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Fuel Hedging Policy and Strategy Average Hedge Price: US$90.45/bbl Average Hedge Price: US$99.5/bbl Average Hedge Price: US$96.55/bbl 48% 66% 75% 25% 52% 34% 2012E 2013E 2014E ■Hedge Fuel ■Not Hedge Fuel العربية للطيران airarabia.com □ Air Arabia's management team has a conservative approach when it comes to hedging, which is regulated by its hedging committee -29-

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