uv6685-xls-eng (1)

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Rev. Mar. 1, 2016

This spreadsheet was preparedrights reserved. For customerretrieval system, posted to theermission of the Darden choo

8/17/2019 UV6685-XLS-ENG (1)

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This spreadsheet s(pports %T!$+T a"a&ysis of the case -2012 '(e& edgi"g at /et&(e Airways!#A3'31645.

y Associate Professor Pedro Matos. Copyright © 201 by the !"iversity of #irgi"ia $arde" %choo& 'o("datio", Char&ottesvi&&e, service inquiries, send an e-mail tosa&es)darde"b(si"essp(b&ishi"g.co*. No part of this publication may be reproduced, stor Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—with Foundation.

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8/17/2019 UV6685-XLS-ENG (1)

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+7hibit 1#$%# FUEL &E!G'G )T JETBLU

!%8C 9erose"e3Type /et '(e& %pot Prices, 144

$ata so(rce; -Petro&e(* < =ther >i?(ids, %pot Prices, !.%. +"ergy @"for*atio" Ad*i"istrati

ear !ate

14400D Apr 02, 1440 0.EE 20.E1

14400D Apr 0, 1440 0.E2E 1F.E

14400E May 1, 1440 0.E0D 15.D5

144006 /(" 24, 1440 0.D45 15.0E

144005 /(& 1, 1440 0.E51 20.E5

14400F A(g 1, 1440 0.F1D 25.DE

144004 %ep 2F, 1440 1. 4.E

144010 =ct 1, 1440 1.05 E.1

144011 ov 0, 1440 0.41D 24.0F

144012 $ec 1, 1440 0.F24 2F.DF

144101 /a" 1, 1441 0.661 21.4

144102 'eb 2F, 1441 0.ED5 14.2F

14410 Mar 2F, 1441 0.EE2 14.6

14410D Apr 0, 1441 0.ED 20.44

14410E May 1, 1441 0.E5F 21.16

144106 /(" 2F, 1441 0.E62 20.E6

144105 /(& 1, 1441 0.604 21.5

14410F A(g 0, 1441 0.66 22.2F

144104 %ep 0, 1441 0.6D1 22.2E

144110 =ct 1, 1441 0.6F4 2.24

144111 ov 24, 1441 0.61F 21.DF

144112 $ec 1, 1441 0.DF 14.1E

144201 /a" 1, 1442 0.E6 1F.4

144202 'eb 2F, 1442 0.E14 1F.64

14420 Mar 1, 1442 0.E12 14.D4

14420D Apr 0, 1442 0.E6E 20.FF

14420E May 24, 1442 0.60F 22.1

144206 /(" 0, 1442 0.60F 21.FD

144205 /(& 1, 1442 0.61 21.F

14420F A(g 1, 1442 0.61E 21.D6

144204 %ep 0, 1442 0.6 21.F

144210 =ct 0, 1442 0.EF1 20.6F

144211 ov 0, 1442 0.EE 14.41

144212 $ec 1, 1442 0.E6E 14.D4

14401 /a" 24, 144 0.E62 20.25

14402 'eb 26, 144 0.E65 20.E

JET FUEL(U.S. Gulf Coast

Kerosene-Type Jet FuelSpot Price FOB !ollars

per Gallon"

+T'(Cusin OK +T' SpotPrice FOB !ollars per

Barrel"

8/17/2019 UV6685-XLS-ENG (1)

5/48

1440 Mar 1, 144 0.ED2 20.DD

1440D Apr 0, 144 0.EE1 20.ED

1440E May 2F, 144 0.EE2 20.0D

14406 /(" 0, 144 0.E21 1F.F2

14405 /(& 0, 144 0.DF5 15.4D

1440F A(g 1, 144 0.E1E 1F.2D

14404 %ep 0, 144 0.EF6 1F.5214410 =ct 24, 144 0.EE 16.45

14411 ov 0, 144 0.D4 1E.6

14412 $ec 0, 144 0.DE6 1D.14

144D01 /a" 1, 144D 0.EE1 1E.2D

144D02 'eb 2F, 144D 0.DE2 1D.E

144D0 Mar 1, 144D 0.D1 1D.5F

144D0D Apr 24, 144D 0.D65 16.42

144D0E May 1, 144D 0.DF4 1F.

144D06 /(" 0, 144D 0.E05 14.5

144D05 /(& 24, 144D 0.ED 20.

144D0F A(g 1, 144D 0.D44 15.6

144D04 %ep 0, 144D 0.E12 1F.6144D10 =ct 1, 144D 0.E15 1F.16

144D11 ov 0, 144D 0.E01 1F.06

144D12 $ec 0, 144D 0.E06 15.55

144E01 /a" 1, 144E 0.D5 1F.DF

144E02 'eb 2F, 144E 0.DE4 1F.E2

144E0 Mar 1, 144E 0.D52 14.1F

144E0D Apr 2F, 144E 0.E12 20.6

144E0E May 1, 144E 0.E 1F.FF

144E06 /(" 0, 144E 0.D6E 15.F

144E05 /(& 1, 144E 0.DF 15.62

144E0F A(g 1, 144E 0.E0F 15.F4

144E04 %ep 24, 144E 0.E01 15.ED144E10 =ct 1, 144E 0.E2 15.65

144E11 ov 0, 144E 0.E16 1F.25

144E12 $ec 24, 144E 0.E6E 14.ED

144601 /a" 1, 1446 0.E1E 15.56

144602 'eb 24, 1446 0.61F 14.E4

14460 Mar 24, 1446 0.E41 21.D

14460D Apr 0, 1446 0.E5E 20.4E

14460E May 1, 1446 0.E16 14.55

144606 /(" 2F, 1446 0.E6 20.42

144605 /(& 1, 1446 0.E5 20.D6

14460F A(g 0, 1446 0.6DD 22.2E

144604 %ep 0, 1446 0.641 2D.2144610 =ct 1, 1446 0.6E2 2.2E

144611 ov 24, 1446 0.51 2.5

144612 $ec 1, 1446 0.6F5 2E.4

144501 /a" 1, 1445 0.5 2D.1E

144502 'eb 2F, 1445 0.E6E 20.

14450 Mar 1, 1445 0.EE1 20.E

14450D Apr 0, 1445 0.EF 20.2

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14450E May 0, 1445 0.EE2 21

144506 /(" 0, 1445 0.E4 14.F2

144505 /(& 1, 1445 0.E61 20.14

14450F A(g 24, 1445 0.EDF 14.66

144504 %ep 0, 1445 0.E64 21.1

144510 =ct 1, 1445 0.E5 21.1

144511 ov 26, 1445 0.D45 14.1144512 $ec 1, 1445 0.E1 15.6E

144F01 /a" 0, 144F 0.D42 15.21

144F02 'eb 25, 144F 0.D1 1E.DD

144F0 Mar 1, 144F 0.D1D 1E.5E

144F0D Apr 0, 144F 0.D4 1E.E6

144F0E May 24, 144F 0.D0D 1E.21

144F06 /(" 0, 144F 0.F5 1D.

144F05 /(& 1, 144F 0.5 1D.25

144F0F A(g 1, 144F 0.52 1.24

144F04 %ep 0, 144F 0.DDF 16.14

144F10 =ct 0, 144F 0.D2 1D.DF

144F11 ov 0, 144F 0.1D 11.5144F12 $ec 1, 144F 0.2D 12.1D

144401 /a" 24, 1444 0.24 12.F1

144402 'eb 26, 1444 0.14 12.1

14440 Mar 1, 1444 0.D5 16.66

14440D Apr 0, 1444 0.DD 1F.64

14440E May 2F, 1444 0.4 16.FE

144406 /(" 0, 1444 0.D4 14.

144405 /(& 0, 1444 0.E2F 20.E2

14440F A(g 1, 1444 0.E42 22.1E

144404 %ep 0, 1444 0.626 2D.ED

144410 =ct 24, 1444 0.EFD 21.54

144411 ov 0, 1444 0.65 2D.F5144412 $ec 0, 1444 0.514 2E.56

200001 /a" 1, 2000 0.564 25.6E

200002 'eb 24, 2000 0.F06 0.E5

20000 Mar 1, 2000 0.55D 26.F6

20000D Apr 2F, 2000 0.525 2E.51

20000E May 1, 2000 0.5E2 24.0

200006 /(" 0, 2000 0.FE 2.DD

200005 /(& 1, 2000 0.556 25.E

20000F A(g 1, 2000 0.4EF .04

200004 %ep 24, 2000 0.4D1 0.F5

200010 =ct 1, 2000 0.4E2 2.5

200011 ov 0, 2000 1.015 .61200012 $ec 24, 2000 0.54 26.52

200101 /a" 1, 2001 0.F6F 2F.62

200102 'eb 2F, 2001 0.5F 25.E

20010 Mar 0, 2001 0.52D 26.5

20010D Apr 0, 2001 0.5F5 2F.DF

20010E May 1, 2001 0.541 2F.4

200106 /(" 24, 2001 0.526 26.5

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200105 /(& 1, 2001 0.52F 26.5

20010F A(g 1, 2001 0.54D 26.6E

200104 %ep 2F, 2001 0.6E 2.DD

200110 =ct 1, 2001 0.E4D 21.2

200111 ov 0, 2001 0.E22 14.D6

200112 $ec 1, 2001 0.EE 14.46

200201 /a" 1, 2002 0.EF 14.51200202 'eb 2F, 2002 0.E55 21.5F

20020 Mar 2F, 2002 0.65 26.21

20020D Apr 0, 2002 0.641 25.2

20020E May 1, 2002 0.62F 2E.5

200206 /(" 2F, 2002 0.6FD 26.54

200205 /(& 1, 2002 0.642 25.02

20020F A(g 0, 2002 0.55E 2F.45

200204 %ep 0, 2002 0.F26 0.E4

200210 =ct 1, 2002 0.55 25.1F

200211 ov 25, 2002 0.5D 26.F5

200212 $ec 1, 2002 0.F54 1.21

20001 /a" 1, 200 0.44 .E120002 'eb 2F, 200 1.10E 6.56

2000 Mar 1, 200 0.551 1.1D

2000D Apr 0, 200 0.64 26.04

2000E May 0, 200 0.52D 24.E6

20006 /(" 0, 200 0.551 0.1E

20005 /(& 1, 200 0.54 0.E6

2000F A(g 24, 200 0.F1F 1.56

20004 %ep 0, 200 0.556 24.14

20010 =ct 1, 200 0.546 24.2D

20011 ov 26, 200 0.F 0.

20012 $ec 1, 200 0.FF4 2.E1

200D01 /a" 0, 200D 0.4E .16200D02 'eb 25, 200D 0.4F 6.0F

200D0 Mar 1, 200D 0.46 E.5E

200D0D Apr 0, 200D 1.02D 5.1

200D0E May 2F, 200D 1.01 4.4

200D06 /(" 0, 200D 1.06 6.42

200D05 /(& 0, 200D 1.21F D.52

200D0F A(g 1, 200D 1.14E D2.2

200D04 %ep 0, 200D 1.D41 D4.E6

200D10 =ct 24, 200D 1.D2 E1.5F

200D11 ov 0, 200D 1.2 D4.16

200D12 $ec 0, 200D 1.21 D.6

200E01 /a" 1, 200E 1.DE DF.2E200E02 'eb 2F, 200E 1.D55 E1.5E

200E0 Mar 1, 200E 1.664 EE.1

200E0D Apr 24, 200E 1.D64 D4.2

200E0E May 1, 200E 1.E15 E2.0F

200E06 /(" 0, 200E 1.614 E6.6

200E05 /(& 24, 200E 1.66E 60.51

200E0F A(g 1, 200E 2.2FF 6F.6

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200E04 %ep 0, 200E 2.6DE 66.21

200E10 =ct 1, 200E 1.F4D E4.F

200E11 ov 0, 200E 1.605 E5.

200E12 $ec 0, 200E 1.5F5 61.06

200601 /a" 1, 2006 1.FD5 65.F6

200602 'eb 2F, 2006 1.F1D 61.5

20060 Mar 1, 2006 1.4E 66.2E20060D Apr 2F, 2006 2.0FF 51.F

20060E May 1, 2006 2.062 51.D2

200606 /(" 0, 2006 2.06E 5.4D

200605 /(& 1, 2006 2.165 5D.E6

20060F A(g 1, 2006 2.0D6 50.F

200604 %ep 24, 2006 1.FE2 62.4

200610 =ct 1, 2006 1.6E4 EF.52

200611 ov 0, 2006 1.41 62.45

200612 $ec 24, 2006 1.56 60.FE

200501 /a" 1, 2005 1.5E4 EF.15

200502 'eb 2F, 2005 1.FE 61.5F

20050 Mar 0, 2005 2.015 6E.4D20050D Apr 0, 2005 2.0D4 6E.5F

20050E May 1, 2005 2.0DD 6D.02

200506 /(" 24, 2005 2.04 50.D5

200505 /(& 1, 2005 2.14F 5F.2

20050F A(g 1, 2005 2.1E 5.4F

200504 %ep 2F, 2005 2.2FF F1.6D

200510 =ct 1, 2005 2.E42 4D.16

200511 ov 0, 2005 2.E6F FF.6

200512 $ec 1, 2005 2.65 4E.4E

200F01 /a" 1, 200F 2.E52 41.65

200F02 'eb 24, 200F 2.41E 101.5F

200F0 Mar 1, 200F .061 101.ED200F0D Apr 0, 200F .24 11.5

200F0E May 0, 200F .56 125.E

200F06 /(" 0, 200F D.02 14.46

200F05 /(& 1, 200F .EED 12D.15

200F0F A(g 24, 200F .246 11E.EE

200F04 %ep 0, 200F .022 100.5

200F10 =ct 1, 200F 2.04D 6F.1

200F11 ov 2F, 200F 1.56 EE.21

200F12 $ec 1, 200F 1.2 DD.6

200401 /a" 0, 2004 1.D16 D1.5

200402 'eb 25, 2004 1.26E DD.1E

20040 Mar 1, 2004 1.D1 D4.6D20040D Apr 0, 2004 1.24D E0.E

20040E May 24, 2004 1.652 66.1

200406 /(" 0, 2004 1.5FF 64.F2

200405 /(& 1, 2004 1.F1 64.26

20040F A(g 1, 2004 1.5F1 64.45

200404 %ep 0, 2004 1.54D 50.D6

200410 =ct 0, 2004 1.456 55.0D

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200411 ov 0, 2004 2.00D 55.14

200412 $ec 1, 2004 2.0FF 54.4

201001 /a" 24, 2010 1.41 52.FE

201002 'eb 26, 2010 2.0EE 54.52

20100 Mar 1, 2010 2.1FF F.DE

20100D Apr 0, 2010 2.2D F6.05

20100E May 2F, 2010 2.04 5D201006 /(" 0, 2010 1.44 5E.E4

201005 /(& 0, 2010 2.04 5F.FE

20100F A(g 1, 2010 2.01 51.4

201004 %ep 0, 2010 2.24 54.4E

201010 =ct 24, 2010 2.2E F1.DE

201011 ov 0, 2010 2.241 FD.12

201012 $ec 1, 2010 2.E2F 41.F

201101 /a" 1, 2011 2.5D2 40.44

201102 'eb 2F, 2011 2.44F 45.1

20110 Mar 1, 2011 .161 106.14

20110D Apr 24, 2011 .6F 11.4

20110E May 1, 2011 .1D 102.5201106 /(" 0, 2011 2.446 4E.

201105 /(& 24, 2011 .161 4E.6F

20110F A(g 1, 2011 .11 FF.F1

201104 %ep 0, 2011 2.FDD 5F.4

201110 =ct 1, 2011 .02F 4.14

201111 ov 0, 2011 .001 100.6

201112 $ec 0, 2011 2.415 4F.F

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E )'*+),S :2011 +"d3of3Mo"th

o" website, http;www.eia.govd"avpetpetBpriBsptBs1Bd.ht*.

1F.1F 0.E4

16.E 0.E4

1E. 0.D44

1E.5 0.DF

14.2 0.E61

25.F 0.5D5

D1 1.0E

D. 0.FF

1.2 0.F6

2F.E 0.F04

20.5 0.51F

14.E 0.654

1F 0.E5D

14.5 0.EF

14 0.E6F

1F.DF 0.ED4

14.6E 0.601

20.E 0.6D

21.D 0.62

22 0.65D

20.0F 0.606

15.5E 0.D64

1F.1E 0.E2E

15.DE 0.E04

14.04 0.E4

14.6E 0.E5F

20.5 0.60D

20.6 0.601

20.F 0.60D

14.6E 0.602

20.1F 0.62F

14.1 0.EF2

14.2E 0.EED

15.FE 0.E6

1F.DF 0.EE5

1F.F 0.E56

B*ET(Europe Brent Spot PriceFOB !ollars per Barrel"

&E)T'G O'L(e/ ,or0 &ar1or o. #&eatin Oil Spot Price

FOB !ollars per Gallon"

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1F.5 0.EEF

1F.FE 0.EE

1F.D 0.ED6

15.D 0.E22

16.FE 0.D4D

16.5 0.E2E

15.2 0.E61E.D 0.E04

1D.2 0.D61

1.2 0.DD

1D.F 0.ED2

1.E4 0.E16

1.2E 0.DFD

1E.E 0.D51

16.1F 0.D46

15.DE 0.E06

1F.DF 0.E2

16.0 0.D4

16.5 0.D4615.1F 0.DF5

16.4E 0.DF6

16.2 0.E1D

16.F 0.D66

15.2 0.D66

15.4F 0.D6F

1F.4F 0.E04

15.EF 0.D54

16.EF 0.D6D

1E.5F 0.DF

16.2 0.D45

16.EF 0.DF616.EF 0.E02

15.1 0.E15

1F.6E 0.EFD

16.6 0.E6

1F.F 0.6D1

20. 0.6DD

14.E 0.6D1

1F.1 0.E06

14.2F 0.E6

14 0.E6F

20.4F 0.626

2D.1E 0.51D22.F 0.662

2.15 0.51F

2.4 0.525

2.2F 0.6F5

14.DD 0.ED4

1F.E 0.E6

1F.2E 0.EF2

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1F.44 0.E62

1F.22 0.E

1F.4D 0.EE

15.4F 0.E1F

14.46 0.E54

14.D2 0.E5

1F.E 0.E251E.F6 0.D4

1E.E4 0.D54

1.E 0.D

1.F5 0.D

1.54 0.D2D

1D.0 0.FF

11.FD 0.F2

12.6 0.D2

12.06 0.E1

1D.51 0.D

12 0.4E

4.41 0.210.ED 0.2E

11.D 0.24

10.EF 0.2

1E.02 0.DD2

16.DE 0.DEE

1D.5E 0.46

16.45 0.D5F

14.45 0.E1D

21.0F 0.E56

22.4F 0.62

21.11 0.E52

2E.2 0.6D2D.4 0.64F

25.0F 0.F2

24.01 0.F2

2.4F 0.5FE

2.54 0.5F

24.6D 0.54

1.EF 0.F

2E. 0.55F

E.0F 0.4F

2F.D2 0.42F

0.1E 0.4D2

2.E 1.0D422.EF 0.41

26.E4 0.5FE

2E.16 0.52

2.E 0.5E

25.21 0.5DE

2F.EE 0.555

26.21 0.51

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2D.E 0.6F5

26.F 0.56

21.F5 0.661

14.6 0.6

1F.42 0.E1

14.E 0.EDF

14.05 0.E220.5 0.E6F

2E.D 0.651

26.4F 0.6F5

2.F5 0.6

2E. 0.65E

26.2F 0.65

25.E6 0.5D4

24.11 0.542

2E.E1 0.5DE

2E.11 0.5EE

0.12 0.F52

1.E5 0.4EFD 1.22

2F.0E 0.546

2.6 0.F16

26.EF 0.5E

2F.FF 0.5F1

2F.6F 0.541

0.F 0.F1

2F.04 0.554

25.FF 0.545

2F.2 0.F25

0. 0.FFF

24.E 0.452.4D 0.46

2.24 0.F4

E.2 0.4E

5 0.444

.22 1.00D

D1.D5 1.1E5

4.F 1.12D

D5.56 1.4

DF.16 1.DD6

DD.2 1.F2

4.F 1.224

DD.E1 1.1E0.1 1.D4E

E.22 1.6EF

E0.61 1.D1D

D4. 1.DE

EE.6 1.611

E4.55 1.6

66.F 2.0D4

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61.5 2.0E1

EF.D5 1.5EE

E.2E 1.61

EF.D 1.52

6.14 1.562

E4.5F 1.512

66.06 1.FEE52.1E 1.44E

65.E5 1.462

5.2 2.0E5

5D.5E 2.10

65.66 1.4

E4.04 1.64

E6.1 1.64

6D.6 1.5FE

EF.46 1.601

E6.E2 1.6F1

E4.4 1.5F1

6F.D5 1.F5165.2 1.F45

6F.1F 1.F42

52.22 2.02

55.01 2.04E

52.24 2.05

F0.45 2.144

F4.F5 2.E06

FF.51 2.D44

4.6F 2.6DF

41.EF 2.E2

100.4 2.F06

102. .05F111.12 .14E

125.FE .6D5

1F.D .F4

12D.1 .DE

11.D4 .1E

4.E2 2.FE1

60 2.0FE

D5.52 1.646

E.F2 1.1D

DD.15 1.D5

DD.D1 1.251

D6.1 1.6E0. 1.244

6D.4F 1.66

6F.11 1.51E

50.0F 1.54

64.02 1.55

6E.F2 1.F0E

5D.41 1.46E

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55.55 1.4FD

55.41 2.104

51.2 1.F4D

56.6 2.02

F0.5 2.162

F6.14 2.26E

5 2.0065D.4D 1.45E

55.E 2.0F

5E.E1 1.466

F0.55 2.24

F2.D5 2.211

F6.02 2.2FF

4.2 2.ED6

4F.45 2.52

112.25 2.42F

116.4D .04F

126.E4 .26

115.1F .0D4111.51 2.46

11E.4 .0F6

116.DF .06F

10E.D2 2.5F1

10F.D .0D

111.22 .012

10F.04 2.415

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0G

10G

20G

0G

D0G

E0G

60G

50G

F0G

40G

100G

2G6G FG

FG D0G

DEG D6G

5G

1G 2G 2G 0G 0GG G G

6G

D1G D1G4G

Jet Fuel Cost as 2 of Operatin E3pense

8/17/2019 UV6685-XLS-ENG (1)

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0.0

20.0

D0.0

60.0

F0.0

100.0

120.0

1D0.0

160.0

1F0.0

200.0

101

112115

11115 116 11E

10E104

11E11F

111116

121

124

120 120

1

Jet Fuel Consu4ption (4illions of allons"

8/17/2019 UV6685-XLS-ENG (1)

18/48

+7hibit 2

#$%# FUEL &E!G'G )T JET

/et&(e AirwaysH/et '(e& Cost a"d Co"s(*

$ata for Pa"e& A; /et&(e AirwaysH/et f(e& cost as perc

'!+> A% G =' =P+RAT@8 +JP+%+

200501 2G

200502 6G

20050 FG

20050D FG

200F01 D0G

200F02 DEG

200F0 D6G

200F0D 5G200401 1G

200402 2G

20040 2G

20040D 0G

201001 0G

201002 G

20100 G

20100D G

201101 6G

201102 D1G20110 D1G

20110D 4G

$ata for Pa"e& ; /et&(e AirwaysH/et f(e& co"s(*p

2005I1 101.2

2005I2 112.

2005I 116.4

2005ID 112.F

200FI1 116.6

200FI2 116.

$ata so(rce; Research a"d @""ovative Tech"o&ogy Ad*i"istratio", !.%. $epart*e"t of Tra"shttp;www.tra"stats.bts.gov$>B%e&ect'ie&ds.aspKTab&eB@$L241!+ A@RA%Co"s(*ptio" 3 *i&&io"ga&&o"s

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200FI 11E.

200FID 10D.F

2004I1 104.D

2004I2 11E.0

2004I 11F.1

2004ID 111.E

2010I1 116.2010I2 121.1

2010I 124.0

2010ID 114.4

2011I1 114.4

2011I2 12.F

$ata so(rce; !.%. $epart*e"t of Tra"sportatio", -Air&i"e '(e& Cost a"d Co"s(*ptio" !.%.http;www.tra"stats.bts.govf(e&.aspKp"L1.

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LUE )'*+),S

tio" 2005:2011, I(arter&y

e"tage of operati"g e7pe"se ?(arter&y

io" i" *i&&io"s of ga&&o"s ?(arter&y

ortatio", -Air Carrier 'i"a"cia&; %ched(&e P36rier 'i"a"cia&.

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arriersH%ched(&ed /a"(ary 2000:'ebr(ary 201,

8/17/2019 UV6685-XLS-ENG (1)

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0G

10G

20G

0G

D0G

E0G

60G

50G

F0G

40G

100G

0.00

0.E0

1.00

1.E0

2.00

2.E0

.00

.E0

D.00

D.E0

65GD2GD0G

D5G

EG

D6GD6G

D0G

4G 4G 4G 4G

EG EG EG

14G

EG

EG4G

10G

5G 5G6G

11G11G1EG

1FG1FG

24G

6G2G

21G

5G 6G DG

11G

DDG

14G14G2DG

G

2G5G

1DG

4G 4G

FG

G edgedH/et '(e&

G edgedHeati"g =i&

G edgedHCr(de =i& T@

/et '(e&

N per ga&.

2 &e5e5 Jet Fuel 67 per al.8

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#$%# FUEL &E!G'

G +st. Co"s(*ptio" edged 3 c(rre"t ?(arter

G edgedHCr(de =i& T@ G edgedHeati"g =i&

2005I1 65G

2005I2 11G D2G

2005I 11G D0G

2005ID D5G

200FI1 EG

200FI2 D6G

200FI D6G

200FID D0G2004I1 4G

2004I2 4G

2004I 4G

2004ID 4G

2010I1 1EG EG

2010I2 1FG EG

2010I 1FG EG

2010ID 14G

2011I1 24G EG

2011I2 6G EG2011I 2G 4G

2011ID 21G 10G

2012I1O 5G 5G

2012I2O 6G 5G

2012IO DG 6G

2012IDO

/et&(e H '(e& Perce"tag

%o(rce; -/>! @"vestor Re&atio"sH@"vestor !pdate, /et&(e website, http;i"ve/et f(e& spot prices are fro*; -Petro&e(* < =ther >i?(ids, %pot Prices, !.%. +"er

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7hibit

G )T JETBLUE )'*+),S

G ot edged

52 G 2.02

11G 5 6G 2.04

60 D4G 2.24

E EG 2.65

D1 6EG .06

ED EDG D.02

E EDG .02

D 60G 1.210 41G 1.D

10 41G 1.54

10 41G 1.54

*issi"g data 41G 2.04

DDG 56 6G 2.14

14G E2 EFG 1.44

14G *issi"g data EFG 2.2D

2DG ED E5G 2.E

G DD 6G .16

2GE5

E5G .005G 65 E2G 2.FD

1DG 60 EEG 2.42

4G 1 est. 55G

4G 1 est. 5FG

FG 1 est. F2G

edged 2005:2012, I(arter&y

G edged—/et '(e&Mi&&io"s of 8a&&o"s edged

i" c(rre"t ?(arter/et '(e&

N per ga&.

tor.etb&(e.co*phoe"i7.Qht*&KcL110DE

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+7hibit D

#$%# FUEL &E!G'G )T JETBLUE )'*+

/et '(e& edgi"g Positio"s for Maor !.%. Air&i

Regio" Co*pa"y $isc&os(re $ate G edged

!.%. A&asa Air 8ro(p @"c. 10202011 E0G

A*erica" Air&i"es 10142011 E2G

$e&ta Air >i"es @"c. 102E2011 D0G

awaiia" Air&i"es 101F2011 E6G

/et&(e Airways Corporatio" 10262011 DEG

%o(thwest Air&i"es Co. 10202011 hedgedO

!"ited Co"ti"e"ta& o&di"gs @"c. 10252011 E6G

!% Airways 8ro(p @"c. 10252011 0G

est/et Air&i"es 1142011 2DG

+(rope Air 'ra"ce39>M 8ro(p ove*ber 2011 E5G

Aer >i"g(s 8ro(p P&c. 'ebr(ary 2012 F6G

$e(tsche >(ftha"sa A8 March 2012 5DG

+asy/et P&c. March 2012 5EG

Rya"air o&di"gs P&c. /a"(ary 2012 40G

%A% 8ro(p May 2012 E0G

Asia Air Chi"a March 2012 20G

Cathay Pacific March 2011 25G

Chi"a Air&i"es March 2011 0G

Chi"a +aster" Air&i"es March 2011 0G

Chi"a %o(ther" Air&i"es March 2011 0G

+#A Airways Corp. March 2011 10G

/et Airways March 2011 0G

9orea" Air March 2011 FG

Ia"tas Airways March 2011 25G

%i"gapore Air&i"es March 2011 10G

$ata so(rce; &oo*berg, -/et '(e& edgi"g Positio"s for !.%., Ca"adia" Air&i"es, ove*ber 1Air&i"es, May , 2012S %C 8&oba& Research, -Asia" Air&i"esH'(e&&i"g a %hift to Pre*i(*

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,S

"es

edgi"g Period

'o(rth ?(arter

'o(rth ?(arter

'irst ha&f 2012

'o(rth ?(arter

'o(rth ?(arter

'o(rth ?(arter

'o(rth ?(arter

'o(rth ?(arter

'o(rth ?(arter

=ctober to $ece*ber 2011

/a"(ary to March 2012

2012

ear to %epte*ber 2012

ear to March 2012

Apri& to /("e 2012

'1112

'1112

'1112

'1112

'1112

'1112

'1112

'1112

'1112

'1112

0, 2011S -/et '(e& edgi"g Positio"s for +(rope3asedarriers, March , 2011.

8/17/2019 UV6685-XLS-ENG (1)

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SOURCE: Bureau of Transportation Statistics F41 Schedule P12A

!etBlue A"erican #elta South$est United

!an%&& &'4 &(' &)* &'(

Fe+%&& &,' &'' &(* &*( &')

-ar%&& &', &'4 &*4 &') Apr%&& &)' &', &'4 &*2 &)4

-a.%&& &)' &'( &'& &*2 &')

!un%&& &*& &'4 &(* &)2 &'(

!ul%&& &*4 &'* &', &)( &)2

Au/%&& &*, &)& &'' &)' &)4

Sep%&& 1&) &)* &', &)0 &*0

Oct%&& 1&0 &*0 &)) &*& &*(

o%&& 1&' &*1 &'* &*0 &*'

#ec%&& 1&1 &,& &)0 &*1 &*,

!an%&1 &*, &*( &)( &*( &*4

Fe+%&1 &** &*0 &)4 &*4 &**

-ar%&1 &*2 &), &)1 &'* &*4 Apr%&1 &*& &)( &') &)' &*1

-a.%&1 &*( &)) &', &)) &*4

!un%&1 &*4 &*& &', &)0 &*(

!ul%&1 &)) &)* &)0 &)2 &*2

Au/%&1 &)* &)( &)1 &)1 &),

Sep%&1 &*0 &), &)1 &'' &*4

Oct%&1 &') &)2 &'4 &'* &*&

o%&1 &'2 &', &'2 &'4 &)(

#ec%&1 &(( &(' &() &44 &'(

!an%&2 &(, &'1 &(' &'4 &'4

Fe+%&2 &'& &'2 &(' &'4 &'4

-ar%&2 &'' &'1 &(4 &'2 &') Apr%&2 &)& &)2 &'& &)1 &)1

-a.%&2 &)& &)0 &'1 &)1 &)&

!un%&2 &') &', &'0 &(, &'*

!ul%&2 &)2 &)2 &'( &)& &)2

Au/%&2 &)0 &)1 &)2 &') &)4

Sep%&2 &*& &)( &)1 &)1 &*&

Oct%&2 &*0 &*& &), &)4 &*2

o%&2 &)* &)) &)4 &)2 &)*

#ec%&2 &)) &)' &', &') &*2

!an%&0 &,1 &*2 &*& &', &**

Fe+%&0 &,* &*( &)( &'2 1&&

-ar%&0 1&0 &,' &,4 &,0 &,* Apr%&0 &*' &*4 &*& &)1 &*)

-a.%&0 &)) &)' &)2 &'* &),

!un%&0 &)4 &)4 &)1 &'4 &)*

!ul%&0 &*& &)' &)4 &)& &*0

Au/%&0 &*0 &*1 &)* &)4 &*)

Sep%&0 &*& &*& &)* &)( &)*

Oct%&0 &*0 &)* &*2 &)4 &*'

o%&0 &*0 &*2 &*& &)( &*,

#ec%&0 &*) &*) &*' &)4 &,4

http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1 Airline Fuel Cost 3per /allon % dollars

0.00

0.E0

1.00

1.E0

2.00

2.E0

.00

.E0

D.00

D.E0

Air&i"e '(e& Cost per ga&&o" 3 do&&a

http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1

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!an%&4 &,2 &,0 &,2 &)' 1&&

Fe+%&4 &,1 &,' &,2 &*& 1&&

-ar%&4 &,2 &,) &,4 &*0 1&2

Apr%&4 &,2 &,, &,' &*& 1&'

-a.%&4 1&1 1&* 1&4 &*4 112

!un%&4 &,) 1&* 1&) &*0 11(

!ul%&4 1&0 111 1&, &*1 11(

Au/%&4 1&* 122 12& &*1 12(Sep%&4 114 12' 12' &*& 12,

Oct%&4 102 14( 14( &*( 10'

o%&4 12( 14( 10, &,& 14(

#ec%&4 11' 104 104 &,0 102

!an%&( 11' 12, 100 &,1 104

Fe+%&( 101 10' 10' &** 14&

-ar%&( 144 14, 144 &,0 14(

Apr%&( 1(0 1'& 1'0 &,, 1'(

-a.%&( 14( 1(' 1(( 1&) 1'4

!un%&( 1(1 1(, 1'2 1&& 1'1

!ul%&( 1() 1', 1', &,2 1)1

Au/%&( 1') 1)* 1)* 1&) 1*1Sep%&( 1,& 1,, 2&& 1&( 1,'

Oct%&( 22, 220 22' 101 211

o%&( 1)2 1,4 2&' 120 2&0

#ec%&( 1'0 1)1 1*1 1&' 1*(

!an%&' 1*4 1)* 1*( 1(1 1*,

Fe+%&' 1*, 1*' 1*' 1(' 1**

-ar%&' 1*' 1*4 1** 14, 1*4

Apr%&' 1,) 1,4 1,) 10& 1,'

-a.%&' 21& 2&' 2&, 1(1 210

!un%&' 211 2&' 201 1', 21'

!ul%&' 214 21& 21( 1'4 21*

Au/%&' 21) 210 22) 1'& 22&Sep%&' 2&2 2&2 202 14( 21(

Oct%&' 1,2 1*0 222 1(& 1,)

o%&' 1*( 1)' 222 1(4 1*)

#ec%&' 1,* 1*4 2&( 1'2 1*)

!an%&) 1*, 1)' 1,' 1'' 1*'

Fe+%&) 1*( 1)1 1*, 1(* 1*2

-ar%&) 1,& 1*4 1,' 1(( 1*(

Apr%&) 1,* 1,) 2&2 1'& 1*(

-a.%&) 2&1 2&4 220 1'4 2&)

!un%&) 2&0 2&1 222 1'1 212

!ul%&) 212 2&* 22( 1)& 21'

Au/%&) 211 212 20& 1)( 21,Sep%&) 21' 2&* 224 1'( 21,

Oct%&) 22& 220 240 1)( 201

o%&) 24& 204 2)' 1*& 2((

#ec%&) 241 24& 2*' 2&' 2'4

!an%&* 2'2 2') 2*' 1*4 2)2

Fe+%&* 2(1 2(1 2*2 1,* 2)1

-ar%&* 2)* 2)' 0&( 221 0&2

Apr%&* 01) 2*2 012 212 02*

-a.%&* 02, 0&* 01* 222 0(&

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!un%&* 0&' 000 020 2(0 0*)

!ul%&* 0'( 0'* 0() 2'& 4&&

Au/%&* 00& 04, 0(1 2() 0))

Sep%&* 02, 02( 04& 2'4 00*

Oct%&* 02' 0&* 0*1 2)* 2,*

o%&* 2') 2(& 022 200 24*

#ec%&* 21( 210 2'* 2&0 1*)

!an%&, 2&( 1,4 2*4 2&2 1''Fe+%&, 2&& 1,& 0&, 2&& 1(4

-ar%&, 1*4 1)0 2)* 1)& 10,

Apr%&, 1** 1), 2'1 1)) 14)

-a.%&, 1** 1)4 2(1 1), 14,

!un%&, 21( 1,( 2&1 2&1 1)0

!ul%&, 2&2 1,( 1,* 21( 1*0

Au/%&, 211 2&0 201 21* 1,4

Sep%&, 211 1,2 242 21' 1,2

Oct%&, 1,0 1,, 21( 21( 1,2

o%&, 2&) 21( 22, 224 2&*

#ec%&, 21& 21* 202 21, 1,)

!an%1& 221 220 21, 20* 211Fe+%1& 21( 210 22' 20) 2&,

-ar%1& 21, 21' 222 20) 214

Apr%1& 202 201 201 24& 224

-a.%1& 20) 202 204 24* 22)

!un%1& 222 22& 22, 202 21*

!ul%1& 22( 21' 20& 202 21'

Au/%1& 22, 21' 22, 20* 21'

Sep%1& 22( 210 22* 20) 21,

Oct%1& 20( 22, 20* 241 22'

o%1& 24& 204 24) 24( 20)

#ec%1& 2(& 241 2(2 2'& 24*

!an%11 2)1 2(( 2'' 2'2 2(,Fe+%11 2,& 2'2 2*' 2'* 2)0

-ar%11 01) 2*1 2,2 2,* 01&

Apr%11 00& 0&1 022 01) 02'

-a.%11 00( 011 02' 022 00&

!un%11 02) 2,( 0&* 02& 0&0

!ul%11 024 0&& 0&) 0&( 014

Au/%11 02( 0&0 0&4 01' 014

Sep%11 02( 01* 0&0 00( 010

Oct%11 01& 2)) 2,, 01& 0&(

o%11 020 0&1 2*4 01, 0&*

#ec%11 010 0&2 2,2 02* 012

8/17/2019 UV6685-XLS-ENG (1)

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/et&(e

A*erica"

$e&ta

!"ited

%o(thwest

s

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8/17/2019 UV6685-XLS-ENG (1)

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8/17/2019 UV6685-XLS-ENG (1)

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0

0.E

1

1.E

2

2.E

.E

D

D.E

0

20

D0

60

F0

100

120

1D0

160

JET FUEL(U.S. Gulf CoastKerosene-Type Jet F

Spot Price FOB !oper Gallon"

&E)T'G O'L(e/ ,or0 &ar1or &eatin Oil Spot PrFOB !ollars per G

B*ET(Europe Brent Spot

FOB !ollars per Ba

+T'

(Cusin OK +T' Price FOB !ollars Barrel"

$o&&ars per 8a&&o" /+T '!+> $o&&ars per arre& T@, R+T

R+T

T@

/+T '!+>

+AT@8 =@>

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/a"32005 ov32005 %ep3200F /(&32004 May32010 Mar32011

3N0.20

N0.00

N0.20

N0.D0

N0.60

N0.F0

N1.00

N1.20

asis vs. T@ =i&

per ga&&o", 1 barre& LD2 ga&&o"s

asis vs. re"t =i&

per ga&&o", 1 barre& LD2 ga&&o"s

asis vs. eati"g =i&per ga&&o"

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/et '

ear

/a"32005 1.5E4 EF.15

'eb32005 1.FE 61.5F

Mar32005 2.015 6E.4D

Apr32005 2.0D4 6E.5F

May32005 2.0DD 6D.02

/("32005 2.04 50.D5

/(&32005 2.14F 5F.2

A(g32005 2.1E 5.4F

%ep32005 2.2FF F1.6D=ct32005 2.E42 4D.16

ov32005 2.E6F FF.6

$ec32005 2.65 4E.4E

/a"3200F 2.E52 41.65

'eb3200F 2.41E 101.5F

Mar3200F .061 101.ED

Apr3200F .24 11.5

May3200F .56 125.E

/("3200F D.02 14.46

/(&3200F .EED 12D.15

A(g3200F .246 11E.EE

%ep3200F .022 100.5=ct3200F 2.04D 6F.1

ov3200F 1.56 EE.21

$ec3200F 1.2 DD.6

/a"32004 1.D16 D1.5

'eb32004 1.26E DD.1E

Mar32004 1.D1 D4.6D

Apr32004 1.24D E0.E

May32004 1.652 66.1

/("32004 1.5FF 64.F2

/(&32004 1.F1 64.26

A(g32004 1.5F1 64.45

%ep32004 1.54D 50.D6=ct32004 1.456 55.0D

ov32004 2.00D 55.14

$ec32004 2.0FF 54.4

/a"32010 1.41 52.FE

'eb32010 2.0EE 54.52

Mar32010 2.1FF F.DE

Apr32010 2.2D F6.05

May32010 2.04 5D

/("32010 1.44 5E.E4

/+T '!+>!.%. 8(&f Coast 9erose"e3Type /et

'(e& %pot Price '=, $o&&ars per8a&&o"

T@C(shi"g, =9 T@ %pot Price '=,

$o&&ars per arre&

8/17/2019 UV6685-XLS-ENG (1)

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/(&32010 2.04 5F.FE

A(g32010 2.01 51.4

%ep32010 2.24 54.4E

=ct32010 2.2E F1.DE

ov32010 2.241 FD.12

$ec32010 2.E2F 41.F

/a"32011 2.5D2 40.44

'eb32011 2.44F 45.1Mar32011 .161 106.14

Apr32011 .6F 11.4

May32011 .1D 102.5

/("32011 2.446 4E.

/(&32011 .161 4E.6F

A(g32011 .11 FF.F1

%ep32011 2.FDD 5F.4

=ct32011 .02F 4.14

ov32011 .001 100.6

$ec32011 2.415 4F.F

$ata so(rce; -Petro&e(* < =ther >i?(ids, %pot Prices, !.%. +"ergy @"for*atio" Ad*i"istratio" w

&'441&0(4,,

&,)41'0011,

5

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+7hibit 6#$%# FUEL &E!G'G )T JETBLUE )'*+),S

e&, eati"g =i&, T@, a"d re"t Cr(de =i& %pot Prices, 2005:2011 Mo"th&y

E6.E2 1.DE51D2FE5 1.6F1

E4.4 1.D1D0D5614 1.5F1

6F.D5 1.602F04E2 1.F51

65.2 1.60051D2FE5 1.F45

6F.1F 1.62 1.F42

52.22 1.514E2F04E 2.02

55.01 1.FE51D2F6 2.04E

52.24 1.521140D562 2.05

F0.45 1.425FE51D24 2.144F4.F5 2.1456140DF 2.E06

FF.51 2.1121D2FE51 2.D44

4.6F 2.20D56140E 2.6DF

41.EF 2.1F0D56140E 2.E2

100.4 2.D02F04E2D 2.F06

102. 2.D6D2FE51D .05F

111.12 2.6DE51D2FE5 .14E

125.FE .0DD0D5614 .6D5

1F.D .24E2F04E2 .F4

12D.1 2.4ED56140DF .DE

11.D4 2.5021D2FE51 .1E

4.E2 2.2266666665 2.FE160 1.D2FE51D2F6 2.0FE

D5.52 1.16140D562 1.646

E.F2 0.FE2FE51D24 1.1D

DD.15 1.0E16666665 1.D5

DD.D1 1.0E5F04E2D 1.251

D6.1 1.04F 1.6

E0. 1.1456140D56 1.244

6D.4F 1.ED51D2FE51 1.66

6F.11 1.6216666665 1.51E

50.0F 1.66FE51D2F6 1.54

64.02 1.6D 1.55

6E.F2 1.E651D2FE51 1.F0E5D.41 1.5FE51D2F6 1.46E

55.55 1.FE16666665 1.4FD

55.41 1.FEE 2.104

51.2 1.64E2F04E2 1.F4D

56.6 1.F1F04E2F1 2.02

F0.5 1.41E51D2F6 2.162

F6.14 2.0E21D2FE51 2.26E

5 1.5F04E2F1 2.006

5D.4D 1.5FD2FE51D 1.45E

R+T+(rope re"t %pot Price '=,

$o&&ars per arre&

+AT@8 =@>ew or arbor o. 2 eati"g=i& %pot Price '=, $o&&ars per

8a&&o"

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55.E 1.FDE2F04E2 2.0F

5E.E1 1.545FE51D24 1.466

F0.55 1.4204E2F1 2.24

F2.D5 1.46E51D2F6 2.211

F6.02 2.0DF04E2F1 2.2FF

4.2 2.21456140DF 2.ED6

4F.45 2.E6D2FE51D 2.52

112.25 2.6504E2F1 2.42F116.4D 2.5FD2FE51D .04F

126.E4 .01D0D5614 .26

115.1F 2.54 .0D4

111.51 2.6E456140DF 2.46

11E.4 2.5602F04E2 .0F6

116.DF 2.55 .06F

10E.D2 2.E1 2.5F1

10F.D 2.EF16666665 .0D

111.22 2.6DF04E2F1 .012

10F.04 2.E5E51D2F6 2.415

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0.5D 0.D1 0.05F

0.F2 0.D4 0.052

0.DD5 0.F5 0.1D6

0.DF 0.DDF 0.1E2

0.E20 0.D21 0.1E2

0.D12 0.50 0.065

0.6 0.6D 0.10

0.5D 0.D1D 0.04F

0.DD 0.60 0.0F40.E0 0.DE2 0.0F6

0.DEF 0.DE6 0.064

0.FF 0.DD 0.02E

0.F4 0.42 0.0D4

0.D42 0.E1 0.104

0.6D 0.62E 0.015

0.622 0.6F 0.1D

0.50D 0.642 0.0F4

0.6FF 0.52E 0.10

0.E4F 0.E44 0.114

0.EDE 0.E4D 0.1D6

0.62D 0.54E 0.1510.D5 0.66E 0.004

0.DDE 0.62D 0.06D

0.2EF 0.D65 0.006

0.D22 0.6D 0.021

0.21D 0.20F 0.006

0.1E4 0.2D 0.00E

0.04E 0.046 0.00E

0.04 0.12E 0.06

0.126 0.166 0.05

0.1F2 0.162 0.0F

0.11E 0.1F 0.00F

0.116 0.225 0.0110.1D2 0.142 0.011

0.166 0.1E2 0.020

0.14F 0.2 0.021

0.15E 0.21E 0.016

0.1E5 0.25 0.0E

0.201 0.25D 0.026

0.25E 0.252 0.0E4

0.255 0.01 0.0

0.14 0.204 0.01F

S-F%

S-F#

S-F9

asis vs. T@ =i&per ga&&o", 1 barre& L

D2 ga&&o"s

asis vs. re"t =i&per ga&&o", 1 barre& L

D2 ga&&o"s

asis vs. eati"g =i&per ga&&o"

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0.216 0.2DF 0.0EE

0.245 0.212 0.0DD

0.E 0.16 0.000

0.1D 0.2F4 0.0D2

0.2FF 0.2D 0.00

0.E2 0.0F 0.01F

0.E56 0.F6 0.014

0.6F6 0.2E 0.0500.6 0.55 0.06

0.66F 0.ED 0.10E

0.6F4 0.DD 0.0FE

0.525 0.6 0.060

0.FF 0.D01 0.05E

0.44F 0.D0 0.0DE

0.46E 0.D 0.06

0.F04 0.DD6 0.012

0.611 0.E 0.011

0.E6D 0.D 0.000

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+7hibit 5#$%# FUEL &E!G'G )T JETBLUE )'*+),S

Most eavi&y Traded +"ergy '(t(res Co"tracts =ctober 2011

>ight sweet cr(de oi& T@ 1D,5FE,245

at(ra& gas f(t(res e"ry (b 5,144,401

eati"g oi& 2,46D,162

R= gaso&i"e 2,541,560

P/M fi"a"cia&&y sett&ed e&ectricity 211,0D

re"t 12,DED,6FD

8as oi& 6,6EE,DD1

T@ D,12,F24

eati"g oi& 55,06

R= gaso&i"e 54,F62

Coa& 115,F1F

+! "at(ra& gas E55,60E

+&ec 41E+*issio"s E61,E22

CM+ 8ro(p '(t(res

HMo"th&y #o&(*e ofCo"tracts

$ata %o(rce; CM+ 8ro(p, -CM+8 +7cha"ge #o&(*e ReportHMo"th&y =ctober 2011,http;www.c*egro(p.co*wrappedpageswebB*o"th&yBreportebB#o&(*eBReportBC

@C+ +(rope '(t(res HMo"th&y #o&(*e of

Co"tracts

$ata so(rce; @"terco"ti"e"ta&+7cha"ge, -@C+ '(t(res +(ropeH'(t(res Mo"th&y #o&(*e,https;www.theice.co**aretdatareportsReportCe"ter.sht*&report5.

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+8.pdf.

8/17/2019 UV6685-XLS-ENG (1)

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#$%# FU

/et&

%o(rce; -/>! @"vestor Re&atio"sH@"vestor !pdate, /et&(e website, http;i"vest

'n:estor Up5ate; %

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'n:estor Up5ate; =

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+7hibit 4

L &E!G'G )T JETBLUE )'*+),S

eH'(e& edges 2011I1 to 2011ID

r.etb&(e.co*phoe"i7.Qht*&KcL110DE

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#$%%>? #$%#>%

E1 22

FG 1FG

#$%#>% #$%#>#

1 1

2G 22G

5G i" cr(de ca&& optio"s with the average capat N42bb&.

G i" cr(de ca&& optio"s with the averagecap at N44bb&.

4G i" cr(de co&&ars with the average cap at

N100bb&. a"d the average p(t at NF1bb

EG i" cr(de co&&ars with the average cap at

N4Fbb&. a"d the average p(t at N5Fbb&.

EG i" cr(de three3way co&&ars with theaverage p(rchased ca&& at N100bb&., the

average so&d ca&& at N110bb&. a"d the average p(t at NF0bb&.

FG i" heat co&&ars with the average cap atN.1ga&. a"d the average p(t at N2.41ga&.

4G i" heat co&&ars with the average cap atN.0ga&. a"d the average p(t at N2.40ga&.

2G i" !%8C et f(e& swaps at a" average ofN.1Ega&.

FG i" !%8C et f(e& swaps at a" average ofN.0ga&.

2G i" cr(de ca&& optio"s with the average capat N44bb&.

2G i" cr(de ca&& optio"s with the averagecap at N44bb&.

EG i" cr(de co&&ars with the average cap atN4Fbb&. a"d the average p(t at N5Fbb&.

DG i" cr(de co&&ars with the average cap atN45bb&. a"d the average p(t at N5Fbb&.

5G i" heat co&&ars with the average cap atN.25ga&. a"d the average p(t at N2.F5ga&.


5G i" !%8C et f(e& swaps at a" average ofN.0ga&.

5G i" !%8C et f(e& swaps at a" average ofN.02ga&.

2G i" !%8C et f(e& co&&ars with the average

cap at N.0Dga&. a"d the average p(t atN2.5Dga&.

2G i" !%8C et f(e& co&&ars with the average

cap at N.01ga&. a"d the average p(t atN2.51ga&.

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#$%%>?

2F

21G

#$%#>%

4FG


4G i" cr(de co&&ars with the average cap atN100bb&. a"d the average p(t at NF1bb&.

EG i" cr(de three3way co&&ars with the

average p(rchased ca&& at N100bb&., theaverage so&d ca&& at N110bb&. a"d the

average p(t at NF0bb&.

G i" cr(de ca&& optio"s with the averagecap at N44bb&.

EG i" cr(de co&&ars with the average cap atN4Fbb&. a"d the average p(t at N5Fbb&.

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#$%#>#

22

16G

#$%#>9

1

1FG


EG i" cr(de co&&ars with the average cap at

N45bb&. a"d the average p(t at N5Fbb&.


2G i" !%8C et f(e& swaps at a" average ofN.1Dga&.

DG i" cr(de co&&ars with the average cap atN45bb&. a"d the average p(t at N5Fbb&.

6G i" heat co&&ars with the average cap atN.2Fga&. a"d the average p(t at N2.F5ga&.

6G i" !%8C et f(e& swaps at a" average ofN.0Ega&.

2G i" !%8C et f(e& co&&ars with theaverage cap at N.02ga&. a"d the average

p(t at N2.52ga&.

uv6685-xls-eng (1)

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