As temperatures rise, Pan Am prices fall.

MIAMI--(BUSINESS WIRE)--April 28, 1997--Pan American World Airways (ASE:PAA) announced Monday that it is offering a spring sale for travelers to take advantage of deeply discounted fares for those traveling on Tuesdays and Wednesdays.

The discounts range from 47% to 64% off the lowest unrestricted fares and will be available for sale until May 18 and there is no travel cutoff date.

"Air travelers who can make their summer plans now can economize with these `early bird' special fares which we believe will stimulate travel this summer," Martin R. Shugrue Jr., Pan Am's president and chief executive officer said. "The marketplace is much more flexible during the summer and can adjust itineraries to take advantage of this excellent air transportation value," Shugrue added.

Seats at the discounted fares are limited and tickets must be purchased within 72 hours of booking. Except for San Juan, all travel requires a Saturday night stay over. For travel to and from San Juan, a three day minimum stay is required and all fares have a maximum stay of 30 days. Although the tickets are nonrefundable, Pan Am's policy provides that tickets may be reissued without a charge.

One way fares based on roundtrip purchase are shown below as well as the percentage of discount off the unrestricted lowest fare. -0-

                                 Fare           Discount
                                 ----           --------
   JFK-LAX                       $199             59%
   JFK-MIA                       $ 89             57%
   MDW-MIA                       $ 89             60%
   JFK-SJU                       $119             50%
   MDW-SJU                       $149             47%
   MIA-SJU                       $ 99             64%

CONTACT: Pan Am World Airways, Miami

Jeff Kriendler, 305/866-2115