EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

JULY 30, 2004

ITEM NO 1 Minutes of June 24, 2004 Board Meeting to be approved.
Board Decision: APPROVED

ITEM NO 2Minutes of July 13, 2004 Board Meeting to be approved.
Board Decision: APPROVED

ITEM NO 3

Country AUSTRALIA AP080450XX

Request for FINAL COMMITMENT Conversion No 1

ApplicantVIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA

BorrowerSPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA

GuarantorNONE

BuyerSPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA

End-userVIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA

ExporterBOEING COMPANY, THE, RENTON WA

SupplierBOEING COMPANY, THE, RENTON WA

SupplierCFM INTERNATIONAL INC, CINCINNATI OH

Gteed Lender ROYAL BANK OF SCOTLAND PUBLIC LIMITED CO,CAUSEWAY BAY, HONG KONG CITY HONG KONG

LessorSPV/VIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA

LesseeVIRGIN BLUE AIRLINES PTY LIMITED, BRISBANE 4006 AUSTRALIA

Project Name NONE

Project Description AIR TRANSPORTATION

Product Description Aircraft

Repayment Term 12 YEARS

Board Decision APPROVED