LAWA APPROVES NEW CARGO LEASE WITH ASIANA AIRLINES

(Los Angeles, CA - August 7, 2001) Los Angeles World Airports (LAWA) Board of Airport Commissioners approved today a five-year lease with Asiana Airlines, Inc. for nearly 70,000 square feet in the new Cargo Building A at Los Angeles International Airport (LAX).

Asiana is one of two tenants operating from the cargo handling building at 5758 Century Blvd. The building, completed in 2000, replaced Cargo Buildings 5 and 6 and was constructed by LAWA. It is designed with the ability to accommodate modern technology cargo handling equipment and to provide quick access to the airfield and nearby freeways. Virgin Atlantic Airways is the building's other tenant.

"The Cargo Building A Project represents the most modern LAWA-owned cargo facility with its key features being its striking architectural design that complements the Century Boulevard Enhancement Project and its overall efficiency. It further reflects our new leasing policy that gives LAWA maximum control of its land and facilities to better service the needs of the air cargo community," said Richard M. Janisse, deputy executive director for Properties and Concessions.

The Korean-based carrier handled 58,840 tons of freight at LAX in 2000, or 2.94 percent of all freight moving through the airport.