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POLAR AIR CARGO WORLDWIDE, INC. AWARDED ADDITIONAL FREQUENCIES TO JAPAN

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POLAR AIR CARGO WORLDWIDE, INC. AWARDED ADDITIONAL FREQUENCIES TO JAPAN

Monday, September 24, 2007 --  

Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo services, today announced that its Polar Air Cargo Worldwide, Inc. (Polar) subsidiary will expand operations in Japan following the conclusion of recent U.S.-Japan bilateral civil aviation negotiations.

In addition to an existing six weekly frequencies to Tokyo with related service to one destination beyond Japan, Polar has been granted another six frequencies to Japan, excluding Tokyo, with the right to fly to two foreign destinations beyond this new point. Including the new rights, Polar can now serve a combined total of 12 frequencies in Japan and 18 frequencies beyond. Polar will also have the latitude to choose the new destination in Japan, as well as the points outside of the country.

“North Asia—particularly Korea, China and Japan—has been a significant area of development for Polar,” said Randy Clark, COO of Polar. “Now that we've been approved for additional frequencies and beyond rights to Japan, we look forward to continuing Polar's growth.”

William J. Flynn, CEO of AAWW, said, “We thank the Japanese government for recognizing Polar's strong commitment to the Japanese market and the U.S. government for its confidence in our ability to serve customers to and from Japan successfully. The addition of Polar's new frequencies enables us to expand our services in the Japanese market and, with our new beyond rights, will enable us to continue building and strengthening Polar's network throughout Asia.”

Assisting Polar in this significant business development were John Byerly, U.S. Deputy Assistant Secretary of State and Mr. Ryuhei Maeda, Deputy Director-General, Minister's Secretariat, Japanese Ministry of Land, Infrastructure and Transport.

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—cargo charters, military charters, scheduled air cargo service, 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.

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