PAR sells US Airways holding

US Airways has announced that PAR Investment Partners, the companies largest
shareholder, has sold a total of 6.5 million shares of its 13.5 million shares
of US Airways stock as part of its portfolio diversification strategy.PAR
was an original investor in US Airways’ merger with America West in September
of 2005 and subsequently acquired additional shares in early 2006 in two
private transactions.

After this sale, PAR Investment Partners will remain one of US Airways’
largest investors and US Airways will remain the largest position within PAR’s
investment portfolio.  In addition, PAR Capital Management Vice President
Edward Shapiro will retain his seat on the US Airways’ Board of Directors.

  “US Airways has created significant value for its shareholders and we
remain optimistic about the Company’s future.  However, at this juncture, it
is prudent for us to liquidate a portion of our investment in order to
diversify our portfolio,” said Paul Reeder, President of PAR Capital
Management.

  Shapiro added, “We have tremendous respect for the management team at US
Airways and are pleased with the merger integration efforts thus far. US
Airways has a solid business plan and a strong balance sheet, and I look
forward to continuing to serve on the Board.”

  Chairman and CEO Doug Parker said, “PAR was the first investment firm to
recognize the potential of the US Airways / America West merger and played a
key role in allowing us to attract the investment necessary to complete the
transaction.  We couldn’t be more pleased to see them realize a significant
return on that investment. In addition, we have benefited greatly, and will
continue to benefit, from Ed Shapiro’s presence on our Board.  Ed has been a
part of the aviation community for nearly 20 years and has tremendous
analytical insight into industry fundamentals. We value his presence and look
forward to his continued strategic counsel.”
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