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Wednesday March 8, 4:05 pm Eastern Time

Company Press Release

Pan American Airways Announces Start of International Charter Operation From Pease

TNT Vacations Caribbean Flights Expand to Pease International Tradeport in Portsmouth, NH

PORTSMOUTH, N.H.--(BUSINESS WIRE)--March 8, 2000-- Pan American Airways today announced that it has begun charter operations with TNT Vacations, one of the region's leading tour operators, to St. Martin and St. Kitts with arrivals and departures from Pease International Tradeport in Portsmouth, NH. The charter flights will use Pan Am's Boeing 727-200 aircraft for weekend charter flights to the Caribbean. The international nature of the flights will provide for arriving passengers to clear U.S. Customs at the Pease Passenger Terminal. The expanded relationship between TNT and Pan Am is defined by the use of Portsmouth, in addition to Logan Airport, for the flights.

Dan Fortnam, Pan Am's Vice President of Marketing, said, ``The use of Pan Am's Portsmouth facilities is a real boost for the airline and the Tradeport. Although we have worked with TNT in the past, we are delighted that they have made the decision to expand their arrivals and departures here in Portsmouth. We are eager to show off Pan Am's and the Tradeport's capabilities. We hope that additional charter activity will be attracted to Pease as a consequence of our success with TNT. ''

The charter flights will depart Portsmouth on Saturdays at noon. A returning flight will arrive on Saturdays at 10:25PM. Passengers on the arriving flight will clear U.S. customs at Pease International Tradeport Customs facilities.

About TNT Vacations:

TNT Vacations is a Boston, Massachusetts based package tour operator, which operates charters from Boston, Pittsburgh, and now Pease. TNT Vacations has sent more than two million passengers to the Caribbean and other destinations, including Europe, Bermuda, and Costa Rica.

About Pan Am:

The original Pan Am, founded in the late 1920's by Juan Trippe, set the standard for modern air travel worldwide as the operator of the famous Pan Am Clippers and, later, as the first to fly the Boeing 747. Along the way, Pan Am's blue globe became one of the most recognized logos in the world.

The owners of New Hampshire-based Guilford Transportation Industries acquired the new Pan Am in June of 1998. The new owners relocated the company's headquarters from Ft. Lauderdale to Portsmouth in December of 1998. At Portsmouth, the company operates a 220,000 square foot maintenance facility, as well as other aviation related businesses.

Pan Am currently provides scheduled passenger service to New England through Portsmouth, NH, Gary/Chicago, IL, and Sanford/Orlando, FL, and has recently added scheduled service in Pittsburgh, PA and Bangor, ME.