EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

MAY 8, 2003

ITEM NO. 1 MINUTES OF APRIL 10, 2003 BOARD MEETING TO BE APPROVED

BOARD DECISION: APPROVED

ITEM NO. 2 MINUTES OF APRIL 17, 2003 BOARD MEETING TO BE APPROVED

BOARD DECISION: APPROVED

ITEM NO. 3 MINUTES OF APRIL 24, 2003 BOARD MEETING TO BE APPROVED

BOARD DECISION: APPROVED

ITEM NO 4

Country NETHERLANDS AP079438XX

Request for FINAL COMMITMENT

Applicant KLM ROYAL DUTCH AIRLINES, AMSTERDAM NETHERLANDS

Borrower SPV/KLM ROYAL DUTCH AIRLINES, CAYMAN ISLANDS CAYMAN ISLANDS

Guarantor NONE

Buyer SPV/KLM ROYAL DUTCH AIRLINES, CAYMAN ISLANDS CAYMAN ISLANDS

End-user KLM ROYAL DUTCH AIRLINES, AMSTERDAM NETHERLANDS

Exporter BOEING COMPANY,THE, EVERETT WA

Supplier BOEING COMPANY,THE, EVERETT WA

Supplier GENERAL ELECTRIC COMPANY INC, CINCINNATI OH

Gteed Lender CITIBANK N A, LONDON SE1 2QT UNITED KINGDOM

Lessor SPV/KLM ROYAL DUTCH AIRLINES, CAYMAN ISLANDS CAYMAN ISLANDS

Lessee KLM ROYAL DUTCH AIRLINES, AMSTERDAM NETHERLANDS

Project Description AIR TRANSPORTATION

Product Description AIRCRAFT

Repayment Term 12 YEARS

Board Decision APPROVED

ITEM NO 5

Country MEXICO AP079386XX

Request for FINAL COMMITMENT

Applicant STANDARD CHARTERED BANK, NEW YORK NY

Borrower COMISION FEDERAL DE ELECTRICIDAD, MEXICO DF. 0600 MEXICO

Guarantor NONE

Buyer COMISION FEDERAL DE ELECTRICIDAD, MEXICO DF. 0600 MEXICO

End-user COMISION FEDERAL DE ELECTRICIDAD, MEXICO DF. 0600 MEXICO

Exporter SIEMENS WESTINGHOUSE PWR CORP, ORLANDO FL

Supplier SIEMENS WESTINGHOUSE PWR CORP, ORLANDO FL

Gteed Lender STANDARD CHARTERED BANK, NEW YORK NY

Project Description CREDIT GUARANTEE FACILITY

Product Description SUPPLY/INSTALLATION — TURBINE COMPONENTS

Financed Amount $ 41,092,000

Repayment Term 5 YEARS

Board Decision APPROVED