THIS PRESS RELEASE MAY NOT BE PUBLISHED, DISTRIBUTED OR TRANSMITTED, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN AND SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE THE OFFER
OR SALE OF SECURITIES WOULD CONSTITUTE A VIOLATION OF ANY APPLICABLE LAW.

THIS PRESS RELEASE IS FOR INFORMATION PURPOSE ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR INVITATION
TO PURCHASE ANY SECURITIES.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN THE UNITED STATES OF AMERICA. THE BONDS
(AND THE UNDERLYING SHARES) MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OF AMERICA WITHOUT
REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE AMENDED U.S. SECURITIES ACT (1933). AIR FRANCE -
KLM DOES NOT INTEND TO REGISTER THE OFFERING EITHER IN WHOLE OR PARTIALLY IN THE UNITED STATES OF AMERICA
OR TO MAKE ANY PUBLIC OFFERING IN THE UNITED STATES OF AMERICA.




Notice to holders of deeply subordinated perpetual bonds, convertible into new shares
or exchangeable for existing shares of Air France-KLM (ISIN FR001400DU47)
(the “HC Bonds”)


Early redemption of the HC Bonds
Paris, October 15, 2025


Holders of the HC Bonds of Air France-KLM (the “Company”) are hereby informed that, in
accordance with the provisions of the second paragraph of Article 1.9(a)(iii) “Early redemption
at the option of the Company” of the terms and conditions of the HC Bonds (the “Terms and
Conditions”), the Company has decided to exercise its option to redeem all of the outstanding
HC Bonds from the First Hard Call Date at a price per HC Bond equal to par (€100,000) plus
accrued interest of €1,625 (the “Redemption price”), which shall be payable on Monday 24
November 2025 (the First Hard Call Date not being a Business Day).
It is hereby reminded that (i) holders of the HC Bonds retain the right to exercise their
entitlement to receive new and/or existing Air France-KLM shares, in accordance with Article
2.2 “Exercise period” of the Terms and Conditions, until (but excluding) the 10th business day
preceding the First Hard Call Date, i.e. until (but excluding) November 10, 2025, and (ii) the
Conversion/Exchange Ratio of the HC Bonds in effect as of the date of this notice is 6,549.6463
ordinary shares of Air France-KLM (ISIN FR001400J770) per each HC Bond.


Investor Relations
Michiel Klinkers Marouane Mami


michiel.klinkers@airfranceklm.com mamami@airfranceklm.com


Website: www.airfranceklm.com