PURCHASE, N.Y., May 18, 2018 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced its support for the Record of Discussion signed Friday, May 11, 2018, by the United States and the United Arab Emirates (UAE) relating to market-based transactions and financial transparency of airlines of the two countries.

The document resolves concerns expressed by major U.S. passenger airlines without undercutting Open Skies principles, which have been at the core of U.S. international aviation policy for the past 25 years. Open Skies agreements afford airlines of each signatory country the right to operate flights without restriction between their homeland and the other country, via intermediate points and beyond the other country.

In its May 17, 2018, Statement from the Press Secretary Regarding the United States-United Arab Emirates Open Skies Understanding, the White House aptly noted that the UAE’s commitments are limited to subjects not covered by the U.S.-UAE Open Skies Agreement.

“Atlas Air Worldwide appreciates the Trump administration's commitment to upholding the rights enjoyed by airlines of the U.S. and the UAE under the current Open Skies Agreement,” said William J. Flynn, President and Chief Executive Officer, Atlas Air Worldwide.

“For Atlas, Open Skies has allowed us to build a global airfreight network based on one-way traffic flows that would not otherwise have been available. Our expansive network increases service options for the U.S. military, American shippers and consumers, enhances U.S. competitiveness and improves the U.S. balance of trade in services.”