Atlas Air Worldwide Holdings, Inc. Completes Offering of Common Stock

Atlas Air Worldwide Holdings, Inc. (AAWW or the Company) (Nasdaq: AAWW), a leading provider of global air cargo assets and outsourced aircraft operating services, today announced the completion of its offering of AAWW common shares to the public. The offering, which was priced at $25.75 per share on October 28, 2009, covered an aggregate of 4,600,000 common shares, including 600,000 shares purchased by the underwriters to cover over-allotments. The aggregate net proceeds from the offering, after underwriting discounts and estimated expenses, were approximately $112.5 million. The Company expects to use the proceeds for general corporate purposes, including the financing of capital expenditures or funding of potential acquisitions or other business transactions.

Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. served as the joint book-running managers for the offering, and BB&T Capital Markets, Stephens Inc. and CJS Securities, Inc. served as co-managers.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing Limited (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of air cargo and outsourced aircraft operating services that include ACMI aircraft leasing – in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis – express network and scheduled air cargo service, military charters, commercial charters, and dry leasing of aircraft and engines.