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ATLAS AIR WORLDWIDE HOLDINGS, INC. AUTHORIZES STOCK REPURCHASE PROGRAM

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ATLAS AIR WORLDWIDE HOLDINGS, INC. AUTHORIZES STOCK REPURCHASE PROGRAM

Wednesday, October 08, 2008 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and services, today announced that the Company's board of directors has approved a stock repurchase program that authorizes the repurchase of up to $100 million of AAWW common stock.

Based on a closing price of $26.58 on October 8, this would represent approximately 17 percent of AAWW's issued and outstanding common stock. The Company intends to use available cash to effect any stock repurchases over time. As of September 30, 2008, the Company had approximately 21.8 million shares of common stock outstanding, and cash and cash equivalents exceeding $425.0 million.

William J. Flynn, President and Chief Executive Officer of AAWW, commented: “At current levels, we believe that the Company's stock is undervalued and represents an attractive investment opportunity. We expect that we will continue to have sufficient resources available to us to fund our capital requirements. This action reflects our ongoing commitment to improving the investment value of the Company's stock while at the same time growing our business.”

Repurchases may be made from time to time on the open market or in negotiated transactions, pursuant to 10b5-1 plans or otherwise. The timing and amount of any shares repurchased will be determined by AAWW's management based on its evaluation of market conditions and other factors. The repurchase program announced today has no time limit. These repurchases may be commenced or suspended at any time or from time to time without prior notice.

About Atlas Air Worldwide Holdings, Inc.

AAWW is the parent company of Atlas Air, Inc. (Atlas) and 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 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 full

express network service for DHL Express beginning October 27, 2008), and dry leasing of aircraft.

AAWW's press releases, SEC filings and other information can 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; pending 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 28, 2008. 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