ATLAS AIR TO OPERATE LARGEST FLEET OF BOEING 747-400 FREIGHTERS

The Boeing Company today confirmed an order from Atlas Air for four new Boeing 747-400 Freighter airplanes. This purchase is valued at three-quarters of a billion dollars, making Atlas Air the largest freighter operator in the world. These orders are existing orders that have been accounted for in cumulative order totals published by Boeing earlier this month. The airplanes also are part of an order previously placed in 1997.

"I'm pleased to announce that Atlas will take the delivery of four new 747-400s from Boeing in 2002," said Michael Chowdry, Atlas Airlines chief executive officer. "These airplanes will come with the same attractive economics as the 12 747-400s currently in our fleet. We look forward to the delivery of these airplanes and their profitable placement into service."

Atlas Air operates 38 Boeing 747s in its fleet, 12 of which are new-technology 747-400 Freighters. With the addition of the four airplanes announced today, Atlas Air will have 16 747-400 Freighters.

"Having the right product to meet our customers needs is very important to us," said Seddik Belyamani, executive vice president, Sales, Boeing Commercial Airplanes Group. "The 747-400 Freighter has the greatest capacity of any commercial air freighter and is the only new production freighter capable of more than 120-ton payload."

The 747-400 offers the lowest ton-mile costs and longest range of any production freighter and is able to carry 124 tons (113,000 kg) of cargo up to 4,455 statute miles (7,170 km).

According to the recently released biennial Boeing World Air Cargo Forecast, worldwide air cargo business is expected to grow faster than passenger air travel in every regional market during the next 20 years. During that same time, the number of airplanes in the world freighter fleet is expected to double, from 1,676 to nearly 3,200 airplanes.