LAWA RECEIVES SEVENTH STRAIGHT FINANCIAL REPORTING AWARD

(Los Angeles, California -- July 10, 2001) The Government Finance Officers Association of the United States and Canada has awarded Los Angeles World Airports (LAWA) a Certificate for Excellence in Financial Reporting for its comprehensive annual financial report (CAFR). This is the highest recognition possible in the area of governmental accounting and financial reporting. LAWA has won this award for the seventh straight year.

"This is a great honor that represents the many hours of coordinated work by all who contributed to produce our comprehensive annual financial report," said Karen L. Sisson, LAWA chief financial officer.

Comprehensive annual financial reports from public agencies are judged by an impartial panel and awards are presented to those reports that meet the high standards of the program, including demonstrating a "spirit of full disclosure" to clearly communicate its financial story and to motivate potential users to read the report.

The certificate program was established in 1945 to recognize and encourage excellence in financial reporting by state and local governments. Over 70 percent of all cities and 43 percent of all counties with populations of more than 50,000 participate in the program, as well as more than 40 state governments.

The Government Finance Officers Association is a nonprofit professional association with membership among 14,000 government finance professionals and offices in Chicago and Washington, D.C.

Los Angeles World Airports is a self-supporting department of the City of Los Angeles, which owns and operates a world-class system of four airports: Los Angeles International, Ontario International, Palmdale Regional, and Van Nuys. LAWA's combined airports move 74 million passengers and 2.7 million tons of cargo annually; employs, directly and indirectly, 478,000 people; and pumps nearly $70 billion into the Southern California economy. Additional information about LAWA may be obtained at www.lawa.org