As at 28 March 2008, the Air France-KLM Group's hedging policy for fuel expenditure was as follows

  2007-08 2008-09

 2009-10

 2010-11
 Brent IPE ($/barrel)

 82

102

99

 98

 Jet Fuel CIF NWE ($/ton)

803

1,021

 968

 938

 Fuel consumption (in thousand m3)

 11,518

 12,003

 12,428

 12,741

 Percentage of the consumption hedged (%)

81%

75%

 55%

 36%

 Final cost in Brent IPE ($/barrel)

 66

 74

 80

87

 Fuel expense before hedging (in $bn)

 7.5

10.1

 10.0

 9.9

 Fuel expense after hedging (in $bn)

 6.4

 8.0

 8.5

 9.0

We remind you that this is a snapshot taken at on specific moment, and that the various items may change according to the market price, the volume covered and the hedging instruments used (see Reference Document 2006-07).


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