DAVY VIEW

Despite cash preservation measures, Air France KLM has indicated the need for additional liquidity in the third quarter of 2020, considering a negative operational cash cost burn of around €400m in the second quarter of 2020 and a high level of uncertainty on the impact of the crisis in the third and fourth quarters. In addition, there are the financial and other cash impacts, a capital expenditure plan of €2.4bn for the full year 2020 and a working capital risk estimated at around €2.5bn - mainly from deferred ticket revenues. Therefore an initial financing package of €7bn through a bank loan guaranteed by the French state and a direct shareholder loan from the French state have been approved by the EU. We await further details on the conference call at 07:15 CET; UK: Local +44 (0)330 336 9126; Confirmation code: 7621430.