treitel lcc 120604

8/14/2019 Treitel LCC 120604

1/36

Growth of Low Cost Carriersin Europe and AsiaGrowth of Low Cost Carriersin Europe and Asia

Eighteenth Annual Aircraft Finance Conference Eighteenth Annual Aircraft Finance Conference

Presented by:

David H. Treitel

Chairman and CEO SH&E, Inc.

Presented by:

David H. Treitel

Chairman and CEO SH&E, Inc.

8/14/2019 Treitel LCC 120604

2/36

1

Presentation OverviewPresentation Overview

Low Cost Carrier Trends

United States

Europe

Asia-Pacific

Market Opportunity & Implications

Low Cost Carrier Trends

United States

Europe

Asia-Pacific

Market Opportunity & Implications

8/14/2019 Treitel LCC 120604

3/36

Section 1Section 1

Low Cost Carrier TrendsLow Cost Carrier Trends

8/14/2019 Treitel LCC 120604

4/36

3

These Are Threatening Times for Legacy CarriersThese Are Threatening Times for Legacy Carriers

Low Cost Carriers (LCCs) have the resources tocontinue expanding at a rapid pace

Even with renegotiated labor contracts, the LegacyCarriers can not approach the LCC costs

As LCCs Expand Their Point-to-Point Services, Demand isRemoved from the Traffic Pool Available to Network Carriers

Unable to generate a sufficient revenue premium theweakest Legacy Carriers have filed for bankruptcy

Low Cost Carriers (LCCs) have the resources tocontinue expanding at a rapid pace

Even with renegotiated labor contracts, the LegacyCarriers can not approach the LCC costs

As LCCs Expand Their Point-to-Point Services, Demand isRemoved from the Traffic Pool Available to Network Carriers

Unable to generate a sufficient revenue premium theweakest Legacy Carriers have filed for bankruptcy

8/14/2019 Treitel LCC 120604

5/36

4

Since 2001, the LCCs Have Prospered While LegacyCarriers Have StruggledSince 2001, the LCCs Have Prospered While LegacyCarriers Have Struggled

Frequency

Routes

Traffic

Revenues

Fares

Profitability

Frequency

Routes

Traffic

Revenues

Fares

Profitability

Fares

Traffic

Revenues

Profitability

Fares

Traffic

Revenues

Profitability

LCCs Have Been the Clear Winners

LEGACY CARRIERS LCCs

8/14/2019 Treitel LCC 120604

6/36

5

Competition Between Legacy and Low Cost CarriersIs Being Waged on Five Key FrontsCompetition Between Legacy and Low Cost CarriersIs Being Waged on Five Key Fronts

Size and Network

Growth and Access to Capital

Pricing Structure andInfluence

Cost Structure

Product/Brand

Size and Network

Growth and Access to Capital

Pricing Structure andInfluence

Cost Structure

Product/Brand

Legacy Advantage

Low Cost Advantage

Battleground

Low Cost Advantage

Battleground

Legacy Advantage

Low Cost Advantage

Battleground

Low Cost Advantage

Battleground

Competitive FactorCompetitive Factor Winner or LoserWinner or Loser

8/14/2019 Treitel LCC 120604

7/36

6

The LCCs Have Large Virtually Insurmountable StructuralCost AdvantagesThe LCCs Have Large Virtually Insurmountable StructuralCost Advantages

Source: US DOT, Form 41Source: US DOT, Form 41

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

U S A i r

A m e r i

c a n

C o n t i

n e n t a l

N o r t h

w e s t

D e l t a

U n i t e

d S o

u t h w e s

t

A T A

J e t B

l u e

1Q2003 1Q2004

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

U S A i r

A m e r i c a n

C o n t i

n e n t a l

N o r t h

w e s t

D e l t a

U n i t e

d S o

u t h w e s

t

A T A

J e t B

l u e

1Q2003 1Q2004

Domestic CASM1Q2003 1Q2004 Domestic CASM

1Q2003 1Q2004

8/14/2019 Treitel LCC 120604

8/36

7

Low Cost Carrier Growth Has Traditionally FollowedRegulatory ReformsLow Cost Carrier Growth Has Traditionally FollowedRegulatory Reforms

Late 1970s/Early 1980s inthe USLate 1970s/Early 1980s inthe US

Southwest goes interstate,People Express and othersform

1991 re-branding ofRyanair as low cost carrier

Expansion of low-costcarriers to the Continentwith the final deregulationof the market

Southwest goes interstate,People Express and othersform

1991 re-branding ofRyanair as low cost carrier

Expansion of low-costcarriers to the Continentwith the final deregulationof the market

1990s in Europe1990s in Europe

Early 1990s in UKEarly 1990s in UK

8/14/2019 Treitel LCC 120604

9/36

8

The LCC Phenomenon New To Asia but A Maturing Marketin Europe and North AmericaThe LCC Phenomenon New To Asia but A Maturing Marketin Europe and North America

North AmericaSlow recovery from September

11 th Expansion of InternationalService Low cost carriers continue togain share in US and Canada Legacy carriers areresponding (Delta Song, AirCanada, United Ted) withLCCs LCC Market Share: 30%

North America Slow recovery from September11 th Expansion of InternationalService Low cost carriers continue togain share in US and Canada Legacy carriers areresponding (Delta Song, AirCanada, United Ted) withLCCs LCC Market Share: 30%

Europe Continued Low CostExpansion in UK/WesternEurope East-West trafficsimulation because ofexpanded EU LCC form in Eastern andCentral Europe LCC Market Share: 17%

Europe Continued Low CostExpansion in UK/WesternEurope East-West trafficsimulation because ofexpanded EU LCC form in Eastern andCentral Europe LCC Market Share: 17%

Pacific Rim/Australia Relatively infant market LCCs Have started inmore liberalenvironments Australia,Singapore, Malaysia,

Thailand India has announced afew low cost start ups LCC Market Share 4%

Pacific Rim/Australia Relatively infant market LCCs Have started inmore liberalenvironments Australia,Singapore, Malaysia,

Thailand India has announced afew low cost start ups LCC Market Share 4%

8/14/2019 Treitel LCC 120604

10/36

9

If LCC Penetration in Europe and Asia reaches US Levels,They Will Need Aircraft Worth $170bn - $240bn Over the

Next 20 Years


Next 20 Years

Source: SH&E Analysis, 2004.Source: SH&E Analysis, 2004.

0 500 1,000 1,500 2,000 2,500 3,000

Asia Pacific

Europe

0 500 1,000 1,500 2,000 2,500 3,000

Asia Pacific

Europe

Estimated LCC Single-Aisle and Regional Jet Fleet Growth2004-2023

Estimated LCC Single-Aisle and Regional Jet Fleet Growth2004-2023

$97.0 bn -$140 bn

$70.0 bn -$100 bn

2,000 2,400

1,350 1,900

Value ($b)

8/14/2019 Treitel LCC 120604

11/36

Section 2Section 2

United StatesUnited States

8/14/2019 Treitel LCC 120604

12/36

11

Today Low-Fare Service Accounts for Almost 30% of theU.S. Domestic MarketToday Low-Fare Service Accounts for Almost 30% of theU.S. Domestic Market

8%10% 10%

12%14%

16%18% 18%

19%

21% 22%23%

24%

26%28%

Aug90

Aug91

Aug92

Aug93

Aug94

Aug95

Aug96

Aug97

Aug98

Aug99

Aug00

Aug01

Aug02

Aug03

Aug04

8%10% 10%

12%14%

16%18% 18%

19%

21% 22%23%

24%

26%28%

Aug90

Aug91

Aug92

Aug93

Aug94

Aug95

Aug96

Aug97

Aug98

Aug99

Aug00

Aug01

Aug02

Aug03

Aug04

Source: OAG Schedule TapesSource: OAG Schedule TapesLow cost carrier share of Intra-Canadian seats exceeds 30%

Low cost carrier share of Intra-Canadian seats exceeds 30%

U.S. Low Fare Carrier Share of Total U.S. Nonstop SeatsU.S. Low Fare Carrier Share of Total U.S. Nonstop Seats

8/14/2019 Treitel LCC 120604

13/36

12

Average Unit Costs for LCCs Remain About A Third Lowerthan Those of Legacy CarriersAverage Unit Costs for LCCs Remain About A Third Lowerthan Those of Legacy Carriers

Source: US DOT, Form 41, 2004.Source: US DOT, Form 41, 2004.

4

5

6

7

8

9

10

11

12

13

400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400

Trip Length (miles)

U n i t C o s t s ( i n

c e n t s )

JetBlue

AirTran

Southwest Spirit

AmericanContinental

Delta

Northwest

US Airways

Domestic Unit Cost versus Trip Length for Select Legacy and Low Cost CarriersYE 2Q2004

Domestic Unit Cost versus Trip Length for Select Legacy and Low Cost CarriersYE 2Q2004

8/14/2019 Treitel LCC 120604

14/36

13

Overall, Less Than 55% of the LCC Cost Advantage ComesFrom Labor Cost SavingsOverall, Less Than 55% of the LCC Cost Advantage ComesFrom Labor Cost Savings

13.6%

22.0%

27.1%

42.3%

47.5%

55.0%

75.9%

30.8%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Flying Operations

General & Administrative

Maintenance

Aircraft & Traffic Servicing

Promotion & Sales

Depreciation & Amortization

Passenger Service

Overall

13.6%

22.0%

27.1%

42.3%

47.5%

55.0%

75.9%

30.8%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Flying Operations

General & Administrative

Maintenance

Aircraft & Traffic Servicing

Promotion & Sales

Depreciation & Amortization

Passenger Service

Overall

Cost Advantage of US Low Cost Carriers vs. US Legacy Carriers(Domestic CASM)

2Q2004

Cost Advantage of US Low Cost Carriers vs. US Legacy Carriers(Domestic CASM)

2Q2004

Source: US DOT, Form 41Source: US DOT, Form 41

8/14/2019 Treitel LCC 120604

15/36

14

LCCs Will Continue Growing More Rapidly Than Legacy

Carriers

LCCs Will Continue Growing More Rapidly Than LegacyCarriers

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Low Cost Regional Legacy

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Low Cost Regional Legacy

Source: ACAS DatabaseSource: ACAS Database

Aircraft on Order as a % of Current Fleet, US CarriersSeptember 2004

Aircraft on Order as a % of Current Fleet, US CarriersSeptember 2004

8/14/2019 Treitel LCC 120604

16/36

15

The Trend of North America LCC Penetration SuggestsThat It Will Reach 50%The Trend of North America LCC Penetration SuggestsThat It Will Reach 50%

LowCost

31%

Other3%

Majors

66%

Majors

40%

Other10%

LowCost50%

Domestic Seat Market Share By Carrier TypeDecember 2004 vs. the Future (estimated) Domestic Seat Market Share By Carrier TypeDecember 2004 vs. the Future (estimated)

Source: OAG Schedule Tapes. SH&E Analysis, 2004.Source: OAG Schedule Tapes. SH&E Analysis, 2004.

8/14/2019 Treitel LCC 120604

17/36

Section 3Section 3

EuropeEurope

8/14/2019 Treitel LCC 120604

18/36

17

The European Domestic Market Has Also Witnessed RapidGrowth of Low Cost CarriersThe European Domestic Market Has Also Witnessed RapidGrowth of Low Cost Carriers

1% 1% 1% 1% 1% 1%2% 3%

4% 4%5%

6%

9%

14%

17%

Aug90

Aug91

Aug92

Aug93

Aug94

Aug95

Aug96

Aug97

Aug98

Aug99

Aug00

Aug01

Aug02

Aug03

Dec04

1% 1% 1% 1% 1% 1%2% 3%

4% 4%5%

6%

9%

14%

17%

Aug90

Aug91

Aug92

Aug93

Aug94

Aug95

Aug96

Aug97

Aug98

Aug99

Aug00

Aug01

Aug02

Aug03

Dec04

Source: OAG Schedule TapesSource: OAG Schedule Tapes

NB: Excludes charter seats which have historicallyNB: Excludes charter seats which have historically

carried up to a quarter of intracarried up to a quarter of intra --Europe demandEurope demand

European Low Cost Carrier Share of Total Nonstop Intra-Europe SeatsEuropean Low Cost Carrier Share of Total Nonstop Intra-Europe Seats

8/14/2019 Treitel LCC 120604

19/36

18

Ryanairs Network Development Is An Example of the LowCost Carrier PenetrationRyanairs Network Development Is An Example of the LowCost Carrier Penetration

August 2000August 2000 May 2004May 2004

8/14/2019 Treitel LCC 120604

20/36

19

European LCCs easyJet and Ryanair Are Expected To Leadin Capacity GrowthEuropean LCCs easyJet and Ryanair Are Expected To Leadin Capacity Growth

Source: UBS, 2004.Source: UBS, 2004.

-10%

0%

10%

20%

30%

40%

50%

e a s y

J e t

R y a n

a i r

F i n n a

i r

A u s t r

i a n A i r l i n

e s

A i r F r a n

c e

L u f t h

a n s a

I b e r i a

K L M

S A S

B r i t i s

h A i r w a y

s

A l i t a l

i a

1997-2002 2003-05E

-10%

0%

10%

20%

30%

40%

50%

e a s y

J e t

R y a n

a i r

F i n n a

i r

A u s t r

i a n A i r l i n

e s

A i r F r a n

c e

L u f t h

a n s a

I b e r i a

K L M

S A S

B r i t i s

h A i r w a y

s

A l i t a l

i a

1997-2002 2003-05E

European Carriers Capacity Growth Forecast1997-2002 and 2003-2005E

European Carriers Capacity Growth Forecast1997-2002 and 2003-2005E

N/A

8/14/2019 Treitel LCC 120604

21/36

20

Upstart LCCs and National Airlines Transforming intoNo-Frills Carriers Have Plans for Significant Growth in 2004Upstart LCCs and National Airlines Transforming intoNo-Frills Carriers Have Plans for Significant Growth in 2004

8/14/2019 Treitel LCC 120604

22/36

21

LCCs in Europe Have A Significant Labor Cost Advantageand Labor EfficiencyLCCs in Europe Have A Significant Labor Cost Advantageand Labor Efficiency

Source: Company Reports, 2004.Source: Company Reports, 2004.

0

2,000

4,000

6,000

8,000

10,000

12,000

Ryanair easyJet Virgin Exp Lufthansa Austrian Alitalia BritishAirways

Finnair Air France KLM0

0.5

1

1.5

2

2.5

3

3.5

4

0

2,000

4,000

6,000

8,000

10,000

12,000

Ryanair easyJet Virgin Exp Lufthansa Austrian Alitalia BritishAirways

Finnair Air France KLM0

0.5

1

1.5

2

2.5

3

3.5

4

Passengers Served Per Employee and Labor CASK Europe2003

Passengers Served Per Employee and Labor CASK Europe2003

Low Cost Low Cost Legacy Legacy

8/14/2019 Treitel LCC 120604

23/36

22

Average Unit Costs for European LCCs Are More Than 40%Lower than Those of European Major CarriersAverage Unit Costs for European LCCs Are More Than 40%Lower than Those of European Major Carriers


0

2

4

6

8

10

12

400 600 800 1000 1200 1400 1600 1800

Trip Length (miles)

U n i t C o s t s ( i n

c e n t s )

easyJet

Ryanair

Austrian

Finnair

VirginExpress

LufthansaKLM

BA

Unit Cost versus Trip Length for Select European Legacy and Low Cost Carriers2003

Unit Cost versus Trip Length for Select European Legacy and Low Cost Carriers2003

8/14/2019 Treitel LCC 120604

24/36

Section 4Section 4

Asia-PacificAsia-Pacific

8/14/2019 Treitel LCC 120604

25/36

24

Asian Environment Offers Special Challenges to Low CostAirline ModelsAsian Environment Offers Special Challenges to Low CostAirline Models

Asian legacy carriers typically already

have lower costs than large European andNorth American carriers

Direct-to-consumer distribution strategiesmay be harder to implement in Asia

Distances between major cities in Asiatend to be longer, pointing to differentfleet tradeoffs, product offerings etc

Bilateral agreements could limitextensive/rapid service development

Asian legacy carriers typically already

have lower costs than large European andNorth American carriers

Direct-to-consumer distribution strategiesmay be harder to implement in Asia

Distances between major cities in Asiatend to be longer, pointing to differentfleet tradeoffs, product offerings etc

Bilateral agreements could limitextensive/rapid service development

Lower Cost Structures

Lower Cost Structures

Stronger Agency Role

Stronger Stronger Agency Role Agency Role

Longer Distances Longer

Distances

Limited Route Rights

Limited Route Limited Route Rights Rights

8/14/2019 Treitel LCC 120604

26/36

25

But, Low Cost Carrier Activity Is Growing in South EastAsiaBut, Low Cost Carrier Activity Is Growing in South EastAsia

Recent Liberalization of Some Markets, Particularlyin South East Asia

Strong Economic Growth

Ready Access to Capital

Newly Emerging Government Support for AirlineCompetition

Over 500,000,000 People in 240 Cities and 130 Cities With aPopulation Base of 1 Million +

Some Underutilized Regional Airports

Recent Liberalization of Some Markets, Particularlyin South East Asia

Strong Economic Growth

Ready Access to Capital

Newly Emerging Government Support for AirlineCompetition

Over 500,000,000 People in 240 Cities and 130 Cities With aPopulation Base of 1 Million +

Some Underutilized Regional Airports

8/14/2019 Treitel LCC 120604

27/36

26

And Now Accounts For Under 5% of Seats, Showing SimilarGrowth to Europe in the Early 90sAnd Now Accounts For Under 5% of Seats, Showing SimilarGrowth to Europe in the Early 90s

0.8% 1.1% 2.2%

4.3%

Aug 01 Aug 02 Aug 03 Dec 04

0.8% 1.1%2.2%

4.3%

Aug 01 Aug 02 Aug 03 Dec 04

Source: OAG Schedule TapesSource: OAG Schedule Tapes

Low Cost Carrier Share ofTotal Nonstop Intra-Far East Asia/Australian Seats

Low Cost Carrier Share ofTotal Nonstop Intra-Far East Asia/Australian Seats

8/14/2019 Treitel LCC 120604

28/36

27

Air Asia and Virgin Blue Have Lower Costs Than TheirRegional Legacy Carrier CounterpartsAir Asia and Virgin Blue Have Lower Costs Than TheirRegional Legacy Carrier Counterparts

CASKs for Australian and Southeast Asian Carriers2003

CASKs for Australian and Southeast Asian Carriers2003

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Qantas Virgin BlueSingapore

Airlines Thai AirwaysMalaysian

Airlines Air Asia

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Qantas Virgin BlueSingapore

Airlines Thai AirwaysMalaysian

Airlines Air Asia


Southeast Asia Southeast Asia Australia Australia

8/14/2019 Treitel LCC 120604

29/36

28

Several Independent LCCs Are in a Strong First-to-MarketPositionSeveral Independent LCCs Are in a Strong First-to-MarketPosition

Malaysias Independent Carrier Serves 10 Domestic Markets.Began International Service to Thailand in November, Adding19 Aircraft (737-300s) by December 2004

Orient Thais Success with LCC Service on IntlRoutes Spurred Development of a Domestic Airline,One-Two-Go based in Bangkok

Philippines LCC Operating Two Airlines in One from bothCebu (F28 aircraft) and Manila (DC-9 aircraft)

Received its First Two A320s in March 2004, In June StartedServices at Changis Terminal in Singapore

Thai AirAsia - Joint venture with AirAsia and Thai interests;Reported Profits in its 2 nd Month of Service, 86%Load Factors

8/14/2019 Treitel LCC 120604

30/36

29

However Several Established Carriers in the Region AreCompeting With LCC OperationsHowever Several Established Carriers in the Region AreCompeting With LCC Operations

Virgin launched Low Cost Carrier inSoutheast Asia, first to market in Australia

Major investor in Singapore-Based, LowCost; Carrier Starting by year end 2004,the 2 nd Low Cost Operation in One Year forQantas

Tiger Airways (SIA owned). First carrierto commit to the new Low Cost CarrierTerminal at the Singapore Changi Airport

Launched Nok Air, a Budget CarrierServing Domestic and Regional Markets

8/14/2019 Treitel LCC 120604

31/36

Section 5Section 5

Implications/MarketOpportunityImplications/MarketOpportunity

8/14/2019 Treitel LCC 120604

32/36

31

The Worlds Fleet Will More Than Double Over The Next 20Years, With Asia-Pacific Leading In Expected Order ValueThe Worlds Fleet Will More Than Double Over The Next 20Years, With Asia-Pacific Leading In Expected Order Value

Source: Boeing Current Market Outlook 2004.Source: Boeing Current Market Outlook 2004.

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Africa and Middle East

Latin America

Asia-Pacific

Europe

North America

Single-Aisle and RJsTwin-Aisle747 and Larger

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Africa and Middle East

Latin America

Asia-Pacific

Europe

North America

Single-Aisle and RJsTwin-Aisle747 and Larger

$561.9

$529.5

$87.5

$135.2

Estimated Fleet Growth (New and Replacements)2004-2023E

Estimated Fleet Growth (New and Replacements)2004-2023E

$673.0

Value ($b)

If LCC Penetration in Europe and Asia reaches US LevelsIf LCC Penetration in Europe and Asia reaches US Levels

8/14/2019 Treitel LCC 120604

33/36

32


Next 20 Yrs..


Next 20 Yrs..

Source: SH&E Analysis, 2004.Source: SH&E Analysis, 2004.

0 500 1,000 1,500 2,000 2,500 3,000

Asia Pacific

Europe

0 500 1,000 1,500 2,000 2,500 3,000

Asia Pacific

Europe

Estimated LCC Single-Aisle and Regional Jet Fleet Growth2004-2023E

Estimated LCC Single-Aisle and Regional Jet Fleet Growth2004-2023E

$97.0 bn -$140 bn

$70.0 bn -

$100 bn

2,000 2,400

1,350 1,900

Value ($b)

8/14/2019 Treitel LCC 120604

34/36

33

Already Several Non US Low Cost Carriers Have MadeSignificant Orders for New AircraftAlready Several Non US Low Cost Carriers Have MadeSignificant Orders for New Aircraft

easyJet - 120 A319s

Ryanair - 153 Boeing 737s

AirAsia - Expected 80 A320 aircraft order from Airbus

Jetstar Airways Up to 60 A320s

Cebu Pacific 12 A310s

Source: ACAS Database, 2004.Source: ACAS Database, 2004.

8/14/2019 Treitel LCC 120604

35/36

34

LCCs Will Expand Into More Market SegmentsLCCs Will Expand Into More Market Segments

LCCs are successfully penetrating long haul markets in theUS and Europe

jetBlue and America West are in transcontinental markets

Ryanair and easyJet have many flights longer then 3 hours

LCCs are expanding into the 70-100 aircraft that will servedifferent markets

There are plans for new LCCs to serve long haul

international markets with twin-aisle and larger single aisleaircraft

LCCs are successfully penetrating long haul markets in the

US and Europe jetBlue and America West are in transcontinental markets

Ryanair and easyJet have many flights longer then 3 hours

LCCs are expanding into the 70-100 aircraft that will servedifferent markets

There are plans for new LCCs to serve long haul

international markets with twin-aisle and larger single aisleaircraft

8/14/2019 Treitel LCC 120604

36/36

35

LCCs Will Continue to Force The Industry To RestructureLCCs Will Continue to Force The Industry To Restructure

The traveling public has voted they accept, sometimes

prefer, the LCC brand and product

LCC penetration is gradual in the US, the effects onLegacy carriers have grown as LCCs have expanded

As more barriers fall, LCC influence will become even moredominant

Regulatory reform eliminated the main barrier

Internet broke the Distribution barrier

New aircraft helped offset the Safety barrier

The traveling public has voted they accept, sometimes

prefer, the LCC brand and product

LCC penetration is gradual in the US, the effects onLegacy carriers have grown as LCCs have expanded

As more barriers fall, LCC influence will become even moredominant

Regulatory reform eliminated the main barrier

Internet broke the Distribution barrier

New aircraft helped offset the Safety barrier

treitel lcc 120604

Documents