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I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

II. EXECUTIVE SUMMARY

1. Industry Overview II-1

• The Flight Simulations Sector - A Gem in the Diadem of A&D Industry II-1
• Outlook II-1
• Hang On: The Buzzword for Survival II-2
• Newer Aircraft and Automated Cockpits: To Perform the Rescue Act? II-2
• The Road Map to Long-Term Success II-3
• Fully-Loaded Products May Help in Market Expansion II-3
• Prices of FFSs and FTDs to Slide II-3
• Market Trends and Issues II-4
• The Ever True Market Determinants of Commercial Flight Simulators II-4
• Market Leaders Gobble Smaller Companies II-4
• Fuel Cost Fuels the Demand for Flight Simulators II-4
• Flight Simulators Manufacturers' Business Model Redefined II-5
• Flight Training Services Industry: Just Keeping the Head Above Waters II-5
• Table 1: Leading Players in the World Market for Commercial Flight Training Services for 2003, 2004 (E) and 2005 (E): Percentage Breakdown by Installed Base of Full Flight Simulators by Company for FlightSafety International, CAE Global Flight Training Services, Alteon, PanAm International Flight Academy, GE Capital Aviation Training (includes corresponding Graph/Chart) II-6
• Flight Training Devices Dethrone Full Flight Simulators II-6
• Simulator Manufacturers and Aircraft Manufacturers Draw Near II-6
• Table 2: Leading Players in the World Market for Commercial Full Flight Simulators for 2003, 2004 (E) and 2005 (E): Percentage Breakdown by Installed Base for CAE, FlightSafety, Thales, and Others (includes corresponding Graph/Chart) II-7
• CBT and FTDs: Turning Out to be the Customers'Favorite II-7
• On The Technological Front II-8
• Commercial Flight Training Services - Few Players Dominate II-8
• CAE, the Undisputed Leader II-8
• A Focus on CAE II-9

2. Major Global Markets - An Overview II-10

• The United States II-10
• Table 3: US Market for Commercial and Military Flight Simulations - A Current & Future Analysis: Annual Revenue for the Years 2000 through 2010 in US$ Million. Major Product Groups Independently Analyzed - Commercial Flight Simulations and Military Flight Simulations (includes corresponding Graph/Chart) II-10
• Europe II-10
• Table 4: European Market for Commercial and Military Flight Simulations - A Current & Future Analysis: Annual Revenue for the Years 2000 through 2010 in US$ Million. Major Product Groups Independently Analyzed - Commercial Flight Simulations and Military Flight Simulations (includes corresponding Graph/Chart) II-11
• Asia-Pacific II-11
• Table 5: Commercial and Military Flight Simulations Market in Asia-Pacific - A Current & Future Analysis: Annual Revenue for the Years 2000 through 2010 in US$ Million. Major Product Groups Independently Analyzed - Commercial Flight Simulations and Military Flight Simulations (includes corresponding Graph/Chart) II-11

3. Product Overview II-12

• Flight Simulation II-12
• Full Flight Simulators II-12
• Flight Training Devices II-12
• Flight Training Services II-13
• Need for Flight Simulation II-13
• Evaluation of a Flight Simulator II-13
• Evaluation Method II-14
• Evaluating the Results II-14
• History of Flight Simulation II-14
• Advancements in Recent Past II-16
• Focus On Select Flight Simulator/Device Models II-16
• CAE SimfinityЃEM/FTD for Airbus II-16
• MP520 II-16
• MP521 II-16
• DARPA's SIMNET II-17
• TacAir-Soar II-17
• G-FET II TFS II-17

4. Research and Development II-18

• Multidisciplinary Flight Simulation Program from NEAR II-18
• Application Areas II-18
• The University of Illinois' Endeavor to Develop a Unique Flight Simulator for NASA II-18

5. Regulatory Environment II-20

• EU Lifts Tariff on Aircraft Simulator Imports II-20
• An Overview of the 2001 ATSA II-20
• EASA Gets Final Touch II-20

6. Product Innovations/Introductions II-21

• CAE Expands into Net-based Training; Introduces Simfinity II-21
• ETC Launches TFS 400 Tactical Flight Simulator II-21
• ETC Introduces the G-FET II TFS II-21

7. Recent Industry Activity II-22

• CAE Bags Qatar Airways Contract II-22
• Cubic to Provide Training and Maintenance Services to the US Navy II-22
• CAE to Supply Full Flight Simulator to Zhuhai Flight Training Centre II-22
• CAE to Supply Flight Simulators and Training Devices to Air Canada II-22
• CAE Acquires TERREX II-22
• CAE Bags Order from Airbus II-23
• JetBlue Airways Acquires more CAE Simfinity TrainingDevices II-23
• Spirit Airlines Purchases Flight Simulators from Atlantis Systems International II-23
• Emirates Airlines Purchases Flight Simulators from CAE II-23
• China Eastern Airlines Acquires Flight Simulators from CAE II-23
• Emirates-CAE Flight Training Expands Capacity II-23
• CAE Full-Flight Simulators Honored with Level-D Qualification II-23
• Rockwell Collins Acquires NLX Corporation II-24
• E&S Corporation Inks Agreement with TsAGI and Penza Simulation Company II-24
• General Dynamics Acquires Veridian II-24
• L-3 Communications to Acquire Goodrich Avionics Systems II-24
• CAE SimuFlite and MedAire Join Forces II-24
• E&S Forges an Alliance with a Turkish Company II-25
• E&S Strikes Teaming Agreements with Russian Simulation Majors II-25
• CAE Enters into an Agreement with Airbus II-25
• CAE Inks a Long-Term Agreement with Australian Defense Material Organisation II-25
• L-3's Link Simulation and Training Division Garners Contract from Boeing II-25
• CAE Finalizes a Training Solutions Deal with Airbus II-26
• CAE Becomes the Exclusive Simulator Provider for JetBlue II-26
• Stottler Henke Garners a Contract from the US Navy II-26
• CAE Inks Pilot-Training Contracts with Four Airlines II-26
• Cubic Defense Applications Establishes Mission Support Business Unit II-27
• Rotorsim to Establish Helicopter Training Facility II-27
• CAE Gains JAR 147 Approval; Pockets Three Major Contracts II-27
• Raytheon Aircraft Secures a US Military Deal II-28
• CAE Buys-Out BAE SYSTEMS Flight Simulation and Training II-28
• CAE Acquires SimuFlite Training International II-28
• CAE Acquires a Dutch Flight Training Center II-28
• L-3 Communications and STN ATLAS Ink Exclusive Flight Simulation Teaming Agreement II-28
• CAE Becomes the Preferred Supplier of EF2000 Fighter Aircraft ASTA Program II-28
• BVR Systems Secures a Contract from Aermacchi II-29
• CAE Enters Flight Training Market II-29

8. Focus on Select Players II-30

• Alsim (France) II-30
• Alteon (USA) II-30
• AMI Instruments, Inc. (USA) II-30
• Atlantis Systems Corp. (Canada) II-31
• BVR Systems (Israel) II-31
• CAE (Canada) II-31
• Cubic Defense Applications Group (USA) II-32
• ELITE Flight Simulations (USA) II-33
• Environmental Tectonics Corporation (USA) II-33
• Evans & Sutherland (USA) II-33
• FlightSafety International (USA) II-34
• Frasca International (USA) II-34
• Havelsan (Turkey) II-35
• L-3 Communications' Link Simulation and Training (USA) II-35
• Mechtronix (Canada) II-36
• Rockwell Collins Simulation & Training Solutions (USA) II-36
• Penza Simulation Design Co. (Russia) II-36
• Thales Training and Simulation (UK) II-37

9. Global Market Perspective II-38

• Table 6: World Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-38
• Table 7: World Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group - Commercial Flight Simulation and Military Flight Simulation Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-38Table 8: World 10-Year Perspective for Commercial and Military Flight Simulations by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-39
• Table 9: World 10-Year Perspective for Commercial and Military Flight Simulations by Product Group - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation and Military Flight Simulation for the Years 2000, 2005 and 2010 II-39
• Table 10: World Recent Past, Current & Future Analysis for Commercial Flight Simulations by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-40
• Table 11: World Recent Past, Current & Future Analysis for Commercial Flight Simulations by Product Segment - Commercial Full Flight Simulators (FFS), Commercial Flight Training Devices (FTD) andCommercial Flight Training Services (FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-40
• Table 12: World 10-Year Perspective for Commercial Flight Simulations by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-41
• Table 13: World 10-Year Perspective for Commercial Flight Simulations by Product Segment - Percentage Breakdown of Annual Revenues for Commercial Full Flight Simulators (FFS), Commercial Flight Training Devices (FTD) and Commercial Flight Training Services (FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-41
• Table 14: World Recent Past, Current & Future Analysis for Commercial Full Flight Simulators by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-42
• Table 15: World 10-Year Perspective for Commercial Full Flight Simulators by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-42
• Table 16: World Recent Past, Current & Future Analysis for Commercial Flight Training Devices by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-43
• Table 17: World 10-Year Perspective for Commercial Flight Training Devices by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-43
• Table 18: World Recent Past, Current & Future Analysis for Commercial Flight Training Services by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-44
• Table 19: World 10-Year Perspective for Commercial Flight Training Services by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-44
• Table 20: World Recent Past, Current & Future Analysis for Military Flight Simulations by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-45
• Table 21: World Recent Past, Current & Future Analysis for Military Flight Simulations by Product Segment - Military Full Flight Simulators (FFS), Military Flight Training Devices (FTD) and Military Flight Training Services (FTS) Independently Analyzed by Annual Revenues for the Years 2000 through
• 2010 in US$ Million (includes corresponding Graph/Chart) II-45
• Table 22: World 10-Year Perspective for Military Flight Simulations by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-46
• Table 23: World 10-Year Perspective for Military Flight Simulations by Product Segment - Percentage Breakdown of Annual Revenues for Military Full Flight Simulators (FFS), Military Flight Training Devices (FTD) and Military Flight Training Services (FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-46
• Table 24: World Recent Past, Current & Future Analysis for Military Full Flight Simulators by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-47
• Table 25: World 10-Year Perspective for Military Full Flight Simulators by Geographic Region - Percentage Breakdownof Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-47
• Table 26: World Recent Past, Current & Future Analysis for Military Flight Training Devices by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-48
• Table 27: World 10-Year Perspective for Military Flight Training Devices by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-48
• Table 28: World Recent Past, Current & Future Analysis for Military Flight Training Services by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) II-49
• Table 29: World 10-Year Perspective for Military Flight Training Services by Geographic Region - Percentage Breakdown of Annual Revenues for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Middle East, and Latin America for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) II-49

III. MARKET

1. The United States III-1

• A. Market Analysis III-1
• Market Overview III-1
• Market Outlook III-1
• The 2001 ATSA Pinions US Flight Schools III-1
• Table 30: Leading Players in the US Market for Commercial Flight Training Services (FTS) for 2003, 2004 (E) and 2005 (E): Percentage Breakdown of Revenues by Company for FlightSafety International, CAE SimuFlite, Alteon, PanAm International Flight Training, and Others (includes corresponding Graph/Chart) III-2
• An Overview of the 2001 ATSA III-2
• Industry Consolidation Gives Birth to a New Contracting Process III-2
• Table 31: Leading Clients in the US Market for Military Flight Simulation in 2004: Percentage Share Breakdown of Value Sales by Service for Air Force, Army, and Navy (includes corresponding Graph/Chart) III-3
• "War Against Terrorism" - Upholding the Fall of Flight Simulations Industry III-4
• Upgradation - Unavoidable at this Juncture III-4
• Aviation Industry Obsessed by Outsourcing Trend III-4
• Table 32: Leading End-User Group in the US Market for Commercial Full Flight Simulators (FFS) for 2004: Percentage Share Breakdown of Installed Bases by End-User for Flight Training Center, Airlines, and Universities (includes corresponding Graph/Chart) III-5
• Table 33: US Market for Commercial Full Flight Simulators in 2004: Percentage Breakdown of Value Sales by Product Type for Regional/Business Jet Simulators, and Single/Twin Aisle Aircraft Simulators III-5
• Product Launches III-5
• Strategic Corporate Developments III-6
• Focus on Key Players III-9
• B. Market Analytics III-12
• Table 34: US Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenuesfor the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-12
• Table 35: US 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-13

2. Canada III-14

• A. Market Analysis III-14
• Market Overview III-14
• Market Outlook III-14
• Product Launches III-14
• Strategic Corporate Developments III-14
• Focus on Key Players III-18
• B. Market Analytics III-19
• Table 36: Canadian Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-19
• Table 37: Canadian 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-20

3. Japan III-21

• A. Market Analysis III-21
• Market Overview III-21
• Market Outlook III-21
• B. Market Analytics III-22
• Table 38: Japanese Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-22
• Table 39: Japanese 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD,& Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-23

4. Europe III-24

• A. Market Analysis III-24
• Market Overview III-24
• Market Outlook III-24
• Increasing Defense Budgets to Beef Up Demand for Military Flight Simulations III-24
• Table 40: European Defense Budget (2001 & 2002) in US$ Million by Country III-25
• EASA: The Opposite Number to FAA in Europe? III-25
• Strategic Corporate Developments III-25
• Focus on Key Players III-26
• B. Market Analytics III-27
• Table 41: European Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Geographic Region - France, Germany, UK, Italy, Spain, Russia, and Rest of Europe Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-27
• Table 42: European Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-28
• Table 43: European 10-Year Perspective for Military Flight Training Services by Geographic Region - Percentage Breakdown of Annual Revenues for France, Germany, UK, Italy, Spain, Russia, and Rest of Europe for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-28
• Table 44: European 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-29

4a. France III-30

• A. Market Analysis III-30
• Market Overview III-30
• Market Outlook III-30
• B. Market Analytics III-31
• Table 45: French Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-31
• Table 46: French 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-32

4b. Germany III-33

• A. Market Analysis III-33
• Market Overview III-33
• Market Outlook III-33
• B. Market Analytics III-34
• Table 47: German Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-34
• Table 48: German 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-35

4c. The United Kingdom III-36

• A. Market Analysis III-36
• Market Overview III-36
• Market Outlook III-36
• B. Market Analytics III-37
• Table 49: UK Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-37
• Table 50: UK 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-38

4d. Italy III-39

• A. Market Analysis III-39
• Market Overview III-39
• Market Outlook III-39
• B. Market Analytics III-40
• Table 51: Italian Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-40
• Table 52: Italian 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-41

4e. Spain III-42

• A. Market Analysis III-42
• Market Overview III-42
• Market Outlook III-42
• B. Market Analytics III-43
• Table 53: Spanish Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-43
• Table 54: Spanish 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-44

4f. Russia III-45

• A. Market Analysis III-45
• Market Overview III-45
• Opportunities Galore III-45
• Market Outlook III-45
• Focus on Select Key Players III-45
• B. Market Analytics III-46
• Table 55: Russian Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-46
• Table 56: Russian 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-47

4g. Rest of Europe III-48

• A. Market Analysis III-48
• Market Overview III-48
• Market Outlook III-48
• B. Market Analytics III-49
• Table 57: Rest of Europe Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-49
• Table 58: Rest of Europe 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-50

5. Asia Pacific III-51

• A. Market Analysis III-51
• Market Overview III-51
• Market Outlook III-51
• Providing Cost-Effective Simulation Systems: Key to Market Success III-51
• Market Prospects in 'Indigenous' India III-52
• Commercial Flight Simulators: A Year 2002
• Market Roundup III-52
• JVs: A Tool for Market Expansion? III-53
• Strategic Corporate Development III-53
• B. Market Analytics III-54
• Table 59: Asia-Pacific Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Geographic Region - China and Rest of Asia-Pacific Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-54
• Table 60: Asia-Pacific Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-54
• Table 61: Asia-Pacific 10-Year Perspective for Military Flight Training Services by Geographic Region - Percentage Breakdown of Annual Revenues for
• China and Rest of Asia-Pacific for the Years 2000, 2005 and 2010 III-55
• Table 62: Asia-Pacific 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-55

5a. China III-56

• A. Market Analysis III-56
• Market Overview III-56
• Market Outlook III-56
• B. Market Analytics III-57
• Table 63: Chinese Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-57
• Table 64: Chinese 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-58

5b. Rest of Asia Pacific III-59

• A. Market Analysis III-59
• Market Overview III-59
• Market Outlook III-59
• B. Market Analytics III-60
• Table 65: Rest of Asia-Pacific Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-60
• Table 66: Rest of Asia-Pacific 10-Year Perspective for Military Flight Training Services by Product Group/ Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-61

6. The Middle East III-62

• A. Market Analysis III-62
• Market Overview III-62
• Market Outlook III-62
• BVR Systems - A Regional Bigwig III-62
• Strategic Corporate Developments III-62
• B. Market Analytics III-63
• Table 67: Middle East Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military
• FTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$
• Million (includes corresponding Graph/Chart) III-63
• Table 68: Middle East 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, & Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-64

7. Latin America III-65

• A. Market Analysis III-65
• Market Overview III-65
• Market Outlook III-65
• CAE's New Brazilian Training Center Marks its Entry into Flight Training Market III-65
• B. Market Analytics III-66
• Table 69: Latin American Recent Past, Current & Future Analysis for Commercial and Military Flight Simulations by Product Group/Segment - Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, MilitaryFTD, & Military FTS) Independently Analyzed by Annual Revenues for the Years 2000 through 2010 in US$ Million (includes corresponding Graph/Chart) III-66
• Table 70: Latin American 10-Year Perspective for Military Flight Training Services by Product Group/Segment - Percentage Breakdown of Annual Revenues for Commercial Flight Simulation (Commercial FFS, Commercial FTD, & Commercial FTS) and Military Flight Simulation (Military FFS, Military FTD, Military FTS) for the Years 2000, 2005 and 2010 (includes corresponding Graph/Chart) III-67

IV. COMPETITION

• 1. AAI Corporation (USA) IV-1
• Aai Engineering Support, Inc (USA) IV-3
• 2. Acme Worldwide Enterprises, Inc. (USA) IV-4
• 3. Adacel Technologies Limited (Australia) IV-6
• Adacel, Inc (Canada) IV-8
• 4. Advanced Rotorcraft Technology, Inc. (USA) IV-11
• 5. Advanced Simulation Corporation (USA) IV-12
• 6. Advanced Simulation Systems, Inc. (USA) IV-14
• 7. Aegis Technologies Group, Inc. (USA) IV-15
• 8. Aero Service Aviation Center LLC (USA) IV-19
• 9. Aerosoft GmbH (Germany) IV-20
• 10. AIC Systems (Toronto), Inc. (Canada) IV-21
• 11. Alsim Simulateurs (France) IV-22
• 12. American Systems Corporation (USA) IV-24
• 13. Arinc, Inc. (USA) IV-27
• 14. Atlantis Systems Corporation (Canada) IV-33
• Table 71: Half Yearly Sales Analysis: 2004-2005 (H1) (In Can$ million) IV-33
• Table 72: Annual Sales Analysis: 2003-2004 (In Can$ million) IV-33
• Atlantis Systems International, Inc (Canada) IV-35
• 15. Aviation Simulation Technology, Inc. (USA) IV-37
• 16. Aviatronik SpA (Italy) IV-38
• 17. Belfortex Ltd. (Belarus) IV-40
• 18. Binghamton Simulator Company, Inc. (USA) IV-44
• 19. Boeing Co., The (USA) IV-46
• Alteon Training LLC (USA) IV-58
• Boeing Training Systems and Services (USA) IV-59
• Preston Aviation Solutions (Australia) IV-59
• 20. BVR Systems Ltd. (Israel) IV-61
• 21. CACI International, Inc. (USA) IV-64
• 22. CAE, Inc. (Canada) IV-67
• Table 73: First Quarter Sales Analysis: 2005-2006 (Q1) (In C$ million) IV-68
• Table 74: First Quarter Sales Analysis by Geographic Region: 2005-2006 (Q1) (In C$ million) IV-68
• Table 75: Annual Sales Analysis: 2003-2005 (In C$ million) IV-68
• Table 76: Annual Sales Analysis by Division: 2004-2005 (In C$ million) IV-69
• Table 77: Annual Sales Analysis by Division: 2003-2004 (In C$ million) IV-69
• CAE (UK) PLC (UK) IV-77
• CAE Australia Pty., Ltd. (Australia) IV-77
• CAE Elektronik GmbH (Germany) IV-77
• CAE SimuFlite (Canada) IV-80
• CAE SimuFlite (Canada) IV-81
• 23. Cam Tran Co., Ltd. (Canada) IV-83
• 24. Camber Corporation (USA) IV-84
• 25. Codas Scisys PLC (UK) IV-87
• 26. Command Fliteware International Limited (Newzealand) IV-90
• 27. Cubic Corporation (USA) IV-91
• Table 78: Nine Months Sales Analysis: 2004-2005 (Nine Months Ended, June) (In US$ million) IV-92
• Table 79: Nine Months Sales Analysis by Segments: 2004-2005 (Nine Months Ended, June) (In US$ million) IV-93
• Table 80: Annual Sales Analysis: 2003-2004 In US$ million) IV-93
• Cubic Defense Applications Group (USA) IV-100
• Cubic Defense Systems (USA) IV-108
• Cubic Simulation Systems Division (USA) IV-108
• 28. Cuesim Ltd. (UK) IV-110
• 29. DCE Branche Navales Et Techniques Communes (France) IV-112
• 30. Decoustics Limited (Canada) IV-113
• 31. Diebold, Inc. (USA) IV-120
• Table 81: Half Yearly Sales Analysis: 2004-2005 (H1) (In US$ million) IV-121
• Table 82: Half Yearly Sales Analysis By Segment: 2004-2005 (H1) (In US$ million) IV-121
• Table 83: Half Yearly Sales Analysis By Geographical Region: 2004-2005 (H1) (In US$ million) IV-121
• Table 84: Half Yearly Sales Analysis By Product and Service: 2004-2005 (H1) (In US$ million) IV-122
• Table 85: Annual Sales Analysis: 2003-2004 (In US$ million) IV-122
• Table 86: Annual Sales Analysis By Segment: 2003-2004 (In US$ million) IV-122
• Table 87: Annual Sales Analysis by Region: 2003-2004 (In US$ million) IV-122
• Table 88: Annual Sales Analysis By Product and Service: 2003-2004 (In US$ million) IV-122
• 32. E-Com SRO (Czech Republic) IV-129
• 33. Elite Simulation Solutions (USA) IV-130
• Elite Simulation Solutions AG (Switzerland) IV-131
• 34. Emirates-CAE Flight Training (ECFT) (United Arab Emirates) IV-133
• 35. Environmental Tectonics Corporation (USA) IV-134
• Table 89: Annual Sales Analysis: 2003-200 (In US$ million) IV-134
• Table 90: Quarterly Sales Analysis: 2003-2004 (In US$ million) IV-135
• ETC - Simulation (USA) IV-138
• ETC-PZL Aerospace Industries Sp. z.o.o. (Poland) IV-139
• 36. Esthetique Sans Frontieres, Inc. (Canada) IV-141
• 37. Evans & Sutherland (USA) IV-142
• 38. FAAC, Inc. (USA) IV-148
• 39. Faros (France) IV-151
• Wicat Systems, Inc. (USA) IV-152
• 40. Fidelity Flight Simulation, Inc. (USA) IV-153
• 41. Flight Avionics Ltd. (UK) IV-154
• 42. Flight Link, Inc. (USA) IV-155
• 43. Flightmatic, Inc. (USA) IV-160
• 44. FlightSafety International (USA) IV-162
• Flightsafety Simulation Systems Divison (USA) IV-163
• 45. Flyit Simulators (USA) IV-164
• 46. Frasca International (USA) IV-165
• 47. GE Capital Aviation Training Ltd. (UK) IV-167
• 48. General Dynamics Advanced Information Systems (USA) IV-170
• 49. Grupo Tecnobit (Spain) IV-184
• 50. Havelsan (Turkey) IV-186
• 51. High Rev Simulators (USA) IV-187
• 52. Kinetic Technology International Pty., Ltd. (Australia) IV-187
• 53. Kongsberg Defence & Aerospace AS (Norway) IV-188
• 54. Krauss-Maffei Wegmann GmbH & Co., KG. (Germany) IV-193
• 55. L-3 Communications Corporation (USA) IV-197
• Link Simulation and Training (USA) IV-200
• AMI Instruments (USA) IV-202
• 56. Letov Simulatory AS (Czech Republic) IV-204
• 57. Lockheed Martin Corporation (USA) IV-205
• Table 91: Half Yearly Sales Analysis: 2004-2005 (H1) (In US$ billion) IV-207
• Table 93: Half Yearly Sales Analysis by Segment: 2004-2005 (H1) (In US$ billion) IV-207
• Table 94: Annual Sales Analysis by Segment: 2003-2004 (In US$ million) IV-208
• Table 95: Quarterly Sales Analysis: 2003-2004 (In US$ million) IV-208
• 58. Macmet India Ltd. (India) IV-272
• 59. Mechtronix Systems, Inc. (Canada) IV-275
• 60. Merlin Flight Simulation Group (UK) IV-276
• 61. Metters Industries, Inc. (USA) IV-277
• 62. Natop Ltd. (Israel) IV-277
• 63. Northwest Aerospace Training Corporation (USA) IV-278
• 64. Pan Am International Flight Academy, Inc. (USA) IV-279
• 65. Penza Simulation Design Co. (Russia) IV-280
• 66. Polytronic International AG (Switzerland) IV-280
• 67. Primary Image, Inc. (USA) IV-281
• Primary Image Ltd. (UK) IV-283
• 68. Quadrant Systems Ltd. (UK) IV-284
• 69. Radas SRO (Czech Republic) IV-285
• 70. Raytheon Co. (USA) IV-286
• Table 96: Half Yearly Sales Analysis: 2004-2005 (H1) (In US$ million) IV-288
• Table 97: Half-Yearly Sales Analysis by Segment: 2004-2005 (H1) (In US$ million) IV-288
• Table 98: Annual Sales Analysis: 2003-2004 (In US$ million) IV-288
• Table 99: Annual Sales Analysis by Segment: 2003-2004 (In US$ million) IV-289
• 71. RealSims LLC (USA) IV-292
• 72. Redifun Simulation, Inc. (USA) IV-293
• 73. Rheinmetall DeTec AG (Germany) IV-294
• 74. Rockwell Collins (USA) IV-299
• Table 100: Half-Yearly Sales Analysis by Quarter: 2004-2005 (H1) (In US$ million) IV-301
• Table 101: Half-Yearly Sales Analysis by Segment: 2004-2005 (H1) (In US$ million) IV-301
• Table 102: Half-Yearly Sales Analysis by Product: 2004-2005 (H1) (In US$ million) IV-301
• Table 103: Annual Sales Analysis by Segment: 2003-2004 (In US$ million) IV-301
• Table 104: Annual Sales Analysis by Geographical Region: 2003-2004 (In US$ million) IV-301
• Table 105: Annual Sales Analysis by Quarter: 2003-2004 (In US$ million) IV-302
• Rockwell Collins Aviation Services (USA) IV-314
• NLX (USA) IV-315
• 75. Rotorsim (Italy) IV-316
• 76. Rotran Simulator Logistics Ltd. (UK) IV-317
• 77. RUAG Electronics AG (Switzerland) IV-317
• 78. Saab Training Systems AB (Sweden) IV-318
• 79. SDS International (USA) IV-321
• 80. Seos Displays Ltd. (UK) IV-324
• 81. Silicon Graphics, Inc. (USA) IV-326
• 82. Simphonics, Inc. (USA) IV-328
• 83. Simtec Simulation Technology GmbH (Germany) IV-329
• 84. Sogitec Industries SA (France) IV-330
• 85. Stottler Henke Associates, Inc. (USA) IV-333
• 86. Sytronics, Inc. (USA) IV-334
• 87. Tadiran Electronic Systems Ltd. (Israel) IV-336
• 88. Tenatronics Limited (Canada) IV-338
• 89. Thales (France) IV-339
• Table 106: Annual Sales Analysis: 2003-2004 (In € million) IV-340
• Table 107: Annual Sales Analysis by Region: 2003-2004 (In € million) IV-340
• Thales Elektronik Systeme (Germany) IV-343
• Thales North America, Inc. (USA) IV-343
• Thales Training & Simulation SA (TT&S) (France) IV-347
• Thales Training & Simulation Ltd. (UK) IV-348
• Thales Training & Simulation Pty., Limited (Australia) IV-350
• Thales Training & Simulation, Inc. (USA) IV-351
• 90. TRC Development BV (The Netherlands) IV-353
• 91. Tricom Technologies, Inc. (Canada) IV-355
• 92. Tru-flite Technology, Ltd. (UK) IV-357
• 93. The Central Aerohydrodynamic Institute (Russia) IV-358
• 94. United Defense Industries, Inc. (USA) IV-362
• 95. Virtual Reality Media AS (Slovakia) IV-365
• 96. VTS, Inc. (USA) IV-366