WORLD’S TOP OIL COMPANIES AND AIRLINES PLAN TO FORM JET-A.COM, AN OPEN, INDEPENDENT PORTAL FOR JET FUEL

 Internet Exchange Portal Will Deliver Greater Operating Efficiencies, Lower Transaction Costs for Jet Fuel Suppliers, Consumers and Intermediaries

The world’s top oil companies and airlines today announced plans to form JET-A.com, LLC, a secure Internet portal designed to bring greater efficiency and lower transaction costs to all aspects of the jet fuel supply chain. JET-A.com, based in Chicago, will be an independent venture, open to participation by all jet fuel buyers, sellers and other industry players. JET-A.com expects to start providing services in a phased rollout commencing in 2Q 2001.

JET-A.com includes the initial backing of 6 oil companies and 22 airlines represented by two industry consortiums, Aeroxchange and AirNewco. The oil companies involved are Air BP, Chevron, ExxonMobil, Shell, Texaco and TotalFinaElf. Aeroxchange includes: Air Canada, Air New Zealand, All Nippon Airways, America West Airlines, Austrian Airlines, Cathay Pacific Airways, Federal Express, Japan Airlines, KLM Royal Dutch Airlines, Lufthansa German Airlines, Northwest Airlines, Scandinavian Airlines System, and Singapore Airlines. AirNewco includes: Air France, American Airlines, British Airways, Continental Airlines, Delta Air Lines, Iberia, SAirGroup, United Airlines and United Parcel Service.

“JET-A.com represents both the supply and demand sides of the jet fuel industry, and most importantly, will be open to the participation of others in the industry. The cross-section of key industry players and global market sectors represented in JET-A.com increases the opportunity for future success to all participants,” said Aidan Shilling, Interim CEO of JET-A.com. “JET-A.com’s mission is to lower transaction costs across the industry by using best-in-class Internet technology to improve processes, bring synergies throughout the entire supply chain, and preserve competition in the jet fuel market. Estimates show possible savings of US$100 million annually across the industry.”

The JET-A.com Internet portal will use industry-wide standard fuel supply chain management practices, while allowing the flexibility to address the specific needs of individual users.

“JET-A.com represents a proactive, responsible effort by companies to use the power of Internet technology to drive efficiencies and streamline operations for all participants,” said Doug Podolak, Vice President, Fuel and Corporate Services, Northwest Airlines. “By ensuring the initiative remains open to all, JET-A.com optimizes the participation of buyers, sellers and intermediaries to generate benefits for the whole industry.”

JET-A.com will provide a comprehensive web-based solution for the management of jet fuel purchasing and sales. It will offer:

Tendering and related services: streamlined services via the Internet from tender processing through inventory management and host both traditional tender processes as well as reverse auctions that are integrated with airline purchasing protocols.

Back office integration: standardized information that will integrate with customers’ back-office systems and automate delivery documentation information to provide accurate and reliable data to airlines and suppliers to reduce the cost of invoice transactions.

Trading and risk management: access from JET-A.com to other existing online marketplaces or electronic exchanges to allow buyers or traders access to a broad array of products and services beyond jet fuel.

Aestix, a Booz Allen & Hamilton company that offers cutting-edge web design and implementation expertise to help global companies realize their e-business strategies on the Internet, is developing JET-A.com's web site. JET-A.com plans to complete the company’s shareholder agreement in 1Q 2001.