EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

JULY 3,2003

ITEM NO 1 Transportation Security Exports Program
Board Decision APPROVED

ITEM NO 2 Minutes of June 18, 2003 Board Meeting to be approved.

Board Decision: APPROVED

ITEM NO 3

Country CHINA (TAIWAN) AP079492XX

Request for FINAL COMMITMENT

Applicant CHINA AIRLINES LTD, TAIPEI, CHINA (TAIWAN)

Borrower SPV/CHINA AIRLINES LIMITED, TAIPEI 104 CHINA (TAIWAN)

Guarantor NONE

Buyer SPV/CHINA AIRLINES LIMITED, TAIPEI 104 CHINA (TAIWAN)

End-user CHINA AIRLINES LTD, TAIPEI, CHINA (TAIWAN)

Exporter BOEING COMPANY,THE, EVERETT WA

Supplier GENERAL ELECTRIC COMPANY INC, CINCINNATI OH

Supplier BOEING COMPANY,THE, EVERETT WA

Gteed Lender CITIBANK N.A., NEW YORK NY

Lessor SPV/CHINA AIRLINES LIMITED, TAIPEI 104 CHINA (TAIWAN)

Lessee CHINA AIRLINES LTD, TAIPEI, CHINA (TAIWAN)

Cofin ECA NONE

Project Description AIR TRANSPORTATION

Product Description AIRCRAFT

Repayment Term 12 YEARS

Board Decision APPROVED

ITEM NO 4

Country MOROCCO AP078791XX

Request for FINAL COMMITMENT

Applicant ROYAL AIR MAROC, CASABLANCA MOROCCO

Borrower SPV/ROYAL AIR MAROC, CASABLANCA MOROCCO

Guarantor NONE

Buyer SPV/ROYAL AIR MAROC, CASABLANCA MOROCCO

End-user ROYAL AIR MAROC, CASABLANCA MOROCCO

Exporter BOEING COMPANY, THE, RENTON WA

Supplier CFM INTERNATIONAL INC, CINCINNATI OH

Supplier BOEING COMPANY, THE, RENTON WA

Gteed Lender CREDIT AGRICOLE INDOSUEZ, PARIS, LA DEFENSE, CEDEX 93920 FRANCE

Lessor SPV/ROYAL AIR MAROC, CASABLANCA MOROCCO

Lessee ROYAL AIR MAROC, CASABLANCA MOROCCO

Cofin ECA NONE

Project Description AIR TRANSPORTATION

Product Description AIRCRAFT

Repayment Term 12 YEARS

Board Decision APPROVED