Navigating Growth. AAWW Investor-Analyst Day June 6, 2012

Navigating Growth AAWW Investor-Analyst Day June 6, 2012

Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect Atlas Air Worldwide Holdings, Inc. s (AAWW) 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 AAWW and its subsidiaries that may cause actual results to be materially different from any future results, express or implied, in such forward-looking statements. For additional information, we refer you to the risk factors set forth in the documents filed by AAWW with the Securities and Exchange Commission. Other factors and assumptions not identified above are also involved in the preparation of forward-looking statements, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those discussed. AAWW assumes no obligation to update the statements in this presentation to reflect actual results, changes in assumptions, or changes in other factors affecting such estimates, other than as required by law. This presentation also includes some non-gaap financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with accounting principles generally accepted in the United States and our reconciliations in our earnings releases dated May 3 and February 15, 2012, which are posted on our Web site at www.atlasair.com. 2

Today s AAWW Attendees Bill Flynn President & Chief Executive Officer John Dietrich EVP & Chief Operating Officer Spencer Schwartz SVP & Chief Financial Officer Michael Steen EVP & Chief Commercial Officer Adam Kokas SVP, General Counsel, CHRO & Secretary Greg Guillaume VP, Strategic Development Edward McGarvey VP & Treasurer Dan Loh Senior Director, Investor Relations Keith Mayer VP & Controller Jeff Zeunik Staff Vice President, FP&A Bonnie Rodney Senior Director, Marketing & Communications 3

Today s Agenda Welcome Overview & Strategic Review Market Outlook & Segment Discussion Adam Kokas Bill Flynn Michael Steen Break Operations Financial Review Wrap-Up John Dietrich Spencer Schwartz Bill Flynn Q&A Lunch 4

Overview Bill Flynn President and Chief Executive Officer AAWW Investor-Analyst Day June 6, 2012

AAWW Key Takeaways Atlas Air: The Growth Story Track record of execution on strategic plan Delivering on business promises Resilient business model Outperforming the airfreight market 6

Since Our Last Investor-Analyst Day 7

Our Newest 747-8F is now in service for Panalpina! 8

Atlas Growth Map CMI Boeing Dreamlifter DHL 767 SonAir Growth Strategy 1. Leverage core competencies 2. Develop new organizational capabilities 3. Drive efficiencies across company 4. Manage balance sheet Dry Lease ACMI Commercial Charter AMC PAX Cargo 9

Atlas Air Worldwide Ownership 100% Ownership 51% (49% DHL) Ownership 100% Ownership 49% Recognized leader in international aviation outsourcing World s largest fleet of Boeing 747 freighter aircraft Comprehensive global infrastructure Providing superior assets and services to the airline industry, freight-forwarding community, commercial, U.S. military customers 10

Core Business Segments Business Segments ACMI (2) % of 2011 Block Hours (1) CMI (3) 76 Description Offers aircraft that are crewed, maintained, and insured by Atlas for lease on a long-term basis Customers assume fuel, demand and yield risk Provides outsourced CMI operating solutions for passenger and freighter operations Air Mobility Command (AMC) Charter Commercial Charter Other: Dry Leasing Other Services 14 10 -- AMC Charter provides full planeload cargo and passenger charter flights to the U.S. military Cost-plus business Commercial Charter segment provides full planeload cargo and passenger charter services to charter brokers, freight forwarders, direct shippers, and airlines Provides aircraft and engine dry leasing solutions to third parties Selected by the U.S. government to train pilots who fly the President on Air Force One Note: (1) Excludes ferry block hours (2) Aircraft, Crew, Maintenance, Insurance. (3) Crew, Maintenance, Insurance 11

Transformed Operating Fleet 2012 24 Boeing 747-400 Freighters 21 747-400Fs 3 747-400BCFs 7 Boeing 747-8Fs 2 additional to be delivered in 2013 Options for 13 additional 747-8Fs 4 Boeing Large Cargo Freighters (LCFs) Customer-owned 4 Boeing 747-400 Passenger 2 Custom aircraft for SonAir (customer-owned) 2 Boeing 747-400s for AMC and Commercial Charter 3 Boeing 767-300ER Passenger For AMC and Commercial Charter 5 Boeing 767-200 Freighters For DHL Express service (customer-owned) 12

Diversified Global Operating Network 137,055 Total Block Hours Operated in 2011-18,552 Flights - 252 Cities in 94 Countries 1,100+ Charters Completed, 65 Unique Customers Asian trade lanes lead market growth Asian lanes becoming more balanced Rapid market growth in Middle East, Africa, South America Markets in North America, Europe remain substantial 13

The Airfreight Market Although the rate of growth is slowing, airfreight continues to grow. With Permission: Seabury Group March 2012 IATA World Cargo Symposium 14

Market Outlook Global airfreight tonnage growing from near-record levels Supported by limited wide-body freighter supply Benefiting our ACMI customers and our Commercial Charter operations Global Airfreight Tonnage Growing from Near-Record Levels 50 Freight Tonnes (Millions) 48.0 47.6 48.6 40 33.5 36.7 37.6 40.0 42.0 41.0 40.7 30 20 Y-o-Y 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012F -- 9.6% 2.5% 6.4% 5.0% (2.4)% (0.7)% 17.9% (0.8)% 2.1% Source: ICAO 2003 2010, IATA 2011E 2012F (IATA March 2012) 15

AAWW Resilient Business Model Asia-Pacific Region Traffic-Capacity Trends (% Change Y-o-Y) 80 65 50 35 20 5 (10) (25) (40) (55) $76.4 $62.1 $66.0 $54.3 $55.1 $49.3 $49.8 $43.9 $43.1 $24.8 $21.7 $17.7 $20.3 $19.4 $10.2 $3.7 -$9.8 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2008 2009 2010 2011 2012 80 65 50 35 20 5 (10) (25) (40) (55) AAWW Adj. Pretax Income ($ Millions) Source: IATA (May 2012); company reports. See Appendix for Non- GAAP reconciliation. Traffic (FTKs) Capacity (AFTKs) AAWW Monthly Price Change (%) 16

2012 Financial Guidance Reaffirm 2012 EPS in excess of $5.10 per diluted share 24% increase from 2011 adjusted EPS* on 17% more block hours *Net income attributable to common stockholders; see Appendix for Non-GAAP reconciliation. 17

AMC Transformation 18

Transformative Growth Mix Transformative Growth 19

The future looks bright. Thank you. 20

Commercial Update Michael Steen Executive Vice President and Chief Commercial Officer AAWW Investor-Analyst Day June 6, 2012

Recent Business Developments ACMI Added Etihad Cargo as a new long-term customer One additional 747-400F (#9) to DHL Express CMI Launched 767-200F operation for DHL Express Boeing Dreamlifter flying ramping up AMC Launched 767-300 passenger service 10,000 passenger block hours in 2012 Charters Operated high profile VIP charters for UK Prime Minister, Saudi Royals, Oakland A s and the Foo Fighters Participated actively in the new ipad rollout 22

Our Value Proposition to Our Customers World s most-efficient aircraft and operating solutions Market leader in each of our operating segments Customer base reflects the quality of our assets and services Best assets and best services attract best customers Asset and service offerings represent a flexible portfolio that allows expanded customer service and enables us to better manage risk 23

Our Customers Reflect Our Focus on Quality Long-term, profitable relationships Resilient Business Model & Predictable Revenues Strategic focus on cargo Growth-oriented market leaders High degree of customer integration Focus on continuous development and growth Long-term earnings growth Long-term contractual commitments 24

Diversified Global Operating Network 137,055 Total Block Hours Operated in 2011-18,552 Flights - 252 Cities in 94 Countries 1,100+ Charters Completed, 65 Unique Customers Asian trade lanes lead market growth Asian lanes becoming more balanced Rapid market growth in Middle East, Africa, South America Markets in North America, Europe remain substantial 25

Leading Industry Position AAWW surpasses the competition with scale & new technology 5 4 Number of Wide-Body Freighter Aircraft / Orders 21 1 4 3 1 1 6 4 1 2 6 6 4 15 B747-8F Order B747-8F B777 B747-400F B747-400 Converted MD-11 B747-200F 3 4 Atlas Kalitta Southern Evergreen Air Atlanta Icelandic World Sources: Ascend (May 2012), AAWW, company reports. 747-200F total includes -100s and -300s. 26

Atlas Strategic Fleet Plan Aircraft placement/renewal projection On average, 3-4 ACMI contracts are up for renewal annually 9 747-8F enter service between 4Q11 and 1H13 All 747-200 aircraft retired by 1Q12 1 747-400BCF aircraft is returned in 2014 747-400 aircraft replace 747-200s in AMC and Commercial Charter 9 new, better-performing aircraft replace 7 older, lesser-performing aircraft 2012-2014 Aircraft Placements Required New Aircraft Placements 2012 2013 2014 747-8F Deliveries 4.0 2.0 0.0 Avg. ACMI Contracts up for Renewal 3.5 3.5 3.5 Total New Placements Required 7.5 5.5 3.5 Aircraft Retirements 747-200 (5.0) 0.0 0.0 747-400BCF 0.0 0.0 (1.0) Total Retirements (5.0) 0.0 (1.0) Net Placements Required 2.5 5.5 2.5 Increment (Under)/Over Typical Placements (1.0) 2.0 (1.0) 27

Global Airfreight Drivers High-value, time-sensitive items; items with short shelf lives Products/supply chains with just-in-time delivery requirements Products with significant security considerations By Drivers Industry Sectors Served by AAWW Customers By Region Percent of Internat l Freight Tonne Kilometers (FTKs) Automotive Other Mail & 5% Express 6% Live 1% 11% 17% High-Tech Products North America Middle East 13% Latin America 3% Africa 1% 41% Asia Pacific Pharmaceuticals 6% 17% Capital Goods 17% 10% Apparel 11% Perishables 16% Intermediate Materials Europe 25% By Drivers Chart Source: Atlas research By Region Chart Source: International Air Transport Association April 2012 28

Market Outlook 2011 was a flat year for commercial airfreight demand but Our ACMI customers continued to perform well AAWW continued to deliver strong results Supported by limited wide-body freighter supply 2012 expected to grow by 2% 2012 ACMI customer utilization expected to be 4-6% above minimum contractual block hours Global Airfreight Tonnage Growing from Near-Record Levels 50 Freight Tonnes (Millions) 48.0 47.6 48.6 40 33.5 36.7 37.6 40.0 42.0 41.0 40.7 30 20 Y-o-Y 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012F -- 9.6% 2.5% 6.4% 5.0% (2.4)% (0.7)% 17.9% (0.8)% 2.1% Source: ICAO 2003 2010, IATA 2011E 2012F (IATA March 2012) 29

Optimal Inventory Management Key in Today s Market Inventory to sales ratio remains low; it is expected that ratios will rebound to ~1.30X Industry FTK growth of 28.3% experienced during the last uptick (Jan-April y-o-y) Companies learned a difficult lesson in terms of carrying a large amount of inventory (early 2009) Last time inventory levels were this low record demand for air freight followed Companies are planning to rely on airfreight more heavily to accelerate their supply chain and optimally manage inventory levels Minor uptick generated huge impact in global airfreight market 30

Large Freighter Order Book and Production Capacity Current orders and projected production capacity will result in large freighter capacity to grow by 3.5% annually not enough to keep up with future demand 18 0 16 0 14 0 12 0 13 7 14 0 150 14 8 14 3 127 68 10 0 96 80 60 40 20 0 Jan 2008 Jan 2009 72 Jan 2010 52 Apr 2012 747-200F Old Technology Shrinking 33 48 43 747-400F 747-400SF Current Technology Static 69 59 70 50 20 777F 747-8F New Technology Order Book Measured (Deliveries Spread Through 2017) Limited supply of efficient, wide-body freighters to continue Source: Atlas (May 2012), Ascend (April 2012), Boeing (May 2012), company reports. Excludes parked aircraft, aircraft in express operations, combis and tankers; 747-200F total includes - 100s and -300s. April 2012 777F total includes 59 deliveries (including 18 with FedEx, 9 with Aerologic/DHL, 4 for DHL Express, and 3 with TNT). 31

Aircraft Performance Comparison ACMI Customer Perspective Aircraft Performance Comparison Performance Category 777F 747-8F Range Payload Cost per Available Tonne-Mile Real World Application Nose Loading Capability The 747-8F offers estimated cost savings of $0.011 per Available Tonne-Mile versus the 777F, which can generate up to $3.5 million per year of contribution improvement for our customers 32

Our Value Proposition and Outlook

Integrated Partnership Our Value Proposition Operations Excellence Deliver best-in-class operational performance Flawless implementation and execution Delivering lower total operating cost Commercial Development Proactive network and route assessment Interactive dialogue regarding customer opportunities Best-in-class analysis capabilities and consultancy support We Live Our Customers' Values We represent their brand We make their operations more flexible and efficient We continuously focus on delivering improved value 34

Dynamic Customer Interaction Customer analysis Supply-demand analysis Scheduling Ground operations Maintenance management Market Analysis Trade-lane analysis Proactive focus on understanding future market demand Implementation Network Analysis Analyzing and targeting customers with growth potential Presenting solutions that will deliver new value to the customer Commercial terms and conditions Operations performance targets Negotiation Network options Slot-time and regulatory analysis Aircraft solution Scalability and superior technology, delivering market-leading solutions 35

ACMI Value Proposition Performance Quality and Operational Flexibility Access to most-efficient freighter and passenger assets Economic Advantages Customer achieves economies of scale Market Leader Unmatched global footprint and market knowledge Multiple Aircraft Platforms Offering 747 and 767 ACMI solutions for cargo and passenger operations 36

ACMI Segment Outlook Airfreight continues to grow from record levels Supply is limited and will remain so; should favor load factors/yield Solid pipeline, with long-term leasing opportunities for both 747-8F and 747-400F Atlas ACMI customers are all performing well and operating in key growth markets Expect to have 23 747Fs placed on long-term ACMI contracts by year-end The 747-8F will lead the market in economic performance 37

CMI Value Proposition Scale, scope and flexibility to provide service to a variety of operations: VIP passenger-charter service with a 747-400 equipped with a tailor-made cabin configuration Global, time-definite, airport-to-airport scheduled air cargo Supply chain support for the delivery of major assemblies for Boeing s Dreamliner in modified 747-400s Large-scale operating platform Over 900 qualified 747 and 767 pilots, with experienced ground support staff worldwide Multiple aircraft platforms Offering 747 and 767 CMI solutions for cargo and passenger operations 38

CMI Segment Outlook Airlines replacing passenger fleets with limited/no freighter synergies Subscale operations are cost prohibitive; customers can capitalize on our large-scale platform Ongoing global shortage of experienced pilots expected to worsen, particularly in Asia Global manufacturing expansion demanding flexible network solutions Solid pipeline, with long-term leasing opportunities for both the 747 and 767 platforms Demand creating new opportunities for growth 39

Commercial Charter Value Proposition Extensive global experience Leverage through Atlas scale and global infrastructure Program and ad-hoc charter services for both cargo and passenger customers Fuel planning, ground operations, flight permitting and tailor-made customer solutions Serving demanding customers and supply chains: U.S. military, Formula 1, perishables, energy sector, global relief organizations and VIP passengers 40

Commercial Charter Segment Outlook Our ability to offer 747-400F solutions gives us a competitive advantage Continued globalization and outsourced manufacturing requires flexible charter solutions Ongoing global product launches, with tight delivery deadlines driving need for charters Demand growing on nontraditional trade lanes Attractive passenger fleet mix positioning us in multiple customer segments Global customers rely on our operational scale and flexibility 41

Military Charter Value Proposition Recognized thought leader Developed pricing strategies that favor use of the 747-400F Promoting use of commercial vs. organic lift to reduce cost and increase flexibility Healthiest charter operator in CRAF program Youngest and most capable charter fleet Offering critical passenger capacity on both the 747 and 767 platform in constrained passenger segment Comprehensive solutions for asset and non-assetbased requirements Provider of modern, fuel-efficient equipment and surge capacity 42

Military Charter Segment Outlook CRAF program driving modernized fleet with 747-400Fs and 747-400s We will capitalize on our passenger entitlement with growth of high-yielding business in 2012 Passenger revenue to offset moderation in AMC cargo demand Future demand depends on military activity and contingency response Passenger operations will add value for AAWW shareholders 43

Dry Leasing Value Proposition Operating lease solutions Acquisition and financing of freighter and passenger aircraft Focused expansion driven by asset types, regions, and customers with group synergistic prospects Freighter aircraft conversion management Total lifecycle management, including feedstock procurement and project technical oversight Asset-management services Deal origination, lease management, remarketing Asset-type exit-strategy planning and participation 44

Dry Leasing Segment Outlook Expanding portfolio, focusing on strategic growth markets (e.g., Asia Pacific / China and Middle East / Africa) AAWW is the only company that offers a fully integrated aircraft operating solution Pipeline focusing on freighters and best-in-class assets with immediate or long-term freighter potential Strong AAWW balance sheet enabling strategic investments through Titan Value creation through integrated product offerings 45

The Future The Industry Atlas Airfreight growing from near-record levels Inventory levels are at a historic low across all industry segments Supply is limited and will remain so, driving airfreight yields Higher-growth markets driving demand for market-leading 747 freighter assets Approximately 80% of airfreight from Asia is carried on freighters Rapid market growth in Middle East, Africa and South America Airfreight provides a compelling value proposition opportunity for sea-to-air mode shift exists Largest and best-performing fleet Only ACMI operator with new 747-8F on order; strong customer interest Strong portfolio of long-term customers committed to further expansion Unique integrated value proposition single source for value-adding outsourced solutions for both cargo and passenger operations High degree of customer collaboration enabling new growth opportunities Atlas is uniquely positioned for the future 46

The future looks bright. Thank you. 47

Operations John Dietrich Executive Vice President and Chief Operating Officer AAWW Investor-Analyst Day June 6, 2012

Operations A Key Strength of Atlas Provide innovative, outsourced aviation solutions Support global time-definite networks Provide operational excellence and deliver customer value Be a catalyst for growth! 49

Operations Philosophy Be the customer s first choice by: Delivering exceptional performance Holding ourselves and vendors to the highest standards Delivering against aggressive reliability targets Seeking continuous improvement in everything we do Being flexible to meet customer needs Building strong relationships with all our customers Our business starts with the customer! 50

Worldwide Presence Global Headquarters Purchase, New York Flight Training Center Miami, Florida 51

Worldwide Presence Offices around the world Purchase, NY New York, NY Wrightstown, NJ Dover, DE Washington, DC Charleston, SC Miami, FL Atlanta, GA Anchorage, AK Everett, WA Los Angeles, CA Wichita, KS Houston, TX Chicago, IL Huntsville, AL Cincinnati, OH Santiago, Chile San Paulo, Brazil Viracopos, Brazil London, UK Amsterdam, NL Luxemberg, LUX Dubai, UAE Luanda, Angola Nagoya, Japan Narita, Japan Shanghai, China Hong Kong Incheon, Korea Sydney, Australia 52

Our Fleet 2006 (Pre-747-8F order) 18 Boeing Classics 20 Boeing 747-400 Freighters 53

Our Fleet 2012 Transformed Operating Fleet 24 Boeing 747-400 Freighters 21 747-400Fs 3 747-400BCFs 7 Boeing 747-8Fs 2 to be delivered in 2013 4 Boeing Large Cargo Freighters (LCFs) Customer-owned 4 Boeing 747-400 Passenger 2 Custom aircraft for SonAir (customer-owned) 2 Boeing 747-400s for AMC and Commercial Charter 3 Boeing 767-300ER Passenger For AMC and Commercial Charter 5 Boeing 767-200 Freighters For DHL Express service (customer-owned) 54

2012 Global Footprint = >100 Flights = 5-99 Flights = <5 Flights 2011 Operations: 252 destinations 94 countries 2012 YTD Operations: 221 destinations 83 countries 55

Global Control Center (Purchase, NY) 24/7 Operation Passenger Charter Operations Dedicated staff focused on operational coordination and customer satisfaction System Operations and Dispatch Monitors all flights and responds to short-notice schedule changes and irregular operations Maintenance Control Monitors and maintains our aircraft at all times Government Affairs and Permit Support Unparalleled overfly and landing-permit support capabilities Crew Scheduling and Travel Coordinates all air and ground transportation and hotels Central AOG Desk and Material Support Ensures people and parts in the right places to keep schedule disruptions to a minimum 56

2012 Operational Highlights Delivering exceptional performance for all our customers Added three 767-300ER passenger aircraft Obtained Military approval and began 767 AMC pax service Launched DHL Express 767-200 freighter service Successfully onboarded first four 747-8F aircraft Executed high-profile VIP passenger charters Retired 747-200 fleet 57

CMI Delivering Value and Growth: Houston Express SonAir Launched May 2010 Three weekly round-trip charters from Houston to Luanda 280 flights to date Two customized B747-400 passenger aircraft Premium Service: 10 First class, 143 Business class, 36 Economy Outstanding performance with very positive customer feedback SonAir Service was the catalyst for other passenger opportunities (e.g., military charters) 58

CMI Delivering Value and Growth: Dreamlifter Boeing Large Cargo Freighter aircraft are an integral part of Boeing s 787 supply chain and production line Launched in July 2010 823 flights to date 38 complete ship-sets 100% CMI On-Dock Delivery First 787 deliveries to new Charleston assembly facility in June 2011 Insourced most ground handling functions Ramping up operations in 2012 59

767 Introduction First aircraft gauge other than 747 in the Company s history Added three 767-300ER and two 767-200F aircraft Launched 767 certification project in May 2011 FAA s Accelerated Method for Extended Operations ( ETOPS ) FAA certification and ETOPS approval in six months 767 commercial operations began in November 2011 Civil Air Review Board ( CARB ) approval from AMC in January 2012 767 passenger service for AMC began in January 2012 First two of five 767-200F aircraft now operating for DHL Express Coordinating with DHL on deliveries of remaining three 767-200Fs for June, July and September 60

CMI Delivering Value and Growth: New DHL 767 Express Service Entry into service: First aircraft March 2012 More than 200 departures and 480 Block Hours 98.5% on-time reliability Scheduled service between CVG and SAN, PHX, TOL, MSP Second aircraft May 29 Third aircraft targeted for June 19 Fourth targeted for July Fifth targeted for September 61

Growing Passenger Service for U.S. Military Have flown 97,479 troops since May 2011 with high-level reliability Launched first 747-400 in May 2011 Added second 747-400 in November 2011 Launched first 767-300ER in January 2012 Added second and third in March and May Working closely with military to define and satisfy all Air Mobility Command requirements 62

Passengers Emplaned Passengers Block Hours 95,000 31,108 15,549 5,909 2011 2012* * 2012 Passenger data is Y-T-D. 2012 Block Hours are full-year forecast. 63

747-8F Onboarding and Performance Operationally ready to accept all deliveries FAA Type Certification received First flight for Panalpina on May 30 th Proving runs complete Training events progressing well 460 crewmembers trained to date Maintenance training complete Ground handling and loading training ongoing Strong dispatch reliability Airport approvals ongoing 64

Safety and Regulatory Compliance Safety and Compliance Are Top Corporate Priorities Culture and commitment to safety Tone at the Top Robust internal and external audits Consistently Positive Audits On IATA Operational Safety Audit (IOSA) Registry since 2007 Zero findings in recent IOSA and Department of Defense (DOD) biannual audits Successful Etihad audit Well-positioned for next DOD audit in summer 2012 Proactive Safety Programs Flight Data Monitoring Program Aviation Safety Action Program (ASAP) Investigation Reporting Systems Regular safety audits 65

Security Our goal is to protect our people and assets Highly experienced security team Unmatched security investment Security assets that cover more than 300 cities in 150 countries Threat-based risk management program Implemented in coordination with customers Minimizes threats to personnel, company assets, high-value cargo Provides thought leadership through excellent relationships with government agencies Highly active in Washington, D.C., on policy and rule making initiatives 66

State-of-the-Art Training Center Training Center for all pilots and flight attendants Four flight simulators Two 747-400 (one convertible to B747-8 configuration) Two 747-200 Leverage web-based training All pilots took multiple classes in 2011 10,218 school-house training events in 2011 Selected by U.S. government to train the President s 747 pilots Air Force One and E-4B (4 years) Superior customer satisfaction 162 new-hire pilots (Total 986) 118 new-hire flight attendants (Total 273) 67

Labor Relations Pilots and Dispatchers represented by International Brotherhood of Teamsters Reached five-year collective bargaining agreement with pilots Flexible work rules retained; competitive compensation and benefits Improved scale and efficiency Single seniority list will serve both carriers More upgrade opportunities for pilots All unresolved issues were settled through arbitration Contract implementation completed First mixed crews began flying on December 1, 2011 Negotiations for first dispatcher agreement ongoing 68

VIP Charter Operations Customized Inflight Experience Unique catering requirements Top-shelf beverages High-end toiletries, flowers, magazine selection Entertainment - movies, music Complex Ground Support Advance airport suitability reviews Terminal logistics Facilities support Security Crew briefings Changing manifests Maintenance Mobile mechanics Spares provisioning Contingency planning 69

VIP Charters Around the World Saudi Royals Oakland A s Foo Fighters British Prime Minister 70

Maintenance What is involved? Daily Line Maintenance A Checks Every 750 to 1,000 hours Approximately 600 labor hours One to three days per check C Checks Every 18 to 24 months Approximately 12,000 labor hours 14 to 16 days per check D Check Every six years Approximately 30,000 labor hours 30 to 40 days per check Engine Overhauls Every 3,200 cycles Approximately 60 days per event 71

Maintenance: We Partner with Premier Maintenance Providers Heavy and Line Maintenance Haeco Hong Kong (C Checks and Line Maintenance) EGAT Taiwan (D Checks) F&E Miami and Houston (A Checks and Line Maintenance) Boeing Shanghai (A Checks and Line Maintenance) Engine Overhauls MTU Hannover (747-400 engines) Delta Atlanta (767-300 engines) 72

Operational Summary We manage diverse, complex and time-definite global networks We deliver superior performance and value-added solutions Our global scale and operational capabilities are unparalleled We possess industry-leading operational and technical subject-matter expertise We collaborate with customers to achieve best-in-class results We are strategically positioned and focused on new opportunities to continue to deliver future growth Proven ability to expand through diversification and delivering against our business plans 73

Thank you. 74

Financial Overview Spencer Schwartz Senior Vice President and Chief Financial Officer AAWW Investor-Analyst Day June 6, 2012

Financial and Operating Trends 1Q12 adj. net income* of $13.6 million; adj. diluted EPS of $0.51 Expanding ACMI customer base, adding -8Fs and growing AMC passenger business 767 CMI service for DHL Express, VIP passenger charters Attractive financing for -8Fs and passenger aircraft High levels of service quality ACMI: Customers flew above minimums in March and April SCBA started October 2011 *Net income attributable to common stockholders; see Appendix for Non-GAAP reconciliation. 76

2012 Guidance and Assumptions Adjusted fully diluted EPS > $5.10 24% growth compared with 2011 adjusted EPS* Airfreight demand pickup in 2H12 Quarterly earnings acceleration throughout 2012 Increasing from adjusted EPS of $0.51 in 1Q12 Over 160,000 Block Hours (BHs); over 17% increase (75% ACMI; 13% AMC Charter; 12% Commercial Charter) 747-200 fleet retired 10,000 AMC cargo BHs, 10,000 AMC pax BHs Step-up in CMI flying $178 million of maintenance expense (30% in 1Q, 27% in 2Q, 24% in 3Q, 19% in 4Q) * See Appendix for Non-GAAP reconciliation. 77

747-8F Financing Summary First three aircraft in 4Q11 each financed by $120 million, 12-year term loans; blended fixed rate 6.3% Groundbreaking U.S. Export-Import Bank transaction for remaining six aircraft $865 million term-loan facility Anticipate 2 to 3 percentage-point improvement over first three deliveries $130 million of interest expense savings expected over 12-year term $212 million in positive cash generation 78

AMC Pax and Titan Financing Financed five AMC passenger aircraft (two 747s and three 767s) with CIT $44 million, five-year term loan at 6.91% Back levering Titan-owned 737-800 passenger aircraft on lease to Skymark Airlines with Helaba $26 million, seven-year term loan Anticipated fixed-rate coupon under 5% Establish new financing relationships 79

AAWW Leverage Trends 2008-2012F Net Leverage / EBITDAR Ratio 5.1 Excluding EETC Asset Including EETC Asset 4.9 4.9 45 40 35 30 25 20 15 10 5 0 4.2 41 Atlas Air 3.9 3.7 22 Avion Group 3.2 3.1 18 3.0 2.9 Evergreen 2.7 16 2.4 Kalitta Air 2.4 2.5 2.7 14 13 12 Cargolux Northwest 2.1 2.2 2.4 Cargo 3.1 3.3 2.7 2.9 4.5 4.5 5 5 4.2 3.9 Tradewinds Centurion World Air (1) 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 4Q12F (1) Net Leverage = (Face Debt + TTM Capitalized Rents) (Cash, Restricted Cash & S-T Investments) 80

Game-Changing Financial Benefits 747-8Fs Common pilot-type rating Favorable financing conditions Heavy maintenance honeymoon No C Checks for two years No D Checks for eight years First engine overhauls after five years Warranties cover repair of major components for first four years Bonus depreciation 100% in 2011 & 2012 50% in 2013 81

Returns on New Investments 30%+ Estimated IRR (%) and Capital Investment ($ Mil) 25%+ 20%+ $1,500 Mil $90 Mil $90 Mil 747-8F Passenger AMC Titan 82

Free Cash Flow Generation Free Cash Flow Per Share (1) $13.18 $9.39 $2.95 2011 Act 2012 Fcst 2013 Fcst (1) FCF = Cash Flows from Operations Base CapEx Capitalized Interest. Base CapEx excludes purchase of aircraft. 83

Cash, Cash Equivalents & Short-Term Investments Cash, Cash Equivalents & Short-Term Investments ($ Mil) $590 $690 $460 $175 Q1'12 Act Q4'12 Fcst Q2'13 Fcst Q4'13 Fcst 84

Growth Initiatives Driving New Earnings Levels PTI ($MM) Adjusted Pretax Income Trend 2005 Future 200 100 0 05-09 10-12F FUTURE 85

Navigating Growth Resilient and diverse business model 747-8F profitability Strong returns on investments Enhancing cash flow Strong financial position High levels of service quality Shelf registration filing 86

The future looks bright. Thank you. 87

Wrap-Up Bill Flynn President and Chief Executive Officer AAWW Investor-Analyst Day June 6, 2012 88

AAWW Key Takeaways Atlas Air: The Growth Story Track record of execution on strategic plan Delivering on business promises Resilient business model Outperforming the airfreight market 89

The future looks bright. Thank you. 90

Appendix AAWW Investor-Analyst Day June 6, 2012

Reconciliation to Non-GAAP Measures For the Three Months Ended M arch 3 1, June 30, September 3 0, December 3 1, M arch 3 1, June 3 0, September 3 0, December 3 1, 2008 2008 2008 2008 2009 2009 2009 2009 Income (Loss) before Income Taxes $ (9,818) $ 6,389 $ 10,151 $ 103,499 $ 38,459 $ 17,838 $ 21,679 $ 46,121 Pre-tax impact from: Special charge * - - - 91,167 - - - 8,216 One-time maintenance charge - - - 8,186 - - - - Gain on issuance of subsidiary stock - - - (153,579) - - - - Gain on consolidation of subsidiary - - - - - (113) - - Terminat ion f ee f rom DHL - - - - (10,000) - - - Gain on early extinguishment of debt - - - - (2,713) - - - Loss (gain) on disposal of aircraft - (2,726) - - (957) - - - Adjusted Pre-tax Income (Loss) $ (9,818) $ 3,663 $ 10,151 $ 49,273 $ 24,789 $ 17,725 $ 21,679 $ 54,337 * Included in Special charge in 2009 and 2008 were costs related to the impairment of the 747-200 fleet. 92

Reconciliation to Non-GAAP Measures For the Three M onths Ended M arch 3 1, June 3 0, September 30, December 31, M arch 3 1, June 30, September 3 0, December 3 1, M arch 31, 2 0 10 2 0 10 2 0 10 2 0 10 2 0 11 2 0 11 2 0 11 2 0 11 2 0 12 Income (Loss) before Income Taxes $ 53,891 $ 61,696 $ 55,224 $ 62,299 $ 16,686 $ 39,378 $ 45,807 $ 55,118 $ 18,174 Pre-tax impact from: Special charge * - - - - - - - 5,441 - Pre-operating expenses ** - 623 - - 3,766 3,940 4,126 5,298 - Fleet ret irement costs *** - - - - - - - - 1,453 Net accrual for legal settlements - 16,200 - (132) - - - - - Lit igat ion set t lement received (8,750) - - - - - - - - Loss (gain) on disposal of aircraft (1,222) (2,158) (161) (60) (120) (181) (163) 100 (196) Adjusted Pre-tax Income (Loss) $ 43,919 $ 76,361 $ 55,063 $ 62,107 $ 20,332 $ 43,137 $ 49,770 $ 65,957 $ 19,431 * Included in Special charge in 2011 were asset impairment and employee termination charges related to the retirement of the 747-200 fleet. ** Pre-operating expenses in 2011 and 2010 were related to the introduction of new aircraft types and included incremental costs incurred as a result of aircraft delivery delays. *** Fleet retirement costs in 2012 included incremental employee costs related to the retirement of our 747-200 fleet. 93

Reconciliation to Non-GAAP Measures For the Year Ended December 31, 2011 Net Income Attributable to Common Stockholders $ 96,083 After-tax impact from: Pre-Operating expenses (1) 9,455 Special charge (2) 3,466 Gain on disposal of aircraft (232) Adjusted Net Income Attributable to Common Stockholders $ 108,772 Diluted EPS $ 3.64 After-tax impact from: Pre-Operating expenses (1) 0.36 Special charge (2) 0.13 Gain on disposal of aircraft (0.01) Adjusted Diluted EPS $ 4.12 1 Pre-operating expenses in 2011 related to the introduction of new aircraft types and included incremental costs incurred as a result of aircraft delivery delays. 2 Special charge in 2011 included asset impairment and employee termination charges related to the retirement of the 747-200 fleet. 94

Reconciliation to Non-GAAP Measures For the Three Months Ended March 31, 2012 March 31, 2011 Percent Change Net Income Attributable to Common Stockholders $ 12,835 $ 10,516 22.1% After-tax impact from: Fleet retirement costs 1 926 - Pre-operating expenses 2-2,242 Gain on disposal of aircraft (125) (76) Adjusted Net Income Attributable to Common Stockholders $ 13,636 $ 12,682 7.5% Diluted EPS $ 0.48 $ 0.40 20.0% After-tax impact from: Fleet retirement Costs 1 0.03 - Pre-operating expenses 2-0.09 Gain on disposal of aircraft - - Adjusted Diluted EPS $ 0.51 $ 0.49 4.1% 1 Fleet retirement costs in 2012 included incremental employee costs related to the retirement of our 747-200 fleet. 2 Pre-operating expenses in 2011 related to the introduction of new aircraft types and included incremental costs incurred as a result of aircraft delivery delays. 95