Seabury Announces Deal with Airline Planning Group

NEW YORK, July 8, 2003 - Seabury today announced that Airline Planning Group, LLC (APG), a full-service consulting firm focused on aviation, has joined the growing list of Seabury business units. The two entities bring together a wide range of expertise for the transportation industry, including investment banking, financial advisory, restructuring, airline and airport consulting services, and IT solutions.

Dr. Stephen Still and David Bental, who founded APG in 1997, will be lead managers of the business unit called Seabury Airline Planning Group LLC. Joel Antolini will manage the firm¹s growing airport practice.

"Seabury is very pleased that APG has joined the company," said John Luth, chairman, president and CEO of Seabury. "The synergy created by Seabury and APG will enable us to offer the worldwide transportation market a complete set of investment banking, consulting services and technology services for transportation companies, OEM manufacturers, airports, investment funds, and lessors and lenders to compete in today's challenging environment."

Seabury's transportation investment banking group, Seabury Transportation Advisors LLC and Seabury Securities LLC, collaborated with APG on work for US Airways in its restructuring and successful emergence from bankruptcy. Seabury currently serves as principal restructuring advisor and investment banking firm to Air Canada in its restructuring under the Companies' Creditors Arrangement Act (CCAA), which is similar to Chapter 11 of the U.S. bankruptcy code.

Dr. Still said, "We are excited about the expanded range of services we can offer our clients. The combination of people, products, and expertise will ensure that we deliver innovative solutions to our present and future clients."

Washington, D.C.-based Airline Planning Group LLC is a full-service consulting firm focusing on network planning, fleet planning and air service development. All of its consultants have held key positions in the planning departments of major airlines. Clients include airlines, airports and manufacturers worldwide. APG brings many IT solutions to Seabury including APGNet, the firm's network planning tool, APGDat, its Internet-based aviation data portal, APGAlliance, a suite of alliance and merger evaluation tools, and APGFam, the company's fleet optimization software. More information can be found at www.seaburyapg.com.

Founded in 1995, Seabury provides investment banking, financial advisory, restructuring and consulting services for business services, insurance, real estate, transportation, travel, and technology industries. Previous engagements include successful corporate restructuring assignments for US Airways Group, America West Airlines, Inc., Continental Airlines, Inc., and Kitty Hawk Air Cargo; M&A and financial advisory work for such investment funds as Texas Pacific Group LP and Blackstone Capital; and insurance advisory work for Liberty Mutual, Fortis and Kemper Insurance. Today, Seabury has arguably the largest group of investment banking and restructuring professionals in the world dedicated to the transportation sector.

Seabury principals have structured over $75 billion in debt, equity, M&A transactions and strategic affiliations. Seabury's 75 professionals have a wide variety of senior executive expertise in structured lease and debt financing structures for transportation and real estate concerns, enterprise risk assessments, insurance, technology, airline fleet and network planning, airport advisory services and IT management information systems.

Contact: Karen C. Cook
Director of Communications
kcook@seaburygroup.com
+1 212 475 8132