Risks arising from environmental management

Our Group-wide risk management system also monitors environmental policy developments. For example, the EU has decided to introduce an emissions trading system for air traffic starting in 2012. The financial implications of this will depend heavily on the results of the EU surveys on emissions for the 2004 –2006 base period. These data will determine the quantities of free emissions rights that will be allocated to the airlines we use and the extent to which we will have to purchase emissions rights at auction to meet our needs. In addition, it is not yet possible to estimate the prices at which emissions rights will trade on the market. However, we believe that the Group is well equipped to limit any financial risk thanks to our GoGreen programme. We find the risk of deviation from projections to be fairly low.