Thursday, May 15, 2003 --   Atlas Air Worldwide Holdings Inc. [NYSE: CGO] today named David Lancelot its new Senior Vice President and Chief Financial Officer.

Lancelot, who had previously served as the company's Vice President and Controller, replaces Douglas Carty, who left the company in January to take a position with Laidlaw.

Lancelot originally joined Atlas Air Worldwide Holdings in March 2002 as Controller from its Polar Air Cargo subsidiary, where he served in the same role. He came to Polar in July 2000 from AirTran Airways, where he was Vice President of Finance, Controller and Treasurer. Prior to that Lancelot held various corporate accounting positions at American Airlines.

“David's strong background in aviation accounting and finance, his knowledge of our company and the challenges we face, and his hands-on management make him uniquely qualified to be our new Chief Financial Officer,” said Jeff Erickson, President and Chief Operating Officer of Atlas Air Worldwide Holdings. “In addition, he brings to us experience with capital markets and a proven ability to install financial controls and turn around financial performance.”

Lancelot is a graduate of Baylor University with a degree in accounting. He is a certified public accountant, with previous public accounting experience as an auditor with KPMG LLP in Dallas, Texas.

Atlas Air Inc. and Polar Air Cargo Inc. are wholly owned subsidiaries of Atlas Air Worldwide Holdings Inc. Atlas Air offers its customers a complete line of freighter services, specializing in ACMI (Aircraft, Crew, Maintenance, and Insurance) contracts with a fleet of Boeing 747 aircraft. Polar specializes in time-definite, cost-effective airport-to-airport scheduled airfreight service with a fleet of Boeing 747 freighters.