EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

SEPTEMBER 11, 2003

ITEM NO 1Minutes of August 25, 2003 Board Meeting to be approved.

Board Decision: APPROVED

ITEM NO 2Minutes of August 28, 2003 Board Meeting to be approved.

Board Decision: APPROVED

ITEM NO 3Minutes of September 4, 2003 Board Meeting to be approved.

Board Decision: APPROVED

ITEM NO 4

Country BAHRAIN AP079768XX

Request for FINAL COMMITMENT

Applicant BAHRAIN ROYAL FLIGHT, THE, MANAMA BAHRAIN

Borrower MINST OF FINANCE & NATIONAL ECONOMY, MANAMA, BAHRAIN

Guarantor NONE

Buyer BAHRAIN ROYAL FLIGHT, THE, MANAMA BAHRAIN

End-user BAHRAIN ROYAL FLIGHT, THE, MANAMA BAHRAIN

Exporter BOEING COMPANY, EVERETT WA

Supplier GENERAL ELECTRIC COMPANY INC, CINCINNATI OH

Supplier BOEING COMPANY, EVERETT WA

Gteed Lender PRIVATE EXPORT FUNDING CORP, NEW YORK NY

Project Name NONE

Project Description AIR TRANSPORTATION - VIP

Product Description AIRCRAFT

Repayment Term 11.5 YEARS

Board Decision APPROVED

ITEM NO 5 AP079768XX

CountryBAHRAIN

RequestAMENDMENT OF FINAL COMMITMENT
Request by Private Export Funding Corporation (PEFCO)for Ex-Im Bank
approval of its Fixed Interest Lending Rate on its participation in
the proposed financing.

Borrower MINST OF FINANCE & NATIONAL ECONOMY, MANAMA BAHRAIN

Guarantor NONE

Buyer BAHRAIN ROYAL FLIGHT, THE, MANAMA BAHRAIN

End-user BAHRAIN ROYAL FLIGHT, THE, MANAMA BAHRAIN

Exporter BOEING COMPANY, EVERETT WA

Supplier GENERAL ELECTRIC COMPANY INC, CINCINNATI OH

Supplier BOEING COMPANY, EVERETT WA

Product Description AIRCRAFT

BOARD DECISION APPROVED PEFCO'S FIXED INTEREST LENDING RATE

ITEM NO 6A

Country UZBEKISTANAP079671XX

Request for FINAL COMMITMENT

Applicant SOCIETE GENERALE, NEW YORK NY

Borrower SPV/UZBEKISTAN AIRWAYS, TASHKENT UZBEKISTAN

Guarantor MINST OF FINANCE, TASHKENT 700078 UZBEKISTAN

Buyer SPV/UZBEKISTAN AIRWAYS, TASHKENT UZBEKISTAN

End-user NATL AVIATION CO OF REP OF UZBEKISTAN, TASHKENT UZBEKISTAN

Exporter BOEING COMPANY, EVERETT WA

Supplier UNITED TECHNOLOGIES CORP, EAST HARTFORD CT

Supplier ZUCKERT SCOUTT RASENBERGER LLP, WASHINGTON DC

Supplier ADDITIONAL SUPPLIERS

Gteed Lender SOCIETE GENERALE, NEW YORK NY

Head Lessor SPV/Uzbekistan Airways

Head Lessee National Bank of Uzbekistan, Tashkent, Uzbekistan

Sub Lessor National Bank of Uzbekistan, Tashkent, Uzbekistan

Sub Lessee Natl Aviation Co of Rep of Uzbekistan, Uzbekistan Airways,
Tashkent, Uzbekistan

Project Name NONE

Project Description AIR TRANSPORTATION

Product Description AIRCRAFT

Repayment Term 12 YEARS

Board Decision APPROVED

ITEM NO 6B

Country UZBEKISTAN PC079716XX

Request for PRELIMINARY COMMITMENT

Applicant SOCIETE GENERALE, NEW YORK NY

Borrower SPV/UZBEKISTAN AIRWAYS, TASHKENT UZBEKISTAN

Guarantor MINST OF FINANCE, TASHKENT 700078 UZBEKISTAN

Buyer SPV/UZBEKISTAN AIRWAYS, TASHKENT UZBEKISTAN

End-user NATL AVIATION CO OF REP OF UZBEKISTAN, TASHKENT UZBEKISTAN

Exporter BOEING COMPANY, EVERETT WA

Supplier BOEING COMPANY, EVERETT WA

Supplier UNITED TECHNOLOGIES CORP, EAST HARTFORD CT

Supplier ADDITIONAL SUPPLIERS

Gteed Lender SOCIETE GENERALE, NEW YORK NY

Head Lessor SPV/Uzbekistan Airways

Head Lessee National Bank of Uzbekistan, Tashkent, Uzbekistan

Sub Lessor National Bank of Uzbekistan, Tashkent, Uzbekistan

Sub Lessee Natl Aviation Co of Rep of Uzbekistan, Uzbekistan Airways,
Tashkent, Uzbekistan

Project Name NONE

Project Description AIR TRANSPORTATION

Product Description Aircraft

PC Expiry Date 01/14/04

Board Decision APPROVED