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Atlas Air Worldwide Holdings Subsidiary Wins Second Aircraft Agreement with Panalpina Air & Ocean Extending Long-term Relationship<br>Atlas Air to provide ACMI service for a Boeing 747-400 Freighter, expanding Panalpina's Own Controlled Air Network

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Atlas Air Worldwide Holdings Subsidiary Wins Second Aircraft Agreement with Panalpina Air & Ocean Extending Long-term Relationship
Atlas Air to provide ACMI service for a Boeing 747-400 Freighter, expanding Panalpina's Own Controlled Air Network

Wednesday, September 15, 2010 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading global provider of air cargo assets and outsourced aircraft operating solutions, today confirmed an agreement to place a second Boeing 747-400 freighter with Panalpina Air & Ocean Ltd.

The multi-year agreement, under which Atlas Air will provide ACMI (aircraft, crew, maintenance and insurance) services to Panalpina, was announced on the 20th anniversary of Panalpina's “Dixie Jet” freighter service connecting Huntsville, Ala., with Europe, which is also operated by a B747-400 Freighter leased from Atlas Air.

The second aircraft, to be based at Panalpina's European hub in Luxembourg, will operate services from Asia and Africa to Europe; Europe to Africa, the Middle East and Asia; and from Asia to the United States. It is set to begin operating in early October.

Panalpina and Atlas Air have a successful track record of working together for almost two decades. “On a day where we celebrate a long-standing relationship with one of the world's leading suppliers of freight forwarding and logistics services, it's only fitting that we confirm a further commitment to serve Panalpina and its customers with state-of-the-art, high-quality capacity and time-definite service,” said William J. Flynn, President and Chief Executive Officer of AAWW.

“In Atlas Air we have a proven partner with the flexibility, fleet, scope and experience to expand our capabilities and in turn to provide better supply chain management solutions for our customers,” added Karl Weyeneth, Chief Operating Officer of the Panalpina Group. “We look forward to adding the additional aircraft from Atlas Air and expanding our relationship.”

In Luxembourg, Panalpina's Own Controlled Air Network serves key customers in industries that include energy, high tech, health care and automotive.

About Atlas Air Worldwide Holdings, Inc.

AAWW 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). 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; 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.

AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.

The Panalpina Group

The Panalpina Group is one of the world's leading suppliers of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and ocean freight shipments. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated door-to-door forwarding services tailored to its customers' individual needs. The Panalpina Group operates a close-knit network with some 500 branches in over 80 countries. In a further 80 countries, it cooperates closely with partner companies. Panalpina employs approximately 14,000 people worldwide.

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For more information, please contact:
Dan Loh
E-mail: Dan.Loh@atlasair.com