Investor Presentaiton

+ 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

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