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Corporate Background

Atlas Air, Inc. (Atlas) plays a key role in the international airfreight market as the leading provider of ACMI (Aircraft, Crew, Maintenance and Insurance) freighter leasing in the world. Having a large fleet of all-cargo Boeing 747 freighter cargo aircraft and an impressive global infrastructure gives Atlas a strong advantage over the competition and allows it to provide long-haul, heavy-lift cargo service around the world with great reliability, quality and cost savings. Atlas is a wholly owned subsidiary of Atlas Air Worldwide Holdings, Inc. (AAWW), based in Purchase, New York.

History
Atlas was formed in 1993 by Michael Chowdry, who saw great opportunity in the international air cargo market. At that time, freight hauling was largely an afterthought in the passenger airline industry, with companies selling excess “belly” capacity on an availability basis, with only a limited number of high-gross-weight, long-haul cargo aircraft being used. With demand growing strong, there was a clear need for a company that could provide dedicated, efficient and economical air cargo service.

The Company began service in 1993 with one B747-200 freighter contracted to China Airlines, and expanded so rapidly that four years later Atlas placed an order for 10 new B747-400 freighters, with an option to purchase up to 10 additional aircraft. Demand was so strong that in 1998 Atlas increased its B747-400 order to 12 airplanes, and by the end of 2000 the Company’s fleet had grown to 36 aircraft.

In 2001, AAWW was formed, and in November of that year Polar Air Cargo Worldwide, Inc. (Polar) was acquired from GE Capital Aviation Services. A synergistic partner for Atlas, Polar provides global, all-cargo scheduled service –– giving customers the choice between an ACMI lease from Atlas or scheduled service from Polar.

Today, Atlas is the recognized world leader in ACMI leasing and charters, offering significant cost savings, experience, reliability and commitment to quality.

ACMI Leasing
Atlas provides customers with B747 freighter aircraft, along with crews, maintenance and insurance on a long-term basis. Under an ACMI or “wet lease” contract, customers receive a dedicated aircraft that is crewed, maintained and insured by Atlas, in exchange for agreed-upon rates and level of operation. The customer absorbs marketing and direct operating expenses, such as fuel, landing fees and ground handling, as well as bearing the commercial risk of load and yield.

Customers include some of the world’s leading airlines: Air New Zealand, Panalpina, British Airways, Emirates, Korean, LanChile, Lufthansa and Qantas.

For customers with major cargo requirements, Atlas provides multiple benefits:

• Aircraft owned and maintained by Atlas, eliminating the cost burden and capital outlay for the customer
• A global infrastructure dedicated to managing air cargo movement
• One of the most experienced management teams in the industry
• A Company-wide commitment to quality, customer service and dependability

Charter Services
Atlas also provides charter services to commercial and government customers. Differing from standard ACMI contracts, charter services include not only the aircraft, crew, maintenance and insurance, but also all landing/traffic permits, fuel, air waybill, aircraft handling and a special, on-demand customer service center. The Company’s time-definite delivery, reliability and extensive capacity make Atlas the charter service provider of choice for clients such as the U.S. Air Force’s Air Mobility Command.

Aircraft
To provide these industry-leading services, Atlas maintains an impressive fleet of B747 freighter aircraft, the most efficient and cost-effective aerial platform for transporting intercontinental shipments of heavy freight. The result is that Atlas can often offer more flexible freight services, generally at a significant savings over its customers’ own internal costs.

Atlas’ aircraft are fully certified to operate under conditions of very restricted visibility, and are 100 percent Stage III/ Chapter III compliant.

Commitment to Reliability, Safety and Quality Performance
Being able to meet customers’ needs dependably, day after day, is critical to success in the air cargo industry. Through superior maintenance programs, management and commitment to quality, Atlas offers unsurpassed performance. The Company’s extensive spare parts inventory and maintenance service capacity provide a major operational advantage. Atlas is dedicated to operating at the highest levels of safety and is the only U.S. all-cargo carrier to have all its aircraft equipped with the Traffic and Collision Avoidance System (TCAS). Customers know they can count on Atlas for reliable, on-time, dependable service continuously throughout the year.

Leadership
Atlas and its sister company, Polar, are guided by one of the strongest management teams in the industry, with over 100 years of airline experience:

• Bill Flynn, President and CEO, served as President and CEO of GeoLogistics Corporation, a leading international freight forwarder and logistics company, and oversaw that company's turnaround to profitability. Upon the acquisition of GeoLogistics by PWC Logistics, Mr. Flynn was made a member of PWC's Executive Management Committee. Mr. Flynn was also Senior Vice President of the Merchandise Service Group of CSX Transportation, Inc.
• John Dietrich, Executive Vice President, Chief Operating Officer, has more than a decade of experience in aviation and a strong and varied legal background, including seven years as a litigation attorney at United Airlines.
• Jason Grant, Senior Vice President and Chief Financial Officer, has been with the company since 2002, and most recently served as Senior Vice President, Network Planning and Business Development where he identified and implemented initiatives to drive earnings through network optimization and yield management, as well as led the company's strategic business developments. He came to the company from American Airlines.
• Adam R. Kokas, Senior Vice President, General Counsel, and Secretary. In this role, Mr. Kokas is responsible for directing the Company’s legal and regulatory affairs, as well as overseeing all corporate governance matters.
• Michael T. Steen, Senior Vice President and Chief Marketing Officer, is responsible for all aspects of the Company’s global sales and marketing activities, including strategy, new products and services, brand positioning and marketing communications. Mr. Steen has extensive experience in air cargo and logistics, having served as Senior Vice President of Sales and Marketing at Exel and Vice President for the Americas for KLM Cargo.

About Atlas Air Worldwide Holdings, Inc.
Atlas Air Worldwide Holdings, Inc. (AAWW) is the parent company of Atlas Air, Inc. and Polar Air Cargo Worldwide, Inc., which together operate the world’s largest fleet of B747 freighter aircraft. One of the world’s leading providers of airport-to-airport freight service, Polar operates a global, scheduled-service network serving major trade lanes of the world. Through both of its principal subsidiaries, AAWW also provides commercial and military charter services.

Headquarters
2000 Westchester Avenue
Purchase, NY 10577-2543
Telephone: (914) 701-8000
Fax: (914) 701-8001
Website: http://www.atlasair.com