446 | SMARTWINGS POLAND SP. Z O.O. | POLAND |
| 30192 | SPRINTAIR SA | POLAND |
| 11555 | STATUL MAJOR AL FORTELOR AERIENE | ROMANIA |
| 36858 | TELE-FONIKA KABLE | POLAND |
| 33853 | TRINITY AVIATION LTD | UNITED KINGDOM |
| 26078 | TURAN AIR | AZERBAIJAN |
| 22273 | VENKATESHWARA HATCH | INDIA |
| 39588 | YOLENAL AERONAUTICS | UNITED KINGDOM |
| 35851 | YOLENAL LIMITED | POLAND |

CRCO Identification number

Operator Name

State of the Operator

36500

A&S WORLD ACFT INC

RUSSIAN FEDERATION

31588

AERO POWER UK

UNITED KINGDOM

40166

AIR GO EGYPT

EGYPT

38570

AIR NORTH REGIONAL

AUSTRALIA

33187

AIR POLAND SP.Z.O.O.

POLAND

35191

ALMASRIA

EGYPT

21406

AMC AIRLINES

EGYPT

42288

AMC AVIATION - EP

POLAND

37958

ARKADY SP.Z.O.O.

POLAND

31554

ASIA UNIVERSAL JET

LATVIA

27743

AWAS AVTN SRVC

UNITED STATES

32447

BEGAL AIR

UNITED KINGDOM

38443

BINGO AIRWAYS

POLAND

37678

BAUSCH HEALTH US LLC

UNITED STATES

33876

CEZAR PRZEDSIEBIORST

POLAND

31191

ECC LEASING COMPANY

NETHERLANDS

38442

EHT SA

LUXEMBOURG

36143

ENTER AIR

POLAND

25625

EUROLOT SA

POLAND

36312

GOTTBETTER & PARTNER

UNITED STATES

32532

HAWKER PARTNERSHIP

UNITED KINGDOM

9962

ICELAND FROZEN FOODS

UNITED KINGDOM

24631

J S AVIATION

UNITED KINGDOM

31322

JET STORY SP.Z.O.O.

POLAND

32562

KORAL BLUE AIRLINES

EGYPT

33079

LC ENGINEERING

POLAND

1763

LOT POLISH AIRLINES

POLAND

30797

MAGELLAN PRO-SERVICE

POLAND

15423

MARITIME OFFICE

POLAND

35190

MIDWEST AIRLINES

EGYPT

1097

MIL FINLAND

FINLAND

6310

MIL NATO NAPMA

GERMANY

1113

MIL POLAND

POLAND

1082

MINISTERE DE LA DEFENSE NAT.

ALGERIA

37385

MUSCO SPORTS LIGHT

UNITED STATES

21498

NESMA

SAUDI ARABIA

32654

NG2 S.A.

POLAND

31237

OLT EXPRESS REGIONAL

POLAND

37290

OLT EXPRESS POLAND

POLAND

32132

PARKRIDGE AVIATION

UNITED KINGDOM

15686

PODELENIE 24 900

BULGARIA

28514

POGRANICHNAYA KAZ

KAZAKHSTAN

32968

POLISH AIR NAVIG

POLAND

29333

PYRLANDIA BOOGIE SP.

POLAND

30603

PZL MIELEC

POLAND

24855

ROVNO UNIVERSAL AVIA

UKRAINE

45504

RYANAIR SUN

POLAND

30329

SAGA AIRLINES

TURKEY

35551

SAUDI MEDICAL SERV.

SAUDI ARABIA

38446

SMARTWINGS POLAND SP. Z O.O.

POLAND

30192

SPRINTAIR SA

POLAND

11555

STATUL MAJOR AL FORTELOR AERIENE

ROMANIA

36858

TELE-FONIKA KABLE

POLAND

33853

TRINITY AVIATION LTD

UNITED KINGDOM

26078

TURAN AIR

AZERBAIJAN

22273

VENKATESHWARA HATCH

INDIA

39588

YOLENAL AERONAUTICS

UNITED KINGDOM

35851

YOLENAL LIMITED

POLAND

PORTUGAL

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 38947 | 540 GHANA LIMITED | GHANA |
| 37971 | ACFT CONSULTANTS 2 | UNITED STATES |
| 37357 | AERO CONTRACTORS | UNITED STATES |
| 33236 | AERONAUTIC SOLUTIONS | SOUTH AFRICA |
| 37192 | AERONEXUS CORPORATE | SOUTH AFRICA |
| 34994 | AFRICAIR USA (2) | UNITED STATES |
| f12788 | AG HOLDINGS I CORP | UNITED STATES |
| f12949 | AGRI COMMODITY TRADE LLC | UNITED STATES |
| 9568 | AIR BEAR | UNITED STATES |
| 35406 | AIR BY JET LLC | UNITED STATES |
| 12500 | AIR TRACTOR | UNITED STATES |
| 34315 | AIRALT SL | SPAIN |
| 39102 | AIRCO AIRCRAFT | CANADA |
| f11466 | AIRCRAFT TRUST & FINANCING CORP TRUSTEE | UNITED STATES |
| 35358 | AIRES S.A. | COLOMBIA |
| 32873 | AIRLOG INTL LTD | UNITED STATES |
| 33143 | AL RUSHAID AVIATION | UNITED STATES |
| 35522 | AMERICAN JET INTL 2 | UNITED STATES |
| 35973 | AMERICAN LOGISTICS | ARGENTINA |
| 45516 | AMR AVIATION LTD | ISRAEL |
| 33621 | ANGOLA AIR SERVICE | ANGOLA |
| 31591 | ASSOCIATED AV (NIG) | NIGERIA |
| 29535 | ASSOCIATED AVTN | UNITED KINGDOM |
| 35917 | ASTROJET LTD | UNITED KINGDOM |
| 37174 | AV FLEET HOLDING LLC | UNITED STATES |
| 31919 | AVIATION COMPANY | SOUTH AFRICA |
| 10055 | AVIATION SRVCS INTL | UNITED STATES |
| 36487 | AVIONCO | CANADA |
| 10342 | AERO AIR, LLC | UNITED STATES |
| f12524 | AIR BRAVO | UNITED STATES |
| 33625 | AIR CARGO CARRIER GOV DIV | UNITED STATES |
| f11871 | AIRWAYS MANAGEMENT SERVICES | UNITED STATES |
| f12525 | ALESWORTH | UNITED STATES |
| 10014 | ANADARKO PETROLEUM CORPORATION | UNITED STATES |
| 23852 | ARIES AVIATION | CANADA |
| 35811 | BANK OF UTAH | UNITED STATES |
| 25881 | BARNETT INVESTMENTS | UNITED STATES |
| 3935 | BASLER TURBO | UNITED STATES |
| f10078 | BASURVENCIA | UNITED STATES |
| 38781 | BEST FLY WORLDWIDE | ANGOLA |
| 37795 | BLUE SKY PROPERTIES | PANAMA |
| 32957 | BORDER SECURITY | INDIA |
| 28573 | BRA TRANSP AEREOS | BRAZIL |
| 27477 | BROAD RIVER AVTN | UNITED STATES |
| 38891 | BRUCE LEVEN | UNITED STATES |
| 34501 | BUFFINI & COMPANY 2 | UNITED STATES |
| 33472 | BYECROSS IOM LTD | UNITED KINGDOM |
| 35174 | BANCO PINE SA | BRAZIL |
| f11394 | CAMAC AVIATION LLC | UNITED STATES |
| 37106 | CAOA MONTADORA DE VEICULOS S/A | BRAZIL |
| 32273 | CASBAH | SWITZERLAND |
| 35613 | CELESTIAL AV TRADING | IRELAND |
| 34187 | CEMAIR | SOUTH AFRICA |
| f11421 | CHALLENGER 1073 LLC | UNITED STATES |
| 37305 | CHALLENGER 605 LLC | BRAZIL |
| 39016 | CHARTER AIR (IOM)LTD | UNITED KINGDOM |
| 29700 | CHARTERTECH PARTNER | SOUTH AFRICA |
| 32199 | CHERRY AIR AVIATION | UNITED STATES |
| 38270 | CHIK-CHIK AERONAUTIC | ANGOLA |
| 27516 | CIELOS DEL PERU SA | PERU |
| f13619 | CIMED INDUSTRIA DE MEDICAMENTOS LTDA | BRAZIL |
| 23339 | CIT LEASING | UNITED STATES |
| 33653 | CJ AIR SAFARIS | SOUTH AFRICA |
| 24811 | CLOS DE BERRY MGMT | UNITED STATES |
| 35501 | COHEN RICARDO | UNITED STATES |
| 32983 | COMAIR (2) | UNITED STATES |
| 24378 | COMAIR SALES LTD | SOUTH AFRICA |
| 30053 | CONSORCIO UNIBANCO | BRAZIL |
| 33062 | CONSTRUCTORA SAMBIL | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 36787 | CONSTRUTORA COWAN | BRAZIL |
| 33176 | CRYSTAL AIR AVTN | UNITED STATES |
| 37409 | CASAS BAHIA COMERCIAL LTDA | BRAZIL |
| f10986 | CHALLENGER AIR CORP., LLC | UNITED STATES |
| f10117 | CHANNELLOCK, INC. | UNITED STATES |
| 28991 | CONSTRUTORA ANDRADE GUTIERREZ, S.A. | BRAZIL |
| f13144 | CONSULTATIO S.A. | ARGENTINA |
| f12176 | CONTRAN CORPORATION | UNITED STATES |
| 35440 | CRESCENT HEIGHTS, INC. | UNITED STATES |
| 32382 | CURVES INTERNATIONAL INC | UNITED STATES |
| 35844 | DELEAUD GILBERT | UNITED STATES |
| 38412 | DELPHIA PARTICIPACOE | BRAZIL |
| 35533 | DIAS BRANCO ADMINI | BRAZIL |
| 31528 | DISTRIBUIDORA PHARMA | BRAZIL |
| 34559 | DOMINION AIR LTD | NIGERIA |
| f12527 | DERWICK ASSOCIATES DE VENEZUALA | UNITED STATES |
| 27988 | EAGLE MOUNTAIN INTL | UNITED STATES |
| 44175 | EDEN JETS LTD. | CAYMAN ISLANDS |
| 40726 | EJME AIRCRAFT MAN. | PORTUGAL |
| 33867 | EMBASSY OF INDIA | PORTUGAL |
| 36502 | EMBRAER AAF AIRCRAFT | SOUTH AFRICA |
| 34414 | EMPR.DE MEIOS AEREOS | PORTUGAL |
| 30014 | ENERGEM AVIATION | SOUTH AFRICA |
| 25289 | EUROATLANTIC AIRWAYS | PORTUGAL |
| 30179 | EXECUTIVE TURBINE | SOUTH AFRICA |
| f12189 | ENTERPRISE AVIATION - BERMUDA LTD | UNITED STATES |
| 23864 | FAITH LANDMARK | UNITED STATES |
| 31214 | FALCONCREST AVTN | UNITED STATES |
| 24973 | FLIGHT MANAGEMENT | UNITED STATES |
| 30684 | FLUIRDADOS SA | PORTUGAL |
| 37242 | FUNG WING CHEUNG | CHINA |
| f10727 | FALCON EXECUTIVE AVIATION, INC. | UNITED STATES |
| f11847 | FLIGHTSTREAM AVIATION LLC | UNITED STATES |
| 35289 | G 137 LLC | UNITED STATES |
| 27761 | GAMBIA INTL (2) | GAMBIA |
| 8760 | GAVILAN | UNITED STATES |
| 36437 | GEMINI MOON TRADING | SOUTH AFRICA |
| f12704 | GIROSKI AVIATION LLC | UNITED STATES |
| 30178 | GLOBAL EQUITIES | SOUTH AFRICA |
| 31572 | GLOBAL FLIGHT SUPPRT | UNITED STATES |
| 44116 | GLOBAL MISSION LLC | PORTUGAL |
| 40846 | GREENPLAC TECNOLOGIA INDUSTRIAL LTDA | BRAZIL |
| f11434 | GROSFELD INVESTORS LLC | UNITED STATES |
| 36978 | GUNTER PPS LLC | UNITED STATES |
| 36257 | GYROCAM SYSTEMS | UNITED STATES |
| 34888 | HAMPTON CRYSTAL | NIGERIA |
| 36346 | HM LLC | UNITED STATES |
| 29095 | HMY AIRWAYS INC | CANADA |
| 35466 | HORIZON AIR LLP | UNITED KINGDOM |
| 31879 | HUGHES AIR CORP | CANADA |
| 5601 | HAMLIN JET LTD | UNITED KINGDOM |
| 32070 | HY FLY, TRANSPORTES AÉREOS, S.A. | PORTUGAL |
| 34593 | IAL CORP | UNITED STATES |
| 32417 | IBIS PARTICIPAÇÕES E SERVIÇOS LTDA. | BRAZIL |
| 32833 | INDIGO TRANSPORT | UNITED STATES |
| 35931 | INFLITE AVTN (IOM) | UNITED KINGDOM |
| 37805 | INMOBILIARIA RASAL | GUATEMALA |
| 32173 | INTERWINGS AIRCHRTR | SOUTH AFRICA |
| 32590 | IGREJA UNIVERSAL DO REINO DE DEUS | BRAZIL |
| 31628 | JDL AVIATION LLC | UNITED STATES |
| 37257 | JESPER CONTINENTAL | ISRAEL |
| 7255 | JET FLIGHT SERVICES | UNITED STATES |
| 33637 | JET MANAGEMENT INC | UNITED STATES |
| 38520 | JET MANAGERS INC | UNITED STATES |
| 44618 | JET4U S.R.L. | PORTUGAL |
| 33382 | JETFLY SUISSE SARL | SWITZERLAND |
| f10281 | JMI SERVICES INC. | UNITED STATES |
| 27707 | JORDAN AVIATION | JORDAN |
| 38883 | JW CONSTRUCTION CO | UNITED STATES |
| 34763 | JOYCE MEYER MINISTRIES | UNITED STATES |
| 32523 | K&P AVIATION LLC | UNITED STATES |
| 34683 | KANDO JET LLC | UNITED STATES |
| 32791 | KING AIR CHARTER | SOUTH AFRICA |
| 32122 | KJ AIR | UNITED STATES |
| 32488 | KNIGHTS ARILINES LTD | NIGERIA |
| f11415 | KOURY AVIATION INC | UNITED STATES |
| f11799 | KTI INCORP | UNITED STATES |
| 38707 | L-3 AEROMET | UNITED STATES |
| 34911 | L3 COMMUNICATIONS ADVANCED AVIATION LLC | UNITED STATES |
| 26001 | LADS | AUSTRALIA |
| 38064 | LIMA DELTA COMPANY | UNITED STATES |
| f11784 | LIVING WORD CHRISTIAN CENTER | UNITED STATES |
| 31063 | LUZAIR SA | PORTUGAL |
| f12528 | LA CADENA | UNITED STATES |
| 40079 | MAAMBA COLLIERIES | ZAMBIA |
| 37666 | MACHAVIA INC | UNITED STATES |
| 29587 | MACNEIL AVIATION LLC | UNITED STATES |
| 37794 | MADRONE ADVISORS | UNITED STATES |
| 38933 | MAHIL AGROPECUARIA | BRAZIL |
| 35273 | MALAYSIAN DCA | MALAYSIA |
| 28388 | MANACA TAXI AEREA | BRAZIL |
| 35178 | MARRIOTT INTL | UNITED STATES |
| 30683 | MASTERJET-AVIACAO | PORTUGAL |
| 32546 | MBF HEALTCARE MGMT | UNITED STATES |
| 32317 | MCC AVIATION | SOUTH AFRICA |
| 34766 | MED-VIEW AIRLINES | NIGERIA |
| 35632 | MERIDIAN AVTN (CO) | UNITED STATES |
| 33303 | MH AVIATION | UNITED STATES |
| 37098 | MH AVIATION SERVICES | SOUTH AFRICA |
| f12190 | ML200 LEASING LLC | UNITED STATES |
| 29463 | MORGAN FLIGHT | UNITED STATES |
| 32691 | MOURITEEN FAMILY TR | SOUTH AFRICA |
| 32137 | MOURITZEN FAMILY | SOUTH AFRICA |
| 31396 | MARINER MANAGEMENT LLC | BARBADOS |
| 25266 | MENTE L.L.C. | UNITED STATES |
| f13250 | MERCANTIL SERVICIOS FINANCIEROS C.A. | UNITED STATES |
| 36335 | METROJET LIMITED US | CHINA |
| 23230 | NASA | UNITED STATES |
| 28772 | NATIONAL AIRWAYS CORPORATION (PTY) LTD | SOUTH AFRICA |
| 6764 | NATIONAL JETS | UNITED STATES |
| 38267 | NEW PRIME INC | UNITED STATES |
| 33092 | NICON AIRWAYS | NIGERIA |
| 33140 | NOLINOR AVIAT (NLN) | CANADA |
| f10339 | NWW EXCEL II INC. | UNITED STATES |
| 23781 | NETJETS TRANSPORTES AÉREOS, S.A. | PORTUGAL |
| f13917 | NEVADA RESTAURANT SERVICES. INC | UNITED STATES |
| 30008 | OCEANAIR LINHAS AER | BRAZIL |
| 37336 | ORANTO PETROLEUM | NIGERIA |
| 32688 | ORBEST AIRLINES, S.A. | PORTUGAL |
| 36786 | PACIFIC FLIER | MICRONESIA, FEDERATED STATES OF |
| 29678 | PARTNERSHIP | SOUTH AFRICA |
| 25069 | PASSAREDO SA | BRAZIL |
| 31009 | PATTISON AIRWAYS | CANADA |
| 33232 | PEACON ASSOCIATES | UNITED STATES |
| 38880 | PERDIEM PILOTS LLC | UNITED STATES |
| 38542 | PETROWEST SERVICES | SWITZERLAND |
| 8058 | PILOT INTERNATIONAL | UNITED STATES |
| 22689 | PRESIDENCE COTE D'IVOIRE | CÔTE D'IVOIRE |
| 24429 | PRIVATAIR SA | PORTUGAL |
| 28105 | PROFESSIONAL MAINTNC | UNITED STATES |
| 34256 | PLANAIR ENTERPRISES | BERMUDA |
| 31277 | R & R AIRCRAFT | UNITED STATES |
| 31995 | RANI S AVIATION | UNITED STATES |
| 31003 | RB SPORTS INTL | CAYMAN ISLANDS |
| 7732 | RICH PRODUCTS | UNITED STATES |
| 36622 | RICHARD P. MATHESON | UNITED STATES |
| 31958 | ROSTON AVIATION | UNITED STATES |
| 35338 | ROYAL JET INC | UNITED STATES |
| 32614 | RSE COMPANY | UNITED STATES |
| 37646 | RSE COMPANY DELAWARE | UNITED STATES |
| f12718 | RUSSELL AVIATION LEASING INC | UNITED STATES |
| f10830 | REYES HOLDINGS, LLC | UNITED STATES |
| 22649 | S BOTSWANA | BOTSWANA |
| 28661 | SAHARA AVIATION | SOUTH AFRICA |
| 32785 | SAO TOME E PRINCIPE | SAO TOME AND PRINCIPE |
| 39447 | SHANDRA INVESTMENT LTD | SWITZERLAND |
| f11453 | SIAREX SOCIETY INC | UNITED STATES |
| 36028 | SIERRA NEVADA SNC. | UNITED STATES |
| 38239 | SIFCO SA | BRAZIL |
| 34940 | SIGNIA JETS | SPAIN |
| 31892 | SKYROS PROPERTIES | SOUTH AFRICA |
| 36707 | SPARTAN ORGANISATION | UNITED STATES |
| 9295 | SPECIALIZED AIRCRAFT | UNITED STATES |
| 31178 | SPECTREM AIR | SOUTH AFRICA |
| 19821 | SPORTO SNC | FRANCE |
| 33551 | STAR AIR CARGO | SOUTH AFRICA |
| 30889 | STIRLING AVTN | UNITED KINGDOM |
| 31587 | STORM AVTN CANADA | CANADA |
| 35493 | STRATEGIC AIRLINES | AUSTRALIA |
| 28720 | SUZUKI DEL CARIBE | PUERTO RICO |
| 5683 | SWAGELOK | UNITED STATES |
| 2354 | SATA AIR AÇORES, S.A. | PORTUGAL |
| 25573 | SATA INTERNACIONAL, S.A. | PORTUGAL |
| f12670 | SCHWEITZER ENGINEERING LABS INC | UNITED STATES |
| f10406 | SPECTATOR, INC. AND KALCO CORPORATION | UNITED STATES |
| 388 | TAAG - LINHAS AÉREAS DE ANGOLA - ANGOLA AIRLINES | ANGOLA |
| 2649 | TACV-TRANSPORTES AÉREOS DE CABO VERDE, S.A. | CAPE VERDE |
| 34229 | TAK CONTINENTAL LTD | UNITED STATES |
| 2656 | TAP-TRANSPORTES AÉREOS PORTUGUESES, S.A. | PORTUGAL |
| 39124 | TAXI AER PIRACICABA | BRAZIL |
| 21003 | TAXI AEREO WESTON | BRAZIL |
| 39539 | TEMPUS JETS INC | UNITED STATES |
| 31810 | THE HONORABLE COMMISSIONER FOR TRANSPORT | NIGERIA |
| f11806 | THREE VALLEYS RANCH LLC | UNITED STATES |
| 27408 | TINAIRLINES | PORTUGAL |
| 30033 | TRANS CAPITAL AIR | CANADA |
| 32712 | TRAYTON AVIATION | UNITED STATES |
| 31334 | TRIDENT AVIATION HK | KENYA |
| 32974 | TRIUMPH AIRWAYS LTD | CANADA |
| 37761 | TROP COMERCIO EXTER | BRAZIL |
| 31496 | TRUSH AIRCRAFT | UNITED STATES |
| f12760 | TSTC LLC | UNITED STATES |
| 32832 | TUCK AVIATION | UNITED STATES |
| f13023 | TIERECEL LIMITED/CORBANTRADE CIA. LTDA. | UNITED STATES |
| 34375 | TOBY LIMITED | CAYMAN ISLANDS |
| 11938 | UAC AIR CHARTER | GERMANY |
| 32229 | US AVIATION CORP | UNITED STATES |
| 31833 | US EUROPE AFRICA TR | UNITED STATES |
| 35718 | UNITED BANK CARD | UNITED STATES |
| 32025 | VALLEYSOFT | ANGOLA |
| 30481 | VITESSE AVIATION | BRAZIL |
| 30887 | VOYAGEUR AIRWAYS (2) | CANADA |
| 31801 | WACHOVIA FINANCIAL | UNITED STATES |
| 37186 | WAYLAWN | ISRAEL |
| 32618 | WC FERRIES | SOUTH AFRICA |
| 35256 | WEBJET LINHAS AEREAS | BRAZIL |
| 30546 | WEST CENTRAL AIR | CANADA |
| 27218 | WHITE-AIRWAYS SA | PORTUGAL |
| f11379 | WILLOW CREEK ASSOCIATION | UNITED STATES |
| 30536 | WINGS AVTN NIGERIA | NIGERIA |
| 7965 | WORLDWIDE FERRYING | CANADA |
| f10773 | WELLS FARGO BANK NW NA | UNITED STATES |
| f11443 | X PEGASUS LLC | UNITED STATES |
| 37677 | ZC AVIATION | UNITED STATES |

CRCO Identification number

Operator Name

State of the Operator

38947

540 GHANA LIMITED

GHANA

37971

ACFT CONSULTANTS 2

UNITED STATES

37357

AERO CONTRACTORS

UNITED STATES

33236

AERONAUTIC SOLUTIONS

SOUTH AFRICA

37192

AERONEXUS CORPORATE

SOUTH AFRICA

34994

AFRICAIR USA (2)

UNITED STATES

f12788

AG HOLDINGS I CORP

UNITED STATES

f12949

AGRI COMMODITY TRADE LLC

UNITED STATES

9568

AIR BEAR

UNITED STATES

35406

AIR BY JET LLC

UNITED STATES

12500

AIR TRACTOR

UNITED STATES

34315

AIRALT SL

SPAIN

39102

AIRCO AIRCRAFT

CANADA

f11466

AIRCRAFT TRUST & FINANCING CORP TRUSTEE

UNITED STATES

35358

AIRES S.A.

COLOMBIA

32873

AIRLOG INTL LTD

UNITED STATES

33143

AL RUSHAID AVIATION

UNITED STATES

35522

AMERICAN JET INTL 2

UNITED STATES

35973

AMERICAN LOGISTICS

ARGENTINA

45516

AMR AVIATION LTD

ISRAEL

33621

ANGOLA AIR SERVICE

ANGOLA

31591

ASSOCIATED AV (NIG)

NIGERIA

29535

ASSOCIATED AVTN

UNITED KINGDOM

35917

ASTROJET LTD

UNITED KINGDOM

37174

AV FLEET HOLDING LLC

UNITED STATES

31919

AVIATION COMPANY

SOUTH AFRICA

10055

AVIATION SRVCS INTL

UNITED STATES

36487

AVIONCO

CANADA

10342

AERO AIR, LLC

UNITED STATES

f12524

AIR BRAVO

UNITED STATES

33625

AIR CARGO CARRIER GOV DIV

UNITED STATES

f11871

AIRWAYS MANAGEMENT SERVICES

UNITED STATES

f12525

ALESWORTH

UNITED STATES

10014

ANADARKO PETROLEUM CORPORATION

UNITED STATES

23852

ARIES AVIATION

CANADA

35811

BANK OF UTAH

UNITED STATES

25881

BARNETT INVESTMENTS

UNITED STATES

3935

BASLER TURBO

UNITED STATES

f10078

BASURVENCIA

UNITED STATES

38781

BEST FLY WORLDWIDE

ANGOLA

37795

BLUE SKY PROPERTIES

PANAMA

32957

BORDER SECURITY

INDIA

28573

BRA TRANSP AEREOS

BRAZIL

27477

BROAD RIVER AVTN

UNITED STATES

38891

BRUCE LEVEN

UNITED STATES

34501

BUFFINI & COMPANY 2

UNITED STATES

33472

BYECROSS IOM LTD

UNITED KINGDOM

35174

BANCO PINE SA

BRAZIL

f11394

CAMAC AVIATION LLC

UNITED STATES

37106

CAOA MONTADORA DE VEICULOS S/A

BRAZIL

32273

CASBAH

SWITZERLAND

35613

CELESTIAL AV TRADING

IRELAND

34187

CEMAIR

SOUTH AFRICA

f11421

CHALLENGER 1073 LLC

UNITED STATES

37305

CHALLENGER 605 LLC

BRAZIL

39016

CHARTER AIR (IOM)LTD

UNITED KINGDOM

29700

CHARTERTECH PARTNER

SOUTH AFRICA

32199

CHERRY AIR AVIATION

UNITED STATES

38270

CHIK-CHIK AERONAUTIC

ANGOLA

27516

CIELOS DEL PERU SA

PERU

f13619

CIMED INDUSTRIA DE MEDICAMENTOS LTDA

BRAZIL

23339

CIT LEASING

UNITED STATES

33653

CJ AIR SAFARIS

SOUTH AFRICA

24811

CLOS DE BERRY MGMT

UNITED STATES

35501

COHEN RICARDO

UNITED STATES

32983

COMAIR (2)

UNITED STATES

24378

COMAIR SALES LTD

SOUTH AFRICA

30053

CONSORCIO UNIBANCO

BRAZIL

33062

CONSTRUCTORA SAMBIL

VENEZUELA, BOLIVARIAN REPUBLIC OF

36787

CONSTRUTORA COWAN

BRAZIL

33176

CRYSTAL AIR AVTN

UNITED STATES

37409

CASAS BAHIA COMERCIAL LTDA

BRAZIL

f10986

CHALLENGER AIR CORP., LLC

UNITED STATES

f10117

CHANNELLOCK, INC.

UNITED STATES

28991

CONSTRUTORA ANDRADE GUTIERREZ, S.A.

BRAZIL

f13144

CONSULTATIO S.A.

ARGENTINA

f12176

CONTRAN CORPORATION

UNITED STATES

35440

CRESCENT HEIGHTS, INC.

UNITED STATES

32382

CURVES INTERNATIONAL INC

UNITED STATES

35844

DELEAUD GILBERT

UNITED STATES

38412

DELPHIA PARTICIPACOE

BRAZIL

35533

DIAS BRANCO ADMINI

BRAZIL

31528

DISTRIBUIDORA PHARMA

BRAZIL

34559

DOMINION AIR LTD

NIGERIA

f12527

DERWICK ASSOCIATES DE VENEZUALA

UNITED STATES

27988

EAGLE MOUNTAIN INTL

UNITED STATES

44175

EDEN JETS LTD.

CAYMAN ISLANDS

40726

EJME AIRCRAFT MAN.

PORTUGAL

33867

EMBASSY OF INDIA

PORTUGAL

36502

EMBRAER AAF AIRCRAFT

SOUTH AFRICA

34414

EMPR.DE MEIOS AEREOS

PORTUGAL

30014

ENERGEM AVIATION

SOUTH AFRICA

25289

EUROATLANTIC AIRWAYS

PORTUGAL

30179

EXECUTIVE TURBINE

SOUTH AFRICA

f12189

ENTERPRISE AVIATION - BERMUDA LTD

UNITED STATES

23864

FAITH LANDMARK

UNITED STATES

31214

FALCONCREST AVTN

UNITED STATES

24973

FLIGHT MANAGEMENT

UNITED STATES

30684

FLUIRDADOS SA

PORTUGAL

37242

FUNG WING CHEUNG

CHINA

f10727

FALCON EXECUTIVE AVIATION, INC.

UNITED STATES

f11847

FLIGHTSTREAM AVIATION LLC

UNITED STATES

35289

G 137 LLC

UNITED STATES

27761

GAMBIA INTL (2)

GAMBIA

8760

GAVILAN

UNITED STATES

36437

GEMINI MOON TRADING

SOUTH AFRICA

f12704

GIROSKI AVIATION LLC

UNITED STATES

30178

GLOBAL EQUITIES

SOUTH AFRICA

31572

GLOBAL FLIGHT SUPPRT

UNITED STATES

44116

GLOBAL MISSION LLC

PORTUGAL

40846

GREENPLAC TECNOLOGIA INDUSTRIAL LTDA

BRAZIL

f11434

GROSFELD INVESTORS LLC

UNITED STATES

36978

GUNTER PPS LLC

UNITED STATES

36257

GYROCAM SYSTEMS

UNITED STATES

34888

HAMPTON CRYSTAL

NIGERIA

36346

HM LLC

UNITED STATES

29095

HMY AIRWAYS INC

CANADA

35466

HORIZON AIR LLP

UNITED KINGDOM

31879

HUGHES AIR CORP

CANADA

5601

HAMLIN JET LTD

UNITED KINGDOM

32070

HY FLY, TRANSPORTES AÉREOS, S.A.

PORTUGAL

34593

IAL CORP

UNITED STATES

32417

IBIS PARTICIPAÇÕES E SERVIÇOS LTDA.

BRAZIL

32833

INDIGO TRANSPORT

UNITED STATES

35931

INFLITE AVTN (IOM)

UNITED KINGDOM

37805

INMOBILIARIA RASAL

GUATEMALA

32173

INTERWINGS AIRCHRTR

SOUTH AFRICA

32590

IGREJA UNIVERSAL DO REINO DE DEUS

BRAZIL

31628

JDL AVIATION LLC

UNITED STATES

37257

JESPER CONTINENTAL

ISRAEL

7255

JET FLIGHT SERVICES

UNITED STATES

33637

JET MANAGEMENT INC

UNITED STATES

38520

JET MANAGERS INC

UNITED STATES

44618

JET4U S.R.L.

PORTUGAL

33382

JETFLY SUISSE SARL

SWITZERLAND

f10281

JMI SERVICES INC.

UNITED STATES

27707

JORDAN AVIATION

JORDAN

38883

JW CONSTRUCTION CO

UNITED STATES

34763

JOYCE MEYER MINISTRIES

UNITED STATES

32523

K&P AVIATION LLC

UNITED STATES

34683

KANDO JET LLC

UNITED STATES

32791

KING AIR CHARTER

SOUTH AFRICA

32122

KJ AIR

UNITED STATES

32488

KNIGHTS ARILINES LTD

NIGERIA

f11415

KOURY AVIATION INC

UNITED STATES

f11799

KTI INCORP

UNITED STATES

38707

L-3 AEROMET

UNITED STATES

34911

L3 COMMUNICATIONS ADVANCED AVIATION LLC

UNITED STATES

26001

LADS

AUSTRALIA

38064

LIMA DELTA COMPANY

UNITED STATES

f11784

LIVING WORD CHRISTIAN CENTER

UNITED STATES

31063

LUZAIR SA

PORTUGAL

f12528

LA CADENA

UNITED STATES

40079

MAAMBA COLLIERIES

ZAMBIA

37666

MACHAVIA INC

UNITED STATES

29587

MACNEIL AVIATION LLC

UNITED STATES

37794

MADRONE ADVISORS

UNITED STATES

38933

MAHIL AGROPECUARIA

BRAZIL

35273

MALAYSIAN DCA

MALAYSIA

28388

MANACA TAXI AEREA

BRAZIL

35178

MARRIOTT INTL

UNITED STATES

30683

MASTERJET-AVIACAO

PORTUGAL

32546

MBF HEALTCARE MGMT

UNITED STATES

32317

MCC AVIATION

SOUTH AFRICA

34766

MED-VIEW AIRLINES

NIGERIA

35632

MERIDIAN AVTN (CO)

UNITED STATES

33303

MH AVIATION

UNITED STATES

37098

MH AVIATION SERVICES

SOUTH AFRICA

f12190

ML200 LEASING LLC

UNITED STATES

29463

MORGAN FLIGHT

UNITED STATES

32691

MOURITEEN FAMILY TR

SOUTH AFRICA

32137

MOURITZEN FAMILY

SOUTH AFRICA

31396

MARINER MANAGEMENT LLC

BARBADOS

25266

MENTE L.L.C.

UNITED STATES

f13250

MERCANTIL SERVICIOS FINANCIEROS C.A.

UNITED STATES

36335

METROJET LIMITED US

CHINA

23230

NASA

UNITED STATES

28772

NATIONAL AIRWAYS CORPORATION (PTY) LTD

SOUTH AFRICA

6764

NATIONAL JETS

UNITED STATES

38267

NEW PRIME INC

UNITED STATES

33092

NICON AIRWAYS

NIGERIA

33140

NOLINOR AVIAT (NLN)

CANADA

f10339

NWW EXCEL II INC.

UNITED STATES

23781

NETJETS TRANSPORTES AÉREOS, S.A.

PORTUGAL

f13917

NEVADA RESTAURANT SERVICES. INC

UNITED STATES

30008

OCEANAIR LINHAS AER

BRAZIL

37336

ORANTO PETROLEUM

NIGERIA

32688

ORBEST AIRLINES, S.A.

PORTUGAL

36786

PACIFIC FLIER

MICRONESIA, FEDERATED STATES OF

29678

PARTNERSHIP

SOUTH AFRICA

25069

PASSAREDO SA

BRAZIL

31009

PATTISON AIRWAYS

CANADA

33232

PEACON ASSOCIATES

UNITED STATES

38880

PERDIEM PILOTS LLC

UNITED STATES

38542

PETROWEST SERVICES

SWITZERLAND

8058

PILOT INTERNATIONAL

UNITED STATES

22689

PRESIDENCE COTE D'IVOIRE

CÔTE D'IVOIRE

24429

PRIVATAIR SA

PORTUGAL

28105

PROFESSIONAL MAINTNC

UNITED STATES

34256

PLANAIR ENTERPRISES

BERMUDA

31277

R & R AIRCRAFT

UNITED STATES

31995

RANI S AVIATION

UNITED STATES

31003

RB SPORTS INTL

CAYMAN ISLANDS

7732

RICH PRODUCTS

UNITED STATES

36622

RICHARD P. MATHESON

UNITED STATES

31958

ROSTON AVIATION

UNITED STATES

35338

ROYAL JET INC

UNITED STATES

32614

RSE COMPANY

UNITED STATES

37646

RSE COMPANY DELAWARE

UNITED STATES

f12718

RUSSELL AVIATION LEASING INC

UNITED STATES

f10830

REYES HOLDINGS, LLC

UNITED STATES

22649

S BOTSWANA

BOTSWANA

28661

SAHARA AVIATION

SOUTH AFRICA

32785

SAO TOME E PRINCIPE

SAO TOME AND PRINCIPE

39447

SHANDRA INVESTMENT LTD

SWITZERLAND

f11453

SIAREX SOCIETY INC

UNITED STATES

36028

SIERRA NEVADA SNC.

UNITED STATES

38239

SIFCO SA

BRAZIL

34940

SIGNIA JETS

SPAIN

31892

SKYROS PROPERTIES

SOUTH AFRICA

36707

SPARTAN ORGANISATION

UNITED STATES

9295

SPECIALIZED AIRCRAFT

UNITED STATES

31178

SPECTREM AIR

SOUTH AFRICA

19821

SPORTO SNC

FRANCE

33551

STAR AIR CARGO

SOUTH AFRICA

30889

STIRLING AVTN

UNITED KINGDOM

31587

STORM AVTN CANADA

CANADA

35493

STRATEGIC AIRLINES

AUSTRALIA

28720

SUZUKI DEL CARIBE

PUERTO RICO

5683

SWAGELOK

UNITED STATES

2354

SATA AIR AÇORES, S.A.

PORTUGAL

25573

SATA INTERNACIONAL, S.A.

PORTUGAL

f12670

SCHWEITZER ENGINEERING LABS INC

UNITED STATES

f10406

SPECTATOR, INC. AND KALCO CORPORATION

UNITED STATES

388

TAAG - LINHAS AÉREAS DE ANGOLA - ANGOLA AIRLINES

ANGOLA

2649

TACV-TRANSPORTES AÉREOS DE CABO VERDE, S.A.

CAPE VERDE

34229

TAK CONTINENTAL LTD

UNITED STATES

2656

TAP-TRANSPORTES AÉREOS PORTUGUESES, S.A.

PORTUGAL

39124

TAXI AER PIRACICABA

BRAZIL

21003

TAXI AEREO WESTON

BRAZIL

39539

TEMPUS JETS INC

UNITED STATES

31810

THE HONORABLE COMMISSIONER FOR TRANSPORT

NIGERIA

f11806

THREE VALLEYS RANCH LLC

UNITED STATES

27408

TINAIRLINES

PORTUGAL

30033

TRANS CAPITAL AIR

CANADA

32712

TRAYTON AVIATION

UNITED STATES

31334

TRIDENT AVIATION HK

KENYA

32974

TRIUMPH AIRWAYS LTD

CANADA

37761

TROP COMERCIO EXTER

BRAZIL

31496

TRUSH AIRCRAFT

UNITED STATES

f12760

TSTC LLC

UNITED STATES

32832

TUCK AVIATION

UNITED STATES

f13023

TIERECEL LIMITED/CORBANTRADE CIA. LTDA.

UNITED STATES

34375

TOBY LIMITED

CAYMAN ISLANDS

11938

UAC AIR CHARTER

GERMANY

32229

US AVIATION CORP

UNITED STATES

31833

US EUROPE AFRICA TR

UNITED STATES

35718

UNITED BANK CARD

UNITED STATES

32025

VALLEYSOFT

ANGOLA

30481

VITESSE AVIATION

BRAZIL

30887

VOYAGEUR AIRWAYS (2)

CANADA

31801

WACHOVIA FINANCIAL

UNITED STATES

37186

WAYLAWN

ISRAEL

32618

WC FERRIES

SOUTH AFRICA

35256

WEBJET LINHAS AEREAS

BRAZIL

30546

WEST CENTRAL AIR

CANADA

27218

WHITE-AIRWAYS SA

PORTUGAL

f11379

WILLOW CREEK ASSOCIATION

UNITED STATES

30536

WINGS AVTN NIGERIA

NIGERIA

7965

WORLDWIDE FERRYING

CANADA

f10773

WELLS FARGO BANK NW NA

UNITED STATES

f11443

X PEGASUS LLC

UNITED STATES

37677

ZC AVIATION

UNITED STATES

ROMANIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| f11849 | 26 NORTH AVIATION | UNITED STATES |
| 37254 | AAR AIRLIFT | UNITED STATES |
| 38504 | AERSALE INC | UNITED STATES |
| 36412 | AIR BUCHAREST | ROMANIA |
| 31871 | AIR JET LDA | UNITED ARAB EMIRATES |
| 31492 | AIRCRAFT TRADERS | BELGIUM |
| 31265 | AIRJET | ANGOLA |
| 33726 | ALFA AIR SERVICES | ROMANIA |
| 26569 | ARP 410 AIRLINES | UKRAINE |
| 26750 | AVE.COM FZC | UNITED ARAB EMIRATES |
| 33680 | AVTN EQPMENT LEASING | UNITED KINGDOM |
| 30600 | BLUE AIR AVIATION S.A. | ROMANIA |
| 36940 | BLUE SKY LEASING LTD | UNITED KINGDOM |
| 27344 | BUKOVYNA | UKRAINE |
| 34021 | CAGDAS AIR | TURKEY |
| 26254 | CARPATAIR | ROMANIA |
| 37103 | CITYLINK | GHANA |
| 31867 | CLEARWATER AVIATION | UNITED KINGDOM |
| 31415 | DETA AIR | KAZAKHSTAN |
| 29714 | EUROJET ROMANIA | ROMANIA |
| 47842 | HISKY EUROPE S.R.L. | ROMANIA |
| 37634 | INTER AVIATION SRL | ROMANIA |
| 2349 | JETRAN | UNITED STATES |
| 31627 | JETRAN AIR S.R.L. | ROMANIA |
| 38712 | JETS AVTN SVCS | VIRGIN ISLANDS, BRITISH |
| 31435 | KYRGYZ TRANS AVIA | TAJIKISTAN |
| 30390 | LIBYAVIA AVIATION | LIBYA |
| 31716 | MAX AVIA | TAJIKISTAN |
| 35518 | MDLR AIRLINES | INDIA |
| 28204 | MIA | LEBANON |
| 30986 | MIA AIRL. | ROMANIA |
| 21209 | MIAMI AIR INTL | UNITED STATES |
| 32236 | MIDDLE EAST AVIATION | LEBANON |
| 32174 | RAVELLO ENTERPRISES | UNITED STATES |
| 32327 | RED STAR (FZE) | UNITED ARAB EMIRATES |
| 27810 | ROMANIAN ACADEMY | ROMANIA |
| 26019 | ROMANIAN CIVIL AERONAUTICAL AUTHORITY | ROMANIA |
| 12320 | ROMAVIA ROMANIAN | ROMANIA |
| 24932 | ROSTVERTOL | RUSSIAN FEDERATION |
| f10719 | RIATA MANAGEMENT LLC | UNITED STATES |
| 10864 | S CAMEROON | CAMEROON |
| 47555 | S.C. ANIMA WINGS AVIATION S.A. | ROMANIA |
| 26056 | SANTAY AIR | TURKEY |
| 29727 | SHUKRA | UNITED KINGDOM |
| 39475 | SKYBLUE AERO PVT LTD | INDIA |
| 2658 | TAROM | ROMANIA |
| 38059 | TEN AIRWAYS SRL | ROMANIA |
| 39073 | TRIDENT JET LEASING | IRELAND |
| 28999 | TRIDENT LEASING | IRELAND |
| 33564 | VEGA AIR COMPANY | UKRAINE |
| 28579 | VICTORIA AVTN | UNITED KINGDOM |
| 27298 | VISION AIRLINES | UNITED STATES |
| 34008 | WINGED BULL AVIATION | UNITED KINGDOM |
| 45347 | WIZZ AIR UK LTD | UNITED KINGDOM |

CRCO Identification number

Operator Name

State of the Operator

f11849

26 NORTH AVIATION

UNITED STATES

37254

AAR AIRLIFT

UNITED STATES

38504

AERSALE INC

UNITED STATES

36412

AIR BUCHAREST

ROMANIA

31871

AIR JET LDA

UNITED ARAB EMIRATES

31492

AIRCRAFT TRADERS

BELGIUM

31265

AIRJET

ANGOLA

33726

ALFA AIR SERVICES

ROMANIA

26569

ARP 410 AIRLINES

UKRAINE

26750

AVE.COM FZC

UNITED ARAB EMIRATES

33680

AVTN EQPMENT LEASING

UNITED KINGDOM

30600

BLUE AIR AVIATION S.A.

ROMANIA

36940

BLUE SKY LEASING LTD

UNITED KINGDOM

27344

BUKOVYNA

UKRAINE

34021

CAGDAS AIR

TURKEY

26254

CARPATAIR

ROMANIA

37103

CITYLINK

GHANA

31867

CLEARWATER AVIATION

UNITED KINGDOM

31415

DETA AIR

KAZAKHSTAN

29714

EUROJET ROMANIA

ROMANIA

47842

HISKY EUROPE S.R.L.

ROMANIA

37634

INTER AVIATION SRL

ROMANIA

2349

JETRAN

UNITED STATES

31627

JETRAN AIR S.R.L.

ROMANIA

38712

JETS AVTN SVCS

VIRGIN ISLANDS, BRITISH

31435

KYRGYZ TRANS AVIA

TAJIKISTAN

30390

LIBYAVIA AVIATION

LIBYA

31716

MAX AVIA

TAJIKISTAN

35518

MDLR AIRLINES

INDIA

28204

MIA

LEBANON

30986

MIA AIRL.

ROMANIA

21209

MIAMI AIR INTL

UNITED STATES

32236

MIDDLE EAST AVIATION

LEBANON

32174

RAVELLO ENTERPRISES

UNITED STATES

32327

RED STAR (FZE)

UNITED ARAB EMIRATES

27810

ROMANIAN ACADEMY

ROMANIA

26019

ROMANIAN CIVIL AERONAUTICAL AUTHORITY

ROMANIA

12320

ROMAVIA ROMANIAN

ROMANIA

24932

ROSTVERTOL

RUSSIAN FEDERATION

f10719

RIATA MANAGEMENT LLC

UNITED STATES

10864

S CAMEROON

CAMEROON

47555

S.C. ANIMA WINGS AVIATION S.A.

ROMANIA

26056

SANTAY AIR

TURKEY

29727

SHUKRA

UNITED KINGDOM

39475

SKYBLUE AERO PVT LTD

INDIA

2658

TAROM

ROMANIA

38059

TEN AIRWAYS SRL

ROMANIA

39073

TRIDENT JET LEASING

IRELAND

28999

TRIDENT LEASING

IRELAND

33564

VEGA AIR COMPANY

UKRAINE

28579

VICTORIA AVTN

UNITED KINGDOM

27298

VISION AIRLINES

UNITED STATES

34008

WINGED BULL AVIATION

UNITED KINGDOM

45347

WIZZ AIR UK LTD

UNITED KINGDOM

SLOVENIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 32878 | ARTHEL SARL | FRANCE |
| 32720 | CITIC GEN AVIATION | CHINA |
| 35546 | CSI AVIATION SVCS | UNITED STATES |
| 36624 | IRTYSH-AIR | KAZAKHSTAN |
| 35867 | REGION AVIA AIRLINES | RUSSIAN FEDERATION |
| 20012 | SOLINAIR D.O.O. | SLOVENIA |
| f11112 | SKY AVIATION LTD. | UNITED KINGDOM |
| 48151 | TOMONTENEGRO D.O.O | MONTENEGRO |

CRCO Identification number

Operator Name

State of the Operator

32878

ARTHEL SARL

FRANCE

32720

CITIC GEN AVIATION

CHINA

35546

CSI AVIATION SVCS

UNITED STATES

36624

IRTYSH-AIR

KAZAKHSTAN

35867

REGION AVIA AIRLINES

RUSSIAN FEDERATION

20012

SOLINAIR D.O.O.

SLOVENIA

f11112

SKY AVIATION LTD.

UNITED KINGDOM

48151

TOMONTENEGRO D.O.O

MONTENEGRO

SLOVAKIA

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 36800 | AELIS GROUP A.S. | SLOVAKIA |
| 29083 | AEROMIST KHARKIV | UKRAINE |
| 40862 | AIR CARGO GLOBAL | SLOVAKIA |
| 36293 | AIREXPLORE LTD. | SLOVAKIA |
| 36260 | AVIA AM LEASING | LITHUANIA |
| 23803 | BERIEV ACRFT COMPANY | RUSSIAN FEDERATION |
| 34446 | BOTTLESPRING LTD | CYPRUS |
| 31950 | EAGLE AIR (SL) LTD | SIERRA LEONE |
| 31730 | EASTERN | SLOVAKIA |
| 30601 | EASTERN AIRWAYS (FD) | SWAZILAND |
| 38208 | EASTERN AIRWAYS(PTY) | SWAZILAND |
| 30547 | FILAIR 2 | CONGO |
| 22395 | GOVERNMENT SLOVAKIA | SLOVAKIA |
| 38541 | GEORGIAN LLC | GEORGIA |
| 30935 | ILYICH IRON & STEEL | UKRAINE |
| 36766 | JOTA AVIATION | UNITED KINGDOM |
| 33181 | JUMP-TANDEM S.R.O. | SLOVAKIA |
| 30337 | KAM AIR | AFGHANISTAN |
| 36456 | MOKRANCE STEEL MILLS | SLOVAKIA |
| 23544 | SLOVAK TRANSP. AUTH. | SLOVAKIA |
| 36243 | SMARTWINGS SLOVAKIA | SLOVAKIA |
| 35142 | SSIM, A.S. | SLOVAKIA |
| 27064 | STEEL KOSICE | SLOVAKIA |
| 36633 | VJEKOSLAV MIHAJLOVIC | SERBIA |
| 37222 | VR JET A.S. | SLOVAKIA |

CRCO Identification number

Operator Name

State of the Operator

36800

AELIS GROUP A.S.

SLOVAKIA

29083

AEROMIST KHARKIV

UKRAINE

40862

AIR CARGO GLOBAL

SLOVAKIA

36293

AIREXPLORE LTD.

SLOVAKIA

36260

AVIA AM LEASING

LITHUANIA

23803

BERIEV ACRFT COMPANY

RUSSIAN FEDERATION

34446

BOTTLESPRING LTD

CYPRUS

31950

EAGLE AIR (SL) LTD

SIERRA LEONE

31730

EASTERN

SLOVAKIA

30601

EASTERN AIRWAYS (FD)

SWAZILAND

38208

EASTERN AIRWAYS(PTY)

SWAZILAND

30547

FILAIR 2

CONGO

22395

GOVERNMENT SLOVAKIA

SLOVAKIA

38541

GEORGIAN LLC

GEORGIA

30935

ILYICH IRON & STEEL

UKRAINE

36766

JOTA AVIATION

UNITED KINGDOM

33181

JUMP-TANDEM S.R.O.

SLOVAKIA

30337

KAM AIR

AFGHANISTAN

36456

MOKRANCE STEEL MILLS

SLOVAKIA

23544

SLOVAK TRANSP. AUTH.

SLOVAKIA

36243

SMARTWINGS SLOVAKIA

SLOVAKIA

35142

SSIM, A.S.

SLOVAKIA

27064

STEEL KOSICE

SLOVAKIA

36633

VJEKOSLAV MIHAJLOVIC

SERBIA

37222

VR JET A.S.

SLOVAKIA

FINLAND

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 3167 | AIR NIAMEY | NIGER |
| 380 | ALTICOR INC. | UNITED STATES |
| 372 | AMERICAN EXPRESS | UNITED STATES |
| 24494 | ATYRAU AUE JOLY | KAZAKHSTAN |
| 38637 | BEST JETS INTL | UNITED STATES |
| f10892 | BEST FRIENDS AIR | UNITED STATES |
| 31399 | CARLBAD ENTERPRISES | UKRAINE |
| 35823 | CHILDRESS KLEIN MGMT | UNITED STATES |
| 838 | CITYJET OY | FINLAND |
| 27686 | E*TRADE GROUP | UNITED STATES |
| 35898 | EXTREME CRAFTS VI | UNITED STATES |
| 9834 | FIN AVIATION ACADEMY | FINLAND |
| 1167 | FINNAIR OY | FINLAND |
| 22109 | FRANKLIN TEMPLETON | UNITED STATES |
| 37664 | HANGAR AVIATION MGMT | UNITED STATES |
| 8849 | HONEYWELL MORRISTOWN | UNITED STATES |
| 38651 | IRKUT CORPORATION | RUSSIAN FEDERATION |
| 5922 | JETFLITE | FINLAND |
| 37941 | JRA FLIGHT SOLUTIONS | UNITED STATES |
| 25610 | KAZAIR WEST | KAZAKHSTAN |
| 27766 | LOWE'S COMPANIES | UNITED STATES |
| 31987 | LONE RANGER JETS LLC | UNITED STATES |
| 26102 | MAGADANAVIALISING | RUSSIAN FEDERATION |
| 8930 | METROPOLITAN LIFE | UNITED STATES |
| 27086 | NORDIC REGIONAL AIRLINES OY | FINLAND |
| 35176 | PACIFIC JET AVIATION, LLC | UNITED STATES |
| 32127 | RIVER AVIATION | FINLAND |
| f10376 | RAYTHEON COMPANY | UNITED STATES |
| 26295 | SPARC AVIA CJSC | RUSSIAN FEDERATION |
| 32897 | SPC AVIATION LTD | UNITED KINGDOM |
| 42611 | TIBET AIRLINES | CHINA |
| 38648 | TIFOMO OY | FINLAND |
| 30246 | TUPOLEV OAO | RUSSIAN FEDERATION |
| 33207 | UTAIR-EXPRESS LTD | RUSSIAN FEDERATION |
| 37304 | VERIZON CORPORATE SERVICES GROUP | UNITED STATES |
| 28491 | ZAO AK BYLINA | RUSSIAN FEDERATION |

CRCO Identification number

Operator Name

State of the Operator

3167

AIR NIAMEY

NIGER

380

ALTICOR INC.

UNITED STATES

372

AMERICAN EXPRESS

UNITED STATES

24494

ATYRAU AUE JOLY

KAZAKHSTAN

38637

BEST JETS INTL

UNITED STATES

f10892

BEST FRIENDS AIR

UNITED STATES

31399

CARLBAD ENTERPRISES

UKRAINE

35823

CHILDRESS KLEIN MGMT

UNITED STATES

838

CITYJET OY

FINLAND

27686

E*TRADE GROUP

UNITED STATES

35898

EXTREME CRAFTS VI

UNITED STATES

9834

FIN AVIATION ACADEMY

FINLAND

1167

FINNAIR OY

FINLAND

22109

FRANKLIN TEMPLETON

UNITED STATES

37664

HANGAR AVIATION MGMT

UNITED STATES

8849

HONEYWELL MORRISTOWN

UNITED STATES

38651

IRKUT CORPORATION

RUSSIAN FEDERATION

5922

JETFLITE

FINLAND

37941

JRA FLIGHT SOLUTIONS

UNITED STATES

25610

KAZAIR WEST

KAZAKHSTAN

27766

LOWE'S COMPANIES

UNITED STATES

31987

LONE RANGER JETS LLC

UNITED STATES

26102

MAGADANAVIALISING

RUSSIAN FEDERATION

8930

METROPOLITAN LIFE

UNITED STATES

27086

NORDIC REGIONAL AIRLINES OY

FINLAND

35176

PACIFIC JET AVIATION, LLC

UNITED STATES

32127

RIVER AVIATION

FINLAND

f10376

RAYTHEON COMPANY

UNITED STATES

26295

SPARC AVIA CJSC

RUSSIAN FEDERATION

32897

SPC AVIATION LTD

UNITED KINGDOM

42611

TIBET AIRLINES

CHINA

38648

TIFOMO OY

FINLAND

30246

TUPOLEV OAO

RUSSIAN FEDERATION

33207

UTAIR-EXPRESS LTD

RUSSIAN FEDERATION

37304

VERIZON CORPORATE SERVICES GROUP

UNITED STATES

28491

ZAO AK BYLINA

RUSSIAN FEDERATION

SWEDEN

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| f11778 | ACG ACQUISITION 169 LLC | UNITED STATES |
| 46054 | AIR LARGE EUROPEAN AVIATION PROJECT AB | SWEDEN |
| 31883 | AIR NELSON (2) | NEW ZEALAND |
| 35786 | AJ PRODUKTER AB | SWEDEN |
| 20289 | AKE JANSSON | SWEDEN |
| 38079 | ALISE AVIATION LLC. | UNITED STATES |
| 36103 | ALLEGIANT AIR LLC | UNITED STATES |
| 37047 | ALNASER AIRLINES | IRAQ |
| 30326 | AMAPOLA FLYG AB | SWEDEN |
| 31345 | ATLANTIC AIRLINES LTD | UNITED KINGDOM |
| 21131 | ATRAN-AVIATRANS | RUSSIAN FEDERATION |
| 7579 | BAE SYSTEMS, INC. | UNITED STATES |
| f12870 | BANK OF AMERICA NA C/O JET AVIATION BUSINESS JETS | UNITED STATES |
| 23804 | BH AIRLINES | BOSNIA AND HERZEGOVINA |
| 32341 | BLUE AERO | FRANCE |
| 24912 | BLUE CHIP JET | SWEDEN |
| 38682 | BRAVO AIRWAYS | UKRAINE |
| 9701 | BRUNSWICK | UNITED STATES |
| 30391 | BUSINESS AVIATION UK | UKRAINE |
| 22830 | BRAATHENS REGIONAL AIRWAYS AB | SWEDEN |
| 21450 | BRAATHENS REGIONAL AVIATION AB | SWEDEN |
| f10112 | CCI PILOT SERVICES II, LLC | UNITED STATES |
| f11023 | CHAILEASE FINANCE (BVI) CORP. | VIRGIN ISLANDS, BRITISH |
| 32004 | CINGULAR WIRELESS | UNITED STATES |
| f14468 | CLOUD SKIPPER LTD. | UNITED STATES |
| 37937 | CLYDE AIR AB | SWEDEN |
| 36076 | COMTRAN INTERNATIONAL INC | UNITED STATES |
| f10123 | COMCAST CORPORATION / CLASSIC SERVICES | UNITED STATES |
| 28009 | CORNING INCORPORATED | UNITED STATES |
| 30875 | DLS AIR | UNITED STATES |
| 40082 | DYNAMIC AIRWAYS | UNITED STATES |
| 38727 | EXEC JET ENTERPRISE | TAIWAN |
| 31463 | EXPO AVIATION PVT 2 | SRI LANKA |
| 31837 | EZNIS AIRWAYS | MONGOLIA |
| 35824 | FLEETLEADER AB | SWEDEN |
| 8697 | FLYGANDE VETERANER | SWEDEN |
| 35907 | FORSCHUNGSZENTRUM | GERMANY |
| 31506 | GLOBAL AVTN PARTNERS | RUSSIAN FEDERATION |
| 39114 | GOIANIA COMERCIO | PORTUGAL |
| f10227 | GLOBAL PACIFIC AVIATION, INC. | UNITED STATES |
| 23882 | HASTENS SANGAR AB | SWEDEN |
| 23317 | ITT INDUSTRIES | UNITED STATES |
| 34845 | JET ARROW | SWITZERLAND |
| 39062 | JET PLAID LLC | UNITED STATES |
| 32414 | JORDAN CONSULTING | UNITED STATES |
| 33688 | JP AIR AB (2) | SWEDEN |
| 35590 | K/S HAWKER | DENMARK |
| 3839 | KINNARPS | SWEDEN |
| 5790 | KUSTBEVAKNINGEN | SWEDEN |
| 34960 | LARGUS AVIATION AB | SWEDEN |
| f11393 | MDL CONSULTING ASSOCIATES LLC | UNITED STATES |
| 1116 | MIL SWEDEN | SWEDEN |
| 23589 | MIL/CIV SWEDEN | SWEDEN |
| 37340 | N724DB LLC | SPAIN |
| 27706 | NATIONAL GUARD OF UKRAINE | UKRAINE |
| 30120 | NEXTJET AB | SWEDEN |
| 48827 | NORWEGIAN AIR SWEDEN AOC AB | SWEDEN |
| 46126 | NORWEGIAN AIR SWEDEN AOC AB | SWEDEN |
| 24970 | NOVA AIRLINES AB | SWEDEN |
| 2041 | OXY USA | UNITED STATES |
| 26024 | PA-FLYG AB | SWEDEN |
| f12723 | PEAK ENTERPRISES LLC | UNITED STATES |
| 34075 | PEAKVIEW LLC | UNITED STATES |
| 33709 | PMI GLOBAL SVCS INC | UNITED STATES |
| 37993 | PROFESSIONAL AIR | UNITED STATES |
| f10595 | PFIZER INC. | UNITED STATES |
| 24567 | RAINIER AVTN | UNITED STATES |
| 7778 | RAJAVARTIOLAITOS | FINLAND |
| 29020 | RAYA AIRWAYS SDN BHD | MALAYSIA |
| 9674 | REMO INVESTMENTS | UNITED KINGDOM |
| 25043 | SA EXPRESS | SOUTH AFRICA |
| 35916 | SAMOA TECHNOLOGIES | UNITED STATES |
| 38353 | SAPPI MANUFACTURING | SOUTH AFRICA |
| 2351 | SAS | SWEDEN |
| 12627 | SCANDI AIRLEASING | SWEDEN |
| 34500 | SFS HOLDING AB | SWEDEN |
| 37442 | SHOTGUN RANCH LLC | UNITED STATES |
| 39172 | SKYMERE STORM | UNITED KINGDOM |
| 7491 | SNAS COURIERS | BAHRAIN |
| 38038 | SOL LINEAS AEREAS SA | ARGENTINA |
| 21918 | SOUTH AFRICAN EXPRES | SOUTH AFRICA |
| 35483 | SPITFIRE INVESTMENTS | UNITED KINGDOM |
| 32740 | SWAFHF | SWEDEN |
| 38217 | SWEDEWINGS AB | SWEDEN |
| f12232 | SHUERT ENTERPRISES | UNITED STATES |
| 38448 | SPARROW AVIATON AB | SWEDEN |
| 36334 | TAM AB | SWEDEN |
| 30408 | TANDORO | SWITZERLAND |
| 23235 | TUIFLY NORDIC AB | SWEDEN |
| f12186 | TOR AIR AB | SWEDEN |
| 26810 | UAB APATAS | LITHUANIA |
| 32336 | WADE AIR | AUSTRALIA |
| 6818 | WALTAIR EUROPE | SWEDEN |
| 34328 | WESTFIELD LLC | UNITED STATES |
| f10471 | WAYNE A REAUD | UNITED STATES |
| 20170 | WEST ATLANTIC SWEDEN AB | SWEDEN |

CRCO Identification number

Operator Name

State of the Operator

f11778

ACG ACQUISITION 169 LLC

UNITED STATES

46054

AIR LARGE EUROPEAN AVIATION PROJECT AB

SWEDEN

31883

AIR NELSON (2)

NEW ZEALAND

35786

AJ PRODUKTER AB

SWEDEN

20289

AKE JANSSON

SWEDEN

38079

ALISE AVIATION LLC.

UNITED STATES

36103

ALLEGIANT AIR LLC

UNITED STATES

37047

ALNASER AIRLINES

IRAQ

30326

AMAPOLA FLYG AB

SWEDEN

31345

ATLANTIC AIRLINES LTD

UNITED KINGDOM

21131

ATRAN-AVIATRANS

RUSSIAN FEDERATION

7579

BAE SYSTEMS, INC.

UNITED STATES

f12870

BANK OF AMERICA NA C/O JET AVIATION BUSINESS JETS

UNITED STATES

23804

BH AIRLINES

BOSNIA AND HERZEGOVINA

32341

BLUE AERO

FRANCE

24912

BLUE CHIP JET

SWEDEN

38682

BRAVO AIRWAYS

UKRAINE

9701

BRUNSWICK

UNITED STATES

30391

BUSINESS AVIATION UK

UKRAINE

22830

BRAATHENS REGIONAL AIRWAYS AB

SWEDEN

21450

BRAATHENS REGIONAL AVIATION AB

SWEDEN

f10112

CCI PILOT SERVICES II, LLC

UNITED STATES

f11023

CHAILEASE FINANCE (BVI) CORP.

VIRGIN ISLANDS, BRITISH

32004

CINGULAR WIRELESS

UNITED STATES

f14468

CLOUD SKIPPER LTD.

UNITED STATES

37937

CLYDE AIR AB

SWEDEN

36076

COMTRAN INTERNATIONAL INC

UNITED STATES

f10123

COMCAST CORPORATION / CLASSIC SERVICES

UNITED STATES

28009

CORNING INCORPORATED

UNITED STATES

30875

DLS AIR

UNITED STATES

40082

DYNAMIC AIRWAYS

UNITED STATES

38727

EXEC JET ENTERPRISE

TAIWAN

31463

EXPO AVIATION PVT 2

SRI LANKA

31837

EZNIS AIRWAYS

MONGOLIA

35824

FLEETLEADER AB

SWEDEN

8697

FLYGANDE VETERANER

SWEDEN

35907

FORSCHUNGSZENTRUM

GERMANY

31506

GLOBAL AVTN PARTNERS

RUSSIAN FEDERATION

39114

GOIANIA COMERCIO

PORTUGAL

f10227

GLOBAL PACIFIC AVIATION, INC.

UNITED STATES

23882

HASTENS SANGAR AB

SWEDEN

23317

ITT INDUSTRIES

UNITED STATES

34845

JET ARROW

SWITZERLAND

39062

JET PLAID LLC

UNITED STATES

32414

JORDAN CONSULTING

UNITED STATES

33688

JP AIR AB (2)

SWEDEN

35590

K/S HAWKER

DENMARK

3839

KINNARPS

SWEDEN

5790

KUSTBEVAKNINGEN

SWEDEN

34960

LARGUS AVIATION AB

SWEDEN

f11393

MDL CONSULTING ASSOCIATES LLC

UNITED STATES

1116

MIL SWEDEN

SWEDEN

23589

MIL/CIV SWEDEN

SWEDEN

37340

N724DB LLC

SPAIN

27706

NATIONAL GUARD OF UKRAINE

UKRAINE

30120

NEXTJET AB

SWEDEN

48827

NORWEGIAN AIR SWEDEN AOC AB

SWEDEN

46126

NORWEGIAN AIR SWEDEN AOC AB

SWEDEN

24970

NOVA AIRLINES AB

SWEDEN

2041

OXY USA

UNITED STATES

26024

PA-FLYG AB

SWEDEN

f12723

PEAK ENTERPRISES LLC

UNITED STATES

34075

PEAKVIEW LLC

UNITED STATES

33709

PMI GLOBAL SVCS INC

UNITED STATES

37993

PROFESSIONAL AIR

UNITED STATES

f10595

PFIZER INC.

UNITED STATES

24567

RAINIER AVTN

UNITED STATES

7778

RAJAVARTIOLAITOS

FINLAND

29020

RAYA AIRWAYS SDN BHD

MALAYSIA

9674

REMO INVESTMENTS

UNITED KINGDOM

25043

SA EXPRESS

SOUTH AFRICA

35916

SAMOA TECHNOLOGIES

UNITED STATES

38353

SAPPI MANUFACTURING

SOUTH AFRICA

2351

SAS

SWEDEN

12627

SCANDI AIRLEASING

SWEDEN

34500

SFS HOLDING AB

SWEDEN

37442

SHOTGUN RANCH LLC

UNITED STATES

39172

SKYMERE STORM

UNITED KINGDOM

7491

SNAS COURIERS

BAHRAIN

38038

SOL LINEAS AEREAS SA

ARGENTINA

21918

SOUTH AFRICAN EXPRES

SOUTH AFRICA

35483

SPITFIRE INVESTMENTS

UNITED KINGDOM

32740

SWAFHF

SWEDEN

38217

SWEDEWINGS AB

SWEDEN

f12232

SHUERT ENTERPRISES

UNITED STATES

38448

SPARROW AVIATON AB

SWEDEN

36334

TAM AB

SWEDEN

30408

TANDORO

SWITZERLAND

23235

TUIFLY NORDIC AB

SWEDEN

f12186

TOR AIR AB

SWEDEN

26810

UAB APATAS

LITHUANIA

32336

WADE AIR

AUSTRALIA

6818

WALTAIR EUROPE

SWEDEN

34328

WESTFIELD LLC

UNITED STATES

f10471

WAYNE A REAUD

UNITED STATES

20170

WEST ATLANTIC SWEDEN AB

SWEDEN

ICELAND

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 36971 | 350 S.R.O. | SLOVAKIA |
| f12809 | 73MR LLC | UNITED STATES |
| 38156 | ACTION AVIATION UK | UNITED ARAB EMIRATES |
| 31406 | ADL LEASING | UNITED STATES |
| 32255 | AERO GMBH | GERMANY |
| 499 | AERODATA AKTIENGES 1 | GERMANY |
| 23200 | AERODYNAMICS USA | UNITED STATES |
| 36014 | AEROMARITIME INC | UNITED STATES |
| 31549 | AERONAVAL | UNITED STATES |
| 21273 | AEROSMITH PENNY | UNITED STATES |
| 34802 | AIR AMBULANCE SPEC | UNITED STATES |
| 29508 | AIR AMBULANCE SUPPRT | UNITED STATES |
| 35659 | AIR CAPITAL PILOT | UNITED STATES |
| 32461 | AIR CHATEAUX | FRANCE |
| 31662 | AIR NOVA INC | UNITED STATES |
| 33259 | AIR PARTNERS CORP | CANADA |
| 38219 | AIRBOSS OF AMERICA | CANADA |
| 39197 | AIRKROL LLC | UNITED STATES |
| 33255 | AIRON AIR | DENMARK |
| 31932 | AIRSPRINT INC | CANADA |
| 9117 | AIRSUR | SPAIN |
| 34407 | ALCI AVIATION | CANADA |
| f11420 | ALTEX LLC | UNITED STATES |
| f10024 | AM GENERAL, LLC | UNITED STATES |
| f12848 | AMTS AIRCRAFT HOLDINGS LLC-N40DK | UNITED STATES |
| 34668 | AR AIRWAYS PVT LTD | INDIA |
| 30047 | ASHTON AVIATION | UNITED STATES |
| 38121 | ASP AVIATION LTD | UNITED KINGDOM |
| 14399 | ASTAR USA LLC | UNITED STATES |
| 911 | AUGSBURG AIR SERVICE | GERMANY |
| 7064 | AVEMEX | MEXICO |
| 33503 | AVIATION INVENTORY | UNITED STATES |
| f12726 | AVIATION SERVICES & SALES INC | UNITED STATES |
| 36193 | AVITRANS INC | UNITED STATES |
| 26701 | AVMAX AVIATION SVCS | CANADA |
| 35910 | AVMET INTERNATIONAL | UNITED STATES |
| 38160 | AVON AVIATION LLC | UNITED STATES |
| 37441 | AVPRO INC (3) | UNITED STATES |
| 32522 | AVSTAR INTL CORP | UNITED STATES |
| 34980 | AVTN CAPITAL GRP (2) | UNITED STATES |
| 37888 | AVTN CONSULTANTS INC | UNITED STATES |
| 35734 | AVTN PARTN. AMERICA | UNITED STATES |
| 32830 | AZA AIR LLC | UNITED STATES |
| 38878 | AZIKEL GROUP | NIGERIA |
| 36035 | AZIZ HASSANALI | UNITED STATES |
| 1502 | AIR ATLANTA ICELANDIC | ICELAND |
| f10008 | AIRBILL INC. | UNITED STATES |
| 44375 | AIRCRAFT SERVICES GROUP, INC. | UNITED STATES |
| f13607 | ALMOND FOREST INVESTMENTS LLC | UNITED STATES |
| 33277 | ALTBRIDGE PROJECTS LTD. | RUSSIAN FEDERATION |
| f10803 | AMERICAN SEAFOOD'S GROUP | UNITED STATES |
| f12473 | B.F. LIMITED PARTNERSHIP | UNITED STATES |
| 24074 | BABCOCK AND BROWN | UNITED STATES |
| 481 | BAE SYSTEMS (OPERATIONS) LTD | UNITED KINGDOM |
| 31598 | BETA LEASING | IRELAND |
| f12839 | BEYOND VENTURES LLC | UNITED STATES |
| 31242 | BLACK DIAMOND AVTN | UNITED STATES |
| 38822 | BLUE ISLANDS LTD | UNITED KINGDOM |
| 27616 | BLUEBIRD CARGO | ICELAND |
| 342 | BOMBARDIER CORPORATE | CANADA |
| 32750 | BOULTBEE AVTN 3 | UNITED KINGDOM |
| 38220 | BOW & ARROW AVIATION | UNITED STATES |
| f13941 | BP MICROSYSTEMS LEASING LLC | UNITED STATES |
| 28620 | BURAQ AIR | LIBYA |
| f10063 | BACCHUS CONSULTING, LLC | UNITED STATES |
| f10075 | BANKNOTE AVIATION CORP. | UNITED STATES |
| 42204 | BAR-AERO LLC | UNITED STATES |
| f10077 | BASIC CAPITAL MAJESTIC | UNITED STATES |
| 42769 | BIOTEK INSTRUMENTS, INC. | UNITED STATES |
| f10801 | BLUE RIDGE AIR, INC. | UNITED STATES |
| 37168 | BRAVO BRAVO INVESTMENTS LLC | UNITED STATES |
| 35163 | BUDDY 4, LLC | UNITED STATES |
| 38620 | C&S WHOLESALE GROCERS, INC. | UNITED STATES |
| 37579 | C.F. CAPITAL MANAGEMENT | UNITED STATES |
| 33155 | C3J CHARTER LLC | UNITED STATES |
| 33215 | CALIFORNIA JET SHARE | UNITED STATES |
| 12499 | CALSPAN | UNITED STATES |
| 29956 | CAN PACIFIC RAILWAY | CANADA |
| 33307 | CANADIAN NORTH | CANADA |
| 34660 | CARIBOU INDUSTRIES | UNITED STATES |
| 6625 | CATERPILLAR | UNITED STATES |
| 24738 | CATHTON HOLDINGS LTD | CANADA |
| 28483 | CB APPLICATIONS | UNITED STATES |
| 37291 | CHICAGO JET GROUP | UNITED STATES |
| 47043 | CIAF LEASING | EGYPT |
| 33272 | CIRRUS AIR CLUB | UNITED STATES |
| 35180 | CJ3 CHARTER LLC | UNITED STATES |
| 31719 | CLICK MEXICANA | MEXICO |
| 32604 | CLOSE AIR | ICELAND |
| 33553 | CLOUDSCAPE INC | UNITED STATES |
| 37774 | COBIAN MEDRANO JOSE | MEXICO |
| 27981 | COLT INTL | CANADA |
| 28719 | COLT INTL HOUSTON | UNITED STATES |
| 35366 | COMFORT LINE LTD | UNITED STATES |
| 2577 | COMPUTAPLANE | UNITED KINGDOM |
| f11810 | COMSTOCK ASSET MANAGEMENT LC | UNITED STATES |
| f12972 | CONGO MINING & SERVICES | UNITED STATES |
| 27760 | CORPORATE ACFT LS | SWITZERLAND |
| 39053 | CORPORATE AIR SVCS | UNITED STATES |
| 23765 | CORPORATE FLIGHT MGT | UNITED STATES |
| 38982 | CORVALLIS AERO SVC | UNITED STATES |
| 33082 | CUMULUS INV. HOL.LTD | UNITED KINGDOM |
| f10102 | CAMBRIDGE FLIGHT SUPPORT, LLC | UNITED STATES |
| f10119 | CHRIS JAMES | BAHAMAS |
| 11816 | COCA COLA ENTERPRISE | UNITED STATES |
| 2138 | CONOCOPHILLIPS AVTN | UNITED STATES |
| f10895 | COOPER INDUSTRIES | UNITED STATES |
| 34678 | DANA AIRLINES | NIGERIA |
| 38130 | DFASS | UNITED STATES |
| 32847 | DIAGO CONTINENTAL | UNITED ARAB EMIRATES |
| 30049 | DOVE AIR | UNITED STATES |
| 11028 | DUNCAN AVIATION | UNITED STATES |
| 2766 | DYNAMIC PARTNERS BV | NETHERLANDS |
| 30955 | DAL BRIAR CORPORATION | UNITED STATES |
| 37787 | EAGLE AVTN INC | UNITED STATES |
| 32738 | EAST AIR | TAJIKISTAN |
| 17105 | EFS AIRCRAFT | GERMANY |
| 39146 | EGIDE | FRANCE |
| 35162 | EMMANUEL GROUP | UNITED STATES |
| 33488 | ENBRIDGE | CANADA |
| 33139 | ENEX AVIATION SA | MONACO |
| f11774 | ENGAGE AVIATION LLC | UNITED STATES |
| 3782 | ERNIR EHF | ICELAND |
| 30789 | EUROLINE AIRCOMPANY | GEORGIA |
| 37275 | EUROPEAN ACFT SALES | DENMARK |
| 34927 | EUROPEAN SKYBUS | UNITED KINGDOM |
| 4540 | EXO -2T N&S AMERICA | UNITED STATES |
| 36445 | ESTRELLA AVIATION | UNITED STATES |
| 39126 | FARSIGHT TECHNOL. | UNITED STATES |
| 34667 | FELIX AIRWAYS | YEMEN |
| 32784 | FIGHTER COLLECTION | UNITED KINGDOM |
| 28957 | FJL LEASING | UNITED STATES |
| 38273 | FLIGHTPATH CHARTER | CANADA |
| f10974 | FLIGHTS INC. | BERMUDA |
| 37075 | FLIGHTWORX AVIATION | UNITED KINGDOM |
| 3176 | FLUGFELAG ISLANDS | ICELAND |
| 36160 | FLY AWAY AVIATION | UNITED STATES |
| f12979 | FLY BECKYS MANAGEMENT LLC | UNITED STATES |
| 35925 | FLYING M LLC | UNITED STATES |
| 48354 | FLYPLAY HF | ICELAND |
| 32201 | FOUNTAIN AIR | UNITED KINGDOM |
| 40721 | FREEDOM AIRLINE EXPRESS | KENYA |
| 39194 | FREEDOM AIRLINES INC | UNITED STATES |
| f11142 | FINE LINE, L.P. | UNITED STATES |
| f10192 | FIRST DATA CORPORATION | UNITED STATES |
| f10608 | FLIGHT MANAGEMENT SERVICES | UNITED STATES |
| f10836 | FOX PAINE AND COMPANY, LLC | UNITED STATES |
| 7573 | GANTT AVIATION | UNITED STATES |
| 34954 | GE CAPITAL SOLUTION | UNITED KINGDOM |
| 6331 | GEMUE GMBH | SWITZERLAND |
| 35880 | GIANCARLO TRIMARCHI | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 29477 | GIFFORD D | UNITED STATES |
| 34143 | GLOBAL ACFT SOLUTION | UNITED STATES |
| 33907 | GLOBAL ESTATE & AVIATION LTD | UNITED STATES |
| 37726 | GLOBAL WINGS LLC | UNITED STATES |
| 35286 | GREENTECH | UNITED STATES |
| f12804 | GREY FALCON LLC | UNITED STATES |
| 38723 | HAMMER THOMAS J | UNITED STATES |
| 38218 | HAPPY AIR TRAVELLERS | THAILAND |
| 23127 | HARRIS AIR UTAH | UNITED STATES |
| 529 | HAWKER BEECHCRAFT | UNITED STATES |
| 19833 | HAWKER PACIFIC 2 | AUSTRALIA |
| 33023 | HAWKER WEST | CANADA |
| 37851 | HAYAT HAVA VE ARAC | TURKEY |
| 32824 | HBC AVIATION | UNITED KINGDOM |
| f10985 | HMC INTERESTS LLC | UNITED STATES |
| 36897 | HOLDING TERRY A | UNITED KINGDOM |
| 26436 | HOLIDAY RETIREMENT | UNITED STATES |
| 23203 | HOLLY CORP | UNITED STATES |
| 32171 | HOLROB ACFT COMPANY | UNITED STATES |
| 36115 | HZ AVIATION LTD | ISRAEL |
| f10800 | HERZOG CONTRACTING CORP. | UNITED STATES |
| f12242 | HOPE MILLION LTD BVI | VIRGIN ISLANDS, BRITISH |
| f11137 | HUBBARD BROADCASTING | UNITED STATES |
| 1479 | ICELANDAIR | ICELAND |
| f11456 | IMAGINARY IMAGES INC | UNITED STATES |
| 33477 | INTEGRA MAP | SPAIN |
| f11407 | IT AVIATION LLC | UNITED STATES |
| 31393 | ITAB (2) | CONGO |
| 34334 | ITTAG LLC | UNITED STATES |
| f10258 | INDEFENSIBLE CORPORATION (DJMD CORPORATION) | UNITED STATES |
| 35682 | INVESTAIR 300, LLC | UNITED STATES |
| 36959 | JB AVIATION LLC | UNITED STATES |
| f12816 | JCE LEASING LLC | UNITED STATES |
| 25830 | JEDINAK R AND R | CANADA |
| f11391 | JEFFERSON FINANCIAL COMPANY | UNITED STATES |
| f12803 | JEM AVIATION LLC | UNITED STATES |
| f11814 | JET AIR AIRCRAFT LEASING LLC | UNITED STATES |
| 40113 | JET TEST & TRANSPORT | UNITED STATES |
| 36921 | JETAVIVA LLC | UNITED STATES |
| 30465 | JETWORKS | UNITED STATES |
| 31939 | JOKLAFLUG | ICELAND |
| 36618 | JPATS | UNITED STATES |
| f13350 | JT AVIATION LEASING CO. LLC | UNITED STATES |
| 43418 | JESSE DUPLANTIS MINISTRIES | UNITED STATES |
| 37333 | KAVAN LLC | UNITED STATES |
| 37723 | KINCH AVIATION SVCS | UNITED KINGDOM |
| 35730 | KIRLAND 41025 LLC | UNITED STATES |
| 30456 | KMI MANAGEMENT | UNITED STATES |
| 35444 | KOCH INDUSTRIES | UNITED STATES |
| f11783 | L60-215 HOLDINGS LLC | UNITED STATES |
| 34973 | LAMONT SEA MARITIME | UNITED STATES |
| 30542 | LEDAIR CANADA | CANADA |
| 33298 | LIBERTY MEDIA LLC | UNITED STATES |
| 27994 | LIFTWOOD | UNITED KINGDOM |
| f10301 | LKM, INC. | UNITED STATES |
| f12798 | LOCKHEED SALES & RENTALS INC | UNITED STATES |
| 35806 | LUNAR JETS LTD | UNITED KINGDOM |
| f10902 | LANDOW 101 INC. | UNITED STATES |
| f10996 | LAURENCE DI FRANCESCO | UNITED STATES |
| 38705 | LOGISTICS BUSINESS SERVICES LLC | UNITED STATES |
| 26857 | MAINE AVIATION SALES | UNITED STATES |
| 35087 | MALAMATINAS | GREECE |
| 36992 | MANN AVIATION LLC | UNITED STATES |
| f12845 | MARI LLC | UNITED STATES |
| f11446 | MARIGOT LLC | UNITED STATES |
| 37082 | MARK IV AVIATION LTD | BAHAMAS |
| 34616 | MARQUEZ BROTHERS AV | UNITED STATES |
| 32248 | MARRON VENTURES | SWITZERLAND |
| 30499 | MATHYS HUGO | SWITZERLAND |
| 32516 | MAZAMA FINANCE | UNITED STATES |
| f11780 | MCDONNELL DOUGLAS AIRCRAFT CO | UNITED STATES |
| 39007 | MCNEELY CHARTER SVC | UNITED STATES |
| f12795 | MERCER AIR LLC | UNITED STATES |
| 36609 | MIG AVIATION (UK)LTD | UNITED KINGDOM |
| 805 | MIL COLOMBIA | COLOMBIA |
| 7907 | MIL EGYPT (3) | EGYPT |
| 1105 | MIL ISRAEL | ISRAEL |
| 1111 | MIL NORWAY | NORWAY |
| 5556 | MIL SAUDI (RSF) | SAUDI ARABIA |
| 2294 | MIL UK RAF | UNITED KINGDOM |
| 19955 | MIL UKRAINE | UKRAINE |
| 823 | MIL US NAVY | UNITED STATES |
| 2799 | MIL USA | UNITED STATES |
| 44819 | MILENIUM AIR SERVICIOS AEREOS INTEGRADOS SA DE CV | MEXICO |
| 30154 | MISSIONAIR S.L. | SPAIN |
| 38024 | MODERN ROAD MAKERS | INDIA |
| f11373 | MOUNTAIN SHADOW VENTURES LLC | UNITED STATES |
| f10319 | MP AIR, INC. | UNITED STATES |
| 34584 | MUNSTER JET PARTNER | IRELAND |
| 36987 | MWM AG | SWITZERLAND |
| f10980 | MALTESE FALCON, LLC | UNITED STATES |
| f13782 | MANIVALVA, S.A | PANAMA |
| 3508 | MONSANTO COMPANY | UNITED STATES |
| f12191 | MR CHOW ENTERPRISES, LTD | UNITED STATES |
| f10320 | MUTUAL OF OMAHA | UNITED STATES |
| 35669 | NATO AIRLIFT | LUXEMBOURG |
| 38874 | NEPTUNE AVTN SVCS | UNITED STATES |
| 37436 | NEXTANT AEROSPACE | UNITED STATES |
| 35419 | NORLANDAIR | ICELAND |
| 33099 | NORTH AMER JET LLC | UNITED STATES |
| 28683 | OMNICARE MANAGEMENT | UNITED STATES |
| 22888 | ON TIME AVTN | UNITED STATES |
| 31976 | OTTER INSPIRATIONS | UNITED STATES |
| f12488 | ONNI AIRWAYS LTD. | CANADA |
| 27784 | PACIFIC JET | UNITED STATES |
| 28158 | PALACE INTL | UNITED KINGDOM |
| 33063 | PANADERO ENERGY LLC | UNITED STATES |
| 38394 | PASCAN EXPRESS INC | CANADA |
| 39027 | PEAK PACIFIC GLOBAL | CHINA |
| f11817 | PEGASUS AVIATION II INC | UNITED STATES |
| 9516 | PEREGRINE AVIATION | UNITED STATES |
| 37762 | PETTERSON DON | UNITED STATES |
| 21824 | PLANES AND PARTS | CANADA |
| 38365 | POSEIDON FINANCE | SWITZERLAND |
| 30220 | PPL AVIATION LLC | UNITED STATES |
| 29769 | PREMIERE FLIGHT | UNITED STATES |
| 1880 | PRESIDENCIA DE LA REPUBLICA | MEXICO |
| 30137 | PRIMERA AIR | ICELAND |
| 28212 | PROVINCIAL AIRLINES | CANADA |
| 30279 | PAPIER METTLER | GERMANY |
| 25580 | PIONEER PRIVATE AVIATION | UNITED STATES |
| f10369 | PROFESSIONAL JET MANAGEMENT, INC. | UNITED STATES |
| f10370 | PYLE GROUP LLC | UNITED STATES |
| 31967 | RADIOACTIVE | UNITED STATES |
| 36291 | RAFAN HOLDING BV | NETHERLANDS |
| 31179 | RB AVTN USA | UNITED STATES |
| 31859 | RELATIONAL INVESTORS | UNITED STATES |
| 40267 | REPUBLIC AIRWAYS | UNITED STATES |
| 38738 | REVA AIR AMBULANCE | UNITED STATES |
| 38098 | RH-FLUGDIENST GMBH & CO. KG | GERMANY |
| 38421 | ROCK-TENN COMPANY | UNITED STATES |
| 33695 | ROSS AVIATION INC | UNITED STATES |
| 30527 | RP AVIATION | UNITED STATES |
| 36105 | RAMPART AVIATION | UNITED STATES |
| f10763 | RAVEN AVIATION LLC | UNITED STATES |
| 42482 | REDLEAF MANAGEMENT COMPANY, LLC | UNITED STATES |
| 23948 | S GOUV.DU QUEBEC | CANADA |
| 37012 | SA EXPRESS AIRWAYS | SOUTH AFRICA |
| 29518 | SAAB ACFT OF AMERICA | UNITED STATES |
| 33986 | SELVA LTDA. | COLOMBIA |
| 38122 | SERVICIOS AER. PROF. | DOMINICAN REPUBLIC |
| 36444 | SETON DAVID | KENYA |
| 37439 | SEVCS AEREOS ILSA | MEXICO |
| 33126 | SHAW COMMUNICATIONS | CANADA |
| 35777 | SHAW WALLACE | INDIA |
| 36425 | SINGAPORE FLYING C. | SINGAPORE |
| 24369 | SK-AIR | SLOVAKIA |
| 32244 | SKY JET AVTN UGANDA | UGANDA |
| 32799 | SKY KING INC | UNITED STATES |
| 38981 | SKY RESEARCH INC | UNITED STATES |
| 27489 | SKY RIVER MANAGEMENT | UNITED STATES |
| 34695 | SKYBUS INC | UNITED STATES |
| 23638 | SKYSERVICE BUSINESS | CANADA |
| 33788 | SKYTRAVEL LLC | UNITED STATES |
| 38350 | SKYWAYAERO INC. | UNITED STATES |
| 32954 | SLW INTERNATIONAL | UNITED STATES |
| 32599 | SOUTHERN AIR SYSTEMS | UNITED STATES |
| 17330 | SOUTHERN CROSS AIRCRAFT LLC | UNITED STATES |
| 31762 | SPORTSMENS AVTN GRP | UNITED STATES |
| 32603 | SPRING AIR | UNITED KINGDOM |
| 17378 | STOCKHOLM AIRCRAFT | NETHERLANDS |
| 36338 | STRATEGIC MOVES | UNITED STATES |
| 34530 | SUMMER SUN TRADING | SOUTH AFRICA |
| 8397 | SUNCOAST AVIATION | UNITED STATES |
| 37653 | SUNRISE AIRWAYS | TANZANIA, UNITED REPUBLIC OF |
| 45638 | SWIFT AIR LLC | UNITED STATES |
| 34627 | SWIFTJET INC. | CANADA |
| 38361 | SYBERJET AIRCRAFT | UNITED STATES |
| f11884 | SARATOGA, INC. | UNITED STATES |
| 20236 | SEQUOIA PROPERTIES, LLC | UNITED STATES |
| 28475 | SILK WAY AIRLINES | AZERBAIJAN |
| f12459 | SPITFIRE USA LIMITED | UNITED STATES |
| f12111 | SUPERVALU INC. | UNITED STATES |
| 35130 | SWITCHBACK ARGENTINA, LLC | UNITED STATES |
| 30863 | TABY AIR MAINTENANCE | SWEDEN |
| 30936 | TANGO-LIMA AVIATION | FRANCE |
| 27291 | TARRANT ADVISORS | UNITED STATES |
| 32242 | TAYLOR ENERGY COMPANY LLC | UNITED STATES |
| 38545 | TEAM AERO | UNITED STATES |
| 39160 | TENACIOUS ADVENTURES | UNITED STATES |
| 28114 | TEXAS AVTN SALES&LSN | UNITED STATES |
| 15677 | TEXTRON INC | UNITED STATES |
| 34842 | TINKLER GROUP AVTN | AUSTRALIA |
| 31974 | TOWER AVTN OF READIN | UNITED STATES |
| 38996 | TP AERO | UNITED STATES |
| 32766 | TRADEWIND AVTN | UNITED STATES |
| 5759 | TRANS CAN PIPELINES | CANADA |
| 38201 | TRONOS CANADA | CANADA |
| 32928 | TUNISAIR EXPRESS | TUNISIA |
| f11516 | TAMARACK FLIGHT MANAGEMENT | UNITED STATES |
| 39039 | TELESCOPE CAPITAL, LLC | UNITED STATES |
| f11002 | TITAN INTERNATIONAL INC. | UNITED STATES |
| f10447 | TOWN FAIR TIRES | UNITED STATES |
| 25448 | UKRAINE CARGO AIRWAY | UKRAINE |
| 35124 | UNICREDIT GLOBAL | AUSTRIA |
| 36942 | UNITED ACFT SERVICES | UNITED STATES |
| 35464 | UNIVERSAL AIR SVCS | UNITED KINGDOM |
| 28951 | US EPPERSON UNDERWRT | UNITED STATES |
| 20609 | VOLKSWAGEN USA | UNITED STATES |
| f11345 | VS MANAGEMENT LLC | UNITED STATES |
| f11852 | VALOR AVIATION LLC | UNITED STATES |
| f10841 | W&J AIR, LLC | UNITED STATES |
| 33375 | WAYLOCK OVERSEAS LTD | RUSSIAN FEDERATION |
| 38980 | WAYPOINT AERONAUTIC. | UNITED STATES |
| f11376 | WESTERN ASSET MANAGEMENT CO | UNITED STATES |
| 25990 | WESTSHORE AVTN MGMT | UNITED STATES |
| f11383 | WESTWIND BROTHERS INC | UNITED STATES |
| f11390 | WILLIS LEASE FINANCE CORP | UNITED STATES |
| 32802 | WIV AIR-2 LLC | UNITED STATES |
| 39113 | WORLD MARKET AVTN | UNITED STATES |
| 6357 | WORLD WIDE AIRCRAFT | CANADA |
| 38716 | WORLDWIDE ACFT SVCS | UNITED STATES |
| f12485 | WACO AIR SUPPLY | UNITED STATES |
| f11839 | WESTERN AIR CREWS | UNITED STATES |
| f12486 | WOLRD HEIR, INC | UNITED STATES |
| f10483 | WORLD HARVEST CHURCH FLIGHT OPERATIONS | UNITED STATES |
| 37431 | ZAIN SD FZE | UNITED ARAB EMIRATES |
| 34395 | ZAPOLARYE | RUSSIAN FEDERATION |

CRCO Identification number

Operator Name

State of the Operator

36971

350 S.R.O.

SLOVAKIA

f12809

73MR LLC

UNITED STATES

38156

ACTION AVIATION UK

UNITED ARAB EMIRATES

31406

ADL LEASING

UNITED STATES

32255

AERO GMBH

GERMANY

499

AERODATA AKTIENGES 1

GERMANY

23200

AERODYNAMICS USA

UNITED STATES

36014

AEROMARITIME INC

UNITED STATES

31549

AERONAVAL

UNITED STATES

21273

AEROSMITH PENNY

UNITED STATES

34802

AIR AMBULANCE SPEC

UNITED STATES

29508

AIR AMBULANCE SUPPRT

UNITED STATES

35659

AIR CAPITAL PILOT

UNITED STATES

32461

AIR CHATEAUX

FRANCE

31662

AIR NOVA INC

UNITED STATES

33259

AIR PARTNERS CORP

CANADA

38219

AIRBOSS OF AMERICA

CANADA

39197

AIRKROL LLC

UNITED STATES

33255

AIRON AIR

DENMARK

31932

AIRSPRINT INC

CANADA

9117

AIRSUR

SPAIN

34407

ALCI AVIATION

CANADA

f11420

ALTEX LLC

UNITED STATES

f10024

AM GENERAL, LLC

UNITED STATES

f12848

AMTS AIRCRAFT HOLDINGS LLC-N40DK

UNITED STATES

34668

AR AIRWAYS PVT LTD

INDIA

30047

ASHTON AVIATION

UNITED STATES

38121

ASP AVIATION LTD

UNITED KINGDOM

14399

ASTAR USA LLC

UNITED STATES

911

AUGSBURG AIR SERVICE

GERMANY

7064

AVEMEX

MEXICO

33503

AVIATION INVENTORY

UNITED STATES

f12726

AVIATION SERVICES & SALES INC

UNITED STATES

36193

AVITRANS INC

UNITED STATES

26701

AVMAX AVIATION SVCS

CANADA

35910

AVMET INTERNATIONAL

UNITED STATES

38160

AVON AVIATION LLC

UNITED STATES

37441

AVPRO INC (3)

UNITED STATES

32522

AVSTAR INTL CORP

UNITED STATES

34980

AVTN CAPITAL GRP (2)

UNITED STATES

37888

AVTN CONSULTANTS INC

UNITED STATES

35734

AVTN PARTN. AMERICA

UNITED STATES

32830

AZA AIR LLC

UNITED STATES

38878

AZIKEL GROUP

NIGERIA

36035

AZIZ HASSANALI

UNITED STATES

1502

AIR ATLANTA ICELANDIC

ICELAND

f10008

AIRBILL INC.

UNITED STATES

44375

AIRCRAFT SERVICES GROUP, INC.

UNITED STATES

f13607

ALMOND FOREST INVESTMENTS LLC

UNITED STATES

33277

ALTBRIDGE PROJECTS LTD.

RUSSIAN FEDERATION

f10803

AMERICAN SEAFOOD'S GROUP

UNITED STATES

f12473

B.F. LIMITED PARTNERSHIP

UNITED STATES

24074

BABCOCK AND BROWN

UNITED STATES

481

BAE SYSTEMS (OPERATIONS) LTD

UNITED KINGDOM

31598

BETA LEASING

IRELAND

f12839

BEYOND VENTURES LLC

UNITED STATES

31242

BLACK DIAMOND AVTN

UNITED STATES

38822

BLUE ISLANDS LTD

UNITED KINGDOM

27616

BLUEBIRD CARGO

ICELAND

342

BOMBARDIER CORPORATE

CANADA

32750

BOULTBEE AVTN 3

UNITED KINGDOM

38220

BOW & ARROW AVIATION

UNITED STATES

f13941

BP MICROSYSTEMS LEASING LLC

UNITED STATES

28620

BURAQ AIR

LIBYA

f10063

BACCHUS CONSULTING, LLC

UNITED STATES

f10075

BANKNOTE AVIATION CORP.

UNITED STATES

42204

BAR-AERO LLC

UNITED STATES

f10077

BASIC CAPITAL MAJESTIC

UNITED STATES

42769

BIOTEK INSTRUMENTS, INC.

UNITED STATES

f10801

BLUE RIDGE AIR, INC.

UNITED STATES

37168

BRAVO BRAVO INVESTMENTS LLC

UNITED STATES

35163

BUDDY 4, LLC

UNITED STATES

38620

C&S WHOLESALE GROCERS, INC.

UNITED STATES

37579

C.F. CAPITAL MANAGEMENT

UNITED STATES

33155

C3J CHARTER LLC

UNITED STATES

33215

CALIFORNIA JET SHARE

UNITED STATES

12499

CALSPAN

UNITED STATES

29956

CAN PACIFIC RAILWAY

CANADA

33307

CANADIAN NORTH

CANADA

34660

CARIBOU INDUSTRIES

UNITED STATES

6625

CATERPILLAR

UNITED STATES

24738

CATHTON HOLDINGS LTD

CANADA

28483

CB APPLICATIONS

UNITED STATES

37291

CHICAGO JET GROUP

UNITED STATES

47043

CIAF LEASING

EGYPT

33272

CIRRUS AIR CLUB

UNITED STATES

35180

CJ3 CHARTER LLC

UNITED STATES

31719

CLICK MEXICANA

MEXICO

32604

CLOSE AIR

ICELAND

33553

CLOUDSCAPE INC

UNITED STATES

37774

COBIAN MEDRANO JOSE

MEXICO

27981

COLT INTL

CANADA

28719

COLT INTL HOUSTON

UNITED STATES

35366

COMFORT LINE LTD

UNITED STATES

2577

COMPUTAPLANE

UNITED KINGDOM

f11810

COMSTOCK ASSET MANAGEMENT LC

UNITED STATES

f12972

CONGO MINING & SERVICES

UNITED STATES

27760

CORPORATE ACFT LS

SWITZERLAND

39053

CORPORATE AIR SVCS

UNITED STATES

23765

CORPORATE FLIGHT MGT

UNITED STATES

38982

CORVALLIS AERO SVC

UNITED STATES

33082

CUMULUS INV. HOL.LTD

UNITED KINGDOM

f10102

CAMBRIDGE FLIGHT SUPPORT, LLC

UNITED STATES

f10119

CHRIS JAMES

BAHAMAS

11816

COCA COLA ENTERPRISE

UNITED STATES

2138

CONOCOPHILLIPS AVTN

UNITED STATES

f10895

COOPER INDUSTRIES

UNITED STATES

34678

DANA AIRLINES

NIGERIA

38130

DFASS

UNITED STATES

32847

DIAGO CONTINENTAL

UNITED ARAB EMIRATES

30049

DOVE AIR

UNITED STATES

11028

DUNCAN AVIATION

UNITED STATES

2766

DYNAMIC PARTNERS BV

NETHERLANDS

30955

DAL BRIAR CORPORATION

UNITED STATES

37787

EAGLE AVTN INC

UNITED STATES

32738

EAST AIR

TAJIKISTAN

17105

EFS AIRCRAFT

GERMANY

39146

EGIDE

FRANCE

35162

EMMANUEL GROUP

UNITED STATES

33488

ENBRIDGE

CANADA

33139

ENEX AVIATION SA

MONACO

f11774

ENGAGE AVIATION LLC

UNITED STATES

3782

ERNIR EHF

ICELAND

30789

EUROLINE AIRCOMPANY

GEORGIA

37275

EUROPEAN ACFT SALES

DENMARK

34927

EUROPEAN SKYBUS

UNITED KINGDOM

4540

EXO -2T N&S AMERICA

UNITED STATES

36445

ESTRELLA AVIATION

UNITED STATES

39126

FARSIGHT TECHNOL.

UNITED STATES

34667

FELIX AIRWAYS

YEMEN

32784

FIGHTER COLLECTION

UNITED KINGDOM

28957

FJL LEASING

UNITED STATES

38273

FLIGHTPATH CHARTER

CANADA

f10974

FLIGHTS INC.

BERMUDA

37075

FLIGHTWORX AVIATION

UNITED KINGDOM

3176

FLUGFELAG ISLANDS

ICELAND

36160

FLY AWAY AVIATION

UNITED STATES

f12979

FLY BECKYS MANAGEMENT LLC

UNITED STATES

35925

FLYING M LLC

UNITED STATES

48354

FLYPLAY HF

ICELAND

32201

FOUNTAIN AIR

UNITED KINGDOM

40721

FREEDOM AIRLINE EXPRESS

KENYA

39194

FREEDOM AIRLINES INC

UNITED STATES

f11142

FINE LINE, L.P.

UNITED STATES

f10192

FIRST DATA CORPORATION

UNITED STATES

f10608

FLIGHT MANAGEMENT SERVICES

UNITED STATES

f10836

FOX PAINE AND COMPANY, LLC

UNITED STATES

7573

GANTT AVIATION

UNITED STATES

34954

GE CAPITAL SOLUTION

UNITED KINGDOM

6331

GEMUE GMBH

SWITZERLAND

35880

GIANCARLO TRIMARCHI

VENEZUELA, BOLIVARIAN REPUBLIC OF

29477

GIFFORD D

UNITED STATES

34143

GLOBAL ACFT SOLUTION

UNITED STATES

33907

GLOBAL ESTATE & AVIATION LTD

UNITED STATES

37726

GLOBAL WINGS LLC

UNITED STATES

35286

GREENTECH

UNITED STATES

f12804

GREY FALCON LLC

UNITED STATES

38723

HAMMER THOMAS J

UNITED STATES

38218

HAPPY AIR TRAVELLERS

THAILAND

23127

HARRIS AIR UTAH

UNITED STATES

529

HAWKER BEECHCRAFT

UNITED STATES

19833

HAWKER PACIFIC 2

AUSTRALIA

33023

HAWKER WEST

CANADA

37851

HAYAT HAVA VE ARAC

TURKEY

32824

HBC AVIATION

UNITED KINGDOM

f10985

HMC INTERESTS LLC

UNITED STATES

36897

HOLDING TERRY A

UNITED KINGDOM

26436

HOLIDAY RETIREMENT

UNITED STATES

23203

HOLLY CORP

UNITED STATES

32171

HOLROB ACFT COMPANY

UNITED STATES

36115

HZ AVIATION LTD

ISRAEL

f10800

HERZOG CONTRACTING CORP.

UNITED STATES

f12242

HOPE MILLION LTD BVI

VIRGIN ISLANDS, BRITISH

f11137

HUBBARD BROADCASTING

UNITED STATES

1479

ICELANDAIR

ICELAND

f11456

IMAGINARY IMAGES INC

UNITED STATES

33477

INTEGRA MAP

SPAIN

f11407

IT AVIATION LLC

UNITED STATES

31393

ITAB (2)

CONGO

34334

ITTAG LLC

UNITED STATES

f10258

INDEFENSIBLE CORPORATION (DJMD CORPORATION)

UNITED STATES

35682

INVESTAIR 300, LLC

UNITED STATES

36959

JB AVIATION LLC

UNITED STATES

f12816

JCE LEASING LLC

UNITED STATES

25830

JEDINAK R AND R

CANADA

f11391

JEFFERSON FINANCIAL COMPANY

UNITED STATES

f12803

JEM AVIATION LLC

UNITED STATES

f11814

JET AIR AIRCRAFT LEASING LLC

UNITED STATES

40113

JET TEST & TRANSPORT

UNITED STATES

36921

JETAVIVA LLC

UNITED STATES

30465

JETWORKS

UNITED STATES

31939

JOKLAFLUG

ICELAND

36618

JPATS

UNITED STATES

f13350

JT AVIATION LEASING CO. LLC

UNITED STATES

43418

JESSE DUPLANTIS MINISTRIES

UNITED STATES

37333

KAVAN LLC

UNITED STATES

37723

KINCH AVIATION SVCS

UNITED KINGDOM

35730

KIRLAND 41025 LLC

UNITED STATES

30456

KMI MANAGEMENT

UNITED STATES

35444

KOCH INDUSTRIES

UNITED STATES

f11783

L60-215 HOLDINGS LLC

UNITED STATES

34973

LAMONT SEA MARITIME

UNITED STATES

30542

LEDAIR CANADA

CANADA

33298

LIBERTY MEDIA LLC

UNITED STATES

27994

LIFTWOOD

UNITED KINGDOM

f10301

LKM, INC.

UNITED STATES

f12798

LOCKHEED SALES & RENTALS INC

UNITED STATES

35806

LUNAR JETS LTD

UNITED KINGDOM

f10902

LANDOW 101 INC.

UNITED STATES

f10996

LAURENCE DI FRANCESCO

UNITED STATES

38705

LOGISTICS BUSINESS SERVICES LLC

UNITED STATES

26857

MAINE AVIATION SALES

UNITED STATES

35087

MALAMATINAS

GREECE

36992

MANN AVIATION LLC

UNITED STATES

f12845

MARI LLC

UNITED STATES

f11446

MARIGOT LLC

UNITED STATES

37082

MARK IV AVIATION LTD

BAHAMAS

34616

MARQUEZ BROTHERS AV

UNITED STATES

32248

MARRON VENTURES

SWITZERLAND

30499

MATHYS HUGO

SWITZERLAND

32516

MAZAMA FINANCE

UNITED STATES

f11780

MCDONNELL DOUGLAS AIRCRAFT CO

UNITED STATES

39007

MCNEELY CHARTER SVC

UNITED STATES

f12795

MERCER AIR LLC

UNITED STATES

36609

MIG AVIATION (UK)LTD

UNITED KINGDOM

805

MIL COLOMBIA

COLOMBIA

7907

MIL EGYPT (3)

EGYPT

1105

MIL ISRAEL

ISRAEL

1111

MIL NORWAY

NORWAY

5556

MIL SAUDI (RSF)

SAUDI ARABIA

2294

MIL UK RAF

UNITED KINGDOM

19955

MIL UKRAINE

UKRAINE

823

MIL US NAVY

UNITED STATES

2799

MIL USA

UNITED STATES

44819

MILENIUM AIR SERVICIOS AEREOS INTEGRADOS SA DE CV

MEXICO

30154

MISSIONAIR S.L.

SPAIN

38024

MODERN ROAD MAKERS

INDIA

f11373

MOUNTAIN SHADOW VENTURES LLC

UNITED STATES

f10319

MP AIR, INC.

UNITED STATES

34584

MUNSTER JET PARTNER

IRELAND

36987

MWM AG

SWITZERLAND

f10980

MALTESE FALCON, LLC

UNITED STATES

f13782

MANIVALVA, S.A

PANAMA

3508

MONSANTO COMPANY

UNITED STATES

f12191

MR CHOW ENTERPRISES, LTD

UNITED STATES

f10320

MUTUAL OF OMAHA

UNITED STATES

35669

NATO AIRLIFT

LUXEMBOURG

38874

NEPTUNE AVTN SVCS

UNITED STATES

37436

NEXTANT AEROSPACE

UNITED STATES

35419

NORLANDAIR

ICELAND

33099

NORTH AMER JET LLC

UNITED STATES

28683

OMNICARE MANAGEMENT

UNITED STATES

22888

ON TIME AVTN

UNITED STATES

31976

OTTER INSPIRATIONS

UNITED STATES

f12488

ONNI AIRWAYS LTD.

CANADA

27784

PACIFIC JET

UNITED STATES

28158

PALACE INTL

UNITED KINGDOM

33063

PANADERO ENERGY LLC

UNITED STATES

38394

PASCAN EXPRESS INC

CANADA

39027

PEAK PACIFIC GLOBAL

CHINA

f11817

PEGASUS AVIATION II INC

UNITED STATES

9516

PEREGRINE AVIATION

UNITED STATES

37762

PETTERSON DON

UNITED STATES

21824

PLANES AND PARTS

CANADA

38365

POSEIDON FINANCE

SWITZERLAND

30220

PPL AVIATION LLC

UNITED STATES

29769

PREMIERE FLIGHT

UNITED STATES

1880

PRESIDENCIA DE LA REPUBLICA

MEXICO

30137

PRIMERA AIR

ICELAND

28212

PROVINCIAL AIRLINES

CANADA

30279

PAPIER METTLER

GERMANY

25580

PIONEER PRIVATE AVIATION

UNITED STATES

f10369

PROFESSIONAL JET MANAGEMENT, INC.

UNITED STATES

f10370

PYLE GROUP LLC

UNITED STATES

31967

RADIOACTIVE

UNITED STATES

36291

RAFAN HOLDING BV

NETHERLANDS

31179

RB AVTN USA

UNITED STATES

31859

RELATIONAL INVESTORS

UNITED STATES

40267

REPUBLIC AIRWAYS

UNITED STATES

38738

REVA AIR AMBULANCE

UNITED STATES

38098

RH-FLUGDIENST GMBH & CO. KG

GERMANY

38421

ROCK-TENN COMPANY

UNITED STATES

33695

ROSS AVIATION INC

UNITED STATES

30527

RP AVIATION

UNITED STATES

36105

RAMPART AVIATION

UNITED STATES

f10763

RAVEN AVIATION LLC

UNITED STATES

42482

REDLEAF MANAGEMENT COMPANY, LLC

UNITED STATES

23948

S GOUV.DU QUEBEC

CANADA

37012

SA EXPRESS AIRWAYS

SOUTH AFRICA

29518

SAAB ACFT OF AMERICA

UNITED STATES

33986

SELVA LTDA.

COLOMBIA

38122

SERVICIOS AER. PROF.

DOMINICAN REPUBLIC

36444

SETON DAVID

KENYA

37439

SEVCS AEREOS ILSA

MEXICO

33126

SHAW COMMUNICATIONS

CANADA

35777

SHAW WALLACE

INDIA

36425

SINGAPORE FLYING C.

SINGAPORE

24369

SK-AIR

SLOVAKIA

32244

SKY JET AVTN UGANDA

UGANDA

32799

SKY KING INC

UNITED STATES

38981

SKY RESEARCH INC

UNITED STATES

27489

SKY RIVER MANAGEMENT

UNITED STATES

34695

SKYBUS INC

UNITED STATES

23638

SKYSERVICE BUSINESS

CANADA

33788

SKYTRAVEL LLC

UNITED STATES

38350

SKYWAYAERO INC.

UNITED STATES

32954

SLW INTERNATIONAL

UNITED STATES

32599

SOUTHERN AIR SYSTEMS

UNITED STATES

17330

SOUTHERN CROSS AIRCRAFT LLC

UNITED STATES

31762

SPORTSMENS AVTN GRP

UNITED STATES

32603

SPRING AIR

UNITED KINGDOM

17378

STOCKHOLM AIRCRAFT

NETHERLANDS

36338

STRATEGIC MOVES

UNITED STATES

34530

SUMMER SUN TRADING

SOUTH AFRICA

8397

SUNCOAST AVIATION

UNITED STATES

37653

SUNRISE AIRWAYS

TANZANIA, UNITED REPUBLIC OF

45638

SWIFT AIR LLC

UNITED STATES

34627

SWIFTJET INC.

CANADA

38361

SYBERJET AIRCRAFT

UNITED STATES

f11884

SARATOGA, INC.

UNITED STATES

20236

SEQUOIA PROPERTIES, LLC

UNITED STATES

28475

SILK WAY AIRLINES

AZERBAIJAN

f12459

SPITFIRE USA LIMITED

UNITED STATES

f12111

SUPERVALU INC.

UNITED STATES

35130

SWITCHBACK ARGENTINA, LLC

UNITED STATES

30863

TABY AIR MAINTENANCE

SWEDEN

30936

TANGO-LIMA AVIATION

FRANCE

27291

TARRANT ADVISORS

UNITED STATES

32242

TAYLOR ENERGY COMPANY LLC

UNITED STATES

38545

TEAM AERO

UNITED STATES

39160

TENACIOUS ADVENTURES

UNITED STATES

28114

TEXAS AVTN SALES&LSN

UNITED STATES

15677

TEXTRON INC

UNITED STATES

34842

TINKLER GROUP AVTN

AUSTRALIA

31974

TOWER AVTN OF READIN

UNITED STATES

38996

TP AERO

UNITED STATES

32766

TRADEWIND AVTN

UNITED STATES

5759

TRANS CAN PIPELINES

CANADA

38201

TRONOS CANADA

CANADA

32928

TUNISAIR EXPRESS

TUNISIA

f11516

TAMARACK FLIGHT MANAGEMENT

UNITED STATES

39039

TELESCOPE CAPITAL, LLC

UNITED STATES

f11002

TITAN INTERNATIONAL INC.

UNITED STATES

f10447

TOWN FAIR TIRES

UNITED STATES

25448

UKRAINE CARGO AIRWAY

UKRAINE

35124

UNICREDIT GLOBAL

AUSTRIA

36942

UNITED ACFT SERVICES

UNITED STATES

35464

UNIVERSAL AIR SVCS

UNITED KINGDOM

28951

US EPPERSON UNDERWRT

UNITED STATES

20609

VOLKSWAGEN USA

UNITED STATES

f11345

VS MANAGEMENT LLC

UNITED STATES

f11852

VALOR AVIATION LLC

UNITED STATES

f10841

W&J AIR, LLC

UNITED STATES

33375

WAYLOCK OVERSEAS LTD

RUSSIAN FEDERATION

38980

WAYPOINT AERONAUTIC.

UNITED STATES

f11376

WESTERN ASSET MANAGEMENT CO

UNITED STATES

25990

WESTSHORE AVTN MGMT

UNITED STATES

f11383

WESTWIND BROTHERS INC

UNITED STATES

f11390

WILLIS LEASE FINANCE CORP

UNITED STATES

32802

WIV AIR-2 LLC

UNITED STATES

39113

WORLD MARKET AVTN

UNITED STATES

6357

WORLD WIDE AIRCRAFT

CANADA

38716

WORLDWIDE ACFT SVCS

UNITED STATES

f12485

WACO AIR SUPPLY

UNITED STATES

f11839

WESTERN AIR CREWS

UNITED STATES

f12486

WOLRD HEIR, INC

UNITED STATES

f10483

WORLD HARVEST CHURCH FLIGHT OPERATIONS

UNITED STATES

37431

ZAIN SD FZE

UNITED ARAB EMIRATES

34395

ZAPOLARYE

RUSSIAN FEDERATION

NORWAY

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 28884 | AERONAUTICA SUNTRANS | VENEZUELA, BOLIVARIAN REPUBLIC OF |
| 26351 | AIR KILROE LTD T/A EASTERN AIRWAYS | UNITED KINGDOM |
| 35709 | AIR MANAS | TAJIKISTAN |
| 33563 | AL THANI, ABDULLAH | QATAR |
| 33869 | ALCI ANTARTIC | SOUTH AFRICA |
| f12790 | ALPINE AVIATION INC | UNITED STATES |
| 32992 | AMAZON SKY SAC | PERU |
| 36140 | ARMSTRONG-SUMIN H B | UNITED STATES |
| 37320 | AVIA EXPRESS SWEDEN | SWEDEN |
| 46782 | BABCOCK SCANDINAVIAN AIRAMBULANCE AS | NORWAY |
| 21482 | BECHTEL | UNITED STATES |
| 550 | BERGEN AIR TRANSPORT | NORWAY |
| 30590 | BOND OFFSHORE HELICOPTERS LTD | UNITED KINGDOM |
| 37084 | BRISTOW NORWAY AS | NORWAY |
| 36851 | CHC HELI. AUSTRALIA | AUSTRALIA |
| 3536 | CHC HELIKOPTER | NORWAY |
| 25039 | COUGAR HELICOPTERS | CANADA |
| 32128 | CRESCINI G | UNITED STATES |
| 5071 | CROIX ROUGE | SWITZERLAND |
| f10118 | CHOUEST AIR, INC. | UNITED STATES |
| 32849 | DESERT AIR CHTR INC | UNITED STATES |
| 38211 | DONGHAI JET COMPANY | UNITED STATES |
| 28088 | DUKE ENERGY BUSINESS SERVICES LLC | UNITED STATES |
| 37853 | FIELD AVIATION CY | CANADA |
| 29408 | FLY VIKING AS | NORWAY |
| 32166 | FLYFORT | NORWAY |
| 34355 | FLYJET KAZAKHSTAN | KAZAKHSTAN |
| 48359 | FLYR AS | NORWAY |
| f10932 | FELHAM ENTERPRISES LTD. | NEW ZEALAND |
| 27731 | GUARD SYSTEMS ASA | NORWAY |
| f10772 | GPLUSS | UNITED STATES |
| 34076 | HELISWISS INTL | SWITZERLAND |
| 43935 | HOAK TRAVEL INC | UNITED STATES |
| f11372 | IVANHOE AVIATION HOLDINGS LLC | UNITED STATES |
| 28864 | JAZZ AIR | CANADA |
| 1755 | LOGANAIR LTD | UNITED KINGDOM |
| f11458 | MAJESTIC EQUIPMENT SERVICES LLC | UNITED STATES |
| 3901 | MARATHON OIL | UNITED STATES |
| 17698 | MARINE R CORP | UNITED STATES |
| 31852 | MFI MANAGEMENT FUR | GERMANY |
| 34343 | MIDAIR LS | SWITZERLAND |
| 32777 | MP AVIATION LLP | UNITED KINGDOM |
| 32571 | NORSK HELIKOPTER AS | NORWAY |
| 47882 | NORWEGIAN AIRSHUTTLE (2) | NORWAY |
| 22212 | NORWEGIAN AIR SHUTTLE AOC AS | NORWAY |
| 32975 | PLANE FOLK LLC | UNITED STATES |
| 37652 | RELY AS | NORWAY |
| 37658 | SCANDINAVIAN A/SYS | SWEDEN |
| 36843 | SG FINANS AS | NORWAY |
| 24142 | SMC AVIATION | CYPRUS |
| 32653 | SMOKELESS TOBACCO | UNITED STATES |
| 33705 | SUNDT AIR MNGT AS | NORWAY |
| 35288 | SUNSHINE AIR SERVICES P/L | AUSTRALIA |
| f10893 | W. C. AVIATION | UNITED STATES |
| 5343 | WIDEROE FLYVESELSKAP | NORWAY |
| 33661 | WINNER 614 JH LLC | UNITED STATES |
| 42401 | WORLDWIDE ACFT (BDA) | UNITED KINGDOM |

CRCO Identification number

Operator Name

State of the Operator

28884

AERONAUTICA SUNTRANS

VENEZUELA, BOLIVARIAN REPUBLIC OF

26351

AIR KILROE LTD T/A EASTERN AIRWAYS

UNITED KINGDOM

35709

AIR MANAS

TAJIKISTAN

33563

AL THANI, ABDULLAH

QATAR

33869

ALCI ANTARTIC

SOUTH AFRICA

f12790

ALPINE AVIATION INC

UNITED STATES

32992

AMAZON SKY SAC

PERU

36140

ARMSTRONG-SUMIN H B

UNITED STATES

37320

AVIA EXPRESS SWEDEN

SWEDEN

46782

BABCOCK SCANDINAVIAN AIRAMBULANCE AS

NORWAY

21482

BECHTEL

UNITED STATES

550

BERGEN AIR TRANSPORT

NORWAY

30590

BOND OFFSHORE HELICOPTERS LTD

UNITED KINGDOM

37084

BRISTOW NORWAY AS

NORWAY

36851

CHC HELI. AUSTRALIA

AUSTRALIA

3536

CHC HELIKOPTER

NORWAY

25039

COUGAR HELICOPTERS

CANADA

32128

CRESCINI G

UNITED STATES

5071

CROIX ROUGE

SWITZERLAND

f10118

CHOUEST AIR, INC.

UNITED STATES

32849

DESERT AIR CHTR INC

UNITED STATES

38211

DONGHAI JET COMPANY

UNITED STATES

28088

DUKE ENERGY BUSINESS SERVICES LLC

UNITED STATES

37853

FIELD AVIATION CY

CANADA

29408

FLY VIKING AS

NORWAY

32166

FLYFORT

NORWAY

34355

FLYJET KAZAKHSTAN

KAZAKHSTAN

48359

FLYR AS

NORWAY

f10932

FELHAM ENTERPRISES LTD.

NEW ZEALAND

27731

GUARD SYSTEMS ASA

NORWAY

f10772

GPLUSS

UNITED STATES

34076

HELISWISS INTL

SWITZERLAND

43935

HOAK TRAVEL INC

UNITED STATES

f11372

IVANHOE AVIATION HOLDINGS LLC

UNITED STATES

28864

JAZZ AIR

CANADA

1755

LOGANAIR LTD

UNITED KINGDOM

f11458

MAJESTIC EQUIPMENT SERVICES LLC

UNITED STATES

3901

MARATHON OIL

UNITED STATES

17698

MARINE R CORP

UNITED STATES

31852

MFI MANAGEMENT FUR

GERMANY

34343

MIDAIR LS

SWITZERLAND

32777

MP AVIATION LLP

UNITED KINGDOM

32571

NORSK HELIKOPTER AS

NORWAY

47882

NORWEGIAN AIRSHUTTLE (2)

NORWAY

22212

NORWEGIAN AIR SHUTTLE AOC AS

NORWAY

32975

PLANE FOLK LLC

UNITED STATES

37652

RELY AS

NORWAY

37658

SCANDINAVIAN A/SYS

SWEDEN

36843

SG FINANS AS

NORWAY

24142

SMC AVIATION

CYPRUS

32653

SMOKELESS TOBACCO

UNITED STATES

33705

SUNDT AIR MNGT AS

NORWAY

35288

SUNSHINE AIR SERVICES P/L

AUSTRALIA

f10893

W. C. AVIATION

UNITED STATES

5343

WIDEROE FLYVESELSKAP

NORWAY

33661

WINNER 614 JH LLC

UNITED STATES

42401

WORLDWIDE ACFT (BDA)

UNITED KINGDOM

SWITZERLAND

| CRCO Identification number | Operator Name | State of the Operator |
| --- | --- | --- |
| 33938 | AMAC CORPORATE JET AG | SWITZERLAND |
| 42395 | CHAIR AIRLINES AG | SWITZERLAND |
| 2850 | EASYJET SWITZERLAND | SWITZERLAND |
| 6101 | EDELWEISS SUISSE | SWITZERLAND |
| 25615 | G5 EXECUTIVE | SWITZERLAND |
| 28448 | HELVETIC AIRWAYS | SWITZERLAND |
| 28006 | JAPAT | SWITZERLAND |
| 29471 | JET AVIATION ZURICH-AIRPORT AG | SWITZERLAND |
| 31311 | MSC AVIATION | SWITZERLAND |
| 34415 | NOMAD AVIATION | SWITZERLAND |
| 28494 | SWISS INTERNATIONAL AIRLINES LTD | SWITZERLAND |

CRCO Identification number

Operator Name

State of the Operator

33938

AMAC CORPORATE JET AG

SWITZERLAND

42395

CHAIR AIRLINES AG

SWITZERLAND

2850

EASYJET SWITZERLAND

SWITZERLAND

6101

EDELWEISS SUISSE

SWITZERLAND

25615

G5 EXECUTIVE

SWITZERLAND

28448

HELVETIC AIRWAYS

SWITZERLAND

28006

JAPAT

SWITZERLAND

29471

JET AVIATION ZURICH-AIRPORT AG

SWITZERLAND

31311

MSC AVIATION

SWITZERLAND

34415

NOMAD AVIATION

SWITZERLAND

28494

SWISS INTERNATIONAL AIRLINES LTD

SWITZERLAND

---

| 22.3.2022 | EN | Official Journal of the European Union | L 93/138 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/138

---

COMMISSION IMPLEMENTING REGULATION (EU) 2022/456

of 21 March 2022

approving the basic substance chitosan in accordance with Regulation (EC) No 1107/2009 of the European Parliament and of the Council concerning the placing of plant protection products on the market, and amending the Annex to Implementing Regulation (EU) No 540/2011

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EC) No 1107/2009 of the European Parliament and of the Council of 21 October 2009 concerning the placing of plant protection products on the market and repealing Council Directives 79/117/EEC and 91/414/EEC (1), and in particular Article 23(5) in conjunction with Article 13(2) thereof,

Whereas:

| (1) | On 19 December 2018, the Commission received an application from KitoZyme for the extension of use of chitosan hydrochloride, approved by Commission Implementing Regulation (EU) No 563/2014 (2) as a basic substance. As that application was not complete, on 28 November 2019, KitoZyme submitted a revised application accompanied by the information required by the second subparagraph of Article 23(3) of Regulation (EC) No 1107/2009. |
| --- | --- |

(1)

On 19 December 2018, the Commission received an application from KitoZyme for the extension of use of chitosan hydrochloride, approved by Commission Implementing Regulation (EU) No 563/2014 (2) as a basic substance. As that application was not complete, on 28 November 2019, KitoZyme submitted a revised application accompanied by the information required by the second subparagraph of Article 23(3) of Regulation (EC) No 1107/2009.

| (2) | The Commission asked the European Food Safety Authority (‘the Authority’) for scientific assistance. The Authority provided the Commission with a technical report on 8 July 2020 (3) with the summary of the outcome of the consultation with Member States on the basic substance application for an extension of use of chitosan hydrochloride and presenting EFSA’s scientific views on the individual comments received. Based on that technical report and the documentation provided by the applicant, it is appropriate to define the scope of the application as covering the active substance ‘chitosan’. The Commission presented its review report (4) on the substance chitosan to the Standing Committee on Plants, Animals, Food and Feed on 19 May 2021. |
| --- | --- |

(2)

The Commission asked the European Food Safety Authority (‘the Authority’) for scientific assistance. The Authority provided the Commission with a technical report on 8 July 2020 (3) with the summary of the outcome of the consultation with Member States on the basic substance application for an extension of use of chitosan hydrochloride and presenting EFSA’s scientific views on the individual comments received. Based on that technical report and the documentation provided by the applicant, it is appropriate to define the scope of the application as covering the active substance ‘chitosan’. The Commission presented its review report (4) on the substance chitosan to the Standing Committee on Plants, Animals, Food and Feed on 19 May 2021.

| (3) | The information provided by the applicant shows that chitosan fulfils the criteria of a foodstuff as defined in Article 2 of Regulation (EC) No 178/2002 of the European Parliament and of the Council (5). Moreover, it is not predominantly used for plant protection purposes but nevertheless it can be useful in plant protection, in a product consisting of the substance and water. Consequently, it is to be considered as a basic substance pursuant to Art 23 of Regulation (EC) No 1107/2009. |
| --- | --- |

(3)

The information provided by the applicant shows that chitosan fulfils the criteria of a foodstuff as defined in Article 2 of Regulation (EC) No 178/2002 of the European Parliament and of the Council (5). Moreover, it is not predominantly used for plant protection purposes but nevertheless it can be useful in plant protection, in a product consisting of the substance and water. Consequently, it is to be considered as a basic substance pursuant to Art 23 of Regulation (EC) No 1107/2009.

| (4) | After examination of the application and all related documents, it has been established that chitosan satisfies, in general, the requirements laid down in Article 23 of Regulation (EC) No 1107/2009, in particular with regard to the uses which were examined and detailed in the Commission review report. It is therefore appropriate to approve chitosan as a basic substance. |
| --- | --- |

(4)

After examination of the application and all related documents, it has been established that chitosan satisfies, in general, the requirements laid down in Article 23 of Regulation (EC) No 1107/2009, in particular with regard to the uses which were examined and detailed in the Commission review report. It is therefore appropriate to approve chitosan as a basic substance.

| (5) | In accordance with Article 13(2) of Regulation (EC) No 1107/2009 in conjunction with Article 6(a)(b)(d)(j) thereof and in the light of current scientific and technical knowledge, it is, however, necessary to include certain conditions for the approval. |
| --- | --- |

(5)

In accordance with Article 13(2) of Regulation (EC) No 1107/2009 in conjunction with Article 6(a)(b)(d)(j) thereof and in the light of current scientific and technical knowledge, it is, however, necessary to include certain conditions for the approval.

| (6) | In accordance with Article 13(4) of Regulation (EC) No 1107/2009, the Annex to Commission Implementing Regulation (EU) No 540/2011 (6) should be amended accordingly. |
| --- | --- |

(6)

In accordance with Article 13(4) of Regulation (EC) No 1107/2009, the Annex to Commission Implementing Regulation (EU) No 540/2011 (6) should be amended accordingly.

| (7) | The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed, |
| --- | --- |

(7)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed,

HAS ADOPTED THIS REGULATION:

Article 1

Approval of a basic substance

The substance chitosan as specified in Annex I is approved, and subject to the conditions as laid down in that Annex, as a basic substance.

Article 2

Amendments to Implementing Regulation (EU) No 540/2011

The Annex to Implementing Regulation (EU) No 540/2011 is amended in accordance with Annex II to this Regulation.

Article 3

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 21 March 2022.

For the Commission

The President

Ursula VON DER LEYEN

---

(1)  OJ L 309, 24.11.2009, p. 1.

1

(2)  Commission Implementing Regulation (EU) No 563/2014 of 23 May 2014 approving the basic substance chitosan hydrochloride in accordance with Regulation (EC) No 1107/2009 of the European Parliament and of the Council concerning the placing of plant protection products on the market, and amending Commission Implementing Regulation (EU) No 540/2011 (OJ L 156, 24.5.2014, p. 5).

2

(3)  EFSA (European Food Safety Authority), 2020. Technical report on the outcome of the consultation with Member States and EFSA on the basic substance application for approval of chitosan hydrochloride for an extension of use in plant protection as an elicitor in horticulture, olive trees, grapes, grass and post-harvest fruit treatment. EFSA supporting publication 2020:EN-1900. 53 pp. doi:10.2903/sp.efsa.2020.EN-1900.

3

(4)  Final review report for the basic substance chitosan finalised in the Standing Committee on Plants, Animals, Food and Feed at its meeting on 28 January 2022 in view of the approval of chitosan as basic substance in accordance with Regulation (EC) No 1107/2009 (SANTE/10594/2021).

4

(5)  Regulation (EC) No 178/2002 of the European Parliament and of the Council of 28 January 2002 laying down the general principles and requirements of food law, establishing the European Food Safety Authority and laying down procedures in matters of food safety (OJ L 31, 1.2.2002, p. 1).

5

(6)  Commission Implementing Regulation (EU) No 540/2011 of 25 May 2011 implementing Regulation (EC) No 1107/2009 of the European Parliament and of the Council as regards the list of approved active substances (OJ L 153, 11.6.2011, p. 1).

6

---

ANNEX I

| Common name, identification numbers | IUPAC Name | Purity (1) | Date of approval | Specific provisions |
| --- | --- | --- | --- | --- |
| Chitosan
  CAS No: 9012-76-4
  EC No: 618-480-0 | Chemical name (not IUPAC): poly[4-O-(2-acetamido-2-deoxy-β-D-glucopyranosyl)-2-amino-2-deoxy-β-D-glucopyranose] | ≥ 85 % chitosan
  heavy metals: max. 20 mg/kg
  Food grade, meeting the specifications for ‘chitosan extract from fungi’ as set out in Commission Implementing Regulation (EU) 2017/2470 (2). | 11 April 2022 | Chitosan shall be used in accordance with the specific conditions included in the conclusions of the review report on chitosan (SANTE/10594/2021) and in particular Appendices I and II thereto. |

Common name, identification numbers

IUPAC Name

Purity (1)

Date of approval

Specific provisions

Chitosan

CAS No: 9012-76-4

EC No: 618-480-0

Chemical name (not IUPAC): poly[4-O-(2-acetamido-2-deoxy-β-D-glucopyranosyl)-2-amino-2-deoxy-β-D-glucopyranose]

≥ 85 % chitosan

heavy metals: max. 20 mg/kg

Food grade, meeting the specifications for ‘chitosan extract from fungi’ as set out in Commission Implementing Regulation (EU) 2017/2470 (2).

11 April 2022

Chitosan shall be used in accordance with the specific conditions included in the conclusions of the review report on chitosan (SANTE/10594/2021) and in particular Appendices I and II thereto.

---

(1)  Further details on identity, specification and manner of use of the basic substance are provided in the review report.

(2)  Commission Implementing Regulation (EU) 2017/2470 of 20 December 2017 establishing the Union list of novel foods in accordance with Regulation (EU) 2015/2283 of the European Parliament and of the Council on novel foods (OJ L 351, 30.12.2017, p. 72).

---

ANNEX II

In Part C of the Annex to Implementing Regulation (EU) No 540/2011, the following entry is added:

| Number | Common Name, Identification Numbers | IUPAC Name | Purity (1) | Date of approval | Specific provisions |
| --- | --- | --- | --- | --- | --- |
| ‘24 | Chitosan
  CAS No: 9012-76-4
  EC No: 618-480-0 | Chemical name (not IUPAC): poly[4-O-(2-acetamido-2-deoxy-β-D-glucopyranosyl)-2-amino-2-deoxy-β-D-glucopyranose] | ≥ 85 % chitosan
  heavy metals: max. 20 mg/kg
  Food grade, meeting the specifications for “chitosan extract from fungi” as set out in Commission Implementing Regulation (EU) 2017/2470 (2) | 11 April 2022 | Chitosan shall be used in accordance with the specific conditions included in the conclusions of the review report on chitosan (SANTE/10594/2021) and in particular Appendices I and II thereto.’ |

Number

Common Name, Identification Numbers

IUPAC Name

Purity (1)

Date of approval

Specific provisions

‘24

Chitosan

CAS No: 9012-76-4

EC No: 618-480-0

Chemical name (not IUPAC): poly[4-O-(2-acetamido-2-deoxy-β-D-glucopyranosyl)-2-amino-2-deoxy-β-D-glucopyranose]

≥ 85 % chitosan

heavy metals: max. 20 mg/kg

Food grade, meeting the specifications for “chitosan extract from fungi” as set out in Commission Implementing Regulation (EU) 2017/2470 (2)

11 April 2022

Chitosan shall be used in accordance with the specific conditions included in the conclusions of the review report on chitosan (SANTE/10594/2021) and in particular Appendices I and II thereto.’

---

(1)  Further details on identity, specification and manner of use of basic substance are provided in the review report.

1

(2)  Commission Implementing Regulation (EU) 2017/2470 of 20 December 2017 establishing the Union list of novel foods in accordance with Regulation (EU) 2015/2283 of the European Parliament and of the Council on novel foods (OJ L 351, 30.12.2017, p. 72).

2

---

DECISIONS

| 22.3.2022 | EN | Official Journal of the European Union | L 93/142 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/142

---

DECISION (EU) 2022/457 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 9 March 2022

on the mobilisation of the European Globalisation Adjustment Fund for Displaced Workers (EGF/2022/000 TA 2022 – Technical assistance at the initiative of the Commission)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) 2021/691 of the European Parliament and of the Council of 28 April 2021 on the European Globalisation Adjustment Fund for Displaced Workers (EGF) and repealing Regulation (EU) No 1309/2013 (1), and in particular Article 15(1) thereof,

Having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources (2), and in particular point 9 thereof,

Having regard to the proposal from the European Commission,

Whereas:

| (1) | The objectives of the European Globalisation Adjustment Fund for Displaced Workers (EGF) are to demonstrate solidarity and promote decent and sustainable employment in the Union by offering support to displaced workers and self-employed persons whose activity has ceased in the case of major restructuring events and supporting them in returning to decent and sustainable employment as soon as possible. |
| --- | --- |

(1)

The objectives of the European Globalisation Adjustment Fund for Displaced Workers (EGF) are to demonstrate solidarity and promote decent and sustainable employment in the Union by offering support to displaced workers and self-employed persons whose activity has ceased in the case of major restructuring events and supporting them in returning to decent and sustainable employment as soon as possible.

| (2) | The EGF is not to exceed a maximum annual amount of EUR 186 million (in 2018 prices), as laid down in Article 8 of Council Regulation (EU, Euratom) 2020/2093 (3). |
| --- | --- |

(2)

The EGF is not to exceed a maximum annual amount of EUR 186 million (in 2018 prices), as laid down in Article 8 of Council Regulation (EU, Euratom) 2020/2093 (3).

| (3) | Regulation (EU) 2021/691 states that a maximum of 0,5 % of the annual ceiling of the EGF may be used each year for technical assistance at the initiative of the Commission. |
| --- | --- |

(3)

Regulation (EU) 2021/691 states that a maximum of 0,5 % of the annual ceiling of the EGF may be used each year for technical assistance at the initiative of the Commission.

| (4) | The EGF should, therefore, be mobilised in order to provide the sum of EUR 290 000 for technical assistance at the initiative of the Commission. |
| --- | --- |

(4)

The EGF should, therefore, be mobilised in order to provide the sum of EUR 290 000 for technical assistance at the initiative of the Commission.

| (5) | In order to minimise the time taken to mobilise the EGF, this decision should apply from the date of its adoption, |
| --- | --- |

(5)

In order to minimise the time taken to mobilise the EGF, this decision should apply from the date of its adoption,

HAVE ADOPTED THIS DECISION:

Article 1

For the general budget of the Union for the financial year 2022, the European Globalisation Adjustment Fund for Displaced Workers shall be mobilised to provide the amount of EUR 290 000 in commitment and payment appropriations.

Article 2

This Decision shall enter into force on the day of its publication in the Official Journal of the European Union. It shall apply from 9 March 2022.

Done at Strasbourg, 9 March 2022.

For the European Parliament

The President

R. METSOLA

For the Council

The President

B. KLINKERT

---

(1)  OJ L 153, 3.5.2021, p. 48.

1

(2)  OJ L 433 I, 22.12.2020, p. 28.

2

(3)  Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027 (OJ L 433 I, 22.12.2020, p. 11).

3

---

| 22.3.2022 | EN | Official Journal of the European Union | L 93/144 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/144

---

DECISION (EU) 2022/458 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 9 March 2022

on the mobilisation of the European Globalisation Adjustment Fund for Displaced Workers following an application from Spain – EGF/2021/006 ES/Cataluña automotive

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) 2021/691 of the European Parliament and of the Council of 28 April 2021 on the European Globalisation Adjustment Fund for Displaced Workers (EGF) and repealing Regulation (EU) No 1309/2013 (1), and in particular Article 15(1) thereof,

Having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources (2), and in particular point 9 thereof,

Having regard to the proposal from the European Commission,

Whereas:

| (1) | The European Globalisation Adjustment Fund for Displaced Workers (EGF) aims to demonstrate solidarity and promote decent and sustainable employment in the Union by providing support for displaced workers and self-employed persons whose activity has ceased in the case of major restructuring events and assisting them in returning to decent and sustainable employment as soon as possible. |
| --- | --- |

(1)

The European Globalisation Adjustment Fund for Displaced Workers (EGF) aims to demonstrate solidarity and promote decent and sustainable employment in the Union by providing support for displaced workers and self-employed persons whose activity has ceased in the case of major restructuring events and assisting them in returning to decent and sustainable employment as soon as possible.

| (2) | The EGF is not to exceed a maximum annual amount of EUR 186 000 000 (in 2018 prices), as laid down in Article 8 of Council Regulation (EU, Euratom) 2020/2093 (3). |
| --- | --- |

(2)

The EGF is not to exceed a maximum annual amount of EUR 186 000 000 (in 2018 prices), as laid down in Article 8 of Council Regulation (EU, Euratom) 2020/2093 (3).

| (3) | On 23 September 2021, Spain submitted an application to mobilise the EGF, in respect of workers’ displacements in the economic sector classified under the Statistical classification of economic activities in the European Community (‘NACE’) (4) Revision 2 division 29 (Manufacture of motor vehicles, trailers and semi-trailers) in the Nomenclature of Territorial Units for Statistics (‘NUTS’) (5) level 2 region of Cataluña (ES51) in Spain. It was supplemented by additional information provided in accordance with Article 8(5) of Regulation (EU) 2021/691. That application complies with the conditions for a financial contribution from the EGF as laid down in Article 13 of Regulation (EU) 2021/691. |
| --- | --- |

(3)

On 23 September 2021, Spain submitted an application to mobilise the EGF, in respect of workers’ displacements in the economic sector classified under the Statistical classification of economic activities in the European Community (‘NACE’) (4) Revision 2 division 29 (Manufacture of motor vehicles, trailers and semi-trailers) in the Nomenclature of Territorial Units for Statistics (‘NUTS’) (5) level 2 region of Cataluña (ES51) in Spain. It was supplemented by additional information provided in accordance with Article 8(5) of Regulation (EU) 2021/691. That application complies with the conditions for a financial contribution from the EGF as laid down in Article 13 of Regulation (EU) 2021/691.

| (4) | The EGF should, therefore, be mobilised in order to provide a financial contribution of EUR 2 795 156 in respect of the application submitted by Spain. |
| --- | --- |

(4)

The EGF should, therefore, be mobilised in order to provide a financial contribution of EUR 2 795 156 in respect of the application submitted by Spain.

| (5) | In order to minimise the time taken to mobilise the EGF, this decision should apply from the date of its adoption, |
| --- | --- |

(5)

In order to minimise the time taken to mobilise the EGF, this decision should apply from the date of its adoption,

HAVE ADOPTED THIS DECISION:

Article 1

For the general budget of the Union for the financial year 2022, the European Globalisation Adjustment Fund for Displaced Workers shall be mobilised to provide the amount of EUR 2 795 156 in commitment and payment appropriations.

Article 2

This Decision shall enter into force on the day of its publication in the Official Journal of the European Union.

It shall apply from 9 March 2022.

Done at Strasbourg, 9 March 2022.

For the European Parliament

The President

R. METSOLA

For the Council

The President

B. KLINKERT

---

(1)  OJ L 153, 3.5.2021, p. 48.

1

(2)  OJ L 433 I, 22.12.2020, p. 28.

2

(3)  Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027 (OJ L 433 I, 22.12.2020, p. 11).

3

(4)  Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific statistical domains (OJ L 393, 30.12.2006, p. 1).

4

(5)  Commission Delegated Regulation 2019/1755 of 8 August 2019 amending the Annexes to Regulation (EC) No 1059/2003 of the European Parliament and of the Council on the establishment of a common classification of territorial units for statistics (NUTS) (OJ L 270, 24.10.2019, p. 1).

5

---

| 22.3.2022 | EN | Official Journal of the European Union | L 93/146 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/146

---

COMMISSION DECISION (EU) 2022/459

of 10 September 2021

on the State aid SA.49668 (2019/C) (ex 2017/FC) and SA.53403 (2019/C) (ex 2017/FC) implemented by Denmark and Sweden for PostNord AB and Post Danmark A/S

(notified under document C(2021) 6568)

(Only the Danish and Swedish versions are authentic)

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first subparagraph of Article 108(2) thereof,

Having regard to the Agreement on the European Economic Area, and in particular Article 62(1), point (a), thereof,

Having given notice to the parties concerned to submit their comments pursuant to those provisions (1) and having regard to their comments,

Whereas:

1.   PROCEDURE

| (1) | On 27 November 2017, Brancheorganisation for den danske vejgodstransport (‘ITD’) submitted a complaint to the Commission on several measures that were granted or were planned to be granted by Denmark and Sweden to Post Danmark A/S (‘Post Danmark’). The Commission has assessed several of those measures in its Decision SA.47707 of 28 May 2018 (‘the 2018 Decision’) (2). In the 2018 Decision, the Commission announced that it would adopt a separate decision on the remaining measures, which are the subject of the present Decision:






  (a) | a capital injection from PostNord Group AB (‘PostNord Group’) into Post Danmark; |
| --- | --- | --- |

(1)

On 27 November 2017, Brancheorganisation for den danske vejgodstransport (‘ITD’) submitted a complaint to the Commission on several measures that were granted or were planned to be granted by Denmark and Sweden to Post Danmark A/S (‘Post Danmark’). The Commission has assessed several of those measures in its Decision SA.47707 of 28 May 2018 (‘the 2018 Decision’) (2). In the 2018 Decision, the Commission announced that it would adopt a separate decision on the remaining measures, which are the subject of the present Decision:

(a)

a capital injection from PostNord Group AB (‘PostNord Group’) into Post Danmark;

| (b) | a capital injection from Denmark into PostNord AB; and |
| --- | --- |

(b)

a capital injection from Denmark into PostNord AB; and

| (c) | a capital injection from Sweden into PostNord AB. |
| --- | --- |

(c)

a capital injection from Sweden into PostNord AB.

| (2) | By letters dated 20 December 2017, 12, 13 and 28 March 2018, 3, 6 and 26 April, 15, 26, 28 and 30 May, 1 and 13 June 2018, 9 October 2018, 10 December 2018, 6 and 13 March 2019 the Danish and Swedish authorities either jointly or individually provided the Commission with further information (3). |
| --- | --- |

(2)

By letters dated 20 December 2017, 12, 13 and 28 March 2018, 3, 6 and 26 April, 15, 26, 28 and 30 May, 1 and 13 June 2018, 9 October 2018, 10 December 2018, 6 and 13 March 2019 the Danish and Swedish authorities either jointly or individually provided the Commission with further information (3).

| (3) | By letter dated 14 June 2019, the Commission informed Denmark and Sweden that it had decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (‘TFEU’) in respect of the aid (4) (‘the opening decision’). The Commission requested Denmark and Sweden to submit their comments and to provide all such information as may help to assess the remaining measures, and also invited all interested parties to submit their comments on the remaining measures. |
| --- | --- |

(3)

By letter dated 14 June 2019, the Commission informed Denmark and Sweden that it had decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (‘TFEU’) in respect of the aid (4) (‘the opening decision’). The Commission requested Denmark and Sweden to submit their comments and to provide all such information as may help to assess the remaining measures, and also invited all interested parties to submit their comments on the remaining measures.

| (4) | The Commission received the first comments from Sweden and Denmark on the opening decision by letters dated 12 and 16 July 2019 respectively. |
| --- | --- |

(4)

The Commission received the first comments from Sweden and Denmark on the opening decision by letters dated 12 and 16 July 2019 respectively.

| (5) | The Commission received comments from seven third parties, including ITD, on the opening decision by letters dated 17 September 2019. |
| --- | --- |

(5)

The Commission received comments from seven third parties, including ITD, on the opening decision by letters dated 17 September 2019.

| (6) | The Commission forwarded the comments from all third parties to Sweden and Denmark on 3 and 14 October 2019. |
| --- | --- |

(6)

The Commission forwarded the comments from all third parties to Sweden and Denmark on 3 and 14 October 2019.

| (7) | The Swedish and Danish authorities provided their comments on the comments from third parties by joint letter and separate letters on 13 December 2019. |
| --- | --- |

(7)

The Swedish and Danish authorities provided their comments on the comments from third parties by joint letter and separate letters on 13 December 2019.

| (8) | In the course of the proceedings, the Commission received additional comments from Sweden and Denmark on 24 March 2020 and 19 May 2020 following requests for information of 14 February 2020 and 22 April 2020. |
| --- | --- |

(8)

In the course of the proceedings, the Commission received additional comments from Sweden and Denmark on 24 March 2020 and 19 May 2020 following requests for information of 14 February 2020 and 22 April 2020.

| (9) | The Commission received additional comments from ITD on 15 May 2020 and 5 February 2021. The latter was forwarded to Sweden and Denmark on 9 February 2021. Denmark and Sweden reacted by email on 7 April 2021. |
| --- | --- |

(9)

The Commission received additional comments from ITD on 15 May 2020 and 5 February 2021. The latter was forwarded to Sweden and Denmark on 9 February 2021. Denmark and Sweden reacted by email on 7 April 2021.

2.   DETAILED DESCRIPTION OF THE AID

2.1.   Beneficiaries

2.1.1.   Post Danmark and PostNord AB

| (10) | The provision of postal services as an integrated part of the Danish government dates back to 1711. The nationwide circulation of postal items was introduced in 1865. Until 1995, the postal services in Denmark were conducted under the responsibility of the Ministry of Public Works. |
| --- | --- |

(10)

The provision of postal services as an integrated part of the Danish government dates back to 1711. The nationwide circulation of postal items was introduced in 1865. Until 1995, the postal services in Denmark were conducted under the responsibility of the Ministry of Public Works.

| (11) | By Act No 88 of 8 February 1995 (5), Denmark transferred all of the activities of the postal service to Post Danmark, which was established as an independent public enterprise. Pursuant to the Postal Services Act (6), Post Danmark had a legal monopoly on domestic and cross-border letters. |
| --- | --- |

(11)

By Act No 88 of 8 February 1995 (5), Denmark transferred all of the activities of the postal service to Post Danmark, which was established as an independent public enterprise. Pursuant to the Postal Services Act (6), Post Danmark had a legal monopoly on domestic and cross-border letters.

| (12) | The Danish Minister of Transport has established Post Danmark as a State-owned limited liability company under Act No 409 of 6 June 2002 (7). Pursuant to §4 of that act, the State could sell up to 25 % of Post Danmark’s shares. In 2005, Post Invest S.A. (administered by CVC Capital Partners) acquired 22 % of the shares in Post Danmark and 3 % of the shares were offered to the employees. In 2009, Post Invest S.A. sold its stake in the company back (8) to Denmark, right before the company merged (9) with the Swedish postal operator Posten AB (10). Following the merger, PostNord AB was created. |
| --- | --- |

(12)

The Danish Minister of Transport has established Post Danmark as a State-owned limited liability company under Act No 409 of 6 June 2002 (7). Pursuant to §4 of that act, the State could sell up to 25 % of Post Danmark’s shares. In 2005, Post Invest S.A. (administered by CVC Capital Partners) acquired 22 % of the shares in Post Danmark and 3 % of the shares were offered to the employees. In 2009, Post Invest S.A. sold its stake in the company back (8) to Denmark, right before the company merged (9) with the Swedish postal operator Posten AB (10). Following the merger, PostNord AB was created.

| (13) | The intention behind the merger was to establish a more robust undertaking and to meet increasing pressure on the undertaking’s core product, namely the distribution of letters. PostNord AB is co-owned by Denmark (40 %) and Sweden (60 %) while voting rights are shared 50-50, and is the 100 % owner of PostNord Group. The structure of the undertaking is shown in Figure 1. The whole undertaking including all its subsidiaries is referred to as ‘PostNord’.

  Figure 1


  Corporate structure of PostNord |
| --- | --- |

(13)

The intention behind the merger was to establish a more robust undertaking and to meet increasing pressure on the undertaking’s core product, namely the distribution of letters. PostNord AB is co-owned by Denmark (40 %) and Sweden (60 %) while voting rights are shared 50-50, and is the 100 % owner of PostNord Group. The structure of the undertaking is shown in Figure 1. The whole undertaking including all its subsidiaries is referred to as ‘PostNord’.

Figure 1

Corporate structure of PostNord

Image 1

| (14) | Post Danmark is a wholly owned subsidiary of PostNord Group, and has been operating in full competition with other postal operators since the liberalisation of the Danish postal market in 2011, as a result of Directive 97/67/EC of the European Parliament and of the Council (11). Denmark has entrusted Post Danmark with the universal service obligation (‘USO’) under the Danish postal act (12), involving in particular the delivery and distribution of letters across the territory of Denmark. Post Danmark faces competition especially in the parcel market and the market for the distribution of newspapers and magazine mail. |
| --- | --- |

(14)

Post Danmark is a wholly owned subsidiary of PostNord Group, and has been operating in full competition with other postal operators since the liberalisation of the Danish postal market in 2011, as a result of Directive 97/67/EC of the European Parliament and of the Council (11). Denmark has entrusted Post Danmark with the universal service obligation (‘USO’) under the Danish postal act (12), involving in particular the delivery and distribution of letters across the territory of Denmark. Post Danmark faces competition especially in the parcel market and the market for the distribution of newspapers and magazine mail.

2.1.2.   The markets on which PostNord and Post Danmark operate

| (15) | PostNord is mainly active on the Swedish, Danish, Norwegian and Finnish markets for postal services, and provides courier, cargo and logistics solutions in the Nordic region and in the rest of Europe. |
| --- | --- |

(15)

PostNord is mainly active on the Swedish, Danish, Norwegian and Finnish markets for postal services, and provides courier, cargo and logistics solutions in the Nordic region and in the rest of Europe.

| (16) | Post Danmark is active on the Danish postal services markets and offers a variety of postal services (delivery of letters, parcels, express deliveries, courier services, electronic mailbox services, cargo services, operation of a network of post offices). |
| --- | --- |

(16)

Post Danmark is active on the Danish postal services markets and offers a variety of postal services (delivery of letters, parcels, express deliveries, courier services, electronic mailbox services, cargo services, operation of a network of post offices).

2.2.   Background of the measures under assessment

2.2.1.   Impact of digitisation on Post Danmark

| (17) | General digitisation trends and specific circumstances in Denmark (13) have led to a rapid decline in the number of letters handled by Post Danmark, for instance, letter volume has declined drastically since the early 2000s, at a higher rate than that of other comparable countries. In Denmark, the letter volume fell by more than 80 % in the period 2006 to 2019. The development in letter volumes handled by Post Danmark compared to other European postal service operators is illustrated in Figure 2.

  Figure 2


  Development in mail volumes in European postal service operators







  Other lines represent Germany (-27 %), Austria (-29 %), Switzerland (-31 %), Belgium (-35 %), France (-43 %), United Kingdom (-50 %), Spain (-52 %), Italy (-63 %), Netherlands (-64 %), Sweden (-50 %), Finland (-47 %), Norway (-53 %, since 2008), Ireland (-48 %, since 2010), Portugal (-44 %). Source: The postal operators’ websites and annual reports |
| --- | --- |

(17)

General digitisation trends and specific circumstances in Denmark (13) have led to a rapid decline in the number of letters handled by Post Danmark, for instance, letter volume has declined drastically since the early 2000s, at a higher rate than that of other comparable countries. In Denmark, the letter volume fell by more than 80 % in the period 2006 to 2019. The development in letter volumes handled by Post Danmark compared to other European postal service operators is illustrated in Figure 2.

Figure 2

Development in mail volumes in European postal service operators

Image 2

Other lines represent Germany (-27 %), Austria (-29 %), Switzerland (-31 %), Belgium (-35 %), France (-43 %), United Kingdom (-50 %), Spain (-52 %), Italy (-63 %), Netherlands (-64 %), Sweden (-50 %), Finland (-47 %), Norway (-53 %, since 2008), Ireland (-48 %, since 2010), Portugal (-44 %). Source: The postal operators’ websites and annual reports

| (18) | The consequence of that accelerated digitisation has been a fall in revenues. In the period 2009 to 2019, Post Danmark’s revenue decreased by 55 %, in large part due to lower revenues from the letter market, and from 2012 onwards the company generated annual deficits, see Table 1:

  Table 1


  Post Danmark’s revenue and Earnings Before Interest and Tax (‘EBIT’) in 2009 to 2019:


















  MDKK | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 10 828 | 10 107 | 9 250 | 8 811 | 8 171 | 7 964 | 7 641 | 6 728 | 5 836 | 6 214 | 4 913 |
| EBIT | 81 | 348 | 305 | - 207 | - 204 | - 301 | - 289 | -1 178 | - 790 | -1 063 | - 221 |

(18)

The consequence of that accelerated digitisation has been a fall in revenues. In the period 2009 to 2019, Post Danmark’s revenue decreased by 55 %, in large part due to lower revenues from the letter market, and from 2012 onwards the company generated annual deficits, see Table 1:

Table 1

Post Danmark’s revenue and Earnings Before Interest and Tax (‘EBIT’) in 2009 to 2019:

MDKK

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Revenue

10 828

10 107

9 250

8 811

8 171

7 964

7 641

6 728

5 836

6 214

4 913

EBIT

81

348

305

- 207

- 204

- 301

- 289

-1 178

- 790

-1 063

- 221

| (19) | Post Danmark took measures to improve its financial situation and between 2009 and 2016, 8 000 FTE employees left the company. Those measures were however insufficient and Post Danmark could only avoid bankruptcy thanks to a capital injection from PostNord Group of DKK 1 billion on 23 February 2017 (addressed in the 2018 Decision (14)). |
| --- | --- |

(19)

Post Danmark took measures to improve its financial situation and between 2009 and 2016, 8 000 FTE employees left the company. Those measures were however insufficient and Post Danmark could only avoid bankruptcy thanks to a capital injection from PostNord Group of DKK 1 billion on 23 February 2017 (addressed in the 2018 Decision (14)).

| (20) | In order to make Post Danmark economically viable again, the Board of Directors of PostNord AB developed a new production model. The production model is part of a broader transformation plan (15) that also includes the reorganisation of the administration (namely reductions in overhead costs, IT costs and real estate costs). The new production model aims to increase efficiency in mainly the following three ways:






  (a) | the delivery of quick letters and other day-to-day mail items is to be based on the logistics delivery network (that is, delivered together with parcels) to save costs by avoiding parallel distribution networks; |
| --- | --- | --- |

(20)

In order to make Post Danmark economically viable again, the Board of Directors of PostNord AB developed a new production model. The production model is part of a broader transformation plan (15) that also includes the reorganisation of the administration (namely reductions in overhead costs, IT costs and real estate costs). The new production model aims to increase efficiency in mainly the following three ways:

(a)

the delivery of quick letters and other day-to-day mail items is to be based on the logistics delivery network (that is, delivered together with parcels) to save costs by avoiding parallel distribution networks;

| (b) | postal items are to be distributed directly from a hub or postal service outlet without the need for separate facilities except letter sorting centres; |
| --- | --- |

(b)

postal items are to be distributed directly from a hub or postal service outlet without the need for separate facilities except letter sorting centres;

| (c) | ordinary letters and magazine mail are to be delivered in a so-called flower model, replacing the current distribution method and entailing a significant reduction in the number of daily routes. |
| --- | --- |

(c)

ordinary letters and magazine mail are to be delivered in a so-called flower model, replacing the current distribution method and entailing a significant reduction in the number of daily routes.

| (21) | That plan entails high costs, in particular related to the dismissal of more than 4 000 employees, including an estimated 1 500 out of 3 200 former civil servants. |
| --- | --- |

(21)

That plan entails high costs, in particular related to the dismissal of more than 4 000 employees, including an estimated 1 500 out of 3 200 former civil servants.

2.2.2.   October Agreement

| (22) | Against this background, Sweden and Denmark signed a bilateral agreement on 20 October 2017 (‘The October Agreement’) that describes several measures in favour of PostNord AB and Post Danmark. The October Agreement states: ‘In order to meet the challenges of digitalization in Denmark, the Company [(PostNord AB)] has developed a new production model with an estimated cost of approximately SEK 5,0 bn’ (16). PostNord AB estimated at the time that the external funding needed for the implementation of the transformation plan would be SEK 3 billion (approximately EUR 297 million) (17). According to the October Agreement, that amount is to be financed by a capital injection of SEK 400 million (approximately EUR 39,6 million) from Sweden and a capital injection of SEK 267 million (approximately EUR 26,4 million) from Denmark. Those two capital injections are to be made as a contribution of capital to PostNord AB (18). In addition, PostNord Group would make an internal contribution to Post Danmark of approximately SEK 2,3 billion (approximately EUR 228 million). Sweden and Denmark have paid out their respective capital injections, while PostNord Group has since injected capital for an amount of DKK 2,339 billion (approximately EUR 314,6 million (19)). The capital injection from PostNord Group is referred to in paragraph 4 of the October Agreement without explicitly mentioning an amount:
  ‘The Company has estimated the need for capital to be SEK 3,0 bn whereof the Swedish Shareholder agrees to invest SEK 400 m and the Danish Shareholder agrees to invest SEK 267 m to support the implementation of the new production model and

  the Company will provide the additional funding
  . These investments are to be made as a contribution of capital to the Company on market terms without issuing new shares.’ (emphasis added). |
| --- | --- |

(22)

Against this background, Sweden and Denmark signed a bilateral agreement on 20 October 2017 (‘The October Agreement’) that describes several measures in favour of PostNord AB and Post Danmark. The October Agreement states: ‘In order to meet the challenges of digitalization in Denmark, the Company [(PostNord AB)] has developed a new production model with an estimated cost of approximately SEK 5,0 bn’ (16). PostNord AB estimated at the time that the external funding needed for the implementation of the transformation plan would be SEK 3 billion (approximately EUR 297 million) (17). According to the October Agreement, that amount is to be financed by a capital injection of SEK 400 million (approximately EUR 39,6 million) from Sweden and a capital injection of SEK 267 million (approximately EUR 26,4 million) from Denmark. Those two capital injections are to be made as a contribution of capital to PostNord AB (18). In addition, PostNord Group would make an internal contribution to Post Danmark of approximately SEK 2,3 billion (approximately EUR 228 million). Sweden and Denmark have paid out their respective capital injections, while PostNord Group has since injected capital for an amount of DKK 2,339 billion (approximately EUR 314,6 million (19)). The capital injection from PostNord Group is referred to in paragraph 4 of the October Agreement without explicitly mentioning an amount:

‘The Company has estimated the need for capital to be SEK 3,0 bn whereof the Swedish Shareholder agrees to invest SEK 400 m and the Danish Shareholder agrees to invest SEK 267 m to support the implementation of the new production model and

  the Company will provide the additional funding
  . These investments are to be made as a contribution of capital to the Company on market terms without issuing new shares.’ (emphasis added).

| (23) | In addition, the October Agreement states that the Danish State is to provide SEK 1,533 billion (approximately EUR 151,6 million) to Post Danmark to finance certain legacy costs. Denmark eventually notified this amount as USO compensation and it was approved as compatible aid in the 2018 Decision. |
| --- | --- |

(23)

In addition, the October Agreement states that the Danish State is to provide SEK 1,533 billion (approximately EUR 151,6 million) to Post Danmark to finance certain legacy costs. Denmark eventually notified this amount as USO compensation and it was approved as compatible aid in the 2018 Decision.

| (24) | The October Agreement stresses that the agreement between Denmark and Sweden is subject to ‘the consent of the Danish Government, the Danish Parliament, the Swedish Government, the Swedish Parliament and, as regards the State aid elements, approval from the European Commission’ (20). |
| --- | --- |

(24)

The October Agreement stresses that the agreement between Denmark and Sweden is subject to ‘the consent of the Danish Government, the Danish Parliament, the Swedish Government, the Swedish Parliament and, as regards the State aid elements, approval from the European Commission’ (20).

2.2.3.   The Agreement on the implementation of the USO compensation

| (25) | On 11 June 2018, PostNord AB and Denmark concluded an agreement on the principles for implementing the USO compensation (21). That agreement also contains a clause which obliged the Board of Directors of PostNord AB to transfer the PostNord Group capital injection to Post Danmark. The Board of Directors decided to do so on the same day. |
| --- | --- |

(25)

On 11 June 2018, PostNord AB and Denmark concluded an agreement on the principles for implementing the USO compensation (21). That agreement also contains a clause which obliged the Board of Directors of PostNord AB to transfer the PostNord Group capital injection to Post Danmark. The Board of Directors decided to do so on the same day.

2.3.   Description of the measures under assessment

2.3.1.   The measures under assessment

| (26) | The scope of this Decision concerns the three capital injections listed in recital (1) as described more in detail in Sections 2.3.2, 2.3.3 and 2.3.4. |
| --- | --- |

(26)

The scope of this Decision concerns the three capital injections listed in recital (1) as described more in detail in Sections 2.3.2, 2.3.3 and 2.3.4.

2.3.2.   Capital injection from PostNord Group into Post Danmark

2.3.2.1.   Objective

| (27) | The objective of the capital injection from PostNord Group into Post Danmark, as declared by the Danish and Swedish authorities, is to support the implementation of the transformation plan by Post Danmark. |
| --- | --- |

(27)

The objective of the capital injection from PostNord Group into Post Danmark, as declared by the Danish and Swedish authorities, is to support the implementation of the transformation plan by Post Danmark.

2.3.2.2.   Amount and origin

| (28) | The capital injection from PostNord Group into Post Danmark amounts to DKK 2,339 billion. |
| --- | --- |

(28)

The capital injection from PostNord Group into Post Danmark amounts to DKK 2,339 billion.

2.3.2.3.   Timing

| (29) | PostNord Group has paid out the capital injection into Post Danmark in three tranches. Firstly, on 4 April 2018, a tranche in the amount of DKK 150 million was paid. Secondly, on 18 June 2018, a tranche in the amount of DKK 1 450 million was paid. Finally, on 4 February 2019, a tranche in the amount of DKK 739 million was paid. |
| --- | --- |

(29)

PostNord Group has paid out the capital injection into Post Danmark in three tranches. Firstly, on 4 April 2018, a tranche in the amount of DKK 150 million was paid. Secondly, on 18 June 2018, a tranche in the amount of DKK 1 450 million was paid. Finally, on 4 February 2019, a tranche in the amount of DKK 739 million was paid.

2.3.3.   Capital injection from Denmark into PostNord AB

2.3.3.1.   Objective

| (30) | The capital injection from Denmark into PostNord ABalso forms part of the October Agreement, but has a different objective. Denmark has explained that the objective of the capital injection from Denmark relates to the preservation of the investment grade rating of PostNord AB (22). |
| --- | --- |

(30)

The capital injection from Denmark into PostNord ABalso forms part of the October Agreement, but has a different objective. Denmark has explained that the objective of the capital injection from Denmark relates to the preservation of the investment grade rating of PostNord AB (22).

2.3.3.2.   Amount and origin

| (31) | The capital injection from Denmark into PostNord AB amounts to SEK 267 million. |
| --- | --- |

(31)

The capital injection from Denmark into PostNord AB amounts to SEK 267 million.

2.3.3.3.   Timing

| (32) | Denmark paid out its capital injection into PostNord AB on 10 December 2018. |
| --- | --- |

(32)

Denmark paid out its capital injection into PostNord AB on 10 December 2018.

2.3.4.   Capital injection from Sweden into PostNord AB

2.3.4.1.   Objective

| (33) | Sweden, like Denmark, has also explained that the objective of the Swedish capital injection is the preservation of the investment grade rating of PostNord AB (23). |
| --- | --- |

(33)

Sweden, like Denmark, has also explained that the objective of the Swedish capital injection is the preservation of the investment grade rating of PostNord AB (23).

2.3.4.2.   Amount and origin

| (34) | The capital injection from Sweden into PostNord AB amounts to SEK 400 million. |
| --- | --- |

(34)

The capital injection from Sweden into PostNord AB amounts to SEK 400 million.

2.3.4.3.   Timing

| (35) | Sweden paid out its capital injection into PostNord AB on 10 December 2018. |
| --- | --- |

(35)

Sweden paid out its capital injection into PostNord AB on 10 December 2018.

2.4.   ITD complaint

| (36) | On 27 November 2017, the Commission received a complaint from ITD, an association with over 810 members active in the road transport and logistics sector in Denmark (see recital (1)). The Commission has assessed part of the complaint in the 2018 Decision. The complaint concerned the following measures:






  (a) | a State guarantee granted in 2002 by Denmark to former civil servants for liabilities regarding redundancy payments in case of Post Danmark’s bankruptcy; |
| --- | --- | --- |

(36)

On 27 November 2017, the Commission received a complaint from ITD, an association with over 810 members active in the road transport and logistics sector in Denmark (see recital (1)). The Commission has assessed part of the complaint in the 2018 Decision. The complaint concerned the following measures:

(a)

a State guarantee granted in 2002 by Denmark to former civil servants for liabilities regarding redundancy payments in case of Post Danmark’s bankruptcy;

| (b) | a VAT exemption related to e-commerce companies, in effect from 1990 to 1 January 2017; |
| --- | --- |

(b)

a VAT exemption related to e-commerce companies, in effect from 1990 to 1 January 2017;

| (c) | the alleged incorrect separation of Post Danmark’s accounts and the alleged cross-subsidisation of commercial services by USO activities between 2006 and 2013; and |
| --- | --- |

(c)

the alleged incorrect separation of Post Danmark’s accounts and the alleged cross-subsidisation of commercial services by USO activities between 2006 and 2013; and

| (d) | an internal transfer from PostNord Group to Post Danmark of DKK 1 billion on 23 February 2017; |
| --- | --- |

(d)

an internal transfer from PostNord Group to Post Danmark of DKK 1 billion on 23 February 2017;

| (e) | USO compensation for the period 2017 to 2019; and |
| --- | --- |

(e)

USO compensation for the period 2017 to 2019; and

| (f) | three capital injections referred to in the October Agreement (see recital (22) to (24)), which are the subject of this Decision. |
| --- | --- |

(f)

three capital injections referred to in the October Agreement (see recital (22) to (24)), which are the subject of this Decision.

2.5.   The 2018 Decision

| (37) | On 28 May 2018, the Commission adopted the 2018 Decision in which it concluded that four measures raised in the ITD’s complaint constituted either no aid or existing aid and that the USO compensation of SEK 1,683 billion was compatible aid under the Services of General Economic Interest (SGEI) Framework (24) (an amount of only SEK 1,533 billion was finally paid). |
| --- | --- |

(37)

On 28 May 2018, the Commission adopted the 2018 Decision in which it concluded that four measures raised in the ITD’s complaint constituted either no aid or existing aid and that the USO compensation of SEK 1,683 billion was compatible aid under the Services of General Economic Interest (SGEI) Framework (24) (an amount of only SEK 1,533 billion was finally paid).

| (38) | In the 2018 Decision, the Commission announced that the three capital injections complained about by ITD, would be assessed separately. |
| --- | --- |

(38)

In the 2018 Decision, the Commission announced that the three capital injections complained about by ITD, would be assessed separately.

| (39) | On 20 September 2018, ITD and Danske Fragtmænd A/S, a company active on the Danish market for road transport of goods and parcel distribution services, appealed the 2018 Decision on procedural grounds. In support of their action, the applicants raised a single plea in law, alleging that the Commission failed to initiate the formal investigation procedure provided for in Article 108(2) TFEU, despite the serious difficulties raised by the assessment of the compensation at issue and of the other measures challenged in ITD’s complaint. The General Court registered the case under T-561/18 (25). |
| --- | --- |

(39)

On 20 September 2018, ITD and Danske Fragtmænd A/S, a company active on the Danish market for road transport of goods and parcel distribution services, appealed the 2018 Decision on procedural grounds. In support of their action, the applicants raised a single plea in law, alleging that the Commission failed to initiate the formal investigation procedure provided for in Article 108(2) TFEU, despite the serious difficulties raised by the assessment of the compensation at issue and of the other measures challenged in ITD’s complaint. The General Court registered the case under T-561/18 (25).

| (40) | On 5 May 2021, the General Court upheld the Commission’s conclusion that the USO compensation for 2017 to 2019 constitutes compatible aid under the SGEI Framework. In addition, it upheld the Commission’s conclusion on two out of the other four measures raised in the complaint, namely the State guarantee granted in 2002 by Denmark to former civil servants for liabilities regarding redundancy payments in case of Post Danmark’s bankruptcy and the way in which Post Danmark allocated its costs in the period 2006 to 2013. The General Court partially annulled the 2018 Decision, however, considering that the Commission should have initiated the formal investigation procedure as regards the capital injection of DKK 1 billion granted by PostNord Group to Post Danmark on 23 February 2017 and the VAT exemption for e-commerce companies when they purchased transport services from Post Danmark. |
| --- | --- |

(40)

On 5 May 2021, the General Court upheld the Commission’s conclusion that the USO compensation for 2017 to 2019 constitutes compatible aid under the SGEI Framework. In addition, it upheld the Commission’s conclusion on two out of the other four measures raised in the complaint, namely the State guarantee granted in 2002 by Denmark to former civil servants for liabilities regarding redundancy payments in case of Post Danmark’s bankruptcy and the way in which Post Danmark allocated its costs in the period 2006 to 2013. The General Court partially annulled the 2018 Decision, however, considering that the Commission should have initiated the formal investigation procedure as regards the capital injection of DKK 1 billion granted by PostNord Group to Post Danmark on 23 February 2017 and the VAT exemption for e-commerce companies when they purchased transport services from Post Danmark.

2.6.   Grounds for initiating the formal investigation procedure

| (41) | On 14 June 2019, the Commission opened the formal investigation procedure regarding the measures described in Section 2.3 due to its doubts as to the market conformity of the three capital injections. |
| --- | --- |

(41)

On 14 June 2019, the Commission opened the formal investigation procedure regarding the measures described in Section 2.3 due to its doubts as to the market conformity of the three capital injections.

2.6.1.   Capital injection from PostNord Group into Post Danmark

| (42) | In the opening decision, the Commission considered that the discounted cash flow (‘DCF’) model presented by the Danish and Swedish authorities was in line, from a methodological viewpoint, with acceptable practice for assessing the market conformity of an investment. The net present value (‘NPV’) of the future cash flows of a company (adjusted for debt) is a commonly used way to evaluate equity investment decisions. The model considered two cash flows, namely one resulting from the bankruptcy of Post Danmark (negative cash flows), which would be avoided, and the other from Post Danmark’s future operational profits (positive cash flows). |
| --- | --- |

(42)

In the opening decision, the Commission considered that the discounted cash flow (‘DCF’) model presented by the Danish and Swedish authorities was in line, from a methodological viewpoint, with acceptable practice for assessing the market conformity of an investment. The net present value (‘NPV’) of the future cash flows of a company (adjusted for debt) is a commonly used way to evaluate equity investment decisions. The model considered two cash flows, namely one resulting from the bankruptcy of Post Danmark (negative cash flows), which would be avoided, and the other from Post Danmark’s future operational profits (positive cash flows).

| (43) | As regards the calculation of Post Danmark’s future operational profits, the Commission however had doubts regarding the growth rates assumed for the letter and logistics market, in view of the fact that Post Danmark’s net sales decreased by nearly 10 % in 2017. As regards the calculation of the adverse effects of Post Danmark’s bankruptcy, the Commission considered that Denmark and Sweden had insufficiently substantiated the quantification of the adverse effects. |
| --- | --- |

(43)

As regards the calculation of Post Danmark’s future operational profits, the Commission however had doubts regarding the growth rates assumed for the letter and logistics market, in view of the fact that Post Danmark’s net sales decreased by nearly 10 % in 2017. As regards the calculation of the adverse effects of Post Danmark’s bankruptcy, the Commission considered that Denmark and Sweden had insufficiently substantiated the quantification of the adverse effects.

| (44) | The Commission also noted that the DCF model was relatively sensitive to the assumptions applied. The investment would in particular no longer pass the Market Economy Operator Principle (‘MEOP’) test if, for example, the Weighted Average Capital Cost (‘WACC’) was [...] % and annual total projected sales growth was [...] %. Against this background, the Commission considered that more certainty was necessary on the parameters to be used in the calculations. |
| --- | --- |

(44)

The Commission also noted that the DCF model was relatively sensitive to the assumptions applied. The investment would in particular no longer pass the Market Economy Operator Principle (‘MEOP’) test if, for example, the Weighted Average Capital Cost (‘WACC’) was [...] % and annual total projected sales growth was [...] %. Against this background, the Commission considered that more certainty was necessary on the parameters to be used in the calculations.

| (45) | Considering the information set out in recitals (42) to (44), the Commission expressed certain doubts as to the market conformity of PostNord Group’s capital injection (26). |
| --- | --- |

(45)

Considering the information set out in recitals (42) to (44), the Commission expressed certain doubts as to the market conformity of PostNord Group’s capital injection (26).

2.6.2.   Capital injection from Denmark into PostNord AB

| (46) | The Commission noted that the Danish authorities considered neither the probability of PostNord AB losing its shadow investment grade in the absence of the capital injections by Denmark and Sweden, nor the probability of PostNord AB losing such shadow investment grade anyway, even if the capital injections from Denmark and Sweden were granted. |
| --- | --- |

(46)

The Commission noted that the Danish authorities considered neither the probability of PostNord AB losing its shadow investment grade in the absence of the capital injections by Denmark and Sweden, nor the probability of PostNord AB losing such shadow investment grade anyway, even if the capital injections from Denmark and Sweden were granted.

| (47) | Furthermore, the Commission noted that the Danish authorities considered neither the maturity of the loans to be re-financed nor the period during which it was assumed that PostNord AB’s shadow investment grade would be maintained because of the capital injections from Denmark and Sweden. Both elements would however have to be considered to properly estimate the savings in financing costs attributable to the capital injections, assuming that such savings would exist. |
| --- | --- |

(47)

Furthermore, the Commission noted that the Danish authorities considered neither the maturity of the loans to be re-financed nor the period during which it was assumed that PostNord AB’s shadow investment grade would be maintained because of the capital injections from Denmark and Sweden. Both elements would however have to be considered to properly estimate the savings in financing costs attributable to the capital injections, assuming that such savings would exist.

| (48) | In light of recitals (46) and (47), the Commission expressed its doubts regarding the market conformity of the Danish authorities’ capital injection (27). |
| --- | --- |

(48)

In light of recitals (46) and (47), the Commission expressed its doubts regarding the market conformity of the Danish authorities’ capital injection (27).

2.6.3.   Capital injection from Sweden into PostNord AB

| (49) | The Commission considered that the argumentation presented in recitals (46) to (48) applied equally to the assessment presented by the Swedish authorities about the Swedish capital injection into PostNord AB. Furthermore, the Commission considered that the Swedish authorities had not demonstrated that the annual savings on borrowing costs of SEK [...] estimated by the Swedish authorities as attributable to the capital injections from Denmark and Sweden would provide the Swedish authorities a return in conformity with the market from their capital injection. |
| --- | --- |

(49)

The Commission considered that the argumentation presented in recitals (46) to (48) applied equally to the assessment presented by the Swedish authorities about the Swedish capital injection into PostNord AB. Furthermore, the Commission considered that the Swedish authorities had not demonstrated that the annual savings on borrowing costs of SEK [...] estimated by the Swedish authorities as attributable to the capital injections from Denmark and Sweden would provide the Swedish authorities a return in conformity with the market from their capital injection.

| (50) | The Commission noted that the Swedish authorities had also acknowledged that there were several uncertainties included in the credit rating analysis. Those uncertainties are in particular the fact that PostNord AB does not have a real public credit rating and the underlying assumption that all current debt is re-financed and that PostNord ABwill be able to acquire SEK [...] additionally in debt from the market. Such unquantified uncertainties seemed difficult to reconcile with a proper private investor approach. |
| --- | --- |

(50)

The Commission noted that the Swedish authorities had also acknowledged that there were several uncertainties included in the credit rating analysis. Those uncertainties are in particular the fact that PostNord AB does not have a real public credit rating and the underlying assumption that all current debt is re-financed and that PostNord ABwill be able to acquire SEK [...] additionally in debt from the market. Such unquantified uncertainties seemed difficult to reconcile with a proper private investor approach.

| (51) | In light of recitals (49) and (50), the Commission expressed its doubts regarding the market conformity of the Swedish authorities’ capital injection (28). |
| --- | --- |

(51)

In light of recitals (49) and (50), the Commission expressed its doubts regarding the market conformity of the Swedish authorities’ capital injection (28).

3.   COMMENTS FROM INTERESTED PARTIES

| (52) | On 17 September 2019, the Commission received comments from seven interested parties: ITD, Dansk Distribution A/S, Dansk Scanning A/S, Danske Fragtmænd A/S, Jørgen Jensen Distribution A/S (‘JJD’), UPS Europe SPRL/BVBA and one interested party that requested to remain anonymous. All interested parties have submitted their comments separately. |
| --- | --- |

(52)

On 17 September 2019, the Commission received comments from seven interested parties: ITD, Dansk Distribution A/S, Dansk Scanning A/S, Danske Fragtmænd A/S, Jørgen Jensen Distribution A/S (‘JJD’), UPS Europe SPRL/BVBA and one interested party that requested to remain anonymous. All interested parties have submitted their comments separately.

3.1.   ITD (the complainant)

| (53) | ITD has its head offices in Padborg (Denmark) and has offices in Copenhagen and Brussels. ITD is a Danish trade association and its more than 810 members include Danish professional companies active on the national and/or international markets for road transport of goods and logistics services (29). The objectives it pursues include ensuring a sound political and legal framework for the competitiveness of the Danish road transport and logistics companies and maintaining a high level of professionalism in the road transport sector by providing guidance, tools and services to road haulage companies. ITD claims that approximately half of its members transport general cargo and parcels and are therefore direct competitors of Post Danmark. The other half are potential future competitors in various market segments. |
| --- | --- |

(53)

ITD has its head offices in Padborg (Denmark) and has offices in Copenhagen and Brussels. ITD is a Danish trade association and its more than 810 members include Danish professional companies active on the national and/or international markets for road transport of goods and logistics services (29). The objectives it pursues include ensuring a sound political and legal framework for the competitiveness of the Danish road transport and logistics companies and maintaining a high level of professionalism in the road transport sector by providing guidance, tools and services to road haulage companies. ITD claims that approximately half of its members transport general cargo and parcels and are therefore direct competitors of Post Danmark. The other half are potential future competitors in various market segments.

3.1.1.   The three capital injections constitute one single measure

| (54) | ITD takes the view that the three capital injections (see Section 2.3) constitute one single measure and not, as stated by the Commission in its opening decision in recital (69), three separate measures. |
| --- | --- |

(54)

ITD takes the view that the three capital injections (see Section 2.3) constitute one single measure and not, as stated by the Commission in its opening decision in recital (69), three separate measures.

| (55) | According to ITD, the judgment Greece and Others v Commission (30) demonstrates that in order to determine whether aid in the form of different payments constitute several measures or one single measure, one should look at ‘their chronology, their purpose and the circumstances of the undertaking’ (31). In ITD’s view, applying those criteria to the present case can only lead to the conclusion that the three capital injections constitute one single measure:






  (a) | Chronology – ITD argues that all three capital injections were granted on 20 October 2017 when the October Agreement was signed by Denmark and Sweden (see Section 3.1.2); |
| --- | --- | --- |

(55)

According to ITD, the judgment Greece and Others v Commission (30) demonstrates that in order to determine whether aid in the form of different payments constitute several measures or one single measure, one should look at ‘their chronology, their purpose and the circumstances of the undertaking’ (31). In ITD’s view, applying those criteria to the present case can only lead to the conclusion that the three capital injections constitute one single measure:

(a)

Chronology – ITD argues that all three capital injections were granted on 20 October 2017 when the October Agreement was signed by Denmark and Sweden (see Section 3.1.2);

| (b) | Purpose – ITD argues that all three capital injections have the same purpose, namely to implement the transformation plan of Post Danmark and that the capital injections from Denmark and Sweden do not have the purpose to preserve the investment grade rating of PostNord, which is according to ITD merely a side effect of the capital injection. In this regard, ITD explains that the wording used in the October Agreement shows that also the capital injections from Denmark and Sweden aim at supporting the implementation of the transformation plan of Post Danmark and that the opening decision would support that view in recitals (59) to (61), (66) and (67);
  ITD also argues that it follows from the ‘obvious funding gap’ (namely the October Agreement estimates the costs of the transformation plan of which the new production model forms part at SEK 5 billion (see recital (22)), but the PostNord injection is ‘only’ DKK 2,339 billion) that the capital injections from Denmark and Sweden are needed, even if they would not be sufficient for carrying out the new production model. |
| --- | --- |

(b)

Purpose – ITD argues that all three capital injections have the same purpose, namely to implement the transformation plan of Post Danmark and that the capital injections from Denmark and Sweden do not have the purpose to preserve the investment grade rating of PostNord, which is according to ITD merely a side effect of the capital injection. In this regard, ITD explains that the wording used in the October Agreement shows that also the capital injections from Denmark and Sweden aim at supporting the implementation of the transformation plan of Post Danmark and that the opening decision would support that view in recitals (59) to (61), (66) and (67);

ITD also argues that it follows from the ‘obvious funding gap’ (namely the October Agreement estimates the costs of the transformation plan of which the new production model forms part at SEK 5 billion (see recital (22)), but the PostNord injection is ‘only’ DKK 2,339 billion) that the capital injections from Denmark and Sweden are needed, even if they would not be sufficient for carrying out the new production model.

| (c) | Circumstances of the undertaking – ITD claims that the circumstances that Post Danmark found itself in at the moment of the three capital injections were the same. |
| --- | --- |

(c)

Circumstances of the undertaking – ITD claims that the circumstances that Post Danmark found itself in at the moment of the three capital injections were the same.

| (56) | ITD argues that the Commission wrongly used a different set of criteria than the criteria recognised in Greece and others v Commission, namely that the capital injections:






  (a) | are injected by different type of investors (Denmark, Sweden and PostNord (32)) that find themselves in different financial situations and have different financing costs that require different rates of return (see recital (69) to (74) of the opening decision); |
| --- | --- | --- |

(56)

ITD argues that the Commission wrongly used a different set of criteria than the criteria recognised in Greece and others v Commission, namely that the capital injections:

(a)

are injected by different type of investors (Denmark, Sweden and PostNord (32)) that find themselves in different financial situations and have different financing costs that require different rates of return (see recital (69) to (74) of the opening decision);

| (b) | do not have the same purpose; |
| --- | --- |

(b)

do not have the same purpose;

| (c) | are not granted to the same beneficiaries; and |
| --- | --- |

(c)

are not granted to the same beneficiaries; and

| (d) | require further implementing measures. |
| --- | --- |

(d)

require further implementing measures.

| (57) | With reference to recital (71) of the opening decision, ITD rejects the Commission’s argument that the BP Chemicals case is not relevant for the case at hand because in BP Chemicals the same investor injected capital in several instances. ITD considers that BP Chemicals is relevant for the present case for two reasons. Firstly, ITD argues that, BP Chemicals is another case evidencing that the Commission should have looked at the chronology, purpose and circumstances (see recital (55)). In addition, ITD argues that there is no statement in the BP Chemicals judgment (or any other judgment) to support the view that it matters whether one or several investors inject capital. In this regard, ITD notes that the costs of different investments will naturally vary (irrespective of whether they are made by one or several investors). |
| --- | --- |

(57)

With reference to recital (71) of the opening decision, ITD rejects the Commission’s argument that the BP Chemicals case is not relevant for the case at hand because in BP Chemicals the same investor injected capital in several instances. ITD considers that BP Chemicals is relevant for the present case for two reasons. Firstly, ITD argues that, BP Chemicals is another case evidencing that the Commission should have looked at the chronology, purpose and circumstances (see recital (55)). In addition, ITD argues that there is no statement in the BP Chemicals judgment (or any other judgment) to support the view that it matters whether one or several investors inject capital. In this regard, ITD notes that the costs of different investments will naturally vary (irrespective of whether they are made by one or several investors).

| (58) | ITD is also of the opinion that the Commission should have focussed on the investments and the target undertaking rather than the investor. In this regard, with reference to the wording in the October Agreement, ITD considers that the capital injections all had the same beneficiary, namely Post Danmark, contrary to what the Commission has argued. In this respect, in its comments of 17 September 2019, ITD has stated the following in relation to the October Agreement:
  ‘It appears from point 1 of the October 2017 Agreement that “a new production model with an estimated costs of approximately SEK 5,0 bn” has been developed and that “in the implementation of the new production model, the Company [PostNord] will transfer [that] capital to Post Danmark”. It appears from point 4 that “the need for capital [is estimated] to be SEK 3,0 bn whereof the Swedish shareholder agree to invest SEK 400 m and the Danish shareholder agree to invest SEK 267 m to support the implementation of [Post Danmark’s] new production model”’ (emphasis added by ITD (33)). |
| --- | --- |

(58)

ITD is also of the opinion that the Commission should have focussed on the investments and the target undertaking rather than the investor. In this regard, with reference to the wording in the October Agreement, ITD considers that the capital injections all had the same beneficiary, namely Post Danmark, contrary to what the Commission has argued. In this respect, in its comments of 17 September 2019, ITD has stated the following in relation to the October Agreement:

‘It appears from point 1 of the October 2017 Agreement that “a new production model with an estimated costs of approximately SEK 5,0 bn” has been developed and that “in the implementation of the new production model, the Company [PostNord] will transfer [that] capital to Post Danmark”. It appears from point 4 that “the need for capital [is estimated] to be SEK 3,0 bn whereof the Swedish shareholder agree to invest SEK 400 m and the Danish shareholder agree to invest SEK 267 m to support the implementation of [Post Danmark’s] new production model”’ (emphasis added by ITD (33)).

| (59) | As regards the requirement for further implementing measures, which would affect the moment of granting of the different capital injections, ITD explains that it follows from the case law that in order for implementing measures to be present, either the requirement that capital injections may only be granted following those implementing measures should have been laid down in a prior existing agreement or prior existing legislative act (34) or it should be impossible to grant the capital injections without taking those implementing measures (35). According to ITD, both of those conditions have not been fulfilled (36). |
| --- | --- |

(59)

As regards the requirement for further implementing measures, which would affect the moment of granting of the different capital injections, ITD explains that it follows from the case law that in order for implementing measures to be present, either the requirement that capital injections may only be granted following those implementing measures should have been laid down in a prior existing agreement or prior existing legislative act (34) or it should be impossible to grant the capital injections without taking those implementing measures (35). According to ITD, both of those conditions have not been fulfilled (36).

| (60) | Moreover, ITD points at the payment of the first instalment of the PostNord capital injection on 4 April 2018 for which apparently no implementing measures were required and that took place before the date on which the Commission considers the PostNord capital injection to have been granted. ITD also refers to the capital injection of DKK 1 billion, which was subject of the 2018 Decision, which could take place without any implementing measure. |
| --- | --- |

(60)

Moreover, ITD points at the payment of the first instalment of the PostNord capital injection on 4 April 2018 for which apparently no implementing measures were required and that took place before the date on which the Commission considers the PostNord capital injection to have been granted. ITD also refers to the capital injection of DKK 1 billion, which was subject of the 2018 Decision, which could take place without any implementing measure.

| (61) | In addition, ITD considers that if the Commission would deviate from its line of reasoning in the opening decision (see recitals (69) to (76) of the opening decision) that the capital injections are three separate measures (and therefore would conclude that there is only one measure), a new opening decision is required. |
| --- | --- |

(61)

In addition, ITD considers that if the Commission would deviate from its line of reasoning in the opening decision (see recitals (69) to (76) of the opening decision) that the capital injections are three separate measures (and therefore would conclude that there is only one measure), a new opening decision is required.

3.1.2.   The three capital injections were granted on the same date

| (62) | ITD takes the view that even if the Commission maintains that the three capital injections are three separate measures, they are still granted on the same date, namely on 20 October 2017, with the conclusion of the October Agreement. |
| --- | --- |

(62)

ITD takes the view that even if the Commission maintains that the three capital injections are three separate measures, they are still granted on the same date, namely on 20 October 2017, with the conclusion of the October Agreement.

| (63) | Alternatively, if the Commission considers that the capital injections were conditional upon the approval of the USO compensation, the three capital injections should be considered granted on 28 May 2018 when the Commission approved the USO compensation. |
| --- | --- |

(63)

Alternatively, if the Commission considers that the capital injections were conditional upon the approval of the USO compensation, the three capital injections should be considered granted on 28 May 2018 when the Commission approved the USO compensation.

| (64) | In this regard, ITD firstly explains that the October Agreement is binding upon both Denmark and Sweden (37), similar to the Intergovernmental Agreement concluded between Denmark and Sweden on the establishment of a consortium that deals with the construction, management and operations of the so-called Øresund Fixed Link (38). |
| --- | --- |

(64)

In this regard, ITD firstly explains that the October Agreement is binding upon both Denmark and Sweden (37), similar to the Intergovernmental Agreement concluded between Denmark and Sweden on the establishment of a consortium that deals with the construction, management and operations of the so-called Øresund Fixed Link (38).

| (65) | Secondly, ITD explains that no implementing measures are required for the October Agreement to become effective. The implementing measures referred to by the Commission in the context of the capital injection from PostNord to Post Danmark and the capital injection from Denmark to PostNord were not required according to ITD, either under the October Agreement, or under any other legislative act (39), nor was it impossible to grant the capital injections without implementing measures (40). Therefore, ITD considers that the granting date of 11 June 2018 for both the capital injection from PostNord to Post Danmark and from Denmark to PostNord is incorrect. |
| --- | --- |

(65)

Secondly, ITD explains that no implementing measures are required for the October Agreement to become effective. The implementing measures referred to by the Commission in the context of the capital injection from PostNord to Post Danmark and the capital injection from Denmark to PostNord were not required according to ITD, either under the October Agreement, or under any other legislative act (39), nor was it impossible to grant the capital injections without implementing measures (40). Therefore, ITD considers that the granting date of 11 June 2018 for both the capital injection from PostNord to Post Danmark and from Denmark to PostNord is incorrect.

| (66) | ITD also refers to the publication on 15 January 2021 of a report prepared by the Danish State auditor (‘Rigsrevisionen’). That report presents the conclusions of the Rigsrevisionen of the adequacy of the supervision of Post Danmark’s accounting practices. A graph included in that report, as well as the text of the report, shows, according to ITD, that all three capital injections constitute one single measure and were granted on the same date, namely 20 October 2017, the day of the October Agreement. |
| --- | --- |

(66)

ITD also refers to the publication on 15 January 2021 of a report prepared by the Danish State auditor (‘Rigsrevisionen’). That report presents the conclusions of the Rigsrevisionen of the adequacy of the supervision of Post Danmark’s accounting practices. A graph included in that report, as well as the text of the report, shows, according to ITD, that all three capital injections constitute one single measure and were granted on the same date, namely 20 October 2017, the day of the October Agreement.

3.1.3.   The capital injections constitute aid

3.1.3.1.   State resources, imputability, selectivity, distortion of competition and affection of trade

| (67) | As regards the aid assessment carried out by the Commission in the opening decision, ITD welcomes that the Commission considered that the three capital injections involve state resources and are imputable to Denmark, Sweden or both, are selective and distort competition and affect trade between Member States. |
| --- | --- |

(67)

As regards the aid assessment carried out by the Commission in the opening decision, ITD welcomes that the Commission considered that the three capital injections involve state resources and are imputable to Denmark, Sweden or both, are selective and distort competition and affect trade between Member States.

3.1.3.2.   Advantage of the capital injection from PostNord into Post Danmark

| (68) | As regards the DCF analysis prepared by PostNord establishing that the gains for PostNord as a result of the capital injection from PostNord to Post Danmark exceed the losses of liquidating Post Danmark, ITD claims that that analysis is not reliable due to the following reasons:






  (a) | the DCF analysis has been conducted by PostNord itself and not by an independent expert; |
| --- | --- | --- |

(68)

As regards the DCF analysis prepared by PostNord establishing that the gains for PostNord as a result of the capital injection from PostNord to Post Danmark exceed the losses of liquidating Post Danmark, ITD claims that that analysis is not reliable due to the following reasons:

(a)

the DCF analysis has been conducted by PostNord itself and not by an independent expert;

| (b) | the cost of capital in the DCF analysis would be undervalued, since it includes only one capital injection (that is, the capital injection stemming from PostNord to Post Danmark), while all capital injections are in ITD’s view linked and should thus be considered as a single intervention to be taken into account in the DCF analysis; |
| --- | --- |

(b)

the cost of capital in the DCF analysis would be undervalued, since it includes only one capital injection (that is, the capital injection stemming from PostNord to Post Danmark), while all capital injections are in ITD’s view linked and should thus be considered as a single intervention to be taken into account in the DCF analysis;

| (c) | the DCF analysis would include ineligible costs, since it factors in:






  (1) | Post Danmark’s real estate mortgage debt and loans that Post Danmark would not be able to repay in case of liquidation; while, according to Danish law, costs related only to the value of shares of PostNord, considering the liquidation value of Post Danmark assets, should have been taken into account; |
| --- | --- | --- |

(c)

the DCF analysis would include ineligible costs, since it factors in:

(1)

Post Danmark’s real estate mortgage debt and loans that Post Danmark would not be able to repay in case of liquidation; while, according to Danish law, costs related only to the value of shares of PostNord, considering the liquidation value of Post Danmark assets, should have been taken into account;

| (2) | costs linked to the responsibilities of the public authorities, such as the cost of the guarantor (namely PostNord) to pay Post Danmark’s mortgage debt and other loans, that is, a form of State aid, which no private investor would undertake to pay, in view of the catastrophic financial situation of Post Danmark over the last number of years; |
| --- | --- |

(2)

costs linked to the responsibilities of the public authorities, such as the cost of the guarantor (namely PostNord) to pay Post Danmark’s mortgage debt and other loans, that is, a form of State aid, which no private investor would undertake to pay, in view of the catastrophic financial situation of Post Danmark over the last number of years;

| (3) | the indirect bankruptcy costs, namely the alleged higher borrowing costs of PostNord and PostNord’s loss ‘of not being able to offer comprehensive Nordic logistics solutions’ (41) as well as the ‘loss of synergies and scale to its Nordic operations’ (42), which no private investor would be prepared to pay, and, therefore, they should be excluded as they involve the granting of State aid; |
| --- | --- |

(3)

the indirect bankruptcy costs, namely the alleged higher borrowing costs of PostNord and PostNord’s loss ‘of not being able to offer comprehensive Nordic logistics solutions’ (41) as well as the ‘loss of synergies and scale to its Nordic operations’ (42), which no private investor would be prepared to pay, and, therefore, they should be excluded as they involve the granting of State aid;

| (d) | according to ITD, the DCF analysis includes ineligible cash flows, such as the USO compensation, which is State aid and therefore should also be excluded. |
| --- | --- |

(d)

according to ITD, the DCF analysis includes ineligible cash flows, such as the USO compensation, which is State aid and therefore should also be excluded.

| (69) | In addition, ITD claims that:






  (a) | even if it were to be accepted that Post Danmark’s shareholders would have to bear the direct and indirect costs of bankruptcy, the DCF should not include the full amount of avoided costs of Post Danmark’s bankruptcy, since its bankruptcy would not necessarily be avoided through the grant of PostNord’s capital injection; |
| --- | --- | --- |

(69)

In addition, ITD claims that:

(a)

even if it were to be accepted that Post Danmark’s shareholders would have to bear the direct and indirect costs of bankruptcy, the DCF should not include the full amount of avoided costs of Post Danmark’s bankruptcy, since its bankruptcy would not necessarily be avoided through the grant of PostNord’s capital injection;

| (b) | the revenues in the DCF are too high and do not account for the risk that the USO license might not be extended beyond 2019. ITD suggested that such a risk could be factored in by using a higher discount rate (namely WACC) for the years 2020 onward; |
| --- | --- |

(b)

the revenues in the DCF are too high and do not account for the risk that the USO license might not be extended beyond 2019. ITD suggested that such a risk could be factored in by using a higher discount rate (namely WACC) for the years 2020 onward;

| (c) | in view of the 10 % decrease in Post Denmark’s net sales in 2017, the estimates in the DCF of the growth rates in the letter and logistics market are too optimistic and thus questionable; |
| --- | --- |

(c)

in view of the 10 % decrease in Post Denmark’s net sales in 2017, the estimates in the DCF of the growth rates in the letter and logistics market are too optimistic and thus questionable;

| (d) | the WACC in the DCF is too low, since it takes into account PostNord’s peers, rather than Post Danmark’s peers. Moreover, the WACC does not consider the risk for bankruptcy as a consequence of the transformation plan and the WACC does not factor in the arbitrary assumptions regarding future market conditions; |
| --- | --- |

(d)

the WACC in the DCF is too low, since it takes into account PostNord’s peers, rather than Post Danmark’s peers. Moreover, the WACC does not consider the risk for bankruptcy as a consequence of the transformation plan and the WACC does not factor in the arbitrary assumptions regarding future market conditions;

| (e) | a potential loss of investment grade would be due to the fact that PostNord’s capital injection would be financially unsound which, in turn, would prove that PostNord’s capital injection does not meet the private market investor test. |
| --- | --- |

(e)

a potential loss of investment grade would be due to the fact that PostNord’s capital injection would be financially unsound which, in turn, would prove that PostNord’s capital injection does not meet the private market investor test.

3.1.3.3.   Advantage of the capital injections from Denmark and Sweden into PostNord

| (70) | ITD considers that there are more elements casting doubts on the capital injections from Denmark and Sweden than those mentioned by the Commission in the opening decision:






  (a) | based on the October Agreement, it is clear that the capital injections from Denmark and Sweden into PostNord are to be passed on to Post Danmark and that no private market investor would inject capital into Post Danmark; |
| --- | --- | --- |

(70)

ITD considers that there are more elements casting doubts on the capital injections from Denmark and Sweden than those mentioned by the Commission in the opening decision:

(a)

based on the October Agreement, it is clear that the capital injections from Denmark and Sweden into PostNord are to be passed on to Post Danmark and that no private market investor would inject capital into Post Danmark;

| (b) | all three capital injections are not in line with market terms because Denmark granted another DKK 112 million (approximately EUR 15 million) in December 2019 for the extension of the USO license of Post Danmark for 1 January 2020 to 30 June 2020, in order to enable Post Danmark A/S to survive; |
| --- | --- |

(b)

all three capital injections are not in line with market terms because Denmark granted another DKK 112 million (approximately EUR 15 million) in December 2019 for the extension of the USO license of Post Danmark for 1 January 2020 to 30 June 2020, in order to enable Post Danmark A/S to survive;

| (c) | the NPV calculation carried out for the Danish and Swedish capital injections in order to show their market conformity in the context of maintaining the credit rating of PostNord, does not indicate what the return is (if any); |
| --- | --- |

(c)

the NPV calculation carried out for the Danish and Swedish capital injections in order to show their market conformity in the context of maintaining the credit rating of PostNord, does not indicate what the return is (if any);

| (d) | no comparison has been made between the value of the capital injections and the counterfactual scenario where PostNord would be liquidated and, therefore, no private market investor would make those capital injections. |
| --- | --- |

(d)

no comparison has been made between the value of the capital injections and the counterfactual scenario where PostNord would be liquidated and, therefore, no private market investor would make those capital injections.

3.2.   Dansk Distribution

| (71) | Dansk distribution A/S has its head offices in Karlslunde (Denmark) and ships parcels, pallets and general cargo. Dansk Distribution claims that it competes with Post Danmark in the parcel and more generally the distribution sector. It has an interest to submit comments because Dansk Distribution and Post Danmark participate in the same tenders for logistics contracts where Post Danmark would allegedly offer prices below the market price. |
| --- | --- |

(71)

Dansk distribution A/S has its head offices in Karlslunde (Denmark) and ships parcels, pallets and general cargo. Dansk Distribution claims that it competes with Post Danmark in the parcel and more generally the distribution sector. It has an interest to submit comments because Dansk Distribution and Post Danmark participate in the same tenders for logistics contracts where Post Danmark would allegedly offer prices below the market price.

| (72) | Dansk Distribution has submitted the same comments as ITD. |
| --- | --- |

(72)

Dansk Distribution has submitted the same comments as ITD.

3.3.   Dansk Scanning

| (73) | Dansk Scanning A/S has its head office in Esbjerg (Denmark) and creates digital archives for its clients. It offers a range of digitalisation services. Dansk Scanning claims that it competes with Post Danmark in the digitalised postal sector and in particular in the market for scanning services. |
| --- | --- |

(73)

Dansk Scanning A/S has its head office in Esbjerg (Denmark) and creates digital archives for its clients. It offers a range of digitalisation services. Dansk Scanning claims that it competes with Post Danmark in the digitalised postal sector and in particular in the market for scanning services.

| (74) | Dansk Scanning has submitted the same comments as ITD. |
| --- | --- |

(74)

Dansk Scanning has submitted the same comments as ITD.

3.4.   Danske Fragtmænd A/S

| (75) | Danske Fragtmænd A/S is based in Aarhus (Denmark) and is a subsidiary of Fragtmænd Holding A/S. It provides logistics services for corporate clients in Denmark. It receives orders and subsequently stores, picks, packs and distributes semi-manufactured and manufactured products, spare parts, convenience goods, consumer durables. It can deliver on a day-to-day basis and provides door-to-door delivery. In addition, Danske Fragtmænd is active on the market for warehousing and information technology services. |
| --- | --- |

(75)

Danske Fragtmænd A/S is based in Aarhus (Denmark) and is a subsidiary of Fragtmænd Holding A/S. It provides logistics services for corporate clients in Denmark. It receives orders and subsequently stores, picks, packs and distributes semi-manufactured and manufactured products, spare parts, convenience goods, consumer durables. It can deliver on a day-to-day basis and provides door-to-door delivery. In addition, Danske Fragtmænd is active on the market for warehousing and information technology services.

| (76) | Danske Fragtmænd A/S has submitted the same comments as ITD. |
| --- | --- |

(76)

Danske Fragtmænd A/S has submitted the same comments as ITD.

3.5.   Jørgen Jensen Distribution A/S

| (77) | JJD has its head office in Ikast (Denmark) and provides cargo transport services. It provides a range of transport services, including the distribution of parcels, cargo, palletised cargo, long-haul deliveries, encompassing temperature-sensitive goods (like food) and non-temperature-sensitive goods. In addition, JJD is active on the markets for haulage services with pickup and delivery on very short notice as well as courier services. JJD claims to compete with Post Danmark in the transport and distribution sector. It considers that the capital injections, which are subject of this Decision, directly affect its operations since they would give Post Danmark the capability to offer lower prices than the market price (15 % to 30 % lower). JJD explains that it has experienced this in the context of tenders and competitions based on customer invitations (43). |
| --- | --- |

(77)

JJD has its head office in Ikast (Denmark) and provides cargo transport services. It provides a range of transport services, including the distribution of parcels, cargo, palletised cargo, long-haul deliveries, encompassing temperature-sensitive goods (like food) and non-temperature-sensitive goods. In addition, JJD is active on the markets for haulage services with pickup and delivery on very short notice as well as courier services. JJD claims to compete with Post Danmark in the transport and distribution sector. It considers that the capital injections, which are subject of this Decision, directly affect its operations since they would give Post Danmark the capability to offer lower prices than the market price (15 % to 30 % lower). JJD explains that it has experienced this in the context of tenders and competitions based on customer invitations (43).

| (78) | JJD has submitted the same comments as ITD. |
| --- | --- |

(78)

JJD has submitted the same comments as ITD.

3.6.   UPS

| (79) | UPS is a global provider of specialised postal and shipping services. After the United States of America, UPS’ biggest market is Europe where it serves 56 countries and territories. Since 1988, UPS is active on the Danish market where it offers domestic, international postal, and logistics services, including express and standard delivery for parcels as well as a range of air, ocean and road freight transport services. UPS claims to compete directly with Post Danmark in the non-universal parcels and postal service and logistics sector. |
| --- | --- |

(79)

UPS is a global provider of specialised postal and shipping services. After the United States of America, UPS’ biggest market is Europe where it serves 56 countries and territories. Since 1988, UPS is active on the Danish market where it offers domestic, international postal, and logistics services, including express and standard delivery for parcels as well as a range of air, ocean and road freight transport services. UPS claims to compete directly with Post Danmark in the non-universal parcels and postal service and logistics sector.

| (80) | UPS’ comments overlap largely with those submitted by ITD and other third parties, but there are specific comments related to the MEOP assessment. |
| --- | --- |

(80)

UPS’ comments overlap largely with those submitted by ITD and other third parties, but there are specific comments related to the MEOP assessment.

3.6.1.   Capital injection from PostNord into Post Danmark

| (81) | Firstly, UPS claims that the assumed growth rate in the DCF calculations may be validated by comparing it properly to that of the postal and logistics sector as reported in a number of research papers and other sources (44). |
| --- | --- |

(81)

Firstly, UPS claims that the assumed growth rate in the DCF calculations may be validated by comparing it properly to that of the postal and logistics sector as reported in a number of research papers and other sources (44).

| (82) | UPS also suggests that PostNord’s ability to accurately forecast the expected results on specific targets such as the revenue growth rate and EBIT of the company should be questioned. The latter could be assessed by ‘back-testing’ the historical plan to actual results for those targets. |
| --- | --- |

(82)

UPS also suggests that PostNord’s ability to accurately forecast the expected results on specific targets such as the revenue growth rate and EBIT of the company should be questioned. The latter could be assessed by ‘back-testing’ the historical plan to actual results for those targets.

| (83) | In addition, UPS claims that additional borrowing costs, as a result of a downgrading, should be included in the DCF, not only in the bankruptcy scenario in absence of PostNord’s capital injection, but also in the scenario where PostNord’s capital injection takes place. UPS considers that this would be in line with the Danish authorities statement that PostNord’s credit rating could also deteriorate as a consequence of the capital injection in Post Danmark. |
| --- | --- |

(83)

In addition, UPS claims that additional borrowing costs, as a result of a downgrading, should be included in the DCF, not only in the bankruptcy scenario in absence of PostNord’s capital injection, but also in the scenario where PostNord’s capital injection takes place. UPS considers that this would be in line with the Danish authorities statement that PostNord’s credit rating could also deteriorate as a consequence of the capital injection in Post Danmark.

3.6.2.   Capital injections from Denmark and Sweden into PostNord

| (84) | UPS claims that in order to determine whether Denmark and Sweden’s capital injections would be made by a private investor, a more detailed assessment of the alleged additional borrowing costs resulting from PostNord’s credit downgrade should have been conducted. That assessment should then have taken into account expected future funding needs in the form of a forecasted cash flow analysis and an overview of existing debt. |
| --- | --- |

(84)

UPS claims that in order to determine whether Denmark and Sweden’s capital injections would be made by a private investor, a more detailed assessment of the alleged additional borrowing costs resulting from PostNord’s credit downgrade should have been conducted. That assessment should then have taken into account expected future funding needs in the form of a forecasted cash flow analysis and an overview of existing debt.

3.7.   Anonymous

| (85) | The anonymous third party claims to compete with Post Danmark in the parcel and freight distribution sector. |
| --- | --- |

(85)

The anonymous third party claims to compete with Post Danmark in the parcel and freight distribution sector.

| (86) | The anonymous third party has submitted the same comments as ITD. |
| --- | --- |

(86)

The anonymous third party has submitted the same comments as ITD.

4.   COMMENTS FROM DENMARK AND SWEDEN

4.1.   Joint comments from Denmark and Sweden on the opening decision

| (87) | In their joint comments, Sweden and Denmark indicate that they, as separate and independent owners of PostNord AB, made their own assessments of the economic rationale of their respective capital injections. For this reason, their comments on the capital injections from Denmark and Sweden are presented separately in Sections 4.2 and 4.3. |
| --- | --- |

(87)

In their joint comments, Sweden and Denmark indicate that they, as separate and independent owners of PostNord AB, made their own assessments of the economic rationale of their respective capital injections. For this reason, their comments on the capital injections from Denmark and Sweden are presented separately in Sections 4.2 and 4.3.

| (88) | Sweden and Denmark, in an annex to their joint comments, have submitted the comments from PostNord AB on the opening decision. According to PostNord AB ‘the Danish and Swedish governments have requested PostNord AB to comment on the parts of the opening decision and the third-party submissions concerning the intragroup transfers.’ As Sweden and Denmark have submitted PostNord AB’s comments, the Commission treats those comments as comments from both Denmark and Sweden. |
| --- | --- |

(88)

Sweden and Denmark, in an annex to their joint comments, have submitted the comments from PostNord AB on the opening decision. According to PostNord AB ‘the Danish and Swedish governments have requested PostNord AB to comment on the parts of the opening decision and the third-party submissions concerning the intragroup transfers.’ As Sweden and Denmark have submitted PostNord AB’s comments, the Commission treats those comments as comments from both Denmark and Sweden.

4.1.1.   The capital injections constitute three separate measures

| (89) | Firstly, Sweden and Denmark note that not only would the three capital injections be separate measures, but also the USO compensation for Post Danmark over 2017 to 2019 would be a distinct measure. They claim that this follows from the October Agreement whereby Denmark’s payment of the USO compensation was a condition for the Danish capital injection of SEK 267 million and the Swedish capital injection of SEK 400 million. Similarly, the USO compensation was indispensable for PostNord Group’s assessment that its capital injection would be on market terms. Making a capital injection (in line with market conditions) subject to the payment of compatible State aid in favour of the same undertaking is, according to Denmark and Sweden, widely accepted in the Commission’s case practice (45). |
| --- | --- |

(89)

Firstly, Sweden and Denmark note that not only would the three capital injections be separate measures, but also the USO compensation for Post Danmark over 2017 to 2019 would be a distinct measure. They claim that this follows from the October Agreement whereby Denmark’s payment of the USO compensation was a condition for the Danish capital injection of SEK 267 million and the Swedish capital injection of SEK 400 million. Similarly, the USO compensation was indispensable for PostNord Group’s assessment that its capital injection would be on market terms. Making a capital injection (in line with market conditions) subject to the payment of compatible State aid in favour of the same undertaking is, according to Denmark and Sweden, widely accepted in the Commission’s case practice (45).

| (90) | Secondly, Denmark and Sweden agree with the Commission that the three capital injections constitute three separate measures. In this regard, they submit that the Commission’ considerations (namely the fact that the measures are granted by different investors with different financing costs, different requirements of return and decisional process, that the measures have different beneficiaries and different purposes) would be appropriate and supported by Greece v Commission (46). In that case, the General Court ruled that the Commission should have relied on all relevant elements of fact and law and not only on their context and the chronological succession of measures. |
| --- | --- |

(90)

Secondly, Denmark and Sweden agree with the Commission that the three capital injections constitute three separate measures. In this regard, they submit that the Commission’ considerations (namely the fact that the measures are granted by different investors with different financing costs, different requirements of return and decisional process, that the measures have different beneficiaries and different purposes) would be appropriate and supported by Greece v Commission (46). In that case, the General Court ruled that the Commission should have relied on all relevant elements of fact and law and not only on their context and the chronological succession of measures.

| (91) | Moreover, Denmark and Sweden stress that Sweden had no obligations flowing from Directive 97/67/EC on the Danish territory and thus would have had no other incentives than to make economically rationale investment decisions relating to PostNord Group’s financing of the transformation plan of Post Danmark. It follows that Sweden’s interest in Post Danmark is purely commercial. |
| --- | --- |

(91)

Moreover, Denmark and Sweden stress that Sweden had no obligations flowing from Directive 97/67/EC on the Danish territory and thus would have had no other incentives than to make economically rationale investment decisions relating to PostNord Group’s financing of the transformation plan of Post Danmark. It follows that Sweden’s interest in Post Danmark is purely commercial.

| (92) | In addition, Denmark and Sweden explain that the case law recognises that several public bodies of the same Member State should be viewed as individual market economic operators (47). For this reason, they consider it indisputable that two different States should be viewed as two separate and individual market operators. |
| --- | --- |

(92)

In addition, Denmark and Sweden explain that the case law recognises that several public bodies of the same Member State should be viewed as individual market economic operators (47). For this reason, they consider it indisputable that two different States should be viewed as two separate and individual market operators.

| (93) | In the view of Denmark and Sweden, not only are they distinct investors, but they and PostNord Group are also different investors. This would follow notably from the profitability (or loss-mitigation) analysis made by PostNord Group prior to its investment in Post Danmark, which is different from the analysis of Denmark and Sweden. |
| --- | --- |

(93)

In the view of Denmark and Sweden, not only are they distinct investors, but they and PostNord Group are also different investors. This would follow notably from the profitability (or loss-mitigation) analysis made by PostNord Group prior to its investment in Post Danmark, which is different from the analysis of Denmark and Sweden.

| (94) | As regards the capital injections having different beneficiaries, Denmark and Sweden consider that the references of the interested parties to the October Agreement, which allegedly identifies Post Danmark as the only beneficiary are not substantiated since the October Agreement was not intended to identify the real beneficiaries for State aid purposes. Rather, the October Agreement was an agreement in principle and this is clear from the wording of it. Denmark and Sweden have explained that their respective capital injections do not flow to Post Danmark and therefore would primarily benefit PostNord AB. |
| --- | --- |

(94)

As regards the capital injections having different beneficiaries, Denmark and Sweden consider that the references of the interested parties to the October Agreement, which allegedly identifies Post Danmark as the only beneficiary are not substantiated since the October Agreement was not intended to identify the real beneficiaries for State aid purposes. Rather, the October Agreement was an agreement in principle and this is clear from the wording of it. Denmark and Sweden have explained that their respective capital injections do not flow to Post Danmark and therefore would primarily benefit PostNord AB.

| (95) | Denmark and Sweden explain that any possible indirect benefit that Post Danmark may obtain because of their capital injections is too indirect to constitute an advantage in the sense of Article 107(1) TFEU. Moreover, other subsidiaries of the PostNord Group would receive a similar indirect advantage. |
| --- | --- |

(95)

Denmark and Sweden explain that any possible indirect benefit that Post Danmark may obtain because of their capital injections is too indirect to constitute an advantage in the sense of Article 107(1) TFEU. Moreover, other subsidiaries of the PostNord Group would receive a similar indirect advantage.

| (96) | As regards the measures having different purposes, Denmark and Sweden firstly explain that PostNord Group made the capital injection to Post Danmark with the aim of facilitating implementation of the transformation plan and increasing shareholder value (or reducing potential losses). Secondly, with their respective capital injections, Denmark and Sweden aimed at reducing the risk for the entire PostNord Group being regarded as not having investment grade quality and thereby preserve or increase the shareholder value. |
| --- | --- |

(96)

As regards the measures having different purposes, Denmark and Sweden firstly explain that PostNord Group made the capital injection to Post Danmark with the aim of facilitating implementation of the transformation plan and increasing shareholder value (or reducing potential losses). Secondly, with their respective capital injections, Denmark and Sweden aimed at reducing the risk for the entire PostNord Group being regarded as not having investment grade quality and thereby preserve or increase the shareholder value.

4.1.2.   The three capital injections were granted on different dates

| (97) | Denmark and Sweden consider it important to clarify their national decision-making procedures applicable to their respective capital injections and to correct the opening decision as regards when their respective capital injections were actually granted. |
| --- | --- |

(97)

Denmark and Sweden consider it important to clarify their national decision-making procedures applicable to their respective capital injections and to correct the opening decision as regards when their respective capital injections were actually granted.

| (98) | In Denmark, all costs or expenditures that are not contained in the State budget as described in the annual Finance Act require a separate legal basis to be legally valid. The Parliament’s Finance committee can provide such a legal basis in the form of a Ministerial Decree (Akstykke) following a request made by the competent Ministry (in casu the Ministry of Transport, Building and Housing). Once adopted, the State reserves the funds for the objective described in the Ministerial Decree and the Ministry may subsequently dispose the funds through its treasury account, subject to the conditions of the Ministerial Decree. The adoption of the Ministerial Decree does not result in an obligation for the Ministry to dispose of the funds; it only establishes the legal basis for doing so. If the Ministry does not use the funds (for example, because a transaction cannot be finalised, certain projects are delayed or cancelled) the funds are returned to the Treasury. The Ministerial Decree for the Danish capital injection is the Ministerial Decree of 17 May 2018. |
| --- | --- |

(98)

In Denmark, all costs or expenditures that are not contained in the State budget as described in the annual Finance Act require a separate legal basis to be legally valid. The Parliament’s Finance committee can provide such a legal basis in the form of a Ministerial Decree (Akstykke) following a request made by the competent Ministry (in casu the Ministry of Transport, Building and Housing). Once adopted, the State reserves the funds for the objective described in the Ministerial Decree and the Ministry may subsequently dispose the funds through its treasury account, subject to the conditions of the Ministerial Decree. The adoption of the Ministerial Decree does not result in an obligation for the Ministry to dispose of the funds; it only establishes the legal basis for doing so. If the Ministry does not use the funds (for example, because a transaction cannot be finalised, certain projects are delayed or cancelled) the funds are returned to the Treasury. The Ministerial Decree for the Danish capital injection is the Ministerial Decree of 17 May 2018.

| (99) | In Sweden, the government needs a mandate from the Parliament to make changes to its company portfolio, including capital injections. Such a mandate from the Parliament enables the government to act; however, as a rule, it does not oblige the government to act upon at a certain time or in a certain way. There can be a significant time between the Parliament’s approval enabling the government to act and the moment when the government actually acts, if it acts at all. At the end of 2019, the Swedish government had several mandates to act, which it has not decided to act upon partly or in full (48). The Swedish capital injection for PostNord AB requires a government decision and thus a mandate from the Parliament. |
| --- | --- |

(99)

In Sweden, the government needs a mandate from the Parliament to make changes to its company portfolio, including capital injections. Such a mandate from the Parliament enables the government to act; however, as a rule, it does not oblige the government to act upon at a certain time or in a certain way. There can be a significant time between the Parliament’s approval enabling the government to act and the moment when the government actually acts, if it acts at all. At the end of 2019, the Swedish government had several mandates to act, which it has not decided to act upon partly or in full (48). The Swedish capital injection for PostNord AB requires a government decision and thus a mandate from the Parliament.

| (100) | In light of recitals (97) to (99), Denmark and Sweden make a distinction between the date on which the investment decisions were made (in other words, any market conformity assessment should have been done before this date), the date on which the capital injections were granted and the date on which they were made available or paid out to the beneficiary. Those three moments in time are presented in the Figure 3 submitted by Denmark and Sweden:

  Figure 3


  Timeline of the granting of the three capital injections: |
| --- | --- |

(100)

In light of recitals (97) to (99), Denmark and Sweden make a distinction between the date on which the investment decisions were made (in other words, any market conformity assessment should have been done before this date), the date on which the capital injections were granted and the date on which they were made available or paid out to the beneficiary. Those three moments in time are presented in the Figure 3 submitted by Denmark and Sweden:

Figure 3

Timeline of the granting of the three capital injections:

Image 3

| (101) | Denmark and Sweden explain that it follows from Figure 3 that:






  (a) | the Danish owner’s investment decision of 17 May 2018 referred to is the Ministerial Decree referred to in recital (98); |
| --- | --- | --- |

(101)

Denmark and Sweden explain that it follows from Figure 3 that:

(a)

the Danish owner’s investment decision of 17 May 2018 referred to is the Ministerial Decree referred to in recital (98);

| (b) | the Swedish owner’s investment decision of 29 November 2018 (49) was taken following the decision of the Parliament of 12 December 2017 (50) which enabled the government to do so; |
| --- | --- |

(b)

the Swedish owner’s investment decision of 29 November 2018 (49) was taken following the decision of the Parliament of 12 December 2017 (50) which enabled the government to do so;

| (c) | PostNord’s investment decision of 11 June 2018 was taken following the conclusion of the implementing agreement (see recital (25)) and the subsequent decision of the Board of Directors on the same day that the capital injection would be economically rational; |
| --- | --- |

(c)

PostNord’s investment decision of 11 June 2018 was taken following the conclusion of the implementing agreement (see recital (25)) and the subsequent decision of the Board of Directors on the same day that the capital injection would be economically rational;

| (d) | Denmark granted its capital injection only on 10 December 2018 when it was paid out. Before that date, Denmark considers that there was no legal entitlement for PostNord AB to receive the capital. Denmark considers that the Ministerial Decree of 17 May 2018 is not an obligation for Denmark to grant the aid (see recital (98)); |
| --- | --- |

(d)

Denmark granted its capital injection only on 10 December 2018 when it was paid out. Before that date, Denmark considers that there was no legal entitlement for PostNord AB to receive the capital. Denmark considers that the Ministerial Decree of 17 May 2018 is not an obligation for Denmark to grant the aid (see recital (98));

| (e) | Sweden granted its capital injection on 29 November 2018, the same date as when the investment decision was taken; |
| --- | --- |

(e)

Sweden granted its capital injection on 29 November 2018, the same date as when the investment decision was taken;

| (f) | PostNord granted its capital injection on 11 June 2018, the same date as when the investment decision was taken. This is in line with the Commission’s conclusion in recital (82) of the opening decision; |
| --- | --- |

(f)

PostNord granted its capital injection on 11 June 2018, the same date as when the investment decision was taken. This is in line with the Commission’s conclusion in recital (82) of the opening decision;

| (g) | Denmark paid its capital injection on 10 December 2018, the same date as the granting date; |
| --- | --- |

(g)

Denmark paid its capital injection on 10 December 2018, the same date as the granting date;

| (h) | Sweden paid its capital injection on 10 December 2018; |
| --- | --- |

(h)

Sweden paid its capital injection on 10 December 2018;

| (i) | PostNord Group paid its capital injection (minus DKK 150 million already paid on 4 April 2018) on 18 June 2018, the same date as on which the USO compensation, approved in case SA.47707, was also paid. |
| --- | --- |

(i)

PostNord Group paid its capital injection (minus DKK 150 million already paid on 4 April 2018) on 18 June 2018, the same date as on which the USO compensation, approved in case SA.47707, was also paid.

4.1.3.   The capital injection from PostNord Group into Post Danmark does not involve State aid

4.1.3.1.   Joint comments by Denmark and Sweden on imputability, State resources and distortion of competition

| (102) | The Danish and Swedish authorities submit that the capital injection from PostNord Group to Post Danmark merely constituted a transfer within the same undertaking (that is, the PostNord Group) and would not change the conditions of competition on the market (51), since Post Danmark was already present and operated on the market. |
| --- | --- |

(102)

The Danish and Swedish authorities submit that the capital injection from PostNord Group to Post Danmark merely constituted a transfer within the same undertaking (that is, the PostNord Group) and would not change the conditions of competition on the market (51), since Post Danmark was already present and operated on the market.

| (103) | In this regard, Denmark and Sweden explain that it follows from the Court’s judgment in ENEA that ‘the resources of public undertakings may be regarded as State resources where the State is capable, by exercising its dominant influence over such undertakings, of directing the use of their resources in order to finance advantages to the benefit of other undertakings’ (emphasis added by the Danish and Swedish authorities) (52). |
| --- | --- |

(103)

In this regard, Denmark and Sweden explain that it follows from the Court’s judgment in ENEA that ‘the resources of public undertakings may be regarded as State resources where the State is capable, by exercising its dominant influence over such undertakings, of directing the use of their resources in order to finance advantages to the benefit of other undertakings’ (emphasis added by the Danish and Swedish authorities) (52).

| (104) | However, in the present case the Danish and Swedish authorities consider that neither Denmark nor Sweden was capable of directing the use of PostNord Group’s resources into Post Danmark, but more importantly a transfer of funds between the different entities in PostNord (such as the Group capital injection) would not amount to an advantage ‘to the benefit of other undertakings’ (53), but would merely be a transfer within the same undertaking (PostNord). |
| --- | --- |

(104)

However, in the present case the Danish and Swedish authorities consider that neither Denmark nor Sweden was capable of directing the use of PostNord Group’s resources into Post Danmark, but more importantly a transfer of funds between the different entities in PostNord (such as the Group capital injection) would not amount to an advantage ‘to the benefit of other undertakings’ (53), but would merely be a transfer within the same undertaking (PostNord).

| (105) | In addition, the Danish and Swedish authorities explain, by again referring to ENEA (54), that the conduct of PostNord AB was not ‘dictated by instructions from public authorities’ and thus was not imputable to Denmark or Sweden. |
| --- | --- |

(105)

In addition, the Danish and Swedish authorities explain, by again referring to ENEA (54), that the conduct of PostNord AB was not ‘dictated by instructions from public authorities’ and thus was not imputable to Denmark or Sweden.

| (106) | In this context, Denmark and Sweden also submit that it follows from Union case law in Stardust Marine that where decisions are taken by public undertakings, the mere fact that a public undertaking is under State control is not sufficient for measures taken by that undertaking to be imputable to the State. In fact, it must be demonstrated that the public authorities can be regarded as having been involved in the adoption of the measure, and this imputability to the State may be inferred from a set of indicators (55). |
| --- | --- |

(106)

In this context, Denmark and Sweden also submit that it follows from Union case law in Stardust Marine that where decisions are taken by public undertakings, the mere fact that a public undertaking is under State control is not sufficient for measures taken by that undertaking to be imputable to the State. In fact, it must be demonstrated that the public authorities can be regarded as having been involved in the adoption of the measure, and this imputability to the State may be inferred from a set of indicators (55).

| (107) | The Danish and Swedish authorities explain that the transfer of DKK 150 million made on 4 April 2018 was made in order to ensure that Post Danmark was able to continue operating while awaiting the Commission’s expected approval of the USO compensation and the PostNord Group’s subsequent execution of the transformation plan, including the PostNord Group capital injection. Furthermore, there is no evidence that Denmark and Sweden were involved, in one way or another, in the decision to make the transfer of DKK 150 million. |
| --- | --- |

(107)

The Danish and Swedish authorities explain that the transfer of DKK 150 million made on 4 April 2018 was made in order to ensure that Post Danmark was able to continue operating while awaiting the Commission’s expected approval of the USO compensation and the PostNord Group’s subsequent execution of the transformation plan, including the PostNord Group capital injection. Furthermore, there is no evidence that Denmark and Sweden were involved, in one way or another, in the decision to make the transfer of DKK 150 million.

| (108) | As regards the transfers made in June 2018 and February 2019, these contributions were part of PostNord AB’s decision of 11 June 2018 to proceed with the transformation plan (the date of the implementing agreement, see recital (25)). Moreover, regarding those two transfers, Denmark and Sweden submit that there is no evidence that either were involved in PostNord AB’s decision to proceed with the transformation plan (including the execution of the internal transfers of 18 June 2018 and 4 February 2019) other than in their capacity as shareholders of PostNord AB. Therefore, Denmark and Sweden consider that the Commission is wrong when it stated in recital (87) of the opening decision that the internal capital transfer is imputable to Denmark and Sweden, because it was part of the October Agreement. In this regard, Denmark and Sweden submit that the October Agreement only engages the two owners (Denmark and Sweden) and not PostNord Group. |
| --- | --- |

(108)

As regards the transfers made in June 2018 and February 2019, these contributions were part of PostNord AB’s decision of 11 June 2018 to proceed with the transformation plan (the date of the implementing agreement, see recital (25)). Moreover, regarding those two transfers, Denmark and Sweden submit that there is no evidence that either were involved in PostNord AB’s decision to proceed with the transformation plan (including the execution of the internal transfers of 18 June 2018 and 4 February 2019) other than in their capacity as shareholders of PostNord AB. Therefore, Denmark and Sweden consider that the Commission is wrong when it stated in recital (87) of the opening decision that the internal capital transfer is imputable to Denmark and Sweden, because it was part of the October Agreement. In this regard, Denmark and Sweden submit that the October Agreement only engages the two owners (Denmark and Sweden) and not PostNord Group.

| (109) | In addition, Denmark and Sweden submit that the mentioning, in paragraphs 1 and 4 of the October Agreement, of PostNord AB’s intention to implement the new production model and the linked capital injection from PostNord Group to Post Danmark is simply setting out the factual context of the October Agreement. It does not mean that PostNord AB’s decision to execute the transformation plan was imputable to Denmark and Sweden. This would be supported by the fact that:






  (a) | at the initiative of PostNord AB, the transformation plan was already drawn up in autumn 2016; |
| --- | --- | --- |

(109)

In addition, Denmark and Sweden submit that the mentioning, in paragraphs 1 and 4 of the October Agreement, of PostNord AB’s intention to implement the new production model and the linked capital injection from PostNord Group to Post Danmark is simply setting out the factual context of the October Agreement. It does not mean that PostNord AB’s decision to execute the transformation plan was imputable to Denmark and Sweden. This would be supported by the fact that:

(a)

at the initiative of PostNord AB, the transformation plan was already drawn up in autumn 2016;

| (b) | that an internal capital transfer to Post Danmark was already made in February 2017; and |
| --- | --- |

(b)

that an internal capital transfer to Post Danmark was already made in February 2017; and

| (c) | that the underlying analyses and assessments of Post Danmark’s situation and business plan were carried out by PostNord AB and not by Denmark and Sweden. |
| --- | --- |

(c)

that the underlying analyses and assessments of Post Danmark’s situation and business plan were carried out by PostNord AB and not by Denmark and Sweden.

| (110) | According to Denmark and Sweden, the fact that Denmark’s provision of USO compensation was conditional on the implementation of the transformation plan (paragraph 9 of the October Agreement) only further underlines that the decision to implement that transformation plan rested with PostNord AB, since the condition would have been redundant if PostNord AB were already obligated to do so. |
| --- | --- |

(110)

According to Denmark and Sweden, the fact that Denmark’s provision of USO compensation was conditional on the implementation of the transformation plan (paragraph 9 of the October Agreement) only further underlines that the decision to implement that transformation plan rested with PostNord AB, since the condition would have been redundant if PostNord AB were already obligated to do so.

4.1.3.2.   Joint comments by Denmark and Sweden on the non-existence of an advantage

| (111) | Denmark and Sweden argue that PostNord Group implemented its capital injection into Post Danmark in compliance with the MEOP. PostNord’s decision to make the internal capital transfers was based on methods which are in line with the market practice such as the DCF analysis, the Capital Asset Pricing Model and WACC. |
| --- | --- |

(111)

Denmark and Sweden argue that PostNord Group implemented its capital injection into Post Danmark in compliance with the MEOP. PostNord’s decision to make the internal capital transfers was based on methods which are in line with the market practice such as the DCF analysis, the Capital Asset Pricing Model and WACC.

| (112) | In particular, both Denmark and Sweden argue that Post Danmark’s growth rates for the letter market ([...] % annually), logistics market ([...] %) and overall (combined) growth (that is, expecting to reach [...] % in 2026 and [...] % after 2026) assumed in the DCF model were conservative. This is based on expectations that the logistics business will grow at a minimum rate of the underlying GDP growth, and that the decline in the letter business is expected to slow down by 2022 and stabilise in 2026. The projected growth rates were based on their trends over the past few years and took into account the projected inflation and population growth. The assumed slow-down in the decline of the letter services by 2022 was based on the fact that large parts of the Danish mail volumes were already digitalised (approx. 80 % of the volumes compared to 2001), and an assumption that the remaining part of the mail volumes would decrease at a much slower rate than the first, very large part (56). |
| --- | --- |

(112)

In particular, both Denmark and Sweden argue that Post Danmark’s growth rates for the letter market ([...] % annually), logistics market ([...] %) and overall (combined) growth (that is, expecting to reach [...] % in 2026 and [...] % after 2026) assumed in the DCF model were conservative. This is based on expectations that the logistics business will grow at a minimum rate of the underlying GDP growth, and that the decline in the letter business is expected to slow down by 2022 and stabilise in 2026. The projected growth rates were based on their trends over the past few years and took into account the projected inflation and population growth. The assumed slow-down in the decline of the letter services by 2022 was based on the fact that large parts of the Danish mail volumes were already digitalised (approx. 80 % of the volumes compared to 2001), and an assumption that the remaining part of the mail volumes would decrease at a much slower rate than the first, very large part (56).

| (113) | In addition, Denmark and Sweden argue that in a scenario where Post Danmark would go bankrupt, the market would doubt PostNord Group’s ability and willingness to support the remaining subsidiaries. In such a scenario, PostNord AB’s shadow credit rating would be significantly downgraded from the equivalent of a weak investment grade in the [...] area to a speculative grade in the [...] area. This would correspond to a spread between a [...] bond and a [...] bond of [...] basis points (BPS), or the equivalent of [...] % in yield. In that respect, Denmark and Sweden regard an assumption of a [...] % increase in borrowing costs in a bankruptcy scenario as conservative. At the same time, the increased borrowing costs were calculated based on SEK [...] in gross debt, which is considered the average interest-bearing liabilities balance needed between 2018 to 2026 to finance the PostNord Group in a scenario of a Post Danmark bankruptcy. |
| --- | --- |

(113)

In addition, Denmark and Sweden argue that in a scenario where Post Danmark would go bankrupt, the market would doubt PostNord Group’s ability and willingness to support the remaining subsidiaries. In such a scenario, PostNord AB’s shadow credit rating would be significantly downgraded from the equivalent of a weak investment grade in the [...] area to a speculative grade in the [...] area. This would correspond to a spread between a [...] bond and a [...] bond of [...] basis points (BPS), or the equivalent of [...] % in yield. In that respect, Denmark and Sweden regard an assumption of a [...] % increase in borrowing costs in a bankruptcy scenario as conservative. At the same time, the increased borrowing costs were calculated based on SEK [...] in gross debt, which is considered the average interest-bearing liabilities balance needed between 2018 to 2026 to finance the PostNord Group in a scenario of a Post Danmark bankruptcy.

| (114) | Denmark and Sweden claim that if Post Danmark were to go bankrupt, PostNord would lose the competitive advantage of a complete Nordic network along with the combined synergies in the current production model. This would result in a revenue loss of [...] % of PostNord’s own Nordic operations until 2026 (index with inflation and parcel growth), amounting to SEK [...] million, while the corresponding Earnings Before Interest, Taxes, Depreciation and Amortisation (‘EBITDA’) impact would be [...] %. |
| --- | --- |

(114)

Denmark and Sweden claim that if Post Danmark were to go bankrupt, PostNord would lose the competitive advantage of a complete Nordic network along with the combined synergies in the current production model. This would result in a revenue loss of [...] % of PostNord’s own Nordic operations until 2026 (index with inflation and parcel growth), amounting to SEK [...] million, while the corresponding Earnings Before Interest, Taxes, Depreciation and Amortisation (‘EBITDA’) impact would be [...] %.

| (115) | Denmark and Sweden have submitted two detailed quantitative analyses to demonstrate the market conformity of the PostNord Group capital injection. Those analyses elaborate on calculations that the PostNord Group made prior to the investment. Both analyses are DCF models based on forecasts of costs and revenues discounted to the time of the investment, in order to determine the overall profitability of that investment. The main difference between the two analyses is the type of profit that they consider. |
| --- | --- |

(115)

Denmark and Sweden have submitted two detailed quantitative analyses to demonstrate the market conformity of the PostNord Group capital injection. Those analyses elaborate on calculations that the PostNord Group made prior to the investment. Both analyses are DCF models based on forecasts of costs and revenues discounted to the time of the investment, in order to determine the overall profitability of that investment. The main difference between the two analyses is the type of profit that they consider.

| (116) | The first analysis (presented in Table 2) calculates firstly the enterprise value in order to calculate the equity value. It consists of a DCF model regarding free cash flows accruing at the level of Post Danmark as a whole, namely the profits available for distribution to both debt and shareholders (free cash flows to the firm) discounted by the WACC of Post Danmark. In addition to those profits, the first analysis includes the potential losses that PostNord Group would incur in the counterfactual scenario where Post Danmark goes bankrupt. Those losses include, amongst other things, higher interest costs due to potential concerns on PostNord Group’s ability to service its debt, the revenues due to synergies between Post Danmark and the other activities of PostNord Group and the revenues that PostNord Group receives from Post Danmark as a compensation for the group level costs (such as [...] and [...] costs). The equity value is calculated by subtracting the net debt from the enterprise value.

  Table 2


  Post Danmark A/S – DCF Evaluation model for PostNord Group’s capital injection – Enterprise/Firm value


















  (amounts in million DKK) |
| --- | --- |
| | | | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Assumptions for Terminal Enterprise/Firm value |
| EBITDA | | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Capex | | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Change in net working capital | | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| USO equity capital injection | | | 1 161 | | | | | | | | | |
| Net increase of provisions | | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Tax on EBIT | | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| FCFF (incl. USO)

  (Free Cash Flow to Firm) | | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |

(116)

The first analysis (presented in Table 2) calculates firstly the enterprise value in order to calculate the equity value. It consists of a DCF model regarding free cash flows accruing at the level of Post Danmark as a whole, namely the profits available for distribution to both debt and shareholders (free cash flows to the firm) discounted by the WACC of Post Danmark. In addition to those profits, the first analysis includes the potential losses that PostNord Group would incur in the counterfactual scenario where Post Danmark goes bankrupt. Those losses include, amongst other things, higher interest costs due to potential concerns on PostNord Group’s ability to service its debt, the revenues due to synergies between Post Danmark and the other activities of PostNord Group and the revenues that PostNord Group receives from Post Danmark as a compensation for the group level costs (such as [...] and [...] costs). The equity value is calculated by subtracting the net debt from the enterprise value.

Table 2

Post Danmark A/S – DCF Evaluation model for PostNord Group’s capital injection – Enterprise/Firm value

(amounts in million DKK)

2018

2019

2020

2021

2022

2023

2024

2025

2026

Assumptions for Terminal Enterprise/Firm value

EBITDA

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Capex

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Change in net working capital

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

USO equity capital injection

1 161

Net increase of provisions

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Tax on EBIT

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

FCFF (incl. USO)

(Free Cash Flow to Firm)

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

| WACC | | [...] % |
| --- | --- | --- |
| Terminal growth rate of FCFF | | [...] % |
| Terminal Enterprise/Firm value | | [...] |
| | | |
| Present Value (PV) of FCFF | (A) | [...] |
| PV of Terminal Enterprise/Firm value | (B) | [...] |
| Enterprise/Firm value | (C)=(A)+(B) | [...] |
| Net debt | (D) | [...] |
| Equity value | (E)=(C)-(D) | [...] |
| PV of Effects of bankruptcy | (F) | [...] |
| PostNord Group’s equity losses in Post Danmark’s liquidation scenario | (G)=(F)-(E) | [...] |
| PostNord Group’s capital injection | (H) | -2 339 |

WACC

[...] %

Terminal growth rate of FCFF

[...] %

Terminal Enterprise/Firm value

[...]

Present Value (PV) of FCFF

(A)

[...]

PV of Terminal Enterprise/Firm value

(B)

[...]

Enterprise/Firm value

(C)=(A)+(B)

[...]

Net debt

(D)

[...]

Equity value

(E)=(C)-(D)

[...]

PV of Effects of bankruptcy

(F)

[...]

PostNord Group’s equity losses in Post Danmark’s liquidation scenario

(G)=(F)-(E)

[...]

PostNord Group’s capital injection

(H)

-2 339

| (117) | According to Denmark and Sweden, it follows from Table 2 that, in case of Post Danmark’s liquidation scenario, the losses that PostNord Group (being the sole shareholder) would suffer (namely equity losses, ‘G’) amounting to MDKK [...] would be higher than the cost that PostNord Group actually suffered by injecting a capital (‘H’) of MDKK 2 339 in order to support Post Danmark. |
| --- | --- |

(117)

According to Denmark and Sweden, it follows from Table 2 that, in case of Post Danmark’s liquidation scenario, the losses that PostNord Group (being the sole shareholder) would suffer (namely equity losses, ‘G’) amounting to MDKK [...] would be higher than the cost that PostNord Group actually suffered by injecting a capital (‘H’) of MDKK 2 339 in order to support Post Danmark.

| (118) | The second quantitative analysis (presented in Table 3) focusses directly on the equity value and consists of an application of the DCF method, which is based on the profits accruing only to the owner of Post Danmark, that is, PostNord Group. The DCF to equity method takes as a starting point the same free cash flows to firm used in the first analysis and then subtracts the interest rate costs on the debt, the reimbursement of loans and the cash inflows from new loans at the level of Post Danmark leading to the free cash flows to equity. This free cash flow is discounted by the cost of equity of the owner (PostNord Group). Similar to the first analysis, the calculation of equity value provided by Denmark takes into account the negative effects on PostNord Group in the counterfactual scenario.

  Table 3


  Post Danmark A/S – DCF Evaluation model for PostNord Group’s capital injection – Equity value



















  (amounts in million DKK) |
| --- | --- |
| | | | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | | 2024 | 2025 | 2026 | Assumptions for Terminal Equity value |
| FCFF (incl. USO)

  (Free Cash Flow to Firm) | | | [...] | [...] | [...] | [...] | [...] | [...] | | [...] | [...] | [...] | [...] |
| USO equity capital injection | | | -1 161 | | | | | | | | | | |
| Free Cash Flow to Firm (excl. USO) | | | [...] | [...] | [...] | [...] | [...] | [...] | | [...] | [...] | [...] | [...] |
| Change in net debt | | | [...] | [...] | [...] | [...] | [...] | [...] | | [...] | [...] | [...] | |
| Interest costs | | | [...] | [...] | [...] | [...] | [...] | [...] | | [...] | [...] | [...] | [...] |
| Difference in tax between FCF to Firm and FCF to Equity | | | [...] | [...] | [...] | [...] | [...] | [...] | | [...] | [...] | [...] | [...] |
| USO equity capital injection | | | 1 161 | | | | | | | | | | |
| FCFE (incl. USO)

  (Free Cash Flow to Equity) | | | [...] | [...] | [...] | [...] | [...] | [...] | | [...] | [...] | [...] | [...] |

(118)

The second quantitative analysis (presented in Table 3) focusses directly on the equity value and consists of an application of the DCF method, which is based on the profits accruing only to the owner of Post Danmark, that is, PostNord Group. The DCF to equity method takes as a starting point the same free cash flows to firm used in the first analysis and then subtracts the interest rate costs on the debt, the reimbursement of loans and the cash inflows from new loans at the level of Post Danmark leading to the free cash flows to equity. This free cash flow is discounted by the cost of equity of the owner (PostNord Group). Similar to the first analysis, the calculation of equity value provided by Denmark takes into account the negative effects on PostNord Group in the counterfactual scenario.

Table 3

Post Danmark A/S – DCF Evaluation model for PostNord Group’s capital injection – Equity value

(amounts in million DKK)

2018

2019

2020

2021

2022

2023

2024

2025

2026

Assumptions for Terminal Equity value

FCFF (incl. USO)

(Free Cash Flow to Firm)

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

USO equity capital injection

-1 161

Free Cash Flow to Firm (excl. USO)

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Change in net debt

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Interest costs

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Difference in tax between FCF to Firm and FCF to Equity

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

USO equity capital injection

1 161

FCFE (incl. USO)

(Free Cash Flow to Equity)

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

| Cost of equity | | [...] % |
| --- | --- | --- |
| Terminal growth rate of FCFE | | [...] % |
| Terminal Equity value | | [...] |
| | | |
| PV of FCFE | (A) | [...] |
| PV of Terminal Equity value | (B) | [...] |
| Equity value | (E)=(A)+(B) | [...] |
| PV of Effects of bankruptcy | (F) | [...] |
| PostNord Group’s equity losses in Post Danmark’s liquidation scenario | (G)=(F)-(E) | [...] |
| PostNord Group’s capital injection | (H) | -2 339 |

Cost of equity

[...] %

Terminal growth rate of FCFE

[...] %

Terminal Equity value

[...]

PV of FCFE

(A)

[...]

PV of Terminal Equity value

(B)

[...]

Equity value

(E)=(A)+(B)

[...]

PV of Effects of bankruptcy

(F)

[...]

PostNord Group’s equity losses in Post Danmark’s liquidation scenario

(G)=(F)-(E)

[...]

PostNord Group’s capital injection

(H)

-2 339

| (119) | According to Denmark and Sweden, it follows from Table 3 that in case of Post Danmark’s liquidation scenario, the losses that Post Nord Group (being the sole shareholder) would suffer (namely equity losses, ‘G’) amounting to MDKK [...] would be higher than the cost that PostNord Group actually suffered by injecting a capital (‘H’) of MDKK 2 339 in order to support Post Danmark. |
| --- | --- |

(119)

According to Denmark and Sweden, it follows from Table 3 that in case of Post Danmark’s liquidation scenario, the losses that Post Nord Group (being the sole shareholder) would suffer (namely equity losses, ‘G’) amounting to MDKK [...] would be higher than the cost that PostNord Group actually suffered by injecting a capital (‘H’) of MDKK 2 339 in order to support Post Danmark.

| (120) | According to Denmark and Sweden, both analyses presented in recitals (116) and (118) demonstrate the market conformity of the PostNord Group equity injection because the present value of the losses avoided due to the equity injection are higher than the cost of that injection. |
| --- | --- |

(120)

According to Denmark and Sweden, both analyses presented in recitals (116) and (118) demonstrate the market conformity of the PostNord Group equity injection because the present value of the losses avoided due to the equity injection are higher than the cost of that injection.

| (121) | The same analyses also shows (presented in Table 4) that the internal rate of return (‘IRR’) of [...] % of PostNord Group’s capital injection to Post Danmark would exceed the minimum return required by a market economy operator, that is, the cost of equity of [...] % as explained below in recital (148).


  Balance sheet end of period





















  Date of cash flow | 31-Dec-17 | 30-Jun-18 | 30-Jun-19 | 29-Jun-20 | 29-Jun-21 | 30-Jun-22 | 30-Jun-23 | 29-Jun-24 | 29-Jun-25 | 30-Jun-26 | Equity Terminal value |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net working capital | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Tangible fixed assets | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Operating capital to finance | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Free cash flow to equity (incl. USO) | | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Excess cash | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Financial fixed assets | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Provisions | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Loans to credit institutions | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Net financial assets and liabilities | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| Equity | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | |
| | | | | | | | | | | | |
| Investor capital injections (-)/dividends (+) | | -2 339 | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |

(121)

The same analyses also shows (presented in Table 4) that the internal rate of return (‘IRR’) of [...] % of PostNord Group’s capital injection to Post Danmark would exceed the minimum return required by a market economy operator, that is, the cost of equity of [...] % as explained below in recital (148).

Balance sheet end of period

Date of cash flow

31-Dec-17

30-Jun-18

30-Jun-19

29-Jun-20

29-Jun-21

30-Jun-22

30-Jun-23

29-Jun-24

29-Jun-25

30-Jun-26

Equity Terminal value

Net working capital

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Tangible fixed assets

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Operating capital to finance

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Free cash flow to equity (incl. USO)

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Excess cash

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Financial fixed assets

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Provisions

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Loans to credit institutions

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Net financial assets and liabilities

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Equity

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Investor capital injections (-)/dividends (+)

-2 339

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

| Equity IRR | [...] % |
| --- | --- |
| Cost of Equity | [...] % |

Equity IRR

[...] %

Cost of Equity

[...] %

| (122) | Denmark and Sweden claim that the applied assumptions in the DCF models were prudent and conservative since, as evidenced by the sample of postal peer WACC rates, the WACC of [...] % used in the DCF model is [...] percentage points [...] than for comparable entities. Furthermore, the profitability forecasts are reasonable and justified by market studies (57), while the assumptions on the growth rates of revenues and the profitability of Post Danmark were benchmarked against a sample of Post Danmark’s peers (58). |
| --- | --- |

(122)

Denmark and Sweden claim that the applied assumptions in the DCF models were prudent and conservative since, as evidenced by the sample of postal peer WACC rates, the WACC of [...] % used in the DCF model is [...] percentage points [...] than for comparable entities. Furthermore, the profitability forecasts are reasonable and justified by market studies (57), while the assumptions on the growth rates of revenues and the profitability of Post Danmark were benchmarked against a sample of Post Danmark’s peers (58).

4.1.4.   The capital injections from Denmark and Sweden into PostNord AB do not involve State aid

| (123) | With respect to whether Denmark and Sweden, as owners of and investors in PostNord AB, should have measured the probability of PostNord AB losing investment grade in the absence of the capital injections, they claim that such a requirement is very speculative. Moreover, they consider that comparable owners who consider whether to invest in their own company (as Denmark and Sweden claim they did) have detailed knowledge of their own undertakings, but they may not necessarily have described, calculated and documented all those effects explicitly and in detail before making a specific investment. Requiring such documentation would significantly exceed the documentation that normal market operators would produce prior to such investments. Private undertakings in similar situations would be normally guided by the so-called business judgment rule, in other words, the standard by which management of an undertaking can be liable for its decisions. The crucial question according to this rule is whether the basis for the decision was reasonable, and whether the decision is made in the interest of the undertaking. |
| --- | --- |

(123)

With respect to whether Denmark and Sweden, as owners of and investors in PostNord AB, should have measured the probability of PostNord AB losing investment grade in the absence of the capital injections, they claim that such a requirement is very speculative. Moreover, they consider that comparable owners who consider whether to invest in their own company (as Denmark and Sweden claim they did) have detailed knowledge of their own undertakings, but they may not necessarily have described, calculated and documented all those effects explicitly and in detail before making a specific investment. Requiring such documentation would significantly exceed the documentation that normal market operators would produce prior to such investments. Private undertakings in similar situations would be normally guided by the so-called business judgment rule, in other words, the standard by which management of an undertaking can be liable for its decisions. The crucial question according to this rule is whether the basis for the decision was reasonable, and whether the decision is made in the interest of the undertaking.

| (124) | Sweden and Denmark argue that the basis for deciding to inject capital into PostNord AB was reasonable, sufficient and similar to what a comparable private investor would have required for the following reasons:






  (a) | prior to making their investment decisions, Denmark and Sweden consulted external financial advisers who carried out market conformity economic evaluations and recommended to carry out the capital injections; |
| --- | --- | --- |

(124)

Sweden and Denmark argue that the basis for deciding to inject capital into PostNord AB was reasonable, sufficient and similar to what a comparable private investor would have required for the following reasons:

(a)

prior to making their investment decisions, Denmark and Sweden consulted external financial advisers who carried out market conformity economic evaluations and recommended to carry out the capital injections;

| (b) | Denmark and Sweden have demonstrated that the capital injections were sound investments by quantifying the envisaged costs of not providing the capital, and by making more qualitative assessments of the positive and negative effects of the capital injections; and |
| --- | --- |

(b)

Denmark and Sweden have demonstrated that the capital injections were sound investments by quantifying the envisaged costs of not providing the capital, and by making more qualitative assessments of the positive and negative effects of the capital injections; and

| (c) | Denmark and Sweden have demonstrated that they did not have any other incentives for making an investment in PostNord AB other than to make economically rational investment decisions relating to PostNord’s financing of the implementation of the transformation plan of Post Danmark. |
| --- | --- |

(c)

Denmark and Sweden have demonstrated that they did not have any other incentives for making an investment in PostNord AB other than to make economically rational investment decisions relating to PostNord’s financing of the implementation of the transformation plan of Post Danmark.

| (125) | In Denmark and Sweden’s view, the DCF analysis demonstrates that their investments have a positive return in the form of value creation, since in case PostNord AB would lose investment grade, it would suffer enterprise value losses of SEK 1 071 million. This would exceed the actual total cost Denmark and Sweden suffered amounting to SEK 667 million, namely the total capital injected by them. They relied on the effects of their investments on the enterprise value of PostNord AB and their objective to protect their value as shareholders (that is, equity value of SEK [...]), and, in their view, the MEOP does not require that the owners should carry out economic assessments based on a counterfactual scenario where PostNord AB would be liquidated. |
| --- | --- |

(125)

In Denmark and Sweden’s view, the DCF analysis demonstrates that their investments have a positive return in the form of value creation, since in case PostNord AB would lose investment grade, it would suffer enterprise value losses of SEK 1 071 million. This would exceed the actual total cost Denmark and Sweden suffered amounting to SEK 667 million, namely the total capital injected by them. They relied on the effects of their investments on the enterprise value of PostNord AB and their objective to protect their value as shareholders (that is, equity value of SEK [...]), and, in their view, the MEOP does not require that the owners should carry out economic assessments based on a counterfactual scenario where PostNord AB would be liquidated.

| (126) | In addition, Denmark and Sweden claim that, even if it was not explicitly mentioned in the owners’ economic analyses, they had in-depth knowledge of the refinancing needs of PostNord. Moreover, Denmark and Sweden have engaged financial advisers (SEB and Rothschild) who have carried out in-depth analyses of PostNord’s financial situation. In those analyses, the maturity of the loans to be refinanced has been considered. Therefore, the assumption that PostNord needed significant refinancing and for that reason had a specific need to remain in investment grade territory, to enable access to the credit market and be flexible in choosing the most suitable and lowest cost sources of financing, has been properly justified in Denmark’s and Sweden’s view. |
| --- | --- |

(126)

In addition, Denmark and Sweden claim that, even if it was not explicitly mentioned in the owners’ economic analyses, they had in-depth knowledge of the refinancing needs of PostNord. Moreover, Denmark and Sweden have engaged financial advisers (SEB and Rothschild) who have carried out in-depth analyses of PostNord’s financial situation. In those analyses, the maturity of the loans to be refinanced has been considered. Therefore, the assumption that PostNord needed significant refinancing and for that reason had a specific need to remain in investment grade territory, to enable access to the credit market and be flexible in choosing the most suitable and lowest cost sources of financing, has been properly justified in Denmark’s and Sweden’s view.

| (127) | Finally, Denmark and Sweden claim that, although not required in an MEOP assessment, ex-post evidence, such as the yield of the bonds issued by PostNord and other peers, in 2018 and 2019, demonstrates that the capital injections were indeed in conformity with the market and that absent the capital injections the interest costs could increase by [...] basis points. |
| --- | --- |

(127)

Finally, Denmark and Sweden claim that, although not required in an MEOP assessment, ex-post evidence, such as the yield of the bonds issued by PostNord and other peers, in 2018 and 2019, demonstrates that the capital injections were indeed in conformity with the market and that absent the capital injections the interest costs could increase by [...] basis points.

4.2.   Denmark’s comments on the opening decision

| (128) | Denmark’s individual comments concern only the capital injections from itself and Sweden. Denmark claims that the estimate of the probability of PostNord AB losing investment grade status with and without their own and Sweden’s capital injection was not explicit, but implicit in the Danish authorities’ assessment made prior to their investment decision. According to the assessment, it was likely (that is, [...] % to [...] % certain) that PostNord AB would lose investment grade in the absence of capital injections from Denmark and Sweden. |
| --- | --- |

(128)

Denmark’s individual comments concern only the capital injections from itself and Sweden. Denmark claims that the estimate of the probability of PostNord AB losing investment grade status with and without their own and Sweden’s capital injection was not explicit, but implicit in the Danish authorities’ assessment made prior to their investment decision. According to the assessment, it was likely (that is, [...] % to [...] % certain) that PostNord AB would lose investment grade in the absence of capital injections from Denmark and Sweden.

| (129) | Denmark and Sweden’s capital injection of SEK 667 million would ensure that the net debt to EBITDA ratio would remain below [...] in the coming years, a level usually required by the financial market to enter investment grade territory. Moreover, the owners’ capital injection would strengthen in itself the creditworthiness of the company by signalling to the financial markets that the owners had assessed and believed in PostNord AB’s future financial performance. |
| --- | --- |

(129)

Denmark and Sweden’s capital injection of SEK 667 million would ensure that the net debt to EBITDA ratio would remain below [...] in the coming years, a level usually required by the financial market to enter investment grade territory. Moreover, the owners’ capital injection would strengthen in itself the creditworthiness of the company by signalling to the financial markets that the owners had assessed and believed in PostNord AB’s future financial performance.

| (130) | Denmark claims that it would not be standard market practice to proceed with an exact financial calculation of the counterfactual and factual scenarios of whether PostNord AB’s credit rating would be maintained strictly because of the capital injections from Denmark and Sweden, as in view of Post Danmark’s operational transformation, it could be expected that PostNord AB’s creditworthiness would gradually improve in any event. |
| --- | --- |

(130)

Denmark claims that it would not be standard market practice to proceed with an exact financial calculation of the counterfactual and factual scenarios of whether PostNord AB’s credit rating would be maintained strictly because of the capital injections from Denmark and Sweden, as in view of Post Danmark’s operational transformation, it could be expected that PostNord AB’s creditworthiness would gradually improve in any event.

| (131) | However, Denmark also considers that Rothschild’s analysis provided an illustrative but realistic example of potential losses of PostNord AB being in non-investment grade, based on the total liabilities existing in 2017 (that is, SEK [...]) and assuming a maturity of [...] years. That analysis shows that PostNord AB had to be in investment grade territory to ensure low interest for the refinancing of liabilities maturing in the near future. The analysis therefore shows that the realistic risk of PostNord AB losing enterprise value due to increased investment costs would have prompted any private owner investor in similar circumstances to make the capital injection without the level of detail of the assessment required by the Commission. |
| --- | --- |

(131)

However, Denmark also considers that Rothschild’s analysis provided an illustrative but realistic example of potential losses of PostNord AB being in non-investment grade, based on the total liabilities existing in 2017 (that is, SEK [...]) and assuming a maturity of [...] years. That analysis shows that PostNord AB had to be in investment grade territory to ensure low interest for the refinancing of liabilities maturing in the near future. The analysis therefore shows that the realistic risk of PostNord AB losing enterprise value due to increased investment costs would have prompted any private owner investor in similar circumstances to make the capital injection without the level of detail of the assessment required by the Commission.

| (132) | Denmark also argues that the period where PostNord AB’s investment grade would be maintained due of Denmark and Sweden’s capital injections would be uncertain. However, since the majority of PostNord AB’s liabilities had to be refinanced in 2018 to 2019, it was crucial for PostNord AB to maintain the investment grade in that period. Furthermore, PostNord AB is operating in a market undergoing significant change, which would imply that the financial markets are likely to apply stricter criteria to distinguish between investment and non-investment grade, and to show less flexibility to the net debt to EBITDA ratio. Under those circumstances, PostNord AB’s investment grade rating would remain important for several years, even after the completion of the transformation of Post Danmark. |
| --- | --- |

(132)

Denmark also argues that the period where PostNord AB’s investment grade would be maintained due of Denmark and Sweden’s capital injections would be uncertain. However, since the majority of PostNord AB’s liabilities had to be refinanced in 2018 to 2019, it was crucial for PostNord AB to maintain the investment grade in that period. Furthermore, PostNord AB is operating in a market undergoing significant change, which would imply that the financial markets are likely to apply stricter criteria to distinguish between investment and non-investment grade, and to show less flexibility to the net debt to EBITDA ratio. Under those circumstances, PostNord AB’s investment grade rating would remain important for several years, even after the completion of the transformation of Post Danmark.

| (133) | Denmark claims that net debt to EBITDA ratio would be one of the leading financial metrics used by credit rating agencies to determine an issuer’s default risk, therefore, maintaining that specific ratio below a certain threshold would be crucial for PostNord AB to keep the investment grade rating. At the same time, the financial markets can only base credit assessments on expected future results, for example, the likelihood of the successful transformation of Post Danmark. In this context, the capital injections from Denmark and Sweden to PostNord AB would have affected the risk assessment of the market positively. |
| --- | --- |

(133)

Denmark claims that net debt to EBITDA ratio would be one of the leading financial metrics used by credit rating agencies to determine an issuer’s default risk, therefore, maintaining that specific ratio below a certain threshold would be crucial for PostNord AB to keep the investment grade rating. At the same time, the financial markets can only base credit assessments on expected future results, for example, the likelihood of the successful transformation of Post Danmark. In this context, the capital injections from Denmark and Sweden to PostNord AB would have affected the risk assessment of the market positively.

4.3.   Sweden’s comments on the opening decision

| (134) | Sweden’ individual comments concern only the capital injections from itself and Denmark. Sweden claims that if PostNord Group were to transfer capital to Post Danmark without the USO compensation from Denmark or capital injections into PostNord AB by the shareholders, the implementation of the transformation plan of Post Danmark would consume the financial resources of the PostNord Group to an extent where the whole group would be at risk. |
| --- | --- |

(134)

Sweden’ individual comments concern only the capital injections from itself and Denmark. Sweden claims that if PostNord Group were to transfer capital to Post Danmark without the USO compensation from Denmark or capital injections into PostNord AB by the shareholders, the implementation of the transformation plan of Post Danmark would consume the financial resources of the PostNord Group to an extent where the whole group would be at risk.

| (135) | Sweden estimates that the impact of a bankruptcy of Post Danmark on the equity value of the Swedish holding of shares in PostNord AB in total was uncertain but estimated to be negative. |
| --- | --- |

(135)

Sweden estimates that the impact of a bankruptcy of Post Danmark on the equity value of the Swedish holding of shares in PostNord AB in total was uncertain but estimated to be negative.

| (136) | Sweden claims that with no capital injections and no USO compensation for Post Danmark, the PostNord Group would be regarded as non-investment grade with a significant financial risk, increased borrowing costs and limited financial flexibility. A lower rating could involve adverse impact on customer and supplier relationships, difficulties in retaining talented employees as well as other signalling effects from no (capital) support from the owner. Therefore, Sweden considered that it was crucial to ensure a financial risk level corresponding to a credit rating of, or close to, investment grade quality [...], which is comparable to peers. |
| --- | --- |

(136)

Sweden claims that with no capital injections and no USO compensation for Post Danmark, the PostNord Group would be regarded as non-investment grade with a significant financial risk, increased borrowing costs and limited financial flexibility. A lower rating could involve adverse impact on customer and supplier relationships, difficulties in retaining talented employees as well as other signalling effects from no (capital) support from the owner. Therefore, Sweden considered that it was crucial to ensure a financial risk level corresponding to a credit rating of, or close to, investment grade quality [...], which is comparable to peers.

| (137) | Sweden, on the basis of a DCF analysis, concludes that, including the Danish aid of SEK 1 533 million related to the USO compensation for 2017 to 2019, the NPV of the Danish business increases from SEK [...] to SEK [...], which subsequently increases in the value of the shareholders’ equity. The increase in the Swedish shareholder’s equity value of SEK [...] clearly surpasses its investment of SEK 400 million, which would show that the decision of Sweden to inject capital into PostNord AB was in line with the MEOP. |
| --- | --- |

(137)

Sweden, on the basis of a DCF analysis, concludes that, including the Danish aid of SEK 1 533 million related to the USO compensation for 2017 to 2019, the NPV of the Danish business increases from SEK [...] to SEK [...], which subsequently increases in the value of the shareholders’ equity. The increase in the Swedish shareholder’s equity value of SEK [...] clearly surpasses its investment of SEK 400 million, which would show that the decision of Sweden to inject capital into PostNord AB was in line with the MEOP.

4.4.   Comments from Denmark and Sweden on third parties comments

4.4.1.   The three capital injections constitute three separate measures and not one single measure

| (138) | For the reasons explained in Section 4.1.1, Denmark and Sweden disagree with ITD and other third parties that the three capital injections should be considered as a single measure. Denmark and Sweden also note, with reference to recital (75) of the opening decision, that the USO compensation for 2017 to 2019 is a distinct measure. |
| --- | --- |

(138)

For the reasons explained in Section 4.1.1, Denmark and Sweden disagree with ITD and other third parties that the three capital injections should be considered as a single measure. Denmark and Sweden also note, with reference to recital (75) of the opening decision, that the USO compensation for 2017 to 2019 is a distinct measure.

| (139) | Denmark and Sweden notably consider that ITD’s claim that in order to answer the question of whether several measures should be analysed separately, that one should look at the ‘circumstances of the beneficiary, not the circumstances of the investors’ cannot be accepted. Denmark and Sweden consider that compliance with the MEOP should depend on the economic rationality seen from the perspective of each investor (59). |
| --- | --- |

(139)

Denmark and Sweden notably consider that ITD’s claim that in order to answer the question of whether several measures should be analysed separately, that one should look at the ‘circumstances of the beneficiary, not the circumstances of the investors’ cannot be accepted. Denmark and Sweden consider that compliance with the MEOP should depend on the economic rationality seen from the perspective of each investor (59).

| (140) | Regarding the purpose of the three capital injections and the argument from ITD that the alleged funding gap between the estimated costs of the new production model (namely SEK 5 billion according to the October Agreement) and the PostNord Group injection of DKK 2,339 billion would indicate that the capital injections from Sweden and Denmark are in fact also meant for the transformation plan (60), Denmark and Sweden note that the estimated costs of the new production model, as referred to in the October Agreement, do not equal the need for the capital, since the estimated costs include predicted operating losses incurred by Post Danmark itself, making the need for capital less. |
| --- | --- |

(140)

Regarding the purpose of the three capital injections and the argument from ITD that the alleged funding gap between the estimated costs of the new production model (namely SEK 5 billion according to the October Agreement) and the PostNord Group injection of DKK 2,339 billion would indicate that the capital injections from Sweden and Denmark are in fact also meant for the transformation plan (60), Denmark and Sweden note that the estimated costs of the new production model, as referred to in the October Agreement, do not equal the need for the capital, since the estimated costs include predicted operating losses incurred by Post Danmark itself, making the need for capital less.

| (141) | On ITD’s claim that the final beneficiary of all three capital injections is Post Danmark (see recital (58)), Denmark and Sweden note that the October Agreement is not intended to identify the real beneficiary for State aid purposes. It is rather an agreement on principles, which was implemented with legally binding commitments vis-á-vis PostNord AB subsequently. |
| --- | --- |

(141)

On ITD’s claim that the final beneficiary of all three capital injections is Post Danmark (see recital (58)), Denmark and Sweden note that the October Agreement is not intended to identify the real beneficiary for State aid purposes. It is rather an agreement on principles, which was implemented with legally binding commitments vis-á-vis PostNord AB subsequently.

4.4.2.   The three capital injections were not granted on the date of the October Agreement

| (142) | For the reasons explained in Section 4.1.2, Denmark and Sweden also disagree with the position of ITD that the three capital injections were granted on the date of the October Agreement. Denmark and Sweden refer to the conditions listed in the Magdeburger Mühlenwerke and BSCA (61) judgments when explaining that a measure can only be considered granted by a legally binding act by which the competent national authority undertakes to grant the measure to the recipient, by an unconditional and legally binding promise, or when any conditions for obtaining the aid have been met and when the recipient of the aid can be identified. |
| --- | --- |

(142)

For the reasons explained in Section 4.1.2, Denmark and Sweden also disagree with the position of ITD that the three capital injections were granted on the date of the October Agreement. Denmark and Sweden refer to the conditions listed in the Magdeburger Mühlenwerke and BSCA (61) judgments when explaining that a measure can only be considered granted by a legally binding act by which the competent national authority undertakes to grant the measure to the recipient, by an unconditional and legally binding promise, or when any conditions for obtaining the aid have been met and when the recipient of the aid can be identified.

| (143) | In Denmark’s and Sweden’s view, the October Agreement does not satisfy any of these three conditions for the following reasons:






  (a) | the October Agreement is not legally binding and Denmark and Sweden did not undertake to grant the capital injections by that agreement. Notably, the October Agreement is an agreement in principle (62) between two States and not an expression of a legally binding commitment towards PostNord AB; |
| --- | --- | --- |

(143)

In Denmark’s and Sweden’s view, the October Agreement does not satisfy any of these three conditions for the following reasons:

(a)

the October Agreement is not legally binding and Denmark and Sweden did not undertake to grant the capital injections by that agreement. Notably, the October Agreement is an agreement in principle (62) between two States and not an expression of a legally binding commitment towards PostNord AB;

| (b) | the October Agreement was conditional since it requires several implementing measures. Denmark and Sweden in this regard refer to the need to obtain consent from their respective governments and parliaments. Without their consent, Denmark and Sweden could abandon the agreement at any point in time without legal consequences. Even the approval of the respective parliaments would not be sufficient, since they do not oblige the respective governments to dispose of the capital (see recitals (98) and (99)). In addition, the State aid elements of the October Agreement had to be notified to and approved by the Commission. Moreover, in order to condition the payment of the USO compensation on its use for terminating the contracts of former civil servants an implementing agreement (63) between Denmark and PostNord AB was required. The same agreement contains provisions that bound PostNord to implement its own capital injection for Post Danmark (recital (25)). The States also consider that the wording of the October Agreement supports the need for implementing measures, for example, ‘these investments are to be made as a contribution of capital to the Company on market terms without issuing new shares’. It would follow in the view of Denmark and Sweden that the capital injections are conditioned upon being on market terms, which requires further analysis of whether this would be possible (64); |
| --- | --- |

(b)

the October Agreement was conditional since it requires several implementing measures. Denmark and Sweden in this regard refer to the need to obtain consent from their respective governments and parliaments. Without their consent, Denmark and Sweden could abandon the agreement at any point in time without legal consequences. Even the approval of the respective parliaments would not be sufficient, since they do not oblige the respective governments to dispose of the capital (see recitals (98) and (99)). In addition, the State aid elements of the October Agreement had to be notified to and approved by the Commission. Moreover, in order to condition the payment of the USO compensation on its use for terminating the contracts of former civil servants an implementing agreement (63) between Denmark and PostNord AB was required. The same agreement contains provisions that bound PostNord to implement its own capital injection for Post Danmark (recital (25)). The States also consider that the wording of the October Agreement supports the need for implementing measures, for example, ‘these investments are to be made as a contribution of capital to the Company on market terms without issuing new shares’. It would follow in the view of Denmark and Sweden that the capital injections are conditioned upon being on market terms, which requires further analysis of whether this would be possible (64);

| (c) | the October Agreement does not identify the beneficiaries since the actual beneficiary of the State capital injections is not the same as described in the October Agreement. |
| --- | --- |

(c)

the October Agreement does not identify the beneficiaries since the actual beneficiary of the State capital injections is not the same as described in the October Agreement.

| (144) | Moreover, the States consider ITD’s claim that implementing measures, in order to be characterised as such for State aid purposes, should be laid down ex-ante and that it would be impossible to grant the aid without undertaking the implementing measures (see recital (59)) as irrelevant. In this respect, the States have doubts on the relevance of the case law referred to by ITD. Firstly, the judgment in Arriva Italia and Others was not yet delivered at the moment when ITD submitted its comments. In any event, according to the States, the Arriva Italia and Others case would not concern whether implementing measures could be imposed, or when those measures could be imposed, but rather whether the national law that granted the right to receive the aid contained implementing measures and whether those were fulfilled (65). Secondly, the other judgments referred to by ITD (see footnote 35) concern whether national measures constituted aid schemes and whether the conversion of a company into a particular legal form constituted an aid scheme or individual aid. According to the States, that case law is clearly not relevant for ITD’s claim. |
| --- | --- |

(144)

Moreover, the States consider ITD’s claim that implementing measures, in order to be characterised as such for State aid purposes, should be laid down ex-ante and that it would be impossible to grant the aid without undertaking the implementing measures (see recital (59)) as irrelevant. In this respect, the States have doubts on the relevance of the case law referred to by ITD. Firstly, the judgment in Arriva Italia and Others was not yet delivered at the moment when ITD submitted its comments. In any event, according to the States, the Arriva Italia and Others case would not concern whether implementing measures could be imposed, or when those measures could be imposed, but rather whether the national law that granted the right to receive the aid contained implementing measures and whether those were fulfilled (65). Secondly, the other judgments referred to by ITD (see footnote 35) concern whether national measures constituted aid schemes and whether the conversion of a company into a particular legal form constituted an aid scheme or individual aid. According to the States, that case law is clearly not relevant for ITD’s claim.

| (145) | In the view of Denmark and Sweden, ITD’s subsidiary line of reasoning that all three capital injections were granted on 28 May 2018 is not substantiated, as explained in recitals (100) and (101). |
| --- | --- |

(145)

In the view of Denmark and Sweden, ITD’s subsidiary line of reasoning that all three capital injections were granted on 28 May 2018 is not substantiated, as explained in recitals (100) and (101).

| (146) | Regarding ITD’s reference to the Rigsrevisionen’s report (recital (66)), Denmark and Sweden note the following:






  (a) | when the Rigsrevisionen in its report states that Post Danmark received capital injections from the owners (that is, Denmark and Sweden), this is incorrect, as shown directly from the subsequent sentence where the capital injections are listed:
  ‘Det fremgår af figur 3, at Post Danmarks regnskabsreglement er blevet ændret 2 gange siden postdirek-tivet fra 2008. Det fremgår desuden, at Post Danmark de seneste år flere gange har fået tilført kapital fra ejerne og koncernen. Det drejer sig om 3 tilførsler i 2017, der henholdsvis medførte 2.340 mio. danske kroner fra PostNord til Post Danmark, 267 mio. svenske kroner fra den danske stat til PostNord og 400 mio. svenske kroner fra den svenske stat til PostNord. I tillæg hertil forpligtede den danske stat sig i 2017 til delvist at kompensere PostNord med 1.533 mio. svenske kroner for udgifter i forbindelse med afskedi-gelser af tidligere tjenestemænd.’ (emphasis added)
  ‘Figure 3 shows that the Accounting Regulation for Post Danmark has been amended twice since the Postal Directive [Directive 97/67/EC] from 2008. Furthermore, it shows that Post Danmark several times has received capital from the owners and the group. It concerns 3 capital transfers in 2017: DKK 2 340 m from PostNord to Post Danmark, SEK 267 m from the Danish State to PostNord and SEK 400 m from the Swedish State to PostNord. In addition, in 2017, the Danish State committed to partially compensate PostNord with SEK 1 533 m for costs related to the termination of former civil servants.’ (emphasis added)
  The Rigsrevisionen therefore refers to capital injections from Denmark and Sweden to PostNord AB and not to Post Danmark; |
| --- | --- | --- |

(146)

Regarding ITD’s reference to the Rigsrevisionen’s report (recital (66)), Denmark and Sweden note the following:

(a)

when the Rigsrevisionen in its report states that Post Danmark received capital injections from the owners (that is, Denmark and Sweden), this is incorrect, as shown directly from the subsequent sentence where the capital injections are listed:

‘Det fremgår af figur 3, at Post Danmarks regnskabsreglement er blevet ændret 2 gange siden postdirek-tivet fra 2008. Det fremgår desuden, at Post Danmark de seneste år flere gange har fået tilført kapital fra ejerne og koncernen. Det drejer sig om 3 tilførsler i 2017, der henholdsvis medførte 2.340 mio. danske kroner fra PostNord til Post Danmark, 267 mio. svenske kroner fra den danske stat til PostNord og 400 mio. svenske kroner fra den svenske stat til PostNord. I tillæg hertil forpligtede den danske stat sig i 2017 til delvist at kompensere PostNord med 1.533 mio. svenske kroner for udgifter i forbindelse med afskedi-gelser af tidligere tjenestemænd.’ (emphasis added)

‘Figure 3 shows that the Accounting Regulation for Post Danmark has been amended twice since the Postal Directive [Directive 97/67/EC] from 2008. Furthermore, it shows that Post Danmark several times has received capital from the owners and the group. It concerns 3 capital transfers in 2017: DKK 2 340 m from PostNord to Post Danmark, SEK 267 m from the Danish State to PostNord and SEK 400 m from the Swedish State to PostNord. In addition, in 2017, the Danish State committed to partially compensate PostNord with SEK 1 533 m for costs related to the termination of former civil servants.’ (emphasis added)

The Rigsrevisionen therefore refers to capital injections from Denmark and Sweden to PostNord AB and not to Post Danmark;

| (b) | the Rigsrevisionen has not gone through Post Danmark’s accounts as claimed by ITD. As clearly stated in the report, the report specifically concerns the supervision by the Danish Ministry of Transport, Building and Housing and the Transport Authority of Post Danmark. |
| --- | --- |

(b)

the Rigsrevisionen has not gone through Post Danmark’s accounts as claimed by ITD. As clearly stated in the report, the report specifically concerns the supervision by the Danish Ministry of Transport, Building and Housing and the Transport Authority of Post Danmark.

| (c) | the Rigsrevisionen wrongly states in the graph included in the report (referred to in recital (66)) that the different capital injections were transferred in 2017. According to the States, as shown by Post Danmark’s annual report from 2019 (66), the amounts were transferred from PostNord Group in 2018 and 2019, and PostNord AB’s annual report from 2018 also mentions the amount received from the States (67). In any event, the Rigsrevisionen is not a State aid authority and did not make any assessment regarding a granting date relevant for State aid purposes. |
| --- | --- |

(c)

the Rigsrevisionen wrongly states in the graph included in the report (referred to in recital (66)) that the different capital injections were transferred in 2017. According to the States, as shown by Post Danmark’s annual report from 2019 (66), the amounts were transferred from PostNord Group in 2018 and 2019, and PostNord AB’s annual report from 2018 also mentions the amount received from the States (67). In any event, the Rigsrevisionen is not a State aid authority and did not make any assessment regarding a granting date relevant for State aid purposes.

4.4.3.   The DCF calculations for PostNord Group capital injection into Post Danmark are sound

| (147) | Denmark and Sweden dispute ITD’s claim that the WACC used for the capital injection from PostNord Group to Post Danmark should have been higher in order to reflect the likelihood that the USO would not be entrusted to Post Danmark. They explain that the USO entrustment has always lied with Post Danmark, and PostNord Group would have had no reason to expect that the Danish State had any intentions to change this situation, especially since the universal service is a cost-intensive obligation and a loss-making activity. |
| --- | --- |

(147)

Denmark and Sweden dispute ITD’s claim that the WACC used for the capital injection from PostNord Group to Post Danmark should have been higher in order to reflect the likelihood that the USO would not be entrusted to Post Danmark. They explain that the USO entrustment has always lied with Post Danmark, and PostNord Group would have had no reason to expect that the Danish State had any intentions to change this situation, especially since the universal service is a cost-intensive obligation and a loss-making activity.

| (148) | Denmark and Sweden also dispute ITD’s claim that the WACC should have been higher than the WACC of PostNord Group’s peers to reflect the risks related to the realisation of the transformation plan, because the relevant business risk was captured in the underlying business plan, and additional company risk premiums were applied (for digitalisation and size), as shown in Table 5:

  Table 5


  Post Danmark A/S – WACC calculation








  Capital Asset Pricing Model | [...] % |
| --- | --- | --- |
| Risk premium – Size | [...] % |
| Risk premium – digitalisation | [...] % |
| Cost of equity | [...] % |
| Cost of debt | [...] % |
| | |
| Equity ratio | [...] % |
| Debt ratio | [...] % |
| WACC | [...] % |
| Note: Tax rate 22 % |

(148)

Denmark and Sweden also dispute ITD’s claim that the WACC should have been higher than the WACC of PostNord Group’s peers to reflect the risks related to the realisation of the transformation plan, because the relevant business risk was captured in the underlying business plan, and additional company risk premiums were applied (for digitalisation and size), as shown in Table 5:

Table 5

Post Danmark A/S – WACC calculation

Capital Asset Pricing Model

[...] %

Risk premium – Size

[...] %

Risk premium – digitalisation

[...] %

Cost of equity

[...] %

Cost of debt

[...] %

Equity ratio

[...] %

Debt ratio

[...] %

WACC

[...] %

Note: Tax rate 22 %

| (149) | Furthermore, Denmark and Sweden claim that the performance of Post Danmark would have improved compared to the targets set in the business plan for 2018 to 2020 as stated in PostNord AB’s annual report 2018 at page 25. In both Denmark’s and Sweden’s opinion, this supports the conclusion that the assumptions of the DCF calculation were prudent and conservative. It also disproves ITD’s claim that the trend in Post Danmark’s operating results since 2017 has been exclusively and increasingly negative. On the contrary, there has been an upward trend in the EBIT before items effecting comparability. As stated in PostNord AB’s annual report 2018, the reduced losses are due to the implementation of the transformation plan. |
| --- | --- |

(149)

Furthermore, Denmark and Sweden claim that the performance of Post Danmark would have improved compared to the targets set in the business plan for 2018 to 2020 as stated in PostNord AB’s annual report 2018 at page 25. In both Denmark’s and Sweden’s opinion, this supports the conclusion that the assumptions of the DCF calculation were prudent and conservative. It also disproves ITD’s claim that the trend in Post Danmark’s operating results since 2017 has been exclusively and increasingly negative. On the contrary, there has been an upward trend in the EBIT before items effecting comparability. As stated in PostNord AB’s annual report 2018, the reduced losses are due to the implementation of the transformation plan.

| (150) | Contrary to ITD’s arguments, Denmark and Sweden consider that their capital injections into PostNord AB should not have been included in the DCF for the group capital injection. However, Denmark and Sweden argue that even if the capital injections were included in the calculation of the NPV of PostNord Group’s capital injection in Table 1 of the opening decision, thereby increasing the capital injection (A) by SEK 667 million (DKK 460 million), the total value net of the capital injection (G) would remain positive, namely about DKK [...] (DKK [...] – DKK 460 million). |
| --- | --- |

(150)

Contrary to ITD’s arguments, Denmark and Sweden consider that their capital injections into PostNord AB should not have been included in the DCF for the group capital injection. However, Denmark and Sweden argue that even if the capital injections were included in the calculation of the NPV of PostNord Group’s capital injection in Table 1 of the opening decision, thereby increasing the capital injection (A) by SEK 667 million (DKK 460 million), the total value net of the capital injection (G) would remain positive, namely about DKK [...] (DKK [...] – DKK 460 million).

| (151) | Contrary to ITD’s arguments, Denmark and Sweden also consider that the one-off effect related to the real-estate credits in Denmark (DKK [...]) should have been included in the DCF for the PostNord Group capital injection, because the inclusion of this effect was based on cross-default clauses in PostNord Group’s credit facility. In any event, according to the States, the inclusion of the real-estate one-off effect in the DCF does not have any substantive impact on the result, and even if the real-estate one-off effect had been excluded, the total value net of the capital injection would have remained positive. |
| --- | --- |

(151)

Contrary to ITD’s arguments, Denmark and Sweden also consider that the one-off effect related to the real-estate credits in Denmark (DKK [...]) should have been included in the DCF for the PostNord Group capital injection, because the inclusion of this effect was based on cross-default clauses in PostNord Group’s credit facility. In any event, according to the States, the inclusion of the real-estate one-off effect in the DCF does not have any substantive impact on the result, and even if the real-estate one-off effect had been excluded, the total value net of the capital injection would have remained positive.

| (152) | In response to ITD’s argument that the USO compensation involves State aid and thus should be excluded from the DCF analysis, the two States claim that the USO compensation was neutralised in the DCF by corresponding costs connected with the loss-giving USO. |
| --- | --- |

(152)

In response to ITD’s argument that the USO compensation involves State aid and thus should be excluded from the DCF analysis, the two States claim that the USO compensation was neutralised in the DCF by corresponding costs connected with the loss-giving USO.

| (153) | Finally, in response to ITD’s argument that the DCF model was designed by PostNord itself, the States argue that public undertakings such as PostNord obviously have internal competent people who are perfectly capable of carrying out an investment analysis, which satisfies the MEOP, rather than assigning it to an independent expert. |
| --- | --- |

(153)

Finally, in response to ITD’s argument that the DCF model was designed by PostNord itself, the States argue that public undertakings such as PostNord obviously have internal competent people who are perfectly capable of carrying out an investment analysis, which satisfies the MEOP, rather than assigning it to an independent expert.

5.   ASSESSMENT

5.1.   Qualification of the capital injections as one measure or three separate measures

| (154) | ITD (as well as other third parties) claims that all capital injections should be considered as one measure (see Section 3.1.1). Denmark and Sweden, on the contrary, claim that the capital injections should be considered as three separate measures (see Section 4.1.1). The Commission in the opening decision considered that the three capital injections are three separate measures each requiring their own proper assessment (see recital (69) of the opening decision). |
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(154)

ITD (as well as other third parties) claims that all capital injections should be considered as one measure (see Section 3.1.1). Denmark and Sweden, on the contrary, claim that the capital injections should be considered as three separate measures (see Section 4.1.1). The Commission in the opening decision considered that the three capital injections are three separate measures each requiring their own proper assessment (see recital (69) of the opening decision).

| (155) | After reviewing all comments received in the formal investigation procedure, the Commission maintains its view in the opening decision that the three capital injections are three separate measures each requiring its own distinct assessment. |
| --- | --- |

(155)

After reviewing all comments received in the formal investigation procedure, the Commission maintains its view in the opening decision that the three capital injections are three separate measures each requiring its own distinct assessment.

5.1.1.   Different investors

| (156) | PostNord Group, Denmark and Sweden are not the same investor. The logic and the decisional process for carrying out the capital injections are different for each of the investors concerned (as shown by the different reasoning presented by Denmark and Sweden in Sections 4.2 and 4.3). The market conformity of those measures cannot be assessed as a single measure since Sweden, Denmark and PostNord Group each have their own distinct financing cost and each require their own return on investment. This means, for example, that an operation could be economically justified for either Sweden or Denmark, but not for the other Member State. |
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(156)

PostNord Group, Denmark and Sweden are not the same investor. The logic and the decisional process for carrying out the capital injections are different for each of the investors concerned (as shown by the different reasoning presented by Denmark and Sweden in Sections 4.2 and 4.3). The market conformity of those measures cannot be assessed as a single measure since Sweden, Denmark and PostNord Group each have their own distinct financing cost and each require their own return on investment. This means, for example, that an operation could be economically justified for either Sweden or Denmark, but not for the other Member State.

| (157) | The decisional processes of the two States are entirely distinct (see recital (98) and (99)) and involve completely different actors. As regards the respective capital injections of Denmark and Sweden, with respect to their capacity as shareholders of PostNord AB, Sweden and Denmark are also in different financial situations from each other, as they have different financial costs and requirements for return on investments and have also different borrowing costs. At the same time, Sweden and Denmark are in different situations from PostNord Group. PostNord Group also has its own internal decision making process and already had started with the preparations for the implementation of the transformation plan in autumn 2016, which eventually led to its capital injection. Even if PostNord Group needs to take into account the position of its shareholders with regard to its own capital injection to Post Danmark, it is not possible to align its decisional process with the independent decisional processes of Denmark and Sweden. The market conformity of the PostNord Group capital injection therefore needs to be assessed in light of the consequences of that investment for PostNord Group. |
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(157)

The decisional processes of the two States are entirely distinct (see recital (98) and (99)) and involve completely different actors. As regards the respective capital injections of Denmark and Sweden, with respect to their capacity as shareholders of PostNord AB, Sweden and Denmark are also in different financial situations from each other, as they have different financial costs and requirements for return on investments and have also different borrowing costs. At the same time, Sweden and Denmark are in different situations from PostNord Group. PostNord Group also has its own internal decision making process and already had started with the preparations for the implementation of the transformation plan in autumn 2016, which eventually led to its capital injection. Even if PostNord Group needs to take into account the position of its shareholders with regard to its own capital injection to Post Danmark, it is not possible to align its decisional process with the independent decisional processes of Denmark and Sweden. The market conformity of the PostNord Group capital injection therefore needs to be assessed in light of the consequences of that investment for PostNord Group.

5.1.2.   Different beneficiaries

| (158) | Contrary to what ITD and the other third parties argue, all three capital injections do not have the same beneficiaries. PostNord Group’s capital injection was paid to Post Danmark, while the capital injections from Denmark and Sweden were paid to PostNord AB. |
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(158)

Contrary to what ITD and the other third parties argue, all three capital injections do not have the same beneficiaries. PostNord Group’s capital injection was paid to Post Danmark, while the capital injections from Denmark and Sweden were paid to PostNord AB.

| (159) | ITD and other third parties dispute that fact (see recital (58)) on the basis of the terms of the October Agreement. Firstly, the way in which ITD has presented the quote of the October Agreement (‘the Company [PostNord] will transfer [that] capital to Post Danmark’) creates the false image that in the end PostNord AB would transfer capital in the amount of SEK 5 billion to Post Danmark. The word ‘that’ has been added by ITD and, according to the Commission changes the meaning. The full quote reads as follows:
  ‘In order to meet the challenges of digitalization in Denmark, the Company has developed a new production model with an estimated cost of approximately SEK 5,0 bn, including a reduction in the number of employees in the Danish business by approximately 4 000 between 2017 and 2020 (“the new production model”). As an element in the implementation of the new production model, the Company will transfer capital to Post Danmark as outlined in the Company’s board of directors’ proposal of 29 September 2017.’ (68). |
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(159)

ITD and other third parties dispute that fact (see recital (58)) on the basis of the terms of the October Agreement. Firstly, the way in which ITD has presented the quote of the October Agreement (‘the Company [PostNord] will transfer [that] capital to Post Danmark’) creates the false image that in the end PostNord AB would transfer capital in the amount of SEK 5 billion to Post Danmark. The word ‘that’ has been added by ITD and, according to the Commission changes the meaning. The full quote reads as follows:

‘In order to meet the challenges of digitalization in Denmark, the Company has developed a new production model with an estimated cost of approximately SEK 5,0 bn, including a reduction in the number of employees in the Danish business by approximately 4 000 between 2017 and 2020 (“the new production model”). As an element in the implementation of the new production model, the Company will transfer capital to Post Danmark as outlined in the Company’s board of directors’ proposal of 29 September 2017.’ (68).

| (160) | It follows from this quote that no link is being made between a capital injection of SEK 5 billion and the alleged fact that this would all be transferred to Post Danmark. It is simply stated that as an element in the implementation of the new production model, the Company would transfer capital to Post Danmark. This does not preclude the fact that as another element of the new production model, separately, capital would be transferred to PostNord AB. This is precisely what happened, as it results from paragraph 4 of the October Agreement:
  The Company has estimated the need for capital to be SEK 3,0 bn whereof the Swedish Shareholder agrees to invest SEK 400 m and the Danish Shareholder agrees to invest SEK 267 m to support the implementation of the new production model and the Company will provide the additional funding. These investments are to be made as a contribution of capital to the Company[ (69)] on market terms without issuing new shares (70) (emphasis added). |
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(160)

It follows from this quote that no link is being made between a capital injection of SEK 5 billion and the alleged fact that this would all be transferred to Post Danmark. It is simply stated that as an element in the implementation of the new production model, the Company would transfer capital to Post Danmark. This does not preclude the fact that as another element of the new production model, separately, capital would be transferred to PostNord AB. This is precisely what happened, as it results from paragraph 4 of the October Agreement:

The Company has estimated the need for capital to be SEK 3,0 bn whereof the Swedish Shareholder agrees to invest SEK 400 m and the Danish Shareholder agrees to invest SEK 267 m to support the implementation of the new production model and the Company will provide the additional funding. These investments are to be made as a contribution of capital to the Company[ (69)] on market terms without issuing new shares (70) (emphasis added).

| (161) | Secondly, both the Danish Decree referred to in recital (101)(a) and the Swedish parliament’s decision referred to in recital (101)(b) speak about a transfer of capital to PostNord AB. The Danish Decree states [...] (71). The Swedish parliamentary decision states: ‘the bill is proposed to the Riksdag to authorise the Government to decide on capital injections to PostNord AB of a maximum of SEK 400 million’ (72). |
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(161)

Secondly, both the Danish Decree referred to in recital (101)(a) and the Swedish parliament’s decision referred to in recital (101)(b) speak about a transfer of capital to PostNord AB. The Danish Decree states [...] (71). The Swedish parliamentary decision states: ‘the bill is proposed to the Riksdag to authorise the Government to decide on capital injections to PostNord AB of a maximum of SEK 400 million’ (72).

| (162) | Moreover, the Commission did not find in the course of its formal investigation any element contradicting the information submitted by Denmark and Sweden (recital (94)). |
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(162)

Moreover, the Commission did not find in the course of its formal investigation any element contradicting the information submitted by Denmark and Sweden (recital (94)).

| (163) | Therefore, the Commission considers that the October Agreement was an agreement, in principle (see recital (143)(a)), that did in fact leave significant margin to the States and PostNord AB in the actual implementation of concrete measures. For example, the amount finally granted to Post Danmark through the PostNord Group capital injection does not correspond to the amounts envisaged in the October Agreement. The terms of the October Agreement cannot therefore be considered as a decisive proof of the beneficiaries of the capital injections from Denmark and Sweden. |
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(163)

Therefore, the Commission considers that the October Agreement was an agreement, in principle (see recital (143)(a)), that did in fact leave significant margin to the States and PostNord AB in the actual implementation of concrete measures. For example, the amount finally granted to Post Danmark through the PostNord Group capital injection does not correspond to the amounts envisaged in the October Agreement. The terms of the October Agreement cannot therefore be considered as a decisive proof of the beneficiaries of the capital injections from Denmark and Sweden.

| (164) | The Commission considers that the capital injections from Denmark and Sweden by benefitting PostNord AB and all its subsidiaries, also indirectly benefits Post Danmark by protecting PostNord AB. By contrast, the PostNord Group capital injection benefits directly Post Danmark, which can make use of the capital received to finance the transformation plan. |
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(164)

The Commission considers that the capital injections from Denmark and Sweden by benefitting PostNord AB and all its subsidiaries, also indirectly benefits Post Danmark by protecting PostNord AB. By contrast, the PostNord Group capital injection benefits directly Post Danmark, which can make use of the capital received to finance the transformation plan.

5.1.3.   Different purpose

| (165) | It is undisputed that the PostNord Group capital injection has the explicit purpose of permitting Post Danmark to implement its transformation plan. |
| --- | --- |

(165)

It is undisputed that the PostNord Group capital injection has the explicit purpose of permitting Post Danmark to implement its transformation plan.

| (166) | The capital injections from Denmark and Sweden are paid to PostNord AB, and benefit the whole Group. Denmark and Sweden have explained that the purpose of their respective capital injections is the preservation of the investment grade shadow rating of PostNord AB (see recitals (30) and (33)). As PostNord AB does not have an official credit rating, the objective would be essentially to ensure a financial risk level corresponding to a credit rating of, or close to, investment grade quality [...] (see recitals (30) and (33)). The Commission considers that, as such, preserving the creditworthiness of PostNord AB, which finances itself on the market, is an understandable and rationale economic objective for its shareholders. |
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(166)

The capital injections from Denmark and Sweden are paid to PostNord AB, and benefit the whole Group. Denmark and Sweden have explained that the purpose of their respective capital injections is the preservation of the investment grade shadow rating of PostNord AB (see recitals (30) and (33)). As PostNord AB does not have an official credit rating, the objective would be essentially to ensure a financial risk level corresponding to a credit rating of, or close to, investment grade quality [...] (see recitals (30) and (33)). The Commission considers that, as such, preserving the creditworthiness of PostNord AB, which finances itself on the market, is an understandable and rationale economic objective for its shareholders.

5.1.4.   Requirement to have implementing measures

| (167) | The Commission considers that the October Agreement is not the act by which any of the three capital injections have been granted. Indeed, it results from the terms of the October Agreement that it was an agreement in principle, and the granting of all three capital injections required subsequent implementation measures, as explained by Denmark and Sweden (see recital (143)(b)). |
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(167)

The Commission considers that the October Agreement is not the act by which any of the three capital injections have been granted. Indeed, it results from the terms of the October Agreement that it was an agreement in principle, and the granting of all three capital injections required subsequent implementation measures, as explained by Denmark and Sweden (see recital (143)(b)).

5.1.5.   Response to the third parties arguments

| (168) | ITD argues that the Commission should have looked at a different set of criteria to establish whether the three capital injections constitute in fact one single measure. |
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(168)

ITD argues that the Commission should have looked at a different set of criteria to establish whether the three capital injections constitute in fact one single measure.

| (169) | However, based on settled case law (73) and Article 6(1) of Council Regulation (EU) 2015/1589 (74), the Commission is to rely on all the relevant elements of fact and law in its assessment, and not on a set of criteria determined in a limitative manner, and in this case the Commission has taken into account all relevant elements of fact and law. However, also when looking at the criteria put forward by ITD, the Commission comes to the same conclusion, namely that the three capital measures are separate measures. |
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(169)

However, based on settled case law (73) and Article 6(1) of Council Regulation (EU) 2015/1589 (74), the Commission is to rely on all the relevant elements of fact and law in its assessment, and not on a set of criteria determined in a limitative manner, and in this case the Commission has taken into account all relevant elements of fact and law. However, also when looking at the criteria put forward by ITD, the Commission comes to the same conclusion, namely that the three capital measures are separate measures.

| (170) | Firstly, ITD’s claim that the chronology for all three capital measures is identical since all three were in their view granted on the date of the conclusion of the October Agreement, namely on 20 October 2017. This claim is strongly linked to the granting date of the measure. As explained in Section 5.2, the Commission considers the capital injections to be granted on different dates. For this reason, the chronology of the capital injections is different. |
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(170)

Firstly, ITD’s claim that the chronology for all three capital measures is identical since all three were in their view granted on the date of the conclusion of the October Agreement, namely on 20 October 2017. This claim is strongly linked to the granting date of the measure. As explained in Section 5.2, the Commission considers the capital injections to be granted on different dates. For this reason, the chronology of the capital injections is different.

| (171) | Secondly, as regards the purpose of the three capital injections, the Commission maintains its conclusion that the capital injection from the PostNord Group and those from the States have a different purpose. The Commission considers that the funding gap that ITD observes (see recital (55)(b)) cannot be proof that the capital injections of Denmark and Sweden also had the purpose to facilitate the implementation of the transformation plan and therefore, together with the Post Nord Group injection, would have constituted one single measure, all the more since there would still be a funding gap even if those measures were taken into account. Moreover, the States have explained that the funding gap corresponds in fact to the estimated operating losses incurred by Post Danmark (see recital (140)). |
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(171)

Secondly, as regards the purpose of the three capital injections, the Commission maintains its conclusion that the capital injection from the PostNord Group and those from the States have a different purpose. The Commission considers that the funding gap that ITD observes (see recital (55)(b)) cannot be proof that the capital injections of Denmark and Sweden also had the purpose to facilitate the implementation of the transformation plan and therefore, together with the Post Nord Group injection, would have constituted one single measure, all the more since there would still be a funding gap even if those measures were taken into account. Moreover, the States have explained that the funding gap corresponds in fact to the estimated operating losses incurred by Post Danmark (see recital (140)).

| (172) | Thirdly, considering that the capital injections have different beneficiaries and/or different investors it follows that also the context in which those capital injections were made is different and that the circumstances of the beneficiaries is equally different. Therefore, the Commission concludes that the circumstances of the capital injections are not the same. |
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(172)

Thirdly, considering that the capital injections have different beneficiaries and/or different investors it follows that also the context in which those capital injections were made is different and that the circumstances of the beneficiaries is equally different. Therefore, the Commission concludes that the circumstances of the capital injections are not the same.

| (173) | The Commission also maintains that the case law cited by ITD in its original complaint and in its comments on the opening decision do not support its argument that the three capital injections constitute one measure. |
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(173)

The Commission also maintains that the case law cited by ITD in its original complaint and in its comments on the opening decision do not support its argument that the three capital injections constitute one measure.

| (174) | First of all, as already emphasised in recital (169), in Greece and Others v Commission (75), the General Court found at paragraph 178 that all elements of fact and law which are relevant for that case are to be taken into account. This goes beyond taking into account only the chronology, purpose and circumstances. |
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(174)

First of all, as already emphasised in recital (169), in Greece and Others v Commission (75), the General Court found at paragraph 178 that all elements of fact and law which are relevant for that case are to be taken into account. This goes beyond taking into account only the chronology, purpose and circumstances.

| (175) | Second, as regards Bouygues and Bouygues Télécom v Commission and Others (76) (see recital (33) of the opening decision) and BP Chemicals v Commission (77), the Commission notes that the facts of those cases are different from those of the present case, as in the present case there are different grantors, each requiring its own assessment. The pertinence of this difference is illustrated by the BP Chemicals judgment (to which Bouygues and Bouygues v Télécom v Commission refers), where the General Court found that the Commission must determine whether the measures are severable ‘in a case such as this, which concerns three capital injections made by the same investor [...]’ (78) (emphasis added). This shows that the identity of the investor(s) is one of the elements to be taken into account when assessing if the capital injections are a single measure or several, using also other relevant elements. |
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(175)

Second, as regards Bouygues and Bouygues Télécom v Commission and Others (76) (see recital (33) of the opening decision) and BP Chemicals v Commission (77), the Commission notes that the facts of those cases are different from those of the present case, as in the present case there are different grantors, each requiring its own assessment. The pertinence of this difference is illustrated by the BP Chemicals judgment (to which Bouygues and Bouygues v Télécom v Commission refers), where the General Court found that the Commission must determine whether the measures are severable ‘in a case such as this, which concerns three capital injections made by the same investor [...]’ (78) (emphasis added). This shows that the identity of the investor(s) is one of the elements to be taken into account when assessing if the capital injections are a single measure or several, using also other relevant elements.

| (176) | Third, it should be noted that even though Bouyges and Bouygues Télécom v Commission refers to the chronology, purpose and circumstances of the undertaking when assessing whether consecutive interventions constitute State aid, this does not exclude that other criteria can also be taken into account. Indeed, the Court stated ‘that [i.e. considering several consecutive interventions as a single intervention] could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another’ (79) (emphasis added). |
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(176)

Third, it should be noted that even though Bouyges and Bouygues Télécom v Commission refers to the chronology, purpose and circumstances of the undertaking when assessing whether consecutive interventions constitute State aid, this does not exclude that other criteria can also be taken into account. Indeed, the Court stated ‘that [i.e. considering several consecutive interventions as a single intervention] could be the case in particular where consecutive interventions, especially having regard to their chronology, their purpose and the circumstances of the undertaking at the time of those interventions, are so closely linked to each other that they are inseparable from one another’ (79) (emphasis added).

| (177) | Fourth, in its comments, ITD refers to Arriva Italia and Others and states that the Court of Justice confirmed that an implementing measure was necessarily required by an existing national law providing for the grant of State aid. At the moment of the submission of ITD’s (and the other third parties’) comments, the Court of Justice had not yet handed down its judgment in that case. ITD therefore most likely based its arguments on the opinion of the Advocate General. In any event, in its judgment of 19 December 2019, the Court concluded that in that specific case, it could be concluded that the aid had been granted; however, it was for the national court to verify whether the legal basis at issue had already conferred the right for the allocation to the funds (80). The Commission does not dispute the Court’s approach, on the contrary, because in the present case implementing measures were actually required, as the October Agreement did not confer a right for the allocation of the funds and thus the capital injections cannot be considered granted on the date of this agreement. |
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(177)

Fourth, in its comments, ITD refers to Arriva Italia and Others and states that the Court of Justice confirmed that an implementing measure was necessarily required by an existing national law providing for the grant of State aid. At the moment of the submission of ITD’s (and the other third parties’) comments, the Court of Justice had not yet handed down its judgment in that case. ITD therefore most likely based its arguments on the opinion of the Advocate General. In any event, in its judgment of 19 December 2019, the Court concluded that in that specific case, it could be concluded that the aid had been granted; however, it was for the national court to verify whether the legal basis at issue had already conferred the right for the allocation to the funds (80). The Commission does not dispute the Court’s approach, on the contrary, because in the present case implementing measures were actually required, as the October Agreement did not confer a right for the allocation of the funds and thus the capital injections cannot be considered granted on the date of this agreement.

| (178) | Finally, as regards Kingdom of Belgium and Magnetrol International v Commission (81), different from the circumstances of that case, in the present case, the beneficiaries have been identified (that is, Post Danmark and PostNord AB). While the identification of the beneficiaries was not an obstacle for granting the aid in the present case, there were other obstacles, such as the national decision making procedures in order to make the granting of the capital injections legally binding. Similar considerations applied when the Commission referred to BSCA v Commission in recital (81) of the opening decision. In BSCA v Commission, the General Court states ‘the criterion for determining the time of granting aid is that of the legally binding act by which the competent national authority undertakes to grant the aid to its recipient [...] by an unconditional and legally binding promise’ (82). Such an unconditional and legally binding promise was only made at the moment of granting of the different capital injections and such condition was not met on the date of the October Agreement. |
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(178)

Finally, as regards Kingdom of Belgium and Magnetrol International v Commission (81), different from the circumstances of that case, in the present case, the beneficiaries have been identified (that is, Post Danmark and PostNord AB). While the identification of the beneficiaries was not an obstacle for granting the aid in the present case, there were other obstacles, such as the national decision making procedures in order to make the granting of the capital injections legally binding. Similar considerations applied when the Commission referred to BSCA v Commission in recital (81) of the opening decision. In BSCA v Commission, the General Court states ‘the criterion for determining the time of granting aid is that of the legally binding act by which the competent national authority undertakes to grant the aid to its recipient [...] by an unconditional and legally binding promise’ (82). Such an unconditional and legally binding promise was only made at the moment of granting of the different capital injections and such condition was not met on the date of the October Agreement.

| (179) | Moreover, ITD appears to take a narrow interpretation of BSCA v Commission when it explains that when the aid amount and beneficiary are known a measure can be considered granted (see recital (59)). The Court in BSCA v Commission rather uses the absence of the identification of the beneficiary as an additional argument that the measure at issue in that case has not been granted. At paragraph 74, it is stated:
  ‘It is thus clear from that decision that the Walloon Government did not make an undertaking to the applicant to grant it the aid, but, on the contrary, that the competent minister made an undertaking only to submit to the Walloon Government the implementing measures for the investment programme. Moreover, it must be stated that the applicant is not identified as a potential recipient of aid.’ (emphasis added). |
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(179)

Moreover, ITD appears to take a narrow interpretation of BSCA v Commission when it explains that when the aid amount and beneficiary are known a measure can be considered granted (see recital (59)). The Court in BSCA v Commission rather uses the absence of the identification of the beneficiary as an additional argument that the measure at issue in that case has not been granted. At paragraph 74, it is stated:

‘It is thus clear from that decision that the Walloon Government did not make an undertaking to the applicant to grant it the aid, but, on the contrary, that the competent minister made an undertaking only to submit to the Walloon Government the implementing measures for the investment programme. Moreover, it must be stated that the applicant is not identified as a potential recipient of aid.’ (emphasis added).

| (180) | In addition, at paragraph 77 of that judgment, the Court states:
  ‘It follows that, contrary to what the applicant claims, the decisions of 20 July and 8 November 2000 did not contain binding and precise legal undertakings to the applicant on the part of the Walloon Government. Thus, as the applicant itself acknowledges in the reply, those decisions constituted an undertaking by the Walloon Government as regards its political objectives and were the result of ministerial consensus within that government. On the other hand, a mere reading of the 2002 agreement highlights the fact that it is only in that document that details concerning the infrastructure and services were set out in the form of legal obligations. In fact, that 2002 agreement is characterised by an investment programme as well as by the expenditure commitments made by the Walloon Region-Sowaer[ (83)] and by the concession fee which the applicant agreed to pay in return.’ (emphasis added).
  Hence, the October Agreement is similar to the decisions of 20 July and 8 November 2000 which contained political objectives mentioned in paragraph 77 of BSCA v Commission (and not with the 2002 Agreement mentioned in the same paragraph), as it also reflects political objectives and is the result of consensus between Denmark and Sweden, and is not the act by which the capital injections may be considered as granted. |
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(180)

In addition, at paragraph 77 of that judgment, the Court states:

‘It follows that, contrary to what the applicant claims, the decisions of 20 July and 8 November 2000 did not contain binding and precise legal undertakings to the applicant on the part of the Walloon Government. Thus, as the applicant itself acknowledges in the reply, those decisions constituted an undertaking by the Walloon Government as regards its political objectives and were the result of ministerial consensus within that government. On the other hand, a mere reading of the 2002 agreement highlights the fact that it is only in that document that details concerning the infrastructure and services were set out in the form of legal obligations. In fact, that 2002 agreement is characterised by an investment programme as well as by the expenditure commitments made by the Walloon Region-Sowaer[ (83)] and by the concession fee which the applicant agreed to pay in return.’ (emphasis added).

Hence, the October Agreement is similar to the decisions of 20 July and 8 November 2000 which contained political objectives mentioned in paragraph 77 of BSCA v Commission (and not with the 2002 Agreement mentioned in the same paragraph), as it also reflects political objectives and is the result of consensus between Denmark and Sweden, and is not the act by which the capital injections may be considered as granted.

5.1.6.   Conclusion

| (181) | Based on the reasoning provided in recitals (156) to (180), the Commission concludes that the capital injections constitute three separate measures, which are therefore assessed separately in Section 5.2. |
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(181)

Based on the reasoning provided in recitals (156) to (180), the Commission concludes that the capital injections constitute three separate measures, which are therefore assessed separately in Section 5.2.

5.2.   Date of granting of the capital injections

5.2.1.   Date of granting of the Group capital injection

5.2.1.1.   Assessment

| (182) | Denmark and Sweden agree with the Commission’s assessment in the opening decision that the PostNord Group capital injection was granted on 11 June 2018 (recital (101)). ITD maintains that the PostNord Group capital injection was granted on 20 October 2017 (recital (62)). |
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(182)

Denmark and Sweden agree with the Commission’s assessment in the opening decision that the PostNord Group capital injection was granted on 11 June 2018 (recital (101)). ITD maintains that the PostNord Group capital injection was granted on 20 October 2017 (recital (62)).

| (183) | When the granting of a measure depends on certain conditions being met, it cannot be considered to be granted unless and until those conditions are met (84). In the October Agreement, it is stated that: ‘The shareholders agree to the following subject to [...] as regards the State aid elements, approval from the European Commission’. The comments from third parties could not alter the Commission’s conclusion that this is a clear condition that needs to be fulfilled before the PostNord Group capital injection can be considered granted. Therefore, the capital injection of PostNord Group could at the earliest be considered granted as of 28 May 2018, the day that the 2018 Decision was adopted. |
| --- | --- |

(183)

When the granting of a measure depends on certain conditions being met, it cannot be considered to be granted unless and until those conditions are met (84). In the October Agreement, it is stated that: ‘The shareholders agree to the following subject to [...] as regards the State aid elements, approval from the European Commission’. The comments from third parties could not alter the Commission’s conclusion that this is a clear condition that needs to be fulfilled before the PostNord Group capital injection can be considered granted. Therefore, the capital injection of PostNord Group could at the earliest be considered granted as of 28 May 2018, the day that the 2018 Decision was adopted.

| (184) | According to the October Agreement, if the Commission had not approved the USO compensation by its 2018 Decision, the three capital injections could simply not take place. The timing of the payment of the capital injections is coherent with that condition. |
| --- | --- |

(184)

According to the October Agreement, if the Commission had not approved the USO compensation by its 2018 Decision, the three capital injections could simply not take place. The timing of the payment of the capital injections is coherent with that condition.

| (185) | Moreover, the PostNord Group capital injection was in any event part of the implementation agreement concluded between Denmark and PostNord AB (see recital (25) and (100)). It is only on the basis of that agreement that the Board of Directors of PostNord AB made the investment decision and therefore PostNord Group’s obligation to inject capital into Post Danmark became ‘unconditional and legally binding’, the criterion applied by the Courts (85). |
| --- | --- |

(185)

Moreover, the PostNord Group capital injection was in any event part of the implementation agreement concluded between Denmark and PostNord AB (see recital (25) and (100)). It is only on the basis of that agreement that the Board of Directors of PostNord AB made the investment decision and therefore PostNord Group’s obligation to inject capital into Post Danmark became ‘unconditional and legally binding’, the criterion applied by the Courts (85).

| (186) | In light of recitals (183) to (185), the Commission considers that the PostNord Group capital injection was granted as of 11 June 2018. |
| --- | --- |

(186)

In light of recitals (183) to (185), the Commission considers that the PostNord Group capital injection was granted as of 11 June 2018.

| (187) | Moreover, as regards the relatively insignificant and partial transfer in April 2018 (86) (see recital (107)), this is in line with what the October Agreement states in paragraph 6: ‘Awaiting [approval from the Commission on the State aid elements of the Agreement], [PostNord] may provide the funding necessary for Post Danmark A/S in order for the company to run the day to day business.’. Such a very limited transfer, aiming at ensuring short-term continuity, awaiting more structural measures such as the USO compensation for 2017 to 2019, cannot be compared with the PostNord Group capital injection of in total DKK 2,339 billion to Post Danmark. |
| --- | --- |

(187)

Moreover, as regards the relatively insignificant and partial transfer in April 2018 (86) (see recital (107)), this is in line with what the October Agreement states in paragraph 6: ‘Awaiting [approval from the Commission on the State aid elements of the Agreement], [PostNord] may provide the funding necessary for Post Danmark A/S in order for the company to run the day to day business.’. Such a very limited transfer, aiming at ensuring short-term continuity, awaiting more structural measures such as the USO compensation for 2017 to 2019, cannot be compared with the PostNord Group capital injection of in total DKK 2,339 billion to Post Danmark.

| (188) | The Commission also observes that the October Agreement differs from the Intergovernmental Agreement concluded between Denmark and Sweden on the establishment of a consortium that would deal with the construction, management and operations of the so-called Øresund Fixed Link (see recital (64)). Contrary to the Intergovernmental Agreement, in the October Agreement, Denmark and Sweden do not jointly guarantee anything or commit to provide financial support. |
| --- | --- |

(188)

The Commission also observes that the October Agreement differs from the Intergovernmental Agreement concluded between Denmark and Sweden on the establishment of a consortium that would deal with the construction, management and operations of the so-called Øresund Fixed Link (see recital (64)). Contrary to the Intergovernmental Agreement, in the October Agreement, Denmark and Sweden do not jointly guarantee anything or commit to provide financial support.

| (189) | This is illustrated by recital (32) of the Commission’s decision on the Øresund Fixed Link (see footnote 38), which refers to Article 12 of the Intergovernmental Agreement which states the following:







  Danish: | ‘Artikel 12 – Danmark og Sverige garanterer solidarisk for forpligtelser vedrerende konsortiets lån og andre finansielle instrumenter, som benyttes i forbindelse med finansieringen. Staterne er indbyrdes ansvarlige i lige forhold.’ |
| --- | --- | --- |

(189)

This is illustrated by recital (32) of the Commission’s decision on the Øresund Fixed Link (see footnote 38), which refers to Article 12 of the Intergovernmental Agreement which states the following:

Danish:

‘Artikel 12 – Danmark og Sverige garanterer solidarisk for forpligtelser vedrerende konsortiets lån og andre finansielle instrumenter, som benyttes i forbindelse med finansieringen. Staterne er indbyrdes ansvarlige i lige forhold.’

| Swedish: | ‘Artikel 12 – Danmark och Sverige garanterar solidariskt för förpliktelser avseende konsortiets lån och andra finansiella instrument som utnyttjas i samband med finansieringen. Staterna är inbördes ansvariga i lika omfattning.’ |
| --- | --- |

Swedish:

Swedish

‘Artikel 12 – Danmark och Sverige garanterar solidariskt för förpliktelser avseende konsortiets lån och andra finansiella instrument som utnyttjas i samband med finansieringen. Staterna är inbördes ansvariga i lika omfattning.’

| English: | ‘Article 12 – Denmark and Sweden
  jointly and severally guarantee
  obligations relating to the Consortium’s loans and other financial instruments used in connection with the financing. States are equally responsible.’ (emphasis added) |
| --- | --- |

English:

English

‘Article 12 – Denmark and Sweden
  jointly and severally guarantee
  obligations relating to the Consortium’s loans and other financial instruments used in connection with the financing. States are equally responsible.’ (emphasis added)

5.2.2.   Date of granting of the Danish capital injection

Date of granting of the Danish capital injection

| (190) | Contrary to the Commission’s conclusion in the opening decision that the Danish capital injection was granted on 11 June 2018 (see recital (108) of the opening decision), Denmark considers that its capital injection was only granted on 10 December 2018, the same date as on which it was paid out. ITD considers that the capital injection was granted on the date of the October Agreement, namely 20 October 2017. |
| --- | --- |

(190)

Contrary to the Commission’s conclusion in the opening decision that the Danish capital injection was granted on 11 June 2018 (see recital (108) of the opening decision), Denmark considers that its capital injection was only granted on 10 December 2018, the same date as on which it was paid out. ITD considers that the capital injection was granted on the date of the October Agreement, namely 20 October 2017.

| (191) | The Commission maintains that similarly to the capital injection of PostNord Group, further subsequent measures to the October Agreement were necessary for Denmark to carry out its capital injection. First, the Ministerial Decree of 17 May 2018 constituting the approval of the Finance Committee of the Danish Parliament was necessary. The Danish Ministry of Transport, Building and Housing needed this approval of the Danish Parliament in order to proceed with the capital injection. |
| --- | --- |

(191)

The Commission maintains that similarly to the capital injection of PostNord Group, further subsequent measures to the October Agreement were necessary for Denmark to carry out its capital injection. First, the Ministerial Decree of 17 May 2018 constituting the approval of the Finance Committee of the Danish Parliament was necessary. The Danish Ministry of Transport, Building and Housing needed this approval of the Danish Parliament in order to proceed with the capital injection.

| (192) | Secondly, the Commission observes that it follows from the comments on the opening decision from the States that the Ministerial Decree was not binding and the Danish government could at any moment decide not to act upon on the Ministerial Decree, since it did not impose an obligation on Denmark to grant the aid. |
| --- | --- |

(192)

Secondly, the Commission observes that it follows from the comments on the opening decision from the States that the Ministerial Decree was not binding and the Danish government could at any moment decide not to act upon on the Ministerial Decree, since it did not impose an obligation on Denmark to grant the aid.

| (193) | Since the October Agreement clearly states that the consent of the Danish Government is equally required for the implementation of the October Agreement (see recital (24)) and considering that the Ministerial Decree does not constitute such consent nor does it provide an obligation for the Government in this regard, the Commission concludes that the Danish capital injection can only be considered granted at the moment it was paid, on 10 December 2018. |
| --- | --- |

(193)

Since the October Agreement clearly states that the consent of the Danish Government is equally required for the implementation of the October Agreement (see recital (24)) and considering that the Ministerial Decree does not constitute such consent nor does it provide an obligation for the Government in this regard, the Commission concludes that the Danish capital injection can only be considered granted at the moment it was paid, on 10 December 2018.

| (194) | The Commission therefore corrects its conclusion as expressed in the opening decision as regards the date on which the Danish capital injection was granted. However, it should be noted that the modification of the granting date of the aid from 11 June 2018 to 10 December 2018 does not have any impact on the market conformity assessment in Section 5.3.2 of this Decision. |
| --- | --- |

(194)

The Commission therefore corrects its conclusion as expressed in the opening decision as regards the date on which the Danish capital injection was granted. However, it should be noted that the modification of the granting date of the aid from 11 June 2018 to 10 December 2018 does not have any impact on the market conformity assessment in Section 5.3.2 of this Decision.

5.2.3.   Date of granting of the Swedish capital injection

Date of granting of the Swedish capital injection

| (195) | Contrary to the Commission’s conclusion in the opening decision that the Swedish capital injection was granted on 28 May 2018 (see recital (118) of the opening decision), Sweden considers that its capital injection was only granted on 29 November 2018. ITD considers that the Swedish capital injection was granted on the date of the October Agreement, namely 20 October 2017. |
| --- | --- |

(195)

Contrary to the Commission’s conclusion in the opening decision that the Swedish capital injection was granted on 28 May 2018 (see recital (118) of the opening decision), Sweden considers that its capital injection was only granted on 29 November 2018. ITD considers that the Swedish capital injection was granted on the date of the October Agreement, namely 20 October 2017.

| (196) | Similarly with the Danish capital injection, implementing measures were needed following the October Agreement to implement the Swedish capital injection. The implementing measure for the Swedish capital injection is the mandate from the Swedish parliament given on 12 December 2017 (recital (100) and (101)). As explained in the opening decision (see recital (117) of the opening decision), that mandate was conditional upon the Commission’s approval of the USO compensation, which happened on 28 May 2018. |
| --- | --- |

(196)

Similarly with the Danish capital injection, implementing measures were needed following the October Agreement to implement the Swedish capital injection. The implementing measure for the Swedish capital injection is the mandate from the Swedish parliament given on 12 December 2017 (recital (100) and (101)). As explained in the opening decision (see recital (117) of the opening decision), that mandate was conditional upon the Commission’s approval of the USO compensation, which happened on 28 May 2018.

| (197) | It follows from the comments on the opening decision from the States that the mandate, while enabling the government to act, does not oblige the government to do so. In this regard, Sweden has provided examples of other situations where mandates were given by the Parliament, but following which the government has not acted (yet) (see recital (99)). |
| --- | --- |

(197)

It follows from the comments on the opening decision from the States that the mandate, while enabling the government to act, does not oblige the government to do so. In this regard, Sweden has provided examples of other situations where mandates were given by the Parliament, but following which the government has not acted (yet) (see recital (99)).

| (198) | On the basis of recitals (195) to (197), the Commission concludes that it is only once the government decides to act which makes a legally binding decision by which the transfer of funds authorised in the mandate can be considered granted. This decision was taken on 29 November 2018 (see recital (101)). |
| --- | --- |

(198)

On the basis of recitals (195) to (197), the Commission concludes that it is only once the government decides to act which makes a legally binding decision by which the transfer of funds authorised in the mandate can be considered granted. This decision was taken on 29 November 2018 (see recital (101)).

| (199) | The Commission therefore corrects its conclusion as expressed in the opening decision as regards the date on which the Swedish capital injection was granted. However, it should be noted that the modification of the granting date of the aid from 28 May 2018 to 29 November 2018 does not have any impact on the market conformity assessment in Section 5.3.3 of this Decision. |
| --- | --- |

(199)

The Commission therefore corrects its conclusion as expressed in the opening decision as regards the date on which the Swedish capital injection was granted. However, it should be noted that the modification of the granting date of the aid from 28 May 2018 to 29 November 2018 does not have any impact on the market conformity assessment in Section 5.3.3 of this Decision.

5.3.   Existence of aid

Existence of aid

| (200) | Pursuant to Article 107(1) TFEU, a measure qualifies as State aid if the following cumulative conditions are met: (i) the measure is granted by Member States through State resources; (ii) it confers a selective economic advantage to certain undertakings or the production of certain goods; (iii) the advantage distorts or threatens to distort competition; and (iv) the measure affects intra-EU trade. |
| --- | --- |

(200)

Pursuant to Article 107(1) TFEU, a measure qualifies as State aid if the following cumulative conditions are met: (i) the measure is granted by Member States through State resources; (ii) it confers a selective economic advantage to certain undertakings or the production of certain goods; (iii) the advantage distorts or threatens to distort competition; and (iv) the measure affects intra-EU trade.

5.3.1.   Capital injection from PostNord Group into Post Danmark

Capital injection from PostNord Group into Post Danmark

5.3.1.1.   Economic activity and notion of undertaking

Economic activity and notion of undertaking

| (201) | According to settled case law, the Commission must first establish whether the beneficiary is an undertaking within the meaning of Article 107(1) TFEU. The concept of an undertaking covers any entity engaged in an economic activity, regardless of its legal status and the way in which it is financed. Any activity consisting in offering goods and services on a given market is an economic activity (87). |
| --- | --- |

(201)

According to settled case law, the Commission must first establish whether the beneficiary is an undertaking within the meaning of Article 107(1) TFEU. The concept of an undertaking covers any entity engaged in an economic activity, regardless of its legal status and the way in which it is financed. Any activity consisting in offering goods and services on a given market is an economic activity (87).

87

| (202) | The Danish and Swedish authorities acknowledge that Post Danmark carries out activities of an economic nature. Post Danmark offers postal services against remuneration on the Danish postal market and in competition with other providers. Therefore, the provision of postal services on that market constitutes an economic activity. For those reasons, with regard to the activities financed by the capital injection, Post Danmark qualifies as an undertaking in the meaning of Article 107(1) TFEU. |
| --- | --- |

(202)

The Danish and Swedish authorities acknowledge that Post Danmark carries out activities of an economic nature. Post Danmark offers postal services against remuneration on the Danish postal market and in competition with other providers. Therefore, the provision of postal services on that market constitutes an economic activity. For those reasons, with regard to the activities financed by the capital injection, Post Danmark qualifies as an undertaking in the meaning of Article 107(1) TFEU.

5.3.1.2.   Imputability and State resources

Imputability and State resources

| (203) | To assess whether a measure granted through public undertakings is imputable to the State, it is necessary to determine whether the public authorities can be regarded as having been involved, in one way or another, in adopting the measure (88). |
| --- | --- |

(203)

To assess whether a measure granted through public undertakings is imputable to the State, it is necessary to determine whether the public authorities can be regarded as having been involved, in one way or another, in adopting the measure (88).

88

| (204) | In addition, State resources include all resources of the public sector (89), including resources of public undertakings (90). It is irrelevant whether an institution within the public sector is autonomous or not (91). |
| --- | --- |

(204)

In addition, State resources include all resources of the public sector (89), including resources of public undertakings (90). It is irrelevant whether an institution within the public sector is autonomous or not (91).

89

90

91

| (205) | The Commission maintains its assessment in the opening decision that the PostNord Group capital injection is imputable to Denmark and Sweden. While the October Agreement cannot be considered a granting act, it is a bilateral agreement between two States in which they agree in principle with the implementation of the transformation plan for Post Danmark. The Group capital injection is part of the October Agreement as follows from paragraph 4 thereof (see recital (22)). |
| --- | --- |

(205)

The Commission maintains its assessment in the opening decision that the PostNord Group capital injection is imputable to Denmark and Sweden. While the October Agreement cannot be considered a granting act, it is a bilateral agreement between two States in which they agree in principle with the implementation of the transformation plan for Post Danmark. The Group capital injection is part of the October Agreement as follows from paragraph 4 thereof (see recital (22)).

| (206) | Since the PostNord Group capital injection has been agreed upon in principle by the two States through the October Agreement, and that such agreement has never been put into question by the two States, the Commission considers that the PostNord Group capital injection is a consequence of that agreement and is therefore imputable to the Danish and Swedish States. Moreover, this conclusion is reinforced by the implementing agreement (see recital (25)), in which Denmark and PostNord AB explicitly agree on the granting of the Group capital injection. In addition, as PostNord Group is a public undertaking and State resources include resources of public undertakings, the measure is granted through State resources. |
| --- | --- |

(206)

Since the PostNord Group capital injection has been agreed upon in principle by the two States through the October Agreement, and that such agreement has never been put into question by the two States, the Commission considers that the PostNord Group capital injection is a consequence of that agreement and is therefore imputable to the Danish and Swedish States. Moreover, this conclusion is reinforced by the implementing agreement (see recital (25)), in which Denmark and PostNord AB explicitly agree on the granting of the Group capital injection. In addition, as PostNord Group is a public undertaking and State resources include resources of public undertakings, the measure is granted through State resources.

5.3.1.3.   Selectivity

Selectivity

| (207) | In order to fall within the scope of Article 107(1) TFEU, a State measure must favour certain undertakings or the production of certain goods. Therefore, only those measures which grant an advantage in a selective way to certain undertakings fall under the notion of aid. |
| --- | --- |

(207)

In order to fall within the scope of Article 107(1) TFEU, a State measure must favour certain undertakings or the production of certain goods. Therefore, only those measures which grant an advantage in a selective way to certain undertakings fall under the notion of aid.

| (208) | The capital injection carried out by PostNord Group is an individual measure specifically targeting Post Danmark. The Commission therefore considers that the measure is selective. |
| --- | --- |

(208)

The capital injection carried out by PostNord Group is an individual measure specifically targeting Post Danmark. The Commission therefore considers that the measure is selective.

5.3.1.4.   Advantage

Advantage

| (209) | An advantage for the purposes of Article 107(1) TFEU is any economic benefit that an undertaking would not have obtained under normal market conditions, that is, in the absence of State intervention (92). Only the effect of the measure on the undertaking is relevant, not the cause or the objective of the State intervention (93). Whenever the financial situation of the undertaking is improved as a result of State intervention, on terms differing from normal market conditions, an advantage is present. |
| --- | --- |

(209)

An advantage for the purposes of Article 107(1) TFEU is any economic benefit that an undertaking would not have obtained under normal market conditions, that is, in the absence of State intervention (92). Only the effect of the measure on the undertaking is relevant, not the cause or the objective of the State intervention (93). Whenever the financial situation of the undertaking is improved as a result of State intervention, on terms differing from normal market conditions, an advantage is present.

92

93

| (210) | Economic transactions carried out by public bodies do not confer an advantage, and therefore do not constitute aid, if they are carried out in line with normal market conditions (94). To that effect, the behaviour of public bodies should be compared to that of similar private economic operators under normal market conditions. Whether a State intervention is in line with market conditions is to be examined on an ex-ante basis, having regard to the information available at the time the intervention was decided upon (95). |
| --- | --- |

(210)

Economic transactions carried out by public bodies do not confer an advantage, and therefore do not constitute aid, if they are carried out in line with normal market conditions (94). To that effect, the behaviour of public bodies should be compared to that of similar private economic operators under normal market conditions. Whether a State intervention is in line with market conditions is to be examined on an ex-ante basis, having regard to the information available at the time the intervention was decided upon (95).

94

ex-ante

95

| (211) | The Commission considers that the two DCF models presented by the Danish and Swedish authorities are well in line, from a methodological viewpoint, with acceptable practice for assessing the market conformity of an investment. The NPV of the future cash flows of a company (adjusted for debt) is a commonly used way to evaluate equity investment decisions. The models provided consider two cash flows, one resulting from the bankruptcy of Post Danmark (negative cash flows, which would be avoided), and the other from Post Danmark’s future operational profits (positive cash flows). |
| --- | --- |

(211)

The Commission considers that the two DCF models presented by the Danish and Swedish authorities are well in line, from a methodological viewpoint, with acceptable practice for assessing the market conformity of an investment. The NPV of the future cash flows of a company (adjusted for debt) is a commonly used way to evaluate equity investment decisions. The models provided consider two cash flows, one resulting from the bankruptcy of Post Danmark (negative cash flows, which would be avoided), and the other from Post Danmark’s future operational profits (positive cash flows).

| (212) | As regards the doubts expressed in the opening decision, based on the further information obtained, the Commission considers that the profitability forecasts used in the DCF models are reasonable and justified by market studies (see recital (122)). In particular, the assumptions on the growth rates of revenues and the profitability of Post Danmark were benchmarked against a sample of Post Danmark’s peers (see recital (122)). That sample included a number of publicly listed companies in the postal services and logistics sectors. For each of Post Danmark’s peer companies, the market analyst forecasts of revenues and profits were retrieved. Overall, that benchmarking exercise revealed that, in comparison to the market analyst forecasts, the forecasts underpinning Post Danmark’s business plan appeared conservative. |
| --- | --- |

(212)

As regards the doubts expressed in the opening decision, based on the further information obtained, the Commission considers that the profitability forecasts used in the DCF models are reasonable and justified by market studies (see recital (122)). In particular, the assumptions on the growth rates of revenues and the profitability of Post Danmark were benchmarked against a sample of Post Danmark’s peers (see recital (122)). That sample included a number of publicly listed companies in the postal services and logistics sectors. For each of Post Danmark’s peer companies, the market analyst forecasts of revenues and profits were retrieved. Overall, that benchmarking exercise revealed that, in comparison to the market analyst forecasts, the forecasts underpinning Post Danmark’s business plan appeared conservative.

| (213) | According to the business plan, the profitability of Post Danmark in the initial years following the PostNord Group injection would be negative. This is one of the arguments that ITD has raised concerning the alleged economic advantage granted to Post Danmark. While the substantial restructuring costs incurred in the years immediately after the Post Nord Group injection do lead to losses, the expected profitability after the turnaround of Post Danmark would be sufficient, from an ex-ante perspective, to consider that PostNord Group injection is in line with the market conditions. |
| --- | --- |

(213)

According to the business plan, the profitability of Post Danmark in the initial years following the PostNord Group injection would be negative. This is one of the arguments that ITD has raised concerning the alleged economic advantage granted to Post Danmark. While the substantial restructuring costs incurred in the years immediately after the Post Nord Group injection do lead to losses, the expected profitability after the turnaround of Post Danmark would be sufficient, from an ex-ante perspective, to consider that PostNord Group injection is in line with the market conditions.

ex-ante

| (214) | The profitability analysis, using the free cash flow to equity approach, demonstrated that the ex-ante expected profitability of the PostNord Group injection would still be sufficient in market terms, even if the losses that would occur in case Post Danmark would go bankrupt were excluded from the calculations. That analysis revealed that, as a shareholder of Post Danmark, PostNord Group expected a return higher than the cost of the equity injection. |
| --- | --- |

(214)

The profitability analysis, using the free cash flow to equity approach, demonstrated that the ex-ante expected profitability of the PostNord Group injection would still be sufficient in market terms, even if the losses that would occur in case Post Danmark would go bankrupt were excluded from the calculations. That analysis revealed that, as a shareholder of Post Danmark, PostNord Group expected a return higher than the cost of the equity injection.

ex-ante

| (215) | Furthermore, the ex-ante expected profitability of the Post Nord Group injection derived from the accurate determination and justification of the WACC and cost of equity, which were used to discount the free cash flows to the firm and to shareholders, respectively. In contrast to what ITD argued, those discount rates adequately reflected the risk level of Post Danmark’s cash flows. The WACC notably took account relevant risk premiums (see recital (148)). |
| --- | --- |

(215)

Furthermore, the ex-ante expected profitability of the Post Nord Group injection derived from the accurate determination and justification of the WACC and cost of equity, which were used to discount the free cash flows to the firm and to shareholders, respectively. In contrast to what ITD argued, those discount rates adequately reflected the risk level of Post Danmark’s cash flows. The WACC notably took account relevant risk premiums (see recital (148)).

ex-ante

| (216) | With regard to ITD’s argument that the DCF analysis report has been conducted by PostNord itself and not by an independent expert, the Commission notes that State aid rules do not require that the assessment reports is to be conducted by an expert that is independent from the beneficiary entities. State aid rules only require that the market conformity analysis itself is to be established on the basis of a generally accepted, standard assessment methodology, based on available objective, verifiable and reliable data (96), which should be sufficiently detailed and should reflect the economic situation at the time at which the transaction was decided, taking into account the level of risk and future expectations (97). |
| --- | --- |

(216)

With regard to ITD’s argument that the DCF analysis report has been conducted by PostNord itself and not by an independent expert, the Commission notes that State aid rules do not require that the assessment reports is to be conducted by an expert that is independent from the beneficiary entities. State aid rules only require that the market conformity analysis itself is to be established on the basis of a generally accepted, standard assessment methodology, based on available objective, verifiable and reliable data (96), which should be sufficiently detailed and should reflect the economic situation at the time at which the transaction was decided, taking into account the level of risk and future expectations (97).

96

97

| (217) | With regard to ITD’s argument that the DCF analysis report should have taken into account all three capital injections, the Commission notes that the capital injection from PostNord Group to Post Danmark is a separate measure that has a different purpose than the capital injections from Denmark and Sweden into PostNord AB. Therefore, the DCF analysis correctly factors in only the capital injection from PostNord Group to Post Danmark. |
| --- | --- |

(217)

With regard to ITD’s argument that the DCF analysis report should have taken into account all three capital injections, the Commission notes that the capital injection from PostNord Group to Post Danmark is a separate measure that has a different purpose than the capital injections from Denmark and Sweden into PostNord AB. Therefore, the DCF analysis correctly factors in only the capital injection from PostNord Group to Post Danmark.

| (218) | With regard to ITD’s argument that the DCF analysis took into account ineligible costs related to the real estate mortgage debt and loans that Post Danmark would not be able to repay in case of liquidation, Sweden and Denmark have informed the Commission that the cross-default clauses in Post Nord Group’s credit facility are such that in the event that Post Danmark goes bankrupt, PostNord Group is legally bound to pay back those loans. Therefore, the DCF analysis correctly factors in those costs. By acting as a [...] in the context of a credit facility agreement, PostNord Group does not act as a public authority but as a market economy operator fulfilling its obligations in the context of a commercial debt agreement. Therefore, the Commission notes that Post Danmark costs related to real estate mortgage debt and loans occurred in case of bankruptcy are eligible to the DCF analysis. |
| --- | --- |

(218)

With regard to ITD’s argument that the DCF analysis took into account ineligible costs related to the real estate mortgage debt and loans that Post Danmark would not be able to repay in case of liquidation, Sweden and Denmark have informed the Commission that the cross-default clauses in Post Nord Group’s credit facility are such that in the event that Post Danmark goes bankrupt, PostNord Group is legally bound to pay back those loans. Therefore, the DCF analysis correctly factors in those costs. By acting as a [...] in the context of a credit facility agreement, PostNord Group does not act as a public authority but as a market economy operator fulfilling its obligations in the context of a commercial debt agreement. Therefore, the Commission notes that Post Danmark costs related to real estate mortgage debt and loans occurred in case of bankruptcy are eligible to the DCF analysis.

| (219) | With regard to ITD’s argument that the DCF analysis took into account ineligible costs related to the indirect bankruptcy costs, namely the alleged higher borrowing costs of PostNord Group and PostNord Group’s loss ‘of not being able to offer comprehensive Nordic logistics solutions’ as well as the ‘loss of synergies and scale to its Nordic operations’, the Commission notes that those costs are indeed indirect costs to be borne by PostNord Group, as any prudent market operator would do so, in case of Post Danmark’s bankruptcy. Therefore, those costs are eligible to the DCF analysis. |
| --- | --- |

(219)

With regard to ITD’s argument that the DCF analysis took into account ineligible costs related to the indirect bankruptcy costs, namely the alleged higher borrowing costs of PostNord Group and PostNord Group’s loss ‘of not being able to offer comprehensive Nordic logistics solutions’ as well as the ‘loss of synergies and scale to its Nordic operations’, the Commission notes that those costs are indeed indirect costs to be borne by PostNord Group, as any prudent market operator would do so, in case of Post Danmark’s bankruptcy. Therefore, those costs are eligible to the DCF analysis.

| (220) | With regard to ITD’s argument that the DCF analysis includes ineligible cash flows, such as the USO compensation, the Commission notes that since the USO compensation is regarded as a compatible aid, it is eligible to the DCF analysis. Indeed, a prudent investor would factor in compatible aid in its assessment of the relevance of an investment. |
| --- | --- |

(220)

With regard to ITD’s argument that the DCF analysis includes ineligible cash flows, such as the USO compensation, the Commission notes that since the USO compensation is regarded as a compatible aid, it is eligible to the DCF analysis. Indeed, a prudent investor would factor in compatible aid in its assessment of the relevance of an investment.

| (221) | With regard to ITD’s claim that even if direct and indirect costs of Post Danmark’s bankruptcy scenario were to be included in the DCF analysis, only a part of those costs and not the entire amount should have been included, since Post Danmark’s bankruptcy would not necessarily be avoided through the grant of PostNord Group’s capital injection, the Commission notes on the contrary that the calculations submitted by Denmark and Sweden demonstrated that the group’s capital injection would prevent Post Danmark’s bankruptcy, which was also actually prevented. |
| --- | --- |

(221)

With regard to ITD’s claim that even if direct and indirect costs of Post Danmark’s bankruptcy scenario were to be included in the DCF analysis, only a part of those costs and not the entire amount should have been included, since Post Danmark’s bankruptcy would not necessarily be avoided through the grant of PostNord Group’s capital injection, the Commission notes on the contrary that the calculations submitted by Denmark and Sweden demonstrated that the group’s capital injection would prevent Post Danmark’s bankruptcy, which was also actually prevented.

| (222) | With regard to ITD’s claim that the revenues in the DCF are too high and do not account for the risk that the USO entrustment would not be extended beyond 2019, the Commission notes that such a risk is merely hypothetical. The USO has always lied with Post Danmark and PostNord Group had no reason to expect a change in this respect. In this regard, it can be noted that the USO is generally delivered by the historic national postal operator in the vast majority of Union Member States. |
| --- | --- |

(222)

With regard to ITD’s claim that the revenues in the DCF are too high and do not account for the risk that the USO entrustment would not be extended beyond 2019, the Commission notes that such a risk is merely hypothetical. The USO has always lied with Post Danmark and PostNord Group had no reason to expect a change in this respect. In this regard, it can be noted that the USO is generally delivered by the historic national postal operator in the vast majority of Union Member States.

| (223) | With regard to ITD’s claim that in view of the 10 % decrease in Post Danmark’s net sales in 2017, the estimates in the DCF of the growth rates in the letter and logistics market are too optimistic and thus questionable, the Commission reiterates its assessment in recital (212) and considers that the market analyst forecasts underpinning Post Danmark’s business plan can be considered conservative. |
| --- | --- |

(223)

With regard to ITD’s claim that in view of the 10 % decrease in Post Danmark’s net sales in 2017, the estimates in the DCF of the growth rates in the letter and logistics market are too optimistic and thus questionable, the Commission reiterates its assessment in recital (212) and considers that the market analyst forecasts underpinning Post Danmark’s business plan can be considered conservative.

| (224) | With regard to ITDs’ claim that WACC in the DCF is too low, since it took into account PostNord Group’s peers, rather than Post Danmark’s peers, it did not consider the risk for bankruptcy due to the ambitious Post Danmark’s plan and it did not factor in the model highly sensitivity to arbitrary assumptions regarding future market conditions, the Commission reiterates its assessment in recital (215) and notes that the DCF analysis took into account Post Danmark’s peers benchmarks while the top up premiums reflected appropriately the relevant risks for the calculation of the WACC. |
| --- | --- |

(224)

With regard to ITDs’ claim that WACC in the DCF is too low, since it took into account PostNord Group’s peers, rather than Post Danmark’s peers, it did not consider the risk for bankruptcy due to the ambitious Post Danmark’s plan and it did not factor in the model highly sensitivity to arbitrary assumptions regarding future market conditions, the Commission reiterates its assessment in recital (215) and notes that the DCF analysis took into account Post Danmark’s peers benchmarks while the top up premiums reflected appropriately the relevant risks for the calculation of the WACC.

| (225) | With regard to ITD’s claim that the likely downgrading of PostNord Group considered by the States would confirm that the PostNord Group capital injection would be financially unsound and would not meet the private market investor test, the Commission reiterates the assessment in recitals (211) to (215) concerning the market conformity of the Group’s capital injection and considers on that basis that a downgrading of PostNord Group due to PostNord Group’s capital injection to Post Danmark, does not appear particularly likely (see recital (240)). Notwithstanding that, a very temporary adjustment of PostNord AB’s shadow rating would not necessarily be contradictory with a sound investment. |
| --- | --- |

(225)

With regard to ITD’s claim that the likely downgrading of PostNord Group considered by the States would confirm that the PostNord Group capital injection would be financially unsound and would not meet the private market investor test, the Commission reiterates the assessment in recitals (211) to (215) concerning the market conformity of the Group’s capital injection and considers on that basis that a downgrading of PostNord Group due to PostNord Group’s capital injection to Post Danmark, does not appear particularly likely (see recital (240)). Notwithstanding that, a very temporary adjustment of PostNord AB’s shadow rating would not necessarily be contradictory with a sound investment.

| (226) | With regard to UPS’ claim that the realism of the assumed growth rate in the DCF calculations may be validated by comparing the growth rate of the overall segment (see recital (81)) as reported in a number of research papers and other sources in conjunction to PostNord’s ability to accurately forecast expected results on specific targets, the Commission re-iterates its comments in recital (212) that growth rates assumed in the DCF analysis appeared conservative and adds that PostNord Group’s ability to accurately forecast expected results on specific target cannot be factored in a State aid assessment by the Commission. |
| --- | --- |

(226)

With regard to UPS’ claim that the realism of the assumed growth rate in the DCF calculations may be validated by comparing the growth rate of the overall segment (see recital (81)) as reported in a number of research papers and other sources in conjunction to PostNord’s ability to accurately forecast expected results on specific targets, the Commission re-iterates its comments in recital (212) that growth rates assumed in the DCF analysis appeared conservative and adds that PostNord Group’s ability to accurately forecast expected results on specific target cannot be factored in a State aid assessment by the Commission.

| (227) | With regard to UPS’ claim that additional borrowing costs should be included in the DCF analysis, not only in Post Danmark’s bankruptcy scenario in the absence of the PostNord Group’s capital injection, but also in the PostNord Group’s capital injection scenario in line with the Danish authorities statement that PostNord AB’s shadow credit rating could also deteriorate as a consequence of the capital injection in Post Danmark, the Commission notes that since the capital injection from PostNord Group to Post Danmark is sufficiently profitable in the medium term, a downgrading of PostNord Group does not seem particularly likely, and therefore, no additional borrowing costs should be added in PostNord Group’s capital injection scenario. |
| --- | --- |

(227)

With regard to UPS’ claim that additional borrowing costs should be included in the DCF analysis, not only in Post Danmark’s bankruptcy scenario in the absence of the PostNord Group’s capital injection, but also in the PostNord Group’s capital injection scenario in line with the Danish authorities statement that PostNord AB’s shadow credit rating could also deteriorate as a consequence of the capital injection in Post Danmark, the Commission notes that since the capital injection from PostNord Group to Post Danmark is sufficiently profitable in the medium term, a downgrading of PostNord Group does not seem particularly likely, and therefore, no additional borrowing costs should be added in PostNord Group’s capital injection scenario.

| (228) | In conclusion, based on the two quantitative profitability analyses that Denmark and Sweden have submitted, the Commission concludes that the PostNord Group capital injection is in line with market conditions, as those analyses demonstrated that a private investor in the position of PostNord Group would also have injected capital into Post Danmark. |
| --- | --- |

(228)

In conclusion, based on the two quantitative profitability analyses that Denmark and Sweden have submitted, the Commission concludes that the PostNord Group capital injection is in line with market conditions, as those analyses demonstrated that a private investor in the position of PostNord Group would also have injected capital into Post Danmark.

5.3.1.5.   Distortion of competition and effect on trade

Distortion of competition and effect on trade

| (229) | In order to be qualified as State aid, a measure must distort or threaten to distort competition and affect trade between Member States. |
| --- | --- |

(229)

In order to be qualified as State aid, a measure must distort or threaten to distort competition and affect trade between Member States.

| (230) | A measure granted by a State is considered to distort or to threaten to distort competition when it is liable to improve the competitive position of the recipient compared to other undertakings with which it competes (98). A distortion of competition is thus assumed as soon as a State grants a financial advantage to an undertaking in a liberalised sector where there is, or could be, competition. |
| --- | --- |

(230)

A measure granted by a State is considered to distort or to threaten to distort competition when it is liable to improve the competitive position of the recipient compared to other undertakings with which it competes (98). A distortion of competition is thus assumed as soon as a State grants a financial advantage to an undertaking in a liberalised sector where there is, or could be, competition.

98

| (231) | As regards the measure’s effect on trade, it is not necessary to establish that the aid has an actual effect on trade between Member States (99). In particular, the Union courts have ruled that ‘where State financial aid strengthens the position of an undertaking as compared with other undertakings competing in intra-[Union] trade, the latter must be regarded as affected by the aid.’ (100). |
| --- | --- |

(231)

As regards the measure’s effect on trade, it is not necessary to establish that the aid has an actual effect on trade between Member States (99). In particular, the Union courts have ruled that ‘where State financial aid strengthens the position of an undertaking as compared with other undertakings competing in intra-[Union] trade, the latter must be regarded as affected by the aid.’ (100).

99

100

| (232) | Post Danmark provides postal services in the Danish territory as well as abroad. The Danish postal services market has been liberalised as of 1 January 2011. According to the Danish authorities, in 2016 Post Danmark had a market share of approximately [...] % in the distribution of letters, [...] % in the distribution of business-to-business and business-to-consumer parcels, and [...] % in the distribution of newspapers and magazine mail. |
| --- | --- |

(232)

Post Danmark provides postal services in the Danish territory as well as abroad. The Danish postal services market has been liberalised as of 1 January 2011. According to the Danish authorities, in 2016 Post Danmark had a market share of approximately [...] % in the distribution of letters, [...] % in the distribution of business-to-business and business-to-consumer parcels, and [...] % in the distribution of newspapers and magazine mail.

| (233) | There are several undertakings that provide postal services on the territory of Denmark. Those undertakings are in direct competition with Post Danmark, and several of them, such as UPS and GLS, are also active in other Member States. |
| --- | --- |

(233)

There are several undertakings that provide postal services on the territory of Denmark. Those undertakings are in direct competition with Post Danmark, and several of them, such as UPS and GLS, are also active in other Member States.

| (234) | Therefore, the Commission considers that the capital injection from the PostNord Group into Post Danmark is liable to affect trade and distort competition. |
| --- | --- |

(234)

Therefore, the Commission considers that the capital injection from the PostNord Group into Post Danmark is liable to affect trade and distort competition.

5.3.1.6.   Conclusion

Conclusion

| (235) | Since the PostNord Group capital injection was found to be in line with market conditions, as the relevant analyses demonstrated that a private investor in the position of PostNord Group would have injected similar equity into Post Danmark, there is no economic advantage for Post Danmark and hence one of the criteria of Article 107(1) TFEU is not fulfilled. |
| --- | --- |

(235)

Since the PostNord Group capital injection was found to be in line with market conditions, as the relevant analyses demonstrated that a private investor in the position of PostNord Group would have injected similar equity into Post Danmark, there is no economic advantage for Post Danmark and hence one of the criteria of Article 107(1) TFEU is not fulfilled.

| (236) | Since those criteria are cumulative, the Commission finds that the capital injection from PostNord Group into Post Danmark does not constitute State aid within the meaning of Article 107(1) TFEU. |
| --- | --- |

(236)

Since those criteria are cumulative, the Commission finds that the capital injection from PostNord Group into Post Danmark does not constitute State aid within the meaning of Article 107(1) TFEU.

5.3.2.   Capital injection from Denmark into PostNord AB

Capital injection from Denmark into PostNord AB

5.3.2.1.   Economic activity and notion of undertaking

Economic activity and notion of undertaking

| (237) | The Danish authorities acknowledge that the PostNord Group carries out activities of an economic nature. PostNord Group is the sole owner of Post Danmark, who offers postal services against remuneration on the Danish postal market and in competition with other providers, which is an economic activity. Moreover, other subsidiaries of the group also provide services on several postal services and logistics markets. For those reasons, with regard to the activities financed by Denmark’s capital injection into PostNord Group, Post Nord Group qualifies as an undertaking in the meaning of Article 107(1) TFEU. |
| --- | --- |

(237)

The Danish authorities acknowledge that the PostNord Group carries out activities of an economic nature. PostNord Group is the sole owner of Post Danmark, who offers postal services against remuneration on the Danish postal market and in competition with other providers, which is an economic activity. Moreover, other subsidiaries of the group also provide services on several postal services and logistics markets. For those reasons, with regard to the activities financed by Denmark’s capital injection into PostNord Group, Post Nord Group qualifies as an undertaking in the meaning of Article 107(1) TFEU.

5.3.2.2.   Imputability and State resources

Imputability and State resources

| (238) | Since the Danish authorities grant that measure directly, it is by definition imputable to the State. Moreover, as noted in recital (204), State resources include all resources of the public sector. As the Danish authorities grant the capital injection from their national budget, the Commission considers that this condition is also fulfilled. |
| --- | --- |

(238)

Since the Danish authorities grant that measure directly, it is by definition imputable to the State. Moreover, as noted in recital (204), State resources include all resources of the public sector. As the Danish authorities grant the capital injection from their national budget, the Commission considers that this condition is also fulfilled.

5.3.2.3.   Selectivity

Selectivity

| (239) | The capital injection is an individual measure in favour of PostNord AB. For that reason, it is selective. |
| --- | --- |

(239)

The capital injection is an individual measure in favour of PostNord AB. For that reason, it is selective.

5.3.2.4.   Advantage

Advantage

| (240) | As also noted by ITD, the Commission considers that the Danish (or Swedish) authorities have still not demonstrated convincingly that PostNord AB’s credit rating would deteriorate in the absence of the capital injections from Denmark and Sweden. As an unlisted company, PostNord AB does not formally have a credit rating, and a financial institution could be expected to take into account more factors than PostNord AB’s net debt/EBITDA ratio to determine PostNord AB’s credit rating. The assumption that a financial institution would necessarily have imposed significantly stricter financing conditions only because that ratio would increase temporarily into undesirable territory in the absence of the capital injections from Denmark and Sweden has not been substantiated sufficiently, which is all the more necessary considering that PostNord Group’s capital injection into Post Danmark is in line with the market conditions (see recital (228)) and therefore, profitable in the medium term. |
| --- | --- |

(240)

As also noted by ITD, the Commission considers that the Danish (or Swedish) authorities have still not demonstrated convincingly that PostNord AB’s credit rating would deteriorate in the absence of the capital injections from Denmark and Sweden. As an unlisted company, PostNord AB does not formally have a credit rating, and a financial institution could be expected to take into account more factors than PostNord AB’s net debt/EBITDA ratio to determine PostNord AB’s credit rating. The assumption that a financial institution would necessarily have imposed significantly stricter financing conditions only because that ratio would increase temporarily into undesirable territory in the absence of the capital injections from Denmark and Sweden has not been substantiated sufficiently, which is all the more necessary considering that PostNord Group’s capital injection into Post Danmark is in line with the market conditions (see recital (228)) and therefore, profitable in the medium term.

| (241) | Moreover, while the analysis presented by, Rothschild, shows that PostNord AB’s credit rating would deteriorate into non-investment grade territory only for 2019 to 2020, the DCF model used to quantify this impact on the enterprise value has incorporated a higher WACC of [...] % in perpetuity as confirmed by the Danish state in their response to questions of the Commission. Such approach leads to an impact of the capital injection on the enterprise value (‘C’) greater than SEK 1 billion and, therefore also greater than State’s capital injection (‘D’) of SEK 667 million, as illustrated in Table 6.


  Scenario A: Enterprise value with State injections – WACC = Lower WACC (before PostNord AB’s downgrading)
























  Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Terminal Value | Total | WACC | Terminal growth rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NPV | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] % | [...] % |
| Time factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Discount factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Free Cash Flow | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |

(241)

Moreover, while the analysis presented by, Rothschild, shows that PostNord AB’s credit rating would deteriorate into non-investment grade territory only for 2019 to 2020, the DCF model used to quantify this impact on the enterprise value has incorporated a higher WACC of [...] % in perpetuity as confirmed by the Danish state in their response to questions of the Commission. Such approach leads to an impact of the capital injection on the enterprise value (‘C’) greater than SEK 1 billion and, therefore also greater than State’s capital injection (‘D’) of SEK 667 million, as illustrated in Table 6.

Scenario A: Enterprise value with State injections – WACC = Lower WACC (before PostNord AB’s downgrading)

Scenario A: Enterprise value with State injections – WACC = Lower WACC (before PostNord AB’s downgrading)

Year

Year

2018

2018

2019

2019

2020

2020

2021

2021

2022

2022

2023

2023

2024

2024

2025

2025

2026

2026

Terminal Value

Terminal Value

Total

Total

WACC

WACC

Terminal growth rate

Terminal growth rate

NPV

NPV

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...] %

[...] %

Time factor

Time factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Discount factor

Discount factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Free Cash Flow

Free Cash Flow

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Scenario B: Enterprise value without State injections – WACC = Higher WACC

Scenario B: Enterprise value without State injections – WACC = Higher WACC

| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Terminal Value | Total | WACC | Terminal growth rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NPV | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] % | [...] % |
| Time factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Discount factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Free Cash Flow | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |

Year

Year

2018

2018

2019

2019

2020

2020

2021

2021

2022

2022

2023

2023

2024

2024

2025

2025

2026

2026

Terminal Value

Terminal Value

Total

Total

WACC

WACC

Terminal growth rate

Terminal growth rate

NPV

NPV

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...] %

[...] %

Time factor

Time factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Discount factor

Discount factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Free Cash Flow

Free Cash Flow

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

| Enterprise value with capital injections (Scenario A) | (A) | [...] |
| --- | --- | --- |
| Enterprise value without capital injections (Scenario B) | (B) | [...] |
| Enterprise value increase due to capital injections | (C)=(A)-(B) | 1 096 |
| Capital injections from Denmark and Sweden | (D) | 667 |

Enterprise value with capital injections (Scenario A)

Enterprise value with capital injections (Scenario A)

(A)

(A)

[...]

[...]

Enterprise value without capital injections (Scenario B)

Enterprise value without capital injections (Scenario B)

(B)

(B)

[...]

[...]

Enterprise value increase due to capital injections

Enterprise value increase due to capital injections

(C)=(A)-(B)

(C)=(A)-(B)

1 096

1 096

Capital injections from Denmark and Sweden

Capital injections from Denmark and Sweden

(D)

(D)

667

667

| (242) | However, the Commission considers that, assuming a temporary deterioration of PostNord AB’s shadow credit rating would materialise, at least for the terminal value (101) calculation, which starts in the year 2027, the normal WACC of [...] % (pre-PostNord Group’s capital injection) should be used and not a degraded one to reflect the temporary character of any deterioration of PostNord AB’s shadow credit rating. Using the normal WACC of [...] % for the terminal value in the calculation submitted by the States would lead to the conclusion that the investment is not compliant with the market economy operator principle contrary to the conclusion of the States, which was reached based on a permanently degraded WACC of [...] %. |
| --- | --- |

(242)

However, the Commission considers that, assuming a temporary deterioration of PostNord AB’s shadow credit rating would materialise, at least for the terminal value (101) calculation, which starts in the year 2027, the normal WACC of [...] % (pre-PostNord Group’s capital injection) should be used and not a degraded one to reflect the temporary character of any deterioration of PostNord AB’s shadow credit rating. Using the normal WACC of [...] % for the terminal value in the calculation submitted by the States would lead to the conclusion that the investment is not compliant with the market economy operator principle contrary to the conclusion of the States, which was reached based on a permanently degraded WACC of [...] %.

101

| (243) | The adjusted calculation (using the normal WACC), based on the free cash flow of Denmark and Sweden’s DCF analysis (presented in Table 7) illustrates that the capital injections of Denmark and Sweden (‘D’) of SEK 667 million increase PostNord AB’s enterprise value (‘C’) by only SEK 62 million, which is less than the amount of that capital injections.


  Scenario A: Enterprise value with State injections – WACC = Lower WACC (before PostNord AB’s downgrading)
























  Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Terminal Value | Total | WACC | Terminal growth rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NPV | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] % | [...] % |
| Time factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Discount factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Free Cash Flow | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |

(243)

The adjusted calculation (using the normal WACC), based on the free cash flow of Denmark and Sweden’s DCF analysis (presented in Table 7) illustrates that the capital injections of Denmark and Sweden (‘D’) of SEK 667 million increase PostNord AB’s enterprise value (‘C’) by only SEK 62 million, which is less than the amount of that capital injections.

Scenario A: Enterprise value with State injections – WACC = Lower WACC (before PostNord AB’s downgrading)

Scenario A: Enterprise value with State injections – WACC = Lower WACC (before PostNord AB’s downgrading)

Year

Year

2018

2018

2019

2019

2020

2020

2021

2021

2022

2022

2023

2023

2024

2024

2025

2025

2026

2026

Terminal Value

Terminal Value

Total

Total

WACC

WACC

Terminal growth rate

Terminal growth rate

NPV

NPV

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...] %

[...] %

Time factor

Time factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Discount factor

Discount factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Free Cash Flow

Free Cash Flow

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Scenario B: Enterprise value without State injections – WACC = Higher WACC (after PostNord AB’s downgrading) only in 2018-2026 & Lower WACC in perpetuity

Scenario B: Enterprise value without State injections – WACC = Higher WACC (after PostNord AB’s downgrading) only in 2018-2026 & Lower WACC in perpetuity

| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Terminal Value | Total | WACC | Terminal growth rate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NPV | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] % until 2026 & [...] % from 2026 onwards | [...] % |
| Time factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Discount factor | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |
| Free Cash Flow | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] | [...] |

Year

Year

2018

2018

2019

2019

2020

2020

2021

2021

2022

2022

2023

2023

2024

2024

2025

2025

2026

2026

Terminal Value

Terminal Value

Total

Total

WACC

WACC

Terminal growth rate

Terminal growth rate

NPV

NPV

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...] % until 2026 & [...] % from 2026 onwards

[...] %

Time factor

Time factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Discount factor

Discount factor

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Free Cash Flow

Free Cash Flow

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

| Enterprise value with capital injections (Scenario A) | (A) | [...] |
| --- | --- | --- |
| Enterprise value without capital injections (Scenario B) | (B) | [...] |
| Enterprise value increase due to capital injections | (C)=(A)-(B) | 62 |
| Capital injections from Denmark and Sweden | (D) | 667 |

Enterprise value with capital injections (Scenario A)

Enterprise value with capital injections (Scenario A)

(A)

(A)

[...]

[...]

Enterprise value without capital injections (Scenario B)

Enterprise value without capital injections (Scenario B)

(B)

(B)

[...]

[...]

Enterprise value increase due to capital injections

Enterprise value increase due to capital injections

(C)=(A)-(B)

(C)=(A)-(B)

62

62

Capital injections from Denmark and Sweden

Capital injections from Denmark and Sweden

(D)

(D)

667

667

| (244) | That adjusted calculation shows that contrary to what is argued by the States, the increase in the enterprise value attributable to capital injections from Denmark and Sweden would not exceed SEK 62 million so much below the SEK 667 million investment. The gain in financing cost is much lower than expected by the States because the deterioration of financing conditions, if it happens, would only have temporary effects. |
| --- | --- |

(244)

That adjusted calculation shows that contrary to what is argued by the States, the increase in the enterprise value attributable to capital injections from Denmark and Sweden would not exceed SEK 62 million so much below the SEK 667 million investment. The gain in financing cost is much lower than expected by the States because the deterioration of financing conditions, if it happens, would only have temporary effects.

| (245) | As to the argument raised by the States that the burden of proof required by the Commission is allegedly excessive, it should be noted that according to State aid rules and Commission’s practice, the burden of proof always lies with the Member State. Pursuant to relevant Union case law, if a Member State argues that it acted as a market economy operator it must, where there is doubt, provide evidence showing that the decision to carry out the transaction was taken on the basis of economic evaluations comparable to those which, in similar circumstances, a rational market economy operator (with characteristics similar to those of the public body concerned) would have had carried out to determine the profitability or economic advantages of the transaction (102). |
| --- | --- |

(245)

As to the argument raised by the States that the burden of proof required by the Commission is allegedly excessive, it should be noted that according to State aid rules and Commission’s practice, the burden of proof always lies with the Member State. Pursuant to relevant Union case law, if a Member State argues that it acted as a market economy operator it must, where there is doubt, provide evidence showing that the decision to carry out the transaction was taken on the basis of economic evaluations comparable to those which, in similar circumstances, a rational market economy operator (with characteristics similar to those of the public body concerned) would have had carried out to determine the profitability or economic advantages of the transaction (102).

102

| (246) | The Commission considers that the Danish authorities failed to demonstrate that it is credible that PostNord ABwould have lost shadow investment grade rating in the absence of the capital injections from Denmark and Sweden and would have kept it with the capital injections from Denmark and Sweden. Moreover, the Danish authorities also failed to demonstrate that the financial consequences of that loss of investment grade, assuming it would happen, would exceed the amount of their capital injection. A rational market economy operator would not have carried out the capital injection in the absence of such analysis showing that the operation is profitable or that there are economic advantages of this operation. |
| --- | --- |

(246)

The Commission considers that the Danish authorities failed to demonstrate that it is credible that PostNord ABwould have lost shadow investment grade rating in the absence of the capital injections from Denmark and Sweden and would have kept it with the capital injections from Denmark and Sweden. Moreover, the Danish authorities also failed to demonstrate that the financial consequences of that loss of investment grade, assuming it would happen, would exceed the amount of their capital injection. A rational market economy operator would not have carried out the capital injection in the absence of such analysis showing that the operation is profitable or that there are economic advantages of this operation.

| (247) | The Commission therefore cannot consider that the capital injection from Denmark was in line with the market conditions and therefore, the Commission concludes that the capital injection conferred an advantage to PostNord AB. |
| --- | --- |

(247)

The Commission therefore cannot consider that the capital injection from Denmark was in line with the market conditions and therefore, the Commission concludes that the capital injection conferred an advantage to PostNord AB.

5.3.2.5.   Distortion of competition and effect on trade

Distortion of competition and effect on trade

| (248) | To the extent that the measure benefits PostNord AB, it can also distort competition and have an effect on trade, as PostNord ABis present in several internationally competitive markets through Post Danmark and its other subsidiaries such as PostNord Sverige. PostNord Sverige is active on the Swedish postal market, which has been liberalised since 1993. Moreover, it provides logistics services on several markets in the Nordic region and the rest of Europe (see recital (15)). |
| --- | --- |

(248)

To the extent that the measure benefits PostNord AB, it can also distort competition and have an effect on trade, as PostNord ABis present in several internationally competitive markets through Post Danmark and its other subsidiaries such as PostNord Sverige. PostNord Sverige is active on the Swedish postal market, which has been liberalised since 1993. Moreover, it provides logistics services on several markets in the Nordic region and the rest of Europe (see recital (15)).

5.3.2.6.   Conclusion

Conclusion

| (249) | In light of recitals (240) to (248), the Commission considers that the Capital injection from Denmark into PostNord AB constitutes State aid within the meaning of Article 107(1) TFEU. |
| --- | --- |

(249)

In light of recitals (240) to (248), the Commission considers that the Capital injection from Denmark into PostNord AB constitutes State aid within the meaning of Article 107(1) TFEU.

5.3.3.   Capital injection from Sweden into PostNord AB

Capital injection from Sweden into PostNord AB

5.3.3.1.   Economic activity and notion of undertaking

Economic activity and notion of undertaking

| (250) | The Swedish authorities acknowledge that the PostNord Group carries out activities of an economic nature. PostNord Group is the sole owner of Post Danmark, who offers postal services against remuneration on the Danish postal market and in competition with other providers, which is an economic activity. Moreover, other subsidiaries of the group provide services on several postal services and logistics markets. For those reasons, with regard to the activities financed by Sweden’s capital injection into PostNord AB, PostNord AB qualifies as an undertaking in the meaning of Article 107(1) TFEU. |
| --- | --- |

(250)

The Swedish authorities acknowledge that the PostNord Group carries out activities of an economic nature. PostNord Group is the sole owner of Post Danmark, who offers postal services against remuneration on the Danish postal market and in competition with other providers, which is an economic activity. Moreover, other subsidiaries of the group provide services on several postal services and logistics markets. For those reasons, with regard to the activities financed by Sweden’s capital injection into PostNord AB, PostNord AB qualifies as an undertaking in the meaning of Article 107(1) TFEU.

5.3.3.2.   Imputability and State resources

Imputability and State resources

| (251) | Since the Swedish authorities grant that measure directly it is by definition imputable to the State. Moreover, as noted in recital (204), State resources include all resources of the public sector. As the Swedish authorities grant the capital injection from their national budget, the Commission considers that this condition is also fulfilled. |
| --- | --- |

(251)

Since the Swedish authorities grant that measure directly it is by definition imputable to the State. Moreover, as noted in recital (204), State resources include all resources of the public sector. As the Swedish authorities grant the capital injection from their national budget, the Commission considers that this condition is also fulfilled.

5.3.3.3.   Selectivity

Selectivity

| (252) | The capital injection is an individual measure in favour of PostNord AB. For that reason, it is selective. |
| --- | --- |

(252)

The capital injection is an individual measure in favour of PostNord AB. For that reason, it is selective.

5.3.3.4.   Advantage

Advantage

| (253) | For the same reasons as those set out in recitals (240) to (247) and in line with ITD’s comments, Denmark and Sweden failed to substantiate or to quantify the risk of PostNord AB losing its shadow investment grade absent the capital injection from Denmark and Sweden before and after the opening decision. The likelihood of losing investment grade is not prima facie obvious and the estimation of the consequences of such loss are problematic both from a theoretical viewpoint (namely permanent degradation of the cost of debt) as well as a quantitative viewpoint (calculation of the enterprise value). |
| --- | --- |

(253)

For the same reasons as those set out in recitals (240) to (247) and in line with ITD’s comments, Denmark and Sweden failed to substantiate or to quantify the risk of PostNord AB losing its shadow investment grade absent the capital injection from Denmark and Sweden before and after the opening decision. The likelihood of losing investment grade is not prima facie obvious and the estimation of the consequences of such loss are problematic both from a theoretical viewpoint (namely permanent degradation of the cost of debt) as well as a quantitative viewpoint (calculation of the enterprise value).

prima facie

5.3.3.5.   Distortion of competition and effect on trade

Distortion of competition and effect on trade

| (254) | To the extent that the measure will benefit PostNord AB by preserving its investment grade credit rating, it can also distort competition and have an effect on trade, as PostNord AB is present in several internationally competitive markets through Post Danmark and its other subsidiaries such as PostNord Sverige. PostNord Sverige is active on the Swedish postal market, which has been liberalised since 1993. Moreover, it provides logistics services on several markets in the Nordic region and the rest of Europe (see recital (15)). |
| --- | --- |

(254)

To the extent that the measure will benefit PostNord AB by preserving its investment grade credit rating, it can also distort competition and have an effect on trade, as PostNord AB is present in several internationally competitive markets through Post Danmark and its other subsidiaries such as PostNord Sverige. PostNord Sverige is active on the Swedish postal market, which has been liberalised since 1993. Moreover, it provides logistics services on several markets in the Nordic region and the rest of Europe (see recital (15)).

5.3.3.6.   Conclusion

Conclusion

| (255) | In light of recitals (250) to (254), the Commission considers that the Capital injection from Sweden into PostNord AB constitutes State aid within the meaning of Article 107(1) TFEU. |
| --- | --- |

(255)

In light of recitals (250) to (254), the Commission considers that the Capital injection from Sweden into PostNord AB constitutes State aid within the meaning of Article 107(1) TFEU.

5.4.   Compatibility

Compatibility

| (256) | With regard to the measures assessed in the present decision that are found to constitute State aid within the meaning of Article 107(1) TFEU, it is necessary to assess whether those measures can be considered compatible with the internal market. |
| --- | --- |

(256)

With regard to the measures assessed in the present decision that are found to constitute State aid within the meaning of Article 107(1) TFEU, it is necessary to assess whether those measures can be considered compatible with the internal market.

| (257) | According to the case law of the Court, it is up to the Member State to invoke possible grounds of compatibility, and to demonstrate that the conditions for such compatibility are met (103). |
| --- | --- |

(257)

According to the case law of the Court, it is up to the Member State to invoke possible grounds of compatibility, and to demonstrate that the conditions for such compatibility are met (103).

103

| (258) | The Danish and Swedish authorities have however not invoked any arguments that would demonstrate the compatibility of the measures in question with the internal market. |
| --- | --- |

(258)

The Danish and Swedish authorities have however not invoked any arguments that would demonstrate the compatibility of the measures in question with the internal market.

| (259) | In light of recitals (256) to (258), the Commission concludes that the capital injection from Denmark into PostNord AB and the capital injection from Sweden into PostNord AB constitute State aid that is incompatible with the internal market. |
| --- | --- |

(259)

In light of recitals (256) to (258), the Commission concludes that the capital injection from Denmark into PostNord AB and the capital injection from Sweden into PostNord AB constitute State aid that is incompatible with the internal market.

6.   RECOVERY OF THE CAPITAL INJECTIONS FROM DENMARK AND SWEDEN

RECOVERY OF THE CAPITAL INJECTIONS FROM DENMARK AND SWEDEN

| (260) | According to the Treaty and the established case law of the Union Courts, the Commission is competent to decide that the Member State concerned is to alter or abolish aid when it has found that it is incompatible with the internal market (104). The Union Courts have also consistently held that the obligation on a Member State to abolish aid regarded by the Commission as being incompatible with the internal market is designed to re-establish the previously existing situation (105). |
| --- | --- |

(260)

According to the Treaty and the established case law of the Union Courts, the Commission is competent to decide that the Member State concerned is to alter or abolish aid when it has found that it is incompatible with the internal market (104). The Union Courts have also consistently held that the obligation on a Member State to abolish aid regarded by the Commission as being incompatible with the internal market is designed to re-establish the previously existing situation (105).

104

105

| (261) | In this context, the Union Courts have established that this objective is attained once the recipient has repaid the amounts granted by way of unlawful aid, thus forfeiting the advantage which it had enjoyed over its competitors on the internal market, and the situation prior to the payment of the aid is restored (106). |
| --- | --- |

(261)

In this context, the Union Courts have established that this objective is attained once the recipient has repaid the amounts granted by way of unlawful aid, thus forfeiting the advantage which it had enjoyed over its competitors on the internal market, and the situation prior to the payment of the aid is restored (106).

106

| (262) | In line with the case law, Article 16(1) of Regulation (EU) 2015/1589 states that ‘where negative decisions are taken in cases of unlawful aid, the Commission shall decide that the Member State concerned shall take all necessary measures to recover the aid from the beneficiary.’ |
| --- | --- |

(262)

In line with the case law, Article 16(1) of Regulation (EU) 2015/1589 states that ‘where negative decisions are taken in cases of unlawful aid, the Commission shall decide that the Member State concerned shall take all necessary measures to recover the aid from the beneficiary.’

| (263) | Therefore, given that the capital injections from Denmark and Sweden were implemented in breach of Article 108(3) Treaty and are to be considered as unlawful and incompatible aid, those capital investments should be recovered in order to re-establish the situation that existed on the internal market prior to their granting. |
| --- | --- |

(263)

Therefore, given that the capital injections from Denmark and Sweden were implemented in breach of Article 108(3) Treaty and are to be considered as unlawful and incompatible aid, those capital investments should be recovered in order to re-establish the situation that existed on the internal market prior to their granting.

| (264) | The nominal recovery amounts corresponding to the two capital injections granted by Sweden and Denmark to PostNord AB respectively are SEK 400 million, which should be recovered by Sweden, and SEK 267 million, which should be recovered by Denmark. |
| --- | --- |

(264)

The nominal recovery amounts corresponding to the two capital injections granted by Sweden and Denmark to PostNord AB respectively are SEK 400 million, which should be recovered by Sweden, and SEK 267 million, which should be recovered by Denmark.

| (265) | The recovery amounts should cover the period from the date when the aid was put at the disposal of PostNord AB until effective recovery. The amount to be recovered should bear interest until effective recovery. |
| --- | --- |

(265)

The recovery amounts should cover the period from the date when the aid was put at the disposal of PostNord AB until effective recovery. The amount to be recovered should bear interest until effective recovery.

7.   CONCLUSION

CONCLUSION

| (266) | The Commission finds that the capital injection from PostNord Group into Post Danmark does not constitute aid within the meaning of Article 107(1) TFEU. |
| --- | --- |

(266)

The Commission finds that the capital injection from PostNord Group into Post Danmark does not constitute aid within the meaning of Article 107(1) TFEU.

| (267) | The Commission finds that the capital injection from Denmark into PostNord AB and the capital injection from Sweden into PostNord AB constitute State aid within the meaning of Article 107(1) TFEU and that Denmark and Sweden have unlawfully implemented them in breach of Article 108(3) TFEU. The Commission also finds that those capital injections are incompatible with the internal market. Denmark and Sweden should therefore recover the unlawful and incompatible aid from PostNord AB, |
| --- | --- |

(267)

The Commission finds that the capital injection from Denmark into PostNord AB and the capital injection from Sweden into PostNord AB constitute State aid within the meaning of Article 107(1) TFEU and that Denmark and Sweden have unlawfully implemented them in breach of Article 108(3) TFEU. The Commission also finds that those capital injections are incompatible with the internal market. Denmark and Sweden should therefore recover the unlawful and incompatible aid from PostNord AB,

HAS ADOPTED THIS DECISION:

Article 1

The State aid in the form of a capital injection from Sweden of SEK 400 million into PostNord AB unlawfully put into effect by Sweden in breach of Article 108(3) TFEU is incompatible with the internal market.

Article 2

The State aid in the form of a capital injection from Denmark of SEK 267 million into PostNord AB unlawfully put into effect by Denmark in breach of Article 108(3) TFEU is incompatible with the internal market.

Article 3

The capital injection into Post Danmark by PostNord Group AB does not constitute State aid within the meaning of Article 107(1) TFEU.

Article 4

1.   Sweden shall recover the incompatible aid referred to in Article 1 from the beneficiary of that aid.

2.   Denmark shall recover the incompatible aid referred to in Article 2 from the beneficiary of that aid.

3.   The sums to be recovered shall bear interest from the date on which they were put at the disposal of the beneficiary until their actual recovery.

4.   The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004 (107) and Commission Regulation (EC) No 271/2008 (108).

Article 5

1.   Recovery of the aid referred to in Articles 1 and 2 shall be immediate and effective.

2.   Sweden and Denmark shall ensure that this Decision is implemented within 4 months following the date of notification of this Decision.

Article 6

1.   Within 2 months following the date of notification of this Decision, Sweden and Denmark shall submit the following information to the Commission:

| (a) | the total amount (principal and recovery interest) to be recovered from the beneficiary; |
| --- | --- |

(a)

the total amount (principal and recovery interest) to be recovered from the beneficiary;

| (b) | a detailed description of the measures already taken and of those planned to be taken in order to comply with this Decision; |
| --- | --- |

(b)

a detailed description of the measures already taken and of those planned to be taken in order to comply with this Decision;

| (c) | documents demonstrating that the beneficiary has been ordered to repay the aid. |
| --- | --- |

(c)

documents demonstrating that the beneficiary has been ordered to repay the aid.

2.   Sweden and Denmark shall keep the Commission informed of the progress of the national measures taken to implement this Decision until recovery of the aid in accordance with Article 4 has been completed. On request by the Commission, it shall immediately submit information on the national measures already taken and on those planned to be taken in order to comply with this Decision, including detailed information on the amounts of aid and recovery interest already recovered from the beneficiary.

Article 7

This Decision is addressed to the Kingdom of Sweden and the Kingdom of Denmark.

Done at Brussels, 10 September 2021.

For the Commission

Margrethe VESTAGER

Member of the Commission

---

(1)  OJ C 268, 9.8.2019, p. 4.

1

(2)  Commission Decision SA.47707(2018/N) of 28 May 2018 – State compensations granted to PostNord for the provision of the universal postal service – Denmark.

2

(3)  See State aid – Denmark and Sweden – State aid SA.49668 (2017/FC) and SA.53403(2017/FC) – Alleged State aid to Post Danmark – Invitation to submit comments pursuant to Article 108(2) of the Treaty on the Functioning of the European Union (OJ C 268, 9.8.2019, p. 4), recitals (3) to (11).

3

(4)  State aid – Denmark and Sweden – State aid SA.49668 (2017/FC) and SA.53403(2017/FC) – Alleged State aid to Post Danmark – Invitation to submit comments pursuant to Article 108(2) of the Treaty on the Functioning of the European Union (OJ C 268, 9.8.2019, p. 4).

4

(5)  Lov om Post Danmark, Nr 88 of 8 February 1995, https://www.retsinformation.dk/eli/lta/1995/88

5

(6)  Lov om postvirksomhed, Nr 89 of 8 February 1995, https://www.retsinformation.dk/eli/lta/1995/89

6

(7)  Lov om Post Danmark A/S, Nr 409 of 6 June 2002, https://www.retsinformation.dk/eli/lta/2002/409

7

(8)  See: https://www.cvc.com/media/press-releases/2009/02-02-2009-123603833

8

(9)  The legal basis for the merger in Denmark was provided by: Lov om ændring af lov om Post Danmark A/S, LOV nr 542 of 17 June 2008, available at: https://www.retsinformation.dk/Forms/R0710.aspx?id=120348

9

(10)  Commission Decision of 21 April 2009, Case No COMP/M.5152 – Posten AB/Post Danmark A/S. Notification of 26/02/2009 pursuant to Article 4 of Council Regulation (EC) No 139/2004, available at: https://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=2_M_5152

10

(11)  Directive 97/67/EC of the European Parliament and the Council of 15 December 1997 on common rules for the development of the internal market of Community postal services and the improvement of quality of service (OJ L 15, 21.1.1998, p. 14).

11

(12)  See Postloven, LOV nr 1536 of 21 December 2010, available at: https://www.retsinformation.dk/Forms/R0710.aspx?id=135208. The law has been amended several times.

12

(13)  For example, from 2013 onwards, public authorities in Denmark were obliged to use electronic communication in exchanges with citizens and undertakings, according to Lov om Offentlig Digital Post, LOV nr 528 of 11 June 2012, available at: https://www.retsinformation.dk/Forms/R0710.aspx?id=142234

13

(14)  The General Court has partly annulled the 2018 Decision, considering that the Commission should have opened the formal investigation procedure as regards certain measures, including the capital injection of 23 February 2017, see recitals (39) and (40).

14

(15)  McKinsey verified the viability of the transformation model in a report.

15

(16)  Paragraph 1 of the October Agreement.

16

(17)  Exchange rate: SEK 1 = EUR 0,09889, taken on 11 May 2021 from https://ec.europa.eu/info/funding-tenders/procedures-guidelines-tenders/information-contractors-and-beneficiaries/exchange-rate-inforeuro_en

17

(18)  Paragraph 4 of the October Agreement.

18

(19)  Exchange rate: DKK 1 = EUR 0,13448, taken on 11 May 2021 from https://ec.europa.eu/info/funding-tenders/procedures-guidelines-tenders/information-contractors-and-beneficiaries/exchange-rate-inforeuro_en

19

(20)  Preamble of the October Agreement.

20

(21)  This is the same agreement that arranges the principles for monitoring and reporting, including an ex post control mechanism for the purpose of verifying that Post Danmark has not been overcompensated (see recital 128(iii) of Commission Decision SA.47707(2018/N) of 28 May 2018 – State compensations granted to PostNord for the provision of the universal postal service – Denmark).

21

ex post

(22)  The Decree referred to in recital (101)(a) states that the capital injection shall ensure that PostNord AB continues the objective of maintaining an investment grade status and can thus enter into agreements on commercially sound terms with banks and creditors [...].

22

(23)  The Decision of the Swedish parliament referred to in recital (101)(b) states that to maintain confidence in the company of customers, supplies and financiers and thereby to safeguard the business of the group as a whole, funds need to be provided to the company as soon as possible [För att möjliggöra en nödvändig omställning av verksamheten i Postnord, samt för att upprätthålla förtroendet för bolaget hos kunder, leverantörer och finansiärer, och därigenom trygga verksamheten inom hela koncernen, behöver medel tillföras bolaget så snart som möjligt.].

23

as a whole

För att möjliggöra en nödvändig omställning av verksamheten i Postnord, samt för att upprätthålla förtroendet för bolaget hos kunder, leverantörer och finansiärer, och därigenom trygga verksamheten inom hela koncernen, behöver medel tillföras bolaget så snart som möjligt.

(24)  Communication from the Commission – European Union framework for State aid in the form of public service compensation (2011) (OJ C 8, 11.1.2012, p. 15).

24

(25)  Case T-561/18, ITD and Danske Fragtmænd v Commission,, ECLI:EU:T:2021:240.

25

ITD and Danske Fragtmænd v Commission

(26)  Recital (90) to (94) of the opening decision.

26

(27)  Recitals (110) to (112) of the opening decision.

27

(28)  Recitals (120) to (122) of the opening decision.

28

(29)  Examples of large members are DSV Road, Frode Laursen and Danske Fragtmænd.

29

(30)  Joined cases T-415/05, T-416/05 and T-423/05, Greece and Others v Commission, EU:T:2010:386.

30

Greece and Others v Commission,

(31)  ITD refers to joined cases T-415/05, T-416/05 and T-423/05, Greece and Others v Commission, EU:T:2010:386, paragraph 177; case T-11/95, BP Chemicals v Commission, EU:T:1998:199, paragraphs 176 and Case T-11/95, BP Chemicals v Commission, EU:T:1998:199, paragraphs 170-171.

31

Greece and Others v Commission

(32)  In this regard, ITD notes that in fact there are only two investors (Denmark and Sweden) since PostNord’s actions were considered to be imputable to Denmark and Sweden, meaning that PostNord is not the investor, but the States.

32

(33)  The parts in brackets are also part of ITD’s comments and have not been added by the Commission.

33

(34)  Case C-385/18, Arriva Italia Srl and Others v Ministero delle Infrastrutture e dei Trasporti, ECLI:EU:C:2019:1121. To be noted that this judgment was not yet adopted when ITD submitted its comments.

34

Arriva Italia Srl and Others v Ministero delle Infrastrutture e dei Trasporti

(35)  The cases ITD likely refers to are Case T-131/16, Kingdom of Belgium and Magnetrol International v European Commission, ECLI:EU:T:2019:91; Case T-479/11 and T-157/12, France v Commission, EU:T:2016:320. In their comments, the references were limited to ‘Kingdom of Belgium and Magentrol International v European Commission’ and ‘European Commission v French Republic and IFP Energies nouvelles [from the General Court]’.

35

Kingdom of Belgium and Magnetrol International

European Commission

France v Commission

Kingdom of Belgium and Magentrol International

European Commission

European Commission

French Republic and IFP Energies nouvelles

(36)  ITD provides as an example Case T-818/14, Brussels South Charleroi Airport (BSCA) v European Commission, EU:T:2018:33, paragraph 72 and following. In this case there is a framework agreement which did not identify the recipient and was incapable of triggering the grant of the aid as it was limited to instructing the relevant Minister to submit implementing measures for granting the aid. Contrary to this case, ITD submits that in the present case, both the aid amount and the aid beneficiary are identified in the October Agreement.

36

Brussels South Charleroi Airport (BSCA) v European Commission

(37)  Case T-818/14, Brussels South Charleroi Airport (BSCA) v European Commission, EU:T:2018:33, paragraph 72 and the case law cited: ‘the criterion for determining the time of granting aid is that of the legally binding act by which the competent authority undertakes to grant the aid to its recipient [...] by an unconditional and legally binding promise [...]. That criterion necessarily implies that, on the date of the granting of the aid, the recipient can be identified’.

37

Brussels South Charleroi Airport (BSCA)

European Commission

(38)  ITD refers to Commission Decision SA.36558 (2014/NN) and SA.38371 (2014/NN) – Denmark and SA.36662 (2014/NN) – Sweden of 15 October 2014 – Aid granted to Øresundsbro Konsortiet, without specifying the relevant paragraphs.

38

(39)  Case C-385/18, Arriva Italia Srl and Others v Ministero delle Infrastrutture e dei Trasporti, ECLI:EU:C:2019:1121.

39

Arriva Italia Srl and Others v Ministero delle Infrastrutture e dei Trasporti

(40)  Case T-131/16, Kingdom of Belgium and Magnetrol International v European Commission, ECLI:EU:T:2019:91.

40

Kingdom of Belgium and Magnetrol International v European Commission

(41)  Recital (49) of the opening decision.

41

(42)  Footnote 17 of the opening decision.

42

(43)  JJD has provided an example from the beginning of 2018 where it was invited by one of its existing customers to submit an offer for the provision of transport services related to the distribution of international palletised cargo. Post Danmark was also invited to submit an offer and the price of this offer turned out to be 18 % lower. According to JJD, the price offered by Post Danmark would not even be sufficient for Post Danmark to recuperate its costs for fuel, staff and administration.

43

(44)  I.e. the International Post Corporation, https://www.ipc.be/sector-data/postal-sector/market-watch and PostNL, https://www.postnl.nl/en/about-postnl/about-us/market-and-regulation/research-on-the-european-postal-market/; Transport Intelligence, http://www.gscintell.com/Dashboard; Apex Insight, https://apex-insight.com/express-logistics-service/

44

(45)  E.g. Commission Decision State aid No C 20/2009 (ex N 763/2002) of 13 July 2009, Belgium – La Poste, recitals (204) and (205).

45

(46)  Joined cases T-415/05, T-416/05 and T-423/05, Greece v Commission, EU:T:2010:386, paragraph 178, ECLI:EU:T:2010:386.

46

Greece v Commission

(47)  T-152/99, HAMSA v Commission, EU:T:2002:188; T-284/15, AlzChem v Commission, EU:T:2018:950.

47

HAMSA v Commission

AlzChem v Commission

(48)  For example, the bill enabling the Government to divest its ownership of Bilprovningen AB (a company that carries out inspections and registration of motor vehicles and trailers in Sweden) was adopted by Parliament as far back as 17 December 2009 (prop. 2009/10:54, bet. 2009/10:NU10, rskr 2009/10:162).

48

(49)  Utbetalning av kapitaltillskott till PostNord AB (rskr 2017/18:114).

49

(50)  Bill adopted by the Swedish Parliament on 12 December 2017, prop. 2017/18:39, bet 2017/18:FiU28, rskr. 2017/18:114.

50

(51)  Joined cases C-341/06 P and C-342/06 P, Chronopost and La Poste v UFEX and Others (Ufex II), EU:C:2008:375, paragraphs 129-131.

51

Chronopost and La Poste v UFEX and Others (Ufex II)

(52)  Case C-329/15, ENEA S.A. v Prezes Urzędu Regulacji Energetyki, ECLI:EU:C:2017:671, paragraph 31.

52

ENEA S.A. v Prezes Urzędu Regulacji Energetyki

(53)  Case C-329/15, ENEA S.A. v Prezes Urzędu Regulacji Energetyki, ECLI:EU:C:2017:671, paragraph 31.

53

ENEA S.A. v Prezes Urzędu Regulacji Energetyki

(54)  Ibid, paragraph 34.

54

Ibid

(55)  Case C-482/99, French Republic v Commission of the European Communities (Stardust Marine), ECLI:EU:C:2002:294, paragraph 52 and 55. See also Opinion of Advocate General Saumandsgaard Øe, Case C-329/15, ENEA S.A. w Poznaniu v Prezes Urzędu Regulacji, ECLI:EU:C:2017:233, points 99 and 100.

55

French Republic v Commission of the European Communities (Stardust Marine

ENEA S.A. w Poznaniu v Prezes Urzędu Regulacji

(56)  The assumptions were based on information from the Denmark Ecommerce Country 2017 report issued from the Ecommerce Foundation and the e-commerce 2017 report issued from Danish Chamber of Commerce.

56

(57)  Danish Chamber of Commerce report on e-commerce in 2017, Denmark Ecommerce Country 2017 report from Ecommerce Foundation, Pitney Bowes Parcel Shipping Index, https://www.pitneybowes.com/us/shipping-index.html, eCom survey ‘eBarometern 2018’, https://dhandel.se/kunskapsbanken/e-barometern-arsrapport-2018/, IPC, Global Postal Industry Report, November 2019.

57

(58)  Post Danmark’s peers taken into account: CTT-Correios De Portugal, S.A.; Deutsche Post AG; Bpost SA/NV; Österreichische Post AG; PostNL N.V.; Royal Mail plc; DX (Group) plc; FedEx Corporation; Kuehne + Nagel International AG; United Parcel Service, Inc; DSV Panalpina A/S; XPO Logistics, Inc.

58

(59)  Denmark and Sweden refer in this respect to for example: Case T-152/99, HAMSA v Commission, EU:T:2002:188 and Commission Decision 2018/261/EU of 22 January 2014 on the measures SA.32014 (2011/C), SA.32015 (2011/C), SA.32016 (2011/C) implemented by the Region of Sardinia in favour of Saremar (OJ L 49, 22.2.2018, p. 22), recital 243.

59

HAMSA v Commission

(60)  See recital (55)(b).

60

(61)  C-129/12, Magdeburger Mühlenwerke GmbH v Finanzamt Magdeburg, EU:C:2013:200, paragraphs 40 and 41; T-818/14, Brussels South Charleroi Airport (BSCA) v European Commission, EU:T:2018:33, paragraph 72, and references therein).

61

Magdeburger Mühlenwerke GmbH v Finanzamt Magdeburg

Brussels South Charleroi Airport (BSCA) v European Commission

(62)  Before the operative part in the October Agreement, it is stated ‘IT IS HEREBY IN PRINCIPLE AGREED AS FOLLOWS:’.

62

(63)  Agreement on the principles for implementing the compensation amount of SEK 1,533 bn mentioned in the Agreement of 20 October 2017 between the Swedish and Danish State between the Kingdom of Denmark and PostNord AB, signed 11 June 2018.

63

(64)  T-425/04 RENV and T-444/04 RENV, France and Orange v Commission, EU:T:2015:450, paragraph. 237, as upheld by C-486/15 P, Commission v France and Orange, EU:C:2016:912.

64

France and Orange v Commission

Commission v France and Orange

(65)  Opinion of Advocate General Tanchev, Case C-385/18, Arriva Italia and Others v Ministero delle Infrastrutture e dei Trasporti, ECLI:EU:C:2019:647, paragraph 36-44.

65

(66)  Post Danmark’s annual report 2019, page 14.

66

(67)  PostNord AB’s annual report 2018, page 4 and 47.

67

(68)  Paragraph 1 of the October Agreement.

68

(69)  It follows from the preamble of the October Agreement that PostNord AB is meant by ‘Company’ in this agreement.

69

(70)  Paragraph 4 of the October Agreement.

70

(71)  [...].

71

(72)  ‘I propositionen föreslås riksdagen bemyndiga regeringen att besluta om kapitaltillskott till PostNord AB på högst 400 miljoner kronor’.

72

(73)  Joined cases T-415/05, T-416/05 and T-423/05, Greece and Others v Commission, EU:T:2010:386, paragraph 178.

73

Greece and Others v Commission,

(74)  Council Regulation (EU) 2015/1589 of 13 July 2015 laying down detailed rules for the application of Article 108 of the Treaty on the Functioning of the European Union (OJ L 248, 24.9.2015, p. 9).

74

(75)  Joined cases T-415/05, T-416/05 and T-423/05, Greece and Others v Commission, EU:T:2010:386.

75

(76)  Joined cases C-399/10 P and C-401/10 P, Bouygues and Bouygues Télécom v Commission and Others, EU:C:2013:175.

76

Bouygues and Bouygues Télécom v Commission and Others,

(77)  Case T-11/95, BP Chemicals v Commission, EU:T:1998:199.

77

BP Chemicals v Commission,

(78)  Case T-11/95, BP Chemicals v Commission, EU:T:1998:199, paragraph 170.

78

BP Chemicals v Commission,

(79)  Joined cases C-399/10 P and C-401/10 P, Bouygues and Bouygues Télécom v Commission and Others, EU:C:2013:175, paragraph 104.

79

Bouygues and Bouygues Télécom v Commission and Others,

(80)  Case C-385/18, Arriva Italia Srl and Others v Ministero delle Infrastrutture e dei Trasporti, ECLI:EU:C:2019:1121, paragraph 41.

80

Arriva Italia Srl and Others v Ministero delle Infrastrutture e dei Trasporti

(81)  Case T-131/16, Kingdom of Belgium and Magnetrol International v European Commission, ECLI:EU:T:2019:91, paragraph 119. The judgment is currently under appeal (C-337/19 P, Commission v Belgium and Magnetrol International). The Advocate General has concluded that the General Court was wrong in stating that for the identification of the beneficiaries implementing measures were required, see Opinion of Advocate General Kokott, Case C-337/19 P, European Commission v Kingdom of Belgium and Magnetrol International, paragraph 113.

81

Kingdom of Belgium and Magnetrol International v European Commission

Commission v Belgium and Magnetrol International

European Commission v Kingdom of Belgium and Magnetrol International

(82)  Case T-818/14, Brussels South Charleroi Airport (BSCA) v European Commission, ECLI:EU:T:2018:33, paragraph 72.

82

Brussels South Charleroi Airport (BSCA) v European Commission

(83)  Société Wallonne des Aéroports Sa.

83

(84)  See e.g. C-129/12, Magdeburger Mühlenwerke, EU:C:2013:200, paragraphs. 40 and 41.

84

Magdeburger Mühlenwerke

(85)  Case T-818/14, BSCA v Commission, EU:T:2018:33, paragraph 72 and the case law cited.

85

BSCA v Commission,

(86)  On 4 April 2018, PostNord Group transferred capital for an amount of DKK 150 million into Post Danmark, 6,4 % of the value of the Group capital injection.

86

(87)  Case 118/85, Commission v Italy, ECLI:EU:C:1987:283 and Case C-35/96 Commission v Italy, ECLI:EU:C:1998:303.

87

Commission v Italy

Commission v Italy

(88)  Case C-482/99, France v Commission, ECLI:EU:C:2002:294, paragraph 52.

88

France v Commission

(89)  Case T-358/94, Air France v Commission, ECLI:EU:T:1996:194, paragraph 56.

89

Air France v Commission

(90)  Case C-482/99, France v Commission, ECLI:EU:C:2002:294, paragraph 38. See also Case C-278/00, Greece v Commission, ECLI:EU:C:2004:239, paragraphs 53 and 54, and Joined Cases C-328/99 and C-399/00, Italy and SIM 2 Multimedia SpA v Commission, ECLI:EU:C:2003:252, paragraphs 33 and 34.

90

France v Commission

Greece v Commission

Italy and SIM 2 Multimedia SpA v Commission

(91)  Case T-358/94, Air France v Commission, ECLI:EU:T:1996:194, paragraphs 58-62.

91

Air France v Commission

(92)  Case C-39/94, Syndicat français de l’Express international (SFEI) and others v La Poste and others, EU:C:1996:285, paragraph 60 and Case C-342/96, Kingdom of Spain v Commission of the European Communities, EU:C:1999:210, paragraph 41.

92

Syndicat français de l’Express international (SFEI) and others v La Poste and others,

Kingdom of Spain v Commission of the European Communities,

(93)  Case C-173/73, Italian Republic v Commission of the European Communities, EU:C:1974:71, paragraph 13.

93

Italian Republic v Commission of the European Communities,

(94)  Case C-39/94, SFEI and others, ECLI:EU:C:1996:285, paragraphs 60-61.

94

SFEI and others,

(95)  Case C 124/10 P, Commission v EDF, ECLI:EU:C:2012:318, paragraphs 83-85 and 105; case C-482/99, France v Commission, ECLI:EU:C:2002:294, paragraphs 71-72; case T-16/96, Cityflyer Express v Commission, ECLI:EU:T:1998:78, paragraph 76.

95

Commission v EDF,

France v Commission,

Cityflyer Express v Commission,

(96)  Case T-274/01, Valmont Nederland BV v Commission, ECLI:EU:T:2004:266, paragraph 71.

96

Valmont Nederland BV

Commission

(97)  Case T-366/00, Scott v Commission, ECLI:EU:T:2007:99, paragraph 158.

97

Scott v Commission

(98)  Case 730/79 Philip Morris Holland BV v Commission of the European Communities EU:C:1980:209, paragraph 11; and Joined cases T-298/97, T-312/97, T-313/97, T-315/97, T-600/97 to 607/97, T-1/98, T-3/98 to T-6/98 and T-23/98 Alzetta Mauro and others v Commission of the European Communities EU:T:2000:151, paragraph 80.

98

Philip Morris Holland BV v Commission of the European Communities

Alzetta Mauro and others v Commission of the European Communities

(99)  Case C-518/13, Eventech Ltd v The Parking Adjudicator (Eventech), EU:C:2015:9, paragraph 65 and Joined cases C 197/11 and C 203/11, Eric Libert and Others v Gouvernement flamand and All Projects & Developments NV and Others v Vlaamse Regering (Libert and others), EU:C:2013:288, paragraph 76.

99

Eventech Ltd v The Parking Adjudicator (Eventech

Eric Libert and Others v Gouvernement flamand

All Projects & Developments NV and Others v Vlaamse Regering

(100)  Case C 518/13, Eventech Ltd v The Parking Adjudicator (Eventech), EU:C:2015:9, paragraph 66; Joined cases C 197/11 and C 203/11, Eric Libert and Others v Gouvernement flamand and All Projects & Developments NV and Others v Vlaamse Regering (Libert and others), EU:C:2013:288, paragraph 77; and Case T-288/97, Regione Friuli Venezia Giulia v Commission of the European Communities, EU:T:2001:115, paragraph 41.

100

Eventech Ltd v The Parking Adjudicator (Eventech

Eric Libert and Others v Gouvernement flamand

All Projects & Developments NV and Others v Vlaamse Regering

Regione Friuli Venezia Giulia v Commission of the European Communities

(101)  Terminal value is the value of an asset, business, or project beyond the forecasted period when future cash flows can be estimated. Terminal value assumes a business will grow at a set growth rate forever after the forecast period.

101

(102)  Case C-124/10 P, Commission v EDF, ECLI:EU:C:2012:318, paragraphs 82 to 85. See also Joined cases C-214/12 P, C-215/12 P and C-223/12 P Land Burgenland v Commission, ECLI:EU:C:2013:682, paragraph 61. The level of sophistication of such an ex-ante assessment may vary depending on the complexity of the transaction concerned and the value of the assets, goods or services involved. Normally, such ex-ante evaluations should be carried out with the support of experts with appropriate skills and experience. Such evaluations should always be based on objective criteria and should not be affected by policy considerations. Evaluations conducted by independent experts may provide an additional corroboration for the credibility of the assessment.

102

Commission v EDF

Land Burgenland v Commission

ex-ante

ex-ante

(103)  Case C-364/90, Italian Republic v Commission of the European Communities, ECLI:EU:C:1993:157, paragraph 20.

103

Italian Republic v Commission of the European Communities

(104)  Case C-70/72, Commission v Germany, ECLI:EU:C:1973:87, paragraph 13.

104

Commission v Germany

(105)  Case C-142/87, Belgium v Commission, ECLI:EU:C:1990:125, paragraph 66.

105

Belgium v Commission

(106)  Case C-75/97, Belgium v Commission, ECLI:EU:C:1999:311, paragraphs 64 and 65.

106

Belgium v Commission

(107)  Commission Regulation (EC) No 794/2004 of 21 April 2004 implementing Council Regulation (EC) No 659/1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 140, 30.4.2004, p. 1).

107

(108)  Commission Regulation (EC) No 271/2008 of 30 January 2008 amending Regulation (EC) No 794/2004 implementing Council Regulation (EC) No 659/1999 laying down detailed rules for the application of Article 93 of the EC Treaty (OJ L 82, 25.3.2008, p. 1).

108

---

| 22.3.2022 | EN | Official Journal of the European Union | L 93/191 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/191

---

COMMISSION IMPLEMENTING DECISION (EU) 2022/460

of 4 March 2022

amending Implementing Decision (EU) 2021/788 laying down rules for the monitoring and reporting of infections with SARS-CoV-2 in certain animal species

(notified under document C(2022) 1270)

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Directive 2003/99/EC of the European Parliament and of the Council of 17 November 2003 on the monitoring of zoonoses and zoonotic agents, amending Council Decision 90/424/EEC and repealing Council Directive 92/117/EEC (1), and in particular Articles 4(5) and 9(1) and Article 11, third paragraph, thereof,

Whereas:

| (1) | Since 2020, infections with the SARS-CoV-2 virus in minks have been reported in certain Member States and third countries, and it has been established that human-to-mink and mink-to-human transmission can occur. Commission Implementing Decision (EU) 2021/788 of 12 May 2021 (2) thus lays down rules for harmonised monitoring and reporting, within the Union, of infections with SARS-CoV-2 in certain animal species. |
| --- | --- |

(1)

Since 2020, infections with the SARS-CoV-2 virus in minks have been reported in certain Member States and third countries, and it has been established that human-to-mink and mink-to-human transmission can occur. Commission Implementing Decision (EU) 2021/788 of 12 May 2021 (2) thus lays down rules for harmonised monitoring and reporting, within the Union, of infections with SARS-CoV-2 in certain animal species.

| (2) | The period of application of the measures provided for in Implementing Decision (EU) 2021/788 should take into account the epidemiology of SARS-CoV-2 in certain animal species. Outbreaks in minks’ establishments in various Member States in 2021 and 2022 indicate that the epidemiological situation is still evolving and that further assessment of the risks is needed. |
| --- | --- |

(2)

The period of application of the measures provided for in Implementing Decision (EU) 2021/788 should take into account the epidemiology of SARS-CoV-2 in certain animal species. Outbreaks in minks’ establishments in various Member States in 2021 and 2022 indicate that the epidemiological situation is still evolving and that further assessment of the risks is needed.

| (3) | Given the current epidemiological situation in the Union and in third countries, the period of applicability of Implementing Decision (EU) 2021/788 should therefore be extended, to ensure that all relevant information continues to be collected through an efficient, harmonised monitoring and reporting system. Harmonised monitoring and reporting should continue until a further assessment of the risks and of the available control measures takes place. |
| --- | --- |

(3)

Given the current epidemiological situation in the Union and in third countries, the period of applicability of Implementing Decision (EU) 2021/788 should therefore be extended, to ensure that all relevant information continues to be collected through an efficient, harmonised monitoring and reporting system. Harmonised monitoring and reporting should continue until a further assessment of the risks and of the available control measures takes place.

| (4) | Implementing Decision (EU) 2021/788 should therefore be amended accordingly. |
| --- | --- |

(4)

Implementing Decision (EU) 2021/788 should therefore be amended accordingly.

| (5) | The measures provided for in this Decision are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed, |
| --- | --- |

(5)

The measures provided for in this Decision are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed,

HAS ADOPTED THIS DECISION:

Article 1

In Article 6 of Implementing Decision (EU) 2021/788, the date ‘31 March 2022’ is replaced by ‘31 March 2023’.

Article 2

This Decision is addressed to the Member States.

Done at Brussels, 4 March 2022.

For the Commission

Stella KYRIAKIDES

Member of the Commission

---

(1)  OJ L 325, 12.12.2003, p. 31.

1

(2)  Commission Implementing Decision (EU) 2021/788 of 12 May 2021 laying down rules for the monitoring and reporting of infections with SARS-CoV-2 in certain animal species (OJ L 173, 17.5.2021, p. 6).

2

---

| 22.3.2022 | EN | Official Journal of the European Union | L 93/193 |
| --- | --- | --- | --- |

22.3.2022

EN

Official Journal of the European Union

L 93/193

---

COMMISSION IMPLEMENTING DECISION (EU) 2022/461

of 15 March 2022

amending Implementing Decision (EU) 2019/570 as regards rescEU transport and logistics capacities

(notified under document C(2022)1685)

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Decision No 1313/2013/EU of the European Parliament and of the Council of 17 December 2013 on a Union Civil Protection Mechanism (1), and in particular of Article 32(1), point (g) thereof,

Whereas:

| (1) | Decision No 1313/2013/EU sets out the legal framework of rescEU. rescEU is a reserve of capacities at Union level aiming to provide assistance in overwhelming situations where overall existing capacities at national level and those committed by Member States to the European Civil Protection Pool are not able to ensure an effective response to natural and man-made disasters. |
| --- | --- |

(1)

Decision No 1313/2013/EU sets out the legal framework of rescEU. rescEU is a reserve of capacities at Union level aiming to provide assistance in overwhelming situations where overall existing capacities at national level and those committed by Member States to the European Civil Protection Pool are not able to ensure an effective response to natural and man-made disasters.

| (2) | The Union Civil Protection Mechanism (‘Union Mechanism’) was recently reinforced with Regulation (EU) 2021/836 of the European Parliament and of the Council (2) amending Decision No 1313/2013/EU. The amendment aims to overcome limitations of the Union Mechanism emerged during the COVID-19 pandemic, and to better support Member States when they are simultaneously affected by the same or different emergencies or disasters. |
| --- | --- |

(2)

The Union Civil Protection Mechanism (‘Union Mechanism’) was recently reinforced with Regulation (EU) 2021/836 of the European Parliament and of the Council (2) amending Decision No 1313/2013/EU. The amendment aims to overcome limitations of the Union Mechanism emerged during the COVID-19 pandemic, and to better support Member States when they are simultaneously affected by the same or different emergencies or disasters.

| (3) | Transport and logistics operations have been identified as a challenge in many response operations of the Union Mechanism over the past years. More recently, the need for more strategic effectiveness in this area has become evident during the outbreak and the initial stages of the COVID-19 pandemic, in particular for the transport of medical assets, personnel and patients. The lack of sufficient transport and logistical resources was identified as a key obstacle as regards Member States’ ability to provide or receive assistance. |
| --- | --- |

(3)

Transport and logistics operations have been identified as a challenge in many response operations of the Union Mechanism over the past years. More recently, the need for more strategic effectiveness in this area has become evident during the outbreak and the initial stages of the COVID-19 pandemic, in particular for the transport of medical assets, personnel and patients. The lack of sufficient transport and logistical resources was identified as a key obstacle as regards Member States’ ability to provide or receive assistance.

| (4) | Accordingly, pursuant to Article 12(2) of Decision 1313/2013/EU, transport and logistics was laid down as a priority area for rescEU capacity development, adding to aerial forest firefighting, emergency medical response and chemical, biological, radiological and nuclear (‘CBRN’) incidents. |
| --- | --- |

(4)

Accordingly, pursuant to Article 12(2) of Decision 1313/2013/EU, transport and logistics was laid down as a priority area for rescEU capacity development, adding to aerial forest firefighting, emergency medical response and chemical, biological, radiological and nuclear (‘CBRN’) incidents.

| (5) | The main tasks of a transport and logistics capacity under rescEU should be to provide transport and related logistics services for persons (including patients or teams involved in response operations), material, or equipment, or a combination of the aforementioned. |
| --- | --- |

(5)

The main tasks of a transport and logistics capacity under rescEU should be to provide transport and related logistics services for persons (including patients or teams involved in response operations), material, or equipment, or a combination of the aforementioned.

| (6) | Following consultations with Member States, it was identified that transport and logistics capacities could be multi-purpose in addition to already defined aerial rescEU capacities. |
| --- | --- |

(6)

Following consultations with Member States, it was identified that transport and logistics capacities could be multi-purpose in addition to already defined aerial rescEU capacities.

| (7) | Pursuant to Article 12(4) of Decision No 1313/2013/EU, quality requirements for the response capacities forming part of rescEU are to be laid down in consultation with Member States. |
| --- | --- |

(7)

Pursuant to Article 12(4) of Decision No 1313/2013/EU, quality requirements for the response capacities forming part of rescEU are to be laid down in consultation with Member States.

| (8) | Transport and logistics capacities should be established to respond to low probability risks with a high impact, in accordance with the categories referred to in Article 3d of Commission Implementing Decision (EU) 2019/570 (3) and after consultation with the Member States. |
| --- | --- |

(8)

Transport and logistics capacities should be established to respond to low probability risks with a high impact, in accordance with the categories referred to in Article 3d of Commission Implementing Decision (EU) 2019/570 (3) and after consultation with the Member States.

| (9) | Implementing Decision (EU) 2019/570 should therefore be amended accordingly. |
| --- | --- |

(9)

Implementing Decision (EU) 2019/570 should therefore be amended accordingly.

| (10) | The measures provided for in this Decision are in accordance with the opinion of the committee referred to in Article 33(1) of Decision No 1313/2013/EU, |
| --- | --- |

(10)

The measures provided for in this Decision are in accordance with the opinion of the committee referred to in Article 33(1) of Decision No 1313/2013/EU,

HAS ADOPTED THIS DECISION:

Article 1

Implementing Decision (EU) 2019/570 is amended as follows:

| (1) | Article 2 is amended as follows:






  (a) | paragraph 1 is amended as follows:






  (i) | the sixth indent is replaced by the following:






  ‘- | shelter capacities,’; |
| --- | --- | --- | --- | --- |

(1)

Article 2 is amended as follows:

(a)

paragraph 1 is amended as follows:

(i)

the sixth indent is replaced by the following:

‘-

shelter capacities,’;

| (ii) | the following seventh indent is added:






  ‘- | transport and logistics capacities.’; |
| --- | --- | --- |

(ii)

the following seventh indent is added:

‘-

transport and logistics capacities.’;

| (b) | paragraph 2 is amended as follows:






  (i) | point (i) is replaced by the following:






  ‘(i) | temporary shelter capacities;’; |
| --- | --- | --- | --- |

(b)

paragraph 2 is amended as follows:

(i)

point (i) is replaced by the following:

‘(i)

temporary shelter capacities;’;

| (ii) | the following point (j) is added:






  ‘(j) | transport and logistics capacity.’ |
| --- | --- | --- |

(ii)

the following point (j) is added:

‘(j)

transport and logistics capacity.’

| (2) | Article 3a is replaced by the following:

  ‘Article 3a
  Eligible costs of rescEU medical aerial evacuation, emergency medical team type 2 and type 3, medical stockpiling, CBRN decontamination, CBRN stockpiling, temporary shelter and transport and logistics capacities
  All cost categories referred to in Annex Ia to Decision No 1313/2013/EU shall be taken into account when calculating the total eligible cost of rescEU capacities.’ |
| --- | --- |

(2)

Article 3a is replaced by the following:

‘Article 3a

Eligible costs of rescEU medical aerial evacuation, emergency medical team type 2 and type 3, medical stockpiling, CBRN decontamination, CBRN stockpiling, temporary shelter and transport and logistics capacities

All cost categories referred to in Annex Ia to Decision No 1313/2013/EU shall be taken into account when calculating the total eligible cost of rescEU capacities.’

| (3) | In Article 3e, paragraphs 3 and 4 are replaced by the following:

  ‘3.   rescEU capacities referred to in points (c) to (j) of Article 2(2) shall be established with the objective of managing low probability risks with a high impact.


  4.   Where rescEU capacities referred to in points (c) to (j) of Article 2(2) are deployed under the Union Mechanism, Union financial assistance shall cover 100 % of the operational costs, pursuant to Article 23(4b) of Decision No 1313/2013/EU.’ |
| --- | --- |

(3)

In Article 3e, paragraphs 3 and 4 are replaced by the following:

‘3.   rescEU capacities referred to in points (c) to (j) of Article 2(2) shall be established with the objective of managing low probability risks with a high impact.

4.   Where rescEU capacities referred to in points (c) to (j) of Article 2(2) are deployed under the Union Mechanism, Union financial assistance shall cover 100 % of the operational costs, pursuant to Article 23(4b) of Decision No 1313/2013/EU.’

| (4) | The Annex is amended in accordance with the Annex to this Decision. |
| --- | --- |

(4)

The Annex is amended in accordance with the Annex to this Decision.

Article 2

This Decision is addressed to the Member States.

Done at Brussels, 15 March 2022.

For the Commission

Janez LENARČIČ

Member of the Commission

---

(1)  OJ L 347, 20.12.2013, p. 924.

1

(2)  Regulation (EU) 2021/836 of the European Parliament and of the Council of 20 May 2021 amending Decision No 1313/2013/EU on a Union Civil Protection Mechanism (OJ L 185, 26.5.2021, p. 1).

2

(3)  Commission Implementing Decision (EU) 2019/570 of 8 April 2019 laying down rules for the implementation of Decision No 1313/2013/EU of the European Parliament and of the Council as regards rescEU capacities and amending Commission Implementing Decision 2014/762/EU (OJ L 99, 10.4.2019, p. 41).

3

---

ANNEX

In the Annex to Implementing Decision (EU) 2019/570, the following Section 10 is added:

| ‘10. | Transport and Logistics Capacity | Tasks |
| --- | --- | --- |

‘10.

Tasks

| — | Provide transport and related logistics services for persons, including patients and teams involved in response operations, material, or equipment, or a combination of the aforementioned. |
| --- | --- |

—

Provide transport and related logistics services for persons, including patients and teams involved in response operations, material, or equipment, or a combination of the aforementioned.

| — | The tasks described under sections 1, 2, 3 and 4 may be included. |
| --- | --- |

—

The tasks described under sections 1, 2, 3 and 4 may be included.

| | Capacities |
| --- | --- |

Capacities

| — | For airplanes, the ability to transport at least 35 persons or to transport at least 7 tonnes of material, or both. |
| --- | --- |

—

For airplanes, the ability to transport at least 35 persons or to transport at least 7 tonnes of material, or both.

| — | Ability to operate day and night. |
| --- | --- |

—

Ability to operate day and night.

| — | Ability to ensure relevant logistical support functions (such as loading/unloading of material). |
| --- | --- |

—

Ability to ensure relevant logistical support functions (such as loading/unloading of material).

| — | Ability to perform, where necessary, in operationally challenging circumstances (1). |
| --- | --- |

—

Ability to perform, where necessary, in operationally challenging circumstances (1).

| — | Ability to perform, where necessary, the transport and logistical handling of special goods (2) according to relevant international standards. |
| --- | --- |

—

Ability to perform, where necessary, the transport and logistical handling of special goods (2) according to relevant international standards.

| | Main components |
| --- | --- |

Main components

| — | Crew adapted to the performed tasks and the timeframe of the operations. |
| --- | --- |

—

Crew adapted to the performed tasks and the timeframe of the operations.

| — | Technical staff adequately equipped and trained to perform the different tasks defined above. |
| --- | --- |

—

Technical staff adequately equipped and trained to perform the different tasks defined above.

| — | Adequate communication equipment (such as air-to-air and air-to-ground communication for aerial capacities). |
| --- | --- |

—

Adequate communication equipment (such as air-to-air and air-to-ground communication for aerial capacities).

| — | Integrated module for logistics operations, such as loading/unloading operations. |
| --- | --- |

—

Integrated module for logistics operations, such as loading/unloading operations.

| | Self-sufficiency |
| --- | --- |

Self-sufficiency

| — | Storage and maintenance of the different equipment of the capacity. |
| --- | --- |

—

Storage and maintenance of the different equipment of the capacity.

| — | Equipment for communication with relevant partners, notably those in charge of the coordination on site. |
| --- | --- |

—

Equipment for communication with relevant partners, notably those in charge of the coordination on site.

| | Deployment |
| --- | --- |

Deployment

| — | Availability for departure maximum 12 hours after the acceptance of the offer. |
| --- | --- |

—

Availability for departure maximum 12 hours after the acceptance of the offer.

| — | For airplanes, ability to perform a flight of minimum 2 000 nautical miles (3 700  km) at 5 tonnes payload without refuelling. |
| --- | --- |

—

For airplanes, ability to perform a flight of minimum 2 000 nautical miles (3 700  km) at 5 tonnes payload without refuelling.

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(1)  For aerial capacities, such circumstances may encompass circumstances in which runways for taking-off or landing are not available, or they are short or damaged.

1

(2)  Such as dangerous goods, medical supplies, cold-chain logistics to transport vaccines, etc.’

2

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