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PRESS RELEASE

August 01, 2014, IAG Cargo today announces its Q2 results from April 1 to June 30, 2014, reporting commercial revenue (flown revenue plus fuel surcharges) of €238m versus €271m for the same period last year. On a like for like basis, adjusting prior year figures to reflect a directly comparable freighter operation*, commercial revenue remains flat versus last year.

Following the cessation of the long haul freighter leasing contract with GSS on April 30, 2014, IAG Cargo ran a significantly reduced freighter programme, which is reflected in the following figures. Volumes of 1,321m cargo tonne kilometres (CTKs) for the quarter decreased by 5.1 per cent compared to Q2 2013, while capacity decreased by 5.6 per cent. Overall yield (commercial revenue per CTK) for this quarter was down 7.4 per cent and down by 2.8 per cent excluding the effect of exchange.

Volumes of 1,321m cargo tonne kilometres (CTKs) on a like for like basis for the quarter* represent an increase of 7.1 per cent compared to Q2 2013, while capacity increased by 3.2 per cent. Overall yield (commercial revenue per CTK) for this quarter was down 6.6 per cent and down by 1.9 per cent excluding the effect of exchange.

Steve Gunning, CEO at IAG Cargo, commented: "The strong second quarter performance is the result of us continually adapting our business to meet challenging market conditions. In particular, the decision to end our longhaul freighter agreement with GSS and instead purchase capacity on Qatar Airways' freighter fleet has delivered real commercial value.

"Over the quarter we have utilised additional line capacity well and have achieved good load factors with notably strong flows from Asia Pacific to North America. Our newest routes to Austin, Texas and Chengdu, China have also performed well with impressive load factors. From a customer experience perspective, we have successfully launched Cargo Connector, our small freight connection service, in two additional US markets during the quarter, a move which has been particularly welcomed by small and medium sized forwarders.

"With the customer-focused changes that we continue to make to the business and a firm handle on costs, we are making good progress towards optimising IAG Cargo's bottom line contribution and we are looking ahead to the remainder of the year with optimism."

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