Vueling initiates transformation of current Board of Directors

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.