Atlas Air Worldwide Begins Boeing 767 Operations for DHL Express in North America

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today said that its Atlas Air, Inc. unit has commenced Boeing 767 cargo service in North America for DHL Express under a previously announced long-term CMI (Crew, Maintenance and Insurance) contract.

The new service on behalf of the world’s leading international express shipping company further expands Atlas Air's asset-light CMI service solution, which was launched in 2010. Atlas Air expects CMI to be a strategic driver of increased revenues and earnings and improved business mix.

“By growing our CMI operations, we continue to diversify our business mix while at the same time strengthening our long-term relationship with DHL Express,” said William J. Flynn, President and Chief Executive Officer, Atlas Air Worldwide. “Customers like DHL recognize that our technical expertise, global scope and scale of operations, and deep industry knowledge can greatly assist them in their own operations.”

Under the agreement, Atlas Air, Inc. will operate five Boeing 767-200 freighters owned by DHL in DHL’s North American network. The first of these aircraft started service this month and all five are expected to be operational by the third quarter of 2012.

Atlas crews will operate the aircraft on behalf of DHL on routings to and from DHL’s Cincinnati hub. Depending on routes flown, the eventual five aircraft are expected to generate a total volume of approximately 130 to 150 block hours per aircraft per month.

The business also highlights Atlas Air's further expansion into a new, attractive gauge of aircraft, the Boeing 767, which is expected to be an important part of the company's fleet strategy going forward. Atlas Air's innovative 767 freighter and passenger operations complement its market-leading Boeing 747 freighter and passenger operations.

The company, through its Polar Air Cargo Worldwide, Inc. subsidiary, also provides time-definite, 747-400 freighter network service to DHL, primarily in the trans-Pacific trade lanes.

“Our new 767 service for DHL Express is another milestone event for Atlas,” Mr. Flynn added.

“It shows that we are executing on the strategies that are central to our business plan, demonstrates growth of our asset-light CMI business and represents an expansion of our relationship with DHL Express. It also underscores our growth into a key new equipment type and is symbolic of where we are taking the company.”

About Atlas Air Worldwide:

Atlas Air Worldwide 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). Atlas Air Worldwide also maintains a 49% interest in Global Supply Systems Limited (GSS). Through Atlas and Polar, Atlas Air Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, 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 charters; commercial cargo charters; and dry leasing of aircraft and engines.

Atlas Air Worldwide’s press releases, SEC filings and other information can 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 Atlas Air Worldwide’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 Atlas Air Worldwide 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 Atlas Air Worldwide’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 Atlas Air Worldwide with the Securities and Exchange Commission on February 15, 2012. 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.

Atlas Air Worldwide 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.