1. Jet Fuel Pricing Outlook and Key Drivers Paul Cluett Global Sales Co-ordination Manager

2. Oil and Jet Fuel Trends Future issues and concerns Key Drivers To Cover

3. World Oil Supply/Demand Balance (million b/d)

4. Total OECD Jet Demand

6. OPEC Basket Price 16 18 20 22 24 26 28 30 32 34 2- Jan- 01 27- Feb- 01 25- Apr- 01 21- Jun- 01 16- Aug- 01 11- Oct- 01 6- Dec- 01 4- Feb- 02 2- Apr- 02 28- May- 02 23- Jul- 02 17- Sep- 02 12- Nov- 02 8- Jan- 03 5- Mar- 03 1- May- 03 26- Jun- 03 21- Aug- 03 16- Oct- 03 11- Dec- 03 2- Feb- 04 $/bbl OPEC Price Band 20 Day Average Daily Basket Price Data to 25 March

7. OPEC Basket Price in Euro 16 18 20 22 24 26 28 30 32 34 2- Jan- 01 27- Feb- 01 25- Apr- 01 21- Jun- 01 16- Aug- 01 11- Oct- 01 6- Dec- 01 4- Feb- 02 2- Apr- 02 28- May- 02 23- Jul- 02 17- Sep- 02 12- Nov- 02 8- Jan- 03 5- Mar- 03 1- May- 03 26- Jun- 03 21- Aug- 03 16- Oct- 03 11- Dec- 03 2- Feb- 04 Euro/bbl Data to 25 March OPEC Price Band * 20 Day Average Daily Basket Price * OPEC Price Band calculated with Euro/Dollar rate at time of OPEC Basket introduction

8. Oil Price Wars Far East Nuclear Power Plants Extreme Cold Today… 9/11 Selective World Jet Fuel Prices

9. OECD Product Stocks 1450 1500 1550 1600 1650 1700 1750 1800 1850 DecJanFebMarAprMayJunJulAugSepOctNovDec million b/d 2001 1998 1999 2000 2002 2003 2004

10. RPK - Revenue passenger km ASK - Available seat km FTK – Freight tonne km ATK – Available tonne km PLF – Passenger load factor Airline Trends

11. Issues and Concerns Fragile Airline Finances and Airline Bankruptcies. Limited Hedging cover by airlines. Low Sulphur Diesel and Squeeze on Jet production. Infrastructure and Investment. Environmental developments. Tax. Deregulation & New competition. Airport congestion and slots.

12. Jet Price levels – High at present will they continue at current levels?. No more shocks Sars/Iraqi etc. Supply Security. Low stocks & refinery reliability. Better Demand Forecasting. Passenger Confidence. Key Drivers of Jet Fuel Pricing