WOOD DALE, ILLINOIS (March 19, 2002) - AAR (NYSE: AIR) announced today that it was awarded a contract by GE Aircraft Engines (GEAE) to provide management warehouse services to support GE F414 engines. As a subcontractor to GEAE, AAR will provide warehousing and logistics support at its new facility near the Naval Air Depot in Jacksonville, Florida. AAR has been providing similar program support for both the U.S. Navy and U.S. Air Force since 1993.

"We are very pleased that GE has selected AAR to provide total solution support programs for the F414 engine," said David P. Storch, AAR President and CEO. "We believe our past performance with the U.S. military and our breadth of aviation support service capabilities were significant factors in GE's decision. We look forward to expanding our service offerings to GEAE in the future."

The F414-GE-400 engine, manufactured at GEAE's Lynn, Massachusetts plant is the U.S. Navy's newest and most advanced production fighter engine. It incorporates advanced technology with the proven design base of its F404 predecessor.

AAR is the preeminent provider of products and value-added services to the worldwide aerospace/aviation industry. Products and services include proprietary inventory management and logistic support services, encompassing supply, repair and manufacture of spare parts and systems. Headquartered in Wood Dale, Illinois, AAR serves commercial and government aircraft fleet operators and independent service customers throughout the world.

Further information can be found at www.aarcorp.com.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors, including: implementation of information technology systems, integration of acquisitions, marketplace competition, economic and aviation/aerospace market stability and Company profitability. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described.