Atlas Air is Top Carrier in Miami.

MIAMI--(BUSINESS WIRE)--March 9, 1999--Atlas Air, Inc. (NYSE:CGO) reported today that, according to a report just released by Miami International Airport, it handled more cargo at the Miami Airport in 1998 than any other airline. The carrier's Miami volume rose by 30.8% from 1997.

Atlas, a U.S. certificated operator of Boeing 747 freighter aircraft for other carriers, handled 208,096 metric tonnes of cargo at Miami in 1998, up from 159,058 tonnes in 1997. Cargo tonnage handled last year in Miami by Atlas represented a 12.2 percent share of the airport's total tonnage for the year.

"Atlas Air's position as the leading cargo carrier at Miami is a remarkable achievement," said Michael A. Chowdry, Chairman, Chief Executive Officer and President of Atlas Air. "We began establishing a significant presence in the Latin American market just two years ago, and it has clearly paid off for us. Through our two customers in that region, Lan Chile and LAS, we not only have become a dominant force in that market, but expect to further expand our market share in 1999 along with the strong growth projected to occur in the Latin American cargo markets."

The Miami airport said its second largest carrier of cargo in 1998 was American Airlines, which saw its volume decline slightly to 165,650 metric tonnes in 1997. The share of the Miami cargo market controlled by American Airlines last year was 9.9 percent.

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 and China Airlines, serving a total of 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.