Monday, May 23, 2005 --   Atlas Air Worldwide Holdings, Inc. (AAWW, or the “Company”) (OTC: AAWWV.PK), a leading provider of global air cargo services, today provided preliminary unaudited estimates for the quarter ended March 31, 2005, for certain business and financial measures tracked by management in evaluating the performance of its business. AAWW also provided revenue and pretax income guidance for the second quarter of 2005 and pretax income guidance for the full year of 2005.

For the quarter ended March 31, 2005, AAWW expects to report:

• Revenue totaling $346 million;

• Operating income of $22 million to $27 million;

• Pretax income of $3 million to $8 million.

For the quarter ending June 30, 2005, AAWW expects to report:

• Revenue of $360 million to $375 million;

• Pretax income of $20 million to $25 million.

In addition, the Company expects that its full-year 2005 pretax income will exceed the $68 million of pretax income projected for 2005 in its Creditor Plan. (All references to “Creditor Plan” are to the Business Plan set forth in AAWW's Second Amended Disclosure Statement filed with the Securities and Exchange Commission on Form 8-K on July 26, 2004.)

Commenting on AAWW's performance during the first quarter of 2005 and the outlook going forward, President and Chief Executive Officer Jeffrey H. Erickson said:

“We are very pleased to report on our expected first-quarter pretax income. It demonstrates that the financial and operational steps that we are taking to restore and to sustain our profitability and to rebuild shareholder value are driving us in the right direction.

“Traditionally, the first quarter is the slowest part of our business year. Looking ahead, current business and economic forecasts lead us to expect continued improvement in our quarterly results over the balance of the year, with business conditions peaking on a seasonal basis in the September to mid-December time frame.”

The Company expects to file its quarterly report on Form 10-Q for the period ended March 31, 2005 as soon as practicable. The preliminary business and financial measures and other information are being disclosed today to provide AAWW's shareholders with its estimated first-quarter 2005 performance prior to the completion and review of its financial statements for the period.

AAWW completed a financial restructuring and emerged from Chapter 11 bankruptcy proceedings in July 2004. In conjunction with its emergence, AAWW applied the provisions of fresh-start accounting effective as of July 27, 2004, at which time a new reporting entity was deemed to be created. Fresh-start accounting required that the Company revalue its assets and liabilities to estimated fair values at July 27, 2004 in a manner similar to that which would occur if the Company were to apply purchase accounting.

Significant adjustments included a downward revaluation of its owned aircraft fleet and the recording of additional intangible assets (principally related to ACMI customer contracts). In addition, fair-value adjustments were recorded in respect of the Company's debt and lease agreements. As a result, readers of the Company's financial statements are cautioned that reported historical financial statements of the Company for periods prior to July 28, 2004 are not comparable with those for periods after July 27, 2004.

Revenue for the first quarter of 2005 is expected to total about $346 million, $49 million greater than revenue of $297 million in the first quarter of 2004. Operating expenses are expected to be in the range of $319 million to $324 million, flat to $5 million greater than in the same period last year. Operating expenses in the first quarter of 2005 are expected to include approximately $1 million in post-petition costs and related professional fees; operating expenses in the first quarter of 2004 included $9 million of pre-petition costs.

AAWW expects to report operating income for t