September 3, 2002

FOR IMMEDIATE RELEASE

NATIONAL MEDIATION BOARD

Contact: NMB Public Information Line -- (202) 692-5050

Re: Southwest Airlines and the IBT reach Agreement

Washington, D.C. -- The National Mediation Board is pleased to announce that Southwest Airlines and the International Brotherhood of Teamsters (IBT), working with Senior Mediator Patricia Sims and Mediator Brad Laslett, reached a tentative contract agreement on August 30, 2002, covering the craft or class of Mechanics and Related Employees.

The agreement is subject to union member ratification. A majority of the union's negotiating committee recommends ratification. If ratified, the contract will extend through August 16, 2005. As indicated by an IBT-SWA "Update", the contract will include pay raises with full retro from August 16, 2001, and stock options vesting over the term of the agreement.

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