content_image/1056045.jpg
## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS OF AMERICAN AIRLINES GROUP INC. 

## Benefit Plan Assets Measured at Fair Value on a Recurring Basis 

The fair value of our pension plan assets at December 31, 2019 and 2018, by asset category, were as follows (in millions): 

<img src='content_image/1056045.jpg'>

$^{(a)}$ Holdings are diversified as follows: 14% United Kingdom, 8% Switzerland, 8% Ireland, 7% Japan, 7% France, 6% South Korea, 6% Canada, 18% emerging markets and the remaining 26% with no concentration greater than 5% in any one country. 

$^{(b)}$ There are no significant concentrations of holdings by company or industry. 

$^{(c)}$ Investment includes mutual funds invested 40% in equity securities of large-cap, mid-cap and small-cap U.S. companies, 33% in U.S. treasuries and corporate bonds and 27% in equity securities of international companies. 

$^{(d)}$ Includes approximately 76% investments in corporate debt with a S&P rating lower than A and 24% investments in corporate debt with a S&P rating A or higher. Holdings include 86% U.S. companies, 11% international companies and 3% emerging market companies. 

$^{(e)}$ Includes approximately 79% investments in U.S. domestic government securities, 13% in emerging market government securities and 8% in international government securities. There are no significant foreign currency risks within this classification. 

