1. AGIFORS Crew Management New York, May 27, 2003 Blair Nadeau Director, Crew Resources / Planning

2. About Atlas Air World’s third-largest cargo airline, operating exclusively Boeing 747 freighters Leading ACMI (aircraft, crew, maintenance, insurance) wet lease carrier ACMI on behalf of several airlines along with commercial as well as military charters Founded by Michael Choudry and are now in our 11 th year of operations 40 747s in fleet – 22 -200s, 3 -300s, 15 -400s Headquarters in Purchase, NY 1,150 employees worldwide 740 pilots and flight engineers with bases at JFK, MIA, ANC, LAX and Stansted, England

3. About Atlas Air Training Center in Miami, with regional offices at Stansted and Hong Kong $764 million in revenues in 2001 (latest available) Polar Air Cargo is sister company under Atlas Air Worldwide Holdings Atlas utilizes AIMS as its integrated commercial planning, operational control and crew management system. Implementation December 1, 2002 (PBS January 1, 2003)