Vueling initiates the transformation of its current Board of Directors.

Sunday 11th August 2013

The airline will soon replace the present Board of Directors as part of Vueling's stock market de-listing and IAG takeover.

Current CEO, Alex Cruz, will become Chairman of Vueling.  Vueling and its current chairman, Josep Piqué, will continue to co-operate closely.

Barcelona, 10 August 2013. Vueling will replace its current Board of Directors, following the agreement reached at IAG's (International Airlines Group) board meeting.  A new governance structure will be introduced in order to be more in line with the new company status as an unlisted company. As specified in the prospectus submitted to the Spanish stock regulator, CNMV, on the tender offer, the seven independent board members, including the Chairman, will shortly present their resignation.

Vueling starts a new phase of its development under the control of IAG with a new Board of Directors made up of IAG executives yet to be announced. This board will be more operational and focused on the day-to-day activities of the airline. The new chairman of this new governance structure will be Vueling's current CEO, Alex Cruz.

"All the growth challenges managed by Vueling - its exemplary evolution towards a profitable growth path - have been achieved thanks to the great contribution and vision of each member of the Board, who have wisely guided the company in the right direction over the last four years", said Alex Cruz. "I would like to make a special reference to our Chairman who has been a key figure in supporting Vueling in order to achieve this success. Josep Piqué has always dedicated his strong leadership to support the interests of our shareholders, employees and customers".

The new Vueling Chairman and IAG will seek to maintain a close relationship with Josep Piqué in developing the company's growth in the future.

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