2022 - Atlas Air Worldwide

Atlas employees came together last month at the 21st Annual Atlas Air Worldwide Charity Golf Tournament to support charities that provide critical services to those in need – an important part of Atlas’ promise to support the communities where we do business and help them to thrive.

The event, which included a highly competitive golf tournament, dinner and charity auction (and a well-timed rainbow!), was held at the Trump National Golf Club Westchester in Briarcliff Manor, New York. Proceeds from the tournament will be donated to K9s For Warriors, the Liberty City Optimist Club, the Fairfield County Food Bank and other charities that align with the Company’s commitment to Supporting the U.S. Military Personnel and Their Families; Developing the Workforce of Tomorrow; and Providing Humanitarian Relief.

“This was a record-breaking year,” said Gary Wade, Senior Vice President, Security and host of the event. “The event was sold out within 48 hours of the invitations being sent and we raised more money than ever before for these very important organizations.”

As the largest provider of military passenger and cargo airlift to U.S. service members globally, Atlas takes great pride in the partnership we’ve established with K9s For Warriors, the nation’s largest provider of trained Service Dogs to military veterans suffering from PTSD, traumatic brain injury and/or military sexual trauma.

“Successfully guiding a veteran through the K9s For Warriors program and providing them with a Service Dog doesn’t just change the Warrior’s life…it saves the Warrior’s life,” said Elizabeth Reeger, Development Manager, Major Gifts at K9s for Warriors.

“Seventy percent of the veterans who have come through our program have said that they were prepared

to die by suicide. Then they were paired with one of our service dogs and a new chapter began. Some have reunited with their families. Some have gone back to school. Most importantly, most learn to enjoy life again,” said Elizabeth during her remarks at the event. “Be proud that your golfing today has saved a life. And, on behalf of K9s for Warriors, thank you. We are so very grateful.”

Joining Elizabeth at the tournament were two very special guests – Warrior Zoe and her service dog, Atlas, the Company’s first sponsored dog.

Zoe took the podium after Elizabeth and spoke about how Atlas has given her life back to her.

“This dog has had such an impact on my life; she is giving me a real second chance at life,” she said. “Please know that your money is going to something very real and that it is having a lasting, positive impact.”

Like K9s for Warriors, The Liberty City Optimist Club of Florida, located just five miles from our Miami Training Center, is acutely focused on improving the lives of others. Dedicated to the underserved Miami community of Liberty City, the Club has been a safe haven for thousands of at-risk youth, providing after-school programming and academic tutoring, sports, meals and more. With Atlas’ backing, the Club has been able to offer free registration for participants in the sports program and reduced registration fees for the after-school program. Most recently, Atlas stepped up to fund the Club’s entire summer camp with the proceeds from previous golf tournaments.

Tameika Wiley, Program Manager, Liberty City Optimist Club of Florida, spoke of the Club’s commitment to the children and their work to reframe an area often associated with crime and high poverty rates.

“For most of our children, Liberty City Optimist Club is the only safe space they know,” she said. “It’s a team effort to drive change and make a positive difference here in Liberty City. Atlas is a big part of that team. We are humbled with gratitude for your kind and generous donations to our program, and we are grateful for your partnership.”

Gary echoed Tameika’s comments about what can be possible as the result of a team effort.

“Our 21st Annual Charity Golf Tournament was a success because of the extraordinary team here at Atlas,” he said. “From the support of our Atlas colleagues both in attendance and from a distance to the dedication of our event planning team: Kim Cerny, Senior Manager, Flight Operations; Julia Crupi, Senior Manager, Legal Administration; and Samantha Patterson. These three didn’t miss a beat – from staying on top of the requirements of their day jobs to ensuring yet another flawless execution of the event. It takes a team to deliver on our commitment to improving the lives in the communities where we live and work. The Atlas team is simply the best.”

Kim Cerny added, “The Tournament truly captures the generous spirit of the Atlas family. I am incredibly proud to be a part of this team.”

As Atlas takes delivery of the final four 747s, we are speaking to our colleagues across the organization about the impact this iconic aircraft has had on both their careers and their lives. Today, some of our dispatchers and crew schedulers reflect on the 747.

From the time he was a child, Atlas Dispatcher, Steven Turner knew he wanted to fly on a 747.

“When I was a kid, I watched TaleSpin, an animated television series that featured characters from the Disney film The Jungle Book flying planes, and it piqued my interest in aviation,” said Steven. “Then, when I was about ten years old, I received a flight simulator video game, and I was immediately hooked. I knew that when I grew up, I had to do something with aviation.”

After high school, Steven entered the Flight Dispatch Program at Middle Tennessee State University (MTSU). Shortly after graduating, he accepted a job at a regional airline as a dispatcher. He was working there when he heard that the regional airline’s national passenger airline partner was going to retire its 747s. Steven had always been fascinated by the aircraft, and one of his goals in life was to experience being a passenger on the plane.

“I immediately purchased a ticket from San Francisco to Narita, Japan using my employee discount,” said Steven. “Hearing that our passenger airline partner was retiring its 747 fleet, I didn’t want to waste another moment.”

At the airport, Steven talked to the gate agent about his love for the 747, and she placed him on a rear-facing seat in the upper deck, where his view out the window looked right at the aircraft’s engine.

“I couldn’t believe I had finally made it on to the Queen of the Skies,” said Steven.

Steven’s round trip ticket was a quick turn – he went through customs in Japan and turned right back around to Departures for a flight home, which confused some of the customs agents.

“The purpose of that trip was not to see the sights or travel to another country, but to get onboard the 747 and get the full experience of being a passenger on the plane.”

Since that flight, Steven landed a job at Atlas, where he has worked since 2018. As a flight dispatcher, he is required by the Federal Aviation Administration (FAA) to be familiar with in-flight procedures and must participate in annual flight observations to satisfy this requirement. As a result of these observation flights, he has had the opportunity to fly on the 747 to Hong Kong, Anchorage, Incheon, Miami and Cincinnati. (And sometimes, he even leaves the airport before his return flight!) Steven is thrilled that in his dispatcher role at Atlas, he gets to work with the 747, his dream plane, on a daily basis.

Aircraft Dispatcher Dave Taylor didn’t initially intend to pursue aviation as a career.

“I joined the United States Marine Corps looking for an assignment dealing with electronics, but I was assigned to Air Traffic Control and became an Aviation Operations Specialist,” said Dave.

He joined Atlas as a dispatcher in 2017, where he and his team have an integral role in every flight.

“As dispatchers, we are responsible for preparing every flight release, every day,” says Dave. “We deal with everything from the weather to specific airport information to fuel to briefing the crew. Along with the Captain, the dispatcher has a joint responsibility to execute each flight safely, meeting all requirements in the most efficient way.”

As part of his job as a dispatcher, Dave is required to fly once a year with an Atlas crew. It was on one of those flights that he reached what he considers the pinnacle of his aviation career.

“I had the opportunity to fly to Australia on a 747-8 during my second year with Atlas,” recalled Dave. “At that moment, I felt so accomplished. I was on one of the largest aircraft while working with some of the best in the business. I will never forget that flight!”

Atlas Lead Scheduler Jose Acabon-Pirir’s dream of a career in aviation took flight in middle school, when he had the opportunity to shadow a pilot while taking flying lessons. He attended Western Michigan University’s Pilot Program but switched his major to Aviation Flight Sciences, which was more affordable. After completing a summer internship with a national airline in the Crew Scheduling department, Jose decided to pursue it as a career.

As an Atlas Lead Scheduler, Jose is responsible for overseeing and assisting with the day-to-day operation functions of crew scheduling, ensuring on-time flight departures and compliance with all FAA regulations for all Atlas aircraft, including the iconic 747s.

“My team has the privilege of working with the 747 every day,” said Jose. “Boeing is not making any more after these four, so I’m proud to be one of the people that get to work with this historic aircraft.

“My team is very involved with the 747s, handling many of the behind-the-scenes functions. We coordinate aircraft schedules according to crew availability, mechanical requirements, weather, customs requests and government regulations and also advise about potential delays or cancellations.

“I’m proud that Atlas is taking delivery of the final four 747s. These aircraft will position our Company well for the future.”

Purchase, N.Y., December 15, 2022 – Titan Aircraft Investments today announced the placement of one Boeing 737-800SF converted freighter on long-term dry lease with Georgian Airlines to support its network. Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings Inc. (NASDAQ: AAWW), will manage this asset.

“We are delighted to welcome Georgian Airlines and appreciate their trust in Titan as we support their growing business,” said Michael Steen, President and Chief Executive Officer of Titan Aviation Holdings and Chief Commercial Officer of Atlas Air Worldwide.

“As we expand in the airfreight market, we are honored to partner with Titan Aircraft Investments to bring more air cargo capacity to the region with the addition of the 737-800 freighter. We look forward to a strong partnership with Titan’s excellent team as they help us meet market demand and capitalize on cargo flows between Asia and Europe,” said Irakli Mezvrishvili, General Director of Georgian Airlines LLC.

Titan Aviation Holdings is a freighter-centric leasing company that provides dry leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft support customers, including international flag carriers, express operators, e-commerce providers, and regional and domestic carriers. Titan’s deep airfreight domain expertise and innovative asset management solutions help customers quickly ramp up their aviation operations while minimizing capital investment.

Titan Aviation Holdings provides management services to the joint venture, including aircraft acquisitions, lease-management, passenger-to-freighter aircraft conversion oversight, technical expertise and disposal of aircraft.

Georgian Airlines LLC (ICAO: IGT/IATA: GH) is a fast-growing and development-oriented company established in 2020. The cargo carrier commenced operations in February 2022. The operating range includes air cargo transportation by charter and regular flights across Europe, Baltics, Caucasus, Black Sea Region, the Middle East, Eastern, and Southern Asia. Currently, Georgian Airlines operates one 737-800BCF and one 737-800SF. With its headquarters in Georgia in the Caucasus and the Black Sea region, a key transit and trade corridor for Eurasian countries, Georgian Airlines supports the country’s potential to become an important hub for the aviation industry.

Earlier this year, Atlas Air launched its first formal university partnership with Embry-Riddle Aeronautical University (ERAU). Through the program, Atlas Air will provide ERAU students priority access to opportunities and information and will guarantee ERAU pilots an interview for Atlas Air’s Pathway to Success Program. As a partner, Atlas Air will recruit, train and hire qualified graduates of Embry-Riddle’s Daytona Beach, Florida Aeronautical Science degree program.

“Embry-Riddle Aeronautical University is a leader in aviation education,” said Leisa Spears Snyder, Director, Workforce Development. “Our partnership will help strengthen the pipeline for a talented, diverse workforce at Atlas Air.”

Leisa and the Atlas Air team recently engaged with Embry-Riddle students through a series of events held over four days on the Daytona Beach campus.

Jeff Carlson, Senior Vice President, Flight Operations and a graduate of Embry-Riddle, was the featured speaker at the Atlas Air Partnership Announcement/Information Session. Jeff reviewed the opportunities the Pathway to Success program offered students and took questions from students afterwards.

“It’s clear to me that the future for aviation is very bright,” said Jeff. “These young students asked all the right questions. They wanted to know more about our mission, our culture, our commitment to ESG and the kind of work that we do. I took great pride in being able to speak to how Atlas cares for the world we carry, through the meaningful work we do every single day.”

“This first event really set the tone for the rest of our visit,” said Leisa. “It was exciting

Over the course of the following days, the Atlas Air ambassador team – Teslim Balogun, Line Training Scheduler, Nigel Baynes, Pilot Support Agent, Denise Borrelli, Director, Flight Crew Ops, 737 First Officer Alexander Geller, 737 First Officer Danielle A. Jones, 767 First Officer Brian A. LaPorte, FO 737 Manami S. Murphy, 767 Captain Robert Scheulen and Training Instructor and 737 First Officer Patrick H. Stone – met with flight instructors and students to discuss the opportunities at Atlas and specific next steps to take.

“The turnout each day was consistently incredible,” said Leisa. “At the end of our visit, we connected with more than 3,000 students in-person. I’m so grateful to our onsite volunteers, as well as our colleagues – Chelsea Fisch, Meghan Glynn, Jaronda Mills and Carl Pitts – who provided key support in the days leading up to the event. I’m confident this is the start of a productive and meaningful partnership with Embry-Riddle, which will help Atlas build a strong workforce.”

Captain Brian King.

Captain and Air Crew Program Designee Brian King has been flying the 747 for all of the 25 years he has been with Atlas. In fact, he shares a special connection with the aircraft.

“I was born on September 30, 1968, the day that the very first 747 was rolled out of the hangar and revealed to the world,” said Brian. “I have been flying it for almost half of my life, and it’s an amazing aircraft. The

plane is the size of a building! It’s almost overwhelming the first time you encounter it. It’s designed so well and is such a wonderful airplane to fly; it’s a technological marvel.”

Transporting troops home from overseas in the 747 is a favorite memory for Brian.

“When I get to bring them back to their families, it’s always special,” he said “After the flight, I like to make my way to the jet bridge and into the terminal to see the reunions.

“At Atlas, we take the 747 to more places than anyone in the world; it’s amazing. And it’s an honor to be part of that.”

Captain and Check Pilot Edulji (Edul) Banaji dreamed of flying the 747 when he was a child.

“My mother was an accountant, and her office was near the airport,” said Edul. “She used to take me to the viewing gallery, and we’d stand there to watch planes for hours. I thought the 747 was just amazing.”

Edul’s childhood dream is now his reality. He said his favorite thing about flying the 747 is not the cargo it holds, but the places he has had the opportunity to fly to in his 11 years with Atlas. His favorite memory is flying from Santiago, Chile to Tahiti for a DHL charter flight for Cirque du Soleil.

“I had never flown to that part of the world before,” said Edul. “It’s so quiet and peaceful. It’s an empty expanse of sky.”

Another amazing flight took him from Afghanistan to Kazakhstan.

“We flew over the Himalayas in the morning, and it was a clear sky with no clouds,” he said “We were so high, but it felt like you could reach out and touch the mountains from where I sat in the cockpit.”

First Officer Pencil.

First Officer Diane Pencil boarded a 747 for the first time at age 11. She was traveling as an unaccompanied minor for her transatlantic move from Birmingham, England to Brooklyn, New York to join her father and grandmother, who were already living in the United States.

“It was the first time I ever traveled by air, and the entire flight was magical to me,” Diane recalled. “The flight attendants and the crew treated me wonderfully; I even got to meet the Captain and First Officer and tour the flight deck. The first thing I told my father when he met me at John F. Kennedy Airport (JFK) was that I was going to be a 747 pilot.”

Committed to her dream, Diane took a position as a gate agent at JFK to earn money while pursuing flying lessons. During that time, she often would visit the jet bridge to watch the 747s on the runway.

“I always worked toward my dream to fly the 747,” she said. “When I had the opportunity to come fly for Atlas, I told them it had to be on the 747.”

Her life has truly come full circle as she is now a 747 First Officer for Atlas based out of JFK, the airport where she landed after that first magical flight.

Captain Julie Morris grew up in Seattle, where her father worked for Boeing on the 747 program as a Customer Engineer.

“When an airline purchased an aircraft, my father took care of all the details from the paint color to the seating arrangements, helping the customer with whatever they wanted,” said Julie. “He also designed an aircraft part on the 747SP, which is a rubber seal that goes between the upper and lower rudders at the hinge point to help with vibration during the flight.”

Julie often visited her father at Boeing and knew she wanted to fly from an early age. Her grandparents had a plane on their farm, and she loved being taken on flights by members of her family, including her dad who had a private pilot’s license.

“In 2000, my dream became a reality; I was hired to fly the 747 for Polar, and I couldn’t wait to tell my dad,” Julie said. “He was so proud. I hadn’t even told him that I applied, so it was a big surprise.”

Captain Morris with her father in the cockpit of a B747-400 while she was in college.

“At the time, my father had not yet retired from Boeing, and he took me out on the flight line so we could check out the 747-400 that was going to Polar before it was fueled up and ready to go. It was an experience I will never forget.”

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John Dietrich stepped up to the podium at the event celebrating the delivery and shared what an honor it is for Atlas to partner with MSC, the world’s largest shipping company, as they enter into the world of air cargo.

“This is the first of four 777s Atlas is taking for MSC Air Cargo,” said John. “We are committed to ensuring MSC Air Cargo is successful, and in turn that Atlas and MSC are successful together.”

Michael Steen, who was also onsite for the delivery stressed the importance of teamwork between Atlas, MSC and Boeing.

“This is a strategic partnership and the first time that MSC is moving into air cargo. We are excited to be a part of that process and look forward to continuing to grow our partnership.”

The 777-200 Freighter will complement MSC’s world-class container shipping solutions and expand service to key trade lanes for various industries, including those which traditionally have significant air cargo transportation needs.

With an established history of twin-engine efficiency, reduced fuel consumption, and lower maintenance and operating costs, the 777 is the longest-range twin-engine freighter in the world, capable of flying 4,880 nautical miles (9,038 kilometers). The 777-200F also meets quota count standards for maximum accessibility to noise‑sensitive airports around the globe.

“We are delighted to see the first of our MSC-branded aircraft take to the skies and we are looking forward to begin serving the market with our new Air Cargo solution,” said Jannie Davel, Senior Vice President Air Cargo at MSC. “We believe that MSC Air Cargo is developing a solid foundation, thanks to the reliable, ongoing support of our operating partner, Atlas.”

Purchase, N.Y., November 29, 2022 – Atlas Air Worldwide (Nasdaq: AAWW) (“Atlas” or the “Company”), a leading global provider of outsourced aircraft and aviation operating services, today announced that its shareholders voted to approve the Company’s pending acquisition by an investor group led by funds managed by affiliates of Apollo Global Management, Inc. (“Apollo”, NYSE: APO), together with investment affiliates of J.F. Lehman & Company (“J.F. Lehman”) and Hill City Capital (“Hill City”) at its special meeting of shareholders held earlier today.

“We are pleased to receive overwhelming support from Atlas Air Worldwide shareholders, who recognize this transaction provides compelling value to them while giving us the opportunity to execute our strategic plan,” said John Dietrich, President and Chief Executive Officer of Atlas Air Worldwide. “This is another step forward to completing the transaction as we advance our leadership in airfreight and deliver high-quality services to our customers around the world.”

As announced previously, the transaction was unanimously approved by the Atlas Board of Directors, which recommended that Atlas shareholders approve the transaction. Approximately 99.3% of the votes cast were voted in favor of the adoption of the merger agreement, which represented approximately 80.9% of the outstanding shares of Company common stock. The final voting results will be set forth in a Form 8-K filed by Atlas with the U.S. Securities and Exchange Commission.

The Company expects to complete the transaction in the first quarter of 2023, subject to customary closing conditions and receipt of regulatory approvals. Upon closing, Atlas Air Worldwide will become a privately held company and shares of Atlas Air Worldwide common stock will no longer be listed on the Nasdaq stock exchange.

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

Apollo is a global, high-growth alternative asset manager. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, Apollo’s investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Through Athene, Apollo’s retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo’s patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. To learn more, please visit www.apollo.com.

J.F. Lehman & Company is a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors. This investment strategy reflects the firm’s deep experience in and commitment to these sectors since the firm’s founding three decades ago. Headquartered in New York, NY, the firm currently has approximately $3 billion of assets under management. To learn more, please visit www.jflpartners.com.

Hill City Capital is an investment firm led by Chief Investment Officer Chip Frazier. With investment research focused primarily in Industrial, Aerospace and Transportation, Hill City’s investment strategy is characterized by a long-duration investment horizon, a rigorous fundamental investment process and active engagement with management. Hill City Capital was founded in 2019, with its principal place of business is Boston, MA.

This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to AAWW, Parent and the acquisition of AAWW by Parent that are subject to risks, uncertainties and other factors. AAWW intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Those statements are based on management’s beliefs, plans, expectations and assumptions, and on information currently available to management. Generally, the words “will,” “may,” “should,” “could,” “would,” “expect,” “anticipate,” “intend,” “plan,” “continue,” “believe,” “seek,” “project,” “estimate,” and similar expressions used in this communication that do not relate to historical facts are intended to identify forward-looking statements.

Such forward-looking statements speak only as of the date of this communication. They are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries that may cause the actual results of AAWW or its subsidiaries to be materially different from any future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the risk that the proposed Merger may not be completed in a timely manner or at all; the possibility that any or all of the various conditions to the consummation of the proposed Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); the possibility that competing offers or acquisition proposals for AAWW will be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including in circumstances which would require AAWW to pay a termination fee; the effect of the announcement, pendency of the proposed Merger on AAWW’s ability to attract, motivate or retain key executives, pilots and associates, its ability to maintain relationships with its customers, including Amazon.com, Inc., vendors, service providers and others with whom it does business, or its operating results and business generally; risks related to the proposed Merger diverting management’s attention from AAWW’s ongoing business operations; the risk of shareholder litigation in connection with the proposed Merger, including resulting expense or delay; and (i) any other risks discussed in AAWW’s annual report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”) and AAWW’s subsequent quarterly reports on Form 10-Q (the “Quarterly Reports”) filed by AAWW with the SEC, and, in particular, the risk factors set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report and the Quarterly Reports and (ii) other risk factors identified from time to time in other filings with the SEC. Filings with the SEC are available on the SEC’s website at http://www.sec.gov. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Other factors and assumptions not identified above may also affect the forward-looking statements, and these other factors and assumptions may also cause actual results to differ materially from those discussed.

AAWW assumes no obligation to update such statements contained in this communication to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law and expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

With an established history of twin-engine efficiency, reduced fuel consumption, and lower maintenance and operating costs, MSC enters the air cargo industry with the longest-range twin-engine freighter in the world, capable of flying 4,880 nautical miles (9,038 kilometers). The 777-200F also meets quota count standards for maximum accessibility to noise‑sensitive airports around the globe.

“We are looking forward to this partnership with MSC, the world’s largest shipping company, as they enter into air cargo,” said John Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. “We are pleased that all four of our newly acquired 777-200Fs are placed on a long-term basis with MSC, providing them with dedicated capacity to support their growth and expansion.”

“We are delighted to see the first of our MSC-branded aircraft take to the skies and we are looking forward to start serving the market with our new Air Cargo solution,” said Jannie Davel, Senior Vice President Air Cargo at MSC. “We believe that MSC Air Cargo is developing from a solid foundation thanks to the reliable ongoing support of our operating partner Atlas.”

MSC Mediterranean Shipping Company, headquartered in Geneva, Switzerland, is a global leader in transportation and logistics, privately owned and founded in 1970 by Gianluigi Aponte. As one of the world’s leading container shipping lines, MSC has 675 offices across 155 countries worldwide with the MSC Group employing over 150,000 people. With access to an integrated network of road, rail and sea transport resources which stretches across the globe, the company prides itself on delivering global service with local knowledge. MSC’s shipping line sails on more than 260 trade routes, calling at 520 ports.

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

The second to the last of the 747-8Fs ever to be produced by Boeing took center stage last week at a special ribbon cutting ceremony with Atlas’ customer, Kuehne+Nagel. Hosted at the Boeing Everett Delivery Center in Seattle, the event was attended by over 70 executives from Boeing, Atlas, Kuehne+Nagel and their customers.

The ceremonial “keys” to the Boeing 747-8F, named ‘Inspire.’, were presented by John Dietrich and Michael Steen to Yngve Ruud, Executive Vice President, Air Logistics at Kuehne+Nagel, to mark the expanded partnership between Atlas Air and Kuhne+Nagel.

“We couldn’t be more delighted to share this day with you to give Kuehne+Nagel the last two 747s that are ever going to be built,” said John. “The focus for Atlas is to be sure that we contribute to your success and to take this venture to the next level with another great service offering from Kuehne+Nagel. Our commitment is to your success, and that of your customers. Thank you for putting your trust in us to get to this moment.”

“At the end of day, this is a collaboration and a team effort. Atlas is a strong believer in building strategic relationships with our customers in order to provide the best transportation we can, as well as invest in their respective supply chains,” said Michael. “One such investment is the joint effort that we – Atlas and Kuehne+Nagel – are going to make, is to the environment and a sustainable operation. You have Atlas’ commitment to continue to work with Kuehne+Nagel, and of course your customers as well, to make this a tremendous success.”

“This is a big day. For our team, this is probably the day that we’ve been looking forward to the longest,” said Yngve. “If you look at the plane, and the name ‘Inspire.’, you see the commitment that we are giving today to serve our customer and to make sure our industry is evolving.”

Attendees also enjoyed a special factory tour and a private visit inside the aircraft. Many of the guests remarked that one of the highlights of their day was meeting the Atlas 747 crewmembers: Tom Vize, 747 Fleet Captain and Designated Examiner, Joe Masone, 747 Captain and Designated Examiner and Roberto Meneghini, 747 Captain and Designated Examiner. The pilots shared their enthusiasm for the newest 747 arrival and answered questions from our guests.

The aircraft, which Atlas Air will operate for Kuehne+Nagel under a long-term, dedicated charter agreement, was officially delivered today, November 22.

Aircraft is First of Two 747-8Fs Placed Under Long-Term Agreement with Kuehne+Nagel

Purchase, N.Y., November 23, 2022 – Atlas Air, Inc., a subsidiary of Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced it has taken delivery of a Boeing 747-8 Freighter. This aircraft is the third of four new Boeing 747-8 Freighters Atlas Air ordered in January 2021 and is the first of two 747-8Fs Atlas Air will operate for its customer Kuehne+Nagel under a long-term agreement.

“This 747-8F delivery underscores the importance of our long-term strategic partnership with Kuehne+Nagel and our commitment to support their continued growth and expansion,” said John Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. “We are pleased to provide their first dedicated aircraft which will proudly fly in a custom Kuehne+Nagel livery. The two 747-8Fs we will operate for Kuehne+Nagel will add more capacity and versatility for their network.”

Yngve Ruud, Member of the Management Board of Kuehne+Nagel, responsible for Air Logistics, said: “It is a very special moment for us to see Kuehne+Nagel 747-8F ‘Inspire.’ taking off. Together with the very last 747-8F that we named ‘Empower.’, these aircraft will support our customers with reliable and flexible solutions globally, continuing the legacy of the most incredible aviation programs in history. We are delighted to celebrate this with our partners Atlas Air and Boeing and looking forward to seeing our aircraft connecting the world.”

Atlas’ investment in these new aircraft underscores our ongoing commitment to environmental stewardship through the reduction of noise, aircraft emissions and resource consumption. With its advanced design and engines, the 747-8F offers a 16% improvement in fuel use and CO₂ emissions per tonne and a 30% smaller noise footprint compared to the previous generation of aircraft.

“With Atlas Air taking delivery of the final 747s for its customer Kuehne+Nagel, this iconic Boeing airplane will continue to move cargo around the world for decades to come,” said Kim Smith, Vice President and General Manager of the Boeing 747/767 Program. “As we say goodbye to the ‘Queen of the Skies’, we’re proud of her legacy as an airplane that propelled aviation innovation and later laid the foundation of our family of freighters.

Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

With more than 79,000 employees at over 1,300 sites in over 100 countries, the Kuehne+Nagel Group is one of the world’s leading logistics providers. It operates in sea logistics, air logistics, road logistics and contract logistics, with a clear focus on integrated logistics solutions.

When the Flight Path Museum at LAX asked Atlas First Officer Karen Gerharter-Goodman to lead a program that provides young people with a chance to explore the first steps toward a potential career in aviation, her answer was an enthusiastic “yes.”

Karen had been fine-tuning her own idea for a project to encourage would-be pilots. She was especially driven to show young women with dreams of flying that aviation careers are open to them.

The Flight Path Flyers program, which features an introduction to flight training, has the same goal. It aims to draw young women as well as others from backgrounds that are traditionally underrepresented among the pilot ranks.

Karen is motivated by the memory of her 99-year-old mother-in-law, who was fascinated by aircraft and flight but, like other women of her generation, never had an opportunity to pursue her passion for aviation.

In 2011, soon after Karen earned her 747-type rating, she was scheduled for a tour of a cargo 747, and she invited her mother-in-law, who was 88 at the time, to come along.

“She came with me – climbing up the stairs and everything. She was so thrilled to be walking onto this 747 and seeing the immensity of the plane and the controls on the flight deck,” said Karen, who joined Atlas in January 2019. “She was just amazed and in awe for years afterward, up until she died this past July. She always remembered going on that plane and what a remarkable experience it was.”

So, for nine weeks which began Oct. 15, Karen honors her mother-in-law by spending her Saturday mornings encouraging those who might not otherwise be able to imagine themselves in a cockpit.

“I want to say to them, ‘Look, this is attainable. It is a viable career’,” said Karen, who wanted to be an astronaut before she decided to pursue her career as a commercial airline pilot. “It is a lot of fun if you are willing to put the work in.”

This session of the Flight Path Flyers program, which has nine participants ranging in age from 13 to 21, represents the program’s relaunch following a hiatus during the pandemic.

Karen designed the program’s curriculum, and she intends to invite colleagues to speak to the class about other areas of the aviation industry, including Maintenance/Mechanics and Air Traffic Control, she said.

The classes do not include flying lessons. But, according to the Flight Path Museum, graduates from previous cohorts of the program have gone on to complete flight instruction and earn their pilot licenses.

The Flight Path Museum LAX is located in the airport’s former Imperial Terminal and features exhibits, including those dedicated to commercial aviation history and space exploration as well as a collection of flight crew uniforms. Learn more about the museum and its exhibits and programs here.

Here at Atlas, we are honored to serve the U.S. military as the largest provider of their passenger and cargo airlift and are proud to count so many of our colleagues as veterans. Today, we shine a spotlight on a few of our veteran colleagues and their contributions the U.S. Armed Forces as part of the ongoing Atlas Salute to Service series.

Megan Matthews, Senior Passenger Service Representative (SPSR). Atlas Employee since 2018.

Coming from a military family inspired Megan to serve. On one side of her family was her grandfather, who served in the Marines and on the other side were her grandfather and grandmother who met while both were in the Army.

Megan enlisted in the Air Force as a junior in high school and left for basic training only 12 days after graduation. Her rank was Senior Airman and her job was a C-17 Loadmaster with the 6th Airlift Squadron (6AS), stationed at Joint Base McGuire-Dix-Lakehurst, New Jersey. Megan served from 2007 to 2013.

“Serving as a Loadmaster in the military exposed me to the type of work I currently do with Atlas as a SPSR,” said Megan. “Additionally, the military helped developed my skills in leadership, adaptability and work ethic that I strive to use every day to ensure the success of every Atlas flight.”

During her time in the Air Force, Megan had the opportunity to fly combat missions, earning air medals for Operation Iraqi Freedom, Operation Enduring Freedom (Afghanistan) and Operation New Dawn. She is proud that she was able to airlift millions of pounds of essential equipment to troops on the ground.

“I appreciate the opportunities and support given to veterans and those who continue their military service here at Atlas,” said Megan. “It can be difficult for veterans to transition back to civilian life, and I appreciate that Atlas is committed to helping us establish new careers in this next chapter.”

Jo Houston, Quality Assurance Auditor/Ramp Maintenance. Atlas Employee since 2020.

Jo Houston served as a Petty Officer, Second Class in the United States Naval Reserve from 2001 to 2010, stationed at Naval Air Station Joint Reserve Base (JRB) in Belle Chasse Louisiana and Andrews Air Force Base, Camp Springs, Maryland.

Jo’s interest in joining the military comes from growing up in a family where “service is stressed.” Her mother was a Lieutenant Commander in the Navy, and she has many uncles, cousins and aunts who have served and retired from the Army.

“Being a part of the military taught me how to function independently and as a member of a collective,” said Jo. “I think a good deal of my deductive reasoning is due to my military training. I learned to lead with skill and not force or fear, which makes me an effective auditor. I have found that most people want to work with me and know that any issues disclosed during an audit will not be met with judgment and punishment.”

Jo’s proudest moment happened during an extraction mission when she was working for the military as a civilian.

“As a part of Special Forces, it gave me pride to know that I was helping our members during some of their most trying times,” said Jo. “My proudest memories on duty were meeting General Colin Power when he was Secretary of Defense and George and Laura Bush as President and First Lady.”

Jo says it makes her happy to know she works with so many veterans. “We swap stories and draw on career experiences to help us with our daily routines. I’m proud of the fact that Atlas moves the military and provides a career path for so many after they transition from the military.”

Major Silas Simone began his military career in 2001 as an F-16 crew chief in the Minnesota and Ohio Air National Guard (ANG). He was commissioned through the Academy of Military Science (AMS). He was also a C-130 pilot during his time in the military.

His flying assignments included the Alaska and Delaware ANG, and his staff assignment was at the National Guard Bureau in Washington, D.C. in Air Operations as a mobility airlift programmer, and then as a tactical airlift functional manager.

During his military career, Major Simone supported numerous flying deployments, including Operations Iraqi Freedom, Enduring Freedom and Inherent Resolve.

Major Simone comes from a family with strong military ties. His wife is an Air Force Lieutenant Colonel and is currently serving as a force support squadron commander. Additionally, his father was in the Army, and his grandfather was in the Navy.

“The inherent discipline and training rigor I developed over my 20-year military career has transferred into my civilian career quite well,” said Major Simone. “International travel, deployments, long days and extensive studying of this craft has set me up for success as an International Part 121 Pilot, along with the professionalism and high demands this job requires.”

Major Simone said that his most memorable moments are always the return from deployments when he can embrace his wife and kids. His proudest moment was providing humanitarian efforts to refugees from war-torn countries through C-130 Airdrops.

“The direct human impact at the time was raw and visible, and we knew that at least for that moment we helped,” said Major Simone, who retired from the military on January 1, 2022.

Speaking about how Atlas employs so many members of the military, Major Simone says, “It shows that the Company values service members and what kind of human capital, skills, leadership and dedication service members can bring to Atlas to further advance its workforce.”

Victor Andres Castillo, Training Records Administrator. Atlas Employee since 2022.

Although he has only been with Atlas for eight months, Victor feels like he has been with the Company for years via his military career.

“Being on deployments and/or other military orders, Atlas Air was my main means of transportation taking us from base to base,” said Victor. “The customer service experience from both the pilots and the ground crew made for a remarkable experience.”

In July 2010, Victor enlisted in the Security Forces (Military Police), where he served for ten years. He shared that being part of the military greatly helped him with

his career at Atlas. Through the military, he was able to build his character — becoming resilient, loyal, adaptable — and find ways to both identify and solve problems, all skills that have helped him in his current position.

“Military training builds strong character, providing tools to show empathy toward others, push through adversity and commit to the mission of the organization.”

Victor has many memorable moments from proudly serving his country. While “some are good, some are bad and some are in-between,” Victor said. “Serving in the Armed Forces has been a privilege and honor. It is the greatest feeling in the world to have served, and I have no regrets.”

Accomplishing Basic Military Training (BMT) and Tech School was his most memorable, challenging and rewarding experience.

“I enlisted in the Armed Forces later than most, and my fellow trainees jokingly referred to me as ‘grandpa.’ All the other trainees were in their late teens and they looked up to me. I was their inspiration, their shoulder to cry on or a fellow trainee who always had their back. It was tough to withstand Physical Training (PT) not being in as good shape as the teenagers. However, because of my determination, resiliency and the ability to endure pain, I finished within the top five of my class and won the outstanding performance award.

“Atlas Air has given me an opportunity to share my life and background with my team members and the organization,” said Victor. “It is an honor to be part of a well-rounded organization, showing commitment and pride for our employees who wear and have worn the uniform. It is an honor to be part of the Atlas Air team!”

Carleen A. Ybarra, Director Employee Relations & Work Force Solutions. Atlas Employee since 2021.

Carleen has been in the US Army Reserves since 1997 and presently serves as the Command Sergeant Major for a drill sergeant unit. In 2000, she deployed to Kosovo in support of NATO’s peacekeeping mission. In 2004, she deployed to Iraq in support of Operation Iraqi Freedom and took part in multiple training missions.

Carleen is a first generation American and the first generation of her family to enlist in the U.S. Armed Forces and did so along with her cousin.

“We set the standard for the next generation of our family,” said Carleen. “There are now six members of my family who are currently serving or have proudly served.”

Carleen shares that the Army’s values, which include loyalty, duty, respect, selfless service, honor, integrity and personal courage, are paramount in her role in Human Resources.

“By embodying these core values, I can execute my job for Atlas without moral or personal conflict. Both my leader and the Company expect the same out of me,” said Carleen.

When reflecting on her military career, Carleen said that she feels many moments of pride including seeing soldiers that she has coached, mentored and developed receive promotions.

She also refers to other proud moments, which happened while she was stationed overseas.

“A couple of years into my enlistment, I deployed to Kosovo shortly after the NATO bombing campaign,” said Carleen. “As a civil affairs operator, I was able to directly impact the rebuilding of the city of Urosevac/Ferizaj coordinating and supporting humanitarian assistance relief efforts and helping with the reconstruction of schools and other government-run infrastructure.”

One of Carleen’s greatest feelings of personal accomplishment, and her proudest moment as an American soldier, was the impact she had on the Albanian, Serbian and Gypsy women.

“These women saw me, a woman with a job, authority, and freedom of speech and movement,” said Carleen. “I will never forget how excited they were (as was I) to witness that. Before my tour ended these women were learning how to drive.”

About working at Atlas, Carleen shares a memory from her time in the Armed Forces.

“I am proud to work for a company that supports our military,” said Carleen. “I remember the many trips that I took to Green Ramp at Pope Air Force Base at the onset of the War on Terror and seeing my friends board Atlas Air planes. Sometimes it is lost on the average American the service and sacrifice that service members make every day. When companies such as ours stand up for and stand by those who serve, it sends a message to the rest of our country that we will not be forgotten. Working here and supporting the mission of our airline feels as though I’m giving back.”

A significant source of pride for Atlas employees is the chance to make an impact in their jobs. Sometimes, that impact exceeds expectations.

Every September as part of Childhood Cancer Awareness Month, Amazon partners with the American Childhood Cancer Organization (ACCO) to help raise funds and awareness for pediatric cancer research. Through its Amazon Goes Gold for Kids with Cancer campaign, young children battling cancer can participate in a number of activities and events throughout the month. A gold ribbon is the universal symbol for childhood cancer.

Atlas’ Maintenance Manager, Ray Earls, along with Station Supervisors Andrea Espino and Alejandro Guzman, supported Amazon’s efforts by giving a young girl battling leukemia and her family a tour of the RIV warehouse and the flight deck of a 737.

“This child is going through something unimaginable,” said Ray. “It was important for all of us to give her and her family an opportunity to enjoy themselves and perhaps take their minds off of her diagnosis for a moment.”

“We applaud Amazon’s efforts to give back to the community and support the fight against childhood cancer,” said both Andrea and Alejandro. “We’re very grateful that Atlas can join in to help make a difference.”

Participating in a day like this touched the hearts of all those on site, but for Ray, the significance of this event hits very close to home.

“This was an emotional day for me, because my wife is currently battling breast cancer,” he said. “I’ve had a front row seat to the fight against cancer, so the opportunity to help do something fun for this family during this challenging time was incredible.”

“This is a day she will never forget, and I promise you, when we were up in that airplane, she wasn’t thinking about being sick. That’s gold.”

Purchase, N.Y., November 7, 2022 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced that the United States Air Force (USAF) has extended its agreement with Atlas Air to train pilots and flight engineers for Air Force One.

Under the five-year extension of the agreement, which Atlas Air has held since 2007, crews for the Air Force’s VC-25, a modified version of the Boeing 747-200, will receive ground and flight-simulator training at Atlas Air’s world-class training center in Miami, Florida. “Air Force One,” the designated call sign of the aircraft when the President is on board, consists of two specially configured Boeing 747-200B aircraft.

“It is an honor to continue to provide this critical training to the pilots and crews of Air Force One and the Presidential Airlift Group,” said John Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. “Atlas Air’s partnership with the USAF is a source of tremendous pride for all of us. We are privileged to be entrusted to meet the high standards for safety, professionalism, efficiency and security that this contract demands.”

The past four U.S. presidents have been flown to locations throughout the world by Atlas-trained pilots and flight engineers who received their 747 certification from Atlas Air.

Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

Continues to Expect Closing of Pending Sale of the Company to
Investor Group in 4Q22 or 1Q23

PURCHASE, N.Y., November 3, 2022 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced third-quarter 2022 net income of $60.1 million, or $1.79 per diluted share, compared with net income of $119.5 million, or $3.91 per diluted share, in the third quarter of 2021.

On an adjusted basis, EBITDA totaled $194.0 million in the third quarter this year compared with $280.5 million in the third quarter of 2021. Adjusted net income in the third quarter of 2022 totaled $78.8 million, or $2.69 per diluted share, compared with $145.4 million, or $4.88 per diluted share, in the third quarter of 2021.

“We continued to see strong demand for our services during the third quarter,” said Atlas Air Worldwide President and Chief Executive Officer John W. Dietrich. “We were also pleased to announce a long-term ACMI (aircraft, crew, maintenance and insurance) agreement under which all four of our new and incoming 777-200 freighters are placed with MSC Mediterranean Shipping Company SA.”

Mr. Dietrich continued: “Notwithstanding this strong demand, our third-quarter performance was impacted by operational disruptions related to an increase in COVID-19 cases, particularly in July and August, as well as the effects of Hurricane Ian at the end of the quarter. I would like to thank our Atlas team for working together through these challenges on behalf of our customers.”

As previously announced, on August 4, 2022, Atlas Air Worldwide entered into a definitive agreement to be acquired by an investor group led by funds managed by affiliates of Apollo Global Management, Inc., together with investment affiliates of J.F. Lehman & Company, LLC and Hill City Capital LP. In light of this pending acquisition, Atlas Air Worldwide will not hold an earnings conference call or provide forward-looking guidance. In connection with the proposed transaction, the Company filed a definitive proxy statement with the Securities and Exchange Commission and will hold a related special meeting of shareholders on November 29, 2022.

The Company continues to expect to complete this transaction in the fourth quarter 2022 or the first quarter 2023.

Revenue grew to $1.1 billion in the third quarter of 2022 compared with $1.0 billion in the prior-year quarter. Volumes in the third quarter of 2022 totaled 79,274 block hours compared with 90,363 in the third quarter of 2021.

Higher Airline Operations revenue primarily reflected an increase in the average rate per block hour, partially offset by a reduction in block hours flown. The higher average rate per block hour was primarily due to higher fuel prices and higher yields (net of fuel), including the impact of new and extended long-term contracts and increased cargo flying for the AMC. Block hours decreased primarily due to operational disruptions related to an increase in COVID-19 cases (which were significantly higher in July and August), our operation of fewer passenger flights and the effects of Hurricane Ian. The increase in cases and effects of the hurricane adversely impacted our crew availability and our ability to position them due to the widespread and well-publicized cancellations of commercial passenger flights.

Airline Operations segment contribution decreased during the quarter primarily due to increased pilot costs related to our new collective bargaining agreement (CBA), higher overtime pay related to an increase in COVID-19 cases (which were significantly higher in July and August), as well as higher premium pay for pilots operating in certain areas significantly impacted by COVID-19. Segment contribution was also adversely impacted by lower aircraft utilization and higher crew travel costs related to the operational disruptions described in the segment revenue discussion above, as well as higher commercial passenger airfares. In addition, segment contribution was negatively impacted by higher heavy maintenance expense and a decrease in AMC passenger flying. These items were partially offset by higher yields (net of fuel), primarily driven by increased cargo flying for the AMC and the impact of new and extended long-term contracts.

In Dry Leasing, segment revenue in the third quarter of 2022 was relatively unchanged compared with the prior-year period. Higher segment contribution was primarily due to lower interest expense related to the scheduled repayment of debt.

Unallocated income and expenses, net, decreased during the quarter primarily due to a $15.2 million adjustment to paid time-off benefits recorded in 2021 related to our new CBA, lower interest expense related to our adoption of the amended accounting guidance for convertible notes and lower professional fees.

Reported earnings in the third quarter of 2022 included an effective income tax rate of 23.2%. On an adjusted basis, our results reflected an effective income tax rate of 22.6%.

For the nine months ended September 30, 2022, our reported net income totaled $229.9 million, or $6.82 per diluted share, compared with net income of $316.6 million, or $10.52 per diluted share, in the prior-year period (which included $40.9 million, $31.9 million after tax, of CARES Act grant income).

On an adjusted basis, EBITDA totaled $612.4 million in the first nine months of 2022 compared with $705.6 million in the first nine months of 2021. For the nine months ended September 30, 2022, adjusted net income totaled $264.9 million, or $9.04 per diluted share, compared with $339.4 million, or $11.44 per diluted share, in the first nine months of 2021.

We took delivery of the first two of our four new 747-8Fs in May and October 2022. Based on the updated timeline provided by Boeing, the remaining two aircraft are anticipated to be delivered during the fourth quarter of 2022 and the first quarter of 2023. As announced in February 2022, all four of these aircraft are placed with customers under long-term agreements.

As announced in September 2022, all four of our new and incoming 777-200LRFs have been placed with MSC under a long-term ACMI contract. Reflecting Boeing’s current expectations, we anticipate the first aircraft to be delivered late in the fourth quarter of this year and three more throughout 2023.

As previously disclosed, we are purchasing five of our existing 747-400Fs at the end of their leases during the course of this year, three of which were acquired between March and August 2022. We expect to complete the remaining two aircraft acquisitions in the fourth quarter of 2022.

At September 30, 2022, our cash, including cash equivalents and restricted cash, totaled $476.0 million compared with $921.0 million at December 31, 2021.

The change in position resulted from cash used for investing and financing activities, including $290.1 million for pre-delivery payments for our new aircraft (of which $120.1 million related to a final payment for a 747-8F, and in early October, we completed the acquisition of that aircraft and received financing proceeds of $140.0 million), $216.6 million related to the settlement of our 2015 Convertible Notes and $100.0 million for our accelerated share repurchase program, partially offset by cash provided by operating activities.

To supplement our financial statements presented in accordance with U.S. GAAP, we present certain non-GAAP financial measures to assist in the evaluation of our business performance. These non-GAAP measures include Adjusted EBITDA; Adjusted net income; Adjusted Diluted EPS; Adjusted effective tax rate; and Free Cash Flow, which exclude certain noncash income and expenses, and items impacting year-over-year comparisons of our results. These non-GAAP measures may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for Net income; Diluted EPS; Effective tax rate; and Net Cash Provided by Operating Activities, which are the most directly comparable measures of performance prepared in accordance with U.S. GAAP, respectively.

Our management uses these non-GAAP financial measures in assessing the performance of the company’s ongoing operations and in planning and forecasting future periods. We believe that these adjusted measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to assist investors and analysts in understanding our financial results and assessing our prospects for future performance. For example:

Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Atlas Air Worldwide’s current views with respect to certain current and future events and financial performance. Those statements are based on management’s beliefs, plans, expectations and assumptions, and on information currently available to management. Generally, the words “will,” “may,” “should,” “could,” “would,” “expect,” “anticipate,” “intend,” “plan,” “continue,” “believe,” “seek,” “project,” “estimate,” and similar expressions used in this release that do not relate to historical facts are intended to identify forward-looking statements.

Such forward-looking statements speak only as of the date of this release. They are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of Atlas Air Worldwide and its subsidiaries (collectively, the “companies”) that may cause the actual results of the companies to be materially different from any future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: our ability to effectively operate the network service contemplated by our agreements with Amazon; the possibility that Amazon may terminate its agreements with the companies; the ability of the companies to operate pursuant to the terms of their financing facilities; the ability of the companies to obtain and maintain normal terms with vendors and service providers; the companies’ ability to maintain contracts that are critical to their operations; the ability of the companies to fund and execute their business plan; the ability of the companies to attract, motivate and/or retain key executives, pilots and associates; the ability of the companies to attract and retain customers; the continued availability of our wide-body aircraft; demand for cargo services in the markets in which the companies operate; changes in U.S. and non-U.S. government trade and tax policies; economic conditions; the impact of geographical events or health epidemics such as the COVID-19 pandemic; the impact of COVID-19 vaccine mandates; our compliance with the requirements and restrictions under the Payroll Support Program; the effects of any hostilities or act of war or any terrorist attack; significant data breach or disruption of our information technology systems; labor costs and relations, work stoppages and service slowdowns; financing costs; the cost and availability of war risk insurance; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); volatility in the international currency markets; geopolitical events; weather conditions; natural disasters; government legislation and regulation; border restrictions; consumer perceptions of the companies’ products and services; anticipated and future litigation; the risk that the proposed transaction may not be completed in a timely manner or at all; the failure to receive, on a timely basis or otherwise, the required approvals of the proposed transaction by Atlas Air Worldwide’s stockholders; the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); the possibility that competing offers or acquisition proposals for Atlas Air Worldwide will be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction, including in circumstances which would require Atlas Air Worldwide to pay a termination fee; incurring substantial costs related to the proposed transaction, such as legal, accounting, financial advisory and integration costs; the effect of the announcement, pendency of the proposed transaction, or any failure to successfully complete the proposed transaction on Atlas Air Worldwide’s ability to attract, motivate or retain key executives, pilots and associates, its ability to maintain relationships with its customers, including Amazon.com, Inc., vendors, service providers and others with whom it does business, or its operating results and business generally; risks related to the proposed transaction diverting management’s attention from Atlas Air Worldwide’s ongoing business operations; the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; and (i) any other risks discussed in Atlas Air Worldwide’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”) and Atlas Air Worldwide’s subsequent quarterly reports on Form 10-Q filed by Atlas Air Worldwide with the Securities and Exchange Commission (the “SEC”), and, in particular, the risk factors set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report and the quarterly reports and (ii) other risk factors identified from time to time in other filings with the SEC. Filings with the SEC are available on the SEC’s website at http://www.sec.gov. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Except as stated in this release, Atlas Air Worldwide is not providing guidance or estimates regarding its anticipated business and financial performance for 2022 or thereafter.

Atlas Air Worldwide assumes no obligation to update such statements contained in this release to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law and expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

Atlas Air Worldwide and its directors, executive officers and other members of management and employees, under SEC rules, may be deemed to be “participants” in the solicitation of proxies from stockholders of Atlas Air Worldwide in favor of the proposed transaction. Information about Atlas Air Worldwide’s directors and executive officers is set forth in Atlas Air Worldwide’s Proxy Statement on Schedule 14A for its 2022 Annual Meeting of Shareholders, which was filed with the SEC on April 15, 2022. To the extent holdings of Atlas Air Worldwide’s securities by its directors or executive officers have changed since the amounts set forth in such 2022 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information concerning the interests of Atlas Air Worldwide’s participants in the solicitation, which may, in some cases, be different than those of Atlas Air Worldwide’s stockholders generally, is included in Atlas Air Worldwide’s definitive proxy statement relating to the proposed transaction, which was filed with the SEC on October 19, 2022.

This release may be deemed to be solicitation material in respect of the proposed acquisition of Atlas Air Worldwide by Rand Parent, LLC. In connection with the proposed transaction, on October 19, 2022, AAWW filed a definitive proxy statement with the SEC. INVESTORS AND STOCKHOLDERS OF ATLAS AIR WORLDWIDE ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING ATLAS AIR WORLDWIDE’S PROXY STATEMENT (IF AND WHEN AVAILABLE), BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders are or will be able to obtain the documents (if and when available) free of charge at the SEC’s website at www.sec.gov, or free of charge from Atlas Air Worldwide by directing a request to Atlas Air Worldwide Investor Relations, 2000 Westchester Avenue, Purchase, NY or at tel: +1 914 701 8200 or email: InvestorRelations@atlasair.com.

This release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Our commitment to safeguard the environment is reflected in how we manage our aircraft, our facilities and our resources by continuously striving to reduce our natural resource consumption and responsibly managing the lifecycle of the materials we use.

Recently, Atlas’ Supply Chain team spearheaded a number of greening initiatives at the Company’s stations, stores and warehouses, where maintenance supplies and materials are stored, in support of our priority of environmental stewardship.

“As the company further advanced its ESG commitments, this project became front and center for our team,” said Althea Arvin, Senior Director of Supply Chain Operations. “We realized we had an opportunity in our stores and warehouses to reduce waste, repurpose materials, and rethink what resources we use and how we use them.”

Leading the project for Supply Chain Operations was Todd Read, Regional Manager of Material Operations, Americas. With the help of his colleagues, Todd identified and developed initial opportunities for sustainable process improvements. By the end of summer 2021, Todd developed a plan to target three critical areas to reduce waste, and reduce consumption of electricity and fossil fuels.

“The heart of this project was strategizing how we can improve efficiencies, while making an effort to be greener,” said Todd. “We started looking at our processes in new ways and thinking about how we can handle materials differently, in regard to items being recycled or process improvements that are more environmentally-friendly.”

Aligned with this strategy, Todd and his team began implementing several environmental initiatives such as partnering with organizations to transform old airplane galley carts into furniture and art as well as breaking down old wood pallets at our CVG location in Northern, KY, into mulch for landscaping. Additional efforts include installing LED lights in warehouses and replacing gas powered vehicles and forklifts with electric ones.

“The work is ongoing, and isn’t new. We have always been looking for opportunities to reduce waste and to be more mindful of our environmental impact at all of our locations,” said Todd.

For Althea and Todd, the hope is that these efforts will lead to more sustainable projects in the future, not only for Atlas but for the industry overall.

“As a supply chain organization, we want to ensure that we’re delivering on our commitments to sustainability and are sending a clear message to the rest of the Company and beyond,” said Althea. “We’re very proud of the work that Todd and his team are doing to advance Atlas’ ESG strategy. Understanding where and how our business interacts with the environment has an intangible value. Our expectation is that as we do our part, the spirit of conservation will become contagious beyond our supply chain and station operations.”

For more information about Atlas’ commitment to ESG priorities, view Atlas’ most recent ESG Report here.

Atlas 747 Fleet Captain and Designated Examiner Tom Vize.

The 747 holds a special place in Atlas 747 Fleet Captain and Designated Examiner Tom Vize’s heart.

“As a child, I dreamed of flying the 747 one day,” said Tom. “For me, the 747 is the most iconic airplane and the most spectacular aircraft ever built.”

Tom knows he is not the only one who feels this way. Over the years he has spoken to many pilots who shared the same childhood dream.

Tom has been with Atlas for over 22 years and has flown the 747 his entire career. He has piloted 747s carrying sport teams, specialty cars, boats and holidays gifts.

Tom has traveled all over the world to more than 100 destinations – including South America, Europe, Asia, Australia, and many destinations in between. He says his favorite destination is “wherever Atlas takes me next.”

Atlas 747 Fleet Captain and Designated Examiner Tom Vize in the cockpit.T

“Flying at Atlas is so unique,” said Tom. “It’s challenging and exciting from the cargo we carry to the places we go. There is no other airline that offers this kind of variety.”

Tom has many fond memories of flying the 747 over the years, but there are two that are particularly memorable.

First there was the time that Tom was part of the crew bringing two Navy SEALs, along with all of their equipment from Japan to Guam in 2006.

“We invited the U.S. Navy SEALs to join us in the cockpit, and they thought it was just the coolest thing,” said Tom. “We were so proud to play a role in getting them safely to their next mission.”

Captain Vize’ son, Brandon Eastland, during his time as a United States Army Cavalry Scout.

The other memory is a bit more personal. In 2010, Tom’s son, Brandon, a United States Army Cavalry Scout stationed in Germany, was deploying with his troop to Afghanistan. Tom was scheduled to pilot a flight into RAM, just as his son was about to depart on that Atlas 747 piloted by a colleague.

“I was so grateful that I was able to see Brandon before he left and tell him face-to-face how proud I was of him,” said Tom.

The two were able to spend a few minutes together before the flight. While onboard, each member of the Atlas flight crew took the time to introduce themselves to Brandon and get to know him. It is a special memory for both father and son.

As Atlas takes delivery of the final four 747-8 freighters Boeing will produce, Tom is both proud and sentimental.

Captain Vize (left) with Captain Joe Masone touring the Boeing factory to see the final 747s.

“To see the last 747-8 freighters being built is a bit poignant,” said Tom. “The aircraft has had a long and impressive career. It is a super reliable airplane and can take passengers and cargo anywhere in the world. To be a part of the celebration of the final aircraft is a great honor.”

Tom recently flew the first and second acceptance flights for N860GT and N861GT with his friend and colleague Captain Joe Masone. Tom piloted the plane while Joe rode on the aircraft overseeing the functional checks and system tests.

Captain Joe Masone (left) and Captain Tom Vize touring the Boeing factory to see the final 747s.

“Joe and I met 25 years ago,” said Tom. “Joe was a Captain and Check Airman, and he conducted my 747 training. Joe left that airline to move to Polar and it was through him that I found my way to Atlas Air. It was a real full-circle moment for me to fly with him on these flights.”

Captain Taylor Montgomery grew up in Baton Rouge, LA in a family with deep aviation roots.

“When I was a teenager, my grandfather (a retired US Air Force flight instructor) would take me up in the air for flying lessons and my father (a retired US Navy air traffic controller) would be communicating with us on the ground over the radio,” said Taylor.

“The experience of flying was exhilarating, and I knew from that first lesson what I wanted to do after high school. Thanks to my dad and grandpa, I already had a head start on my career!

Taylor enrolled in Louisiana Tech University where she pursed a dual degree in Professional Aviation and Spanish.

“I went to school year-round, taking extra classes over the summer so I could graduate earlier,” said Taylor.

Her packed schedule earned her enough credits to graduate by the age of 20. She thought about enlisting in the Air Force, but being a pilot was not guaranteed, so she went the civilian route, and moved back home to Baton Rouge to become a flight instructor.

“I absolutely loved giving flying lessons,” said Taylor. “As a new pilot myself, it was such a great experience for me and gave me the building blocks I needed for the next step of my career.”

She stayed in her flight instructor role for three years. During that time, she met her now good friend and mentee, Morgan “Allie” Balding, who had signed up for flight lessons.

“After Allie’s first flight lesson, I was filling out her logbook and she said to me ‘we are going to become friends!’. I made it a rule to never become friends with my students, but Allie was right and as the lessons progressed, we became good friends. She was also my best student!”

After the lessons concluded, Taylor continued to mentor Allie and help her advance her aviation career.

“As a woman in this industry, it can sometimes be tough. You stand out, which can be positive, but it also means you have to go above and beyond to prove yourself. I really wanted to help another young woman succeed.”

After her time as a flight instructor, Taylor worked for a few years at regional carriers, flying cargo for different airlines, before setting her sights on Atlas.

“In 2015, I was training with a captain, who shared that he was about to take a new job at Atlas. That captain was Dave Stillman, who is now a 767 Captain here at the company. He told me all about the company and why he was excited about it. I looked into it, liked what I saw and then made it my goal to join Atlas as well,” said Taylor.

Nearly one year later, in February 2016, Taylor was hired as First Officer for Atlas on the 767. She upgraded to Captain in 2019 at age 29.

Fully on board at Atlas, enjoying her career, colleagues and opportunities, Taylor knew her mentee Allie would appreciate working at Atlas as well. Taylor worked with Allie to ensure all her requirements to join the company were completed.

After working at regional carriers for about four years, Allie joined Atlas in January of this year as a First Officer.

“Without Taylor, I wouldn’t be where I am today,” said Allie. “From the day I met her, she has encouraged me every step of the way. She’s provided me with direction and insight into all the steps I needed to complete to become a pilot.”

“I’m so excited for us to fly together in the future,” said Taylor. “The last time we flew together, it was in 2012 and we were in a Cessna 172. Next time we fly, it will be in a 767!”

Allie echoed, “I’m not sure I can properly articulate how meaningful it will be to fly with Taylor again. She was with me on my very first flight, and I hope she will be with me on many flights in the future.”

In addition to mentoring Allie, Taylor recently participated in Atlas’ Women of Aviation Power Panel at CVG, alongside Patricia Goodwin-Peters, Senior Vice President, Human Resources, Lillian Dukes, Senior Vice President, Tech Ops, Candace McGraw, Chief Executive Officer of CVG, and Crystal Korff, President of the Bluegrass Chapter of Women in Aviation, where she spoke to young professionals in aviation and students of all ages about careers in aviation.

“It was so nice to hear other women’s stories and journeys,” said Taylor. “While each woman’s end goal was different, we all ended up where we wanted to be. I think we successfully showed the students that there are many different career paths within aviation.”

Atlas Employees Come Together to Golf and Make a Difference

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Spotlight on Tom Vize, 747 Fleet Captain