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Shareholder Update October 2018

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Shareholder Update October 2018 Capital Markets Day 2nd November 2018 Agenda 08.30 Registration and Breakfast 09.00 Opening remarks Antonio Vázquez IAG Chairman Willie Walsh IAG CEO 09.10 Investment case Robert Boyle IAG Director of Strategy 10.00 LEVEL Vincent Hodder LEVEL CEO 10.30 Vueling Javier Sánchez-Prieto Vueling Chairman & CEO 10.50 Aer Lingus Stephen Kavanagh Aer Lingus CEO 11.10 Coffee Break 11.40 Iberia Luis Gallego Iberia Chairman & CEO 12.00 British Airways Alex Cruz BA Chairman & CEO Robert Boyle IAG Director of Strategy 12.30 IAG Digital Lynne Embleton IAG Cargo CEO 13.00 Lunch 13.50 Financial investment case Enrique Dupuy IAG CFO 14.30 Conclusion and Q&A Willie Walsh IAG CEO 15.30 Drinks Reception 2 Investment case Willie Walsh – IAG CEO Robert Boyle – IAG Director of Strategy The IAG investment case A unique structure that drives growth and innovation to generate superior shareholder returns Unique structure RoIC Sustainable EPS growth Portfolio of world- profitability class brands Margin Total Global leadership shareholder Ordinary dividend positions returns Organic Cost efficiency Accretive growth Share buyback Inorganic Innovation 4 The IAG investment case A unique structure that drives growth and innovation to generate superior shareholder returns • Disciplined capital allocation • Active portfolio management approach Unique structure • Flexibility and rapid decision making • Platform with centralised functions to enable scale and plug & play • Operationally focused companies Portfolio of world- • Distinct brands class brands • Diversified customer base • Complementary networks Global leadership • Leading the consolidation of the airline sector positions • Barcelona, Dublin, London, Madrid • North Atlantic, South Atlantic, and intra-Europe Cost efficiency • 11.7% reduction in CASK ex-fuel at constant currency since IAG’s founding in 2011 • c.4% further reduction targeted by 2022 • Dynamic and creative culture Innovation • At the forefront of digital innovation in the airline industry • Digital platform to grow revenues streams, enhance customer loyalty and drive cost efficiencies 5 Setting the scene – IAG a strong player in a growth business Willie Walsh – IAG CEO Reasons to be optimistic about the industry potential Time Period Industry Net Profit Passenger Growth 1947 2009 -$13bn +9.2% Industry Net Profit CAGR 63 years 2010 2017 +$183bn +6.0% Industry Net Profit CAGR 8 years Source: ICAO 7 Structural changes driving the optimism • Gradual erosion of protectionism in more developed markets • Restructured labour agreements • Improvements in technology e.g. direct distribution • Industry finding inventive ways to capture value - Different business models - Ancillary products • Airlines executives focused on managing for value • Industry consolidation 8 Domestic US has seen significant consolidation in recent times… Domestic United States Intra Europe Top 5 Carriers by capacity seat share in 2018 Top 5 Carriers by capacity seat share in 2018 86% of total market of 957 million seats 63% of total market of 929 million seats 22% 16% 21% 15% 14% 37% Other Other 12% 21% 11% 16% 9% 5% Source: OAG departing seats in 2018; Europe excluding Russia and Turkey 9 …with the European short haul market also consolidating 63% of the European short-haul market is represented by 5 airline groups - a c.20ppt increase since 2008 Other Intra Europe capacity, today’s 5 largest airline groups Lufthansa, Ryanair, IAG, easyJet, AF/KLM Available seats to and from European airports (millions) 929 +2% CAGR 888 837 775 734 725 734 724 723 743 37% 696 39% 39% 40% 42% 49% 46% 42% 57% 53% 53% 63% 61% 61% 58% 60% 51% 54% 58% 43% 47% 47% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: OAG. Europe excluding Russia and Turkey. Note: IB is not included in the group of 5 until the creation of IAG. Date and airline acquired: 10 2009 Austrian, 2011 IAG creation, 2013 Vueling, 2015 Aer Lingus, 2016 Brussels Airlines Long-haul consolidation driven mainly by joint ventures Capacity share for long haul flights departing Europe (One-way Available Seat Kilometres) Big 3 non JB capacity Big 3 JB capacity Big 3 Middle Eastern Carriers 989bn Other +3.8% CAGR 39% More liberalised markets have 680bn experienced deeper co-operation through the form of commercial joint ventures 9% where co-operation extends beyond 62% 19% normal alliance activity 1% 4% 33% 33% 2008 2018 Source: Estimated from OAG and company press releases 11 Track record of successful and consistent inorganic growth IAG bmi Vueling Aer Lingus Monarch slot formed acquisition acquisition acquisition purchase 2011 2012 2013 2014 2015 2016 2017 2018 First full year of Siberian joint Finnair join Finnair join Atlantic QATAR joint LATAM joint Atlantic Joint business formed Siberian Joint Business business formed business approved Business with JAL Joint Business Note: Year represents the year the deal was completed 12 Unique structure Willie Walsh – IAG CEO IAG’s unique operating model Corporate Parent Airline Operating Companies Full Service Value Low cost Platform of common services MRO / Fleet Digital IAG Connect 14 Clear areas of focus Corporate Airline Operating Parent Company Define product strategy for target Sets the long term vision for the Group customer segments vs Defines portfolio attractiveness and Deep and real-time understanding of makes capital allocation decisions competitive environment Exerts vertical and horizontal influence Standalone profit centres and across the Group independent credit identities Individual brand, cultural identity and management teams 15 Fit for purpose corporate parent IAG is managed from one floor plate of office space in BAs Head Office at Waterside Group Four core corporate parent activities Finance Group Strategy 1. Group Strategy, including digital 2. Group Finance 3. General Counsel Chief of Staff 4. Chief of Staff Digital Open floor plan for all corporate parent staff Group CEOs desk IAG Management Committee includes CEOs of largest operating companies General Counsel 16 IAG’s Management Committee IAG IAG IAG Iberia Vueling GC CFO CEO CEO CEO Aer Lingus • Weekly meetings CEO • Headed by the Group CEO • Comprised of the airline and platform CEOs and IAG’s senior management (CFO, Chief of Staff, Director of Strategy and IAG DoS General Counsel) IAG AVIOS BA GBS CARGO IAG CEO CEO CEO CoS CEO 17 Unique set of competitive advantages PARENT A PORTFOLIO MANAGER WITH A ROBUST STRUCTURAL NEUTRALITY ‘FEEL FOR THE BUSINESS’ POSITIONING Independence of corporate parent from IAG understands the critical success factors in Balance sheet strength combined with operating companies enables flexible, the airline business – able to judge suitable competitive cost base, provide platform to rapid and dispassionate decision making targets and performance levels and react deliver value throughout the cycle sensitively to issues that arise ATTRACTIVE PORTFOLIO OF GEOGRAPHICALLY ‘PLUG AND BUSINESSES COMPLEMENTARY HUBS PLAY MODEL’ Good combination of profitable businesses Each hub has a clearly defined role in the Model allows value to be created quickly from each with attractive and distinct market total IAG system, underpinned by a large inorganic plays. Alternatively, ideas can be positioning. Diversified exposure to mature local market developed at the centre and leveraged at and fast growing segments of the industry scale across the wider group 18 • Track record of value creation • Rapid decision making in Action • ‘Plug and Play’ platform A series of case studies • Integrated business planning process 19 Track record of value creation IAG’s Return on Invested Capital €856m 16.1% 16.0% Synergy delivery Total annual reported synergies as of 2015 achieved from 13.6% the BA and IB merger 12.7% Commitment to c.21% make tough choices Reduction in Iberia’s average 7.9% headcount since 2012 5.3% Vueling 5.6 ppt 3.5% Margin expansion post acquisition Aer Lingus 9.1 ppt Operating margin growth 0.1% post acquisition by IAG (vs. year 2011 2012 2013 2014 2015 2016 2017 LTM prior to acquisition) Sept 18 20 Rapid decision making The launch of LEVEL < 9 months from final recommendation to launch 4 x A321 based in Vienna December 2016 < 4 months from endorsement of business Brand agencies plan and LEVEL brand to first flight engaged to develop 2 x A330-200 based in Paris Orly new brand < 1 month from endorsement of business plan and brand to 2 x A330-200 based in Barcelona 3 x A330-200 based in Barcelona selling flights September 2016 23 February 2017 17 March May 2017 June 2017 28 June 2018 July 2018 IAG Board endorses IAG Board endorses 2017 IAG Board LEVEL flights LEVEL branded LEVEL flights recommendation to recommendation to LEVEL flights endorses launch from short-haul launch from progress analysis and launch NGLC from go on sale recommendati Barcelona flights Paris (long launch NGLC from Barcelona under new on to pursue from Vienna go haul) Summer 2017 brand, operated by Paris as on sale and Vienna Iberia second base (short haul) Notes: NGLC - “Next Generation Low Cost Carrier” 21 Plug and Play platform MRO / Fleet Digital IAG Connect Established 2011 2011 2011 2013 2014 2016 Improving the In-flight The Group Reward currency • IT Retailing IAG’s competitiveness of Setting the digital connectivity service used to underpin • Procurement cargo capacity IAG’s maintenance strategy for IAG strategy and roll- OpCo FFPs • Finance Ops provider for: activities out Synergies can be quickly realised by removing duplication of activities from acquired carriers in addition to the scale effects of added
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