Tuesday, November 23, 2004 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (OTC: AAWWV.PK), a leading provider of global air cargo services, has reported preliminary system statistics and traffic results for October 2004 and the ten-month period ended October 31, 2004, and for the corresponding periods during the prior year.

For the month of October 2004, the average number of aircraft operated by AAWW declined 15.6% compared with October 2003, principally due to the rejection and return of aircraft in conjunction with AAWW's restructuring. Total block-hour activity decreased 6.5% during October 2004 compared with the same period in 2003. Block hours operated in the ACMI segment increased 15.1% year over year, while Commercial Charter hours declined 30.1%, primarily due to a reallocation of available aircraft to other business segments, and Military Charter hours declined 42.9%.

Capacity in the Scheduled Service business (as measured by available ton miles “ATM's”) decreased 8.5% year over year, and traffic (as measured by revenue ton miles “RTM's”) decreased 1.4% year over year, resulting in an increased load factor of 61.9% in October 2004 compared with 57.5% in October 2003.

For the ten months ended October 31, 2004, the average number of aircraft operated by AAWW declined 16.7% compared with the ten months ended October 31, 2003. Total block-hour activity during the ten months ended October 31, 2004 declined 3.2% compared with the same period in 2003. Block hours operated in the ACMI segment rose 21.0% during the ten months ended October 31, 2004 compared with the same period in 2003. Commercial Charter hours declined 47.6%, reflecting the reallocation of available aircraft to other business segments, and Military Charter hours declined 42.4%.

Capacity in the Scheduled Service business increased 7.6% (in ATM terms) during the ten months ended October 31, 2004 compared with the same period during the prior year, and traffic (in RTM's) increased 17.9% compared with the ten months ended October 31, 2003, resulting in an increased load factor of 62.4% for the 2004 period compared with 56.9% for the 2003 period.

The preliminary system statistics and traffic results that follow do not constitute financial statements, were not prepared in accordance with generally accepted accounting principles, and do not contain all of the disclosures required by generally accepted accounting principles or by the Securities Exchange Act of 1934, as amended, or any other prescribed form or format. AAWW cautions readers not to place undue reliance upon the information contained in these statistics and results, which may be adjusted from time to time.

These statistics and results, which have not been audited, may not be indicative of AAWW's financial statements in reports that would be required to be filed pursuant to the Securities Exchange Act of 1934, as amended.

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About Atlas Air Worldwide Holdings, Inc.:

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

Atlas is the world's leading provider of ACMI (aircraft, crew, maintenance and insurance) freighter aircraft to major airlines around the globe. Polar is among the world's leading providers of airport-to-airport freight carriage. Polar operates a global, scheduled-service network and serves substantially all major trade lanes of the world.

Through both of its principal subsidiaries, AAWW also provides commercial and military charter services.

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, uncert