News Release

U.S. Department of Labor For Immediate Release

Office of Public Affairs Date: September 16, 2002
Kansas City Contact: Sharon Morrissey
Release Number 332 Phone: (202) 693-8664

Labor Department’s Lawsuit Names Independent Fiduciary

To Terminate Sun Country Airline’s Pension Plan

MINNEAPOLIS, Minn. – A consent judgment and order obtained on Sept. 5 by the U.S.
Department of Labor ordered the appointment of an independent fiduciary to terminate the Sun
Country Airlines, Inc. Retirement Savings Plan and distribute $2.5 million in plan assets to over
700 participants. Sun Country Airlines, Inc., located in Mendota Heights, Minn., is currently in
Chapter 7 bankruptcy.

According to the department’s lawsuit, filed in federal district court in Minneapolis, Minn. on
August 21, all of the fiduciaries of the Sun Country plan either resigned or were terminated from
employment with the company. Therefore, no authorized individual was left to provide directions
to the bank holding the plan’s assets to distribute or roll over account balances of individual
participants. Without a plan fiduciary, participants and beneficiaries have been unable to obtain
distributions from their accounts.

The Sun Country plan was established Dec. 1, 1983. As of July 15, 2002, the plan had
$2,528,629 in assets and 721 participants.

The consent judgment and order approved the appointment of Lefoldt & Co., P.A., Certified
Public Accountants, as the independent fiduciary. Lefoldt & Company will have authority to
distribute the plan’s assets and terminate the plan in accordance with the Employee Retirement
Income Security Act.

“This action demonstrates our commitment to protect the hard-earned benefits of American
workers,” said Gregory Egan, director of the department’s Kansas City regional office of the
Pension and Welfare Benefits Administration, which investigated the case.

Employers and workers can contact the Kansas City regional office at 1-816-426-5131 or
PWBA’s toll free number, 1-866-275-7922, for help with problems relating to private-sector
pension and health plans.

# # #

(Chao v. Sun Country Airlines, Inc.)

Civil Action No CV-02-2967

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