Atlas Air Inc. Announces 747-400 Contract With British Airways.

GOLDEN, Colo.--(BUSINESS WIRE)--June 12, 1998--Atlas Air, Inc. (NYSE: CGO) announced today that it has executed a long term ACMI contract to place its first Boeing 747-400 freighter aircraft with British Airways.

"As the world's leading supplier of outsource air cargo capacity, Atlas is pleased to be able to provide British Airways with its first 747-400 freighter," said Michael A. Chowdry, Chairman, CEO and President of Atlas Air, Inc. "We believe that this is the next logical step in British Airways' expanding commitment to cargo which began with our initial contract for a 747-200. They have once again demonstrated their leadership by choosing the best possible product in the long-range cargo market - the 747-400 freighter. The combination of their foresight in staying ahead of the cargo market and our ability to supply the right product at the right time has established a solid foundation for our successful relationship."

"We are pleased that Atlas is in the position to provide this new product for its existing and potential customer airlines and look forward to working together with British Airways to reach new heights in the air cargo industry," stated Stan Wraight, Senior Vice President of Marketing for Atlas Air, Inc. "In addition, this new agreement will allow Atlas to place the released 747-200 freighter currently servicing British Airways with another customer airline as the demand for the -200s continues to be strong."

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.

CONTACT: Atlas Air Inc., Golden

Vicki L. Foster, 303-526-5050