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Press release

September 26, 2002

AAR Awarded Support Contracts With Alaska Airlines And Midwest Express Airlines

WOOD DALE, Ill., /PRNewswire-FirstCall via COMTEX/ -- AAR (NYSE: AIR) announced today that the Company was recently awarded two long-term support contracts.

AAR Aircraft Services has signed a 28-month agreement with Alaska Airlines for the opportunity to provide heavy maintenance services for its fleet of MD-80 and B737 series aircraft. Alaska Airlines is the nation's ninth largest carrier with a fleet of 102 aircraft, celebrating its 70th anniversary this year. Under the long-term contract, AAR will provide heavy maintenance functions, including light and heavy C checks, modifications, aircraft upgrades and exterior and interior refurbishment services.

Additionally, Midwest Express Airlines, Inc. has entered into a five-year contract with AAR Landing Gear Services to provide landing gear support of its fleet of DC-9 and MD-80 series aircraft. Under the contract, AAR will perform scheduled and unscheduled landing gear exchange and overhaul services for the carrier's 34 aircraft.

"We appreciate the confidence Alaska and Midwest Express Airlines have shown in AAR by awarding us these contracts," said David P. Storch, AAR president and chief executive officer. "Our goal is to create maintenance solutions geared toward helping our customers improve service and lower operating costs."

AAR is the leading provider of aftermarket support to the worldwide aviation/aerospace industry. Products and services include customized inventory management and logistics programs, 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 http://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.

SOURCE AAR CORP.

CONTACT: Dawn Kaiser, Director, Finance and Investor Relations of AAR, +1-630-227-2098, or dkaiser@aarcorp.com

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