Atlas Air Worldwide Takes Delivery Of Its First Boeing 747-8 Freighter

PURCHASE, N.Y., November 8, 2011 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today confirmed that its Atlas Air, Inc. unit accepted delivery of the company’s first Boeing 747-8 Freighter on November 2, 2011.

The aircraft is the first of nine 747-8Fs expected to be delivered to Atlas Air and is painted in the colors of British Airways World Cargo (BAWC). It will be operated for BAWC under a long- term ACMI (aircraft, crew, maintenance and insurance) contract between BAWC and Global Supply Systems Limited (GSS), a UK company in which Atlas Air Worldwide holds a 49% interest. Pursuant to the contract, GSS will operate a total of three 747-8Fs for BAWC.

“We have been looking forward to the delivery of our first 747-8F for a long time, and we are delighted that it is going into service with our valued, long-standing customer, British Airways World Cargo,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide.

“BAWC is a vital link in the global logistics chain, and it will be one of the first air carriers in the world to benefit from the 747-8F’s new technology. Through GSS, our new aircraft will give BAWC increased capacity and revenue-generating capability in a growing airfreight market, while improving fuel economy, enhancing efficiencies and reducing costs.”

Atlas Air expects to receive two additional 747-8Fs in the fourth quarter of 2011, four in 2012, and two in the first half of 2013. The first five of these aircraft, including the three for BAWC, have been placed under long-term ACMI contracts, as previously announced.

The freighter, 5.6 meters (18.3 ft) longer than the benchmark 747-400F, is the largest, most- efficient, 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 efficiency, cargo on the 747-8F can be loaded and unloaded using both the nose and side doors.

Atlas Air Worldwide is the only outsource operator to offer customers the new 747-8F aircraft.

Steve Gunning, Managing Director of IAG Cargo Group, the single cargo business unit for International Airlines Group comprised of BA World Cargo and Iberia Cargo, said, “The decision to once again work alongside our long-term freighter partners, GSS and Atlas Air, and to upgrade to the Boeing 747-8 freighter was an important step for British Airways World Cargo. It is our view that long-haul freighters form an integral part of our overall business strategy – providing flexibility and capacity on resilient and growing lanes – as we strive for continued excellence in product range, customer service and network offering.”

Mr. Flynn continued, “Our customers are growth-oriented market leaders that know they can depend on us as we continue to drive performance and value for them.”

With the first 747-8F in its fleet, Mr. Flynn indicated Atlas Air Worldwide is poised to take advantage of new opportunities.

“Our 747-8Fs, together with our modern 747-400 freighters, anchor a fleet that focuses on our customers and our unparalleled record of operation that makes us the most-reliable provider of outsourced aircraft operating services and solutions. We expect that powerful combination to continue to drive significant growth in our revenues and earnings in the next few years and beyond.”

About Atlas Air Worldwide:
Atlas Air Worldwide (AAWW) 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). AAWW also maintains a 49% interest in Global Supply Systems Limited (GSS).Through Atlas and Polar, AAWW 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.