LAWA AND INCEHON INTERNATIONAL AIRPORT ESTABLISH COOPERATIVE AGREEMENT TO EXCHANGE INFORMATION

(Los Angeles, CA - May 22, 2001) Los Angeles World Airports (LAWA) and Incheon International Airport Corporation of Seoul, Korea, have announced an Agreement of Cooperation to exchange information regarding new developments in air traffic and airport operations.

Special emphasis will be placed on the use of modern technology to increase the efficiency of airport facilities; management structure and work procedures with respect to aircraft, passenger and cargo handling; and problems and procedures with respect to noise abatement and environmental protection.

"This forward-looking agreement represents a commitment on the part of Los Angeles World Airports and Incheon International Airport to deliver the best possible commercial passenger and air cargo service between our two destinations," said Philip Depoian, LAWA deputy executive director. He added, "The agreement came about in part because of the importance of reliability, safety, punctuality and comfort when it comes to air travel and the realization that airports, as points of origin and destination, must work together to achieve these performance criteria."

Representatives of the senior management of the two airports will meet at least once a year, with the meetings to alternate between Los Angeles and Seoul. This agreement is similar

to a long-standing one between LAWA and the Korea Airports Authority.

Los Angeles World Airports is a self-supporting department within the City of Los Angeles, which owns and operates a world-class system of four airports: Los Angeles International (LAX), Ontario International (ONT), Palmdale Regional (PMD), and Van Nuys (general aviation). LAWA's combined airports move 74 million passengers and 2.7 million tons of cargo annually; employs, directly and indirectly, more than 410,000 people; and generates nearly US $70 billion into the Southern California economy. Additional information about LAWA is available at www.lawa.org.

(NSC -5/22/01)