action · fashion designers viktor & rolf have designed amenity bags exclusively for klm...

Air France-KLM’s Shareholders’ Newsletter

June 2011

Dear Shareholders,

The 2010-11 financial year marked a very strong improvement in our results. Despite a succession of exceptional events, we moved from an operating loss of €1.28 billion at March 31, 2010 to income of €122 million at March 31, 2011.

The strategic measures implemented over the past two years in both the passenger and cargo businesses, supported by the economic recovery, enabled us to return to profit despite a €1 billion increase in the fuel bill. This €1.4 billion improvement in our performance required the mobilization of all the Group’s employees who are ready to pursue this process.

Pierre-Henri GourgeonChief Executive Officer, Air France-KLM

Air France-KLM, the leading European carrier between Europe and China In China, Air France and KLM serve six destinations out of Paris and/ or Amsterdam with 93 weekly flights thanks to code shares with China Eastern and China Southern. See page 6

The Annual General Shareholders’ Meeting is an exclusive opportunity for shareholders…See page 10

JAPAN: Air France-KLM mobilizes to lend its support The flight schedule was adapted with flights to Tokyo… See page 2

The development of cargo transportation at Roissy…See page 8

Action

All these measures have strengthened our position, leaving us well-equipped to face the uncertain environment created by the geopolitical events since the beginning of 2011 and the significant oil price volatility. Despite this context, our objective is to generate higher operating income than in 2010 while remaining focused on our longer-term objectives and, particularly, a significant reduction in our gearing ratio.

This is why your Board chose not to propose the payment of a dividend in respect of the 2010-11 financial year.

In a few weeks our Annual General Shareholders’ Meeting will take place. One of the resolutions proposes the renewal of my mandate for a term of four years. I hope that you will grant me the opportunity to see through the strategic measures currently underway, with the resolute objective of putting the Air France-KLM group back on the path of profitable growth.

I hope many of you will attend the Meeting on July 7 at the Carrousel du Louvre and I look forward to seeing you there.

Highlights

Pierre-Henri Gourgeon editorial continued

Our performance improved by €1.4 billion over the financial year

As of the beginning of the catastrophe which struck Japan on March 11, the Air France teams based in Tokyo and Roissy rapidly mobilized to ensure a speedy resumption of flights to and from Japan and adapt the airline’s capacity to the strong demand for travel to Europe.

The flight schedule was adapted with flights to Tokyo making an extra stopover at Seoul-Incheon en route for Tokyo to change flight crews.

Exceptional commercial terms were introduced for customers including, notably, a special highly-competitive one-way fare for Tokyo-Paris, Osaka-Paris and Seoul-Paris flights.

Air France staff rallied round to enable the rapid shipping, in the bellies of both passenger and full freighter aircraft, of several tons of emergency logistics equipment such as blankets.

The schedule was adapted to enable the use of larger-capacity aircraft, such as Boeing B777-300s offering 472 seats and everything was done to increase capacity out of Osaka to Europe.

Air France thus offered more than 1,000 daily seats from Japan to Paris and KLM offered ten weekly flights to Amsterdam from Tokyo and Osaka.

At no time did Air France suspend its flights to Japan, a service dating back to 1952.

The Air France Foundation also mobilized to launch a fund-raising amongst Air France-KLM employees. The money

raised will go towards financing initiatives to benefit children and young people.

As of the evening of April 8, Air France resumed operations of non-stop flights to Tokyo-Narita.

1,000daily seats offered by Air France during the crisis.

Key StAtiStic

Japan: Air France-KLM mobilizes to lend its support

Action’AiR JuNE 201102

Viktor & Rolf now offer greater comfort in the KLM World Business class. The well-known Dutch fashion designers Viktor & Rolf have designed amenity bags exclusively

for KLM passengers on intercontinental flights in business class. As of 2015, a new design will be created each year with a new color every six months.

Highlights

ACCESS ThE PLAyERSwww.airfranceklm-finance.com

Between June 20 and 26, 2011, Air France Industries and KLM Engineering & Maintenance (AFI KLM E&M) will be present at Le Bouget for the 49th Paris Air Show.

With more than 14,000 employees and state-of-the-art facilities, Air France-KLM’s maintenance division is a global leader in aeronautics maintenance, offering its customers extensive technical support capabilities, tailored to the needs of individual airlines.

With its world-wide presence close to customers, AFI KLM E&M can respond to all the requirements of the most modern fleets (Airbus and Boeing families, regional aircraft) thanks to its powerful logistics network with high standards in terms of safety, quality, cost-competiveness, respect of scheduling and environmental norms.

AFI KLM E&M currently supports more than 1,230 aircraft belonging to 150 international airlines.

Why not visit the AFi KLM e&M stand in Hall 2B-c137 at the Paris Air Show, Le Bourget

For further information: www.afiklmem.com

Air France Industries KLM Engineering & Maintenance

Since March 27, KLM passengers on the European network have been able to travel in the new Business class with a higher level of comfort, more space, improved catering and priority on departure and arrival.

All the KLM and KLM Citihopper fleet, or some 500 flights to more than 60 destinations, is equipped with this new travel class.

New European Business Class for KLM

AiR FRANce coNNect,

iNFoRMAtioN iN ReAL tiMe

to inform their customers in real time throughout their journey, Air France is launching Air France Connect, a completely free service. thanks to the mobile telephone number and email address supplied by customers when booking tickets, Air France will be able to inform them, up to 14 days prior to departure of any cancellation, delay or change of boarding gate and, after take-off, of any delay in baggage delivery. this complimentary, subscription-free service is for all customers and is already available in eight languages.

tHe tARget: A ReductioN

iN co2 eMiSSioNSAir France makes every effort to avoid any unnecessary fuel consumption and succeeds in reducing its co2 emissions every year. the A380 transatlantic Green Flight project in cooperation with various partners, namely nAtS, nav canada, the US Federal Aviation Administration and the manufacturer Airbus, was based on optimized departure and arrival procedures for the daily new York-JFK/Paris-cDG service in the Air France A380. At every stage of the flight, the pilots use optimized procedures aimed at consuming less fuel and thereby reducing co2 emissions. the evaluation flights have been underway since January 2011 and potentially represent an annual reduction of 930 tons of co2.

FocuS

JuNE 2011 Action’AiR 03

Results

2010-11 Positive results showing a significant improvement despite a rash of exceptional events

Despite the exceptional events arising during the financial year, activity staged a strong recovery, particularly in the cargo business. The strategic measures implemented since the end of 2009 had a positive impact, enabling the Group to return to profit.

The passenger business saw a 1.1% rise in traffic for stable capacity (-0.1%), the load factor gaining 1.0 point to 81.6%. Cargo traffic progressed by 2.5% for slightly lower capacity (-0.3%) leading to a near-two point rise in the load factor to 68.4%. In both businesses, unit revenues were sharply higher (+11.7% per ASK and +29.9% per ATK).

Total revenues stood at €23.61 billion (+12.5%). Operating costs rose by 5.4% to €23.49 billion, an increase limited to 1.2% excluding fuel.

The group achieved €595 million of savings, in line with the objective of the Challenge 12 plan, which was regularly revised upwards during the year.

The operating result recorded a €1.41 billion improvement on the previous year, standing at €122 million (€1.28 billion loss at March 31, 2010) after a €1 billion rise in the fuel bill. The adjusted operating result stood at €405 million, and the adjusted operating margin returned to positive territory at 1.7%.

Net income, Group share amounted to €613 million (€1.56 billion loss at March 31, 2010) after a €1.03 billion gain on Amadeus. Earnings per share stood at €2.08.

Operating cash flow of €1.3 billion and free cash flow of €400 million

Operating cash flow amounted to €1.35 billion and free cash flow to €400 million, including €193 million in cash from the Amadeus transaction. At March 31, 2011, the Air France-KLM group had cash of €4.36 billion and credit lines of €1.4 billion.

Stockholders’ equity increased by €1.49 billion versus March 31, 2010 to €6.91 billion. Net debt decreased by €330 million to €5.89 billion (€6.22 billion at March 31, 2010). The gearing ratio improved by 0.3 to 0.85 (1.15 at March 31, 2010).

1/ 2010-11 financial year: an improvement of €1.4 billion in the operating result to €122 million


Results

Operating income/(loss)€ million

09_10 10_11

+122

-1,285

+12.5%growth in revenues

€613million of net income, Group share


The Air France-KLM group is continuing the strategic measures launched during the past two years in both the cargo and passenger businesses. Indeed the first Provincial Base is due to open in October in Marseilles. The Group also continues to reduce costs and has increased capacity by 5.7% for the Summer 2011 schedule via the use of larger or more densified aircraft, new route openings and the addition of frequencies at Paris and Amsterdam.

If market conditions require (economic growth trend, negative impact of higher oil prices on demand), the group has the flexibility to adapt by reducing capacity. however, forward bookings show a positive trend for the coming months.

The measures undertaken during the economic crisis have strengthened the position of the Air France-KLM group, leaving it well equipped to face the uncertain environment created, in particular by the geopolitical events since the beginning of 2011. In this context, the objective is to generate higher operating income than in 2010.

Subject to approval at the Annual General Shareholders’ Meeting, the financial year commencing April 1 will be of a duration of nine months, closing on December 31, 2011.

2/ Outlook 3/ Fourth quarter a further improvement in results

Revenues€ billion

09_10 10_11

23.6120.99

Revenues by business line

Net income/(loss), Group share€ million

09_10 10_11

+613

-1,559

SeeN iN tHe PReSSInvestir: May 21, 2011 « Air France-KLM - Return to profit and an encouraging outlook. »

Les Echos: May 20, 2011 « Air France-KLM returns to modest profit. »

Le Figaro Economique: May 20, 2011 « Air France-KLM emerges from two years of turbulence. »

This quarter was affected by the earthquake in Japan as well as the deepening political crises in the Middle East and Africa. These exceptional events weighed on unit revenues but the Group’s revenues nonetheless progressed by 6.1%.

Tight control over unit costsOperating costs rose by 3.8% and by 0.6% excluding fuel. The main factor behind the change in operating costs was the fuel bill which rose by €186 million under the combined effect of a negative currency impact and a rise in fuel costs after hedging. The net result was a loss of €367 million.

Gearing ratio

09_10 10_11

0.85

1.15

Passenger Cargo Maintenance Others

77%

13%

4%

6%

Zoom

in china, Air France and KLM serve eight destinations out of Paris and/or Amsterdam with 111 flights a week thanks to code sharing with China Eastern and China Southern.

The leading European carrier between Europe and China


A ir France-KLM is thus the leading European airline between Europe and China having carried more than

1.8 million passengers on these routes in 2010.

On departure from Paris-Charles de Gaulle, Air France offers 14 flights a week between Paris and Shanghai together with a daily flight under code share with China Eastern, the third largest Chinese airline which, on April 16, announced plans to join the SkyTeam alliance.

Air France also serves Beijing with 14 weekly flights outbound from Paris-Charles de Gaulle, hong Kong with 14 weekly flights and Guangzhou with one daily flight operated under code share with China Southern Airlines, a member of SkyTeam.

For its part, KLM servces Beijing, Shanghai, hong Kong, Chengdu and hangzhou as well as Guangzhou under code share with China Southern and Taipei with a daily flight.

Since March 27, 2011, KLM has operated flights to Xiamen, a major economic center in Fujan province in southern China (see feature on the next page).

Air France and KLM thus link one of the fastest-growing regions at global level with the rest of the world via their respective Paris-Charles de Gaulle and Amsterdam-Schiphol hubs, which collectively offer more than 33,000 transfer opportunities.

With the arrival of China Airlines, Shanghai Airlines and China Eastern expected this year, SkyTeam will offer a total of 135 destinations in Greater China.

With its Guangzhou and Beijing hubs, China Southern is the largest Chinese airline and the number three globally, serving 898 cities in 169 countries. China Southern has been a member of the SkyTeam alliance since November 2007.

Following their 2009 merger, China Eastern and Shanghai Airlines, which are both based in Shanghai, will contribute 32 new destinations to SkyTeam. This membership, announced on April 16, should be effective by mid-2011. China Eastern currently operates 151 destinations globally and Shanghai Airlines 183, including 170 domestic routes.

For its part, China Airlines is the largest airline based in Taiwan. Since its creation, dating back 50 years, China Airlines has been the leading carrier for flights traversing the Taiwan Strait, with more than 93 destinations. Its membership of the alliance is planned for mid-2011.

In order to adapt to the expectations of passengers, Air France has for several years been engaged on an innovative strategy and offers a travel experience blending the Chinese culture with the French art of living.

Interpreters on board

Crews are sensitive to cultural differences, having undergone a training program dedicated to the Chinese culture, meaning a more welcoming environment for passengers from the moment they arrive on board.

On Air France flights from or to China, announcements are made in Mandarin and Cantonese in addition to English and French. Furthermore, 16 interpreters are on hand to facilitate cabin service and enhance the comfort of Chinese-speaking passengers.

Focus

Air France-KLM and its Chinese partners are developing joint-ventures to reinforce their position between Europe and China.

Focus


With the introduction of its Summer schedule, KLM is for the first time offering Xiamen in China as a destination, thus becoming the first airline to operate a direct flight between Europe and this city. “With this seventh destination in China, KLM strengthens its position in this important market, becoming the leader in air transport between Europe and China, and reinforcing its network and transfer offer between Schiphol and China, generating new job opportunities

and business establishment potential for the Netherlands,” said KLM President & CEO Peter hartman.

The flights to Xiamen will be operated three times a week in Boeing B777-200ERs equipped with 318 seats, of which 35 in World Business Class and 283 in Economy Class.

With its SkyTeam parter China Southern Airlines, KLM also offers connecting flights from Xiamen to numerous destinations in China.

Xiamen a new destination for KLM

What are Air France-KLM’s strengths in terms of continuing its growth in Asia? Interview with Mr Marnix Fruitema, Senior Vice President, Asia Pacific, Air France-KLM

Chefs of Chinese origin

Air France’s in-flight meals cater to the culinary tastes of passengers by adapting menus to their dietary preferences. Jasmin tea is offered in all cabins and a full meal tray specially developed by chefs of Chinese origin using Asian spices is offered to passengers.

Chinese cinema and music on demand

The in-flight entertainment also plays to cultural diversity since a selection of international films, subtitled in Chinese, is available by video on demand. A film in Mandarin or Cantonese is also systematically offered in the World section, with a new film every three months.

Continuing to increase the Air France-KLM offer in Asia

Every week, the Air France-KLM group offers 271 long-haul flights in both directions between Paris, Amsterdam and Asia, serving 23 Asian destinations, of which 208 flights operated by Air France-KLM and 63 flights operated under code share by Asian airline partners.

In Asia, the growth in the Air France-KLM offer for 2011 is 10.1%. During the Summer 2011 season, the Group has introduced two new destinations: Phnom Penh in Cambodia (AF) and Xiamen in China (KLM). The growth in our offer is also accompanied by a capacity increase on some destinations (as is the case for India in Winter 2011) as well as a change of aircraft. In a few weeks, we’ll

be celebrating the first year anniversary of the Air France A380 flight to Tokyo (September 2010) and we envisage new Asian destinations for the A380 over the next few years.

Stepping up cooperation with Asian airline partners

Air France-KLM is pursuing its own development in China but also relies on strategic partnerships to increase the offer in the Asian continent, particularly in terms of domestic destinations in China and Japan. The entry into SkyTeam of China Airlines, Shanghai Airlines, China Eastern and Garuda is an effective reminder that the “center of gravity is moving East” and that partnerships need to be stepped up with Asian carriers to consolidate our positioning in China.

Further adapting to the needs and expectations of Asian customers

The Air France-KLM group is redoubling its efforts to adapt its services to the needs and expectations of Asian customers. Both Air France and KLM are committed to customizing their offers for these customers: recruiting flight crews and on board interpreters of Asian origin, Asian-inspired meals offered on the services to Asia, in-flight entertainment (films, press) and in-flight announcements in Asian languages. On the ground and in the air, Air France-KLM is developing services adapted to ensuring a warm welcome for Asian passengers. Our goal remains the same: to be the European carrier of choice for Asian passengers.

Zoom

Air France-KLM cargo constitutes the Air France-KLM group’s third business line, specialized in the transportation of air freight.

Developing cargo transportation at Roissy-CDG a new storage platform located closer to the aircraft


having been significantly impacted by the crisis, this business has been pursuing a new strategy known as the Cargo Adaptation Program for the past few months, comprising multiple projects.

One of these projects, using the bellies of passenger and combi aircraft to transport merchandise, will enable the cargo business to regain competitiveness thanks, notably, to the benefit of a denser network, broader geographical reach and daily frequencies.

In parallel with the operation of the passenger network, as of April, a new storage platform (ASP or Advanced Storage Platform) has been in service offering significant advantages when loading and unloading cargo carried in the bellies of passenger aircraft.

The location of this platform, closer to the parking stands for long-haul passenger aircraft, enables a reduction in the journey times of trucks carrying cargo.

More than twenty minutes has thus been shaved off each round trip from the new platform to the aircraft, including the time taken to load the trucks.

This reduced transport time means that the management of any operating irregularities can be optimized by enabling the full unloading of all the pallets of merchandise to be transported.

The loading of the aircraft can be facilitated by a new distribution of the work load avoiding the traditional activity peaks of 6h00, 10h30 and 13h30.

As a consequence, human resources are used more effectively and equipment saturation is no longer a concern.

Thanks to this new platform, Air France Cargo can consolidate the cargo flows carried in aircraft bellies which currently represent 70% of its activity. This is one of the operational levers accompanying the strategy aimed at prioritizing bellies and returning to profit.

Focus

Committee Life


the Air France- KLM group’s consultative committee for individual Shareholders met on Friday May 20 at Roissy, the Air France head office.

This recent meeting was the opportunity to review the an-nual results published the pre-vious evening together with the lay-out of the forthcoming Annual Report, plan this new page of the Action’Air news-letter and address the orga-nization of the forthcoming Annual General Shareholders’ Meeting on July 7.

The day had two highlights, the first being the presence of the Air France-KLM group’s Chief Executive Officer, Pier-re-henri Gourgeon, who gave a presentation on the com-pany’s current enviroment to members of the Committee before joining them over an aperitif.

The second was the lunch attended by Pierre Albano, Vice President of the Environ-ment and Sustainable Deve-lopment Division whose pre-sentation sparked numerous questions.

What proportion of CO2 emis-sions does air transport repre-sent and what is Air France-KLM’s position?

Air transport’s share of CO2 emissions of human origin is some 2%. however, the im-provement in efficiency linked

to technologies and procedu-res is not sufficient to offset the growth in air traffic which means that CO2 emissions are increasing.

Within this context, Air Fran-ce-KLM makes a commit-ment to combating climate change due to CO2 emissions by supporting efforts to reach a global climate agreement, by joining the European emis-sions trading market and par-ticipating in biofuels research programs.

How does Air France-KLM currently contribute to the re-duction in carbon emissions?

The Group already contributes to reducing carbon emissions thanks to its hub-based or-ganization, which enables the transportation of more passen-gers using fewer aircraft and

less fuel. Secondly, it operates a young fleet of modern aircraft and has optimized flight proce-dures reducing the consump-tion of kerosene.

Furthermore, while aviation will remain dependent on oil for a long time to come, the Group supports initiatives to develop biofuels using bio-mass, the most promising avenue for reducing aviation’s carbon footprint.

On biofuels, how is the Air France-KLM group involved in their development?

For example, since 2008, Air France has participated in the SWAFEA study (Sustainable Way for Alternative Fuel and Energy in Aviation) financed by Europe, which has confir-med the important role of biofuels for aviation and the

need to respond to the tar-get of a 50% reduction in air transport emissions by 2050.

Air France is also involved in a project to produce biofuel from forestry waste in France. This BtL or Biomass to Liquid biofuel has been certified for aviation since 2009.

In November 2009, KLM ope-rated the first biofuel flight with observers on board using 50/50 mix of fossil and bioke-rosene derived from the came-lina plant (hydrotreated oil).

Through their participation in the Sustainable Biofuels Roundtable, Air France and KLM are lobbying for the establishment of an exacting, transparent and recognized sustainable development stan-dard at international level.

It is also an opportunity to participate in the company’s decision-making process by voting for the resolutions proposed by the Board of Directors.

The Shareholders’ Meeting approves the results but also appoints members of the Board of Directors.

There are three types of Shareholders’ Meeting, the Ordinary Shareholders’ Meeting, the Extraordinary Shareholders’ Meeting and the Combined Ordinary and Extraordinary Shareholders’ Meeting.

The Ordinary Shareholders’ Meeting is held once a year, during the six months following the end of the financial year. A 20% quorum is required for the first mee-ting and none for the second.

The Extraordinary Shareholders’ Mee-ting is convened when the company sub-mits a proposed change in the bylaws or a capital transaction such as a capital in-crease, capital reduction or merger to the shareholders for approval.

So that the Extraordinary Shareholders’ Meeting can deliberate, the shareholders must represent at least 25% of the voting rights for the first meeting and 20% for any subsequent second meeting.

The Combined Ordinary and Extraordinary Shareholders’ Meeting convenes the two types of Shareholders’ Meeting for the same time and date. Depending on the re-solutions, the quorum and majority condi-tions are based on those for Ordinary or Extraordinary Meetings.

If you are a direct registered shareholder in Air France-KLM, Société Générale in Nan-tes manages your shares and your conve-ning notice and voting materials will auto-matically be sent to your home address.

If you hold bearer shares, you need to ask your financial intermediary for an admis-sion card by immobilizing your shares no later than three days before the Meeting or requesting a mail voting form.

During the Meeting, the office (the Chair-man and the scrutineers) is responsible for ensuring that the debates and voting are properly conducted. The Chairman en-sures that the agenda is followed, grants attendees the right to speak, closes the debates and, when necessary, reminds attendees of the rules for the Meeting.

The scrutineers ensure that the Meeting and voting process are properly conduc-ted and counts the number of shares re-presented.

The secretary’s role is to take notes on the debates and decisions taken so as to be able to produce the minutes.

Practical information


the Annual General Shareholders’ Meeting is an exclusive opportunity for individual shareholders to meet the management of the Group in which they own shares, learn more about the company’s financial and social situation and express their views on its management.

Annual General Shareholders’ Meeting

Air France-KLM one share

= one voting right

Practical Information

➔ My shares are in bearer form:• I ask my financial intermediary for an admission card• If I don’t receive it, I can still attend the Meeting provided that I bring with me a certificate of participation issued by my financial intermediary, proving that I have been a shareholder since at least July 4, 2011.

➔ My shares are in registered form:• Société Générale automatically sends me the converning notice and voting materials.• I request an admission card as soon as I receive these documents• If I don’t receive it, I can still attend the Meeting provided I bring proof of identity.

➔ I am a shareholder in the Netherlands:• I request an admission card from RBS, who will send the list of participants to Air France-KLM.

I PLAN TO ATTEND ThE MEETING IN PERSON

➔ I give the Chairman a proxy:• I date and sign the bottom of the voting form filling nothing in and send it to Société Générale• If my shares are in bearer form, I enclose a certificate of participation issued by my financial intermediary with my letter. • I mail the letter for receipt by Société Générale no later than July 4, 2011.

➔ I want to vote by mail:• I check box 1, I am voting by mail then I complete, sign and date the form• If my shares are held in bearer form, I enclose a certificate of participation issued by my financial intermediary with the form• I mail the form and certificate for receipt by Société Générale no later than July 4, 2011.

➔ I want to be represented at the Meeting by an individual or

corporate body of my choice:• Pursuant to the provisions of article R225.79 of the Commercial Code, the notification and designation of a representative may be done electronically• I check box 2 I hereby appoint, then fill in the details of my representative at the Meeting before signing and dating the form.

I DON’T PLAN TO ATTEND ThE MEETING BuT ShALL BE VOTING


Air France-KLMAnnual General Shareholders’ Meeting Thursday July 7, 2011 at 14h30 in the Carrousel du Louvre99, rue de Rivoli, 75001 Paris

Any shareholder, irrespective of the number of shares they hold, has the right to attend and vote at the Shareholders’ Meeting.

the right to take part in the Meeting is subject to the registration of the shares on the third business day prior to the Meeting (record date). For the Air France-KLM combined ordinary and Extraordinary Shareholders’ Meeting of July 7, 2011, this record date will therefore be July 4, 2011 at 0h00 (Paris time).

Société GénéraleService Assemblées

BP 8123644312 Nantes Cedex 03

The Royal Bank of Scotland NVEquity Capital Markets / Corporate Actions HQ3130

Gustav Mahlerlaan 10

1082 PP Amsterdam

My shares

Head of publication: Dominique Barbarin - Chief Editor: Christine MachardPrinting- Paray – DBAC – Financial Communication - Photo credits: Air France and KLM photograph librairies - CSF - Data to May 20, 2011

120

110

100

90

80010111

010111

140111

210111

280111

040211

110211

180211

250211

040311

110311

180311

250311

010411

080411

150411

220411

290411

060511

130511

200511

Share price trend since January 1, 2011

Analysts’ recommendations

Air France-KLMcAc 40 (relative)Sector index (relative)

7

16

2

Share price low since January 1, 2011: €10.91

Share price high since January 1, 2011: €15.30

Buy _Add

Hold

Sell _Lighten

Stock information_duAL LiStiNg NySE Euronext Paris and Amsterdam ISIN code: FR0000031122

_iNcLuded iN tHe FoLLoWiNg iNdiceS CCAC Next 20 and Euronext 100 Sustainable development indices: DJSI World and STOXX, ASPI Eurozone and FTSE4Good

_NuMBeR oF SHAReS At MAy 20, 2011

300,219,278

_MARKet cAPitALizAtioN At MAy 20, 2011

€3.6 billion

My MEETINGS

Friday June 24, 2011, 13h30 Visit to the Air France Hub at Roissy-Charles de Gaulle airport

thursday July 7, 2011, 14h30 Annual general Shareholders’ Meeting at the carrousel du Louvre in Paris

Friday September 9, 2011Friday November 25, 2011Forthcoming meetings of the consultative committee for individual Shareholders (ccRAi)

Monday November 14 Lille with Investir

thursday december 1Marseilles with Le Revenu

www.airfranceklm-finance.comand also by telephone: from Monday through Friday, between 10h30 and 12h30 and between 14h30 and 17h30, +33 (0) 1 41 56 56 56 By mail: Air France-KLM, Shareholder relations - DB-AC - 45 rue de Paris, 95747 Roissy- CDG CedexBy email: [email protected]

My space on the websiteclub members in these regions will receive a personal invitation

My notebook

action · fashion designers viktor & rolf have designed amenity bags exclusively for klm...

Documents