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Annual report and accounts 2016

146 Notes to the

146 Notes to the consolidated financial statements continued 32 Employee benefit obligations continued € million 2015 APS NAPS Other 1 Total Scheme assets at fair value 9,916 17,997 429 28,342 Present value of scheme liabilities (8,405) (18,460) (805) (27,670) Net pension asset/(liability) 1,511 (463) (376) 672 Effect of the asset ceiling 2 (561) – – (561) Other employee benefit obligations – – (12) (12) December 31, 2015 950 (463) (388) 99 Represented by: Employee benefit assets 957 Employee benefit obligations (858) 99 1 The present value of scheme liabilities for the US PRMB was €18 million at December 31, 2016 (2015: €62 million). 2 APS has an accounting surplus under IAS 19, which would be available to the Group as a refund upon wind up of the scheme. This refund is restricted due to withholding taxes that would be payable by the Trustees. b Amounts recognised in the Income statement Pension costs charged to operating result are: € million 2016 2015 Defined benefit plans: Current service cost 196 265 Past service cost 1 (52) (1) 144 264 Defined contribution plans 132 108 Pension costs recorded as employee costs 276 372 1 In 2016 includes a past service gain of €51 million in respect of the US PRMB, which has been classified as an exceptional item. Pension costs (credited)/charged as finance costs are: € million 2016 2015 Interest income on scheme assets (952) (1,031) Interest expense on scheme liabilities 921 1,024 Interest expense on asset ceiling 19 19 Net financing (income)/expense relating to pensions (12) 12 c Remeasurements recognised in the Statement of other comprehensive income € million 2016 2015 Return on plan assets excluding interest income (3,370) 462 Remeasurement of plan liabilities from changes in financial assumptions 5,624 (498) Remeasurement of experience gains (137) (183) Remeasurement of the APS asset ceiling 81 – Exchange movements 56 12 Pension remeasurements charged/(credited) to Other comprehensive income 2,254 (207) INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2016

147 d Fair value of scheme assets A reconciliation of the opening and closing balances of the fair value of scheme assets is set out below: € million 2016 2015 January 1 28,342 26,167 Acquired through Business combination – 13 Interest income 952 1,031 Return on plan assets excluding interest income 3,370 (462) Employer contributions 1 906 684 Employee contributions 111 114 Benefits paid (1,315) (1,276) Exchange movements (3,918) 2,071 December 31 28,448 28,342 1 Includes employer contributions to APS of €112 million (2015: €120 million) and to NAPS of €763 million (2015: €535 million), of which deficit funding payments represented €106 million for APS (2015: €110 million) and €638 million for NAPS (2015: €389 million). Scheme assets held by all defined benefit schemes operated by the Group at December 31 comprise: € million 2016 2015 Return seeking investments – equities UK 3,049 2,724 Rest of world 7,495 7,112 10,544 9,836 Return seeking investments – other Private equity 825 882 Property 1,783 2,142 Alternative investments 1,204 1,224 3,812 4,248 Liability matching investments UK fixed bonds 3,850 3,949 Rest of world fixed bonds 116 118 UK index-linked bonds 6,690 6,650 Rest of world index-linked bonds 128 124 10,784 10,841 Other Cash and cash equivalents 511 1,174 Derivatives 228 (114) Insurance contract 1,872 1,928 Longevity swap (35) (40) Other 732 469 28,448 28,342 Strategic Report Corporate Governance Financial Statements Additional Information All equities and bonds have quoted prices in active markets. www.iairgroup.com

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