press release

Texaco Press Release - Texaco To Lease Vacant Office Space At Its White Plains Corporate Center

FOR IMMEDIATE RELEASE: TUESDAY, NOVEMBER 16, 1999.

WHITE PLAINS, N.Y., November 16, - Texaco announced today that it has reached an agreement to lease approximately 120,000 square feet of its Corporate Center building at 2000 Westchester Avenue, White Plains, N.Y. to the air-cargo carrier, Atlas Air, Inc. Atlas Air will consolidate its Golden, Colo. corporate headquarters and its John F. Kennedy International Airport operations center at 2000 Westchester Avenue. The commercial terms of the agreement are confidential.

In making the announcement, Paul Myers, Texaco's General Manager of Corporate Services, Security and Purchasing, said: "This agreement represents one of the largest new corporate leases in Westchester County in recent years and we are very pleased to welcome a respected company like Atlas Air to our office building."

Adding his comments, Michael A. Chowdry, Chairman, Chief Executive and President of Atlas Air, Inc., said: "We are pleased to be able to consolidate 350 of our employees in such an attractive facility in White Plains. Westchester County officials have gone out of their way to welcome Atlas Air and its employees and have committed to doing their part in making this a smooth transition."

Texaco will continue to be the owner and major occupant of the building, which has been its corporate headquarters since 1977. It is anticipated that Atlas Air will begin its relocation to White Plains during the spring of 2000.

Notes to editors:

Texaco's Corporate Center in White Plains opened on September 1, 1977. Occupancy of the building peaked at 1,800 in 1983 - today, approximately 800 Texaco employees and 200 contractors work there.

The 120,000 square feet that Atlas Air will lease from Texaco, represents approximately one quarter of the total office space in the building.

Atlas Air is a United States certificated air carrier that operates a fleet of 747 freighters under long-term ACMI contracts, which include the provision by Atlas of Aircraft, Crew, Maintenance and Insurance for some of the world's leading international carriers. Atlas operates scheduled flights on behalf of its customer airlines to 101 cities in 46 countries.

Updated: November 1999