Atlas Air Worldwide Holdings Subsidiary Places Three 747-8F Aircraft with British Airways

Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading global provider of air cargo assets and outsourced aircraft operating solutions, today confirmed that its 49%-owned UK subsidiary, Global Supply Systems Limited (GSS), has signed a five-year wet leasing agreement with British Airways Plc to operate three next-generation Boeing 747-8 freighters on behalf of British Airways starting in 2011.

Under this long-term aircraft, crew, maintenance and insurance (ACMI) outsourcing contract, GSS will provide a turnkey solution for British Airways’ cargo division, British Airways World Cargo (BAWC). GSS will lease the 747-8F aircraft that it will operate for BAWC from AAWW’s Atlas Air unit, which expects to take delivery of the aircraft from Boeing in early 2011.

Atlas Air Worldwide Holdings is the only provider of outsourced aviation solutions to offer customers the new 747-8F aircraft, which is expected to deliver market-leading performance in terms of payload, fuel efficiency, total cost per tonne-mile and environmental compliance.

“We are delighted to confirm GSS’ agreement with British Airways, and to extend our longstanding and successful relationship with one of the world’s preeminent airlines,” said William J. Flynn, President and Chief Executive Officer of AAWW. “BAWC is a vital link in the global logistics chain, and it will be one of the first air carriers in the world to benefit from the 747-8F’s leading-edge technology. Through GSS, our new aircraft will give BAWC increased capacity and revenue-generating capability in a growing airfreight market, while improving fuel economy and providing the lowest tonne-mile costs of any freighter alternative.”

Steve Gunning, Managing Director of British Airways World Cargo, said, “The decision to once again work alongside our long-term freighter partners, GSS and Atlas Air, to upgrade to the Boeing 747-8 freighter was an important step by British Airways World Cargo. It is our view that long-haul freighters form an integral part of our overall business strategy – providing flexibility and capacity on resilient and growing lanes – as we strive for continued excellence in all key areas of the business, including product range, customer service and, of course, network offering.”

The Boeing 747-8 freighter, which will be 5.6 meters (18.3 ft) longer than the 747-400 freighter, is expected to be the largest, most-efficient, long-haul heavy freighter in the market. With a maximum structural payload capacity of 140 tonnes (154 tons), the 747-8F is expected to provide 16 percent more revenue cargo volume compared with the benchmark 747-400F. The additional 120 cubic meters (4,245 cubic feet) of volume afforded by the longer fuselage offers space for four additional main-deck pallets and three additional lower-hold pallets. For maximum speed and efficiency, cargo on the 747-8F can be loaded and unloaded using both the nose and side doors.

Mr. Flynn added: “Our freighter-leasing customers are growth-oriented market leaders, with a strategic focus on cargo. The global scale and scope of our leasing and service solutions enable our customers to effectively expand their capacity and operations, and to capitalize on market opportunities around the world without having to wait for new production freighters to be built or having to commit their balance sheets to new aircraft purchases. Our customers also benefit from additional reliable solutions we provide, including inter-operable crews, flight scheduling, fuel-efficiency planning, and maintenance-spare coverage.

“We anticipate significant growth in our fleet with our new 747-8F aircraft. Together with our modern 747-400 freighters, our aircraft anchor a fleet strategy that focuses on our customers and reinforces our position as the most-advanced, most-efficient, and most-reliable provider of leased freighter aircraft and outsourced aircraft operating services and solutions to the global aviation industry.”

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (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 aircraft operating solutions that include ACMI aircraft leasing – in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.

AAWW’s press releases, SEC filings and other information may be accessed through the Company’s home page, www.atlasair.com.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect AAWW’s current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries (collectively, the “companies”) that may cause the actual results of the companies to be materially different from any future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the companies to operate pursuant to the terms of their financing facilities; the ability of the companies to obtain and maintain normal terms with vendors and service providers; the companies’ ability to maintain contracts that are critical to their operations; the ability of the companies to fund and execute their business plan; the ability of the companies to attract, motivate and/or retain key executives and associates; the ability of the companies to attract and retain customers; the continued availability of our wide-body aircraft; demand for cargo services in the markets in which the companies operate; economic conditions; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs and relations; financing costs; the cost and availability of war risk insurance; our ability to maintain adequate internal controls over financial reporting; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); volatility in the international currency markets; weather conditions; government legislation and regulation; consumer perceptions of the companies’ products and services; pending and future litigation; and other risks and uncertainties set forth from time to time in AAWW’s reports to the United States Securities and Exchange Commission.

For additional information, we refer you to the risk factors set forth under the heading “Risk Factors” in the Annual Report on Form 10-K filed by AAWW with the Securities and Exchange Commission (SEC) on February 24, 2010, as amended or updated by subsequent reports filed with the SEC. Other factors and assumptions not identified above may also affect the forward-looking statements, and these other factors and assumptions may also cause actual results to differ materially from those discussed.

AAWW assumes no obligation to update such statements contained in this release to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law.