About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas and Polar offer a range of air cargo services that include ACMI aircraft leasing -- in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis -- express network and scheduled air cargo service, military charters, commercial cargo charters, and dry leasing of aircraft.

AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.

SOURCE: Atlas Air Worldwide Holdings, Inc.

for Atlas Air Worldwide Holdings, Inc. 
Dan Loh, 914-701-8200

In the short term there is some market weakness and economic uncertainty around the world, but in the long term air cargo traffic will grow, Boeing said.

The strongest growth will be seen in the Asian air cargo market, with domestic Chinese and intra-Asian markets expected to grow by 9.9% and 8.1% per year, respectively.

Boeing predicts that the worldwide fleet of freighter aircraft will increase to 3,890 from the current 1,950 aircraft during the 20-year period of its forecast.

According to Boeing, some 2,500 aircraft, or around 75% of the 3,360 cargo aircraft put into service, will come from passenger-to-freighter modifications while 860 will be new production freighters.

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

For those unable to listen to the live call, a replay will be available on the above Web site for 90 days following the call. A replay will also be available through November 13 by dialing (800) 405-2236 (domestic) and (303) 590-3000 (international) and using passcode 11121927#.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas and Polar offer a range of air cargo services that include ACMI aircraft leasing -- in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis -- express network and scheduled air cargo service, military charters, commercial cargo charters, and dry leasing of aircraft.

AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.

SOURCE: Atlas Air Worldwide Holdings, Inc.

Atlas Air Worldwide Holdings, Inc. 
Dan Loh, 914-701-8200

For the first nine months of 2008, revenues were $1.2 billion, compared to revenues of $1.1 billion for the same period of 2007. Net income was for the first nine months of 2008 was $1.4 million, or 0.07 per share, compared to $81.7 million, or 3.81 per share, for the same period of 2007.

William Flynn, president and CEO of Atlas Air Worldwide, said: "Our third-quarter results demonstrate the importance of our strategic focus on de-risking our business model and modernizing our fleet. The actions that we have taken in transforming our business model to focus on long-term contractual flying, reducing our exposure to fuel prices, and strengthening our financial position will serve us well in these challenging economic times. While we are not immune to the turmoil affecting the world economy, our superior assets, de-risked business model and long-term contracts with the world's leading freight operators position us well to grow our business and earnings."

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