We recently attended a couple of conferences dedicated to civil aircraft engine leasing and support. These are usually good sources of information on the trading environment of engine makers in their aftermarket. The sentiment was mixed this year, as the environment remains highly uncertain. This is supportive for our cautious stance on engine makers compared to civil OE given the lack of predictability on volumes over 2022-23. Overall, industry leaders report that airlines retain ample flexibility to deal with remaining maintenance requirements, with some margin for manoeuvre baked into their fleet. Green-time engine leasing has not been extensively used yet and remains a flexibility solution. The number of shop visits has dropped, and workscope is said to be under material pressure, with mostly hospitals visits and modular repairs being conducted, and no full overhauls. A large number of used parts are expected to become available over time from future aircraft retirements, especially on the V2500, but in uncertain conditions. Recovery in the workscope at shop visits (SV) is today expected for 2023-24 when full overhauls resume. But there is no certainty as to how much of that demand will be absorbed by used parts.