Atlas Air Worldwide Holdings Closes Loan with Industrial and Commercial Bank of China

Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading global provider of air cargo assets and outsourced aircraft operating solutions, today announced the closing of a loan with Industrial and Commercial Bank of China Limited (ICBC) that establishes a relationship with one of the world’s largest commercial banks. Reflecting the global scale and scope of AAWW’s operations and its industry leadership, the ICBC relationship underscores the Company’s commitment to delivering innovative, outsourced aviation solutions to customers serving China and the neighboring Asia-Pacific region, which comprise the world’s largest and fastest-growing air cargo market.

Proceeds from the loan will be used to back leverage the March 2010 acquisition of a Boeing 757-200SF aircraft by AAWW’s subsidiary, Titan Aviation Leasing. Funds from the loan were provided pursuant to a commitment to advance up to approximately 70% of the purchase price of the aircraft. As previously announced, Titan Aviation Leasing has dry leased the aircraft to Shanghai Airlines (now part of China Eastern Airlines) for a five-year term. The ICBC loan is coterminous with the dry lease.

“We are very pleased to initiate a relationship with ICBC,” said William J. Flynn, President and Chief Executive Officer of AAWW. “ICBC is a leading bank in China, one of the world’s biggest commercial banks, and is expected to play an increasingly larger role in aviation finance in the future.

“Our loan with ICBC confirms our view that the Asia-Pacific region – led by China – will drive global air cargo industry growth over the next decade. Based on our research, we expect that air cargo traffic on intra-Asia routes will grow at over 8% per year, while routes from Asia to Europe and North America will grow at more than 7%. Total world growth, meanwhile, is expected to average about 4.5% annually.

“In addition, we expect strong growth in Asian business and consumer demand over the next 10 years to lead to an improving balance in airfreight trade flows between Asia and other regions. It should also enhance the demand for highly efficient air cargo assets, such as our state-of-the-art Boeing 747-400 freighters and soon-to-be-delivered 747-8Fs, by airlines, express delivery operators, freight forwarders, charter brokers and others serving China, the Asia-Pacific region, and related global markets.”

SkyWorks Capital, LLC acted as advisor to AAWW in connection with arranging the loan from ICBC.

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.