SHARP EARNINGS GROWTH IN THE SECOND QUARTER OF 2004-05
* Operating income before aircraft disposals: 295 million euros (219 million at September 30, 2003)
* Earnings before taxes and amortization of goodwill: 289 million euros (210 million euros at June 30, 2003)

VERY STRONG PERFORMANCE IN THE FIRST HALF OF 2004-05
* Operating income before aircraft disposals: 451 million euros (218 million at September 30, 2003)
* Earnings before taxes and amortization of goodwill: 384 million euros (213 million euros at September 30, 2003

The Board of Directors of Air France-KLM, meeting on November 23, 2004 under the chairmanship of Jean-Cyril Spinetta, reviewed the financial statements for the first half of 2004-05. During the meeting, Jean-Cyril Spinetta made the following comments: "In an extremely difficult environment because of fuel prices, the results for this first half are very encouraging and demonstrate the value of the Air France-KLM merger." Leo van Wijk added: "The synergies generated with the two networks and the facilities given to our customers to combine travel on both carriers allowed the group to grow its market share while
controlling its costs. Air France-KLM is continuing its strategy of profitable growth."