Atlas Air Worldwide Announces New ACMI Contract with Etihad Airways

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, announced today that its Atlas Air, Inc. unit has entered into a contract with Etihad Airways, the national carrier of the United Arab Emirates, to provide Boeing 747-400 Freighter service for Etihad Cargo.

The contract is for one aircraft under a multiyear Aircraft, Crew, Maintenance and Insurance (ACMI) agreement, with service beginning in June 2012. This will be the first 747-400F in Etihad Cargo’s global network and it will link Asia, Africa, Europe and other global trade lanes with Etihad Airways’ hub in Abu Dhabi.

“We are delighted to add Etihad Airways to our portfolio of ACMI customers,” said William J. Flynn, President and Chief Executive Officer, Atlas Air Worldwide. “Atlas Air has the largest and most modern fleet in our industry, with a mix of cargo and passenger aircraft, serving customers who are leaders in their markets. Etihad Airways takes pride in providing reliable, high-quality service across its expanding international route network. We look forward to welcoming not only a new customer for Atlas Air, but also future opportunities for strategic expansion for both companies.”

James Hogan, Etihad Airways President and Chief Executive Officer, said: “In Atlas Air, we have found a first-rate partner focused on operational excellence, security and outstanding customer service. We look forward to a rewarding relationship that leverages each of our expertise to grow global trade.”

David Kerr, Etihad Airways Vice President Cargo, added: “We are strongly committed to building our presence in the cargo sector and to serving the growing demand from our customers around the world. We have the fortune of geography and being able to bridge many of the trade flows from producer to consumer markets.”

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 cargo and passenger charters; commercial cargo and passenger 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.

About Etihad Airways:

Etihad Airways, the national airline of the United Arab Emirates, began operations in 2003, and in 2011 carried 8.3 million passengers. From its hub at Abu Dhabi International Airport, Etihad Airways serves 84 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and North America, with a fleet of 66 Airbus and Boeing aircraft, and 100 aircraft on order, including 10 Airbus A380s, the world’s largest passenger aircraft. Etihad Airways also owns nearly 30 per cent of airberlin, Europe’s sixth largest airline, and 40 per cent of Air Seychelles. For more information, please visit: www.etihad.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.