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Atlas Air and Polar Air Cargo Worldwide Finalize New Labor Agreement with Pilots

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Atlas Air and Polar Air Cargo Worldwide Finalize New Labor Agreement with Pilots

Purchase, NY, Wednesday, October 19, 2011 --   Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today announced that it has completed a new, five-year collective bargaining agreement with pilots and flight engineers of Atlas Air, Inc. (Atlas) and Polar Air Cargo Worldwide, Inc. (Polar). The agreement, which is effective from September 2011, completes the merger of the Atlas and Polar crew forces into a single collective bargaining unit with an integrated seniority list.

“We are very pleased to have finalized our new collective bargaining agreement with our Atlas and Polar crewmembers,” said John Dietrich, Executive Vice President and Chief Operating Officer of Atlas Air Worldwide.

“We achieved all of our strategic objectives in this process, including maintaining competitive compensation and benefits for our crewmembers, preserving industry-leading work rules and flexibility, and enhancing overall productivity. Bottom line, we achieved long-term labor stability under a contract framework rarely seen in the aviation industry that provides real value to our crewmembers, customers and stockholders.”

Under the terms of the new agreement, both pilot groups will be brought to parity with each other and work from a single contract.

The merger of the Atlas and Polar crew forces into a single workforce will also enable the Company to better optimize crew work schedules and improve the global scale and efficiency of its entire operation. Going forward, all of the Company's pilots will be able to serve Atlas and Polar aircraft interchangeably. Previously, Atlas pilots could only serve Atlas aircraft and Polar pilots could only serve Polar aircraft.

Mr. Dietrich added: “The negotiations with Atlas and Polar crewmembers and their representatives from the International Brotherhood of Teamsters were constructive and professional, with a genuine interest by both parties to reach agreement. We applaud the union leadership and its efforts in coming to the table and working with us.

“With our strategic growth initiatives, our effectiveness in executing our business model, and this new agreement, we look forward to driving our revenues and earnings to higher sustained levels over the next several years and beyond.”

Atlas Air Worldwide continues to deliver performance and value for customers and investors by executing on a strategic plan to grow the Company's fleet and core ACMI (aircraft, crew, maintenance and insurance) business with next-generation 747-8 freighters, further expand its asset-light CMI (crew, maintenance and insurance) operations, and grow its new passenger charter operations.

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 and solutions that include ACMI service - in which customers receive an aircraft, crew, maintenance and insurance on a long-term lease 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 may be accessed through the Company's home page,

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 Annual Report on Form 10-K filed by Atlas Air Worldwide with the Securities and Exchange Commission on February 14, 2011. 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.

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Dan Loh