Wednesday, February 27, 2008 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and services, today announced record annual earnings in 2007, reflecting ongoing improvement in aircraft utilization due to proactive asset management, sustained operational execution, the positive impact of Continuous Improvement initiatives, and increased military and commercial charter demand. These positive measures more than offset the negative impact of record fuel prices on the Scheduled Service segment in the second half of the year. 2007 results also reflect significant reductions in AAWW's net interest expense and effective income tax rate.

“2007 was a very strong year for Atlas Air Worldwide Holdings, and our future is bright,” said William J. Flynn, President and Chief Executive Officer of AAWW.

“Through bold strategic steps, we are transforming the Company and building from strength. We have a solid financial platform, and are implementing strategies that deliver improved revenue and earnings visibility and continued growth, while mitigating commercial and operational risk.

“In the face of current economic uncertainty, we expect to increase pretax earnings in 2008 and to grow them dramatically in 2009. We look forward to additional earnings growth with the introduction of our 747-8 freighters in 2010 and 2011.”

For the full year ended December 31, 2007, AAWW posted net income of $132.4 million, or $6.17 per diluted share, more than double 2006 levels, on revenues of $1.563 billion. Operating income of $154.8 million and pretax income of $132.7 million included a nonrecurring gain of $3.5 million on the disposal of aircraft and engines.

For the quarter ended December 31, 2007, AAWW reported net income of $50.7 million, or $2.35 per diluted share, on revenues of $442.8 million. Operating income of $70.7 million and pretax income of $66.7 million included a nonrecurring gain of $2.5 million on the disposal of surplus aircraft engines.

Mr. Flynn added: “We expect pretax earnings in 2008 to exceed 2007 levels, and to accelerate sharply to the $165.0 to $175.0 million level in 2009. Importantly, we expect to achieve this level of earnings in 2009 with a conservative assumption of revenue from our military charter business of about $200.0 million, nearly 47% below 2007 AMC revenues of $376.6 million. Using the midpoint of our 2009 outlook, we expect our pretax earnings to grow from 2006 to 2009 at a compound annual rate of nearly 22.0%.

“In line with our plan to grow earnings, we are pleased to announce today an expansion of our relationship with DHL Express that will enable us to place two 747-400Fs in service with them on an ACMI basis for a three-year term beginning March 29, 2008. This service will be incremental to the six 747-400Fs that will provide express network ACMI service to DHL starting on October 27, 2008. The agreement is subject to final documentation

“We will meet the additional demand from DHL with one 747-400F that we are acquiring from another operator and a second -400F that is transitioning as planned from a previous contract. To facilitate growth with other customers, we have also agreed to acquire a 747-400BCF (Boeing converted freighter) that is scheduled to enter our fleet in the fourth quarter of 2008.

“We are leveraging significant strategic catalysts to drive revenues and earnings this year and in the near future, and we are well positioned to deliver on our initiatives. The first half of 2008 will be challenging, however, given exceptionally high fuel prices and reduced military charter activity. Fuel will continue to impact our Scheduled Service business until we fully commence express network ACMI business for DHL with the six core 747-400 units in late October.”

Mr. Flynn continued: “Upon full startup of our express network ACMI service for DHL Express, we will transform expected pretax margins on aircraft assets in our