Korean Airlines Signs Long-Term Lease for Atlas Air 747-200

Korean Airlines Signs Long-Term Lease for Atlas Air 747-200

Business Editors

PURCHASE, N.Y.–(BUSINESS WIRE)–Dec. 19, 2002

Atlas Air, Inc. today announced that it has placed a 747-200 freighter with Korean Airlines.

Under the terms of this agreement, Atlas will provide Korean with the use of the aircraft, crew, maintenance and insurance (ACMI). The freighter will go into service in early January, 2003 and will serve routes between Seoul, Korea and the US.

“We are very happy to be renewing our business relationship with Korean Airlines. Atlas Air first worked with Korean in 1999, and we are proud to be their business partner today,” said Jeff Erickson, President of Atlas Air Worldwide Holdings.

“By enlarging freighter capacity through this lease contract, we hope to generate more value for our esteemed global customers, ” commented Ken Choi, Managing Vice President, Cargo Business Div. of Korean Air.

Atlas Air, Inc. is a wholly owned subsidiary of Atlas Air Worldwide Holdings, Inc. (NYSE: CGO) and is a United States certificated air carrier. Atlas Air offers its customers a complete line of freighter services, specializing in ACMI contracts. These contracts include the provision by Atlas Air of the Aircraft, Crew, Maintenance and Insurance for some of the world’s leading international carriers.

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