Atlas Air Worldwide Dispatchers Ratify Initial Labor Agreement

  Atlas Air Worldwide Dispatchers Ratify Initial Labor Agreement

 Five-Year Deal Ensures Long-Term Stability, Competitive Salary and Benefits
             While Providing Value to Customers and Stockholders

Business Wire

PURCHASE, N.Y. -- November 13, 2012

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider
of outsourced aircraft and aviation operating services, today announced that
dispatchers of its subsidiaries, Atlas Air, Inc. (Atlas) and Polar Air Cargo
Worldwide, Inc. (Polar), have ratified a collective bargaining agreement with
the International Brotherhood of Teamsters, Local 210.

The five-year agreement is the first one for dispatchers represented by the
union.

“We are very pleased to have finalized our new collective bargaining agreement
with our highly experienced dispatchers,” said John Dietrich, Executive Vice
President and Chief Operating Officer of Atlas Air Worldwide. “We achieved all
of our objectives in this process, including preserving productive work rules
and flexibility, while maintaining competitive compensation and favorable
benefits for our dispatchers. We achieved long-term labor stability with our
valued employees, enabling us to provide continued value to our customers and
shareholders.”

Mr. Dietrich added: “Negotiations with Atlas and Polar dispatchers and their
representatives from the International Brotherhood of Teamsters, which began
in 2009, were constructive and professional, with genuine interest by both
parties to reach agreement. We applaud the union leadership and its efforts.”

The company’s dispatchers are responsible for planning and monitoring the
progress of aircraft during flight and, along with the pilot in command, are
legally responsible for the safety of a flight.

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). 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.

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 most recent Annual Report on Form 10-K and
subsequent reports on Form 10-Q filed by Atlas Air Worldwide with the
Securities and Exchange Commission. 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.
Investors
Dan Loh, 914-701-8200
or
Media
Bonnie Rodney, 914-701-8580