Atlas Air Worldwide Holdings, Inc. Announces Nominees for Election to Board

Business Wire, May 23, 2006

PURCHASE, N.Y. -- Atlas Air Worldwide Holdings, Inc. (AAWW) (OTC: AAWW), a leading provider of global air cargo services, today announced its nominees for election to the Company's Board of Directors. Those nominated include Eugene I. Davis, Robert F. Agnew, Timothy J. Bernlohr, Keith E. Butler, Jeffrey H. Erickson, William J. Flynn, James S. Gilmore III, Carol B. Hallett, and Frederick McCorkle. All of the nominees have been recommended for nomination by the Nominating and Governance Committee of the Company's Board of Directors and nominated by the Board for election at AAWW's 2006 Annual Meeting of Stockholders.

Gene Davis, AAWW Chairman, said, "We are pleased to have nominated nine candidates for election to our Board, which includes three new individuals. In addition to six of our current Board members, we have also nominated Bill Flynn, Carol Hallett, and Tim Bernlohr, who, if elected, we believe will help continue the momentum that AAWW has enjoyed this past year."

As previously announced, William J. Flynn, 52, will join AAWW June 22 as President and CEO. Mr. Flynn is presently the President and CEO of GeoLogistics, a global transportation and logistics enterprise with combined operating revenues in excess of $2 billion. Mr. Flynn will be succeeding Jeffrey H. Erickson, who will be retiring as an executive officer of AAWW at that time, but who, if elected, will remain on the Company's Board.

Carol B. Hallett, 68, served from 1995 to 2003 as President and CEO of the Air Transport Association of America (ATA), the nation's oldest and largest airline trade association. Since 2003, Ms. Hallett has served as chair of Homeland Security at Carmen Group, Inc., and has been of counsel at the U.S. Chamber of Commerce. Ms. Hallett is also a Director of Mutual of Omaha Insurance Company, Rolls Royce-North America, and Wackenhut Services.

Timothy J. Bernlohr, 47, is the managing member of TJB Management Consulting, LLC, founded in 2005, which specializes in providing project specific consulting services to businesses in transformation. He is also the former President and CEO of RBX Industries, Inc., a recognized leader in the design, manufacture, and marketing of closed cell rubber and plastic materials to the automotive, construction, and industrial markets. Mr. Bernlohr is also a Director of General Chemical Industrial Products, Cadence Innovation, WCI Steel, and General Insulation Company, Inc.

The 2006 Annual Meeting of Stockholders of Atlas Air Worldwide Holdings, Inc. will be held at 2:00 PM on June 27, 2006, at the Omni Berkshire Hotel, 21 East 52nd Street, New York, NY.

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 can be accessed through the Company's home page, www.atlasair.com.