Saab Aircraft Leasing to deliver 18 SAAB 340As to Shuttle America

Saab Aircraft Leasing and Shuttle America have reached an agreement to
lease 18 Saab 340As to the Windsor Locks, Connecticut-based operator on
three- to four-year terms. Operating as a US Airways Express carrier in
the Northeast, Shuttle America has accepted nine Saab 340As to date,
with nine more scheduled for delivery before the end of 2002.

"We are delighted to add Shuttle America to our Saab customer list as
another operator focusing its growth strategy on flying only turboprops
for US Airways, "said Michael Magnusson, president of Saab Aircraft
Leasing. "The Saab 340s have paved the way for Shuttle America to
develop Hanscom Airfield in Bedford, Massachusetts as an alternative
airport to Boston Logan."

The 33-seat Saab 340As will be used to replace the airline's current
fleet of Dash 8s and expand its services in the Northeast. On March 3,
Shuttle America launched a number of new services, including Cleveland,
OH; Hagerstown, MD; Indianapolis, IN; Lexington, KY; Nashville, TN;
Washington, DC/Dulles; and Westchester County, NY.

Mark Cestari, vice president-marketing for Shuttle America added: "The
quiet and comfortable Saab 340As have allowed Shuttle America to develop
first-ever service between these uncongested airports in suburban Boston
and suburban New York City offering travellers another convenient,
closer-to-home alternative for their short-haul flying."

Shuttle Acquisition LCP, a wholly owned subsidiary of Wexford Capital
LLC, a Connecticut-based investment firm, finalized the acquisition of
Shuttle America in December 2001. An independent corporate entity,
Shuttle America has been operating as a US Airways Express carrier since
October 24, 2001, with expanded non-stop service between Boston's
Hanscom Airfield (Bedford, MA) and Trenton/Mercer Airport and non-stop
service from Hanscom to US Airway's hub at Philadelphia International
Airport.

Saab Aircraft Leasing manages a portfolio of about 300 Saab 340 and Saab
2000 aircraft leased to 28 airlines around the world. With 38 employees,
its head-office is in Washington, DC. Saab Aircraft Leasing is part of
the Saab Aviation Services Business Area of Saab AB.

Saab is one of the world's leading high-technology companies, with its
main operations focusing on defence, aviation and space. The group
covers a broad spectrum of competence and capabilities in systems
integration.

For further information, please contact:
Michael Magnusson, Saab Aircraft Leasing Phone +1 703 406-7220
michael.magnusson@sal.saabus.se Fax: +1 703 406-7227

www.saab.se

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