Atlas Air Worldwide Takes Delivery of Fourth Boeing 747-8 Freighter, to Place in ACMI Service with Panalpina

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 taken delivery of its fourth Boeing 747-8 Freighter, which will be placed into service for Panalpina under a previously announced long-term agreement.

Pursuant to a multiyear aircraft, crew, maintenance and insurance (ACMI) outsourcing contract, Atlas Air expects to operate two 747-8F aircraft, offering next-generation performance in payload, fuel efficiency, total cost per tonne-mile and environmental compliance, on behalf of Panalpina, a Swiss-based global freight forwarding and logistics services provider. The second 747-8F for Panalpina is expected to be delivered and placed into service by the end of the summer.

The acquisition of Atlas Air’s latest 747-8F was financed in part with proceeds from a term loan provided by Apple Bank for Savings and guaranteed by the Export-Import Bank of the United States.

“We are the only outsource operator to offer customers the 747-8 Freighter, and we are very pleased that Panalpina, one of our longest-tenured customers, now has the industry’s newest freighter,” said William J. Flynn, President and Chief Executive Officer. “Panalpina can immediately take advantage of increased capacity and revenue-generating capability while improving fuel economy and the ability to offer its customers a unique and highly flexible solution for time-definite airfreight.”

Panalpina is the second Atlas Air customer to enter into a long-term ACMI agreement for the 747-8F following British Airways World Cargo. Atlas Air expects to receive a total of four 747-8Fs in 2012, including the two for Panalpina, and two more in the first half of 2013.

Panalpina will use the new freighter on its controlled regular airfreight services connecting Luxembourg with destinations around the world, serving customers in industries that include healthcare, high tech, automotive and oil and gas.

“We are staying ahead of the game by combining our expertise, our global network and our industry specific know-how with the best cargo aircraft that the world of aviation has to offer,” said Monika Ribar, President and Chief Executive Officer of the Panalpina Group. “Delivery of the aircraft is just the latest way we rely on Atlas Air to help us provide leading-edge services that benefit our customers around the world.”

The freighter, 5.6 meters (18.3 feet) 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 flexibility, cargo can be loaded and unloaded using both the nose and side doors.

“Our latest delivery embodies how our customers can effectively expand their capacity and operations and capitalize on market opportunities around the world without waiting for new-production freighters to be built or committing their balance sheets to new aircraft purchases,” Flynn said.

“In addition, the financing we drew upon for this delivery and have available for the remainder of our 747-8F deliveries reflects the strong working relationship that we have developed with Apple Bank and with Ex-Im Bank, each of whom has been quite receptive to Atlas Air and the 747-8F asset.”

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.

The Panalpina Group:

The Panalpina Group is one of the world's leading providers of supply chain solutions, combining intercontinental Air and Ocean Freight with comprehensive Value-Added Logistics Services and Supply Chain Services. Thanks to its in-depth industry know-how and customized IT systems, Panalpina provides globally integrated end-to-end solutions tailored to its customers' supply chain management needs. The Panalpina Group operates a global network with some 500 branches in more than 80 countries. In a further 80 countries, it cooperates closely with partner companies. Panalpina employs approximately 15,500 people worldwide. www.panalpina.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.