Atlas Air Invests in New U.K. Airline.

Business Editors

PURCHASE, N.Y.--(BUSINESS WIRE)--April 12, 2001

Atlas Air, Inc. (NYSE: CGO) announced today that it has become a minority investor in a new United Kingdom-based cargo airline.

The new cargo carrier, to be majority-owned by entrepreneur John Porter, will be known as Global Supply Systems, Limited (Global). The company will initially provide ACMI (Aircraft, Crew, Maintenance and Insurance) leases of Boeing 747 freighter aircraft to airlines in the United Kingdom (U.K.) and will begin operations out of London's Stansted Airport.

John Porter, a private investor and U.K. citizen, owns 51 percent of Global and New York-based Atlas Air has taken a 49 percent interest. Mr. Porter will provide the venture with not only start-up equity, but also his entrepreneurial perspective, U.K. experience and considerable business acumen. Atlas Air will also provide start-up equity and its operating and commercial expertise to the enterprise.

"We are delighted to have a businessman of John Porter's caliber taking both an ownership interest and an active role in this initiative," said Richard Shuyler, chief executive officer of Atlas Air. "Atlas Air has a history of anticipating market trends, and we believe that the demand for low cost heavy airfreight capacity in the U.K. will continue to grow. With this investment, we are positioning ourselves to capitalize on that growth, while adapting to the changing regulatory environment in the U.K."

Global anticipates commencing operations in autumn 2001. Its initial customer will be British Airways (BA), to whom it will wet lease two 747-400s under a multi-year agreement executed by the companies. At that time, Atlas Air will convert its ACMI contracts with BA to Global. Global intends to dry lease its first two 747-400 aircraft from Atlas Air.

Atlas Air is a United States certificated air carrier that operates a fleet of 747 freighters under ACMI contracts. These contracts include the provision by Atlas Air of air cargo capacity for some of the world's leading international carriers. To find out more about Atlas Air and its services, visit www.atlasair.com.

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, 2000.