Exercise of Conversion Rights

1 March 2016

Total voting rights

International Consolidated Airlines Group, S.A. (the "Company" or "IAG") announces that, pursuant to the block listing announcement made on 3 February 2016, it has today allotted 23,823 ordinary shares with nominal value of €0.50 each in respect of a conversion notice received from a holder of the Company's €390,000,000 1.75 per cent. convertible bonds due 2018 (the "Bonds"). These shares are fully paid and rank pari passu in all respects with existing ordinary shares in IAG.

In accordance with Disclosure and Transparency Rule 5.6.1AR, the Company announces that, on 1 March 2016, the Company holds 17,991,982 treasury shares with a nominal value of €0.50 each, and the Company's issued share capital (excluding shares held as treasury shares) consists of 2,022,991,820 shares with a nominal value of €0.50 each.

Each share carries the right to one vote in relation to all circumstances at general meetings of IAG. Accordingly, excluding shares held as treasury shares, IAG has total voting rights of 2,022,991,820.

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