Atlas Air Announces Major Contract With New Customer.

GOLDEN, Colo.--(BUSINESS WIRE)--Nov. 8, 1999--

Atlas Air, Inc. (NYSE:CGO) announced today that it has signed a new contract with Malaysian Airlines (MAS Kargo) for four aircraft -- one 747-400F and three 747-200Fs.

This will make MAS Kargo one of Atlas Air's largest customers. These long-term agreements, which involve the redeployment of certain aircraft in the company's fleet, include the provision by Atlas of the aircraft, crew, maintenance and insurance (ACMI).

"We are very pleased that MAS Kargo has selected Atlas Air for such a major contract," said Stan Wraight, Seniodustry."

"For Atlas, this contract adds a very prestigious carrier to our customer portfolio," Wraight added. "MAS is one of the world's largest cargo operators, and this significant contract greatly increases our presence in the growing Asian freight market. We believe this is a substantial opportunity and a positive development for both of our companies."

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 work force; 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, and the Quarterly Report on Form 10-Q for the period ended September 30, 1999.