RE: When do they have results for the arbFrom a report by Canaccord Genuity on Aug 14: AC arbitration moving toward conclusion, with possible positive dividend implications All items in the AC-CHR benchmarking dispute have been dealt with, with the exception of aircraft age impacts on maintenance. CHR reported that the resolved items have left its markup potential unchanged at the 12.5% level. In addition, CHR appears to be increasingly confident that the aircraft age issue ruling will go in its favour, based on the arbitration process hearings. Final presentations are due in early September with the ruling expected in Q4/13. Management seems to be heavily leaning toward reviewing the dividend for increase if CHR wins the arbitration. Management was clearly shocked by the share price reaction to the 50% cut in the dividend, which was announced with the release of the Q1/13 results. We wonder if a dividend increase would prove temporary, given our competition thesis outlined above. Accordingly, we caution investors to assess the sustainability of the dividend, at any level, given the changing Canadian regional airline competitive landscape.