Bonjour. Good afternoon. We are extremely delighted to see you again in person after two shareholders meetings which were held behind closed doors because of the pandemic. We wanted to welcome you here, as close as possible to our aircraft on the Roissy Charles de Gaulle hub, one of the three beating hearts of the group's operations, along with Orly and Schiphol. For all airlines, 2021 will go down in history as the second challenging year in a row. Large-scale vaccination campaigns and the gradual reopening of borders in many countries did not prevent the pandemic from continuing to weigh heavily on air traffic last year, especially on long-haul flights. Despite this, as in 2020, the Air France-KLM group has shown resilience, strength, imagination, and enthusiasm. In these difficult times, the teams at Air France, KLM, Transavia, and all the other group businesses, notably maintenance and cargo, have been more united and mobilized than ever, putting all their energy into overcoming the difficulties. In a way, we are emerging from this crisis with even greater determination and a renewed sense of pride. In the spring of 2021, the support of our shareholders enabled us to successfully implement the first stage of our recapitalization. We were thus able to reconstitute part of our equity while increasing the group's financial flexibility. Throughout 2021, we have continued to carry out far-reaching transformations at all levels of the company in order to better curb our expenses, optimize our revenues, and improve our operational effectiveness and efficiency. This historic transformation of our group has one ambition, to regain a level of economic and financial performance that places us among the leading European airlines. This competitive imperative is the legitimate counterpart of your support and your trust, a commitment we have reaffirmed when we received state aid, and our efforts are paying off. The end of 2021 ended on a high note, demonstrating that when traffic picks up again, our group is perfectly positioned to seize the opportunities. In the fourth quarter of 2021, the Air France-KLM Group posted a positive operating income for the first time since the beginning of the pandemic. The start of 2022 continues this trajectory despite a serious geopolitical context with the war in Ukraine on Europe's doorstep. This conflict has been hitting the air transport industry hard once again. We had a roadmap in addition to operational performance to begin repayment of state aid in France and in the Netherlands to build a major strategic alliance for the group and to find new means of financing, and finally, to launch a new recapitalization operation. These objectives have now been met. For example, the partnership with CMA CGM, which we have just announced, or on another level, the exclusive discussions we're entering into with Apollo concerning Air France's engines with the aim of partially reimbursing the state aid. These are two major events for our group with two major partners. This very morning, we were pleased to announce the launch of a new capital increase aimed at continuing to strengthen our balance sheet and accelerate the repayment of state aid. We will, of course, come back to this during this shareholders meeting. Our ambition for Air France-KLM is not limited to achieving economic leadership. Our responsibility goes far beyond that. Over the last few months, we have defined the raison d'être, the purpose of the group, which I will have the pleasure of unveiling to you later on. True to our status as a pioneer in the history of aviation, Air France-KLM must be at the forefront of all environmental and social progress, as well as societal progress for a more responsible European aviation. We owe it to all our employees, to all our customers, to all our partners, and to all of you, our group's shareholders. This is one of our strategic priorities, and it is our greatest challenge. Thank you. Now I'm going to appoint the meeting's officers. I will be chairing Mr. Emmanuel Boissière for the State Participation Agency, and Mrs. Jian Wang for China Eastern Airlines. They have agreed to be the tellers of this meeting. Thank you. Anne-Sophie Le Lay, General Secretary of our group, will act as secretary to the meeting. The statutory auditors, Valérie Besson, Éric Dupré, Pascal Colin, and Guillaume Crunelle are also present. Pascal Colin will present the reports on behalf of the Board of Auditors. As is customary, we have called on a bailiff to certify the regularity of the meeting. I now hand over to Anne-Sophie Le Lay for the formalities. Anne-Sophie? Thank you, Madam Chair. I confirm that the legal formalities have been completed. The notice of the meeting and convocation were published on April 18 and May 6, 2022. All the documents required by law are available on the desk and on our website. They have been made available to the shareholders since the meeting was convened, and I propose not to list them. In addition, all registered shareholders have received by individual mail the notice of meeting, agenda, and the resolutions. The answers to the written questions asked before the meeting are already published on our website. Finally, I would like to inform you that we have not received any requests for the inclusion of resolutions or new items on the agenda. The verification of the attendance sheet gives the provisional quorum of 58.25%, allowing to note that the legal quorum, i.e., the quarter of shares having the right to vote, is reached. The general meeting is therefore regularly constituted and can validly deliberate on any ordinary and extraordinary basis. The final quorum will be determined at the beginning of the vote on the resolutions. I give the floor again to Anne-Marie Couderc for the continuation of our meeting. Thank you, Anne-Sophie Le Lay. I now declare the meeting regularly constituted. It can validly deliberate. Let's now read the full report of the board, the resolutions and the statutory auditors, which have been made available to you. About the agenda, Anne-Sophie Le Lay will first remind us of the resolutions that will be submitted to your vote. Our Chief Executive Officer, Benjamin Smith, will present the strategic orientations of Air France-KLM, and then our Chief Financial Officer, Steven Zaat, will present the financial results for 2021. After their presentations, I will outline the work relating to the governance of the group and Alexander Wynaendts, Chairman of the Remuneration Committee, will take this opportunity to give you an update on the compensations of executive directors. I will then invite the statutory auditors to present their reports. Finally, we will answer your questions before voting on the resolutions. I now give the floor to Anne-Sophie Le Lay, who will now summarize the resolutions submitted to your vote. Thank you, Madam Chair. I am going to present the resolutions, the details of which are included in the notices of the meeting brochure available on our website. First of all, on an ordinary basis, resolutions one to three concern the approval of the parent company and consolidated financial statements for the year ended December 31st and the allocation of earnings. Resolutions four to six concern the approval of regulated agreements and commitments. Resolutions seven to nine concern the appointment and renewal of the board members. Resolutions 10 and 11 concern the appointment of a new statutory auditor. Resolutions 12-17 concern the ex post vote on the compensation of corporate officers for the year 2021 and the ex ante vote on the remuneration policy for 2022. Resolution 18 concerns the rectification of the transfer of the company's registered office. We now turn to extraordinary resolutions. Resolution 19 relates to the increase in the nominal limit of the capital increase authorized under the 23rd resolution of- From the 2021 general meeting last year, resolution 20 authorizes the inclusion of the group's purpose in our articles of association. Resolution 21 to 26 concerned various amendments to our articles of association in order to bring them in line with the latest legislative and regulatory developments. Resolution 27 concerns the powers to carry out formalities. I would like to point out that the board of directors will propose to the bureau at the end of the various presentations and before the Q&A session to add a resolution to the agenda in the context of the strategic cargo commercial partnership between Air France-KLM and CMA CGM, which we'll come back to in more detail. Merci. Thank you, Anne Sophie. I would now like to take a look at the past year in video. In 2021, while the pandemic continued to significantly impact Air France-KLM's activities, the progressive reopening of borders enabled passengers to return to flying on board our aircraft. Our group accelerated its transformation in all our airlines and businesses, passenger, cargo and maintenance, by pursuing a dual objective, return to an adequate level of financial performance and be a pioneer in responsible aviation. It is thanks to these transformation efforts that for the first time since the beginning of the pandemic, Air France-KLM was able to report positive operating results for the 2021 fourth quarter. With the confidence and support of our shareholders, we consolidated our financial position by successfully implementing a first phase in our recapitalization plan. The Air France-KLM Group chose to maintain its strategic investments, like the historic order for 100 aircraft in the A320neo family, which will modernize the KLM and Transavia fleets, alongside Air France's new A220s and future A350 freighters. These are all more efficient aircraft, but also more respectful of the environment. We did everything in our power to offer our customers the best possible travel experience in complete safety. Our efforts were rewarded by several prizes in 2021. Our leadership also means increased environmental and societal responsibility. Our ambition is clear, a 30% reduction in our CO₂ emissions per passenger kilometer by 2030 relative to the 2019 baseline, and net zero emissions in 2050. With the renewal of our fleet, sustainable aviation fuels are the main lever in our transformation, and we are pioneers in their use, with a 10% target for the SAF component in 2030 and more than 60% in 2050. As a testimony to its commitment, Air France-KLM is one of the first airline groups to choose, in full transparency, to have its decarbonization trajectory verified by the international independent rating agency Science Based Targets. We are also reinforcing our ambitions on gender equality in targeting by 2030, more than 33% women within the members of the group executive committee and more than 40% women in positions with the highest level of responsibility. The exceptional commitment of our 71,000 people, our three powerful brands, Air France, KLM and Transavia, our diversified network, our strategic partners, our dual world-class hubs in Paris and Amsterdam are all unique strengths, which show that we have the resources to make Air France-KLM a more efficient group and a leader in the responsible aviation of tomorrow. After this brief retrospective on 2021, I will now hand over to Benjamin Smith, our CEO, so he can present the activity of the group over the last year and to present his strategy and outlook. Ben, over to you. Thank you, Anne Marie. Dear shareholders, first, allow me to say that it's a true pleasure to be present with you here today in person. As underlined by our chair, 2021, once again, threw up a number of challenges for the group, Air France-KLM. The efforts undertaken by the employees of the group were considerable, and thanks to their exceptional resilience, our group maintained the right track. Stayed on track for the past two years. Our customers have shown us throughout this crisis, and thanks for the support of our shareholders. To all our stakeholders, I would like to send a sincere message of thanks. Thanks to your efforts, to your confidence, and to your support, Air France-KLM has weathered a historical storm and is now in a position to emerge confidently from the crisis, ready to seize the opportunities that lie ahead. Despite a highly uncertain environment, we made great achievements in 2021. I would like to remind you of a few of them, which illustrate the major strategic priorities of our group. Starting with our fleet, the end of 2021 was marked by the group's historic announcement of an order for 100 aircraft in the Airbus A320 family, with purchase rights for 60 additional aircraft destined for the medium-haul fleets of KLM and Transavia. This order demonstrates the group's ability to generate synergies and leveraging its purchasing power. The A320 family aircraft offer the best performance in their category with a unit cost reduction of more than 10%, a 15% reduction in fuel consumption, and a 50% lower noise footprint. In the context of a steady and sustainable growth of demand for air cargo, we've also placed an order for four Airbus A350 full freighter aircraft with purchase rights for four additional aircraft to be operated at Air France, enabling Air France-KLM to increase its cargo capacity. Finally, in September 2021, Air France took delivery of its first Airbus A220-300 aircraft, the company's best-in-class next generation aircraft on its short and medium-haul network. With its unparalleled fuel performance up to 20% fewer CO2 emissions than comparable aircraft, this aircraft is a major asset for Air France. It's more spacious and brighter cabin is a step up in customer comfort, further contributing to the upmarket positioning of our product offering. 2021 was also a year in which our customers expressed their satisfaction, which is undeniably the best sign of confidence. Our airlines have won major awards, including Skytrax Best Airline in Europe for Air France and APEX World Class Airline for KLM. We've made it clear over the last two years that it is our responsibility to accelerate our environmental transition and be a leader in a more sustainable aviation industry. In 2021, the group was one of the first European airline groups to commit to have its decarbonization trajectory in line with the science-based framework and criteria set by the independent rating agency, SBTi. We've also operated the first long-haul flight with sustainable aviation fuel produced in France by Air France, and the first flight with synthetic fuel by KLM. Together with the renewal of our fleet, sustainable aviation fuels constitute our main lever in the medium haul term for reducing our CO₂ emissions. Finally, we've continued rolling out in 2021 the most comprehensive and ambitious transformation plan that our group has ever initiated. With in-depth organizational transformations, a strict control over our spending, and numerous initiatives to optimize our revenues and unlock synergies. I'd like to pay tribute to the remarkable commitment of our 71,000 people, without whom none of our achievements would have been possible. As you've seen, there are a few of them in the room today. As 2022 is already well underway, and we are about to enter the all-important summer season, I would like to briefly review our performance in the first quarter. The very beginning of the year was marked by a resurgence of COVID due to the Omicron variant and the war in Ukraine. However, this negative impact seems to have been limited in time, and overall, the first quarter of 2022 continued the positive trends of recovery initiated in 2021, driven by passengers' appetite for travel. Thanks to the great loyalty of our passengers, we are seeing a rapid recovery in bookings across our entire passenger network as summer approaches and almost reaching our 2019 levels. For Air France-KLM, this positive environment resulted in an encouraging performance in the first quarter. The group achieved a positive EBITDA of EUR 221 million. Following the landmark group fleet order for aircraft of the Airbus A320neo family, we've also entered into exclusive negotiations for the purchase of CFM LEAP engines to power this fleet. We've also looked into repairing and maintaining this fleet by applying for the appropriate licenses for our maintenance facilities. Transavia also enjoyed a very strong momentum with capacity having almost been fully restored, with yields well above 2019, and with the fleet approaching 100 aircraft, with an overhaul of the French domestic market being almost 100% complete, centered around Paris-Orly Airport. Our engineering and maintenance business unit is also on a positive track with a growing number of shop visits and new MRO contracts. Our MRO activities financial results show a significant rebound in the market, and our strategic product positioning is strong, with recent successes winning new customers for an additional EUR 1 billion in added sales. Cargo continues to do well with a strong demand environment and corresponding yields at historic high levels. During the first quarter of 2022, we confirmed an order for four Airbus A350 full freighters for Air France, a strong signal in our confidence of the solid development prospects in the cargo business. All in all, and with capacity and bookings closing in on their pre-COVID levels, this momentum points to a solid summer. Looking further ahead, our priorities are clear, and we continue to roll out our strategic roadmap with the objective of restoring our competitive growth and reinforcing our competitiveness and sustainability leadership. It is based on six fundamental pillars. One, keep building a strong culture and transparent dialogue with all our colleagues. All Air France-KLM employees make up the core strength of our group, and it is fundamental to maintaining a strong relationship built on trust, respect, and transparency. Two, modernize our fleet and maintain leading customer services and products. Three, develop profitable growth for passenger revenues with targeted actions for all three of our airlines. Four, continue to optimize our operating model to generate structural cost savings. Five, maximize the potential of our group businesses and our synergies for increased competitiveness, simplicity, and efficiency. Finally, six, embed in all these action points a permanent focus on reducing our environmental impact to lead the way to more responsible and sustainable aviation. Focusing on some of these six main pillars to illustrate concretely the work we do on a daily basis and its impact. Since 2019, we have been implementing an unprecedented transformation plan throughout the group. We have launched hundreds of projects to make our group more efficient and effective, such as the further rationalization of our fleet, the restructuring of the French domestic network, the massive renegotiation of contracts, and the streamlining of our organization while ensuring a stable social climate and a strong alignment with our labor partners, which remains an absolute priority. The acceleration and expansion of our transformation programs will allow us to achieve more than EUR 3 billion of structural savings, with the objective of reaching a 7%-8% COI margin by the end of 2024. All our employees are fully mobilized in ensuring we significantly strengthen Air France-KLM. Cargo has been one of our core activities for decades. COVID has once again demonstrated the strategic importance of cargo, which is instrumental in carrying medical supplies around the world when they were most needed. A few days ago, we announced a landmark cargo partnership agreement with CMA CGM, a worldwide leader in maritime and logistics based in Marseille. This is all part of our plan to transform our group and seize opportunities where we see them. Today, Air France-KLM is already recognized as one of the leading airline groups in air cargo. We have the expertise. We have the fleet. We have the facilities. We have the network. With this new strategic partnership, we want to go even further by combining the strengths of CMA CGM to maximize our already extensive product offering and better meet the customer's needs for more integrated supply chains. Beyond the commercial partnership, I also welcome CMA CGM's decision to take an ownership stake of up to 9% of our group as the ultimate sign of confidence in our future and strategy. This great news paves the way for a successful second phase of our capital strengthening measures. Despite the efforts of the COVID crisis, which has imposed on us great challenges, we have protected our investments to ensure we remain competitive in all our key businesses, in particular, our premium onboard customer offering. Our new KLM Premium Comfort cabin will introduce some of the most comfortable seats in this segment. This new seat and cabin will be introduced from summer 2022 and fully rolled out by the end of 2023. Secondly, we are introducing our next generation World Business Class seat, which offers the ultimate comfort, aligning our business class offering across all 777 aircraft with fully horizontal beds and direct aisle access starting in 2023. With these projects, KLM's premium long-haul product will be standardized on all 777 and 787s. Air France continues to harmonize the cabins of its long-haul aircraft. New improved Premium Economy seats have recently been introduced. We've also recently launched our new long-haul business class seat with private doors, and the last 12 of Air France's over 100 long-haul aircraft will be renovated with the industry-leading products by the middle of 2023. I'm excited to announce today that we have taken the decision to further invest in our award-winning La Première luxury product. This service is the pinnacle of the Air France brand. Throughout 2021, the strong demand for this service throughout the pandemic by both leisure and business customers, which complements the unique attractiveness of the Parisian market, has given us confidence to expand its footprint. A new enhanced concept product is currently being developed with expected introduction into service in early 2024. Our fleet of aircraft equipped with La Première will be increased. Not only are we seeing a strong leisure and business demand, we are witnessing a new segment of customers who have switched to commercial flights from private jet flying to reduce their environmental footprint. Next to the imperatives of economic performance and competitiveness, our responsibility is to accelerate our environmental transition and be a leader in more sustainable aviation industry. Throughout the year, we continued to work on our sustainability ambition and on our roadmap to achieve it. We have named this ambition Destination Sustainability. It's based on two main pillars, the environmental on one hand and people and culture on the other. On the environment, in addition to our commitment of net zero CO₂ emissions by 2050, we commit to reducing our CO₂ emissions per passenger kilometer by 30% by 2030. It represents a reduction of approximately 12% of our CO₂ emissions in absolute terms. We also commit to use 10% of sustainable aviation fuel in our mix by 2030, significantly beyond the mandatory 5% on departing European flights. As a major employer and as a corporate citizen, we're also committed to meet our social responsibilities, which form the second pillar of our sustainability ambition. Diversity and gender equality is one of the group's top priorities. Air France-KLM has committed to having 1/3 of the positions on its group executive committee to be held by women and 40% of the top management level positions to be held by women by 2030. Diversity is much more than gender equality, and we intend that the Air France-KLM Group will be the most inclusive airline groups in the world. We are also fully committed to our people, our customers, our partners, and our investors of our ambitions. Anne-Marie will have the opportunity to present our group purpose in just a few moments. To all our shareholders, I'd like to conclude by thanking you for your support, which has enabled us to further accelerate the transformation of our group and to deploy our strategy in 2021. Thank you very much. [Foreign Language]. Thank you very much, Ben, for your presentation. Thank you for the information on the year. Now I hand over to our financial director, Steven Zaat, to present the financial results of the group in 2021. Dear Steven, you have the floor. Merci, Anne-Marie. [Foreign Language]. Good afternoon, dear Mrs. and Mr. Shareholders. Welcome to our Shareholders Meeting 2022. I would like to thank you for your presence today, but especially for the support you gave during the last two difficult years in our industry. You have asked several questions regarding the current situation and the future of Air France-KLM, and I will do the utmost to answer them to my best knowledge. The COVID-19 pandemic, which started more than two years ago, set the entire industry in an unprecedented crisis. Today, we are seeing the light at the end of the tunnel with travel restrictions decreasing and our passengers back in our planes. This is great news. In 2021, Air France, KLM, and Transavia transported 45 million passengers, and the group revenues increased by 29% compared to 2020. This position our group as one of the European leader in our segment. The operating result, which is the difference between our revenues and operating costs, increased by EUR 2.9 billion, but remains negative at -EUR 1.6 billion due to the travel restrictions also during 2021. The group's economic results benefited from our agility during the COVID-19 crisis, thanks to our diversified network and the expertise of the sales, flight, maintenance, cargo, and operational teams. I would like to thank our staff for their extreme dedication during this difficult time. This first half of 2021 was very difficult with lockdowns in both France and the Netherlands. Thanks to the vaccine development, less border restrictions, and a great appetite to travel from our dear customers, we were able to reach even a positive operating result during the second half of the year. The decrease in group net debt by EUR 2.8 billion in 2021 reflects the impact of the last year financial operation. In April 2021, the group launched a capital increase of EUR 1 billion and converted the direct loan of EUR 3 billion from the French state into financial instruments called perpetual hybrid. Let's move to our businesses of the group and how they performed in 2021. Air France and KLM increased their revenues by 31%, thanks to a traffic increase of 25% in 2021, with a more favorable price environment versus the previous year. Our local carrier, Transavia, performed very well last year with revenues up 67% and the traffic up 53%. In addition, here we saw higher ticket prices compared to 2020. The strong demand for lesser destinations, notably during the peak period in the summer and Christmas, such as Mexico, the Antilles, Greece, or Portugal, enabled our carriers to post a very encouraging result. We clearly observed that people want to travel again for holidays, visiting their families, or for business purposes. We aim to fully play our role as a link between people, cultures, and economies while strongly decreasing our environmental footprint. I will now turn to the cargo business, which had, again, an exceptional year. The group benefits from a fleet of six all-cargo aircraft and a long-haul fleet well-suited to the cargo business with our Boeing 777, Boeing 787, and Airbus A350 offering significant cargo capacity. In 2021, revenues were up 39% with a 19% increase in traffic. This is due to a strong growth in unit revenue or fares, thanks to the expertise of our sales teams in Air France KLM Martinair Cargo, recognized throughout the world and with the demand exceeding supply in 2021. Air France Industries KLM Engineering & Maintenance operates in the three major segments of the maintenance industry, airframe maintenance, engine maintenance, and equipment support. Our expertise allows us to be well-positioned in the maintenance of new generation aircraft, and we foresee solid opportunities for the future. Air France-KLM's maintenance business had stable revenues versus last year and posted a margin up 22 points in 2021. A good sign of the recovery in this area. Air France and KLM accelerated the transformation of the group to be more competitive and sustainable. At the end of 2021, Air France reduced its staff by 7,800 full-time equivalents or -16%, and it will continue in 2022 in order to reduce staff in total by 8,500 FTEs or -17%. KLM reduced its staff by 5,500 FTEs or -17% at the end of 2021. We are simplifying our organization and reducing managerial lines in order to be more agile in the future. This restructuring will drive our labor cost structurally down. Other savings coming from our new fleet and the fuel efficiency attached to it and the reduction of other operational costs will enable Air France to bring EUR 1.4 billion of structural benefits in 2022, while KLM achieved EUR 800 million savings at the end of 2021. We have launched many projects on which we are working on a daily basis to transform the group and make it more competitive. I can give you a few examples. The restructuring of the French domestic network, the reduction of overhead in the organization, the launch of innovative commercial offers. Those measures were a first step in our transformation program, and we will continue to deliver strong results in the future. We go to, let's say, the business dynamics. What you can see from this graph is how the group has navigated through 2021. Since the summer of 2021, our group has been deploying capacity at around 70% of the pre-crisis level. What you can see on the slide is that our load factor increased while we expanded our capacity, which is very good news. Our balanced network and unique assets, such as our powerful brands, Paris as a number one inbounds market worldwide, and our cargo operations, allows us to be among the most active companies right now. The summer 2022 is showing a continuous improvement with capacity at 85%-90% of 2019. The recovery in traffic we are seeing on the long haul after the medium haul ramp up reinforces us in our optimistic view. Transavia will have this summer more than 100 aircraft and will fly clearly a higher capacity than in 2019. Recently, Transavia started to increase the number of flights on the French domestic routes and on top of its traditional focus on the leisure destinations in Europe and North Africa. We are confident that our customers are eager and pleased to travel again on Air France, KLM, and Transavia. I would like now to present you the targets of Air France-KLM for the coming years. We expected to come back to our 2019 capacity levels in 2024 with the unit cost down 4%-6% at constant fuel price versus 2019. In other words, our cost will be structurally down while we have the same capacity as in 2019. All our transformation efforts and the good demand we are forecasting for the medium term will bring the group margin to 7%-8% in 2024. The adjusted operating free cash flow, the cash generated by our activities after paying our investments and our aircraft leases, is expected to turn positive in 2023, excluding exceptional items. Finally, we confirm that the net debt EBITDA ratio, which reflects our financial structure, will be between circa 2 and 2.5 x by 2023. The challenge of economic competitiveness for Air France-KLM remains intact. Our situation and the context require us to transform ourselves quickly in order to remain one of the European leaders. In order to overcome the COVID-19 crisis, the two shareholder states, France and the Netherlands, provided substantial financial support to Air France-KLM in state loans or guaranteed loans. At the same time, management and all the teams have been working to put in place exceptional measures to preserve our cash and weather this crisis. During the COVID period, our group find itself in a situation combining negative equity on the one hand and a significant debt repayments on the other. In April 2021, the group launched first recapitalization measures in two parts to start strengthening its balance sheet. The first part consisted of a capital increase of EUR 1 billion with the substantial participation of the French state and China Eastern Airlines, one of our strategic partners. The second part of the plan consisted of a conversion of the direct loan from the French state of a total of EUR 3 billion into financial instruments called perpetual hybrids. Under the IFRS accounting rules, these perpetual hybrids are qualified as equity. In December 2021, Air France started to repay the loans guaranteed by the French state during the COVID-19 period, with a first payment of EUR 500 million and changing the maturity of the bonds from 2023 to the years 2023, 2024, and 2025. In May 2022, KLM repaid EUR 311 million of the revolving credit facility backed by the Dutch state, thanks to a recovery faster than expected. Last week, we signed a major long-term strategic partnership in global air cargo with CMA CGM Group. We will jointly sell our air freight capacity, providing customers with more options for their transportation needs, and they will also become a reference shareholder of the group and will take up to 9% of Air France-KLM's issued share capital. We also entered into exclusive discussions with Apollo Global Management regarding the refinancing of up to EUR 500 million of a pool of spare engines of Air France. All these recent actions paved the way to the reinforcement of the group's equity. The first stage of recapitalization has enabled us to reconstitute part of our equity, smooth the repayment of our debt, and strengthen our cash position. However, our equity remains negative at around -EUR 4 billion at the end of March 2021. Because of the unprecedented impact of the COVID-19 crisis, and we have around EUR 3.3 billion of COVID-19 state aid to reimburse to the French and the Dutch governments. We will therefore have to take further action to strengthen our balance sheet. Let me now walk you through the main features of our capital increase. We are launching today a EUR 2.3 billion rights issue with preferential subscription rights to existing shareholders and with the issuance of 1.9 billion new shares in Air France-KLM. The subscription price has been set at EUR 1.70 per new share with a subscription ratio of three new shares per one existing share. Preferential subscription rights will be trading from the 25th May 2022 to 7th June 2022 inclusive. The subscription period will be open from 27th May 2022 to 9th of June 2022 inclusive. We have received important intentions and subscription commitments. At first, the French state, Air France-KLM's largest shareholder with a 28.6% stake, has the intention to participate in the rights issue so that its post-transaction shareholding remains unchanged. The Dutch state also intends to exercise its right in proportion to its current shareholding in order for its shareholding post right issue to remain unchanged. For doing so, it will need to obtain the necessary approvals from the Dutch parliament. As previously announced, this transaction enables us to welcome CMA CGM as our new reference shareholder. They will take up to 9% of the group's capital. China Eastern Airlines and Delta Air Lines have committed to participate in the right issue on a cash neutral basis by subscribing to new shares through the sale of part of their rights using the net proceeds from selling rights to CMA CGM. Both the FCPE, the mutual fund representing employees, and the SPAAK, the fund representing KLM pilots, which respectively hold 2.4% and 1.7% of the group's capital, have notified their intention to participate in the rights issue on a cash neutral basis. The main purpose of this transaction is to reinforce our balance sheet. It will help us pursue the strengthening of the group's equity as well as reduce our indebtedness. As announced at our full-year results, Air France-KLM intends to free itself from the conditions set by the European Commission's temporary framework. We will therefore allocate EUR 1.7 billion of the rights issue to the repayment of the deeply subordinated notes issued in 2021, held by the French state, labeled as COVID-19 recapitalization aid. The remainder will be allocated to reduce the group net indebtedness. We will, of course, answer all your questions in the Q&A part. In conclusion, as Ben already mentioned, we are committed to combine the growth with a reduction of our CO₂ emissions thanks to next generation aircraft orders and our commitment to use more and more sustainable aviation fuel. Let me thank you for your daily attention and the support to our group. The performance of the Air France-KLM Group over the first quarter of 2022 confirms that the recovery is here. March and April were notably very encouraging with a significant increase in demand for corporate and premium traffic, complementing the already strong leisure and VFR, visiting friends and relatives, demand across our worldwide network. This paves the way for a successful summer season in all our activities, which we continue to strengthen through our extensive transformation plan. In addition, I have a last message for our dear individual shareholders. If you hold at least 15 shares in Air France-KLM, you can become a member of the Air France-KLM Shareholders' Club by filling in the registration form on the website airfranceklm.com. Members of the Shareholders' Club who wish to become more involved can apply to join the Individual Shareholders' Consultative Committee. Its member, currently 11, are invited to visit events or other special moments of sharing and exchanging with the Air France-KLM management. It will be renewed for 2023. Application has to be sent on the website airfranceklm.com. A dedicated communication will be made on our website on September 2022, and we want this capital increase to also be the opportunity to strengthen our relationship. Merci beaucoup, and thanks a lot for all your support. Thank you, Steven, for this presentation. Before moving on to the governance topics themselves, I am pleased to share with you the results of the work that we have been conducting for several months now within the group, in close collaboration with the board members, in order to define our raison d'être, our purpose. The PACTE Law, voted in 2019 in France, has led many French companies to launch a work to define their raison d'être. It is in this context, and under the leadership and commitment of our board of directors, that we have mobilized many Air France-KLM employees, and I would like to thank them warmly here for having conducted this work and for having achieved what we're revealing to you today for the first time. We're very pleased to present to you the fruit of this work. There are bridges so big they connect the world. They're not typical ones made of just concrete, wood, or stone, because not all bridges are grounded to a single spot. Some are moved to deliver cargo that keeps global commerce running and deliver relief anywhere to those who need it most. Not all bridges stand alone in the face of harsh winds. Some are held high by talent and passion from above or below, sharing what makes us different daily to make our foundation stronger. Not all bridges connect kilometer-wide gaps. Some connect challenges to innovative solutions, like considering the safety and comfort of everyone first by considering each detail in every second. Like making less impact on the Earth through sustainable progress everywhere in how we fly, how we work, and how we serve. Like uniting people to cultures near and far through travel that connects the space between them. Not all bridges can give wings to dreams quite like us. Because we are the links that nurture openness, exchange, and discovery. The trailblazers unafraid to reinvent and pave new paths. The ones who bring the world within reach with all the bridges we build. Air France-KLM is the first airline, European airline, created as of 2003, 2004, that shows our spirit of exploration, innovation, and progress. Traveling by plane puts the world at the fingertips of everyone. It's precious for economies and for connections, bridges that we build between people and cultures. That's what makes our pride, our collective pride, and the meaning of our commitment, serving our hundreds of millions of customers for decades. We also affirm in this raison d'être our determination to provide concrete solutions to contemporary challenges. Our sector must transform itself to serve the ecological transition and the future of our planet. This purpose will now live on within the group to serve as a tool for our cohesion and our collective reflection. It will also be widely relayed through our external communication channels. Our Board of Directors has approved it, and we're submitting it to your vote today to be included in the bylaws of the group. After this little video, I would like to go back to governance itself. First of all, I would like to remind you that we decided in 2018 to separate the functions of chairmanship and general management. This clear and coordinated division of respective roles facilitated the success of the first stage of recapitalization, as well as the determination and implementation of our strategy. This separation still remains the most appropriate organization for a group. Let's move on to the board. Your board brings together varied and complementary skills and experience, an in-depth knowledge of the airline industry, international experience, general management experience, governance, and CSR commitment. Thanks to its varied profiles and diversity, the board is a key partner, committed partner, working alongside the general management to help it determine strategy and make decisions. Let's move on to the actual composition of our board. We are 19 directors, reflecting the interests of all the group stakeholders, including our four main shareholders, the French government, the French state, the Dutch state, China Eastern Airlines, and Delta Air Lines. Seven independent directors, including six women with French and Dutch profiles, and four representatives, our employees and employee shareholders. This composition will change. Three directors' terms of offices expire at the end of this meeting today. First of all, the term of Isabelle Parize, who was first appointed in 2014, who is a member of the Audit Committee and of the Competition Committee. Today, we propose that you renew her term of office for a further four years. The terms of office of the two directors. Just a minute. Sorry, I was about to cut Isabelle's film. Two directors representing employee shareholders, François Robardet, representing current and former employee shareholders on the ground and on the flight deck, and Paul Farges, representing current and former employees, shareholders who are pilots who did not wish to stand for re-election. At the end of the elections in January 2022, the appointment of the two candidates is proposed to you today for four years, François Robardet and Michel Delli-Zotti to replace Paul Farges. I would also like to inform you of the arrival in December 2021 of Terence Tilgenkamp, a director representing employees and appointed by the Air France-KLM European Works Council for the remaining term of his predecessor, Matthieu Bouts, who has retired, i.e., until the 2023 shareholders meeting. Lastly, as Benjamin Smith told you, we have signed a long-term strategic partnership with CMA CGM, which confirmed this very morning its intention to take part in the capital increase launched this morning. In this context, its CEO, Rodolphe Saadé, has asked to join our board. We therefore propose to submit to you a specific resolution, which will be presented at the time of the votes. Beyond the evolution, the change of the board, we inform you that the board of directors decided in March 2022 to renew Ben Smith's term of office in advance for a new five-year period to ensure continuity and stability of the general management. Ben Smith has demonstrated since 2018, and in the face of this historic crisis, a non-wavering commitment and professionalism, qualities that will be even more indispensable in the years to come. Also, for your information, as far as KLM is concerned, Pieter Elbers will leave his position, as you know, on July 1st, after almost 30 years working for KLM. We would like to thank him deeply for his work in transforming and developing the company, and we wish him a successful next step in his professional life. Thank you again, Pieter, for everything you've done. The board approved in March 2022 the proposal of the KLM supervisory board to appoint Marjan Rintel as KLM's new CEO to succeed Pieter Elbers. Her extensive experience in the airline industry, her knowledge of the group, her leadership qualities, and her experience as head of the Dutch railroads convinced the board that she is the best candidate for this position as CEO of KLM. We welcome her to the Air France-KLM group. With Ben Smith, Henri de Peyrelongue, Steven Zaat, and soon Marjan Rintel, we have a strong management team at the helm of the group for the coming years. Coming back to our board, in 2021, the directors have been very available and very engaged, very committed, alongside the executive board. Among other meetings, many meetings, in July 2021, we had a strategy seminar that allowed us to define a clear and ambitious vision for the group's decarbonization path. In the context of the recovery, sustainability, sustainable development is at the heart of our strategy and an integral part of our transformation plan. The board has set ambitious objectives to reduce our environmental footprint, to strengthen its social and societal contribution, and set an example in terms of corporate governance. A few examples of major decisions made in 2021, the first stage of recapitalization, the acceleration of transformation plans within the group and its companies, a concrete and ambitious path to reduce our CO₂ emissions in line with the Paris Agreement, and the preservation and investments that are essential to improve our economic performance, our quality of service, and our contribution to reducing our environmental impact. Examples include orders for new generation aircraft, mentioned by Ben earlier, and our investment to develop more sustainable fuel sources. The board's work is based on the recommendations of four specialized committees, which work closely with the top management and the different teams of the group. In 2021, under the impetus of their chairman, these four committees took on board ESG criteria. The audit committee, chaired by Isabelle Bouillot, who's here with us, with seven members, has focused in particular on recapitalization operations, the maturity review of risk, and the application for an ESG rating. All the usual work of an audit committee, you know? That's a lot of work. The nomination and governance committee, which I chair, has three independent members. It reviewed the composition of the board and the main governance bodies of Air France-KLM, the diversity policy, and the objectives for gender diversity in the management bodies. This committee also worked on the group's raison d'être, its new mission statement. The sustainable development and compliance committee, chaired by Anne-Marie Idrac, who's also here with us, made up of six members, actively participated in the development of the group's decarbonization plan with the SBTi commitment, the ESG rating, enabling Air France-KLM to be the first airline group to be assessed through an ESG rating we requested. Diversity and inclusion within the group, of course, the review on non-financial risks. Finally, lastly, the compensation committee, chaired by Alexander Wynaendts. Made up of six members. Continued the integration ESG criteria in the performance terms of the short- and long-term variable compensation of the group's executives. It also made recommendations on the 2022 compensation policy in the context of the European regulations on state aid. I now give the floor to Alexander Wynaendts to come up to the lectern, so he can present the compensation aspects submitted to your vote. Mr. Alexander Wynaendts, please join me up on stage. Merci, Madame la Présidente. Thank you, thank you, ladies and gentlemen, Chairman, shareholders, good morning. In my capacity as Chairman of the Remuneration Committee of the Board of Directors, I'm going to be presenting to you the main elements of the remuneration of the corporate officers for 2021, as well as the remuneration policy proposed by the board for 2022, specifically with regard to the European limitations related to state aid that apply to our group. These principles are detailed in the universal registration document and will be submitted to your vote in resolutions 12 to 17. Let's start with 2021. For all directors, their remuneration is EUR 637,772. This amount was determined by the Board of Directors within the framework of the annual budget of EUR 950 thousand approved by your general meeting, general assembly on the 26th of May, 2021 and unchanged since 2018. In light of the pandemic, which has continued to impact operations and results of our group, the directors have decided to reduce their remuneration by 25% in 2021, as the operating result has not returned to a positive level by the 31st of December, 2021. With regard to the chair of the board, the 2021 remuneration remains at EUR 200 thousand. That's in 2019 in accordance with the European rules applicable in the context of state aid, and more specifically, the European Commission's decision of the 5th of April, 2021. This amount has remained unchanged since 2018. Furthermore, the chairperson does not receive any variable compensation. Let us now turn to the remuneration of the CEO. First of all, I would like to remind you that the CEO office of our group, under the terms of the agreement concluded with him in 2018 and in accordance with the remuneration policy approved by your general meeting assembly on the 26th of May, 2021, receives an annual remuneration that is consisted of a fixed and a variable component. His fixed remuneration is EUR 900,000. The variable part is composed as broken down as follows. An annual variable part subject to performance conditions, which you can find on the screen behind me now. A long-term variable portion made up of two levels, two plans, one payable in cash and the other in shares, subject to over three-year performance conditions and the condition of presence. The amount of the annual variable remuneration was set by the Board of Directors at 121.11% of the annual fixed remuneration, i.e., the sum of EUR 1,089,984. This percentage is broken down as follows. For the quantitative criteria related to the group's financial objectives, 22.5% of the fixed remuneration in respect of Air France-KLM's operating result compared to its main competitors. 43.61% for the result of the transformation plan and cash management, and 0% for capital strengthening through market transactions. Secondly, for the qualitative criteria related to the group's non-financial objectives, 12% of the fixed remuneration for actions taken and results achieved in terms of social, environmental, and human capital responsibility. 15% for customer relationship management and 28% for individual performance. The long-term variable remuneration of a total amount of EUR 2 million with objectives achieved, detailed in the slide displayed on the screen now, makes it possible to align the execution by the CEO of the group's strategic orientations with the medium and long-term vision of the shareholders and the interests of employees. Finally, I would like to point out that the three-year evaluation period of the two 2019 long-term remuneration plans for the CEO expired in 2021. The performance under the long-term cash plan was... is at 77.33% and entitles to 85,226 performance units. The performance under the specific plan payable in shares amounts to 70%. 70% or 77,177 performance units. The CEO decided to defer the payment of the performance units granted under these two plans for a maximum of three years. He had already used this possibility for the 2018 plan. I will remind you that, in accordance with the European Commission's decision of the 5th of April, 2021, no annual or long-term variable remuneration plan may be paid to the CEO until 75% of the recapitalization measures have not been repaid. Let us now turn to the remuneration policy for 2022. For directors, the maximum remuneration for 2022 remains at EUR 950,000, unchanged since 2018. You can see here on the screen how this remuneration is distributed with therein a flat rate portion and a portion that is based on attendance at board and committee meetings. The directors have decided to extend the reduction of their remuneration by 25% into 2022 until the group's operating result has not returned to a positive amount. With regard to the 2022 remuneration of the chair of the board of directors and in application of the European Commission's decision of the 5th of April 2021, her annual fixed remuneration remains unchanged from the 2019 amount of EUR 200,000. No variable compensation component is applicable. Let us move on now to the CEO, and you will see on the screen a presentation of his remuneration for 2022. His fixed remuneration amounts to EUR 900,000, remaining therefore unchanged since 2018. With regard to the variable part, allow me to make the following clarifications. Regarding his annual and long-term variable remuneration for 2022, the board of directors will determine the terms of allocation in a definitive manner once the discussions with the European Commission have concluded within the framework of the limitations provided for by the European Commission's decision of the 5th of April, 2021. I would like to point out at this stage that the final decision of the board of directors will be subject to a vote at your annual general meeting of 2023. For the annual variable part, the performance criteria and the evaluation methods decided by the board of directors are as follows. Quantitative criteria aligned with financial targets, accounting for 60% of the evaluation, and qualitative criteria aligned with the group's non-financial objectives, accounting for 40% of the assessment, including notably the group's environmental, social and societal objectives, as you can see on the screen here. For the long-term variable component, depending on the outcome of the discussions with the European Commission, the CEO could also benefit from a long-term variable remuneration consisting of a single plan which could attain up to EUR 2 million payable in shares and subject to the achievement of performance conditions over a three-year period. This plan focuses on the group's medium and long-term objectives, targeted at improving operational performance and addressing environmental and societal issues. In any case, in accordance with the decision of the European Commission, no annual or long-term variable remuneration will be paid to the CEO until at least 75% of the recapitalization measures have not been repaid. Thank you, dear shareholders, for your attention. Thank you very much, Mr. President, for this intervention on this very complicated subject. Thank you, ladies and gentlemen, for your attention on this governance chapter, and I would like now to invite the statutory auditors to present their reports. Thank you, dear chair. Ladies and gentlemen, good afternoon. On behalf of the College of Statutory Auditors, KPMG, and Deloitte, I am delighted to present you with a summary of the reports we have issued in the context of the assignment you have entrusted to us. These reports are included in the notice of this general meeting and in the new universal registration document. There are three such reports. Our report on the consolidated financial statements of Air France-KLM for the year 2021, a report on the annual accounts for that year, and our report on the regulated agreements. With regards to our report on the consolidated financial statements, it can be found in full on pages 362-368 of the universal registration document. In this report, we record the objective of the audit, which is to provide reasonable assurance that the accounts are free from material misstatements and to the respective responsibilities of management and governance in the preparation and closing of the accounts. Our report, and for the purpose of the audit committee, includes a detailed report on our audit process. The findings of our audit is an unqualified certification of the consolidated financial statements for the year ended December 31st, 2021, prepared in accordance with International Financial Reporting Standards, IFRS, the approval of which is submitted to you in the second resolution. Our report includes a technical observation on a change in accounting principle following a new IFRS interpretation on accounting for some of the employees' benefits under IAS 19. Our report also includes a discussion of our work on matters that we believe may present increased risk of material misstatement, the so-called key audit matters or key audit points. These are the impact of the health crisis on the credit risk and going concern, given that it was not considered for this financial year that your group situation presented a significant uncertainty on going concern. Impairment testing of non-current assets, the recognition of deferred tax assets of the French tax group, recognition of revenues from tickets issued and not used, and evaluation of provisions for litigation and contingent liabilities. Finally, we have no comments on the fairness and consistency with the financial statements of the group's management report, including the consolidated statement of non-financial performance and on the presentation of the financial statements in accordance with the Single European Electronic Reporting Format. With regards to our report on the annual accounts, this can be found in full on pages 384 to 389 of the universal registration document. The conclusion of our audit is an unqualified certification of the financial statements for the year ended December 31st, 2021, prepared in accordance with French accounting standards, the approval of which is submitted to you under the first resolution. The key points of the audit presented in our report are the impact of the health crisis on a liquidity risk and business continuity, the valuation of equity securities, and the assessments of provisions and contingent liabilities in relation to antitrust law. Furthermore, we have no observation to make with regards to the specific verifications required by law, in particular, information given in the management report. Concerning the information related to the corporate governance, we have just one technical observation related to the fact that the methods of allocation of the variable remuneration to the chief executive officer had not yet been validated by the European Commission at the date of our report on the 28th of February 2022. With regards to the special report on regulated agreements, this can be found on pages 390-394 of the universal registration document. In this report, we inform you of the characteristics of and reasons for the agreements of which we have been informed without seeking to ascertain whether any other agreement exists and without expressing opinion on their usefulness or appropriateness. These agreements have been subject to prior authorization by your board of directors and are submitted for your approval under the fourth, fifth, sixth resolutions. They focus on, under the fourth resolution, the conclusion of the subscription commitment by the French state to a capital increase of April 2021. The extension of the issuance of for fixed periods for an amount of EUR 3 billion, and the conclusion of an amendment to the loan agreement guaranteed by the French state to allow converting the shareholder loan in super subordinated issues. The extension of the cooperation agreement between your company, Air France-KLM, and China Eastern. Finally, under the sixth resolution, the conclusion of an amendment to the loan agreement guaranteed by the French state, and notably to extend its maturity by two years. Our report also mentions the previously concluded and approved agreements that continued during the year. For all these resolutions, we have no comments to make. Finally, with regards to the extraordinary general meeting for information, the authorizations related to the delegation of the board of directors for the purpose of issuing various shares or securities were voted last year and remained valid. It being specified that you are asked under the 19th resolution to increase the nominal ceiling for authorized capital increases. In this context, we have not issued any reports for this general meeting in respect of the proposed capital transactions. Dear Chair, ladies and gentlemen, thank you very much for your attention. Thank you, Mr. Colin, for your report on behalf of the board of the statutory auditors. In my capacity as Chairman of the Board of Directors of Air France-KLM, I would now like to inform you of the board's decision to submit to the vote of your general meeting an additional resolution. As we told you earlier, proposing the appointment of Rodolphe Saadé, Chairman and Chief Executive Officer of CMA CGM, as a member of the Board of Directors in accordance with the agreement with CMA CGM announced on May 18th. As this partnership was approved by the board on May 17th, it was not possible to add an additional proposed resolution before the shareholders' meeting of today. The board is therefore proposing it to you today insofar as our agenda requires us to deliberate on the appointment of directors. The board of directors considers that this representation is justified, primarily by the planned investment by CMA CGM in the capital of Air France-KLM, following the example of the group's commercial partners, China Eastern Airlines and Delta Air Lines, which are also represented on the board of directors. Moreover, this seat on the board will enable us to establish this major strategic commercial partnership for the group over the long term, which will enable us to significantly strengthen and develop our position in the air freight sector. I would like to point out that the proposed resolution, the memorandum of the board of directors and a biography of Mr. Rodolphe Saadé were published yesterday on the page of the Air France-KLM website under the shareholders meeting page. In order to comply with the legal formalities, I am now suspending the meeting to allow the bureau to take a decision on this request. This suspension will be very short, so I invite you to remain in your seats. I will withdraw with Madame Le Lay and two observers if they would like to join us. We will be back very shortly. Thank you for your patience. I hope we were not long, too long. We will now resume the meeting. The new verification of the attendance sheet gives a provisional quorum of 58.26%, allowing us to note that the legal quorum, which is a quarter of the shares having the right to vote, is reached. The meeting is therefore regularly constituted and can validly deliberate. I give the floor to Anne-Sophie Le Lay to present the results of the discussion of the bureau. Thank you, Madam Chair. After deliberation, the officers validated the request to add a new resolution to the agenda of this meeting, related to the appointment of Rodolphe Saadé as a member of the board of directors of Air France-KLM for a term of four years, i.e. until the general meeting of 2026, subject to the completion of CMA CGM's investment in the capital of Air France-KLM and with effect from the completion of the capital increase. Consequently, the officers have decided to submit to the vote of the general meeting the resolution proposed by the board of directors and that is displayed on the screen. This resolution will be submitted to the vote as a 28th resolution. Thank you, Anne Sophie. We will now start our question and answer session. I invite Anne Rigail and Pieter Elbers to take a seat beside us. Thank you very much. If you would like to ask a question, please raise your hand so the hostesses in the room can bring you a microphone so you can ask your question. I remind you to be as brief as possible, as concise as possible, so we can take a maximum of questions from the room. I will start with the first question, the question number two. Thank you. Mr. Gale, a shareholder, as a private shareholder, I had a question with regard to the fleet. You were talking about the 320s, notably. Could you be a bit more specific with regard to how quickly they'll be rolled out, and how is it going to be deployed between Air France and Transavia, notably? Thank you. Would like. Thank you for your question. The fleet in more detail. We have quite a number of airplanes that have already been ordered at all three of our main brands. We ordered, as I mentioned earlier, the Airbus A220-300 series at Air France. Since the order, we've received nine of those aircraft. There are still 51 aircraft to be delivered, and that will happen all the way through to 2026. This covers over half of the existing Air France medium-haul fleet. The remaining portion of the Air France medium-haul fleet, we will look to replace those post-2026, once the existing order has been fulfilled. The decision on which aircraft type could replace those examples that are already in the fleet should take place between now and 2024, 'cause it usually is a two-year lead time. With the 2026 target, 2024 would be the latest that we'd be able to place those orders. On the Airbus A350 side of the fleet, there are 38 aircraft either ordered or delivered at Air France. Right now, we've got 21 aircraft still to be delivered out of those 38, and those deliveries continue right to the end of 2025. No change there. Also, as I mentioned, there are four A350 full freighters at Air France. At KLM, Transavia France, Transavia Pays-Bas, we have 100 A320neo family. It'll make... We'll be taking A320neos as well as A321neos, both types. The split between whether it's a A321 or A320, we have flexibility. There's 18-month notice that we have to give Airbus, so we've not made a final decision on which type and which model they're going to be. The split between the three different operators, a lot of flexibility around that, so this has not been fully decided as of yet. At KLM, we do have 10 787-10s still on order. As you may be aware, Boeing has halted 787 deliveries, so we do have some that are late, but we expect to catch up in the coming years. KLM Cityhopper, we did place an order a number of years ago for the new Embraer 195-E2. We've received a number of those aircraft. We still have 14 of those to come, and they will be delivered in the next few years. Some decisions also have to be made. We do have an aging fleet of 747 full freighters at KLM, operated by Martinair. These aircraft will have to be replaced in the short term, so we will be looking at what some of those solutions could be. Finally, the regional fleet at Air France operated by Hop. Here again, we have to look into what we will be operating at that unit in the future. Sorry for the lengthy answer, but we do have a vast fleet of over 500 airplanes, so it is quite. It's a fleet to manage, but that's where we stand today. Question number five, please. Mr. Mormont Jules. I'm a individual private shareholder. I have a comment and two questions. One observation, two questions. What do I start with? Questions or comment? As you wish. The comment. My wife gave me a power of attorney for the Air France assembly. Because for health reasons, last-minute health issue. I was surprised upon arriving, you do not accept a power of attorney of the last day signed at the last minute. Why? Because that can remove the right to vote from somebody who would really like to vote and who has an issue that occurs. Would it not be possible to accept them within the group and the family because just by it would be a caring attitude. My questions now. At the level with regard to the forecast for the improvement of the environment, we are talking and, well, there are more and more incentives, and we hear talk about decarbonating abandoning fossil fuel, oil, gas, coal, et cetera. What is the strategy of Air France in this field? Do you have milestones? Do you have a roadmap with the different milestones? What progress has been accomplished by Air France? What progress can we look forward to? What progress is lying ahead? Second question now. I live in a city which is... I live in a town and there are planes that fly over it on a regular basis every day, Villeneuve-le-Roi, and I also have parents in and family in Bonneuil, Villeneuve-Saint-Georges, so we have planes flying over on a daily basis. What efforts are made to better regulate flights and diminish any noise pollution? I am going to ask Madame Le Lay to answer you on the proxy, and maybe Anne Rigail could answer the other questions asked by the gentleman. Yes, on the question of the vote, I would like to talk to Société Générale at the end of the assembly to discuss the very particular situation that you had with the proxy of your wife. Regarding questions, I give the floor to Anne Rigail. After the assembly, we'll look into your situation regarding this proxy. Anne, if you want to answer. Hello. I will answer in the name of Air France, even if Ben gave us the goals of the Air France-KLM group. We have a path of decarbonization that is underway to be validated by the Science Based Targets initiative. The goal on the midterm that we have assigned ourselves is to reduce by 20% the CO₂ emissions by 2030 per passenger versus the reference year, which is 2019. I insist on the fact that it that represents 12% decrease of CO₂ emissions in absolute value, so it is a real decrease. We are working on three levers. The first one, Ben just mentioned it's renewal of the fleet. Thanks to the new generation planes we ordered 60 A320 and 60 A380, which consumes between 20-25% less fuel. This is the first lever that we will use to ensure that we meet our targets of decrease by 2030. I think we received 15 Airbus A320 this year, and we will get the 20th Airbus A350 at the end of the year. The second lever is the incorporation of sustainable fuel with a mandate to incorporate 1% of sustainable fuel, which we have started since the beginning of the year. I believe that KLM has the same ambition and the same commitment, and that will increase gradually with an objective and a commitment to follow the path of decarbonization that will meet the targets that I just said, 10% of sustainable fuel by 2030, with the two, of course, the challenges that we have to overcome, the availability of those fuels, number one, and number two, their price. The point is to initiate a virtuous circle with the creation of a sector in Europe of production of these renewable sustainable fuels in France and in Europe, and then the co-steering and all the efforts made by our employees are extremely committed on this topic of decarbonization to contribute to this commitment. On the noise nuisance, I would say that the renewal of the fleet will be a very efficient lever to mitigate the noise nuisance. Each new generation in our fleet of planes in our fleet represent 34% and even more for some other planes of the noise nuisances. They contribute, of course, to decarbonate, but they're also very efficient in reducing noise for the communities that may be affected by it, and I am actually part of those communities by the air traffic. For Air France, today, we started at 7% of new generation airplanes. We'll reach the number of 45% by 2025. This is going quite fast, and I hope you will be able to find it for yourself very quickly. Thank you. Anne, your next question. Question two. Hello. Thank you very much. Armand Kersten. I represent the European Investors-VEB, an association which promotes the interests of investors. Let us come back to Madam Chair, to the situation with regard to the recapitalization or the private equity equity of the group group equity. When we see the circumstances that lie around the capital of the group of recapitalization of the group, we should have had a situation whereby the regime of the Article L. 225-248 of the French Commercial Code should have been triggered. Let us look at that article from the start. It would appear that the law that it says that you should have had an extraordinary assembly in order to decide whether or not the dissolution should occur. Therefore, the very first, the very simple question would be, did that extraordinary assembly take place? Maybe it would be more relevant, more pertinent to say, where are we at with Air France-KLM? What is the situation currently? In other words, we would have liked to know, stage after stage, the legal delays and including in there the trajectory of the approval of accounts for the equity to appear. Thank you, Madam Chair. Thank you very much. On the equity. Just to be 100% sure that I understand your question, I think it's related to the fact that you need to restore your equity in two years. That starts actually when you recognize that point, and that point is actually that we need to restore our equity on the Air France side in 2023. If you look at the group side, and you look at the French GAAP numbers, we have no need actually because we have a positive French GAAP equity. This is, let's say, something between the holding and Air France to solve, let's say, in the two years to come, one and a half year to come. Thank you, Steven. Ben, do you wanna add something? No, that's exactly what I think. We have until December 2023 indeed to work on that for Air France. Very well. We have question number five, please. Madam Chair, Mr. Director General, you talked about when talking about the operating issues, the problem of the Ukrainian war and the impact that said war has on the group's operations, but Aeroflot is a member of SkyTeam. Is SkyTeam and the company have they suspended part of its activities and are we impacted by the relations, notably industrial relations, et cetera? The second question, my second question was with regard to the ongoing procedures and the provisions. I looked in the general report, I went through it. The antitrust issues, legal issues, I didn't find any provisions there clearly as set out. The third point, you talked about the renewal. The renewal of cabins, which is always a good thing, of course, but for having been an administrator representing employees for many years, renewing cabins, that has a cost. It carries a cost. If I've understood, it's going to cost EUR 1 billion, from what I understand. Would it not have been better to push that back by one year and to work on the debt of the group, which is the current main issue for Air France? Thank you. Ben, up to you. Thank you, Anne-Marie. Thank you, sir. For the renewal of the cabins, the retrofits, on the Air France aircraft, the projects had already been moved back. We had three projects, pre-crisis, so at least two years back. We have just relaunched that. As I said in my presentation that, the 12 long-haul 777, which had not been renewed yet, we should have started that project two years back. Even before those two years, indeed, the cabins of those planes were not at market levels. It was absolutely indispensable in order to have the right level, with regard to product, with regard to competitors. It's a good investment and it's a necessary investment. Also, the amount of funds which had been earmarked for those seats, that has, it was already completely depreciated, so it's not something that monies that have been lost. We have other projects which are not 100% necessary today, here enough, that we have moved back. There are several, an amount of investments, you know, around our lounges, which should have been carried out, notably, in. We were looking at a major lounge that we were looking to renew, but we decided to move that back, move that investment back. With regard to your first point, regarding Aeroflot, we had only two networks from Paris towards Russia, Moscow and St. Petersburg, only those two routes, so it's not really a major impact. It's two destinations for us, whereas we have 200 around the world, so that hasn't made a major impact. The relations between Air France and Air France-KLM and Aeroflot, the impact is practically zero. What we may wanna add on Ukraine is that the impact that I mentioned are of different nature. The rerouting of our planes to go to Asia because we cannot fly over the Russian nor the Ukrainian territory. It's also the price of fuel, the increase of energy prices and fuel that is playing a significant role. Also, on top of what Ben was saying about Aeroflot, we of course had some works on maintenance in Russia and on the engines. This, of course, had an impact, not a major one, but an impact. It is something that affected us, knowing that they have some of our engines, but we also have some of their engines. That's what I'd like to add. Maybe an additional comment. Our Asian-bound network had significantly shrunk before the war in Ukraine. Now we're no longer, over and above this, we're no longer allowed to fly over Russian territory, so we've had to reroute. We are fortunate that we don't, and with the fact that we have the option to reroute these and reallocate these flights to transatlantic flights. Sophie, I'll take the question number six, please. Sorry. I'm Victor Georgievich, individual shareholder. When you launched Fly Responsibly, you announced that you would cut flights between Amsterdam and Brussels. Did you effectively do that? Are you planning to extend the same measures to several different flights? Thank you. Thank you very much, Pieter. Can you take this question, please? Thank you. Good afternoon, sir. We cut the frequencies by one, and we said when the connection is appropriate, quick, and the luggage could be handled, we would take the next steps. We're not yet at that point. There are still no luggage connections, and also the overall travel time is not being adjusted. We've cut down by one, and the rest of the connections are still in place. Thank you, Pieter. Another question? Question number four, please. Good afternoon. I'm Madame Kembu Phelam, an individual shareholder. I joined the Air France team in 2020. I am a shareholder in many different companies, and I've realized that the investment service does not take our calls. You can call them, they don't answer it, and they don't answer emails either. So I was wondering about shareholder benefits. In many companies, shareholders have different benefits, but not at Air France that I can tell. That's it. That's my question. Steven, maybe you can take this. You're not taking good care of our shareholders. Thanks for your recommendation. I will think about it. I will discuss it with Frédéric and how we can make sure we have this individual membership, and you can be closer also to the management and to the events as I just expressed. But you want a more general thing for all the shareholders, if I understand you well. Madam, maybe we can talk after the shareholders' meeting. Take your suggestions since you're a shareholder in different companies and can compare, and I'm sure you can help us do better. Okay, I see more questions over there. Let's take question number three. Jean Germain, individual shareholder. Mrs. Vega, you've just launched a very successful, very beautiful institutional campaign, communication campaign. Why doing this now in a context, in an economic context that's still fragile in our, amongst our society? Anne? Thank you for your question. Thank you for appreciating the campaign. We wanted to support the pickup in traffic. We hadn't done any advertising since 2015, so you know, the questions of image and recognition on international markets needed support. This new film meets two goals. First of all, reassert our positioning, our strategy with the renewal of fleet and the new business cabins. You saw pictures in Ben's presentations, new lounges and a focus on gastronomy, on cuisine, on gourmet food, as well as responsible food as well as our ESG. Also, we wanted to speak up on international markets to improve our market shares, targeting first of all, passengers flying into France. We're fortunate to be based in France, so we can take advantage of the fact that it's a leading tourist destination in the world, and the image of France is unique and attractive. It's a reference for high-range products, so we're trying to keep that image. Air France is offered the best of France, in our opinion. This film, which highlights the Eiffel Tower, which was financially supported. We're not saying how much the film cost, but we can tell you that we worked on it to keep it reasonable. We worked with the Société d'Exploitation de la Tour Eiffel and the tourism board, so they supported us financially to produce the film. Thank you, Anne. Another question? Number five, please. Sector five. Thank you. Me again. Have you got an additional question, sir? Because we have other shareholders in the room who would like to. Air France is a beautiful company, but as a shareholder of Air France, having subscribed to every capital increase since the introduction of the share on the stock market, I find that I am dissatisfied with depreciations of the share. Is there going to be a return on investment for the loyal shareholder? When will we be getting benefits for those of you who carry your hopes with ways to meet the needs and requirements of the stakeholders? Thank you. Thank you. Ben, would you like to say something? Or Steven, maybe, would you like to take that? Well, what I can tell you, sir, is that we're doing our very best for you to satisfy you. But as you know, we have run into significant difficulties that we have no control over, you know, with COVID and the war in Ukraine. This is totally unpredictable and unprecedented in our history. We couldn't foresee it. It wasn't in our forecast. You can count on us to return to the best possible situation as soon as possible. We try to show it to you in the course of this shareholders meeting. I don't know if Ben wanted to add something. No? All right. Let's take another question. Please don't ask several questions. We wanna hear from everyone here, from as many people as possible. Number three. C'est madame. Madame devant. The lady in the front. My question is for Mr. Elbers of KLM. Millions of people around the globe are deeply worried about climate breakdown, and I am one of them. While we are meeting here today, the climate crisis rages on with intense heatwaves in India and Pakistan and devastating droughts in the Horn of Africa. Yet in your marketing, you tell us if we fly with KLM, we help you create a more sustainable future. This is such dangerous deception. As you and I both know, we need to rapidly reduce emissions, or there won't be a livable future for any of us, and all you have to offer are false solutions that won't make flying sustainable. Here's my question to you. Are you going to stop misleading us in your advertising? Are you going to tell the truth that we need to reduce the number of flights? After this meeting, I would like to hand over this envelope to you personally. It contains a legal letter from the movement I am part of, Fossielvrij Nederland, together with lawyers from ClientEarth demanding that KLM stops its misleading ads. If you won't stop, we will see you in court. [Foreign Language] Pieter. My dear Pieter, this question's for you. Anne-Sophie? I'm not sure what your question is. I think you ended with a statement. You'll probably hand over that to me after the gathering. I think the point you're trying to make, and there we have a shared ambition, is to make sure that we reduce to the maximum impact possible today, that we reduce the impact on the environment. Many of the initiatives we're taking, including the use of sustainable aviation fuel, are precisely meant for that. The initiatives we're taking, both individually as an airline and collectively as a group of airlines, are precisely to deal with the climate change. I think it would be in the sort of overall benefit to engage in a discussion together how we can accelerate the transformation. As we have seen in the presentation by the chairman today, we have taken quite a few initiatives as a group to move forward on that respect. I think the commitment which we made earlier to move towards the science-based targets is one of the many elements we've taken and one of the many initiatives we have taken. Are we there yet? No. Are we making progress? Absolutely, yes. Are we committed to work collectively as an industry to move forward? Absolutely. Probably we'll see each other after this gathering. [Foregin Language]. Thank you very much, Pieter. Perfect. Do we have further questions? Over here, the gentleman in the front. Another one. Take now question number three. Madame la Présidente. Dear Chair, I have another challenging question. I am an individual shareholder. The proposal regarding the variable compensation so high. Why is there such a difference between variable compensations between the different CEOs in the group? I tried to find out, and one of the reasons you mentioned is it is compared with other airlines within Europe. Well, I just heard that Lufthansa in their shareholders meeting on the tenth of May they decided to suspend the variable compensation for 2021. Another reason which I hear is that it is in order to keep, let's say, talents within the group. Well, I think that is very difficult to understand, and it is not. Well, it is very difficult to believe in the Netherlands that that is a real reason. [Foreign Language]. Thank you very much, sir. Let me ask for a microphone, please, for Mr. Wynaendts, the Chairman of the Remuneration Committee. Thank you. Merci. I have to do the answer in English. I want to make sure everybody understands it well. I thought I had made clear in my presentation that the variable compensation for 21 is not being paid. It's been attributed and can only be paid after more than 75% of all state support is repaid. We are not paying a variable compensation over 21. We will probably not pay one over 22 because we do not expect to have repaid, as has been shown in the presentation today, the full 75% of the state aid. I hope this clarifies your question. Thank you. [Foreign Language]. Thank you very much, Alex, for your answer. Time is running. Let's just take another two or three questions. We're almost out of time. Question number three, please. No. Another one. Please don't take questions from the same people. Since we don't have time to take all questions, let's hear from different people, please. We cannot hear you. Okay. My name is Roseanne, and I have a question from Mr. Elbers. Let me begin by telling you that I'm thankful to KLM for helping me make the career change that I needed to make. Two years ago, when COVID struck, I was sure we as a society would choose a green recovery, but we didn't. The billions of state aid that KLM got from the Dutch government became my tipping point. I quit my legal job and started working unpaid for Reclame Fossielvrij. That's Dutch for fossil free advertising. At Reclame Fossielvrij, we strive for a world free of advertising by the fossil fuel industry and its allies. Because these ads are an obstacle in the transition. They promote fossil fuels, products, and the fossil fuel industry. They drive up greenhouse gas emissions at a time when we desperately need to cut those back. With your ads, you make people believe that flying everywhere on the brink of a climate catastrophe is normal, and that they can do so without fueling the climate crisis. The truth is they can't. As a mother of two young children, I often think of a quote by the renowned climate scientist Schellnhuber, who said, "We are pushing our children into a global school bus that has a 98% chance of fatally crashing." I worry for the future of my sons, but also for the children who are already, as we speak, suffering from fossil fuel pollution and climate disruption. I'm just not willing to let them crash. That's why I'm pleased that Reclame Fossielvrij is supporting Fossielvrij Nederland while they take a legal action against KLM. It's a world premiere. The first lawsuit against an airline for its misleading sustainability claims worldwide. Please be aware, this is just the beginning because we want a legal ban on all airline advertising, and we are certain that politicians worldwide will see that this is necessary, just like they did with tobacco ads. The domino effect is already happening. After the city of Amsterdam, more and more cities and countries are taking aim at the fossil deception. More than 30 organizations are calling on the EU to ban fossil advertising. Yeah, I'm coming to my question. I'm sorry. Oui. At Reclame Fossielvrij, we know for certain that a fossil ad ban will be realized. It's just a matter of time. Since time for a livable future is running out and KLM is known for lobbying against climate policies, my question to you is, can KLM promise not to lobby against a fossil ad ban? Merci madame. Pieter? Thank you very much. After this long monologue, Pieter? To a different conversation than whether KLM can support, certain things or cannot support. I think I answered to your colleague from the Fossielvrij, our commitments to the environment. We are fully committed to reduce the negative impact. We will continue to do so. I suggest we'll have a discussion after this, gathering on that. Thank you. Merci beaucoup, Pieter. Thank you very much, Pieter. That's the best solution. You can talk to each other afterwards. Let me take more questions. Please keep your questions short and make sure they're questions. I can take two more questions and that's it. Number two? Question number two. They're really questions, not monologues. I'd like to ask a question too. Could we have more details with regard to the partnership with CMA CGM? Thank you. CGM. Ben or Ben. We don't have much time, so I'll be quite brief. It's a joint venture. A joint venture with full freighters. six full freighters today in the group, and two at Air France, notably. CMA CGM, they have four full freighters, and they have a few more on order. The full freighters, it's being coordinated on the routes where those full freighters are. Which will follow the first few years until we reach a more equilibrium period. It is a joint venture, full freighters, P&L. This is how it's gonna go through. Merci. Thank you, Ben. I'm going to take one last question, and I want to say to people with questions remaining, send them to us in writing, or come up and talk to us after the meeting so we can take your questions. Since we don't have time to take all questions here, I'm sorry. Sophie, who? The lady over there. Hello. Sophie Sofati, individual shareholder. I'm surprised. Why isn't there an 800 phone number, a toll-free phone number to call Air France if we want to call Air France? And second question, about Possible Air France benefits or advantages compared to other companies? People who work at Air France, whether on the ground or in flight, they get free flights, but shareholders get nothing. Nothing at all. Nada. That's too bad. I'm also surprised that unsold products on aircraft can be found on parallel markets. How can that happen? How is that? You know, we see. We find them in yard sales. You could just give them away to shareholders. Wouldn't that be better? Thank you, madam. I'm surprised by everything you're telling us. Regarding the shareholder status, it's not the same thing as being an Air France employee, of course, with special agreements, with works councils, et cetera. On the other hand, like the CFO told you earlier, there is an Investors Club you can join. I think you should join the Investors Club. Right, Steven? Do you wanna add something about that? It was quite clear. We have all the information on the Air France-KLM website, and we will reconnect again with our individual shareholders to this club. We are working on that part. Okay, one very last question now. Which one, Anne-Sophie? That one in the back. Number four. Right. Thank you, Madam Chair, Madame Le Lay. Fabien, a member of the Surveillance Committee of Aéroaction. I'm a shareholder on the nominative, and I was pleased to receive the brochure, but I'm pleasantly surprised to see that like in 2021, where the assembly was carried out remotely, that there was no information, absolutely no information with regard to the result on which we need to pronounce ourselves and no information on the evolution of the accounts over two years. For the last five P&Ls, so a lack of transparency with regard to the accounts. I would invite you to look at the Brochure of Convocation of Edenred. When you see the brochure, you have the all. You have everything with regard to the sector of the activity, the industry, everything that has happened within the company throughout the year and also in line with Mr. Marmol's comment earlier on. Now, with regard to personally, I have at least 5,493 votes which have not been taken into account, and some of them coming from employees who have given the power of attorney on the voting site through internet online. And that represents 1/6 of my powers of attorney, 16%. My question will be for Mrs. Rigail. With regard to the shuttle, which was the great project for Air France in Orly before the COVID crisis. That product, the Navette, was killed by the Aéroports de Paris because it was in its specific hall, which was just for the shuttle clients. Some say we hear that the Transavia might take the rotation Orly-Toulouse. With regard to the two ladies who talked about pollution in the transport air transport. It had a biofuel. Every Wednesday, there was Orly-Toulouse shuttle. It was an environmentally friendly shuttle after the disruption of Orly-Bordeaux line for environmental reasons. Well done for KLM. We implemented a Bordeaux-Toulouse. A Bordeaux-Toulouse, which is even. Sorry, excuse me. We implemented. We got rid of Orly-Bordeaux, Bordeaux-Orly, and we implemented Bordeaux-Charles de Gaulle, because Charles de Gaulle being at the north of Paris, so that's even less environmentally friendly. To come back to the question of the two ladies who want to pursue the tribunal, the adverts of Air France, the advertising of Air France. All air transport, all planes are flying through the world currently. It just represents 2.4% of CO₂ emissions throughout the world. The major emissions of CO₂ being cows' farts. Cows breaking wind. Let me remind you that Air France is the only company which is on the stock index, which is an index of bio companies. Thank you. For this very nice conclusion, dear friend. Your airline, Air France-KLM, are making a lot of efforts on the front, on the environment front, with very concrete commitments. On powers and proxies, Anne-Sophie, do you wanna give us... Before I give the floor to Anne, again, we will look, with Société Générale, the issue of the powers that you have in your possession. Regarding the elements in the brochure of convocation, the brochure has to be crossed with the EURD, and the information that you need are in the big brochure, in the thick brochure that you have at your disposal. It's normal. It's available on the website. We'll take a few minutes after the assembly to discuss that. We'll talk about it as soon as this meeting is over. We can always improve these documents. This is for sure. Madame Rigail, if you would like to answer? Yes. Hello, Fabien. Regarding the shuttles, Toulouse, Marseille, and Nice, we were affected by COVID like all our other routes. The recovery shows that the shuttles have adjusted, but they're picking up nicely. I confirm that they are Air France shuttles. We changed the whole, but we have a domestic lounge that has been refurbished for our clients on those shuttles. Between the arrival of the A220 that is gonna happen later on and the investment that we made in the lounge, I think we can provide to our clients a nice product. Concerning the bio shuttle, as you called it, I haven't tested the biofuel for the Orly-Toulouse flight for many years, between 2014 and 2018. We tested it, and we were able to check that the airplanes were able to deal with the biofuel and operate with this biofuel. We could operate this first lever of decarbonation. You probably know that planes today can, depending on the availability, 50% of biofuel, and the equipment manufacturers are certifying that they will be able to take up to 100%. This is the major lever. Regarding the question on the Bordeaux-CDG shuttle, as part of our decarbonization path and the commitments that we took with the French government, we committed to disrupt all the routes that could be done with a TGV, with a fast train, for less than two and a half hours. The CDG-Bordeaux, which is a route that is part of our hub and allows some clients to transit through Roissy and to open up French regions to the rest of the world, we decided to keep this route, Lyon, Nantes, and Bordeaux on Roissy to protect the people who have these connecting flights, even if we work, of course, hand-in-hand with SNCF on the modality of different types of journeys that would include a train and airplane, or vice versa. We are committed to that. Thank you very much, Anne. Ben, do you want to add something? Keeping in mind that we will close the Q&A session. The persons who could not ask their question, we'll take them in writing, and we'll answer them directly. Ben? Just to say a few words quickly with regard to what Anne has just expressed. In Orly, yes, it's true that the new line between Terminal 2 and Terminal 4, the new link, is not always the best customer experience who are using the shuttle. At the same time, our shuttles are all together now in the same hall in Terminal 2. There's a security, which is just before this part of the airport. All our passengers who have reservations or tickets on the shuttle flights, so they can still go through this security area. The customer experience in Orly, you know, if you know where that security area is, it's not that easy to find the first time maybe, but it is there. The customer experience is okay. Just one other word with regard to the links between the secondary cities and towards Roissy and the provincial cities towards Roissy. It's a fact that we had to stop all the flights with this idea of a TGV of a two hour 30 or less. Some flights were still in place. One or two towards CDG, but the reason for it was us as a company, and we convinced the state that this was the case, that it was right to ensure that the customers who were going to fly internationally would not start using other airlines through Frankfurt or London or something like that. It's not to ensure to look after new customers. It's to ensure that the customers that we have remain with Air France, Air France-KLM. Thank you, Ben. Please, we apologize to the shareholders for the questions that we don't take now in the room. We'll take them in writing. I would like to close this session, this Q&A session. I would like to thank Anne and Pieter for being part of it. You can please feel free to go back in the room. I would like to give the floor to Anne-Sophie Le Lay, so she can proceed now to the vote of, on resolutions. Thank you very much, Anne-Marie Couderc. The final quorum is 58.26%. The legal quorum, one quarter of the shares entitled to vote, has been reached. This quorum represents all the shareholders present, represented, or having expressed their vote by correspondence. Before proceeding to the vote, I suggest that you watch a film on the use of the tablets that have been given to you. Let's now move on to the vote on the resolutions. Let's start with the ordinary resolutions. The first one is on the approval of the financial statements of the fiscal year ended in December 31st, 2021, showing a net loss of EUR 4 billion. The vote is open. You have 15 seconds to vote. The vote is closed. The resolution is adopted. The second resolution is on the approval of the consolidated financial statements for the exercise ended in December 31st, 2021, showing a net loss of EUR 392.2 million. The vote is open. The vote is closed. The resolution is adopted. Third resolution, it's on the allocation of net income for the year ended December 31st, 2021. It is proposed to allocate the losses for the fiscal year to the retained earnings account. The vote is closed. The third resolution is adopted. The fourth resolution on the approval of three regulated conventions with the French State. The vote is open. The vote is closed. The resolution was adopted. Let's move on to the fifth resolution, approval of the regulated agreement relating to the extension of the commercial cooperation agreement with China Eastern Airlines. The vote is open. The vote is closed. The resolution is adopted. Sixth resolution is on the approval of a regulated agreement relating to the amendment to the loan agreement guaranteed by the French State concluded in October 2021. The vote is open. The vote is closed. The resolution is adopted. Seventh resolution, it's regarding the renewal of the term of office of Isabelle Parize as an independent director for a period of four years. The vote is open. The vote is closed. The resolution is adopted. Let's move on to the eighth resolution. It's on the renewal of the term of office of François Robardet as director representing the employee shareholders, ground staff, and cabin crew for a period of four years. The vote is open. The vote is closed. The resolution is adopted. Ninth resolution, appointment of Michel Delli-Zotti as the director representing the employees of airline pilot shareholders for a term of four years. The vote is open. The vote is closed. The resolution is adopted. In order to continue with the appointment of directors, I propose that you vote on the 28th resolution added to the agenda. It is about the appointment of Rodolphe Saadé as the director for a term of four years, which will take effect from the effective completion of the investment of CMA CGM in the capital of Air France-KLM. The vote is open. The vote is closed. The resolution is adopted. Let's resume the previous resolutions on the agenda and move back to the 10th resolution on the appointment of PricewaterhouseCoopers Audit as statutory auditor to replace Deloitte & Associés. The vote is open. The vote is closed. The resolution is adopted. 11th resolution: acknowledgment of the expiry of the mandate of the BEAS firm as alternate auditor and decision not to renew or replace it, subject to the adoption of resolution 26. The vote is open. The vote is closed. The resolution is adopted. 12th resolution: approval of the information on the 2021 compensation of each of the corporate officers required by Article L. 22-10-91 of the French Commercial Code. The vote is open. The vote is closed. The resolution is adopted. 13th resolution: approval of the compensation paid or granted during 2021 to the chairman of the board of directors. Please vote. The vote is closed. The resolution is adopted. 14th resolution: approval of compensation paid or awarded during the 2021 financial year to the CEO. The vote is open. The vote is closed. Resolution adopted. 15th resolution: approval of the 2022 compensation policy for non-executive directors. The vote is open. The vote is open. The vote is closed. Resolution is adopted. 16th resolution: approval of the 2022 compensation policy for the chairman of the board of directors. The vote is open. The vote is closed. The resolution is adopted. 17th resolution: approval of the 2022 compensation policy for the chief executive officer. The vote is open. The vote is closed. The resolution is adopted. 18th resolution: ratification of the transfer of the company's registered office. The vote is open. The vote is closed. The resolution is adopted. Let us now move on to extraordinary resolutions. 19th resolution. 18th is adopted. Sorry. 19th resolution, extraordinary resolution: increase of the nominal ceiling for capital increases provided for the 23rd resolution of the shareholders' meeting of May 26, 2021, to set it at EUR 200 million within the limits provided for by the regulation applicable on the date of issue. The vote is open. The vote is closed. The resolution is adopted. 20th resolution: adding a preamble before title one of the bylaws in order to include the purpose of the group. The vote is open. The vote is closed. The resolution is adopted. 21st resolution: updating of references in the articles of association and bylaws to articles of the French Commercial Code. The vote is open. The vote is closed. The resolution is adopted. On to 23rd resolution: amendment of article 17-3 of bylaws concerning directors representing employees. The vote is open. The vote is closed. The resolution is adopted. 23rd resolution: amendment of Article 20 of the bylaws concerning the deliberations of the board. The vote is open. The vote is closed. The resolution is adopted. 24th resolution: amendment of Article 21 of the bylaws relating to the powers of the board. Voting is open. Voting is closed. The resolution is adopted. 25th resolution: Amendment of Article 27 of the bylaws relating to the compensation of corporate officers and directors. Voting is open. Voting is closed. The resolution is adopted. 26th resolution: Amendment of Article 29 of bylaws to remove the obligation to appoint one or more alternate auditors. Voting is open. Voting is closed. The resolution is adopted. Now to the last resolution, number 27: Powers for formalities. Please vote. Your voting is closed. The resolution is adopted. We're done voting, and I give the floor back to Madame Chair. Ladies and gentlemen, we are coming to the end of our shareholders' meeting. As you can see, whatever the challenges ahead, the determination and the will of everyone at Air France and KLM at every level gives us confidence. Our confidence is based on the commitment and professionalism of Benjamin Smith and our group's managers around him. I would like to thank all the members of the CEO committee and of the group executive committee for attending this meeting. We're also confident because of the mobilization of all employees in France and the Netherlands and all over the world, and I know that many of them joined us by video conference this afternoon. It's also thanks to the support of our main shareholders, which was reaffirmed once again this morning with the recapitalization operation we launched, and it's the involvement and availability of our board members, whom I would also like to thank for their presence throughout our shareholders' meeting. Finally, it's the loyalty of our clients which gives meaning to our commitment. I would add, I would like to also thank the organizers of this meeting, to all of you who work in the financial teams, in Anne-Sophie's team, and everyone you don't see behind the scenes, but who are hard at work to prepare all the documents you got and who enabled us to host this meeting here. It was very nice to be able to get together for real here again, and I wanna thank you all for being here. Thank you for your patience, and I will see you next year. Thank you.