AKH Air France Ads

DESCRIPTION OF SECURITIES TO BE REGISTERED

 Location in Form of American
 Depositary Receipt ("Receipt")
Item Number and Caption Filed Herewith as Prospectus
----------------------- ----------------------------
1. Name of Depositary and address of its principal executive Face of Receipt - Introductory Article.
 office

2. Title of Receipts and identity of deposited securities Face of Receipt - Top Center.

Terms of Deposit:
 (i) The amount of deposited securities represented by Face of Receipt - Upper right corner.
 one American Depositary Share ("ADSs")

 (ii) The procedure for voting, if any, the deposited Reverse of Receipt - Paragraphs (17)
 securities and (18).

 (iii) The collection and distribution of dividends Reverse of Receipt - Paragraph (15).

 (iv) The transmission of notices, reports and proxy Face of Receipt - Paragraph (14);
 soliciting material Reverse of Receipt - Paragraph (17).

 (v) The sale or exercise of rights Reverse of Receipt - Paragraphs (15)
 and (17).

 (vi) The deposit or sale of securities resulting from Face of Receipt - Paragraph (7);
 dividends, splits or plans of reorganization Reverse of Receipt - Paragraphs (15) and (19).

 (vii) Amendment, extension or termination of the deposit Reverse of Receipt - Paragraphs (23) and (24) (no
 agreement provision for extensions).

 (viii) Rights of holders of Receipts to inspect the Face of Receipt - Paragraph (14).
 transfer books of the Depositary and the list of
 holders of ADSs

 Location in Form of American
 Depositary Receipt ("Receipt")
Item Number and Caption Filed Herewith as Prospectus
----------------------- ----------------------------
 (ix) Restrictions upon the right to deposit or withdraw Face of Receipt - Paragraphs (2), (3), (4), (7),
 the underlying securities (8), (10) and (11);
 Reverse of Receipt - Paragraph (25)

 (x) Limitation upon the liability of the Depositary Face of Receipt - Paragraph (8);
 Reverse of Receipt - Paragraphs (20) and (21).

 (xi) Fees and charges which may be imposed directly or Face of Receipt - Paragraph (11).
 indirectly on holders of ADSs

 AVAILABLE INFORMATION Face of Receipt - Paragraph (14).

The Company has been subject to the periodic reporting requirements of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), and has filed certain reports with, and submitted certain information to, the United States Securities and Exchange Commission (the "Commission"), which reports can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission at 100 F Street, N.E., Washington, D.C. 20549. The Company has filed a Form 15F ("Form 15F") with the Commission, which has suspended the Company's duty under the Exchange Act to file or submit the reports required under Sections 13(a) or 15(d) of the Exchange Act. Upon the effectiveness of Form 15F, the Company's duty to file or submit reports under Sections 13(a) or 15(d) of the Exchange Act will terminate and the Company will, pursuant to Rule 12g3-2(e)(1), receive the exemption from the reporting obligations of the Exchange Act provided by Rule 12g3-2(b). In order to satisfy the conditions of Rule 12g3-2(b) the Company intends to publish the information contemplated in Rule 12g3-2(b)(1)(iii) under the Exchange Act on its internet website or through an electronic information delivery system generally available to the public in the Company's primary trading market, and to translate the information so published into English in accordance with the instructions to Rule 12g3-2(e). The Company has specified in Form 15F the internet website or the electronic information delivery system on which it intends to publish such information. The information so published by the Company cannot be retrieved from the Commission's internet website, and cannot be inspected or copied at the public reference facilities maintained by the Commission. If the Form 15F is not declared effective, the Company will again be subject to the periodic reporting requirements of the Exchange Act and will be required to file with the Commission, and submit to the Commission, certain reports that can be retrieved from the Commission's internet website at www.sec.gov, and can be inspected and copied at the public reference facilities maintained by the Commission.

PROSPECTUS

The Prospectus consists of the proposed form of American Depositary Receipt included as Exhibit A to the Form of Amendment No. 1 to ADS Deposit Agreement filed as Exhibit (a)(i) to this Post Effective Amendment No. 1 to Registration Statement on Form F-6 and is incorporated herein by reference.