Evolution By Jon Sharp, President and CEO, Engine Lease Finance Corporation I have been asked to provide my views on the latest trends, the effects of the recession, and future outlook for the aircraft engine leasing market. I will start by a short review of the earlier development of the market in order to set the context and then how we have developed into what we are now. of Engine Leasing State of engine leasing at the beginning of the second decade of the new millennium leases in order to top-up the gap between the spare engines owned by the airlines and their peak demand for engines, usually caused by unscheduled engine failures. These companies typically leased the ubiquitous JT8D series of engines, for which there was near market saturation in the narrowbody market. Names like AAR and AGES stand out. Also supplying engines to match this peak demand were the engine OEMs whose product support pools were tapped into for this purpose. The OEMs not only operated in the narrowbody market but also to support the widebody fleets Early Market Development In the earliest years of development of the engine leasing market, in the early 1980s, the original players were companies who provided spare engines on short-term 12 The official publication of the International Society of Transport Aircraft Tradinghttp://www.ISTAT.org