#1INVESTOR PRESENTATION KLM 24 May 2022 AIRFRANCE KLM GROUP#2+ 2 Our solid track record AIRFRANCE KLM GROUP#3+ 3 A steady and solid improvement of financial performance before crisis AIRFRANCE KLM GROUP Steady revenue growth # Passengers 90 93 (m) Revenue in €m 25,691 24,846 99 Demonstrated resilience of operating performance 101 104 Margin (%) 13% +6% 26,224 25,867 2015 2016 2017 2018 15% 27,189 EBITDA in €m (EBITDAR before 2017) 4,763 3,787 3,414 2019 18% +21% 16% 4,293 4,128 15% 2015 2016 2017 2018 2019 Established track record of reduction in leverage Net debt/EBITDA trailing 12 months (New IFRS accounting standards after 2016) 3.4x 2.9x 1.3x 1.4x 1.5x 2015 2016 2017 2018 2019#4+ AIRFRANCEKLM The entire Air France-KLM Group is committed to implement the recovery and to fulfill its purpose GROUP 71,000 Passionate and Professional People Unique Competitive Advantages of our Home Markets Three Powerful Brands World-leading Businesses Cargo, E&M, Flying Blue Extensive and Complementary Networks Virgin Strong Partnerships COCO KLM Our achievements and current dynamic prove that we have the ability to excel, with the support of our people and shareholders#5+ 5 We are emerging stronger AIRFRANCE KLM GROUP#6+ GROUP We keep implementing our strategic plan towards sustainableFRANCE KLM profitability 6 OPERATING MODEL REVENUE $ PROFITABLE PASSENGER FLEET EMPLOYEES COMPETITIVENESS & SUSTAINABLE LEADERSHIP AIRFRANCE KLM GROUP GROUP BUSINESSES & SYNERGIES SUSTAINABILITY#7+ Significant transformation achieved in a context of industry leading renewed social stability EMPLOYEES Since 2019 more than 100 agreements have been signed with 2 key focus Protect Adapt and answer to the crisis Safeguarding employment Guaranteed best sanitary working conditions on board our aircraft and on the ground, with adaptation of ways of working Transform Accompany the Group's transformation Resizing of organization through voluntary departure plans achieved in social stability Support to our ambitious strategic transformation such as the French Domestic turnaround and Transavia fleet cap removed AIRFRANCE KLM GROUP#8+ 00 Fleet renewal and simplification is well underway FLEET AIRFRANCE/ REGIONAL MEDIUM-HAUL LONG-HAUL 2019 PASSENGER FLEET 10 cockpits AIRFRANCE A380 10 777-200ER AIRFRANCE 68 /-300ER AIRFRANCE 787-9 9 AIRFRANCE A350-900 3 A330-200 AIRFRANCE.C 15 Common pilot type rating .......wwwww A340-300 4 A318/319 /320/321 A220-300 0 E170/190 E145 17 CRJ700/1000 ATR72-600 3 25 30 115 > AIRFRANCE KLM GROUP FUTURE PASSENGER FLEET 5-6 cockpits Phased-out in 2020 Potentially Common pilot type rating Common pilot type rating Phased-out in 2020 Simplification types under study Phased-out in 2020 To be phased out in Summer 2022 Phased-out in 2020#9+ 6 Fleet renewal and simplification is well underway FLEET LONG-HAUL REGIONAL MEDIUM-HAUL 2019 PASSENGER FLEET 5 cockpits KLM KLM 747-400 8 777-200ER 29 /-300ER Common pilot type rating 787-9/-10 17 A330-200/-300 13 737-700/-800/-900 A320/321 NEO E175/190 195-E2 52 52 49 49 く AIRFRANCE KLM GROUP FUTURE PASSENGER FLEET 3 cockpits Phased-out in 2020 To be phased-out To be phased-out Common pilot type rating Common pilot type rating#10+ Transavia fleet will grow significantly around one single type of aircraft... FLEET AIRFRANCE KLM GROUP t transavia 2019 PASSENGER FLEET 1 cockpit FUTURE PASSENGER FLEET 1 cockpit t transavia 737-700/800 10 10 transavia A320/321 NEO 0 80 To be phased-out#11+ ... and reinforce positions in home markets to drive profitable recovery PROFITABLE PASSENGER REVENUE Transavia France fleet size Size x2 vs 2019 11 38 40 >60 2019 2020 2022 2024 AIRFRANCE KLM GROUP Optimize & grow in a constrained market Increase gauge size and fly from secondary and/or tertiary airports Double size by 2024 vs 2019 to be #2 LCC in France and #1 in Paris Grow domestic capacities to support French domestic network restructuration and restore its profitability • Fleet cap removed • Main commercial & network constraints removed • Source: Air France-KLM internal data, fleet on 31/12 Notes (1) Except La Navette, Corsica, French Overseas Agreement with pilots: Transavia replacing Air France on domestic from Orly and French Regions¹ • Transavia France to double size in 2024 vs. 2019, seizing the full low-cost recovery Further develop commercial synergies within the Group t Including Transavia in corporate contracts, facilitated connections, and integration in Flying Blue 11#12+ A commercial offer successfully adjusted to the new customers FRANCE KLM expectations PROFITABLE PASSENGER REVENUE 12 Resilient Leisure Customers Expect Increased Flexibility and Pleasant Travel Experience Business Customers Will Gradually Restart Traveling to Complement Virtual Events, Expecting 'less Frequent but Better' Experience Rising Expectations from Customers and Society for a Sustainable Aviation 35+ 50% New Leisure routes in Winter Leisure travelers in Business cabin Flexible Fares Maintained until end of June 2022 2022 vs 2021 thanks to commercial push Targeted focus First on SMEs and resilient sectors (e.g. Pharma, Digital...) Up to -19% Possible Business cabin size decrease at Air France through Quick Change 100% Full Flat Business Seats in Group fleet by 2023 1-12€ Sust. Aircraft Fuel Surcharge introduced in Jan 2022 Sustainability Offers Embedded in Corporate Contracts Net Zero On Domestic flights & encouraged customer voluntary offset on all network 3L#13+ We secured our cabin investments to strengthen and reaffirm our optimal positioning on the market PROFITABLE PASSENGER REVENUE 13 Premium Comfort LI World Business Class AIRFRANCE KLM GROUP SEAT: 38-inch pitch and recline up to 8 inches and 6.7 inches of extra legroom TECHNOLOGY: 13.3-inch HD screen, noise- cancelling headphones, USB and 110V outlets FROM JULY 2022 AND FULLY ROLLED-OUT BY Q4 2023 FULL FLAT : all horizontal beds FULL ACCESS: all seats offer direct aisle access FULL PRIVACY: sliding door for full privacy At completion, KLM will offer direct aisle access on all 787-9/10 and B777-300/200 FROM 2023 ON ALL 777-300ER AND 777-200 KLM#14+ We secured our cabin investments to strengthen and reaffirm our optimal positioning on the market PROFITABLE PASSENGER REVENUE 14 PREMIUM ECONOMY BUSINESS AIRFRANCE KLM GROUP LA PREMIERE/ SEAT: Recliner seat up to 124°, same seat as in our Airbus A350-900 TECHNOLOGY: 13.3-inch HD screen SERVICE: New dedicated Premium Economy service since May FROM SUMMER 2022 ON BOEING 777-300ER FULL FLAT: 2m long horizontal bed FULL ACCESS: All seats offer aisle access FULL PRIVACY: Private door to improve privacy TECHNOLOGY: 17-inch HD screens, Bluetooth SERVICE: Signature meal from the best Chefs out of Paris FROM SUMMER 2022 ON BOEING 777-300ER AND FROM 2023 ON NEW A350-900 AIRFRANCE NEW CONCEPT SPACE: Longest suite in the market with 5 windows COMFORT: 3 living spaces: seat, bed, sofa TECHNOLOGY: Connected suite with wireless tablet and 2 screens FROM WINTER 2023/2024#15+ Our unique offer is steadily reinforcing the emotional connection to our brands PROFITABLE PASSENGER REVENUE AIRFRANCE KLM GROUP 15 AIRFRANCE/ Net Promoter Score 19 12 27 40 40 KLM Net Promoter Score 42 39 22 40 2017 2018 2019 2020 2021 APEX+ HEALTH SAFETY SimpliFlying DIAMOND COVID-19 SAFETY RATING ***** AIRLINE OF THE YEAR French SKYRAX Expérience/The Client/Forum SKYTRAX 41 + 49 53 49 2017 2018 2019 2020 2021 The Design awards Air APEX+ HEALTH SAFETY SimpliFlying DIAMOND TRAVE CERTIFIED 2021 WINNER 2021 APEX+ OFFICIAL AIRLINE RATINGS" FIVE STAR MAJOR AIRLINE 2021 CERTIFIED VALIRED Notes (1) Average of Transavia France and Transavia Netherlands; (2) Transavia Netherlands started collecting in 2018, and Transavia France in Feb 2017 APEX+ OFFICIAL AIRLINE RATINGS™ WORLD CLASS 2022 t transavia + Net Promoter Score¹ 44 31 31 23 37 32 2017² 2018 2019 2020 2021 PALMARÈS FRANCE Capital MEILLEURE ENSEIGNE QUALITÉ DE SERVICE 2022- avec statista ☑ Qualiweb MEILLEURE RELATION CLIENT ONLINE TOURISME TRANSPORT 2021 ÉLU SERVICE CLIENT DE L'ANNÉE |2022#16+ Transformation is accelerating and will help restore competitiveness with €~4.3bn structural benefits¹ by 2026 OPERATING MODEL AIRFRANCE KLM GROUP Key transformation levers External spend optimization Labor cost reduction Fleet efficiency New revenue streams New Initiatives Transformation program benefits (€bn) Measures implemented 0.5 Identified, not yet implemented 0.3 3.0 0.4 0.4 1.4 0.4 4.3 0.9 + 2019 Starting spend point optimization External Labor cost reduction Fleet fuel efficiency New New revenue initiatives streams 2024 Additional New benefits initiatives 2026 16 Notes (1) Structural savings includes all operating cost, fuel efficiency amortization & depreciation. Excluding CPI and CLA effects. Adjusted for capacity evolution. Transformation measures contain all new revenue stream initiatives and structural saving programs included in P&L trajectory#17+ A clear roadmap to reach our ambition and transform our Group OPERATING MODEL Initiative External spend optimization Savings per 2024 €0.5bn Key Examples Reduction of external cost Restructuration of the French domestic network Labor cost reduction €1.4bn ✓ ~12% FTE reduction in 20241 ✓ Simplification of the organization AIRFRANCE KLM GROUP Fleet fuel efficiency Fleet renewal €0.4bn ~30% of New Generation aircrafts in 2024 New revenue streams ✓ €0.4bn ✓ Flying Blue Pay & Increase program partners Offer Innovation: personalization, ancillaries €3bn of structural benefits by end of 2024 New initiatives ~€0.3bn not yet implemented (1) Excluding Transavia France 17 Procurement: sourcing, demand, specification ✓ Additional group synergies#18+ Our diversified network is a core asset for the group and is supported by strong partnerships GROUP BUSINESSES & SYNERGIES AIRFRANCE KLM GROUP 18 Air France-KLM Passenger capacity split per region to/from Europe ASK, 20191 + Air France-KLM commercial partnerships overview² Key partners as of May 2022 Europe 2% 6% Asia Pacific ▲ DELTA 24% 15% N. America GOL virgin atlantic AIRFRANCE KLM GROUP 15% Latin Americas 19% Africa 中國東方航空 CHINA EASTERN 19% Caribbean Vietnam Airlines Middle East IndiGo + Kenya Airways The Pride of Africa Our global footprint enables to capture the opportunities ahead... Source: OAG, January 2022 ... and is supported by strong commercial partnerships which we keep strengthening 16% of Group long-haul revenue through its partners Note: (1) OAG published data, may differ from operated flights; (2) Non-exhaustive list of partnerships; (3) Partnership between Air France-KLM and IndiGo started May 2022; (4) Long-haul revenue for full year 2019, revenue reached through partners include connecting hub and outstation partners.#19+ Flying Blue will be further leveraged as a margin generator GROUP BUSINESSES & SYNERGIES 19 AIRFRANCE KLM GROUP FLYING BLUE FOR ME Solid Foundation with Room to Grow Our ambition: Double the contribution of Flying Blue to the Group by 2024 vs 2019 + 16+ M members 1 new enrolled member every 20 seconds Extensive and growing network of partners (airlines, banking and consumer firms) Positive contribution to the Group margin through Sales of miles, resilient during crisis Further increase the contribution to Group sales and margin: • Sale of miles: credit cards, services, partners etc. • New digital experience (i.e. Flying Blue Pay, digital cards, etc.) • Cash & Miles payments • Additional opportunities to spend miles#20+ Air France-KLM and CMA CGM sign major strategic partnership in global air cargo... GROUP BUSINESSES & SYNERGIES 20 20 3000 AIRFRANCE KLM GROUP Air France-KLM and CMA CGM to jointly sell air freight capacity, providing customers with more options for their transportation needs 10-Year exclusive commercial partnership IRFRANCE CARGO ARGO CMA CGM AIRCARGO + • Initial capacity of 10 full-freight jointly operated: 4 at CMA CGM Cargo and 6 at Air France-KLM Group based at CDG • An additional 12 aircraft on order: 8 for CMA CGM and 4 for Air France-KLM Group • Partnership includes Air France-KLM's belly aircraft capacity AIRFRANCE KLM Martinair CARGO CMA CGM AIRCARGO CMA CGM Group to become a reference shareholder of Air France-KLM Group Intention to take up to 9% of Air France-KLM's ex-post share capital#21+ ...leveraging the complementary skills, expertise and activities of Air France-KLM and CMA CGM GROUP BUSINESSES & SYNERGIES AIRFRANCE KLM GROUP Objectives of a 10 years cargo partnership with CMA Cargo (CCAC) : Combine a strong belly network with modern and efficient full freighter fleet 21 21 Build a player with a recognized know-how in air freight and a strong investment capacity Leverage a global commercial network, innovative solutions and relationship with forwarders Generate synergies in operations on an ad-hoc basis (e.g., maintenance, ground handling)#22+ Air France-KLM E&M is strong and well positioned to benefit from future growth in MRO market GROUP BUSINESSES & SYNERGIES 22 Positive market outlook post-covid Industry E&M Revenue ($bn) 111 107 102 98 89 79 2022 2023 2024 2025 2026 2027 • Recovery to pre-COVID levels now expected by end of 2023... ....healthy growth in coming years due to increasing number of aircraft and price evolution Legend Engine Component ----- Pre-covid level (2019) Airframe Line + AIRFRANCE KLM GROUP Strong Air France-KLM position on fast growing Next Gen Products market Q BOEING® 787 737MAX GEnx LEAP-1B Excl Negotiations AIRBUS PW1500G A220 LEAP-1A Excl. Negotiations A320neo RR Trent XWB A330neo A350 AIRFRANCE/KLM INDUSTRIES Engineering 6 Maintenance +#23+ 'Destination Sustainability', a new program to accelerate our commitments ... SUSTAINABILITY 23 for environment -30% CO2 emissions per passenger/km by 2030 compared to 20191 10% SAF worlwide by 2030 for people & culture 33% women within the Group Executive Committee by 2030 40% of the top 10% management level positions to be held by women by 2030 destination sustainability AIRFRANCE KLM GROUP Notes: (1) This trajectory is based on a scientific assessment method developed by the independent reference organization SBTI (Science-Based Target initiative). The validation of the Air France-KLM target by SBTI is expected by the end of 2022#24+ ... and to support our ultimate goal of Net Zero emissions by 2050 SUSTAINABILITY CO2 emissions reduction 2005-19 Fleet Compensations Regulatory Sustainable aviation fuel Up to -25% CO2 emission reductions Intra-EU Voluntary Operations . • • Ecopiloting All domestic Ground equipment electrification Intermodality train 24 24 AFKL performance : -30% CO2 emissions in pax/km in 2019 vs 2005 2021 2024 2030 O -30% CO₂ emissions pax/km vs 2019 Commitment to set Science Based targets (SBTi) -50% CO2 on French domestic network vs 2019 ☑ Ground operations carbon neutrality Electric and hydrogen planes 2035 >>> AIRFRANCE KLM GROUP Net Zero CO2 2050#25+ 25 25 Q1 paving the way to recovery AIRFRANCE KLM GROUP#26→ The industry capacity is steadily heading towards 2019 levels Capacity evolution Worldwide, Intra-Europe and North Atlantic-Europe index 100 = same capacity and same week in 2019 (ASK's) 26 100 I I 89 80 78 0 Jan 2020 May 2020 Sep 2020 Jan 2021 May 2021 Sep 2021 Jan 2022 Worldwide Source: OAG snapshot April 25th 2022, 7 weeks average Intra-Europe Outlook May 2022 North Atlantic - Europe Strong willingness to travel drives capacity recovery despite international context#27+ The strong willingness to travel materializes in steep booking curves 27 (1) Index vs. 2019 Air France-KLM Network new bookings for summer already back index 100¹, despite lower capacity Positive trend especially on the North Atlantic with booking load factor close to 2019 levels Strong performance of direct online channel with more than 50% of tickets sold in Q1 (+12 pts versus 2019) driven by strong leisure demand New Bookings per Week Air France & KLM Total Passenger Network AIRFRANCE KLM GROUP 2019 2022 Jan Feb Mar Apr#28+ The long haul load factor reaches 80% for both Economy and Premium classes in March 2022 • Narrowing gap vs 2019 with only 4 points gap for long-haul Premium classes in March High yield leisure demand for Premium classes Q1 Load Factor Air France & KLM Long Haul Passenger Network 2019 2022 AIRFRANCE KLM Premium² Economy¹ -8 pts 4 pts -11 pts -13 pts -17 pts -17 pts 88 71 88 75 88 80 80 63 80 69 83 79 Jan Feb Mar Jan Feb Corporate travel ramping up North Atlantic corporate travel already at index 703 Corporate revenue Winter 2021/22 vs Winter 2018/19 (index) Air France & KLM Total Passenger Network 47 51 • Strong performances of Long-haul and SME segments 42 42 36 Omicron Oct Νόν Dec Jan Feb 28 = (1) Economy Premium Economy & Economy; (2) Premium = First & Business; (3) Index vs. 2019 Mar GROUP 55-60 51 Mar Apr#29+ The Q1 performance is supported by dynamic business lines and tangible achievements AIRFRANCE KLM GROUP AIRFRANCE/KLM 29 29 transa + transavia AIRFRANCE/KLM Martinair CARGO AIRFRANCE/ KLM INDUSTRIES Engineering & Maintenance Capacity at 75% of 2019 Yield above 2019 March long haul load factor at 80% for both premium and economy class Capacity close to 2019 Yield far above 2019 Fleet approaches 100 aircraft Domestic network plan 100% completed in Paris- Orly Strong demand environment Yield at historically high levels Order of 4 Airbus A350 FF Share online bookings at 70% • Entered into exclusive negotiations for the purchase of CFMI LEAP engines and a repair license Increase of shop visits New MRO contracts#30+ 30 30 A strong month of March has driven a positive EBITDA AIRFRANCE KLM GROUP (1) Q1 2022 Q1 2021 Q1 2019 Change versus 2021 Change versus 2019 Revenues (€ m) 4,445 2,161 5,942 +2,284m -1,497m Aircraft Fuel (€ m) 996 463 1,201 +533m -205m Salary cost (€ m) 1,522 1,167 1,972 +355m -450m Other operating expenses (€ m) 1,706 1,159 2,326 +547m -620m EBITDA (€ m) 221 -628 443 +849m -222m Operating result (€ m) -350 -1,180 -286 +830m -64m Operating margin -7.9% -54.6% -4.8% +46.7 pt -3.1 pt Net income - Group part (€ m) -552 -1,482 -324 +930m -228m (1) Restated figures include the change in accounting principles for pensions (interpretation of IAS19)#31+ 31 The load factor gap keeps narrowing versus 2019 while the capacity increases 100% 80% 60% Total network excl. Transavia 40% Jan 100% 80% 60% 40% Feb Mar Short & Medium-haul excl. Transavia Jan Feb Mar Apr ASK index vs 2019 Long-haul 100% 80% 60% 40% Apr Jan Feb Mar Apr Transavia 100% 80% 60% 40% Jan Feb Mar Apr Load factor 2019 Load factor 2022 AIRFRANCE KLM GROUP#32+ Thanks to transformation programs and despite a capacity at 23% below 2019, the unit cost is contained at 2019 level AIRFRANCE KLM GROUP Unit cost evolution -0.1% € 7.37 Staff cost evolution -12% -23% € 7.36 €2.0bn €1.7bn €1.5bn Q1 2019 Q1 2022 Q1 2019 Q1 2022 excl state support Q1 2022 incl state support FTE evolution AIRFRANCE -16% FTE Versus Dec 2019 KLM -14% FTE Versus Dec 2019 Transformation programs . Air France : -400 FTE during Q1 and another -300 FTE to go in 2022, resulting in total of -8.5k FTE (-17%) versus 2019 . KLM adjusted staff levels in order to accommodate further capacity increase (1) Excluding Transavia France 32 (2) Unit cost against constant fuel price and constant currency 1#33+ 33 A promising outlook AIRFRANCE KLM GROUP#34+ Air France-KLM estimate to reach capacity levels of 85% to 90% during peak summer 34 AIRFRANCE/ KLM Network Passenger capacity in ASK versus 2019 80%-85% 75% 85%-90% Q1 2022 Q2 2022 Q3 2022 Transavia capacity above index 100 for Q2 and Q3 2022 Healthy yield environment for the remainder of 2022 with strong summer demand resulting in yield levels above 2019 AIRFRANCE KLM GROUP Network Passenger capacity and booking Snapshot of the 02nd of May 2022 and 2019 Long Haul 83% 86% 81% 75% 44% 40% 2019 2022 2019 2022 Q2 Q3 French Domestic Medium Haul 98% 88% 61% 46% 75% 66% 56% 34% 26% 49% 20% 17% 2019 2022 2019 2022 2019 2022 2019 2022 Q2 Q3 Q2 Q3 2022 Capacity in ASK versus 2019 2019 Capacity in ASK base 100% Forward booking load factor 2022 Forward booking load factor 2019#35+ 35 The outlook 2022 Capacity Air France- KLM network Q2 Q3 FY 80 to 85% 85 to 90% Transavia Above index 100 Above index 100 Operating result Break-even Significant positive Capex €2.5bn AIRFRANCE KLM GROUP#36+ 36 A stable mid-term guidance AIRFRANCE KLM GROUP#37→ Group unit cost will decrease by 4% to 6% at constant fuel price, when capacity is back to 2019 level, thanks to the restructuring and transformation projects 37 AIRFRANCE KLM GROUP Unit cost evolution at constant fuel price -4% to -6% Group FTE evolution Circa -12% 1 Price inflation Transformation projects Fuel efficiency Productivity and restructuring program 2019 2024 2019 Staff cost 2024 Fuel cost Other operating cost (1) Excluding Transavia France#38+ Capex will be reduced to an average of €2.8bn per year and will support an ambitious fleet renewal AIRFRANCE KLM GROUP 38 AIRFRANCE KLM GROUP €3.3bn Net Capital expenditure €3.0bn €2.9bn D&A €2.5bn 2019 2022 2023 2024 Ground I Fleet and fleet related • Capex in line with yearly depreciation and amortization (D&A) which is at 2019 levels Reduced from initial €4bn (2019 Investor Day) 50% of operating lease for the coming years Reduction of operating lease cash out versus 2019 (1) Including the proceeds on disposal of property, plant, equipment and intangible assets 1 000#39+ Air France-KLM Group medium term operating margin objective unchanged Guidance elements AIRFRANCE KLM 1. Capacity back to 2019 levels in 2024 GROUP 2. Unit cost down 4% to 6% at constant fuel price when capacity are back to 2019 level 3. Operating margin at 7-8% as of 2024 4. Adjusted Operating Free Cash Flow expected to be positive in 2023 excluding exceptionals(") 5. Confirmed objective of a targeted Net debt / EBITDA ratio of circa 2.0x to 2.5x by 2023 39 (1) Exceptionals include the payment of the cargo claim and the deferrals of social charges accumulated during the Covid-19 period#40+ The purpose and the description of the operation 40 40 AIRFRANCE KLM GROUP#41+ Air France-KLM took several actions to restore its balance sheet and improve its senior debt profile Equity strengthening measures since 2021 Apr-21 • Capital increase of €1bn Conversion of €3bn French State loan into Deeply-Subordinated Notes May-22-On-going exclusive discussions with Apollo regarding an injection of €500m of capital¹ to an operating affiliate of Air France, owning of a pool of spare engines of Air France May -22-CMA CGM Group to become a reference shareholder of Air France-KLM Group and will take up to 9% of Air France-KLM's ex-post share capital Recent actions on senior debt structure reprofiling Jun-21-Issue of €800 million senior notes Dec-21 Partial redemption of €500m of French PGE using the €800m proceeds received from the Jun-21 senior notes Reprofiling redemption schedule of €4bn French PGE due in 2023 into 3 tranches of €0.8bn due May 2023 and 2 tranches of €1.3bn each, due respectively May 2024 and May 2025 May-22-Repayment of €311m of KLM's State-backed RCF KLM 41 1. Through quasi-equity instruments#42+ 42 Rationale for the rights issue 1 REINFORCE GROUP'S BALANCE SHEET 2 3 AIRFRANCE KLM GROUP Pursue the equity restoration, in addition to the structural benefits delivered by the restructuring and transformation programs Reduce indebtedness while improving the Group's overall cost of debt Confirmed objective of a targeted Net debt / EBITDA ratio of circa 2.0x to 2.5x by 2023 ACCELERATE THE REPAYMENT OF THE FRENCH STATE AID Part of the proceeds will be allocated to the early repayment of the Deeply-Subordinated Notes issued in 2021 and held by the French State In line with the objective to free the group from the conditions set by the European Commission's temporary framework FURTHER IMPROVE THE GROUP'S STRATEGIC FLEXIBILITY The transaction, together with the expected recovery of EBITDA, further positions the Group on a solid financial footing, with additional flexibility to conduct AF-KLM's strategic agenda Further position AF-KLM as a European leader in a recovering environment#43+ Key dates 3 43 Monday, May 23rd AMF Approval on the Prospectus Tuesday, May 24th Wednesday, May 25th Friday, May 27th Tuesday, June 7th Publication of the launch press release Annual Shareholder's meeting Publication of the Note d'Opération Rights detach and start of rights trading period Start of the subscription period End of the trading of the rights End of the subscription period Thursday, June 9th Tuesday, June 14th Thursday, June 16th Publication of the results of the rights issue Settlement of the rights issue - closing AIRFRANCE KLM GROUP#44+ 44 Key terms of the rights issue (1/2) Equity Offering €2,256m Capital Increase with Preferential Subscription Rights (PSR) for Existing Shareholders Parity Subscription price 3 new shares for 1 existing share 1,927,902,102 new shares (300% of capital, in accordance with the 20th resolution of 2021 AGM) • €1.17 per new share AIRFRANCE KLM GROUP Structure of the Offering and applicable restrictions Equivalent to 40.0% discount to TERP (based on reference share price of €4.296 on May 20) Subscription of existing shareholders on a non-reducible basis ("irréductible") (additional orders on a reducible basis ("réductible")) Distribution o Public offer to retail and qualified investors in France o Offer to institutional investors in France and outside of France (excluding the United States, Canada, Australia and Japan) in accordance with, and in reliance on, Regulation S under the US Securities Act o In the US, offer of new shares by the company to existing shareholders that are QIBS in accordance with Section 4(a)(2) of the US Securities Act • Joint Global Coordinators: Deutsche Bank, HSBC, Natixis, Credit Agricole CIB, Société Générale Syndicate • Joint Bookrunners: ABN Amro, Citibank, Rabobank, Santander . Co-Lead Managers: CM-CIC, MUFG, SMBC#45+ Key terms of the rights issue (2/2) 45 445 Subscription commitments Intentions to subscribe 1. 1 2 3 3. AIRFRANCE KLM GROUP • CMA CGM has committed to subscribe to a maximum of 9% of the ex-post share capital and in the limit of a €400m investment (incl. purchase of the rights) Delta Air Lines and China Eastern Airlines have both committed to subscribing to c. €42m and c. €69m respectively to perform their cash-neutral transactions, thanks to the proceeds of the sale of part of their rights to CMA CGM Total subscription amounts to c. €360m i.e., c. 16% of the deal, the remaining part being fully underwritten by the banks • The French State has announced its intention to participate in the rights issue such that its shareholding remains unchanged post the Rights Issue, through the offset of the Deeply-Subordinated Notes issued in April 2021. • The Dutch State has announced its intention to participate in the rights issue such that its shareholding remains unchanged post the Rights Issue, subject to Dutch Parliament approval Lock-up • • Total of intentions could amount to up to €856m i.e., 38% of the deal 180 days for Air France-KLM' 90 days for shareholders (French State, Dutch State, Delta Air Lines, China Eastern Airlines)² 6 years for CMA CGM: 100% for the first 3 years and 50% for the remaining 3 years³ Subject to conditions as per prospectus Subject to customary conditions CMA CGM is further subject to a 10-year standstill agreement#46+ AIRFRANCE KLM GROUP 46 46 APPENDIX#47+ Disclaimer AIRFRANCE KLM GROUP 47 This presentation is for information purposes only and does not constitute an offer to sell or a solicitation to purchase any securities in any jurisdiction. This presentation is not an offer for sale within the United States of any security of Air France KLM or any of its affiliates. Securities of Air France KLM or any of its affiliates may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended, or unless exempt from such registration. Release, publication or distribution of this presentation is forbidden in any jurisdiction where such release, publication or distribution would violate applicable laws or regulations. Certain information included in this presentation are not historical facts but are forward looking statements. These forward looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future strategy and the environment in which the Group operates, and involve known and unknown risks, uncertainties and other factors, in particular in the current context of the Covid 19 crisis, which may cause actual results, performance or achievements, or industry results or other events, to be materially different from those expressed or implied by these forward looking statements. These risks and uncertainties include those set out and detailed in Chapter 3 "Risk Factors" of the 2020 universal registration document of Air France KLM filed with the Autorité des marchés financiers on 7 April 2021 under number D. 21-0270 and available on Air France KLM's website at www.airfranceklm.com.