Atlas Air Receives Rating as World's Most Financially-Fit Airline.

GOLDEN, Colo.--(BUSINESS WIRE)--June 9, 1999--

At its Fourth Annual Shareholders Meeting held in Denver, Atlas Air, Inc. (NYSE:CGO) announced today that it has just been ranked by Air Watch Report, a leading independent research firm that analyzes the financial posture of the world's airlines, as the most financially-fit airline operating in the world.

Air Watch Report tracks the financial fitness of a universe of 167 airlines throughout the world, using its proprietary financial model, and then ranks the results accordingly. This ranking, which was based on Atlas Air's financial results through the 4th Quarter of 1998, moved Atlas from 5th place to 1st in Air Watch Report's latest report.

"We are obviously pleased and proud to be recognized by Air Watch Report for the strong financial position that we have built at Atlas," said Executive Vice President Richard Shuyler. "To have attained this distinction twice in the six short years of our existence is a testament both to the unique nature of the outsourcing business we have created and to all of our employees who have made this possible. As we move forward through the remainder of 1999, we anticipate the addition of several, soon-to-be announced new contracts and customers. This should help contribute to even further financial successes for Atlas."

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 and the Quarterly Report on Form 10-Q for the period ended March 31, 1999.