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Atlas Air Worldwide Holdings, Inc. Unit Enters Joint Venture for New Cargo Warehouse At South Korea's Incheon International Airport

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Atlas Air Worldwide Holdings, Inc. Unit Enters Joint Venture for New Cargo Warehouse At South Korea's Incheon International Airport

Thursday, June 14, 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 Air), has entered into a joint-venture agreement to build a new, strategically located cargo warehouse at Incheon International Airport in South Korea.

The new facility will enhance the economics and efficiency of services provided to customers of Atlas Air, its sister company, Polar Air Cargo, Inc., and Atlas Air's joint venture partners.

The 129,000-square-foot (12,000-square-meter) Atlas Air Cargo Terminal will be operated by AACT Company Limited, a joint venture that includes Atlas Air and Sharp, Inc., a South Korean company engaged in providing maintenance, ground and related support services to Atlas Air, Polar Air Cargo and other airlines at Incheon airport. Construction of the new warehouse is expected to begin shortly, and it is anticipated to be fully operational by early 2008.

The facility will be the first at Incheon to include ownership by a foreign carrier since the airport opened in 2001.

“We are extremely pleased to be joining with Sharp, Inc. and other key investors in South Korea to develop a world-class cargo-handling warehouse at Incheon airport,” said William J. Flynn, AAWW President and Chief Executive Officer. “Sharp has played an important role in the success of our operations at Incheon, and we look forward to working with them and our other joint-venture investors to meet the growing needs of our customers while improving the efficiency, reliability, quality and cost structure of our operations.

“Most industry observers agree that Asia will continue to outpace the rest of the world in the growth of new air cargo traffic,” Mr. Flynn added. “Incheon is a critical hub for trans-Pacific and intra-Asian air cargo traffic, and it is a frequent gateway of Polar Air Cargo and other air carriers for air cargo service to Hong Kong, Shanghai and Beijing. It is an ideal location for an air cargo warehouse that will benefit the needs of our current and potential customers, contribute to the expansion of Sharp's business, and appeal to others seeking competitive warehouse services at a major Asian airport.”

Atlas Air has a 30 percent ownership interest in AACT Company Limited and Sharp, Inc. holds 29 percent. The remaining ownership is held in lesser percentages by several individual South Korean investors. Other terms of the joint venture are not being disclosed.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air and Polar Air Cargo, Inc. (Polar), which together operate the world's largest fleet of Boeing 747 freighter aircraft.

AAWW, through its principal subsidiaries Atlas Air and Polar, offers scheduled air cargo service, cargo charters, military charters, and ACMI aircraft leasing in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis.

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 March 15, 2007. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized 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