Air France Appoints Citigroup Depositary for NYSE Listed ADRs and ADWs Following Merger with KLM Royal Dutch Airlines
New York - May 5, 2004 – Citigroup (NYSE symbol: C) today announced its appointment as depositary bank for Air France, one of the world’s leading airlines in terms of number of passengers carried and international passenger transport, headquartered in Paris, France. This appointment follows the merger of KLM Royal Dutch Airlines and Air France. Air France is making a tender offer to acquire all outstanding common shares of KLM in exchange for Air France Shares and Warrants. Citigroup will be the depositary for the NYSE listed American Depositary Receipts (ADRs) and American Depositary Warrants (ADWs). The Air France Shares and Warrants will be listed on the Euronext Paris and Euronext Amsterdam.
The ADRs trade under the NYSE symbol AKH (CUSIP 009119108), and the ADWs trade under the NYSE Symbol AKH WS (CUSIP 009119116). Holders of KLM New York Registry Shares (NYRSs) will receive 11 Air France American Depositary Shares (ADSs) and 10 Air France American Depositary Warrants (ADWs) for every 10 KLM NYRSs. The ADWs will be exercisable for a period of 24 months beginning 18 months after completion of the offer and only in multiples of three ADWs.
“We are delighted to support Air France’s NYSE listing as the company builds and diversifies its US shareholder base,” said Sanjeev Nanavati, Managing Director of Citibank ADR.
“Citigroup is one of our longstanding partners and we are very pleased to have this new opportunity to work together,” said Philippe Calavia, CFO of Air France.
Air France and KLM have a strong presence focused on all three major aspects of the air transport industry, namely the transportation of passengers and cargo and aircraft maintenance. The merger of the two companies will create the first worldwide airline with a fleet of 556 aircraft serving 225 destinations. For further information visit www.airfrance-finance.com.
For more information on Citibank ADR programs, as well as industry trends and developments, please visit citigroup.com/adr.
About Citibank Depositary Receipt
Services
Citibank Depositary Receipt Services leads the market in bringing
quality issuers to the U.S. market and promoting American Depositary
Receipts as an effective capital markets tool. Citibank began offering
ADRs in 1928 and today is widely recognized for providing non-U.S.
companies with a gateway to the world of resources Citigroup has to
offer. In addition, our financial strength and global presence provides
clients with access to Citigroup's on-the-ground presence and in-depth
knowledge of 90 local markets.
Depositary Receipt Services is a business line within Citigroup®
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around the world. With over $ 100 billion in average liability balances,
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along with an on-the-ground presence and in-depth knowledge of more
than 90 local markets. For additional information, see www.transactionservices.citigroup.com.
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