Thursday, April 13, 2006 --   Timely Filer Status Imminent, To Pursue Listing on National Exchange

Purchase, N.Y., April 13, 2006 - Atlas Air Worldwide Holdings, Inc. (AAWW) (OTC: AAWW.PK), a leading provider of global air cargo services, today reported net income of $73.9 million, or $3.56 per diluted share, on revenues of $1.6 billion for the year ended December 31, 2005. Results for the year included operating income of $193.3 million and pretax income of $123.8 million, both of which reflect a pretax insurance gain of $7.8 million and post-emergence costs and related professional fees of $3.7 million.

“2005 was a terrific year for Atlas Air Worldwide Holdings,” said President and Chief Executive Officer Jeffrey H. Erickson. “First, we achieved stellar earnings, and, second, we made tremendous progress in our efforts to strengthen our business.”

Mr. Erickson added, “There was also much more to our success in 2005 than the healthy utilization of our aircraft and higher unit revenues in all four of our service types. In particular, our strong performance throughout the year reflected a great deal of energy, enthusiasm, and hard work by everyone involved with the Company. With that spirit and support, and with the strategic initiatives that we are implementing to develop a more efficient, lower-cost operating platform, we'll continue to capitalize on our reputation for excellence and to move the Company forward.”

“We intend to build upon our momentum and take this company to the next level,” said Michael L. Barna, Senior Vice President and Chief Financial Officer. “With the imminent filing of our 2005 10-K report, we will have achieved timely filer status ahead of schedule, enabling us to pursue a listing of our common stock on a national securities exchange.

“We believe that reaching these milestones will greatly broaden our potential investor base and, therefore, interest in AAWW, ensuring a more liquid market for our shares.”

For the three months ended December 31, 2005, AAWW reported net income of $27.5 million, or $1.32 per diluted share, on revenues of $470.9 million. Operating income in the fourth quarter of 2005 totaled $61.0 million, while pretax income reached $44.8 million. Both amounts include $0.7 million of post-emergence costs and related professional fees.

Conference Call

Management will host a conference call to discuss the Company's fourth-quarter and full-year 2005 financial and operating results at 11:00 A.M. Eastern Daylight Time on Thursday, April 13, 2006.

Interested parties are invited to listen to the call live over the Internet at www.atlasair.com or www.earnings.com.

For those unable to listen to the live call, a replay will be available on the above Web sites for 90 days following the call. A replay will also be available through April 20, 2006 by dialing (800) 405-2236 (domestic) and (303) 590-3000 (international) and using Pass Code 11058511#.

Successor Company Versus Predecessor Company

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 and principal assets and liabilities were stated at fair value. As a result, readers of AAWW's financial statements are cautioned that reported historical financial statements of the Company for periods prior to emergence are not comparable with those for periods after emergence.

Notwithstanding the lack of comparability, the following commentary with respect to AAWW's full-year 2005 and 2004 operating results has been prepared to facilitate a year-over-year discussion of those results. The analysis, which is based on a combination of the results for the periods January 1, 2004 through July 27, 2004 and July 28, 2004 through December 31, 2004, has not bee