Thursday, May 08, 2008 --   Asset Management, Continuous Improvement Initiatives
Mitigate Impact of Record Fuel Prices; Business Performance on Track

2008 Outlook Adjusted for Fuel Impact; 2009 Outlook Reaffirmed;
Scheduled Operations Exposure to Fuel Eliminated Effective October 2008
Expansion of DHL Express Service Commenced March 30

Purchase, NY - May 8, 2008 -- Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and services, today announced operating and financial results for the first quarter of 2008. Results for the quarter reflect AAWW's ongoing efforts to enhance aircraft utilization through proactive asset management, sustained operational execution, and the positive impact of Continuous Improvement initiatives. The Company's positive measures mitigated the negative impact of record fuel prices on the Scheduled Service segment and reduced AMC flying.

For the period ended March 31, 2008, AAWW recorded a net loss of $5.3 million, or $0.25 per diluted share, on revenues of $373.0 million.

“Our business fundamentals are solid, and our performance is on track with our objectives, apart from the impact of fuel prices,” said William J. Flynn, President and Chief Executive Officer of AAWW. “We have significantly transformed our business model, and we are well positioned - operationally, financially and strategically - to grow our business and improve our performance.

“Record commercial fuel prices - up nearly 50% over last year - had a substantial impact on our Scheduled Service results during the first quarter. They have also increased our projected fuel bill for the year by nearly $30.0 million since our prior guidance, after giving effect to expected surcharge recovery. As previously discussed, our direct exposure to fuel prices will be largely eliminated in late October when our Scheduled Service subsidiary, Polar Air Cargo Worldwide, commences flying under its long-term blocked space agreement with DHL Express.

“Results in the latest reporting period also reflected our expected return to more normalized levels of AMC flying, as well as the traditional seasonally slower pace of air cargo demand in the first quarter of the year.”

Mr. Flynn added: “I am also pleased to report the successful expansion of our relationship with DHL Express, with two additional 747-400 aircraft commencing service for them on March 30. We have had a smooth start up, and our operations have exceeded our customer's expectations. Including these aircraft, we will deploy a total of eight 747-400s in trans-Pacific operations under a long-term blocked space agreement when Polar begins full network service in support of its agreement with DHL in October.”

He also noted: “We continue to see an exciting and dynamic future for Atlas Air Worldwide Holdings. We have a solid financial platform, and other than the short-term effect of fuel prices in 2008, our outlook is unchanged.

“Favorable supply and demand trends in the global freighter aircraft segment and the continuing shift in aircraft ownership from airlines to lessors create a significant opportunity to expand our leasing operations, both wet and dry leasing.

“Our 747-400 ACMI capacity is sold out, and in line with our plans to grow earnings, we seized the opportunity to acquire scarce 747-400 assets and increase our 747-400 fleet by 10% to 22 aircraft. We are the only outsource provider with 747-8 freighters on order, and we will have first-to-market ACMI capability when we introduce our 12 new -8Fs into service in 2010 and 2011. The 747-8 freighter will represent the largest and most efficient heavy freighter in the market, providing the lowest ton-mile cost of any freighter alternative and giving operators unmatched profit potential. We also continue to aggressively manage the deployment of our 747-200 fleet in the charter and dry leasing markets, while evalu