Jet Fuel Hedging Positions for U.S., Canadian Airlines

The following table shows the amount of jet fuel consumption hedged by U.S. and Canadian airlines to guard against price fluctuations.

Data is compiled from statements, conference calls and filings with regulators. Prices are for crude per barrel unless otherwise stated.

Company/             Percent   Hedging Period              Price
Disclosure Date      Hedged
---------------      ------    --------------              -----

Alaska Air Group Inc.
3/13/12               50%      Second Quarter              $100
3/13/12               50%      2012                        $100
3/13/12               38%      2013                         $97
3/13/12               14%      2014                         $97

US Airways Group Inc.
3/13/12               0%       Not Hedged

Republic Airways Holdings Inc.
2/29/12               0%       2012

JetBlue Airways Corp.*
2/28/12               27%      2012                    Not Given

Air Canada**
2/9/12                23%      2012                        $114

Hawaiian Airlines***
1/31/12               35%      2012                    Not Given
2/9/12                46%      Second Quarter           See note
2/9/12                27%      Third Quarter            See note
2/9/12                18%      Fourth Quarter           See note

Southwest Airlines Co.
2/9/12                50%      Second Half          $100 to $125
2/9/12                20%      Second Half          $125 to $150
2/9/12              10%-20%    Second Half           $80 to $100
2/9/12              Below 5%   Second Half            Above $150
2/9/12              Over 50%   2013                    Not Given
2/9/12              Over 40%   2014                    Not Given

United Continental Holdings Inc.
1/26/12               48%      First Quarter        $3.24/gallon
                                           (jet fuel equivalent)
1/26/12               32%      2012                    Not Given

NOTES:
*JetBlue figure as of Dec. 31, 2011
**Air Canada figure as of Dec. 31, 2011
***Hawaiian Airlines uses a combination of crude and heating oil
contracts.

To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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