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Atlas Air Worldwide to Provide CMI Service for DHL Express In North America

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Atlas Air Worldwide to Provide CMI Service for DHL Express In North America

Thursday, September 8, 2011 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today said that its Atlas Air, Inc. unit has been selected by DHL Express to operate five B767 freighters owned by DHL in its North American network starting in 2012.

The agreement with DHL Express enhances Atlas Air's commitment to grow its non-asset-intensive CMI (Crew, Maintenance and Insurance) service solution, which was launched in 2010. The Company expects CMI to be a strategic driver of increased Company revenues and earnings and improved business mix over the next few years and beyond.

The agreement also highlights Atlas Air's further expansion into a new, attractive gauge of aircraft, the B767, which is expected to be an important part of the Company's fleet strategy going forward. Atlas Air's new B767 freighter and military-passenger operation complements its market-leading B747 freighter and passenger operation.

“We are very pleased to grow our CMI operations and to expand our long-term relationship with DHL Express,” said William J. Flynn, President and Chief Executive Officer. “Since October 2008, we have provided time-definite, B747-400 freighter network service to DHL through our Polar Air Cargo Worldwide, Inc. subsidiary, primarily in the trans-Pacific trade lanes. Now we are capitalizing on our technical expertise and deep industry knowledge to initiate domestic B767 service for DHL and broaden our opportunities in aviation outsourcing.

“Both the quality and reliability of our value-added, outsourcing services enable us to serve DHL Express and our other customers as an extension of their operations and an integral part of their networks. With the global scope and scale of our operations, we are ready to help DHL grow its business and deliver on its promise of time-definite service.”

Atlas Air's CMI service for DHL is expected to begin with one aircraft in the first quarter of 2012 and to expand to five aircraft by the third quarter of 2012. Depending on routes flown, the five aircraft are expected to generate a total volume of approximately 130 to 150 block hours per aircraft per month.

Mr. Flynn added, “This new award is an example of the strong execution of our roadmap for the future. We are driving revenue and increasing efficiencies as we grow our fleet with next-generation 747-8Fs, expand our non-asset-intensive CMI business, and implement other initiatives that will add significant value to a platform that already benefits from our industry-leading market position, global business focus, and our innovative, value-added customer solutions.”

About Atlas Air Worldwide:

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 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 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.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect AAWW'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 AAWW 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 AAWW'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 AAWW with the Securities and Exchange Commission on February 14, 2011 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.

AAWW 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.

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