Atlas Air, Inc. Wins U.S. Air Force E-4B Training Contract.

Atlas to Provide Training for National Airborne Operations Center Pilots and Flight Engineers under a Five-Year Contract

PURCHASE, N.Y. -- Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and services, today announced that its subsidiary, Atlas Air, Inc. (Atlas), has been awarded a five-year contract from the U.S. Air Force to provide flight training for the Air Force pilots and flight engineers who fly the E-4B National Airborne Operations Center.

William J. Flynn, President and Chief Executive Officer of AAWW, said, "We are excited that the Air Force has again selected our state-of-the art training facilities and services for training an elite group of Air Force pilots and flight engineers, this time those who fly the National Airborne Operations Center. As with our prior selection to train the pilots and flight engineers appointed to fly Air Force One, this exclusive contract further recognizes the commitment and quality that Atlas provides in everything we do."

All training will take place at the Atlas Air Training Center in Miami, Fla., and will cover the full spectrum of ground school and simulator training necessary to fully qualify these crewmembers to fly the E-4B, a Boeing 747-200 aircraft. Atlas will also provide annual recurrent training, and additional simulator time as requested by the Air Force.

Mr. Flynn added, "As the largest operator of Boeing 747 freighter aircraft, Atlas is an established leader in the worldwide cargo industry and a major provider of air freight lift to the military. This is another significant accomplishment for our Company, and something about which all of our employees can be very proud."

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas and Polar offer a range of air cargo services that include ACMI aircraft leasing - in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis - military charters, commercial cargo charters, scheduled air cargo service (including express network service for DHL Express later in 2008), and dry-leasing of aircraft.

AAWW's press releases, SEC filings and other information can be accessed through the Company's home page, www.atlasair.com.

About the E-4B:

The E-4B, which serves as the National Airborne Operations Center for the president, secretary of defense and the Joint Chiefs of Staff (JCS), is a military version of the Boeing 747-200.

In case of national emergency or destruction of ground command control centers, the aircraft provides a highly survivable command, control and communications center to direct U.S. forces, execute emergency war orders, and coordinate actions by civil authorities.

To provide direct support to the president, secretary of defense and the JCS, at least one E-4B is always on alert at one of many selected bases throughout the world.