1. Freighter Airline Strategies For Growth & Financial Viability Ron Lane Chief Marketing Officer Presentation To 30 th Annual FAA Aviation Forecast Conference March 17, 2005

5. AAWH’s operating units participate in all major air trade lanes around the world. Company Overview AAWH Capacity Deployment: 2004 Source: Atlas Air Worldwide Holdings. Data reflect scheduled services, charters and ACMI Outsource operations.

8. There are two basic business models: integrated and non-integrated. Agent Destination Forwarder Airline Origin C O N S I G N E E S H I P P E R Airport-Customer Interface Customer-Airport Interface Airport-To-Airport (A-T-A) Integrated Carrier Integrated Carrier Integrated Carrier Retail competitors deal with shippers ACMI and Charter carriers provide primary and supplemental capacity to Shippers, Forwarders, Airline’s and Integrators Industry Structure Retail competitors deal with shippers Wholesale competitors deal with retail firms

13. Cargo demand is growing faster than passenger traffic. More freighters will be required to handle the demand. Supply / Demand Outlook Forecast Index (2003= 100) Passenger Traffic Growth = 3.1% CAGR Freight Traffic Growth = 6.2% CAGR Passenger Traffic Growth = 5.2% CAGR Freight Traffic Growth = 6.3% CAGR Historical Index (1990 = 100) Intercontinental Passenger/Cargo “Growth Gap” Source: IATA historical data and Boeing forecasts (contained in Commercial Market Outlook and World Air Cargo Forecast) “ Growth Gap”

14. Asia will account for the majority of the world’s air freight growth in the next five years. Forecast Growth In U.S. Intercontinental Air Freight Demand Thousands Of Additional Metric Tons Compared To 2004 Asia/Pacific Europe Latin America +246 +1,042 +127 +271 +405 +698 +418 +568 Exports From The U.S. Imports Into The U.S. Asia/Pacific represents ≈ 60% of new import tons! Source: MergeGlobal, Inc.

16. Air freight is inherently a cyclical market driven by demand that is more flexible than supply, leading to pockets of problems and opportunities. 747-200 Freighter Equivalents * Data and projections from MergeGlobal 2003 Study Historical Projected Global Freighter Supply and Demand* Supply / Demand Outlook

21. Atlas Air Worldwide Holdings – Sales Channels U.S. Gov’t Brokers Direct Shipper Sales Unit Customer Service Type Scheduled Service Freight Forwarders Polar Airlines Charter Business Unit ACMI Atlas ACMI Charter AMC & Com’l Charter Forwarder Charter Freighter Airline Strategies