America West Overallotment Option

PHOENIX, Aug. 21 /PRNewswire-FirstCall/—America West Airlines (NYSE: AWA), a wholly-owned subsidiary of America West Holdings Corporation, announced today that the initial purchasers of $75 million issue price of its Senior Exchangeable Notes due 2008 have exercised their overallotment option and purchased an additional $11.8 million issue price amount of such notes. The aggregate amount due at maturity for these additional notes will be $34,424,000.

“We are pleased to have been able to increase our liquidity through this note offering,” said Derek J. Kerr, Chief Financial Officer. “This successful transaction is evidence of the capital markets` appreciation of America West`s turnaround and confidence in our future.”

The notes being offered and the class B common stock issuable upon exchange of the notes have not been registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and applicable state securities laws.

This announcement is neither an offer to sell nor a solicitation to buy any of these notes and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.