|| ** Jan. '92 **

|| -- June '92 -- Speedwing Consulting contracted
||                       for managerial services
|| -- July '92 --  Gov't privatization policy document;
||                       designates KQ for priv't
|| -- Sept '92 -- Brian Davies appointed
||                       new KQ Managing Director

|| ** Jan. '93 **
 
|| ** Jan. '94 ** Gov't become primary debtor
||                        for guaranteed KQ debt

|| -- April '94 -- IFC appointed as Privatization Advisor
||
|| -- June '94 -- IFC strategic review and options report
||                  presented to the Board
|| -- July '94 --  Gov't approves in principle KQ debt
||                       restructuring
|| -- Sept. '94 -- Privatization Action Plan presented to
||                        Board
|| -- Nov. '94 -- Scope of KQ debt restructuring
||                   approved by gov't
|| -- Dec. '94 -- Sessional paper on debt restructuring
||                        fails to pass in Parliament

|| ** Jan. '95 **

|| -- April '95 -- Information Memorandum completed
||
|| -- July '95  -- Debt restructuring agreements signed w/creditors.
||                       Deadline for initial partner proposals.
|| -- Nov. '95 -- Deadline for full bid from short-listed
||                        potential international partners
|| -- Dec. '95 -- KLM bid accepted in principle
||
|| -- Jan. '96 --  Philip Ndegwa dies; KLM partnership
||                       finalized.
|| -- Feb. '96 -- New KQ Chairman appointed:
||                       Isaac Omolo Okero
|| -- Mar. '96 -- Prospectus distributed and public offering
||                       opens on Nairobi Stock Exchange
|| -- Apr. '96 -- Public offering closes
||
|| -- May '96 -- Refunds and shares disbursed
||
|| -- June '96 -- Trading in KQ shares commences
||