Table: The Big Get Smaller...

MARKET % GAIN/ 2001 PRETAX CAP LOSS* PROFITS (MILLIONS) (MILLIONS)

AIR FRANCE $3,345 -34% $17 ALITALIA 1,391 -48 -436 BRITISH AIRWAYS 3,550 -50 -742 KLM 562 -47 -260 LUFTHANSA 5,824 -42 -82

* Share-price performance Jan. 2001-Dec. 2001

Data: Crédit Lyonnais Securities

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