Atlas Air Worldwide Holdings, Inc. Announces Exercise of Over-Allotment Option in Sale by Stockholder

Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW) announced today that the underwriters of its previously announced secondary offering have exercised their over-allotment option and have purchased an additional 440,848 shares from the selling stockholder, HMC Atlas Air, L.L.C. The option was granted by HMC Atlas Air, L.L.C. in connection with an underwritten public offering of 4,000,000 shares at an offering price of $24.00 per share, which priced on May 12, 2009, and closed on May 18, 2009. AAWW will not receive any proceeds from this offering.

Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated served as joint bookrunning managers for the 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.