AAWW Atlas Air Worldwide Holdings

Other Key Matters 15

Compensation Program Design Emphasizes Pay - for - Performance Alignment 16 Pay Program Aligned with Long - term Strategic Goals Elements of Pay Form Link to Performance Purpose Base Salary Cash Fixed annual compensation ▪ Attract and retain executive talent ▪ Compensate executives for their responsibility, experience, sustained high performance and contributions to Company success Annual Incentive Cash Adjusted Net Income (60%) Liquidity (Added for 2020 with 10% weighting) ▪ Drives key business, operating and individual results on an annual basis (all metrics) ▪ Derived from our annual operating plan (Adjusted Net Income ) ▪ Strictly performance - based against measurable metrics; no payout guaranteed ▪ Liquidity metric added to ensure that we maintain an adequate and appropriate level of liquidity Objective on - time customer reliability metrics (20%) Individual performance objectives (20%) Long - Term Incentive PSUs (25%) Performance Cash (25%) Adjusted EBITDA Growth (50%) ▪ Links NEO and long - term shareholder interests ▪ Serves as a key retention tool and a strong long - term performance driver ▪ Performance - based against measureable metrics; no payout guaranteed ▪ Close alignment to shareholder returns via a relative metric (TSR) ▪ Specific responsiveness to shareholder feedback ROIC (50%) Relative TSR Modifier RSUs (50%) Alignment with shareholder returns ▪ Multiyear long - term retention ▪ Value tied to share price Performance - Based Target Bonus 17% Base Salary 17% Time - Vested RSUs 33% Performance - Based LTI 33% 2019 CEO Target Total Direct Compensation 83% of target pay is meaningfully at - risk Target Bonus 21% Base Salary 11% Time - Vested RSUs 20% Performance - Based LTI 48% 89% of “max” pay opportunity is meaningfully at - risk 2019 CEO Maximum Pay Opportunity 1 1 Incorporating the upside opportunity of short - and long - term incentive plans; assuming AAWW stock price stays constant

17 Compensation Program Designed to Reward and Retain Executives & Align with Shareholder Interests x Significant portion of CEO compensation meaningfully “at - risk” x Short - and long - term incentive plans utilize differentiated performance metrics, with performance measured both on an absolute and relative level x Strict double - trigger standards for all NEO LTI awards x Reasonable perquisites in line with peer practices x Robust stock ownership guidelines for NEOs and directors x Clawback policy for annual incentive x No adjustments for shareholder buybacks x No change - in - control tax gross - ups x No hedging or pledging of shares x Three - year vesting schedule for time - based awards Compensation Best Practices CEO Base Salary $1,035 $1,035 $1,035 $1,035 $1,035 $1,135 $1,135 $850 2013 2014 2015 2016 2017 2018 2019 2020 CEO Base Salary (‘000s) ▪ Our former CEO’s base salary did not increase in 2019. ▪ The base salary of our new CEO, John Dietrich, is in line with that of a newly elected CEO Significant Portion of 2019 CEO Compensation Opportunity Performance - Based and/or At - Risk ▪ Half of the target total CEO compensation opportunity is based on attainment of predetermined performance targets under our short - and long - term incentive plans ▪ An additional 33% of target compensation was granted in the form of RSUs with three - year vesting, resulting in 83% of target CEO compensation opportunity being meaningfully “at - risk” (price and performance) Reflects new CEO reduced base salary Payouts Reflect Performance Outcomes ▪ Annual Incentive (2019): Payout at 120% for our CEO and NEOs reflects the Compensation Committee’s exercise of discretion to reduce the final payout factor due to the headwinds faced by the Company and the airfreight and aviation industries, which was also felt by our shareholders

18 Atlas Air Worldwide’s ESG Strategy ENVIRONMENTAL ▪ Reducing Aircraft Emissions ▪ Reducing Aircraft Noise ▪ Reducing Resource Consumption Through responsibility, transparency and compliance, Atlas Air Worldwide’s ESG vision is to be an aviation industry leader that partners with our stakeholders to foster economic and social progress while safeguarding the environment. Our ESG Vision SOCIAL ▪ Safety & Security ▪ Employee Experience ▪ Enhancing Global Prosperity ▪ Community Impact & Philanthropy ▪ Labor Relations GOVERNANCE ▪ Corporate Governance ▪ Ethics and Integrity ▪ Compliance ▪ Data Privacy and Cybersecurity ▪ Public Policy Advocacy OUR KEY PRIORITIES Our key priorities are highlighted in our recently released ESG Report . See “Additional Information” for more detail

Additional Information

▪ We have engaged in extensive and ongoing shareholder outreach for almost a decade ▪ In each of the last several years , we have targeted shareholders representing approximately 75% of our shares outstanding and held discussions with all interested shareholders, representing at least approximately 60% of shares outstanding ▪ Engagement discussions have taken place throughout the year, offering investors the opportunity to ask questions and provide fee dback outside of the annual meeting cycle ▪ In response to the insights gained during these discussions, we have made significant changes to our governance and compensat ion practices Ongoing Proactive Shareholder Engagement Program 20 AAWW’s Shareholder Outreach and Engagement Process Up to two times a year, outreach to holders of ~75% of outstanding shares ...with shareholder input reported back to the relevant committees and full Board ...and taken into consideration as the Board contemplates any changes to our corporate governance and compensation programs, communications and disclosures Atlas Air has a long history of shareholder engagement and our Board places great value on the feedback we receive from investors on our corporate governance and compensation programs ...to communicate on key topics including: ▪ Business Strategy and Performance ▪ Corporate Governance ▪ Executive Compensation ▪ Environmental and Social Matters ▪ Public Disclosures

21 Governance and Compensation Practices Informed by Shareholder Feedback ▪ Added a TSR performance measure to long - term incentive awards to further align our compensation program with shareholder returns and value ▪ Implemented a “double - trigger” policy on vesting of outstanding long - term incentives upon a Change in Control ▪ Enhanced our proxy statement to provide clear disclosure of long - term incentive performance goals and determination of payouts, including disclosure of threshold, target, max, and actual metric for performance long - term incentives ▪ Proactively revised Corporate Governance Principles to prevent potential over - boarding issues and concerns – AAWW directors may now serve on a maximum of four public company boards (including the Company’s board), and are limited to serving on no more than three public company audit committees (including the Company’s audit committee) ▪ Enhanced the Nominating and Governance Committee Charter to note that diversity (age, gender, and ethnicity) is an additional important factor to be considered when assessing board composition – This is consistent with AAWW’s recent board composition and refreshment practices, which have resulted in the election of six new directors since 2016 (over 50% of the board) and 50% of the board now being ethnic - and gender - diverse ▪ Amended the Nominating and Governance Charter to add Technological Competence to the list of core competencies to be possesse d b y the Board as a whole ▪ Further enhanced the Corporate Governance Principles to provide for a Lead Independent Director position ▪ Enhanced Insider Trading Policy to add cybersecurity incidents to the nonexclusive list of types of information that might be co nsidered “material information” Recent Refinements to Compensation / Governance Best Practices in Response to Shareholder Feedback

22 Ongoing Enhancements to the Board of Directors Recent Board Transitions We have made significant efforts over the last several years to refresh the leadership and composition of our Board – our directors possess the right skills and experience to oversee our business and strategy Director Tenure 3 directors 4 director s 3 directors 0-2 Years 3-8 Years 9-14 Years Gender and Ethnic Diversity Other board members 50% Diverse board members 50% Board Skills & Qualifications No. of Directors Strategic Planning Public Company Board Experience Global Operations Corporate Governance Legal, Regulatory & Government Affairs Transportation & Security Current or Previous Senior Executive Experience Military Affairs Supply Chain & Procurement Mergers & Acquisitions International Trade Civil & Governmental Aviation Capital Structure Finance, Accounting & Risk Management Cybersecurity & Information Technology Sales & Marketing 9 9 9 9 8 8 7 6 6 6 6 5 5 4 4 3 ▪ President and CEO 2006 – 2019 ▪ Over 40 years of experience in international supply chain management and freight transportation William J. Flynn Elected in August 2019 as Chairman ▪ Retired Commander of the U.S. Air Mobility Command & Transportation Command ▪ Meaningful public - company board experience; Board member since 2012 Duncan J. McNabb Elected in September 2019 as Lead Independent Director Strong Diversity Well - Balanced Tenure Average tenure is 6 years 30% gender diversity

23 Board/Committee Oversight – Risk Management ▪ Our Board of Directors is responsible for oversight of the Company’s risk - management and assessment processes ▪ Risk - oversight function is exercised by the Board as a whole and through delegation to its three standing Committees – Nominating and Governance ▪ Environmental and sustainability matters ▪ Succession planning in tandem with the Compensation Committee and the Board – Compensation ▪ Long - range planning for the development and succession of senior management ▪ Human capital management – Audit ▪ Financial reporting and internal controls oversight ▪ Capital availability and balance sheet management ▪ Credit, liquidity and cash management

24 Board/Committee Risk Matrix Risk Board Audit Compensation Nominating and Governance Business resiliency/disaster recovery/insurance ✗ Capital availability/balance sheet ✗ ✗ Compensation & benefits risk ✗ Competition ✗ Corporate governance ✗ ✗ Credit, including liquidity and cash management ✗ ✗ Crisis management ✗ Cybersecurity ✗ Environmental and social responsibility ✗ ✗ Establishing/cultivating/maintaining customer relationships and profitability and customer concentration ✗ Financial Reporting and tax matters ✗ Fleet planning/management ✗ Human capital/talent management ✗ ✗ Internal controls ✗ Investor/shareholder relations ✗ Labor relations ✗ Legal/compliance and related matters ✗ Long - term shareholder value creation ✗ Macroeconomic/Geo - Socio political risk ✗ Operations/performance/service reliability/continuous improvement ✗ Oversight of internal and external auditors ✗ Publicity/reputational/brand management ✗ Regulatory matters ✗ ✗ Safety and security ✗ Shareholder activism ✗ ✗ Strategic planning/business model ✗ Succession planning ✗ ✗ ✗ Vendor and supply chain management, including procurement ✗

25 ESG Initiatives and Reporting Environmental Policies & Programs ▪ We are dedicated to serving our customers and the communities in which we operate ▪ Fulfilling this commitment dictates that we build a vibrant, innovative organization that satisfies our customers’ needs and delivers value to our shareholders x Participating in CORSIA, the global carbon emissions program regarding international flying designed to achieve zero net CO 2 emissions growth starting in 2021 and reduce net CO 2 emissions by 50% by 2050 x Current fleet contains modern aircraft that are superior in terms of fuel efficiency, range, noise, capacity and loading capabilities x 747 - 8F and 777 aircraft are approximately 15% more fuel - efficient than our 400s, which translates into approximately 15% lower carbon dioxide emissions ; they are also 30% less noisy x Conserve fuel wherever possible through our FuelWise fuel - management information system, which uses our data to analyze fuel consumption, enabling us to track fuel - burn rates more accurately and efficiently and to identify additional opportunities to conserve fuel x Work with our customers to plan routes that are more fuel - efficient x Participate in industry and governmental initiatives to optimize air traffic management systems, where advances could result in substantial reductions in fuel use and emissions and fewer interruptions at airports x Strong record with no significant spills of fuel, de - icing fluids or other liquids x Provide cost - free charter flights for disaster relief, including during the recent Hurricane Dorian, and encourage our employees to support disaster relief and related activities x Our Code of Conduct sets forth business policies and practices that guide our company culture and apply to all employees of any AAWW subsidiary in accordance with laws and best practices x We have affirmative action plans in place to ensure that qualified applicants and employees are receiving an equal opportunity for recruitment, selection, advancement and every other term and privilege associated with employment at AAWW x We have a “zero tolerance” policy for harassment, discrimination or retaliation of any kind in the workplace x Encourage diversity and inclusiveness in our workforce x Health and safety of our employees , particularly our crewmembers, is of paramount importance. x Our Audit Committee monitors our Code of Ethics for members of the senior management team and the Board; it is reviewed on an annual basis Social Policies & Initiatives

26 Industry Leader Recognized for Best - in - Class Corporate Governance Recent Corporate Governance Accomplishments Atlas Air is committed to working toward best - in - class corporate governance, and over the last two years, we were once again recognized for our practices ▪ 2018 Winner: Governance Team of the Year (small to mid - cap) ▪ 2019 Winner: Governance Professional of the Year (small to mid - cap) ▪ 2019 Finalist: ▪ Best Shareholder Engagement ▪ Best proxy statement (small to mid - cap) ▪ Best compliance and ethics program (small to mid - cap) ▪ Governance Team of the Year (small to mid - cap) ▪ Included in the 2020 Women on Boards companies with a top rating of “W” ▪ 2019 Women’s Forum of New York ▪ Recognition for Commitment to, and Progress in, Gender Parity in the Boardroom ▪ 2019 Ethical Boardroom Magazine ▪ Winner, Best Corporate Governance – Airlines – North America 2019 and 2018 Corporate Secretary Governance Awards Other Awards

27 An Overview of our Business Atlas Air Worldwide is a global leader in innovative, outsourced aviation services, delivering added value, reliability and superior performance to our customers Diversified Customer Base Total Fleet as of May 2020: 119 Aircraft ▪ Operating Fleet: 111 ▪ Dry Lease: 8 Broad Array of Aircraft ▪ 53 747s ▪ 14 777s ▪ 41 767s ▪ 11 737s Long - term, profitable relationships Ownership 100% Ownership 100% Ownership 51% (49% DHL) Ownership 100% SHIPPERS AIRLINES FORWARDERS EXPRESS SPORTS CHARTERS

Summary of 4Q19 Results 28 RESULTS REFLECTED: ▪ Peak - season pickup in customer demand and improved yields ▪ Atlas team delivered high - quality service customers appreciate BENEFITED FROM: ▪ Refund of excess aircraft rent paid ▪ Lower heavy maintenance expense ▪ Lower aircraft rent and depreciation ▪ Increased military passenger and cargo flying ▪ Peak - season flying for express customers IMPACTED BY GLOBAL AIRFREIGHT AND MACROECONOMIC CONDITIONS, INCLUDING: ▪ Tariffs and global trade tensions ▪ Geopolitical unrest in South America ADJ. NET INCOME* ADJ. EBITDA* REVENUE BLOCK HOURS 84,488 $747.0M $98.2 M $204 .7M *See February 20, 2020 earnings press release for Non - GAAP reconciliations 28

Business Development Update ACMI ▪ Introduced two 747 - 8Fs for Qantas ▪ Added one 747 - 400F for EL AL ▪ Focused on growing with existing and new customers CMI ▪ Added five 737 - 800Fs for Amazon ▪ Two 777Fs for DHL Express with opportunity for more ▪ Two additional 747 - 400Fs for NCA ▪ Interest from customers for both 777F and 747F CMI solutions CHARTER ▪ Demand and yields improved significantly ▪ Leveraging our significant commercial charter business to support COVID - 19 relief efforts ▪ Reactivated three 747 - 400 converted freighters ▪ Operationalized 777F previously in dry - leasing business SOUTH AMERICA ▪ Strengthened our position as market leader ▪ Perishable exports increasing ▪ Expanding network with additional flights to Ecuador PASSENGER ▪ Added one 747 - 400 to the fleet to support AMC and NFL ▪ Added Miami Dolphins ▪ Ongoing discussions with several teams regarding 2020 and beyond TITAN ▪ JV with Bain Capital to develop $1 billion freighter portfolio ▪ Significant expansion expected in e - Commerce and Express ▪ Good market outlook and pipeline 29

Our Future 30 Safety, security and compliance Strong core of long - term, marquee customers Key role in customers’ networks Modern, diversified fleet Disciplined capital allocation strategy Dedicated team of talented employees Committed to express, e - commerce, U.S. military and fast - growing markets Focused on operating management, cost savings Committed to working together with union leaders to complete new pilot agreement Reviewing all business activities Adjusting business in favor of more profitable opportunities WHERE WE ARE TODAY SHAPING OUR FUTURE WELL - POSITIONED FOR CONTINUED SUCCESS AS WE GO FORWARD

31 This presentation contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 19 95 that reflect Atlas Air Worldwide Holdings, Inc.’s (“AAWW”) current views with respect to certain current and future events and financial p erf ormance. 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 r esu lts, 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 Ex change Commission. Other factors and assumptions not identified above are also involved in the preparation of forward - looking statement s, and the failure of such other factors and assumptions to be realized may also cause actual results to differ materially from those di scu ssed. AAWW assumes no obligation to update the statements in this presentation to reflect actual results, changes in assumptions or ch anges in other factors affecting such estimates, other than as required by law. To supplement our financial statements presented in accordance with U.S. GAAP, we oftentimes present certain non - GAAP financial measures to assist in the evaluation of our business performance. Our management uses these non - GAAP financial measures in assessing the performance of the AAWW’s ongoing operations and in planning and forecasting future periods. We believe that these adjusted m eas ures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliations to those measures, provi de meaningful information to assist investors and analysts in understanding our financial results and assessing our prospects for future pe rfo rmance. You can find our presentations on the most directly comparable U.S. GAAP financial measures calculated in accordance with acc oun ting principles generally accepted in the United States and our reconciliations in our earnings releases dated February 20 and May 7, 2020, respectively, which are posted on our website at www.atlasairworldwide.com . Safe Harbor