ITEM NO 1      Minutes of June 5, 2003 Board Meeting to be approved.
Board Decision:  APPROVED

ITEM NO 2      Minutes of June 12, 2003 Board Meeting to be approved.
Board Decision:  APPROVED

ITEM NO 3A

Country AUSTRALIA                              AP079650XX
Request for FINAL COMMITMENT

Applicant      VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Borrower       SPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Guarantor      NONE
Buyer          SPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
End-user       VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Exporter       BOEING COMPANY, THE, RENTON WA
Supplier       CFM INTERNATIONAL INC, CINCINNATI OH
Supplier       BOEING COMPANY, THE, RENTON WA
Gteed Lender   ROYAL BANK OF SCOTLAND PLC (THE), EDINBURGH, UNITED KINGDOM
Lessor        SPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Lessee        VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Cofin ECA     NONE 

Project Description AIR TRANSPORTATION
Product Description AIRCRAFT

Board Decision REFER TO CONGRESS

 ITEM NO 3B

Country AUSTRALIA                              PC079651XX
Request for PRELIMINARY COMMITMENT

Applicant      VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Borrower       SPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Guarantor      NONE
Buyer          SPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
End-user       VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Exporter       BOEING COMPANY, THE, RENTON WA
Supplier       CFM INTERNATIONAL INC, CINCINNATI OH
Supplier       BOEING COMPANY, THE, RENTON WA
Gteed Lender   ROYAL BANK OF SCOTLAND PLC (THE), EDINBURGH, UNITED KINGDOM
Lessor         SPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Lessee         VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA
Cofin ECA      NONE

 Project Description AIR TRANSPORTATION
Product Description AIRCRAFT 
Board Decision REFER TO CONGRESS

ITEM NO 4