Air France-KLM group’s consensus as of October 22, 2014.

The consensus is composed of the forecasts of analysts from the following broking firms who follow Air France-KLM on a regular basis:

Barclays, Cantor, Commerzbank, Davy, Goldman Sachs, Goodbody, ING Bank, Jefferies, JP Morgan, Liberum, Morgan Stanley, Oddo Securities, Rabobank, RBC, Société Générale, UBS.

This information was collected between 9 and 21 October 2014 directly from the Sell-side analysts. It is provided by Air France-KLM solely for information purposes and should under no circumstances be regarded as validation by Air France-KLM of any of these forecasts. It does not represent the opinion of Air France-KLM, its management or any of its employees. In consequence, Air France-KLM cannot be held responsible for any of the information or data contained in or omitted from this table.


NOTE: This consensus only includes estimates that have taken into account the September 2014 Air France pilot strike.

This information does not constitute an incitement to purchase or sell shares or to undertake any type of transaction in Air France-KLM shares. We invite all investors to consult with their financial intermediary or advisor.