1. Profits Discount airlines Bankruptcy Costly contracts Discount seats + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – –

2. Profits Discount airlines Bankruptcy Costly contracts Discount seats + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – –

3. Profits Discount airlines Bankruptcy Costly contracts Discount seats + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – –

4. Profits Discount airlines Loans & guarantees Bankruptcy Costly contracts Discount seats – + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – –

5. Profits Discount airlines Loans & guarantees Bankruptcy Costly contracts Discount seats – + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – – –

6. Profits Discount airlines Loans & guarantees Bankruptcy Costly contracts Discount seats – + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – – –

7. Profits Discount airlines Loans & guarantees Bankruptcy Costly contracts Discount seats – + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – – – –

8. Profits Discount airlines Loans & guarantees Bankruptcy Costly contracts Discount seats – + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – – – –

9. Profits Discount airlines Loans & guarantees Bankruptcy Costly contracts Discount seats – + + Number of seats to sell – Prices @ legacy airlines Frequent Flyer programs – Code sharing – + – – – – – –