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Atlas Air Worldwide Holdings, Inc. Added to Russell U.S. Stock Indexes

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Atlas Air Worldwide Holdings, Inc. Added to Russell U.S. Stock Indexes

Purchase, Thursday, July 6, 2006 --   FOR IMMEDIATE RELEASE:

Contacts: Alan Caminiti (Media) 914-701-8400

Regina Milano (Media) 914-701-8417

Dan Loh (Investors) 914-701-8210

Atlas Air Worldwide Holdings, Inc.

Added to Russell U.S. Stock Indexes

Purchase, N.Y., July 6, 2006 -- Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo services, joined the newly reconstituted Russell 3000® Index effective at the close of the U.S. markets on June 30, according to a final list of additions to the index made public by the Russell Investment Group on July 3.

In addition to membership in the broad-market Russell 3000, AAWW was also named a component of the widely used, small-cap Russell 2000® Index.

Each year at the end of May, the Russell Investment Group initiates a fresh review of its indexes in order to identify the 3,000 largest U.S. stocks, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in each annual ranking comprise the large-cap Russell 1000® Index, while the remaining 2,000 companies become the small-cap Russell 2000® Index.

The Russell Investment Group's indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both active and passive investment strategies. An industry-leading $3.8 trillion in assets are currently benchmarked against the Russell indexes, with investment managers who oversee these funds purchasing shares of member stocks according to a company's weighting in a particular index.

AAWW, which has approximately 19.96 million shares outstanding, had a market capitalization of approximately $977 million on July 5 based on a closing share price of $48.96.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Polar Air Cargo, Inc. (Polar), which together operate the world's largest fleet of Boeing 747 freighter aircraft.

AAWW, through its principal subsidiaries Atlas and Polar, offers scheduled air cargo service, cargo charters, military charters, and ACMI aircraft leasing in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis.

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

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Dan Loh