William J. Flynn, President and Chief Executive Officer of AAWW, commented: "We are glad to put this matter behind us. It is important to note that it involves conduct that began in 2000, almost two years before Polar LLC was acquired by AAWW -- with final DOT approval of such Polar LLC acquisition not being granted until late May 2002. The matter occurred before Polar LLC’s emergence from bankruptcy in July 2004 and relates to a period more than seven years ago. It is also important to note that none of Atlas Air, Inc., Polar Air Cargo Worldwide, or any of AAWW's current board or senior management were involved in or are implicated in this investigation."  

Mr. Flynn continued: “We have cooperated fully with the DOJ throughout the investigation. Our board of directors and management take our obligation to abide by all applicable laws, including laws regarding competitive conduct, very seriously. We are continually reviewing our competition compliance rules and enhancing our training programs, which call for all of our staff to comply fully with such requirements at all times, since we are committed to the highest standards of ethics and corporate governance.”  

The plea agreement executed by Polar LLC is not expected to adversely impact any of AAWW’s other operations, which are conducted principally by two operating subsidiaries, Atlas Air, Inc. and Polar Air Cargo Worldwide, Inc., or other related investigations or litigation. In the second quarter of 2010, AAWW recorded an expense for the full amount of the fine in anticipation of Polar LLC’s reaching an agreement with the DOJ and court approval. The agreement is subject to approval and acceptance by the United States District Court for the District of Columbia.