Atlas Air Announces Cathay Pacific Agreement.

GOLDEN, Colo.--(BUSINESS WIRE)--July 12, 1999--

Atlas Air, Inc. (NYSE:CGO) today announced that it has entered into a short-term 747 aircraft agreement with Cathay Pacific Airways.

The agreement marks Atlas Air's first 747 ACMI lease with Cathay, who joins the 12 other airlines currently operating Atlas 747 freighters.

"We are very pleased to be able to provide service to Cathay Pacific," said Richard Shuyler, Executive Vice President of Atlas Air, Inc. "Cathay is a major force in the international air cargo arena, and occupies a most strategic position as the home carrier for Hong Kong, the world's largest non-U.S. airport air freight market. Cathay's utilization of an Atlas 747 freighter aircraft for the upcoming peak season in Hong Kong is indicative of the strong air cargo market foreseen in Asia for the second half of this year. We look forward to expanding our relationship with this important carrier over time."

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 76 cities in 42 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, 1998.