Subject: Airline Exposure
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Mon, 17 Sep 2001 06:49:17 -0700 (PDT)

Reviewed all airlines in CAS; the following are our exposures as of COB 9/14/01:

Continental Airlines:

EES - $33,598
consisting mainly of one very small gas sale (40,510 mmbtu) extending through 8/02 and the related monthly receivable

AirTran:

ENA - ($7,346,638)
consisting mainly of HO and WTI financial swaps extending through 2004 - fairly significant volumes

British Airways:

ENA and ECTRIC - ($7,882,260)
consisiting of mainly WTI finanacial collars extending through 2003

Air Canada:
ENA - ($2,703,433)
consisting of mainly WTI financial swaps extending through Q1 2002

Jet Blue Airways:
ENA ($40,682)
consisting of financial WTI swaps extending through this year

I have created a tracking group in CAS so that we can run reports easily to quantify our exposure daily, if needed.  Additionally, all airlines have been added to the Credit Watch List as of this morning.

Please advise if you have further questions.

Tanya