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POLAR AIR CARGO WORLDWIDE ACHIEVES GLOBALLY RECOGNIZED SAFETY BENCHMARK

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POLAR AIR CARGO WORLDWIDE ACHIEVES GLOBALLY RECOGNIZED SAFETY BENCHMARK

Wednesday, October 22, 2008 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and services, today announced that its majority-owned subsidiary, Polar Air Cargo Worldwide, Inc. (Polar), has achieved a globally recognized safety and quality standard following a stringent audit of its operational standards and procedures.

By completing the International Air Transport Association's Operational Safety Audit (IOSA), Polar, like its recently accredited sister company, Atlas Air, Inc. (Atlas), continues to demonstrate an international and industry-leading commitment to safety.

“We are very pleased to join the IOSA registry,” said William J. Flynn, President and Chief Executive Officer of Polar and of AAWW. “We are initiating a landmark, 20-year blocked-space agreement with DHL Express on October 27 under which Polar will provide trans-Pacific network service for DHL, and this is a further acknowledgement that our operations rank with those of the best air carriers in the world. It also affirms our dedication to providing strong value to our customers through safe, highly reliable, cost-efficient scheduled freight and express network service.”

Polar received the IOSA registration following a series of stringent audits by an IATA-accredited auditor. It is valid until November 2009, and is renewable thereafter every two years subject to future audits.

The audit covered key areas of Polar's operations: corporate organization and management structure; flight operations; flight dispatch; aircraft engineering and maintenance; ground handling; cargo operations; and airline security.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas and the majority shareholder of Polar. Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas 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 - military charters, commercial cargo charters, scheduled air cargo service (including express network service for DHL Express beginning October 27, 2008), and dry leasing of aircraft.

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

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