Update on Air France and KLM Offer

Further to
their previous press releases of 30 September, 16 and 29 October 2003 and 11
February 2004 regarding the combination of Société Air France (“Air France”)
and Koninklijke Luchtvaart Maatschappij N.V. (“KLM”), by way of an exchange
offer by Air France for all outstanding common shares of KLM (the “Offer”),
Air France and KLM together announce the following.Air France and KLM currently expect that the Offer will be launched prior to
the end of March 2004 and not on the 22nd March 2004. The currently expected
close of the Offer period is at the end of April 2004.

Further announcements will follow as circumstances require.
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