page 129 Bombardier Inc. Annual Report 2003-04 customer. The Corporation’s maximum exposure to projects for which the exposure of the Corporation is capped, amounts to approximately $1.5 billion as at January 31, 2004. For projects where the exposure of the Corporation is not capped, such exposure has been determined in relation to the Corporation’s partners’ share of the total contract value. Under this methodology, the Corporation’s exposure would amount to approximately $1.0 billion as at January 31, 2004. Such joint and several obligations and guarantees have been rarely called upon in the past, and no significant liability has been recognized in the Consolidated Financial Statements in connection with these obligations and guarantees.  In the normal course of its business, the Corporation has entered into agreements that include indemnities in favour of third parties, mostly tax indemnities. These agreements generally do not contain specified limits on the Corporation’s liability and therefore, it is not possible to estimate the Corporation’s maximum potential exposure under these indemnities. BC and Bombardier concluded third-party sale and leaseback transactions mostly relating to freight cars, which in most instances were simultaneously leased to operators. Details of minimum lease payments as at January 31, 2004 were as follows: Minimum lease payments include $1,518 million for freight cars, $4 million for pre-owned aircraft, $2 million for transportation rail equipment and $46 million for other equipment. Expected minimum sub-lease rentals from operators and the net benefit of the estimated resale value of the equipment approximate the amount of minimum lease payments.  The Corporation leases buildings and equipment and assumes aircraft operating lease obligations on the sale of new aircraft. The related minimum lease payments and the residual value guarantees for the next five years and thereafter are as follows: As at January 31, 2004, the Corporation had commitments under agreements to outsource a significant portion of its information technology function in the aerospace and transportation segments requiring minimum annual payments as follows: NOTE 24. COMMITMENTS AND CONTINGENCIES (CONT ’ D) Sale and leaseback  Operating leases Other commitments RENTAL RESIDUAL VALUE PAYMENTS GUARANTEES TOTAL 2005 $ 95 $ – $ 95 2006 95 – 95 2007 95 32 127 2008 90 – 90 2009 84 – 84 Thereafter 1,079 – 1,079 $1,538 $ 32 $1,570 BUILDINGS AND  RESIDUAL VALUE  EQUIPMENT AIRCRAFT GUARANTEES TOTAL 2005 $ 159 $ 74 $ – $ 233 2006 129 63 5 197 2007 111 50 – 161 2008 96 36 – 132 2009 77 29 – 106 Thereafter 533 48 100 681 $1,105 $ 300 $105 $1,510 2005 $ 257 2006 231 2007 214 2008 187 2009 161 Thereafter 52 $1,102