BRITISH AIRWAYS PARENT IAG PROPOSE 2.75 BILLION EURO CAPITAL INCREASE SHORE UP LIQUIDITY

HAS "IRREVOCABLE COMMITMENTS" FROM LARGEST SHAREHOLDER

BRITISH AIRWAYS PARENT IAG REPORTS 1.36 BILLION EUROS (US$1.6BN) Q2 OPERATING LOSS EX-ITEMS
&
1.9 BILLION EUROS (US$2.3BN) H1 2020 OPERATING LOSS

AIR EUROPA PRICE NEGOTIATIONS "REMAIN ONGOING"

IAG Q3 2020 CAPACITY TO BE 74% LOWER THAN PRE-PANDEMIC
IAG Q4 2020 CAPACITY TO BE 46% LOWER

PLANS HIGHLY UNCERTAIN, SUBJECT TO EASING LOCKDOWNS AND TRAVEL RESTRICTIONS

IAG DEFERS 68 NEW AIRCRAFT IN 2020 to 2022

IAG RETIRES 32 BOEING 747-400s ( @British_Airways)
IAG RETIRES 15 AIRBUS A340-600s ( @Iberia_en)

IAG Q2 2020 CASH BURN FALLS TO 205 MILLION EUROS

APRIL & MAY CASH BURN LOWER THAN ESTIMATED: 195 MILLION EUROS Vs. 200 MILLION EUROS

IAG REITERATES COVID-19 RECOVERY TO TAKE THREE YEARS TO 2023

CASH AND UNDRAWN FACILITIES 8.1 BILLION EUROS AT JUNE 30
Does not include:
- 380M SALE AND LEASEBACK OF 5 AIRCRAFT: JULY
- 750M FROM AMEX PARTNERSHIP: AUGUST

(10 BN EUROS: APRIL 30, 2020)
(8.6 BN EUROS: DEC 31, 2019)

2020-2022 IAG planned gross capex halved by 7bn euros to 7.3bn
2020 spend: 1.5bn* (fleet financing secured*)
2021 spend: 2.3bn
2022 spend: 3.1bn

2020-2022 IAG fleet planned deliveries reduced by 68 to 75 through deferrals and cancellation

IAG has flex to return leased aircraft in 2021 (42 aircraft) and 2022 (54 aircraft)