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Exhibit 99--Excerpts from ASA Holdings, Inc. Annual Report on Form 10-K for the
year ended December 31, 1998.



1. Excerpt from Part I, Item 1, numbered pages 20- 21, of ASA Holdings, Inc.
Annual Report on Form 10-K for the year ended December 31, 1998, "Factors That
May Affect Future Performance--Risks Relating to Year 2000 Issues".

         "The Year 2000 issue refers generally to the data structure and
processing problems that may prevent systems from properly processing
date-sensitive information when the year changes to 2000. The Year 2000 problem
could result in system failures or miscalculations, causing disruptions of a
company's operations. As a result, in less than a year, certain information
technology ("IT") and non-IT systems may need to be upgraded to address Year
2000 problems. IT and non-IT systems are critical to the Company's operations.
The Company believes completed and planned modifications and conversions of its
internal systems and equipment will allow it to resolve material problems
created by the Year 2000 issue in a timely manner. However, there can be no
assurance that the Company's systems will properly address Year 2000 issues
prior to December 31, 1999, or that the failure of any such system will not
have a material adverse effect on the Company's business, operating results and
financial condition. To the extent the Year 2000 problem has a material adverse
effect on the business, operations or financial condition of third parties with
whom the Company has material relationships, such as Delta, vendors, suppliers
and customers, the Year 2000 problem could have a material adverse effect on
the Company's business, results of operations and financial condition. In
addition, customers may alter their travel arrangements at the end of 1999 and
the beginning of 2000 due to concerns regarding risks and problems related to
flying at the turn of the millennium. To the extent travelers are reluctant to
fly during fourth quarter 1999 and first quarter 2000, the Year 2000 issue
could have a material adverse effect on the Company's business, results of
operations and financial condition."



2. Excerpt from Part II, Item 7, numbered pages 34-36, of ASA Holdings, Inc.
Annual Report on Form 10-K for the year ended December 31, 1998, "Management's
Discussion and Analysis of Financial Condition and Results of Operations--Year
2000".

Year 2000

         The Year 2000 issue refers generally to the data structure and
processing problem that may prevent systems from properly recognizing dates
after the year 1999. The Year 2000 issue affects information technology ("IT")
systems, such as computer programs and various types of electronic equipment
that process date information by using only two digits rather than four digits
to define the applicable year, and thus may recognize a date using "00" as the
year 1900 rather than the year 2000. The issue also affects some non-IT
systems, such as devices which

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rely on a microcontroller to process date information. The Year 2000 issue could
result in system failures or miscalculations, causing disruptions of a company's
operations.

The Company's State of Readiness

         The Company has implemented a Year 2000 compliance program designed to
ensure that the Company's computer systems and applications will function
properly beyond 1999. The Company's Year 2000 compliance program has four
phases: (1) identification, (2) assessment (including prioritization), (3)
remediation (including modification, upgrading, replacement and testing by
third parties) and (4) contingency planning.

         Safety of Flight Systems. The Company has completed its review of the
impact of Year 2000 issues on its aircraft fleet and onboard flight support
systems (including a review of both IT and non-IT systems) and has determined
that there are no safety-of-flight issues with respect to such systems. The
Company has completed the identification phase with respect to the review of
its onboard flight management systems, which maximize operating efficiency but
are not essential to the safe operation of flights, and expects to complete the
assessment phase during second quarter 1999 and the remediation phase during
third quarter 1999. The Company also uses ground-based, safety-related computer
systems and equipment which are vital to the maintenance of aircraft and the
control of flight operations. The Company has completed the remediation phase
with respect to such systems and equipment.

         Internal Business Systems. The Company's material internal business
systems and equipment include computer hardware, software and related
equipment, which are essential for flight scheduling and seat inventory
management, finance systems (such as revenue management, revenue accounting and
payroll) and other functions (such as internal voice and data communications,
aircraft ground handling and baggage handling). The Company has completed the
identification phase, and has started the assessment phase, for all of its
material internal business systems and equipment. The assessment phase and the
remediation phase with respect to such systems and equipment are expected to be
completed during the second quarter 1999.

         Year 2000 Issues Relating to Third Parties. The Company is reviewing,
and has initiated formal communications with, third parties which provide goods
or services which are essential to its operations in order to determine the
extent to which the Company is vulnerable to any failure by such material third
parties to remediate their respective Year 2000 problems and resolve such
problems to the extent practicable. These entities include other airlines,
suppliers of infrastructure systems critical to the airline industry (such as
the air traffic control and related systems of the U.S. Federal Aviation
Administration and international aviation authorities, the U.S. Department of
Transportation and local airport authorities), and suppliers of aircraft fuel,
utilities and communication services. The Company has completed the
identification phase, and has started the assessment phase, with respect to
such third-party systems. The assessment phase and the remediation phase with
respect to such third-party systems are expected to be completed during the
second and third quarter 1999, respectively.


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         To the extent the Year 2000 problem has a material adverse effect on
Delta's business, operations or financial condition, such Year 2000 problem
could have a material adverse effect on the Company's business, results of
operations and financial condition. Delta leases reservation equipment and
terminal facilities to the Company, and provides certain services to the
Company, including reservation and ground handling services. The Company has
had formal communications with Delta regarding its Year 2000 compliance program
and expects to complete the assessment and remediation phases with respect to
Delta's systems at the same time it completes such phases with respect to other
material third-party systems.

Costs to Address the Company's Year 2000 Issues

         The Company estimates that the total cost of achieving Year 2000
readiness for its internal systems and equipment will be less than $1.0
million. However, the Company's Year 2000 compliance program is an ongoing
process involving continual evaluation and may be subject to change in response
to new developments, which may result in increased costs.

The Company's Contingency Plans

         The Company is revising its existing business interruption contingency
plans to address internal and external issues specific to the Year 2000
problem, to the extent practicable. Such revisions are expected to be completed
by third quarter 1999. These plans, which are intended to enable the Company to
continue to operate to the extent that it can do so safely, include performing
certain processes manually; repairing or obtaining replacement systems; and
changing suppliers. The Company believes, however, that due to the widespread
nature of potential Year 2000 issues, the contingency planning process is an
ongoing one which will require further modifications as the Company obtains
additional information regarding the Company's internal systems and equipment
during the assessment and remediation phases of its Year 2000 program and the
status of third-party Year 2000 readiness.

The Risks of the Company's Year 2000 Issues

         The Company believes completed and planned modifications and
conversions of its internal systems and equipment will allow it to resolve
material problems created by the Year 2000 issue in a timely manner. However,
there can be no assurance that the Company's systems will properly address Year
2000 issues prior to December 31, 1999, or that the failure of any such system
will not have a material adverse effect on the Company's business, operating
results and financial condition. In addition, to the extent the Year 2000
problem has a material adverse effect on the business, operations or financial
condition of third parties with whom the Company has material relationships,
such as Delta, vendors, suppliers and customers, the Year 2000 problem could
have a material adverse effect on the Company's business, results of operations
and financial condition. While the Company does not currently expect any
significant modification of its operations in response to the Year 2000 issue,
in a worst case scenario the Company could be required to alter or curtail its
operations significantly."