Atlas Air, Inc. Accelerates 747-400 Freighter Deliveries; Increases 1999 Growth Rate.

GOLDEN, Colo.--(BUSINESS WIRE)--July 1, 1998--Atlas Air, Inc. (NYSE: CGO) announced today that it has reached an agreement with Boeing (NYSE: BA) to accelerate into 1999 the scheduled deliveries of two of the new 747-400 freighters it currently has on order.

The revised schedule now calls for five firm deliveries in 1998, four firm deliveries in 1999, one firm delivery and four options available in 2000, and six additional options available thereafter.

"This agreement reflects the confidence Atlas has in the market for this aircraft," said Michael A. Chowdry, Chairman, CEO and President of Atlas Air, Inc. "The world's leading international airlines have already shown their strong interest in the increased range, fuel efficiency and cargo capacity offered by GE powered Boeing 747-400 freighters. With this year's first delivery already placed and with further contracts to come, the response thus far tells us that we will need even further 747-400s available for placementin 1999.

"In addition, as Stage 3 noise rules are fully implemented at the end of 1999, we anticipate that there will begin to be a shortage of air cargo capacity, as older aircraft which do not meet these criteria will be removed from service. This means that at a time when capacity will be declining significantly, Atlas Air will be positioned with the largest fleet of the most economical and capable heavy lift aircraft in the world."

Richard Shuyler, Executive Vice President of Atlas, added, "This advancement of two additional 747-400s into next year will obviously further increase our projected 1999 block hour growth rate. Given the full year impact of the aircraft being delivered this year, plus the four firm deliveries now on-line for next year, our block hour production in 1999 is now anticipated to increase very significantly from this year's level."

Atlas Air is a United States certificated air carrier that operates a fleet of 747 freighters under long-term ACMI contracts. These contracts include the provision by Atlas of Aircraft, Crew, Maintenance and Insurance for some of the world's leading air carriers, including Alitalia, British Airways, China Airlines, Emirates, Fast Air, KLM, LAS, Lufthansa, SAS and Thai International Airways, serving a total of 62 cities in 38 countries.

To the extent that any of the statements contained herein relating to the Company's expectations, assumptions and other Company matters are forward-looking, they are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations that involve a number of uncertainties and risks that could cause actual results to differ materially from those projected in the forward-looking statements, including, but not limited to, risks associated with: worldwide business and economic conditions; product demand and the rate of growth in the air cargo industry; the impact of competitors and competitive aircraft and aircraft financing availability; the ability to attract and retain new and existing customers; normalized aircraft operating costs and reliability; management of growth; the continued productivity of its work force, dependence on key personnel; the ability to manage the introduction of new fleet types and to contract out new aircraft on a profitable basis; and regulatory matters. For additional information regarding these and other risks, reference is made to the Company's periodic reports filed with the SEC, including, but not limited to, the Annual Report on Form 10-K  for the year ended December 31, 1997, and the Quarterly Report on Form 10-Q for the period ended March 31, 1998.

Atlas Air trades on the NYSE under the symbol CGO.

   CONTACT:  Atlas Air, Inc.
              Richard Shuyler, 303/526-5050