Atlas Air Worldwide Completes Financing Arrangements for Remaining Six Boeing 747-8 Freighter Deliveries

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today announced that its Atlas Air, Inc. unit has entered into an $865 million term-loan facility with Apple Bank for Savings, guaranteed by the Export-Import Bank of the United States, to finance the company’s six remaining B747-8F aircraft deliveries. The aircraft are expected to be placed in Atlas Air’s international ACMI (aircraft, crew, maintenance and insurance) service.

When drawn, the facility will consist of six separate 12-year term loans. The six aircraft covered by the facility are expected to be delivered to the company between mid-2012 and mid-2013.

Borrowings under the facility will initially accrue interest at a variable rate. The facility provides for an option to refinance the loans through the issuance of Ex-Im Bank-guaranteed bonds in the capital markets. BNP Paribas Securities Corp. and KGS Alpha Capital Markets have agreed to act as joint lead book runners and managers should the company exercise its option to refinance the loans.

“We are very pleased to have closed on this financing facility for the remainder of our 747-8F deliveries,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide. “Terms and rates on the facility are even more attractive than the very favorable terms on our first three 747-8F deliveries. The financing reflects the strong working relationship we have developed with our lender group and with Ex-Im Bank, each of whom has been quite receptive to the company and the 747-8F asset.”

Mr. Flynn added: “We are the only outsource operator to offer the new 747-8F aircraft, and we look forward to placing them into service with our customers.”

The 747-8 Freighter, 5.6 meters (18.3 ft) longer than the benchmark 747-400F, is the largest long-haul, heavy freighter in the market with 16 percent more revenue cargo volume compared with the 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.

As previously announced, the first five aircraft in Atlas Air’s order for nine 747-8Fs, including three for British Airways World Cargo that were delivered in the fourth quarter of 2011 and two for Panalpina that are expected to be delivered in mid-2012, have been placed under long-term ACMI contracts.

SkyWorks Capital, LLC acted as advisor to the company in connection with arranging the 2012 facility.

About Atlas Air Worldwide:

Atlas Air Worldwide (AAWW) is the parent company of Atlas Air, Inc. (Atlas Air) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). AAWW also maintains a 49% interest in Global Supply Systems Limited (GSS). Through Atlas and Polar, AAWW operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas Air, Titan and Polar offer a range of outsourced aircraft and aviation operating services that include ACMI service – in which customers receive an aircraft, crew, maintenance and insurance on a long-term basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military cargo and passenger charters; commercial cargo and passenger 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; anticipated 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 on February 14, 2011. 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.