COVID-19: A MESSAGE FROM ATLAS AIR WORLDWIDE

PURCHASE, N.Y., March 10, 2021 – Titan Aircraft Investments, the joint venture between Titan Aviation Holdings and Bain Capital Credit, today announced the acquisition of two 767-300ER aircraft from Icelandair.  These aircraft will be converted to freighters and placed on long-term leases to Icelandair.  Titan Aviation Holdings, a subsidiary of Atlas Air Worldwide Holdings Inc. (NASDAQ: AAWW), will manage these assets.

Michael T. Steen, President and Chief Executive Officer of Titan Aviation Holdings, said “We are delighted to welcome Icelandair as a strategic customer and to support their long-term expansion plans. The 767-300ER is a very attractive medium-sized freighter and we are excited to manage these two aircraft on behalf of the joint venture. We currently own 21 767-300ER freighters, which provide us with extensive experience in this aircraft type.”

With the addition of these two 767s, Titan Aircraft Investments’ portfolio has grown to three aircraft, which also includes a 777-200 freighter. Titan Aircraft Investments’ aircraft portfolio is managed by Titan Aviation Holdings.

Titan Aviation Holdings has the most diversified and one of the largest freighter portfolios in the world, including 777, 767 and 737 aircraft. Titan Aviation Holdings’ customers include Aerologic, Amazon, China Postal, DHL Express and FedEx, among others.

“We are very pleased to partner with Titan Aircraft Investments and Atlas Air to further strengthen our cargo business. With continued positive outlook for cargo operations post COVID, I am confident that the 767-300ER freighters will allow us to maximize new opportunities in our markets. These aircraft carry around 50% more freight than our current two B757-200 freighters and fit very well into our current fleet and network. Our aim is to increase the capacity in our markets, as well as strengthen Iceland as a hub for cargo, in a similar way as our passenger hub that provides attractive connections between continents,” said Bogi Nils Bogason, President and CEO of Icelandair Group.

“We are uniquely positioned to deliver value to our growing portfolio of customers as we continue to invest in market-leading assets, combined with the unique and diversified services our group of companies offer,” said John W. Dietrich, President and Chief Executive Officer of Atlas Air Worldwide.

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, 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.

About Icelandair Group:

Icelandair Group operates international and domestic passenger services, an airfreight and logistics business through Icelandair Cargo, as well as aircraft leasing and consulting services through its subsidiary Loftleidir Icelandic. With Iceland as a connecting hub, Icelandair’s passenger route network centers around the unique location of the country midway between North America and Europe, connecting a number of destinations to and from Iceland as well as across the Atlantic.

Icelandair Group has successfully built up cargo operations in its key markets over the past decades, both on its passenger network and with its own freighters. Icelandair Cargo is the largest air freight operator in Iceland and has been in a leading role in air transport to and from Iceland for the past decade. Developing markets for Icelandic fresh fish in Europe and North America has been a key focus.

 Fourth-Quarter 2020 Results

  • Reported Net Income Increased to $184.0 Million
  • Adjusted Net Income Grew to $143.2 Million
  • Adjusted EBITDA Totaled $279.7 Million

 Full-Year 2020 Results

  • Reported Net Income Improved to $360.3 Million
  • Adjusted Net Income Rose to $379.0 Million
  • Adjusted EBITDA Totaled $844.2 Million

 PURCHASE, N.Y., February 18, 2021 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced strong increases in volumes, revenue and earnings for the fourth quarter and full year of 2020. These results were driven by ongoing demand for our assets and services and our operational execution. The company also provided an outlook for first-quarter 2021 earnings growth.

On a reported basis, net income totaled $184.0 million, or $6.15 per diluted share, for the three months ended December 31, 2020. Results compare with a reported loss of $410.2 million, or $15.86 per diluted share, for the three months ended December 31, 2019, which was primarily due to a noncash special charge of $616.2 million ($485.2 million after tax).

On an adjusted basis, EBITDA rose to $279.7 million in the fourth quarter of 2020 compared with $204.7 million in the prior-year period. Adjusted net income increased to $143.2 million, or $4.83 per diluted share, in the fourth quarter of 2020 compared with $98.2 million, or $3.80 per diluted share, in the prior-year period.

“We finished this unprecedented year on a strong note, with financial and operating results that exceeded our expectations. I’d like to thank everyone at Atlas for stepping up to deliver an extraordinary peak season and full year for our business and our customers,” said President and Chief Executive Officer John Dietrich.

“In the face of unrelenting operational complexities driven by the COVID-19 pandemic, we added widebody capacity, increased aircraft utilization and grew block hours to carry historic volumes, including essential goods that businesses, communities and individuals require as well as holiday e-commerce packages.

“We are leveraging our unrivaled portfolio of assets and the scale of our global network. We are also continuing to diversify our customer base and have entered into numerous long-term charter agreements with strategic customers, such as Cainiao, Flexport and HP Inc. These agreements will provide reliable and attractive revenue streams for the years ahead.

“Providing our customers with modern, fuel-efficient aircraft has been a longstanding priority at Atlas, and we were excited to announce that we ordered four new 747-8Fs from Boeing. This acquisition underscores that commitment and also demonstrates our focus on environmental stewardship through the reduction of aircraft noise, emissions and fuel consumption. The 747-8F provides 20% higher payload capacity and 16% lower fuel consumption than the very capable 747-400F, and has 25% higher capacity than the new-technology 777-200LRF. In addition, the advanced engines on the 747-8F reduce noise by approximately 30% compared to the previous generation of aircraft.

“As the world’s largest 747 freighter operator, the -8F is core to our business, and complements our diverse fleet of 747-400s, 777s, 767s and 737s. We are expecting delivery of these new aircraft from May through October 2022, and they will play a key role in advancing Atlas’ strategic growth plans for decades to come.”

He concluded: “The strong demand for our aircraft and services has continued into this quarter. We expect to fly approximately 85,000 block hours in the first quarter of 2021, with revenue of approximately $820 million, and adjusted EBITDA of about $150 million. In addition, we expect first-quarter 2021 adjusted net income to grow approximately 60% to 65% compared with adjusted net income of $29.9 million in the first quarter of 2020.*

“Due to ongoing uncertainty related to the pandemic and associated market dynamics, including ever-changing border restrictions, new variants of COVID-19 and surges in cases globally, we are not providing a full-year 2021 earnings outlook at this time.”

Fourth-Quarter Results

Volumes in the fourth quarter of 2020 increased to 96,079 block hours compared with 84,488 in the fourth quarter of 2019, with revenue growing to $932.5 million versus $747.0 million in 2019.

ACMI segment revenue during the period primarily reflected lower levels of flying driven by the redeployment of 747-400 aircraft to the Charter segment to support long-term charter programs with customers seeking to secure committed cargo capacity. This was partially offset by an increase in aircraft utilization and higher CMI flying.

ACMI segment contribution included higher pilot costs related to premium pay for pilots operating in certain areas significantly impacted by COVID-19 and increased pay rates we provided to our pilots in May 2020. In addition, ACMI segment contribution reflected higher heavy maintenance expense, including additional engine overhauls performed to take advantage of slot availability and vendor pricing discounts, and the redeployment of 747-400 aircraft to the Charter segment. These items were partially offset by increased aircraft utilization and an increase in CMI flying.

Higher Charter segment revenue during the quarter was primarily due to an increase in flying, partially offset by a slight decrease in the average revenue per block hour due to lower fuel costs.

Charter segment contribution was primarily driven by an increase in commercial cargo yields (excluding fuel) and demand for our services, reflecting a reduction of available cargo capacity in the market, the disruption of global supply chains due to the pandemic and our ability to increase aircraft utilization. In addition, segment contribution benefited from a reduction in aircraft rent and depreciation, the redeployment of 747-400 aircraft from the ACMI segment and the operation of a 777-200 freighter previously in our Dry Leasing business. These improvements were partially offset by: higher heavy maintenance expense, including additional engine overhauls performed to take advantage of slot availability and vendor pricing discounts; fewer charters for sports teams and fans as sports leagues cancelled games; higher pilot costs related to premium pay for pilots operating in certain areas significantly impacted by COVID-19; and increased pay rates we provided to our pilots in May 2020.

In Dry Leasing, lower segment revenue and contribution in the fourth quarter of 2020 primarily related to changes in leases and the disposition of certain nonessential Dry Leased aircraft during the first quarter of 2020.

Lower unallocated income and expenses, net, during the quarter primarily reflected CARES Act grant income of $67.2 million.

Reported results in the fourth quarter of 2020 included an effective income tax rate of 24.1%. On an adjusted basis, our results reflected an effective income tax rate of 23.9%.

 Full-Year Results

Volumes in 2020 grew to 344,821 block hours compared with 321,140 in 2019, with revenue increasing to $3.21 billion in 2020 from $2.74 billion in 2019.

For the twelve months ended December 31, 2020, our reported net income totaled $360.3 million, or $13.50 per diluted share, which included a $71.1 million unrealized loss on financial instruments. Reported results for the twelve months ended December 31, 2019, reflected a net loss of $293.1 million, or $11.35 per diluted share, which included a noncash special charge of $638.4 million ($503.1 million after tax), partially offset by an unrealized gain on financial instruments of $75.1 million.

On an adjusted basis, EBITDA grew to $844.2 million in 2020 compared with $504.8 million in 2019. For the twelve months ended December 31, 2020, adjusted net income increased to $379.0 million, or $13.67 per diluted share, compared with $139.6 million, or $5.24 per diluted share, in 2019.

Reported results in 2020 included an effective income tax rate of 27.5%. On an adjusted basis, our results reflected an effective income tax rate of 22.9%.

Cash

 At December 31, 2020, our cash and cash equivalents, short-term investments and restricted cash totaled $856.3 million, compared with $114.3 million at December 31, 2019.

Our improved cash balance primarily reflected cash provided by operating activities, and also included the funds we received through the Payroll Support Program available to air cargo carriers under the CARES Act, partially offset by cash used for investing and financing activities.

Net cash used for investing activities during 2020 primarily related to capital expenditures and payments for flight equipment and modifications, including spare engines and GEnx engine performance upgrade kits, partially offset by proceeds from the disposal of nonessential aircraft. Net cash used for financing activities during the year primarily related to payments on debt obligations, including our revolving credit facility, partially offset by debt issuances.

 Amazon Warrants

 On October 9, 2020, Amazon elected a cashless exercise with respect to 3,607,477 shares vested under a Warrant issued in 2016. As a result, Amazon acquired 1,375,421 shares of AAWW common stock.

On January 27, 2021, Amazon elected a cashless exercise with respect to 4,150,529 shares vested under Warrants issued in 2016. As a result, Amazon acquired 1,280,450 shares of AAWW common stock.

 Labor

Our work continues to complete a new joint collective bargaining agreement with our pilots in connection with the merger between Atlas Air and Southern Air. Formal negotiations with the pilots’ union have recently concluded, and we are moving on to binding interest arbitration on the remaining open issues. This arbitration is scheduled to begin in mid-March 2021.

Outlook*

 We expect to fly approximately 85,000 block hours in the first quarter of 2021, with revenue of approximately $820 million, and adjusted EBITDA of about $150 million. In addition, we expect first-quarter 2021 adjusted net income to grow approximately 60% to 65% compared with adjusted net income of $29.9 million in the first quarter of 2020.*

We anticipate first-quarter results to continue to be impacted by ongoing pandemic-related expenses, including pilot premium pay and operational costs for providing a safe working environment for our employees. We also expect higher pilot costs related to increased pay rates we provided to our pilots in May 2020 and higher scheduled heavy maintenance expense.

For the full year in 2021, we expect aircraft maintenance expense to be lower than 2020, and depreciation and amortization to total about $270 million. In addition, core capital expenditures, which exclude aircraft and engine purchases, are projected to total approximately $110 to $120 million, mainly for parts and components for our fleet.

Committed expenditures to acquire aircraft and spare engines are expected to be $264.7 million in 2021. These expenditures include 747-400 passenger aircraft (to be used for replacement of older passenger aircraft as well as engines and spare parts), spare engines, and our January 2021 agreement to purchase four 747-8F aircraft from Boeing that are expected to be delivered from May 2022 through October 2022.

Due to ongoing uncertainty related to the pandemic and associated market dynamics, including ever-changing border restrictions, new variants of COVID-19 and surges in cases globally, we are not providing a full-year 2021 earnings outlook at this time. We will provide updates as the year progresses.

We provide guidance on an adjusted basis because we are unable to predict, with reasonable certainty, the effects of future gains and losses on asset sales, special charges and other unanticipated items that could be material to our reported results.*

Conference Call

 Management will host a conference call to discuss Atlas Air Worldwide’s fourth-quarter and full-year 2020 financial and operating results at 11:00 a.m. Eastern Time on Thursday, February 18, 2021.

Interested parties may listen to the call live at Atlas Air Worldwide’s Investor site or at https://edge.media-server.com/mmc/p/kdnn77fd.

For those unable to listen to the live call, a replay will be archived on the Investor site following the call. A replay will also be available through February 25 by dialing (855) 859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.) and using Access Code 2969689#.

About Non-GAAP Financial Measures

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 expense (benefit) 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 (loss); 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.

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:

  • Adjusted EBITDA; Adjusted net income; and Adjusted Diluted EPS provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance. In addition, management’s incentive compensation is determined, in part, by using Adjusted EBITDA and Adjusted net income.
  • Adjusted effective tax rate provides improved insight into the tax effects of our ongoing business operations.
  • Free Cash Flow helps investors assess our ability, over the long term, to create value for our shareholders as it represents cash available to execute our capital allocation strategy.

*We provide guidance on an adjusted basis and are unable to provide forward-looking guidance on a U.S. GAAP basis or a reconciliation to the most directly comparable U.S. GAAP measures because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items, including future gains and losses on asset sales, special charges and other unanticipated items. These items are uncertain, depend on various factors, and could have a material impact on our U.S. GAAP results.

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About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, 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.

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,” “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; our ability to coordinate with Amazon to accept newly converted aircraft; 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 foreign government trade policies; economic conditions; the impact of geographical events or health epidemics such as the COVID-19 pandemic; our compliance with the requirements and restrictions under the Payroll Support Program; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; significant data breach or disruption of our information technology systems; labor costs and relations, work stoppages and service slowdowns; the outcome of pending negotiations and arbitration with our pilots’ union; 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; weather conditions; government legislation and regulation; consumer perceptions of the companies’ products and services; anticipated and future litigation; and other risks and uncertainties set forth from time to time in Atlas Air Worldwide’s reports to the United States Securities and Exchange Commission.

For additional information, we refer you to the risk factors set forth under the heading “Risk Factors” in the most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q filed by Atlas Air Worldwide with the Securities and Exchange Commission. 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.

Except as stated in this release, Atlas Air Worldwide is not providing guidance or estimates regarding its anticipated business and financial performance for 2021 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.

*     *     *

Conference Call/Webcast – 11:00 A.M. Eastern

PURCHASE, N.Y., January 29, 2021 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW)  will release results for the fourth quarter and full year ended December 31, 2020, prior to the opening of stock market trading on Thursday, February 18.

John W. Dietrich, Atlas Air Worldwide’s President and Chief Executive Officer, and Spencer Schwartz, Executive Vice President and Chief Financial Officer, will host a conference call to discuss the company’s results at 11:00 a.m. Eastern Time on February 18.

Interested parties may listen to the call live at Atlas Air Worldwide’s Investor site or at https://edge.media-server.com/mmc/p/kdnn77fd.

For those unable to listen to the live call, a replay will be archived on the Investor site following the call. A replay will also be available through February 25 by dialing (855) 859-2056 (U.S. Toll Free) or (404) 537-3406 (from outside the U.S.) and using Access Code 2969689#.

Slides complementing the company’s presentation will be available for downloading from the Investor site prior to the call.

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, 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.

*   *   *

Invests in Modern, Fuel-Efficient Aircraft to Serve Growing Airfreight Demand

PURCHASE, N.Y., January 12, 2021 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) announced today it has ordered four new Boeing 747-8 freighters in a transaction that furthers the company’s strategic growth plan. The aircraft will enable the company to meet strong customer demand in the airfreight market, particularly the fast-growing e-commerce and express sectors.

The company’s business model provides the flexibility to operate these new aircraft for customers or take advantage of dry-leasing opportunities through its Titan Aviation Leasing subsidiary.

The Boeing 747-8 freighter is the most capable, technologically advanced and environmentally conscious widebody freighter. The 747-8F provides 20% higher payload capacity and 16% lower fuel consumption than the very capable 747-400F, and has 25% higher capacity than the new-technology 777-200LRF. It is also the only factory-built freighter with nose-loading capability in production, which will serve the long-term needs of the airfreight market. Atlas is the world’s largest operator of Boeing 747 freighter aircraft, with a total of 53 in its current fleet, including 10 747-8Fs, 34 747-400Fs, five passenger 747-400s, and four Large Cargo Freighters (LCFs).

Atlas’ investment in these new aircraft underscores its ongoing commitment to environmental stewardship through the reduction of noise, aircraft emissions and resource consumption. The 747-8F meets or exceeds the strictest International Civil Aviation Organization (ICAO) emissions standards and meets global noise regulations with unlimited deployment. The advanced engines on the 747-8F reduce noise by approximately 30% compared to the previous generation of aircraft.

“The 747-8F is the best and most versatile widebody freighter in the market, and we are excited to bolster our fleet with the acquisition of these four aircraft,” said John W. Dietrich, Atlas Air Worldwide President and Chief Executive Officer.

Mr. Dietrich continued: “This significant growth opportunity will enable us to capitalize on strong demand and deliver value for our existing and prospective customers. The efficiency and capability of the 747-8F further complements our longstanding focus on leading-edge technology. Dedicated freighters – like those operated by our Atlas, Polar and Southern subsidiaries – will continue to be in demand as the global airfreight market, particularly the e-commerce and express sectors, continues to grow. We look forward to continuing to provide world-class service to our customers.”

“The 747 will forever hold a special place in aviation history and we are honored by Atlas Air’s longstanding commitment to the airplane. Atlas Air began operations 28 years ago with a single 747 and it is fitting that they should receive the last 747 production airplanes, ensuring that the ‘Queen of the Skies’ plays a significant role in the global air cargo market for decades to come,” said Stan Deal, president and chief executive officer of Boeing Commercial Airplanes.  “With the global air cargo fleet expected to grow by more than 60% over the next 20 years, we look forward to delivering these airplanes and supporting Atlas Air’s Boeing fleet well into the future.”

“With our highly-trained pilots, outstanding ground staff, and our ongoing investments in innovation and our fleet, we continue to position Atlas as a critical player in the global supply chain and a trusted partner to our customers,” Mr. Dietrich said.

The new 747-8F order will also provide the company with enhanced flexibility to balance future capacity needs with customer demand, as a number of its legacy 747-400F aircraft leases will be up for renewal over the next several years.

The 747-8Fs are expected to be delivered from May through October 2022. These aircraft are the last four 747-8Fs that Boeing plans to produce.

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, 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.

About The Boeing Company:

Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As a top U.S. exporter, the company supports commercial and government customers in more than 150 countries, leveraging the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.

PURCHASE, N.Y., December 22, 2020 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today announced the completion of a transoceanic sustainable aviation fuel (SAF) test flight that originated at Spain’s Zaragoza Airport.

Atlas Air Flight 562 was powered by a blend of fuel containing 2.33% SAF sourced from fresh vegetable oil. The Boeing 747-400F left Zaragoza on Monday, December 21 and arrived in Mexico City. This is believed to be the first transoceanic commercial cargo flight in Spain to include a blend of SAF and Jet A-1 fuel. Using life cycle analysis, SAF has been shown to reduce carbon emissions by up to 80%. The flight’s cargo included a shipment of goods from an Atlas customer.

“Innovative sustainable aviation fuel test projects demonstrate our ability to partner with our customers and suppliers to help create a more sustainable future for the air cargo industry and global commerce,” said John W. Dietrich, President and Chief Executive Officer of Atlas Air Worldwide. “Through ongoing meaningful partnerships, we will drive wider acceptance and availability of SAF, which will lower costs and have a positive impact on our industry and the environment.”

The blend of fuel was transported from Madrid to Zaragoza. Atlas Air partnered with Exolum, a subsidiary of CLH Group, and utilized its Avikor platform to implement the trial. Given the adaptable nature of SAF, no additional adjustments to fuel or engine components were necessary. The final blend was certified according to DEF STAND 91/091, with the SAF component certified for sustainability in accordance with International Sustainability & Carbon Certification (ISCC) guidelines.

“One of the main targets of Avikor is to promote universally a more sustainable way to fly, offering both individuals and enterprises the possibility of using sustainable aircraft fuel which reduces fuel emissions during flights and helps to improve our planet responsibly, without sacrificing the convenience of flying,” said Andrés Suarez, Global Strategy & Innovation Lead of Grupo CLH and CEO of Exolum.

In line with industry guidelines and best practices, Atlas is deeply committed to environmental stewardship through the reduction of aircraft emissions and resource consumption. Atlas has promoted sustainability by continuously driving operational efficiency and recognizes that the development of sustainable aviation fuels must be accelerated if the industry is going to meet its long-term environmental goals. Atlas is working with partners across the globe to ensure the safety and environmental benefits of SAF and to further its commercial viability.

About Atlas Air Worldwide

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, 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.

About Exolum and Avikor

Exolum is the subsidiary of the CLH Group focused exclusively on identifying and developing new business opportunities aimed at strengthening the Group’s commitment to innovation, entrepreneurship, decarbonisation and circular economy.

Avikor, is the Exolum platform which provides SAF, a sustainable fuel alternative at the service of aviation, clean and, above all, responsible with the environment: www.avikor.com.