HEICO Corporation Enters into Agreement with Air Canada

Business Wire, March 11, 2003

Business Editors

HOLLYWOOD, Fla.--(BUSINESS WIRE)--March 11, 2003

Strategic Relationship Between Air Canada Technical Services and

HEICO Aerospace to Accelerate Development of New FAA Approved

Replacement Parts

HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) today announced that it has entered into a five-year supply agreement with Air Canada, providing for a Strategic Relationship between HEICO's Flight Support Group ("HEICO Aerospace") and Air Canada's engineering and maintenance division, Air Canada Technical Services ("ACTS").

The Strategic Relationship is the fifth such unique relationship between HEICO Aerospace and a major international airline. HEICO has partner positions with Lufthansa, American Airlines, United Airlines, and Delta Air Lines, in addition to the new Strategic Relationship with ACTS.

The Strategic Relationship will accelerate HEICO's efforts in developing a broad range of aircraft and engine parts slated for FAA approval. Subject to the terms of the agreement, ACTS has agreed to purchase these newly developed parts and almost all applicable HEICO Aerospace FAA Approved parts on an exclusive basis from HEICO Aerospace. In addition, ACTS will present new opportunities to develop additional FAA Approved replacement parts to HEICO Aerospace.

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 worldwide that service commercial aircraft components and jet engines. ACTS is one of North America's largest and most successful providers of MRO services to the airline industry, focusing almost exclusively on modern equipment, including CFM56 and PW4000 engines, as well as A320-series, A330, A340, 747-400, 767, and CRJ aircraft and components that are overhauled for over 60 customers worldwide, including Air Canada and all of its subsidiary airlines.

Robin Wohnsigl, President of Air Canada Technical Services stated, "We are extending our long term relationship with HEICO for the supply of approved replacement parts which results in significant savings compared to OEM parts. In today's airline environment, every dollar saved is critical to our financial success."

Eric A. Mendelson, HEICO Aerospace's President and Chief Executive Officer, commented "HEICO Aerospace generates critical value for our customers by developing additional FAA Approved Replacement Parts which offer airlines a choice in an otherwise monopoly environment. Air Canada, like Lufthansa, American Airlines, United Airlines, and Delta Air Lines, partnered with HEICO to increase the quality and availability of replacement parts at a reduced cost. We look forward to the continuation of our 27-year relationship with Air Canada and welcome other airlines to join our highly successful alliance. Through this additional momentum, all of HEICO's customers worldwide will benefit."

Laurans A. Mendelson, HEICO Corporation's Chairman, President and Chief Executive Officer, noted, "This alliance represents the continuation of a carefully planned strategy to continue growing HEICO into a unique aerospace company. HEICO is proud to have Air Canada 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 airmotives as well as numerous defense contractors and military agencies worldwide, in addition to communications, electronics and medical equipment manufacturers. For more information about HEICO, please see our 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 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.