15 May

Annual General Meeting report May 15, 2018

On Tuesday 15 May, a delegation of the SPAAK board visited the AGM (General Meeting of Shareholders) in Paris. Like last year, it was held in The Espace Grande Arche and was well attended.

Beyond the formalities of a normal shareholders' meeting, the most striking thing of course was the resignation of Jean-Marc Janaillac and the subsequent appointments of the interim board.Frédéric Gagey (CFO AF-KLM) was appointed interim CEO of AF-KLM until a suitable successor to Junaillac was found. He will not do this alone and the daily management of the holding company will be divided between Gagey, Franck Terner (CEO AF) and Pieter Elbers (CEO KLM). The vacant position of Chairman in the Board of Directors will be filled by Anne-Marie Couderc. She will become non-executive Chairman of the Board of Directors until a new Board Chairman is found.

It was interesting to taste the sentiment surrounding the unrest in France and KLM's position therein. The temporary position for our CEO in the AFKL holding gives KLM influence at the highest level.

The shareholders urged us to quickly find a solution to the problems in France. Remarkably, the black spot before the start of the unrest was mainly put on the French pilots. The shareholders were also (understandably) disappointed with the share price development of the AFKL share in the recent period.

The delegation made use of the offered setting to further expand contacts and gather information between the lines.

The coming period will be used to further expand the network and get in contact with other investors.