Page 1

AIRFRANCE KLM GROUP ● Over the first three months of the year , the Group continued to be negatively impacted by travel restrictions as the whole industry : ● ● ● ● First Quarter 2021 Operating Result at -1.2 billion euros , EBITDA at -0.6 billion euros Travel restrictions still impacting the Group's activity Revenue at 2.2 billion euros , down 57 % compared to last year EBITDA loss at -0.6 billion euros , mitigated due to strict cost control and national partial activity schemes OUTLOOK Operating result at -1.2 billion euros , down 0.4 billion euros compared to last year Net income at -1.5 billion euros , after taking interest charges into account Net debt at 12.5 billion euros , up 1.5 billion compared to end of 2020 At 31 March 2021 , the Group has 8.5 billion euros of liquidity and credit lines at disposal Early April 2021 , first set of balance sheet strengthening measures successfully executed resulting in an increase of € 4bn equity and improved cash position by € 1bn 6 May 2021 Due to the stricter lockdown in France until , at least beginning of May , continuation of the lockdown in the Netherlands and travel restrictions worldwide still in place , the Group anticipates the beginning of the second quarter to be similar to the first quarter whereby the customer booking behaviour is still short - term oriented . The key to reduce travel restrictions and reopen borders is a rapid roll - out of wide - scale vaccination . In the US , domestic demand is recovering rapidly due to the speed of the vaccination process . In this context , the Group expects capacity in Available Seat kilometers circa index 50 % for Air France - KLM in the Second quarter 2021 compared to 2019 for the Network passenger activity . During the second half of the second quarter the Group will progressively ramp up capacity given the vaccination deployment in Europe . For the Third quarter the Group foresees a capacity in Available Seat kilometers index in the range of 55 % to 65 % compared to 2019 for the Network passenger activity thanks to estimated higher demand . The Air France - KLM Group continues to work to strengthen its balance sheet . Additional measures of equity and quasi - equity instruments are currently under consideration . Extraordinary resolutions will be presented at the next Annual General Meeting , aiming to give the Board of Directors great flexibility to restore equity . Air France - KLM Group Passengers ( thousands ) Passenger Unit revenue per ASK² ( € cts ) Operating result ( € m ) Net income - Group part ( € m ) Adj . operating free cash flow ( € m ) Net debt at end of period ( € m ) ³ First Quarter 2021 4,819 2.90 -1,179 -1,481 -1,344 12,553 1 The first quarter of 2020 was impacted by Covid - 19 , particularly in March 2 Passenger unit revenue is the aggregate of Passenger network and Transavia unit revenues , change at constant currency 3 Change versus 31 December 2020 Change¹ -73.4 % -48.8 % -364 +320 -519 1,504 1