R.W. Mann & Company, Inc.

Airline Industry Analysis and Consulting

Aligning the Interests of Employees,
Managers, Owners and Shareholders

      ( Click the tombstone to be directed to ACAS' website.)

R.W. Mann & Company recently partnered with American Capital Strategies
(NASDAQ: ACAS) to negotiate, craft and implement this package of options
for the pilots of American Airlines, as a part of their current contract.

This transaction represented 6.2% of the fully diluted common equity of AMR
Corporation and was reached at the conclusion of Presidential Emergency Board 233.

PEB 233 was convened to review the Allied Pilots Association/American Airlines
contract, at which R.W. Mann & Company and American Capital Strategies
each provided expert testimony.

American Capital is well known for its ESOP transactions,
and is also highly qualified in non-ESOP investment banking engagements.


R.W. Mann & Company and American Capital Strategies have collaborated on
employee ownership advisories for pilots at: