United Airlines, Inc. and HEICO Corporation Enter Into Strategic Relationship

Business Wire, May 28, 2002

Business Editors

HOLLYWOOD, Fla.--(BUSINESS WIRE)--May 28, 2002

Broad Relationship Established by UAL and HEICO

to Accelerate Development of

New FAA Approved Replacement Parts and Repair Services

HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) and United Airlines, Inc., a subsidiary of UAL Corporation (NYSE:UAL), today announced that they have entered into a Strategic Relationship between HEICO's Flight Support Group ("HEICO Aerospace") and United Airlines, Inc. ("UAL").

The Strategic Relationship is the third such unique partnering relationship between HEICO Aerospace and a major international airline. HEICO has partner positions with Lufthansa and American Airlines in addition to the new Strategic Relationship with UAL.

The Strategic Relationship provides for the acceleration of HEICO's efforts in developing a broad range of aircraft and engine parts slated for FAA approval. UAL has agreed to purchase these newly developed parts, and most of HEICO Aerospace's current FAA Approved parts product line, on an exclusive basis from HEICO Aerospace. The Strategic Relationship is expected to provide HEICO Aerospace with between $100 million to $150 million of revenue over the next 7 years.

HEICO Aerospace is the world's largest independent designer, manufacturer, and distributor of FAA Approved Replacement Parts for jet engines and aircraft components. Its global and growing customer base includes most airlines and overhaul facilities which service large commercial aircraft jet engines and aircraft components.

Eric A. Mendelson, HEICO Aerospace's President and Chief Executive Officer, commented: "HEICO Aerospace continues to grow by responding to its customers' demand for additional FAA Approved Replacement Parts. United Airlines, like Lufthansa and American Airlines, decided to partner with HEICO to increase the quality and availability of replacement parts at a reduced cost. We look forward to a successful relationship with UAL and welcome other operators to join our highly successful alliance. Through this additional momentum, all of HEICO's customers will benefit."

Laurans A. Mendelson, HEICO Corporation's Chairman, President and Chief Executive Officer, stated, "This alliance represents the continuation of a carefully planned strategy to continue growing HEICO into a unique aerospace company. HEICO is proud to have United Airlines as its partner."

HEICO Corporation is engaged primarily in certain niche segments of the aerospace, defense and electronics industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO's customers include a majority of the world's airlines and overhaul shops as well as numerous defense contractors and military agencies worldwide, including the United States Air Force and Navy in addition to communications, electronics and medical equipment manufacturers. HEICO has developed and successfully employs programs which emphasize principles to enhance its manufacturing operations and has followed highly focused marketing and product development programs to greatly expand product offerings and marketing reach following acquisitions. For more information concerning HEICO, please see our World Wide Web site at: http://www.heico.com/

The stock symbols for HEICO's two classes of common stock on most web sites are HEI and HEI.A. However, some web sites change HEICO's Class A Common Stock stock symbol (HEI.A) to HEI/A or HEIa.

Certain matters discussed in this press release include forward-looking statements which involve risks and uncertainties. HEICO's actual experience may differ materially from that discussed as a result of factors, including, but not limited to, demand for commercial air travel, product specification costs and requirements, governmental and regulatory demands, HEICO's ability to introduce new products, product pricing levels, and airline fleet changes. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Forms 10-K, Forms 10-Q and Forms 8-K.