Airline-Industry Companies Soar to New Levels of Risk Management Efficiency With Kiodex; Airline and Jet-Fuel Customers Capitalize on Web-Services Technology.

Business Editors/High-Tech Writers

NEW YORK--(BUSINESS WIRE)--Aug. 12, 2002

Kiodex, Inc., a technology company that provides a Web-services platform for corporate risk management and financial reporting, today announced that three additional companies in the airline industry have subscribed to its flagship risk management service, the Kiodex Risk Workbench(SM):

--  Air Jamaica, Jamaica's national airline boasting the newest fleet
    in the Caribbean with more than 360 weekly flights to the US, UK
    and within the region

--  TACA (Transportes Aereos del Continente Americano), a highly
    successful airline and a strategic alliance of a group of airlines
    that has integrated Central America with the United States,
    Canada, Mexico, the Caribbean, and South America

--  Phoenix Fuels Corporation, an international provider of aviation
    fuel and related services

"We're thrilled to welcome these companies to our growing roster of airline-industry customers," said Raj Mahajan, Kiodex President. "Their confidence further validates the key advantage that the Kiodex Risk Workbench(SM) provides to customers in that competitive industry."

"The airline industry continues to face challenges in this difficult economic environment," said Howard Hall, Chief Financial Officer of Air Jamaica. "By selecting the Kiodex Risk Workbench, Air Jamaica has recognized the importance of having tools to help in effectively managing one off the largest business risks for the industry - volatility in the price of jet fuel."

The Kiodex Risk Workbench(SM) is the only risk management platform that integrates complete deal capture, proprietary valuation models, transparent risk reports, and independent market data. The functionality that the Kiodex Risk Workbench(SM) combines in a single platform gives corporations a comprehensive business process for managing energy-price risk.

A New Level of Market Price Transparency for the Airline Industry

A key feature that attracts airline customers is the level of price transparency that the Kiodex Risk Workbench(SM) provides with its valuation models and independent market data. "Prior to our subscription to the Risk Workbench, we had limited knowledge of the fair market value of our jet-fuel derivatives; we had to trust our counterparties to provide that information," said Arnulfo Avelar, Director responsible for Fuel Hedging at TACA. "Now we have the tools to determine the fair price ourselves prior to executing any deals. The Risk Workbench puts back into our own hands the power of pricing knowledge, giving us a tremendous advantage." TACA will be also using the Risk Workbench platform to manage the jet-fuel price risk for Trans America Airlines, S.A., and Lineas Costarricenses, two other airlines under TACA's management.

Gary Osbourne, Treasurer of Air Jamaica, agrees. "One of the reasons why we chose the Risk Workbench was for the ability to price trades independently, without relying solely on counterparty information."

Meeting the Needs of All Levels of Hedging Sophistication

The Risk Workbench provides essential functionality for either highly sophisticated hedging departments or novice hedging programs. Phoenix Fuel Corporation, for example, is using the Risk Workbench service as the foundation for a new hedging program.

"Implementing a hedging plan can be a daunting and time-consuming task," said Tom Perkins, President of Phoenix Fuel Corporation "The Risk Workbench is an ideal solution for us: The platform saves us the time and expense of searching for market data, pricing tools, and a deal-capture system independently. In addition, because the Risk Workbench is Web-based, the implementation period is short, so we can start our program immediately."

For TACA, the Kiodex Risk Workbench replaced an internally developed system. "We already had a hedging program in place," explains Mr. Avelar. "The system we were using, however, was extremely cumbersome, and was difficult to update and maintain. With the Risk Workbench, we no longer have to worry about gathering data or maintaining and updating the system. We can now focus on the most important task - implementing the most effective hedging program possible for the company."

A Growing List of Airline-Industry Customers

With the signing of these new customers, Kiodex continues to build on the confidence of the airline industry in its risk management platform. Other airline customers include American Airlines (NYSE: AMR), the largest air carrier in the U.S., and Virgin Atlantic Airways, the second-largest long-haul carrier in the UK. "We're proud of our growing acceptance by the airline industry," added Mahajan, "Our platform is perfectly tailored to all companies that must manage jet-fuel expense to implement an effective hedging program that helps them to gain a competitive advantage in the marketplace."

People interested in learning more about the Kiodex Risk Workbench(SM) can contact Kiodex by calling +1.866.KIO.INFO, sending an email message to [e-mail], or visiting Kiodex's website at www.kiodex.com.

About Air Jamaica

Air Jamaica is the national Airline of Jamaica, Barbados and Grenada. The proud winner of numerous coveted international awards of distinction, including "Best Airline to the Caribbean" for four consecutive years, Air Jamaica also boasts the most modern fleet servicing the region.

Air Jamaica has scheduled service with over 360 direct flights a week from Atlanta, Baltimore/Washington, Boston, Chicago, Ft. Lauderdale, Houston, Los Angeles, Miami, Newark, New York (JFK), Orlando, and Philadelphia in the U.S. and from London, and Manchester in the UK to Montego Bay and Kingston in Jamaica, and to Antigua, Barbados, Bonaire, Curacao, Grand Cayman, Grenada, Havana, Nassau, and St. Lucia. Air Jamaica provides more non-stop flights from its North American gateways to the Caribbean than any other carrier serving the region. In addition, the airline's code share agreement with Delta Air Lines, and its joint fare arrangements and compatible schedules with United, and other U.S. carriers, extend its access to over 150 cities within the Continental U.S.

For more information or reservations, call Air Jamaica at 1-800-523-5585 or visit the Air Jamaica website at www.airjamaica.com.

About TACA

TACA is a leading airline in Latin America, consisting of a group of airlines: AVIATECA of Guatemala, LACSA of Costa Rica, NICA of Nicaragua, TACA of Honduras, TACA INTERNATIONAL of El Salvador, and TACA PERU.

TACA operates the youngest fleet of aircraft in America composed by 28 Airbus 320 and 319 aircraft. The fleet offers customers the most modern and superior advances in aviation technology, plus added comfort and cargo capacity; it transports more than 7,500 passengers on a daily basis. With three hubs located in El Salvador, Costa Rica and Peru, TACA's wide route network serves 36 destinations in 19 countries in North, Central and South America and the Caribbean. Airplanes are certified by local civil aviation authorities and the Federal Aviation Administration (FAA) of the United States of America.

About Phoenix Fuel Corporation

Phoenix Fuel Corporation is internationally accepted as a major provider of Aviation Fuel and related services. Phoenix Fuel Corporation was founded in 1994 and is owned and operated by Thomas L. Perkins and Ignacio Carrion. Together with a team of aviation professionals with expertise in the fields of Fuel Supply, Operations and Accounting, Phoenix Fuel Corporation provides clients with well over 100 years of combined aviation experience.

About Kiodex

Kiodex, Inc. (www.kiodex.com) delivers a Web-services platform that transforms risk into a strategic advantage. Corporations use Kiodex services to measure commodity price risk, to design optimal hedging strategies, to reduce hedging costs, and to comply with best accounting practices. Corporations that subscribe to the Kiodex platform minimize the impact of volatile commodity prices on their earnings, and at the same time generate substantial savings.

The Kiodex Risk Workbench(SM), the company's flagship offering, is the only platform that integrates complete deal capture, proprietary valuation models, transparent risk reports, and independent market data. The Risk Workbench valuation models capture the unique dynamics of commodity markets, and its reports allow managers to view risk from multiple perspectives. The Risk Workbench provides daily, independent forward curves and volatility surfaces for over 60 different energy delivery locations. In addition, the Accounting Tools module of the Risk Workbench provides a comprehensive business process for SFAS 133 compliance.

Kiodex Web services meet the needs of any company with exposure to the market price of energy, from corporate hedgers with straightforward strategies to energy traders with complex requirements. Kiodex clients are leaders in the energy, manufacturing, transportation, chemical, and pulp and paper industries. Representative clients include Virgin Atlantic Airways, Eastman Chemical Company (NYSE: EMN), and Union Pacific Railroad (NYSE: UNP). Kiodex has offices in New York and Houston.