SECOND QUARTER

Strong performance of transport businesses
Sales revenues up 6.4% to 5.13 billion euros
Increase of 1.7% in unit revenue per available seat kilometre (excluding currency effect)
FIRST HALF
Revenues up 9.1% to 9.59 billion euros

Activity in the 2nd quarter of 2004-05
The Group performed well in the second quarter, in a context marked by rising oil prices. Revenues were up 6.4% to 5.13 billion euros. Both companies contributed to this growth. Air France posted revenue growth of 5.6% to 3.36 billion euros and KLM's revenues were up 8.4% to 1.78 billion euros.

Unit revenue per available seat kilometre (RASK) was up 0.3%, despite a negative currency impact of 1.4%.
Unit revenue per revenue passenger- kilometre (yield) was up 0.6% excluding currency effect.

Maintenance activity
The third-party maintenance revenues of the Air France-KLM group increased by 2.7% for the quarter ending 30 September 2004 to 192 million euros.

Other activities
Other activities include the catering operations of the two companies through their subsidiaries Servair and KLM Catering Services, and the charter and low cost business of KLM through its subsidiary Transavia.
Revenues for other activities grew 4.9% to 281 million euros.
Revenues for the charter and low cost business totalled 143 million euros (-1.5%), while revenues for the catering segment were 138 million euros (+12.2%).


Activity for the first half of 2004-05
As the exchange offer for the KLM shares closed on 3 May 2004, the consolidated data (revenues and traffic) for the Air France-KLM group are presented on the basis of a consolidation of Air France over 6 months (April-September) and of KLM over 5 months (May-September). The variations shown are based on a 2003 pro forma basis.
Revenues for the first half totalled 9.59 billion euros, an increase of 9.1%.

Passenger activity
The passenger sector posted revenues of 7.60 billion euros (+9.2%), of which traffic revenues amounting to 7.12 billion euros (+9.1%).

Forward-Looking Statements
The information herein contains forward-looking statements about Air France-KLM and its business. These forwardlooking statements, which include, but are not limited to, statements concerning the financial condition, results of operations and business of Air France-KLM are based on management’s current expectations and estimates.
These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of Air France-KLM’s control and are difficult to predict, that may cause actual results to differ materially
from any future results expressed or implied from the forward-looking statements. These statements are not guarantees of future performance and involve risks and uncertainties including, among others: the expected synergies and cost savings between Air France and KLM may not be achieved; unanticipated expenditures; changing relationships with customers, suppliers and strategic partners; increases in aircraft fuel prices; and other economic, business,
competitive and/or regulatory factors affecting the businesses of Air France and KLM generally. Additional information regarding the factors and events that could cause differences between forward-looking statements and actual results in the future is contained in Air France’s and KLM’s Securities and Exchange Commission filings, including their Annual Reports on Form 20-F for the year ended March 31, 2004. Air France-KLM undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.