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ATLAS AIR, INC. WINS AIR FORCE ONE TRAINING CONTRACT<br>Atlas to Provide Training for Air Force One Pilots and Flight Engineers under a Five-Year Contract

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ATLAS AIR, INC. WINS AIR FORCE ONE TRAINING CONTRACT
Atlas to Provide Training for Air Force One Pilots and Flight Engineers under a Five-Year Contract

Monday, October 8, 2007 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo services, today announced that its subsidiary, Atlas Air, Inc. (Atlas), has been awarded a five-year contract from the U.S. Air Force to provide flight training for the Air Force pilots and flight engineers who fly the President's aircraft, Air Force One.

William J. Flynn, President and Chief Executive Officer of AAWW, said, “We are excited that the Air Force has selected our state-of-the art training facilities and services for training the elite group of Air Force pilots and flight engineers appointed to fly Air Force One. As the largest operator of Boeing 747 freighter aircraft, Atlas is an established leader in the worldwide cargo industry and a major provider of air freight lift to the military. This exclusive contract further recognizes the commitment and quality that Atlas provides in everything we do.”

All training will take place at the Atlas Air Training Center in Miami, Fla., and will cover the full spectrum of ground school and simulator training necessary to fully qualify these crew members to fly Air Force One, a Boeing 747-200 aircraft. Atlas will also provide annual recurrent training, and additional simulator time as requested by the Air Force.

Mr. Flynn added, “This is an accomplishment for our company and something about which all of our employees can be very proud.”

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