uv6685-xls-eng (1)
TRANSCRIPT
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Rev. Mar. 1, 2016
This spreadsheet was preparedrights reserved. For customerretrieval system, posted to theermission of the Darden choo
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This spreadsheet s(pports %T!$+T a"a&ysis of the case -2012 '(e& edgi"g at /et&(e Airways!#A3'31645.
y Associate Professor Pedro Matos. Copyright © 201 by the !"iversity of #irgi"ia $arde" %choo& 'o("datio", Char&ottesvi&&e, service inquiries, send an e-mail tosa&es)darde"b(si"essp(b&ishi"g.co*. No part of this publication may be reproduced, stor Internet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—with Foundation.
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+7hibit 1#$%# FUEL &E!G'G )T JETBLU
!%8C 9erose"e3Type /et '(e& %pot Prices, 144
$ata so(rce; -Petro&e(* < =ther >i?(ids, %pot Prices, !.%. +"ergy @"for*atio" Ad*i"istrati
ear !ate
14400D Apr 02, 1440 0.EE 20.E1
14400D Apr 0, 1440 0.E2E 1F.E
14400E May 1, 1440 0.E0D 15.D5
144006 /(" 24, 1440 0.D45 15.0E
144005 /(& 1, 1440 0.E51 20.E5
14400F A(g 1, 1440 0.F1D 25.DE
144004 %ep 2F, 1440 1. 4.E
144010 =ct 1, 1440 1.05 E.1
144011 ov 0, 1440 0.41D 24.0F
144012 $ec 1, 1440 0.F24 2F.DF
144101 /a" 1, 1441 0.661 21.4
144102 'eb 2F, 1441 0.ED5 14.2F
14410 Mar 2F, 1441 0.EE2 14.6
14410D Apr 0, 1441 0.ED 20.44
14410E May 1, 1441 0.E5F 21.16
144106 /(" 2F, 1441 0.E62 20.E6
144105 /(& 1, 1441 0.604 21.5
14410F A(g 0, 1441 0.66 22.2F
144104 %ep 0, 1441 0.6D1 22.2E
144110 =ct 1, 1441 0.6F4 2.24
144111 ov 24, 1441 0.61F 21.DF
144112 $ec 1, 1441 0.DF 14.1E
144201 /a" 1, 1442 0.E6 1F.4
144202 'eb 2F, 1442 0.E14 1F.64
14420 Mar 1, 1442 0.E12 14.D4
14420D Apr 0, 1442 0.E6E 20.FF
14420E May 24, 1442 0.60F 22.1
144206 /(" 0, 1442 0.60F 21.FD
144205 /(& 1, 1442 0.61 21.F
14420F A(g 1, 1442 0.61E 21.D6
144204 %ep 0, 1442 0.6 21.F
144210 =ct 0, 1442 0.EF1 20.6F
144211 ov 0, 1442 0.EE 14.41
144212 $ec 1, 1442 0.E6E 14.D4
14401 /a" 24, 144 0.E62 20.25
14402 'eb 26, 144 0.E65 20.E
JET FUEL(U.S. Gulf Coast
Kerosene-Type Jet FuelSpot Price FOB !ollars
per Gallon"
+T'(Cusin OK +T' SpotPrice FOB !ollars per
Barrel"
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1440 Mar 1, 144 0.ED2 20.DD
1440D Apr 0, 144 0.EE1 20.ED
1440E May 2F, 144 0.EE2 20.0D
14406 /(" 0, 144 0.E21 1F.F2
14405 /(& 0, 144 0.DF5 15.4D
1440F A(g 1, 144 0.E1E 1F.2D
14404 %ep 0, 144 0.EF6 1F.5214410 =ct 24, 144 0.EE 16.45
14411 ov 0, 144 0.D4 1E.6
14412 $ec 0, 144 0.DE6 1D.14
144D01 /a" 1, 144D 0.EE1 1E.2D
144D02 'eb 2F, 144D 0.DE2 1D.E
144D0 Mar 1, 144D 0.D1 1D.5F
144D0D Apr 24, 144D 0.D65 16.42
144D0E May 1, 144D 0.DF4 1F.
144D06 /(" 0, 144D 0.E05 14.5
144D05 /(& 24, 144D 0.ED 20.
144D0F A(g 1, 144D 0.D44 15.6
144D04 %ep 0, 144D 0.E12 1F.6144D10 =ct 1, 144D 0.E15 1F.16
144D11 ov 0, 144D 0.E01 1F.06
144D12 $ec 0, 144D 0.E06 15.55
144E01 /a" 1, 144E 0.D5 1F.DF
144E02 'eb 2F, 144E 0.DE4 1F.E2
144E0 Mar 1, 144E 0.D52 14.1F
144E0D Apr 2F, 144E 0.E12 20.6
144E0E May 1, 144E 0.E 1F.FF
144E06 /(" 0, 144E 0.D6E 15.F
144E05 /(& 1, 144E 0.DF 15.62
144E0F A(g 1, 144E 0.E0F 15.F4
144E04 %ep 24, 144E 0.E01 15.ED144E10 =ct 1, 144E 0.E2 15.65
144E11 ov 0, 144E 0.E16 1F.25
144E12 $ec 24, 144E 0.E6E 14.ED
144601 /a" 1, 1446 0.E1E 15.56
144602 'eb 24, 1446 0.61F 14.E4
14460 Mar 24, 1446 0.E41 21.D
14460D Apr 0, 1446 0.E5E 20.4E
14460E May 1, 1446 0.E16 14.55
144606 /(" 2F, 1446 0.E6 20.42
144605 /(& 1, 1446 0.E5 20.D6
14460F A(g 0, 1446 0.6DD 22.2E
144604 %ep 0, 1446 0.641 2D.2144610 =ct 1, 1446 0.6E2 2.2E
144611 ov 24, 1446 0.51 2.5
144612 $ec 1, 1446 0.6F5 2E.4
144501 /a" 1, 1445 0.5 2D.1E
144502 'eb 2F, 1445 0.E6E 20.
14450 Mar 1, 1445 0.EE1 20.E
14450D Apr 0, 1445 0.EF 20.2
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14450E May 0, 1445 0.EE2 21
144506 /(" 0, 1445 0.E4 14.F2
144505 /(& 1, 1445 0.E61 20.14
14450F A(g 24, 1445 0.EDF 14.66
144504 %ep 0, 1445 0.E64 21.1
144510 =ct 1, 1445 0.E5 21.1
144511 ov 26, 1445 0.D45 14.1144512 $ec 1, 1445 0.E1 15.6E
144F01 /a" 0, 144F 0.D42 15.21
144F02 'eb 25, 144F 0.D1 1E.DD
144F0 Mar 1, 144F 0.D1D 1E.5E
144F0D Apr 0, 144F 0.D4 1E.E6
144F0E May 24, 144F 0.D0D 1E.21
144F06 /(" 0, 144F 0.F5 1D.
144F05 /(& 1, 144F 0.5 1D.25
144F0F A(g 1, 144F 0.52 1.24
144F04 %ep 0, 144F 0.DDF 16.14
144F10 =ct 0, 144F 0.D2 1D.DF
144F11 ov 0, 144F 0.1D 11.5144F12 $ec 1, 144F 0.2D 12.1D
144401 /a" 24, 1444 0.24 12.F1
144402 'eb 26, 1444 0.14 12.1
14440 Mar 1, 1444 0.D5 16.66
14440D Apr 0, 1444 0.DD 1F.64
14440E May 2F, 1444 0.4 16.FE
144406 /(" 0, 1444 0.D4 14.
144405 /(& 0, 1444 0.E2F 20.E2
14440F A(g 1, 1444 0.E42 22.1E
144404 %ep 0, 1444 0.626 2D.ED
144410 =ct 24, 1444 0.EFD 21.54
144411 ov 0, 1444 0.65 2D.F5144412 $ec 0, 1444 0.514 2E.56
200001 /a" 1, 2000 0.564 25.6E
200002 'eb 24, 2000 0.F06 0.E5
20000 Mar 1, 2000 0.55D 26.F6
20000D Apr 2F, 2000 0.525 2E.51
20000E May 1, 2000 0.5E2 24.0
200006 /(" 0, 2000 0.FE 2.DD
200005 /(& 1, 2000 0.556 25.E
20000F A(g 1, 2000 0.4EF .04
200004 %ep 24, 2000 0.4D1 0.F5
200010 =ct 1, 2000 0.4E2 2.5
200011 ov 0, 2000 1.015 .61200012 $ec 24, 2000 0.54 26.52
200101 /a" 1, 2001 0.F6F 2F.62
200102 'eb 2F, 2001 0.5F 25.E
20010 Mar 0, 2001 0.52D 26.5
20010D Apr 0, 2001 0.5F5 2F.DF
20010E May 1, 2001 0.541 2F.4
200106 /(" 24, 2001 0.526 26.5
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200105 /(& 1, 2001 0.52F 26.5
20010F A(g 1, 2001 0.54D 26.6E
200104 %ep 2F, 2001 0.6E 2.DD
200110 =ct 1, 2001 0.E4D 21.2
200111 ov 0, 2001 0.E22 14.D6
200112 $ec 1, 2001 0.EE 14.46
200201 /a" 1, 2002 0.EF 14.51200202 'eb 2F, 2002 0.E55 21.5F
20020 Mar 2F, 2002 0.65 26.21
20020D Apr 0, 2002 0.641 25.2
20020E May 1, 2002 0.62F 2E.5
200206 /(" 2F, 2002 0.6FD 26.54
200205 /(& 1, 2002 0.642 25.02
20020F A(g 0, 2002 0.55E 2F.45
200204 %ep 0, 2002 0.F26 0.E4
200210 =ct 1, 2002 0.55 25.1F
200211 ov 25, 2002 0.5D 26.F5
200212 $ec 1, 2002 0.F54 1.21
20001 /a" 1, 200 0.44 .E120002 'eb 2F, 200 1.10E 6.56
2000 Mar 1, 200 0.551 1.1D
2000D Apr 0, 200 0.64 26.04
2000E May 0, 200 0.52D 24.E6
20006 /(" 0, 200 0.551 0.1E
20005 /(& 1, 200 0.54 0.E6
2000F A(g 24, 200 0.F1F 1.56
20004 %ep 0, 200 0.556 24.14
20010 =ct 1, 200 0.546 24.2D
20011 ov 26, 200 0.F 0.
20012 $ec 1, 200 0.FF4 2.E1
200D01 /a" 0, 200D 0.4E .16200D02 'eb 25, 200D 0.4F 6.0F
200D0 Mar 1, 200D 0.46 E.5E
200D0D Apr 0, 200D 1.02D 5.1
200D0E May 2F, 200D 1.01 4.4
200D06 /(" 0, 200D 1.06 6.42
200D05 /(& 0, 200D 1.21F D.52
200D0F A(g 1, 200D 1.14E D2.2
200D04 %ep 0, 200D 1.D41 D4.E6
200D10 =ct 24, 200D 1.D2 E1.5F
200D11 ov 0, 200D 1.2 D4.16
200D12 $ec 0, 200D 1.21 D.6
200E01 /a" 1, 200E 1.DE DF.2E200E02 'eb 2F, 200E 1.D55 E1.5E
200E0 Mar 1, 200E 1.664 EE.1
200E0D Apr 24, 200E 1.D64 D4.2
200E0E May 1, 200E 1.E15 E2.0F
200E06 /(" 0, 200E 1.614 E6.6
200E05 /(& 24, 200E 1.66E 60.51
200E0F A(g 1, 200E 2.2FF 6F.6
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200E04 %ep 0, 200E 2.6DE 66.21
200E10 =ct 1, 200E 1.F4D E4.F
200E11 ov 0, 200E 1.605 E5.
200E12 $ec 0, 200E 1.5F5 61.06
200601 /a" 1, 2006 1.FD5 65.F6
200602 'eb 2F, 2006 1.F1D 61.5
20060 Mar 1, 2006 1.4E 66.2E20060D Apr 2F, 2006 2.0FF 51.F
20060E May 1, 2006 2.062 51.D2
200606 /(" 0, 2006 2.06E 5.4D
200605 /(& 1, 2006 2.165 5D.E6
20060F A(g 1, 2006 2.0D6 50.F
200604 %ep 24, 2006 1.FE2 62.4
200610 =ct 1, 2006 1.6E4 EF.52
200611 ov 0, 2006 1.41 62.45
200612 $ec 24, 2006 1.56 60.FE
200501 /a" 1, 2005 1.5E4 EF.15
200502 'eb 2F, 2005 1.FE 61.5F
20050 Mar 0, 2005 2.015 6E.4D20050D Apr 0, 2005 2.0D4 6E.5F
20050E May 1, 2005 2.0DD 6D.02
200506 /(" 24, 2005 2.04 50.D5
200505 /(& 1, 2005 2.14F 5F.2
20050F A(g 1, 2005 2.1E 5.4F
200504 %ep 2F, 2005 2.2FF F1.6D
200510 =ct 1, 2005 2.E42 4D.16
200511 ov 0, 2005 2.E6F FF.6
200512 $ec 1, 2005 2.65 4E.4E
200F01 /a" 1, 200F 2.E52 41.65
200F02 'eb 24, 200F 2.41E 101.5F
200F0 Mar 1, 200F .061 101.ED200F0D Apr 0, 200F .24 11.5
200F0E May 0, 200F .56 125.E
200F06 /(" 0, 200F D.02 14.46
200F05 /(& 1, 200F .EED 12D.15
200F0F A(g 24, 200F .246 11E.EE
200F04 %ep 0, 200F .022 100.5
200F10 =ct 1, 200F 2.04D 6F.1
200F11 ov 2F, 200F 1.56 EE.21
200F12 $ec 1, 200F 1.2 DD.6
200401 /a" 0, 2004 1.D16 D1.5
200402 'eb 25, 2004 1.26E DD.1E
20040 Mar 1, 2004 1.D1 D4.6D20040D Apr 0, 2004 1.24D E0.E
20040E May 24, 2004 1.652 66.1
200406 /(" 0, 2004 1.5FF 64.F2
200405 /(& 1, 2004 1.F1 64.26
20040F A(g 1, 2004 1.5F1 64.45
200404 %ep 0, 2004 1.54D 50.D6
200410 =ct 0, 2004 1.456 55.0D
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200411 ov 0, 2004 2.00D 55.14
200412 $ec 1, 2004 2.0FF 54.4
201001 /a" 24, 2010 1.41 52.FE
201002 'eb 26, 2010 2.0EE 54.52
20100 Mar 1, 2010 2.1FF F.DE
20100D Apr 0, 2010 2.2D F6.05
20100E May 2F, 2010 2.04 5D201006 /(" 0, 2010 1.44 5E.E4
201005 /(& 0, 2010 2.04 5F.FE
20100F A(g 1, 2010 2.01 51.4
201004 %ep 0, 2010 2.24 54.4E
201010 =ct 24, 2010 2.2E F1.DE
201011 ov 0, 2010 2.241 FD.12
201012 $ec 1, 2010 2.E2F 41.F
201101 /a" 1, 2011 2.5D2 40.44
201102 'eb 2F, 2011 2.44F 45.1
20110 Mar 1, 2011 .161 106.14
20110D Apr 24, 2011 .6F 11.4
20110E May 1, 2011 .1D 102.5201106 /(" 0, 2011 2.446 4E.
201105 /(& 24, 2011 .161 4E.6F
20110F A(g 1, 2011 .11 FF.F1
201104 %ep 0, 2011 2.FDD 5F.4
201110 =ct 1, 2011 .02F 4.14
201111 ov 0, 2011 .001 100.6
201112 $ec 0, 2011 2.415 4F.F
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E )'*+),S :2011 +"d3of3Mo"th
o" website, http;www.eia.govd"avpetpetBpriBsptBs1Bd.ht*.
1F.1F 0.E4
16.E 0.E4
1E. 0.D44
1E.5 0.DF
14.2 0.E61
25.F 0.5D5
D1 1.0E
D. 0.FF
1.2 0.F6
2F.E 0.F04
20.5 0.51F
14.E 0.654
1F 0.E5D
14.5 0.EF
14 0.E6F
1F.DF 0.ED4
14.6E 0.601
20.E 0.6D
21.D 0.62
22 0.65D
20.0F 0.606
15.5E 0.D64
1F.1E 0.E2E
15.DE 0.E04
14.04 0.E4
14.6E 0.E5F
20.5 0.60D
20.6 0.601
20.F 0.60D
14.6E 0.602
20.1F 0.62F
14.1 0.EF2
14.2E 0.EED
15.FE 0.E6
1F.DF 0.EE5
1F.F 0.E56
B*ET(Europe Brent Spot PriceFOB !ollars per Barrel"
&E)T'G O'L(e/ ,or0 &ar1or o. #&eatin Oil Spot Price
FOB !ollars per Gallon"
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1F.5 0.EEF
1F.FE 0.EE
1F.D 0.ED6
15.D 0.E22
16.FE 0.D4D
16.5 0.E2E
15.2 0.E61E.D 0.E04
1D.2 0.D61
1.2 0.DD
1D.F 0.ED2
1.E4 0.E16
1.2E 0.DFD
1E.E 0.D51
16.1F 0.D46
15.DE 0.E06
1F.DF 0.E2
16.0 0.D4
16.5 0.D4615.1F 0.DF5
16.4E 0.DF6
16.2 0.E1D
16.F 0.D66
15.2 0.D66
15.4F 0.D6F
1F.4F 0.E04
15.EF 0.D54
16.EF 0.D6D
1E.5F 0.DF
16.2 0.D45
16.EF 0.DF616.EF 0.E02
15.1 0.E15
1F.6E 0.EFD
16.6 0.E6
1F.F 0.6D1
20. 0.6DD
14.E 0.6D1
1F.1 0.E06
14.2F 0.E6
14 0.E6F
20.4F 0.626
2D.1E 0.51D22.F 0.662
2.15 0.51F
2.4 0.525
2.2F 0.6F5
14.DD 0.ED4
1F.E 0.E6
1F.2E 0.EF2
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1F.44 0.E62
1F.22 0.E
1F.4D 0.EE
15.4F 0.E1F
14.46 0.E54
14.D2 0.E5
1F.E 0.E251E.F6 0.D4
1E.E4 0.D54
1.E 0.D
1.F5 0.D
1.54 0.D2D
1D.0 0.FF
11.FD 0.F2
12.6 0.D2
12.06 0.E1
1D.51 0.D
12 0.4E
4.41 0.210.ED 0.2E
11.D 0.24
10.EF 0.2
1E.02 0.DD2
16.DE 0.DEE
1D.5E 0.46
16.45 0.D5F
14.45 0.E1D
21.0F 0.E56
22.4F 0.62
21.11 0.E52
2E.2 0.6D2D.4 0.64F
25.0F 0.F2
24.01 0.F2
2.4F 0.5FE
2.54 0.5F
24.6D 0.54
1.EF 0.F
2E. 0.55F
E.0F 0.4F
2F.D2 0.42F
0.1E 0.4D2
2.E 1.0D422.EF 0.41
26.E4 0.5FE
2E.16 0.52
2.E 0.5E
25.21 0.5DE
2F.EE 0.555
26.21 0.51
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2D.E 0.6F5
26.F 0.56
21.F5 0.661
14.6 0.6
1F.42 0.E1
14.E 0.EDF
14.05 0.E220.5 0.E6F
2E.D 0.651
26.4F 0.6F5
2.F5 0.6
2E. 0.65E
26.2F 0.65
25.E6 0.5D4
24.11 0.542
2E.E1 0.5DE
2E.11 0.5EE
0.12 0.F52
1.E5 0.4EFD 1.22
2F.0E 0.546
2.6 0.F16
26.EF 0.5E
2F.FF 0.5F1
2F.6F 0.541
0.F 0.F1
2F.04 0.554
25.FF 0.545
2F.2 0.F25
0. 0.FFF
24.E 0.452.4D 0.46
2.24 0.F4
E.2 0.4E
5 0.444
.22 1.00D
D1.D5 1.1E5
4.F 1.12D
D5.56 1.4
DF.16 1.DD6
DD.2 1.F2
4.F 1.224
DD.E1 1.1E0.1 1.D4E
E.22 1.6EF
E0.61 1.D1D
D4. 1.DE
EE.6 1.611
E4.55 1.6
66.F 2.0D4
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61.5 2.0E1
EF.D5 1.5EE
E.2E 1.61
EF.D 1.52
6.14 1.562
E4.5F 1.512
66.06 1.FEE52.1E 1.44E
65.E5 1.462
5.2 2.0E5
5D.5E 2.10
65.66 1.4
E4.04 1.64
E6.1 1.64
6D.6 1.5FE
EF.46 1.601
E6.E2 1.6F1
E4.4 1.5F1
6F.D5 1.F5165.2 1.F45
6F.1F 1.F42
52.22 2.02
55.01 2.04E
52.24 2.05
F0.45 2.144
F4.F5 2.E06
FF.51 2.D44
4.6F 2.6DF
41.EF 2.E2
100.4 2.F06
102. .05F111.12 .14E
125.FE .6D5
1F.D .F4
12D.1 .DE
11.D4 .1E
4.E2 2.FE1
60 2.0FE
D5.52 1.646
E.F2 1.1D
DD.15 1.D5
DD.D1 1.251
D6.1 1.6E0. 1.244
6D.4F 1.66
6F.11 1.51E
50.0F 1.54
64.02 1.55
6E.F2 1.F0E
5D.41 1.46E
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55.55 1.4FD
55.41 2.104
51.2 1.F4D
56.6 2.02
F0.5 2.162
F6.14 2.26E
5 2.0065D.4D 1.45E
55.E 2.0F
5E.E1 1.466
F0.55 2.24
F2.D5 2.211
F6.02 2.2FF
4.2 2.ED6
4F.45 2.52
112.25 2.42F
116.4D .04F
126.E4 .26
115.1F .0D4111.51 2.46
11E.4 .0F6
116.DF .06F
10E.D2 2.5F1
10F.D .0D
111.22 .012
10F.04 2.415
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0G
10G
20G
0G
D0G
E0G
60G
50G
F0G
40G
100G
2G6G FG
FG D0G
DEG D6G
5G
1G 2G 2G 0G 0GG G G
6G
D1G D1G4G
Jet Fuel Cost as 2 of Operatin E3pense
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0.0
20.0
D0.0
60.0
F0.0
100.0
120.0
1D0.0
160.0
1F0.0
200.0
101
112115
11115 116 11E
10E104
11E11F
111116
121
124
120 120
1
Jet Fuel Consu4ption (4illions of allons"
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+7hibit 2
#$%# FUEL &E!G'G )T JET
/et&(e AirwaysH/et '(e& Cost a"d Co"s(*
$ata for Pa"e& A; /et&(e AirwaysH/et f(e& cost as perc
'!+> A% G =' =P+RAT@8 +JP+%+
200501 2G
200502 6G
20050 FG
20050D FG
200F01 D0G
200F02 DEG
200F0 D6G
200F0D 5G200401 1G
200402 2G
20040 2G
20040D 0G
201001 0G
201002 G
20100 G
20100D G
201101 6G
201102 D1G20110 D1G
20110D 4G
$ata for Pa"e& ; /et&(e AirwaysH/et f(e& co"s(*p
2005I1 101.2
2005I2 112.
2005I 116.4
2005ID 112.F
200FI1 116.6
200FI2 116.
$ata so(rce; Research a"d @""ovative Tech"o&ogy Ad*i"istratio", !.%. $epart*e"t of Tra"shttp;www.tra"stats.bts.gov$>B%e&ect'ie&ds.aspKTab&eB@$L241!+ A@RA%Co"s(*ptio" 3 *i&&io"ga&&o"s
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200FI 11E.
200FID 10D.F
2004I1 104.D
2004I2 11E.0
2004I 11F.1
2004ID 111.E
2010I1 116.2010I2 121.1
2010I 124.0
2010ID 114.4
2011I1 114.4
2011I2 12.F
$ata so(rce; !.%. $epart*e"t of Tra"sportatio", -Air&i"e '(e& Cost a"d Co"s(*ptio" !.%.http;www.tra"stats.bts.govf(e&.aspKp"L1.
-
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LUE )'*+),S
tio" 2005:2011, I(arter&y
e"tage of operati"g e7pe"se ?(arter&y
io" i" *i&&io"s of ga&&o"s ?(arter&y
ortatio", -Air Carrier 'i"a"cia&; %ched(&e P36rier 'i"a"cia&.
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arriersH%ched(&ed /a"(ary 2000:'ebr(ary 201,
-
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0G
10G
20G
0G
D0G
E0G
60G
50G
F0G
40G
100G
0.00
0.E0
1.00
1.E0
2.00
2.E0
.00
.E0
D.00
D.E0
65GD2GD0G
D5G
EG
D6GD6G
D0G
4G 4G 4G 4G
EG EG EG
14G
EG
EG4G
10G
5G 5G6G
11G11G1EG
1FG1FG
24G
6G2G
21G
5G 6G DG
11G
DDG
14G14G2DG
G
2G5G
1DG
4G 4G
FG
G edgedH/et '(e&
G edgedHeati"g =i&
G edgedHCr(de =i& T@
/et '(e&
N per ga&.
2 &e5e5 Jet Fuel 67 per al.8
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#$%# FUEL &E!G'
G +st. Co"s(*ptio" edged 3 c(rre"t ?(arter
G edgedHCr(de =i& T@ G edgedHeati"g =i&
2005I1 65G
2005I2 11G D2G
2005I 11G D0G
2005ID D5G
200FI1 EG
200FI2 D6G
200FI D6G
200FID D0G2004I1 4G
2004I2 4G
2004I 4G
2004ID 4G
2010I1 1EG EG
2010I2 1FG EG
2010I 1FG EG
2010ID 14G
2011I1 24G EG
2011I2 6G EG2011I 2G 4G
2011ID 21G 10G
2012I1O 5G 5G
2012I2O 6G 5G
2012IO DG 6G
2012IDO
/et&(e H '(e& Perce"tag
%o(rce; -/>! @"vestor Re&atio"sH@"vestor !pdate, /et&(e website, http;i"ve/et f(e& spot prices are fro*; -Petro&e(* < =ther >i?(ids, %pot Prices, !.%. +"er
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7hibit
G )T JETBLUE )'*+),S
G ot edged
52 G 2.02
11G 5 6G 2.04
60 D4G 2.24
E EG 2.65
D1 6EG .06
ED EDG D.02
E EDG .02
D 60G 1.210 41G 1.D
10 41G 1.54
10 41G 1.54
*issi"g data 41G 2.04
DDG 56 6G 2.14
14G E2 EFG 1.44
14G *issi"g data EFG 2.2D
2DG ED E5G 2.E
G DD 6G .16
2GE5
E5G .005G 65 E2G 2.FD
1DG 60 EEG 2.42
4G 1 est. 55G
4G 1 est. 5FG
FG 1 est. F2G
edged 2005:2012, I(arter&y
G edged—/et '(e&Mi&&io"s of 8a&&o"s edged
i" c(rre"t ?(arter/et '(e&
N per ga&.
tor.etb&(e.co*phoe"i7.Qht*&KcL110DE
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+7hibit D
#$%# FUEL &E!G'G )T JETBLUE )'*+
/et '(e& edgi"g Positio"s for Maor !.%. Air&i
Regio" Co*pa"y $isc&os(re $ate G edged
!.%. A&asa Air 8ro(p @"c. 10202011 E0G
A*erica" Air&i"es 10142011 E2G
$e&ta Air >i"es @"c. 102E2011 D0G
awaiia" Air&i"es 101F2011 E6G
/et&(e Airways Corporatio" 10262011 DEG
%o(thwest Air&i"es Co. 10202011 hedgedO
!"ited Co"ti"e"ta& o&di"gs @"c. 10252011 E6G
!% Airways 8ro(p @"c. 10252011 0G
est/et Air&i"es 1142011 2DG
+(rope Air 'ra"ce39>M 8ro(p ove*ber 2011 E5G
Aer >i"g(s 8ro(p P&c. 'ebr(ary 2012 F6G
$e(tsche >(ftha"sa A8 March 2012 5DG
+asy/et P&c. March 2012 5EG
Rya"air o&di"gs P&c. /a"(ary 2012 40G
%A% 8ro(p May 2012 E0G
Asia Air Chi"a March 2012 20G
Cathay Pacific March 2011 25G
Chi"a Air&i"es March 2011 0G
Chi"a +aster" Air&i"es March 2011 0G
Chi"a %o(ther" Air&i"es March 2011 0G
+#A Airways Corp. March 2011 10G
/et Airways March 2011 0G
9orea" Air March 2011 FG
Ia"tas Airways March 2011 25G
%i"gapore Air&i"es March 2011 10G
$ata so(rce; &oo*berg, -/et '(e& edgi"g Positio"s for !.%., Ca"adia" Air&i"es, ove*ber 1Air&i"es, May , 2012S %C 8&oba& Research, -Asia" Air&i"esH'(e&&i"g a %hift to Pre*i(*
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,S
"es
edgi"g Period
'o(rth ?(arter
'o(rth ?(arter
'irst ha&f 2012
'o(rth ?(arter
'o(rth ?(arter
'o(rth ?(arter
'o(rth ?(arter
'o(rth ?(arter
'o(rth ?(arter
=ctober to $ece*ber 2011
/a"(ary to March 2012
2012
ear to %epte*ber 2012
ear to March 2012
Apri& to /("e 2012
'1112
'1112
'1112
'1112
'1112
'1112
'1112
'1112
'1112
'1112
0, 2011S -/et '(e& edgi"g Positio"s for +(rope3asedarriers, March , 2011.
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SOURCE: Bureau of Transportation Statistics F41 Schedule P12A
!etBlue A"erican #elta South$est United
!an%&& &'4 &(' &)* &'(
Fe+%&& &,' &'' &(* &*( &')
-ar%&& &', &'4 &*4 &') Apr%&& &)' &', &'4 &*2 &)4
-a.%&& &)' &'( &'& &*2 &')
!un%&& &*& &'4 &(* &)2 &'(
!ul%&& &*4 &'* &', &)( &)2
Au/%&& &*, &)& &'' &)' &)4
Sep%&& 1&) &)* &', &)0 &*0
Oct%&& 1&0 &*0 &)) &*& &*(
o%&& 1&' &*1 &'* &*0 &*'
#ec%&& 1&1 &,& &)0 &*1 &*,
!an%&1 &*, &*( &)( &*( &*4
Fe+%&1 &** &*0 &)4 &*4 &**
-ar%&1 &*2 &), &)1 &'* &*4 Apr%&1 &*& &)( &') &)' &*1
-a.%&1 &*( &)) &', &)) &*4
!un%&1 &*4 &*& &', &)0 &*(
!ul%&1 &)) &)* &)0 &)2 &*2
Au/%&1 &)* &)( &)1 &)1 &),
Sep%&1 &*0 &), &)1 &'' &*4
Oct%&1 &') &)2 &'4 &'* &*&
o%&1 &'2 &', &'2 &'4 &)(
#ec%&1 &(( &(' &() &44 &'(
!an%&2 &(, &'1 &(' &'4 &'4
Fe+%&2 &'& &'2 &(' &'4 &'4
-ar%&2 &'' &'1 &(4 &'2 &') Apr%&2 &)& &)2 &'& &)1 &)1
-a.%&2 &)& &)0 &'1 &)1 &)&
!un%&2 &') &', &'0 &(, &'*
!ul%&2 &)2 &)2 &'( &)& &)2
Au/%&2 &)0 &)1 &)2 &') &)4
Sep%&2 &*& &)( &)1 &)1 &*&
Oct%&2 &*0 &*& &), &)4 &*2
o%&2 &)* &)) &)4 &)2 &)*
#ec%&2 &)) &)' &', &') &*2
!an%&0 &,1 &*2 &*& &', &**
Fe+%&0 &,* &*( &)( &'2 1&&
-ar%&0 1&0 &,' &,4 &,0 &,* Apr%&0 &*' &*4 &*& &)1 &*)
-a.%&0 &)) &)' &)2 &'* &),
!un%&0 &)4 &)4 &)1 &'4 &)*
!ul%&0 &*& &)' &)4 &)& &*0
Au/%&0 &*0 &*1 &)* &)4 &*)
Sep%&0 &*& &*& &)* &)( &)*
Oct%&0 &*0 &)* &*2 &)4 &*'
o%&0 &*0 &*2 &*& &)( &*,
#ec%&0 &*) &*) &*' &)4 &,4
http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1 Airline Fuel Cost 3per /allon % dollars
0.00
0.E0
1.00
1.E0
2.00
2.E0
.00
.E0
D.00
D.E0
Air&i"e '(e& Cost per ga&&o" 3 do&&a
http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1http://www.transtats.bts.gov/fuel.asp?pn=0&display=data1
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!an%&4 &,2 &,0 &,2 &)' 1&&
Fe+%&4 &,1 &,' &,2 &*& 1&&
-ar%&4 &,2 &,) &,4 &*0 1&2
Apr%&4 &,2 &,, &,' &*& 1&'
-a.%&4 1&1 1&* 1&4 &*4 112
!un%&4 &,) 1&* 1&) &*0 11(
!ul%&4 1&0 111 1&, &*1 11(
Au/%&4 1&* 122 12& &*1 12(Sep%&4 114 12' 12' &*& 12,
Oct%&4 102 14( 14( &*( 10'
o%&4 12( 14( 10, &,& 14(
#ec%&4 11' 104 104 &,0 102
!an%&( 11' 12, 100 &,1 104
Fe+%&( 101 10' 10' &** 14&
-ar%&( 144 14, 144 &,0 14(
Apr%&( 1(0 1'& 1'0 &,, 1'(
-a.%&( 14( 1(' 1(( 1&) 1'4
!un%&( 1(1 1(, 1'2 1&& 1'1
!ul%&( 1() 1', 1', &,2 1)1
Au/%&( 1') 1)* 1)* 1&) 1*1Sep%&( 1,& 1,, 2&& 1&( 1,'
Oct%&( 22, 220 22' 101 211
o%&( 1)2 1,4 2&' 120 2&0
#ec%&( 1'0 1)1 1*1 1&' 1*(
!an%&' 1*4 1)* 1*( 1(1 1*,
Fe+%&' 1*, 1*' 1*' 1(' 1**
-ar%&' 1*' 1*4 1** 14, 1*4
Apr%&' 1,) 1,4 1,) 10& 1,'
-a.%&' 21& 2&' 2&, 1(1 210
!un%&' 211 2&' 201 1', 21'
!ul%&' 214 21& 21( 1'4 21*
Au/%&' 21) 210 22) 1'& 22&Sep%&' 2&2 2&2 202 14( 21(
Oct%&' 1,2 1*0 222 1(& 1,)
o%&' 1*( 1)' 222 1(4 1*)
#ec%&' 1,* 1*4 2&( 1'2 1*)
!an%&) 1*, 1)' 1,' 1'' 1*'
Fe+%&) 1*( 1)1 1*, 1(* 1*2
-ar%&) 1,& 1*4 1,' 1(( 1*(
Apr%&) 1,* 1,) 2&2 1'& 1*(
-a.%&) 2&1 2&4 220 1'4 2&)
!un%&) 2&0 2&1 222 1'1 212
!ul%&) 212 2&* 22( 1)& 21'
Au/%&) 211 212 20& 1)( 21,Sep%&) 21' 2&* 224 1'( 21,
Oct%&) 22& 220 240 1)( 201
o%&) 24& 204 2)' 1*& 2((
#ec%&) 241 24& 2*' 2&' 2'4
!an%&* 2'2 2') 2*' 1*4 2)2
Fe+%&* 2(1 2(1 2*2 1,* 2)1
-ar%&* 2)* 2)' 0&( 221 0&2
Apr%&* 01) 2*2 012 212 02*
-a.%&* 02, 0&* 01* 222 0(&
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!un%&* 0&' 000 020 2(0 0*)
!ul%&* 0'( 0'* 0() 2'& 4&&
Au/%&* 00& 04, 0(1 2() 0))
Sep%&* 02, 02( 04& 2'4 00*
Oct%&* 02' 0&* 0*1 2)* 2,*
o%&* 2') 2(& 022 200 24*
#ec%&* 21( 210 2'* 2&0 1*)
!an%&, 2&( 1,4 2*4 2&2 1''Fe+%&, 2&& 1,& 0&, 2&& 1(4
-ar%&, 1*4 1)0 2)* 1)& 10,
Apr%&, 1** 1), 2'1 1)) 14)
-a.%&, 1** 1)4 2(1 1), 14,
!un%&, 21( 1,( 2&1 2&1 1)0
!ul%&, 2&2 1,( 1,* 21( 1*0
Au/%&, 211 2&0 201 21* 1,4
Sep%&, 211 1,2 242 21' 1,2
Oct%&, 1,0 1,, 21( 21( 1,2
o%&, 2&) 21( 22, 224 2&*
#ec%&, 21& 21* 202 21, 1,)
!an%1& 221 220 21, 20* 211Fe+%1& 21( 210 22' 20) 2&,
-ar%1& 21, 21' 222 20) 214
Apr%1& 202 201 201 24& 224
-a.%1& 20) 202 204 24* 22)
!un%1& 222 22& 22, 202 21*
!ul%1& 22( 21' 20& 202 21'
Au/%1& 22, 21' 22, 20* 21'
Sep%1& 22( 210 22* 20) 21,
Oct%1& 20( 22, 20* 241 22'
o%1& 24& 204 24) 24( 20)
#ec%1& 2(& 241 2(2 2'& 24*
!an%11 2)1 2(( 2'' 2'2 2(,Fe+%11 2,& 2'2 2*' 2'* 2)0
-ar%11 01) 2*1 2,2 2,* 01&
Apr%11 00& 0&1 022 01) 02'
-a.%11 00( 011 02' 022 00&
!un%11 02) 2,( 0&* 02& 0&0
!ul%11 024 0&& 0&) 0&( 014
Au/%11 02( 0&0 0&4 01' 014
Sep%11 02( 01* 0&0 00( 010
Oct%11 01& 2)) 2,, 01& 0&(
o%11 020 0&1 2*4 01, 0&*
#ec%11 010 0&2 2,2 02* 012
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/et&(e
A*erica"
$e&ta
!"ited
%o(thwest
s
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-
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0
0.E
1
1.E
2
2.E
.E
D
D.E
0
20
D0
60
F0
100
120
1D0
160
JET FUEL(U.S. Gulf CoastKerosene-Type Jet F
Spot Price FOB !oper Gallon"
&E)T'G O'L(e/ ,or0 &ar1or &eatin Oil Spot PrFOB !ollars per G
B*ET(Europe Brent Spot
FOB !ollars per Ba
+T'
(Cusin OK +T' Price FOB !ollars Barrel"
$o&&ars per 8a&&o" /+T '!+> $o&&ars per arre& T@, R+T
R+T
T@
/+T '!+>
+AT@8 =@>
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/a"32005 ov32005 %ep3200F /(&32004 May32010 Mar32011
3N0.20
N0.00
N0.20
N0.D0
N0.60
N0.F0
N1.00
N1.20
asis vs. T@ =i&
per ga&&o", 1 barre& LD2 ga&&o"s
asis vs. re"t =i&
per ga&&o", 1 barre& LD2 ga&&o"s
asis vs. eati"g =i&per ga&&o"
-
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/et '
ear
/a"32005 1.5E4 EF.15
'eb32005 1.FE 61.5F
Mar32005 2.015 6E.4D
Apr32005 2.0D4 6E.5F
May32005 2.0DD 6D.02
/("32005 2.04 50.D5
/(&32005 2.14F 5F.2
A(g32005 2.1E 5.4F
%ep32005 2.2FF F1.6D=ct32005 2.E42 4D.16
ov32005 2.E6F FF.6
$ec32005 2.65 4E.4E
/a"3200F 2.E52 41.65
'eb3200F 2.41E 101.5F
Mar3200F .061 101.ED
Apr3200F .24 11.5
May3200F .56 125.E
/("3200F D.02 14.46
/(&3200F .EED 12D.15
A(g3200F .246 11E.EE
%ep3200F .022 100.5=ct3200F 2.04D 6F.1
ov3200F 1.56 EE.21
$ec3200F 1.2 DD.6
/a"32004 1.D16 D1.5
'eb32004 1.26E DD.1E
Mar32004 1.D1 D4.6D
Apr32004 1.24D E0.E
May32004 1.652 66.1
/("32004 1.5FF 64.F2
/(&32004 1.F1 64.26
A(g32004 1.5F1 64.45
%ep32004 1.54D 50.D6=ct32004 1.456 55.0D
ov32004 2.00D 55.14
$ec32004 2.0FF 54.4
/a"32010 1.41 52.FE
'eb32010 2.0EE 54.52
Mar32010 2.1FF F.DE
Apr32010 2.2D F6.05
May32010 2.04 5D
/("32010 1.44 5E.E4
/+T '!+>!.%. 8(&f Coast 9erose"e3Type /et
'(e& %pot Price '=, $o&&ars per8a&&o"
T@C(shi"g, =9 T@ %pot Price '=,
$o&&ars per arre&
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/(&32010 2.04 5F.FE
A(g32010 2.01 51.4
%ep32010 2.24 54.4E
=ct32010 2.2E F1.DE
ov32010 2.241 FD.12
$ec32010 2.E2F 41.F
/a"32011 2.5D2 40.44
'eb32011 2.44F 45.1Mar32011 .161 106.14
Apr32011 .6F 11.4
May32011 .1D 102.5
/("32011 2.446 4E.
/(&32011 .161 4E.6F
A(g32011 .11 FF.F1
%ep32011 2.FDD 5F.4
=ct32011 .02F 4.14
ov32011 .001 100.6
$ec32011 2.415 4F.F
$ata so(rce; -Petro&e(* < =ther >i?(ids, %pot Prices, !.%. +"ergy @"for*atio" Ad*i"istratio" w
&'441&0(4,,
&,)41'0011,
5
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+7hibit 6#$%# FUEL &E!G'G )T JETBLUE )'*+),S
e&, eati"g =i&, T@, a"d re"t Cr(de =i& %pot Prices, 2005:2011 Mo"th&y
E6.E2 1.DE51D2FE5 1.6F1
E4.4 1.D1D0D5614 1.5F1
6F.D5 1.602F04E2 1.F51
65.2 1.60051D2FE5 1.F45
6F.1F 1.62 1.F42
52.22 1.514E2F04E 2.02
55.01 1.FE51D2F6 2.04E
52.24 1.521140D562 2.05
F0.45 1.425FE51D24 2.144F4.F5 2.1456140DF 2.E06
FF.51 2.1121D2FE51 2.D44
4.6F 2.20D56140E 2.6DF
41.EF 2.1F0D56140E 2.E2
100.4 2.D02F04E2D 2.F06
102. 2.D6D2FE51D .05F
111.12 2.6DE51D2FE5 .14E
125.FE .0DD0D5614 .6D5
1F.D .24E2F04E2 .F4
12D.1 2.4ED56140DF .DE
11.D4 2.5021D2FE51 .1E
4.E2 2.2266666665 2.FE160 1.D2FE51D2F6 2.0FE
D5.52 1.16140D562 1.646
E.F2 0.FE2FE51D24 1.1D
DD.15 1.0E16666665 1.D5
DD.D1 1.0E5F04E2D 1.251
D6.1 1.04F 1.6
E0. 1.1456140D56 1.244
6D.4F 1.ED51D2FE51 1.66
6F.11 1.6216666665 1.51E
50.0F 1.66FE51D2F6 1.54
64.02 1.6D 1.55
6E.F2 1.E651D2FE51 1.F0E5D.41 1.5FE51D2F6 1.46E
55.55 1.FE16666665 1.4FD
55.41 1.FEE 2.104
51.2 1.64E2F04E2 1.F4D
56.6 1.F1F04E2F1 2.02
F0.5 1.41E51D2F6 2.162
F6.14 2.0E21D2FE51 2.26E
5 1.5F04E2F1 2.006
5D.4D 1.5FD2FE51D 1.45E
R+T+(rope re"t %pot Price '=,
$o&&ars per arre&
+AT@8 =@>ew or arbor o. 2 eati"g=i& %pot Price '=, $o&&ars per
8a&&o"
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55.E 1.FDE2F04E2 2.0F
5E.E1 1.545FE51D24 1.466
F0.55 1.4204E2F1 2.24
F2.D5 1.46E51D2F6 2.211
F6.02 2.0DF04E2F1 2.2FF
4.2 2.21456140DF 2.ED6
4F.45 2.E6D2FE51D 2.52
112.25 2.6504E2F1 2.42F116.4D 2.5FD2FE51D .04F
126.E4 .01D0D5614 .26
115.1F 2.54 .0D4
111.51 2.6E456140DF 2.46
11E.4 2.5602F04E2 .0F6
116.DF 2.55 .06F
10E.D2 2.E1 2.5F1
10F.D 2.EF16666665 .0D
111.22 2.6DF04E2F1 .012
10F.04 2.E5E51D2F6 2.415
bsite, http;www.eia.govd"avpetpetBpriBsptBs1Bd.ht*.
&('4,421**
111&''(,42
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0.5D 0.D1 0.05F
0.F2 0.D4 0.052
0.DD5 0.F5 0.1D6
0.DF 0.DDF 0.1E2
0.E20 0.D21 0.1E2
0.D12 0.50 0.065
0.6 0.6D 0.10
0.5D 0.D1D 0.04F
0.DD 0.60 0.0F40.E0 0.DE2 0.0F6
0.DEF 0.DE6 0.064
0.FF 0.DD 0.02E
0.F4 0.42 0.0D4
0.D42 0.E1 0.104
0.6D 0.62E 0.015
0.622 0.6F 0.1D
0.50D 0.642 0.0F4
0.6FF 0.52E 0.10
0.E4F 0.E44 0.114
0.EDE 0.E4D 0.1D6
0.62D 0.54E 0.1510.D5 0.66E 0.004
0.DDE 0.62D 0.06D
0.2EF 0.D65 0.006
0.D22 0.6D 0.021
0.21D 0.20F 0.006
0.1E4 0.2D 0.00E
0.04E 0.046 0.00E
0.04 0.12E 0.06
0.126 0.166 0.05
0.1F2 0.162 0.0F
0.11E 0.1F 0.00F
0.116 0.225 0.0110.1D2 0.142 0.011
0.166 0.1E2 0.020
0.14F 0.2 0.021
0.15E 0.21E 0.016
0.1E5 0.25 0.0E
0.201 0.25D 0.026
0.25E 0.252 0.0E4
0.255 0.01 0.0
0.14 0.204 0.01F
S-F%
S-F#
S-F9
asis vs. T@ =i&per ga&&o", 1 barre& L
D2 ga&&o"s
asis vs. re"t =i&per ga&&o", 1 barre& L
D2 ga&&o"s
asis vs. eati"g =i&per ga&&o"
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0.216 0.2DF 0.0EE
0.245 0.212 0.0DD
0.E 0.16 0.000
0.1D 0.2F4 0.0D2
0.2FF 0.2D 0.00
0.E2 0.0F 0.01F
0.E56 0.F6 0.014
0.6F6 0.2E 0.0500.6 0.55 0.06
0.66F 0.ED 0.10E
0.6F4 0.DD 0.0FE
0.525 0.6 0.060
0.FF 0.D01 0.05E
0.44F 0.D0 0.0DE
0.46E 0.D 0.06
0.F04 0.DD6 0.012
0.611 0.E 0.011
0.E6D 0.D 0.000
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+7hibit 5#$%# FUEL &E!G'G )T JETBLUE )'*+),S
Most eavi&y Traded +"ergy '(t(res Co"tracts =ctober 2011
>ight sweet cr(de oi& T@ 1D,5FE,245
at(ra& gas f(t(res e"ry (b 5,144,401
eati"g oi& 2,46D,162
R= gaso&i"e 2,541,560
P/M fi"a"cia&&y sett&ed e&ectricity 211,0D
re"t 12,DED,6FD
8as oi& 6,6EE,DD1
T@ D,12,F24
eati"g oi& 55,06
R= gaso&i"e 54,F62
Coa& 115,F1F
+! "at(ra& gas E55,60E
+&ec 41E+*issio"s E61,E22
CM+ 8ro(p '(t(res
HMo"th&y #o&(*e ofCo"tracts
$ata %o(rce; CM+ 8ro(p, -CM+8 +7cha"ge #o&(*e ReportHMo"th&y =ctober 2011,http;www.c*egro(p.co*wrappedpageswebB*o"th&yBreportebB#o&(*eBReportBC
@C+ +(rope '(t(res HMo"th&y #o&(*e of
Co"tracts
$ata so(rce; @"terco"ti"e"ta&+7cha"ge, -@C+ '(t(res +(ropeH'(t(res Mo"th&y #o&(*e,https;www.theice.co**aretdatareportsReportCe"ter.sht*&report5.
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+8.pdf.
-
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#$%# FU
/et&
%o(rce; -/>! @"vestor Re&atio"sH@"vestor !pdate, /et&(e website, http;i"vest
'n:estor Up5ate; %
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'n:estor Up5ate; =
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+7hibit 4
L &E!G'G )T JETBLUE )'*+),S
eH'(e& edges 2011I1 to 2011ID
r.etb&(e.co*phoe"i7.Qht*&KcL110DE
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#$%%>? #$%#>%
E1 22
FG 1FG
#$%#>% #$%#>#
1 1
2G 22G
5G i" cr(de ca&& optio"s with the average capat N42bb&.
G i" cr(de ca&& optio"s with the averagecap at N44bb&.
4G i" cr(de co&&ars with the average cap at
N100bb&. a"d the average p(t at NF1bb
EG i" cr(de co&&ars with the average cap at
N4Fbb&. a"d the average p(t at N5Fbb&.
EG i" cr(de three3way co&&ars with theaverage p(rchased ca&& at N100bb&., the
average so&d ca&& at N110bb&. a"d the average p(t at NF0bb&.
FG i" heat co&&ars with the average cap atN.1ga&. a"d the average p(t at N2.41ga&.
4G i" heat co&&ars with the average cap atN.0ga&. a"d the average p(t at N2.40ga&.
2G i" !%8C et f(e& swaps at a" average ofN.1Ega&.
FG i" !%8C et f(e& swaps at a" average ofN.0ga&.
2G i" cr(de ca&& optio"s with the average capat N44bb&.
2G i" cr(de ca&& optio"s with the averagecap at N44bb&.
EG i" cr(de co&&ars with the average cap atN4Fbb&. a"d the average p(t at N5Fbb&.
DG i" cr(de co&&ars with the average cap atN45bb&. a"d the average p(t at N5Fbb&.
5G i" heat co&&ars with the average cap atN.25ga&. a"d the average p(t at N2.F5ga&.
5G i" heat co&&ars with the average cap atN.25ga&. a"d the average p(t at N2.F5ga&.
5G i" !%8C et f(e& swaps at a" average ofN.0ga&.
5G i" !%8C et f(e& swaps at a" average ofN.02ga&.
2G i" !%8C et f(e& co&&ars with the average
cap at N.0Dga&. a"d the average p(t atN2.5Dga&.
2G i" !%8C et f(e& co&&ars with the average
cap at N.01ga&. a"d the average p(t atN2.51ga&.
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#$%%>?
2F
21G
#$%#>%
4FG
5G i" cr(de ca&& optio"s with the averagecap at N42bb&.
4G i" cr(de co&&ars with the average cap atN100bb&. a"d the average p(t at NF1bb&.
EG i" cr(de three3way co&&ars with the
average p(rchased ca&& at N100bb&., theaverage so&d ca&& at N110bb&. a"d the
average p(t at NF0bb&.
G i" cr(de ca&& optio"s with the averagecap at N44bb&.
EG i" cr(de co&&ars with the average cap atN4Fbb&. a"d the average p(t at N5Fbb&.
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#$%#>#
22
16G
#$%#>9
1
1FG
2G i" cr(de ca&& optio"s with the averagecap at N44bb&.
EG i" cr(de co&&ars with the average cap at
N45bb&. a"d the average p(t at N5Fbb&.
5G i" heat co&&ars with the average cap atN.25ga&. a"d the average p(t at N2.F5ga&.
2G i" !%8C et f(e& swaps at a" average ofN.1Dga&.
DG i" cr(de co&&ars with the average cap atN45bb&. a"d the average p(t at N5Fbb&.
6G i" heat co&&ars with the average cap atN.2Fga&. a"d the average p(t at N2.F5ga&.
6G i" !%8C et f(e& swaps at a" average ofN.0Ega&.
2G i" !%8C et f(e& co&&ars with theaverage cap at N.02ga&. a"d the average
p(t at N2.52ga&.