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Former Cathay Pacific Airways CEO David Turnbull Joins Seabury As Chairman of Seabury Asia

November 11, 2008

Seabury Group LLC (“Seabury”) today announced that it has formed a Hong Kong subsidiary, Seabury Aviation & Aerospace Asia (Hong Kong) Ltd. (“Seabury Asia”) with its principal office in Hong Kong, and that aviation and shipping executive David Turnbull has joined as Chairman of that entity. Seabury formed Seabury Asia in response to the growing demand of Seabury’s Asian aviation, aerospace, cargo and maritime clients for Seabury’s financial advisory, strategy and operational consultancy services.

Mr. Turnbull is currently, and will remain, Executive Chairman of Pacific Basin Shipping, Limited; a Hong Kong publicly listed company, on whose board he has served since May 2006. Prior to joining Pacific Basin, Mr. Turnbull was a director of Allco Finance Group (Hong Kong) Limited from July 2006 to March 2008.

He also is the immediate past Chairman of Swire Pacific, Ltd. Prior to that he was the Chief Executive Officer and Deputy Chairman of Cathay Pacific Airways Limited from 1998 to 2005, and Chairman of the Board from 2005 to 2006.

“David Turnbull’s extensive experience and professional network complement Seabury’s team of industry leaders, which includes former Airbus executive Henri Courpron, who heads our Aerospace practice in Toulouse, France, and Dr. Christopher Smith, who heads our Airport advisory practice from London,” said John E. Luth, Chairman, President and CEO of Seabury.

Mr. Turnbull said, “I am pleased to have the opportunity to join Seabury, the leading global aviation and advisory group, as Chairman of Seabury Asia, with responsibility for bringing Seabury’s capabilities to many of the fastest-growing economies in the world, which I believe can benefit tremendously from the firm’s expertise.”

Mr. Turnbull was appointed a director of Cathay Pacific in 1994 and took up the positions of Deputy Managing Director in 1994, and Managing Director in 1996. Mr. Turnbull also served as Chairman of Hong Kong Aircraft Engineering Company, Ltd. from March 1995 to August 2006, and as a non-executive director of the Hong Kong and Shanghai Banking Corporation, Hysan Development Co. Ltd. and Air China Ltd.

He graduated from Cambridge University, England, in 1976 with a Bachelor of Arts (subsequently Master of Arts) degree with honors in economics. He joined the Swire Group upon graduation and held a variety of senior management positions with international responsibilities covering aviation, shipping and property during his 30 years with the Swire Group.

Also joining Seabury Asia is Ian O. Malin, as Vice President. Mr. Malin has over eight years of asset finance and leasing experience at Allco, having served in Allco’s New York, Frankfurt and Hong Kong offices. Mr. Malin will be responsible for the day-to-day operations of Seabury Asia and for business development across Asia. Mr. Malin graduated from Middlebury College in Vermont (USA) and earned his juris doctor degree from New York Law School.

Other Seabury senior professionals will be posted to the Hong Kong office.

Seabury Global Expansion

Seabury Asia is the latest addition to Seabury Group’s international network of investment banking and consultancy practices that increasingly span the globe. Earlier this year Seabury established a U.K. subsidiary based in London providing consulting services covering airlines, airports and other aviation companies in Europe, the Middle East and Africa. These offices complement Seabury’s French and Dutch subsidiaries based in Amsterdam (NL) and Toulouse (France) which, respectively, house Seabury’s cargo advisory and aerospace practices. Also based in Amsterdam is Seabury’s affiliate, SGI Aviation, a global aircraft advisory company providing airlines, lessors and financial institutions with technical advisory services.

About Seabury

Seabury Aviation & Aerospace LLC, which is the primary unit of Seabury, is the largest investment banking and advisory practice serving aviation, aerospace, and cargo. Through its 175 professionals based in 10 offices on four continents, Seabury provides advisory services spanning investment banking, restructuring/corporate recovery, management consulting, IT development, and advisory services covering human capital. Seabury has advised over 225 clients spanning Africa, Australia, Asia, Europe, the Middle East, and the Americas.

Seabury was awarded Airfinance Journal’s “North American Deal of the Year” for the $750 million equity offering structured and placed for Northwest Airlines in 2007. In October 2008, Seabury raised $1.1 billion for US Airways Group, Inc. In 2005, Seabury arranged $2.2 billion of financing for the merger of US Airways and America West Airlines, and served as M&A advisor for US Airways. In 2004 Seabury raised $1.6 billion of equity and debt exit financing for Air Canada’s successful reorganization under CCAA.

In total, Seabury has raised over $30 billion of capital financing for airlines, including over $3.5 billion of equity financing.

Seabury is the leading global restructuring advisor in the aviation industry, having successfully managed 7 of the 10 largest airline restructurings or corporate recoveries in the world. Those successful assignments include Air Canada (2004), America West (2001), Avianca (2005), Continental Airlines (1995), Northwest Airlines (2007), and US Airways (2005). Avianca is the only non-US airline to have reorganized under US Chapter 11 laws. Seabury currently is advisor to Frontier Airlines and Midwest Airlines (both US carriers) in their reorganization efforts.

Seabury’s Airline Planning Group is a leading provider of software tools for network and fleet planning, alliance valuation and planning, and scheduling. Seabury’s Cargo Advisory Group is the leading provider of global trade data and cargo/freight capacity information, and Seabury Aerospace provides strategic, financial and operational advisory services to the aerospace industry on a global basis.

Seabury Group also provides similar services covering maritime and the financial services industries, and through its SeaCap Securities broker-dealer, serves as investment banker for structured investment products offered on a global basis.

For more information, please visit: http://www.seaburygroup.com




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