FROM THE OFFICE OF PUBLIC AFFAIRS

WASHINGTON, DC -- The Air Transportation Stabilization Board (ATSB), authorized by Congress to issue Federal loan guarantees to air carriers that suffered losses due to terrorist attacks on September 11, 2001, has named Daniel G. Montgomery as its Executive Director.

Mr. Montgomery is replacing Joseph P. Adams, Jr., who will return to Brera Capital Partners, a New York City-based investment firm from which he was on leave. Mr. Adams will continue to act as a consultant to the Board, advising on airline industry matters.

Mr. Montgomery has been a Managing Director with the ATSB since March 11. Prior to joining the ATSB, he served as a Managing Director in the loan structuring and syndications group of Banc of America Securities, the investment banking and brokerage arm of Bank of America. During his 11 years with Bank of America, he focused on leveraged finance and corporate restructurings. A 1987 graduate of Georgetown University, Mr. Montgomery earned an M.B.A. from the University of Texas in 1991.

The Chairman of the ATSB, Federal Reserve Board Governor Edward M. Gramlich, said "We are delighted that Dan Montgomery has agreed to take over as Executive Director. He brings significant expertise to the Board and will play a vital role in completing the Board's work."

Governor Gramlich also said, "I want to express the Board's gratitude to Joe Adams for his invaluable contributions at a critical time to the ATSB and the nation's airline industry and for his tireless work in establishing an effective organization on which the Board can continue to rely in fulfilling its important mission."

The ATSB, established as part of the Air Transportation Safety and System Stabilization Act signed into law September 22, consists of designees of Federal Reserve Board Chairman Alan Greenspan, Treasury Secretary Paul O'Neill and Transportation Secretary Norman Mineta. The designees are Federal Reserve Board Governor Edward M. Gramlich, Treasury Under Secretary for Domestic Finance Peter R. Fisher and Department of Transportation General Counsel Kirk K. Van Tine. David Walker, Comptroller General of the United States, is a non-voting member of the Board.

Additional information about the ATSB is available on its web site, www.treas.gov/atsb.