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Chief Executive’s statement

CONSOLIDATION IN THE MARKETPLACE

Tailfins on Iberia, British Airways and American Airlines aircraft

The airline industry is consolidating at an accelerating pace. We are determined to be a leader in the restructuring of our industry. Our proposed merger with Iberia, and our planned joint business with American Airlines and Iberia are examples of how we are shaping our own destiny in a new era for international commercial aviation. These deals are not about getting bigger. They are about getting better, for the benefit of our customers.

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