Atlas Air Worldwide Takes Delivery of Fourth Boeing 747-8 Freighter, to Place in ACMI Service with Panalpina

  Atlas Air Worldwide Takes Delivery of Fourth Boeing 747-8 Freighter, to
  Place in ACMI Service with Panalpina

    Financing Provided by Apple Bank for Savings, Guaranteed by Ex-Im Bank

Business Wire

PURCHASE, N.Y. -- May 31, 2012

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider
of outsourced aircraft and aviation operating services, today announced that
its Atlas Air, Inc. unit has taken delivery of its fourth Boeing 747-8
Freighter, which will be placed into service for Panalpina under a previously
announced long-term agreement.

Pursuant to a multiyear aircraft, crew, maintenance and insurance (ACMI)
outsourcing contract, Atlas Air expects to operate two 747-8F aircraft,
offering next-generation performance in payload, fuel efficiency, total cost
per tonne-mile and environmental compliance, on behalf of Panalpina, a
Swiss-based global freight forwarding and logistics services provider. The
second 747-8F for Panalpina is expected to be delivered and placed into
service by the end of the summer.

The acquisition of Atlas Air’s latest 747-8F was financed in part with
proceeds from a term loan provided by Apple Bank for Savings and guaranteed by
the Export-Import Bank of the United States.

“We are the only outsource operator to offer customers the 747-8 Freighter,
and we are very pleased that Panalpina, one of our longest-tenured customers,
now has the industry’s newest freighter,” said William J. Flynn, President and
Chief Executive Officer. “Panalpina can immediately take advantage of
increased capacity and revenue-generating capability while improving fuel
economy and the ability to offer its customers a unique and highly flexible
solution for time-definite airfreight.”

Panalpina is the second Atlas Air customer to enter into a long-term ACMI
agreement for the 747-8F following British Airways World Cargo. Atlas Air
expects to receive a total of four 747-8Fs in 2012, including the two for
Panalpina, and two more in the first half of 2013.

Panalpina will use the new freighter on its controlled regular airfreight
services connecting Luxembourg with destinations around the world, serving
customers in industries that include healthcare, high tech, automotive and oil
and gas.

“We are staying ahead of the game by combining our expertise, our global
network and our industry specific know-how with the best cargo aircraft that
the world of aviation has to offer,” said Monika Ribar, President and Chief
Executive Officer of the Panalpina Group. “Delivery of the aircraft is just
the latest way we rely on Atlas Air to help us provide leading-edge services
that benefit our customers around the world.”

The freighter, 5.6 meters (18.3 feet) longer than the benchmark 747-400F, is
the largest long-haul, heavy freighter in the market with 16 percent more
revenue cargo volume compared with the 747-400F. The additional 120 cubic
meters (4,245 cubic feet) of volume afforded by the longer fuselage offers
space for four additional main-deck pallets and three additional lower-hold
pallets. For maximum speed and flexibility, cargo can be loaded and unloaded
using both the nose and side doors.

“Our latest delivery embodies how our customers can effectively expand their
capacity and operations and capitalize on market opportunities around the
world without waiting for new-production freighters to be built or committing
their balance sheets to new aircraft purchases,” Flynn said.

“In addition, the financing we drew upon for this delivery and have available
for the remainder of our 747-8F deliveries reflects the strong working
relationship that we have developed with Apple Bank and with Ex-Im Bank, each
of whom has been quite receptive to Atlas Air and the 747-8F asset.”

About Atlas Air Worldwide:

Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas) and Titan
Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo
Worldwide, Inc. (Polar). Atlas Air Worldwide also maintains a 49% interest in
Global Supply Systems Limited (GSS). Through Atlas and Polar, Atlas Air
Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of outsourced aircraft and aviation
operating services that include ACMI service – in which customers receive an
aircraft, crew, maintenance and insurance on a long-term basis; CMI service,
for customers that provide their own aircraft; express network and scheduled
air cargo service; military cargo and passenger charters; commercial cargo and
passenger charters; and dry leasing of aircraft and engines.

Atlas Air Worldwide’s press releases, SEC filings and other information can be
accessed through the Company’s home page, www.atlasair.com.

The Panalpina Group:

The Panalpina Group is one of the world's leading providers of supply chain
solutions, combining intercontinental Air and Ocean Freight with comprehensive
Value-Added Logistics Services and Supply Chain Services. Thanks to its
in-depth industry know-how and customized IT systems, Panalpina provides
globally integrated end-to-end solutions tailored to its customers' supply
chain management needs. The Panalpina Group operates a global network with
some 500 branches in more than 80 countries. In a further 80 countries, it
cooperates closely with partner companies. Panalpina employs approximately
15,500 people worldwide. www.panalpina.com

This release contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 that reflect Atlas Air
Worldwide’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 Atlas Air Worldwide 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;
anticipated and future litigation; and other risks and uncertainties set forth
from time to time in Atlas Air Worldwide’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 Atlas
Air Worldwide with the Securities and Exchange Commission on February 15,
2012. Other factors and assumptions not identified above may also affect the
forward-looking statements, and these other factors and assumptions may also
cause actual results to differ materially from those discussed.

Atlas Air Worldwide 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.

Contact:

Atlas Air Worldwide Holdings, Inc.
Media
Bonnie Rodney, 914-701-8580
or
Investors
Dan Loh, 914-701-8200