Atlas Air Acquires Additional Aircraft.

Business Editors

GOLDEN, Colo.--(BUSINESS WIRE)--May 11, 2000

Atlas Air, Inc. (NYSE:CGO) announced today that it has entered into an agreement to purchase two General Electric-powered used B747-300 aircraft for delivery this year. The aircraft are contracted to be converted at Boeing Airplane Services' Wichita facility from their current combi configuration to full freighter configuration, making them standard with the fleet of 747-200's that Atlas currently operates.

"We continue to experience additional demand for both 747-200 and 747-400 freighters," said Michael Chowdry, Chairman, Chief Executive Officer and President of Atlas Air, Inc. "We are committed to providing our customers with the aircraft necessary to meet both their current and future needs. With the ongoing growth we are seeing in the international air cargo market, we recognize that Atlas needs additional capacity above and beyond our three new 747-400 deliveries this year. With known customer demand for these two additional aircraft, we expect to place them into service following their conversion in time for this year's peak cargo season."

As part of the combi-to-freighter modification, these 747-300 aircraft will be converted to accommodate 30 main deck pallet positions. These additions to Atlas' freighter fleet are scheduled to enter revenue service in the fourth quarter of this year.

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 air cargo capacity 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.

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 workforce; dependence on key personnel; and regulatory matters. For additional information regarding these and other risk factors, reference is made to the Company's Annual Report on Form 10-K for the year ended December 31, 1999.