Atlas Air Worldwide Holdings, Inc. Announces 4,000,000 Share Stockholder Offering

Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW) announced today that HMC Atlas Air, L.L.C. ("Harbinger") has agreed to sell 4,000,000 shares of AAWW’s common stock in an underwritten public offering, which is expected to close on May 18, 2009. In addition, Harbinger has granted the underwriters in the offering the option to purchase an additional 15% of the offered shares. Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated served as joint bookrunning managers for the offering. AAWW will not receive any proceeds from this offering.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. A written prospectus for this offering, meeting the requirements of Section 10 of the Securities Act of 1933 (other than a free writing prospectus as defined in Securities Act Rule 405), may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attention: Prospectus Department, Toll-Free 1-866-471-2526, or by e-mail at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. Incorporated 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, Toll Free 1-866-718-1649 or by e-mail at prospectus@morganstanley.com.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing Limited (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 services that include ACMI aircraft leasing – in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis – express network and scheduled air cargo service, military charters, commercial cargo charters, and dry leasing of aircraft and engines.