Air France KLM : -KLM enters into a hedging transaction to protect the value of part of its stake in Amadeus

Not for Distribution, Directly or Indirectly, in the United States, Canada, Australia or Japan

Roissy, November 25, 2014

Air France-KLM enters into a hedging transaction to protect the value of part of its stake in Amadeus

Air France-KLM has entered into a hedging transaction relating to 9,900,000 ordinary shares it holds in Amadeus IT Holding S.A., representing about half of its stake. This transaction will allow the Group to protect the value of these shares, while continuing to benefit from the potential upside on the price of its remaining shares (9.8 million shares representing approximately 2.2% of Amadeus IT Holding S.A.).

In connection with the hedging transaction, Deutsche Bank is selling 6,2 million Amadeus IT Holding S.A. shares by way of an institutional private placement.

This transaction is part of Air France-KLM risk management strategy.

Air France-KLM has agreed on a lock-up of 30 days on its remaining stake.

Disclaimer

This announcement is for information purposes only and does not constitute an offer to sell or a solicitation to buy any securities.

In connection with this transaction, with respect to Member States of the European Economic Area (the "Member States") which have implemented the Prospectus Directive(2003/71/CE), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring the publication of a prospectus in one or the other Member State, with the exception of an offer of securities to the public in that Relevant Member State, pursuant to an exemption under the Prospectus Directive.

This communication is for distribution in the United Kingdom only to (i) investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute an offer of securities for sale in or into the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold in or into the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offering of the securities in the United States in connection with this transaction.

Any decision of investment relating to the purchase of shares of Amadeus IT Holding S.A. should be made on the basis of the publicly available information only. Société Air France or Air France KLM shall not be responsible for this information.

Release, publication or distribution of this press release is forbidden in any country where it would violate applicable laws or regulations.