Ogden Announces Commencement of Argentine Airport Privatization Contract.

NEW YORK--(BUSINESS WIRE)--Feb. 11, 1998--Ogden Corporation (Ogden) today announced the formal signing and commencement of a 30-year airport privatization contract with the Argentine government. Ogden and its partners, SEA (Societe Esercizi Aeroportuali S.P.A.), the operators of Linate and Malpensa Airports in Milan, Italy, and Corporacion America, a Buenos Aires-based conglomerate involved primarily in cable television and newspaper publishing, will assume development, improvement and operation responsibilities for 33 airports.

The consortium has established a local operating company that will collect and retain all airport revenues including revenues from aircraft landing fees, ground handling, cargo operations, in-flight catering, parking, advertising, retail, and passenger departure fees. Additionally, the company will employ and supervise airport personnel and subcontractors, but is not responsible for maintaining and operating air traffic control and landing systems. These systems will remain the responsibility of the Argentine Air Force. Ogden stated that the 33 airports would be phased in over the ensuing 18 months beginning with the international and domestic airports in Buenos Aires: Ezeiza International Airport (Ministro Pistarini) and Aeroparque of the City of Buenos Aires (Jorge Newbery).

Ogden expects revenues to approach $20 billion over the life of the contract, with Ogden owning a 28% interest in the operating company. Additionally, Ogden expects that the required capital improvements to modernize the airport infrastructure, which are estimated to top $2 billion, will be funded from system cash flows and the utilization of non-recourse project finance. Both Merrill Lynch and Lehman Brothers have advised the consortium from the beginning of the bid process to insure the viability of specific project financing.

R. Richard Ablon, Chairman and Chief Executive Officer of Ogden Corporation, described the award as the realization of a strategic shift that began about two years ago. "From its first steps in aviation privatization in Bogota, Colombia and Taipa, Macau, we now move to participation in the world's largest aviation infrastructure privatization to date. It continues the transformation of Ogden Aviation from a traditional service provider to a fully integrated airport operator whose portfolio ranges from support services to ownership and development of the underlying airport infrastructure."

Mr. Ablon went on to say, "Asset management provides an opportunity for earnings that are more predictable, achieve higher margins, and are far longer in duration. In addition, we believe that our diversified services can be more effectively and competitively employed at airports where we have a broader management role."

Ogden Corporation is a global company focused on three fundamental businesses -- Entertainment, Aviation and Energy. Ogden Entertainment consists principally of interests in themed attractions, live theater, concerts, gaming, and large format theaters and films, performing artist management, broadcast production services, and recorded music and video development, as well as food and beverage operations and facility management at arenas, stadiums, amphitheaters, civic/convention centers and other recreational facilities. Ogden Aviation offers ground and cargo handling, passenger services, catering and fueling for airlines and airport authorities around the world. Ogden Energy is a leading developer, owner, and operator of independent power facilities internationally and provides related infrastructure services. Common stock of Ogden (OG) is traded on the New York Stock Exchange.

Additional information on the company can be obtained via the Internet, at www.ogdencorp.com, or toll-free [phone].

CONTACT: Ogden Corporation

Quintin G. Marshall

Senior V.P., Corporate Development

212/868-5421