Harrell Associates – (212) th Annual FAA Aviation Forecast Conference March 18, 2005 Mainline Air Carrier & Regional/Commuter Breakout Panel: Yield Trends Bob Harrell -- Harrell Associates – New York City

Harrell Associates – (212) Discussion Outline Database & Methodology Yields by Trip Length – 4 Groupings »Short, Medium, Long, Transcon Yields by Carrier Type »Legacy Carriers vs. Low Cost Carriers (LCCs) Yields by Origin City »All Cities »Cities with 5 or More Routes »High/Low Routes Questions and Discussion

Harrell Associates – (212) Database & Methodology Top 40 Directional Routes – Sized by DOT Revenue 7 Major Carriers – 280 Directional Routes »AA/DL/UA/CO/US/NW/HP Regular Business Fares »Fare generally used by the business traveler. »Refundable, No minimum stay, Advance purchase not to exceed 3 days Lowest One Way Fare – In effect on report date -- Weekly Yield – Based on DOT Mileage »$/Mile »Min/Max Range –By Trip Length Group –Position within Range -- % (1 – 100%)

Harrell Associates – (212) Yields Over Time – Short Trips

Harrell Associates – (212) Yields Over Time – Medium Trips

Harrell Associates – (212) Yields Over Time – Long Trips

Harrell Associates – (212) Yields Over Time – Transcon Trips

Harrell Associates – (212) Premium Over Time – Short Trips

Harrell Associates – (212) Premium Over Time – Medium Trips

Harrell Associates – (212) Premium Over Time – Long Trips

Harrell Associates – (212) Premium Over Time – Transcon Trips

Harrell Associates – (212) Yields Over Time – Short Trips

Harrell Associates – (212) Yields Over Time – Medium Trips

Harrell Associates – (212) Yields Over Time – Long Trips

Harrell Associates – (212) Yields Over Time – Transcon Trips

Harrell Associates – (212) Relative Yields by City

Harrell Associates – (212) Company Information – Harrell Associates Bob Harrell Harrell Associates 89 Washington Place New York, NY Telephone: Fax: Website: Company Profile and Brief Biography Harrell Associates focuses in two areas: Airfare and Airline Industry Consulting and Travel Industry Public Relations. It is currently providing benchmarking and media relations consulting on the travel and airline industries to a number of major financial institutions including: American Express, Goldman Sachs and Merrill Lynch. Harrell Associates also engages in ad hoc consulting and market research projects in the travel industry. Mr. Harrell has extensive experience both with the distribution and supplier side of the travel industry. At American Express, where he worked as a vice president for more than 7 years, he was responsible for the Airfare Management Unit and Airline Supplier Relations. Prior to that, he was with Pan American Airways for more than 15 years.