MEMPHIS INTERNATIONAL AIRPORT
 ANNUAL ACTIVITY REPORT
 FOR YEAR ENDED DECEMBER 31, 2001
 Larry D. Cox, President      
 Jerry L. McMichael, Exec. Vice President
 Bobby A. Martin, Vice President
 Anthony W. Brown, Vice President
    PASSENGERS
    DOMESTIC  INTERNATIONAL  TOTALS
   Enplaned  Through  Deplaned    Enplaned  Through  Deplaned   
 MAJOR
    AirTran                                                    100,333                           -                101,543                          -                    -                        -                201,876
    American                  82,743                           -                   83,845                          -                    -                        -                166,588
    Continental                  11,325                           -                   19,168                          -                    -                        -                   30,493
    Delta                362,323                           -                359,237                          -                    -                        -                721,560
    KLM                                                                      -                           -                              -               83,597                    -             80,793                164,390
    Northwest             3,331,166               88,618             3,349,639               44,697                    -             44,534             6,858,654
    United                  40,946                           -                   41,224                          -                    -                        -                   82,170
    US Airways                  98,450                           -                100,794                          -                    -                        -                199,244
    TOTAL MAJOR            4,027,286               88,618             4,055,450            128,294                 -          125,327             8,424,975
 REGIONAL/COMMUTER
   Air Wisconsin dba United Express                    4,800                           -                     4,572                          -                    -                        -                     9,372
   American Eagle                                        50,176                           -                   47,832                          -                    -                        -                   98,008
   Atlantic Coast Airlines dba United Exp.                  22,186                           -                   21,719                          -                    -                        -                   43,905
   ComAir                  28,198                           -                   34,829                          -                    -                        -                   63,027
   Continental Express                  87,545                           -                   84,154                          -                    -                        -                171,699
   Mesa Airlines dba US Airways Exp.                    4,300                           -                     3,956                          -                    -                        -                     8,256
   Mesaba Airlines                393,462                           -                403,999                          -                    -                        -                797,461
   Northwest Airlink                763,173                           -                779,283                          -                    -                        -             1,542,456
   Skywest Airlines dba Delta Connection                    3,075                           -                     3,096                          -                    -                        -                     6,171
   Skywest Airlines dba United Express                    8,163                           -                     8,407                          -                    -                        -                   16,570
   Trans States dba American Connection                    2,365                           -                     2,385                          -                    -                        -                     4,750
   Trans States dba USAirways Express                  15,939                           -                   14,528                          -                    -                        -                   30,467
   Trans World Express                  25,001                           -                   23,482                          -                    -                        -                   48,483
   United Express                    5,044                           -                     4,833                          -                    -                        -                     9,877
   TOTAL REGIONAL/COMMUTER            1,413,427                           -             1,437,075                          -                    -                        -             2,850,502
 NON-SCHEDULED
   Casino Express                  21,632                           -                   22,053                          -                    -                        -                   43,685
   Champion Air                    3,063                           -                     2,833                 3,164                    -               3,288                   12,348
   LB Limited                             -                           -                              -                 3,023                    -               3,228                     6,251
   Miami Air International                        519                           -                        524                          -                    -                        -                     1,043
   Mid South Aviation Alliance                        202                           -                        213                          -                    -                        -                        415
   Palm Air                        661                           -                        555                          -                    -                        -                     1,216
   Phoenix Air Group                            1                           -                             3                          -                    -                        -                             4
   TOTAL NON-SCHEDULED                  26,078                           -                   26,181                 6,187                    -               6,516                   64,962
 YEAR TO DATE TOTALS
 JANUARY-DECEMBER 2001            5,466,791               88,618             5,518,706            134,481                    -          131,843           11,340,439
 January-December 2000            5,654,848             125,021             5,699,148            146,220                    -          143,976           11,769,213
 2001 TO 2000 -3.3% -29.1% -3.2% -8.0% 0.0% -8.4% -3.6%