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Monday March 20, 5:14 pm Eastern Time

Company Press Release

Pan American Airways Starts Pittsburgh Service

Clipper Service Links Gary/Chicago With Pittsburgh and New England

PORTSMOUTH, N.H.--(BUSINESS WIRE)--March 20, 2000--Pan American Airways today began scheduled passenger service through Pittsburgh International Airport, linking the city with Gary/Chicago Airport. Reservations and fares are viewable at www.FlyPanAm.com or by telephone at 1-800-FlyPanAm.

Dave Fink, Pan Am's President, said, ``Our service with Pittsburgh is an important next step in our steady progress to build this airline. Adding Pittsburgh to our Gary/Chicago service provides Pan Am with an important city link and we hope will provide an economic opportunity to support commercial and business activity between the two cities.''

Fink added, ``We started from scratch in Gary just four months ago, and today we can report that the passenger reaction has been much better than we anticipated. The leisure traffic with Sanford/Orlando has been strong, and we will be building on this to further develop our business travel market.'' Fink stressed, ``Pittsburgh is the next big step on this front and we intend to proceed in the same measured fashion that has been successful to date.''

Pan Am also announced today that its reservation system began taking bookings for Pittsburgh from Bangor and Sanford/Orlando for flights beginning May 1, 2000.

Dan Fortnam, Vice President of Marketing, said, ``Although our New England and Orlando flights will not start for a few weeks, we wanted to give passengers a head start on planning for business and leisure travel.''

Fortnam pointed out that ``Our service to Pittsburgh will provide Gary/Chicago passengers with an opportunity to link with other airlines at the Pittsburgh Airport. As a consequence, Gary/Chicago passengers will be able to get the convenience of the Gary/Chicago Airport with continuing service to other domestic and international destinations.'' Fortnam added, ``While the Pittsburgh International Airport is a busy facility, they have done a great job managing traffic and avoiding congestion.''

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, IN, and Sanford/Orlando, FL, and has recently added scheduled service in Bangor, ME.