Fourth-Quarter 2012 ReviewFebruary 13, 2013

William J. FlynnPresident and CEO

Spencer SchwartzSenior Vice President and CFO

February 23, 2017

William J. FlynnPresident and CEO

Spencer SchwartzExecutive Vice President and CFO

Fourth-Quarter 2016 Review

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Safe Harbor StatementThis presentation contains “forward-looking statements” within the meaning of the Private SecuritiesLitigation Reform Act of 1995 that reflect Atlas Air Worldwide Holdings Inc.’s (“AAWW”) current viewswith respect to certain current and future events and financial performance. Such forward-lookingstatements are and will be, as the case may be, subject to many risks, uncertainties and factors relatingto the operations and business environments of AAWW and its subsidiaries that may cause actualresults to be materially different from any future results, express or implied, in such forward-lookingstatements.

For additional information, we refer you to the risk factors set forth in the documents filed by AAWW withthe Securities and Exchange Commission. Other factors and assumptions not identified above are alsoinvolved in the preparation of forward-looking statements, and the failure of such other factors andassumptions 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 requiredby law.

This presentation also includes some non-GAAP financial measures. You can find our presentations onthe most directly comparable GAAP financial measures calculated in accordance with accountingprinciples generally accepted in the United States and our reconciliations in our earnings release datedFebruary 23, 2017, which is posted at www.atlasair.com.

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AAWW Key Takeaways 2016 was historic year– Acquired Southern Air– Long-term agreements with Amazon– FedEx, NCA and now Asiana agreements

Strong finish– Record quarterly revenues, significant

increase in reported earnings, record adjusted earnings

Well-positioned to grow earnings in 2017– New customer agreements– Initial accretion from Amazon operations– First full year of Southern Air– Partially offset by higher maintenance,

lower cost-based rates paid by the military

4See February 23, 2017 press release for Non-GAAP reconciliations

2017 Framework

Stronger company Solid demand for our aircraft and services

Adjusted income from continuing operations, net of taxes, to grow by Mid-single-digit to Low-double-digit percentage

1Q17 adjusted income from continuing operations, net of taxes, to be Consistent with, or slightly better

than, 1Q16

Seasonal business, ~70% of earnings generated in second half of the year

Block Hours including Amazon, Southern Air to increase ~20% over 2016 More than 75% of total in ACMI Balance in Charter

Maintenance expense: ~$240 million

Depreciation/amort.: ~$170 million

Core capex: ~$55 to $65 million

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2017 Guidance Framework

Focusing on adjusted income from continuing operations, net of taxes

Most useful information

– Due to unique accounting for outstanding warrants

– Changes in the market price of our shares could have a significant impact

Use treasury stock method to calculate diluted shares for EPS

4Q16 Summary

*See February 23, 2017 press release for Non-GAAP reconciliations.

Adjusted income from continuing ops* $59.0 million, adjusted diluted EPS of $2.24– Record adjusted 4Q income

Benefited from:– Southern Air contribution– Increased commercial demand– Steady Dry Leasing performance

Reported income from continuing ops $28.7 million, or $1.12 per diluted share– Reflects unrealized loss on financial

instruments of $27.9 million related to outstanding warrants

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4Q16 vs. 4Q15 Segment Revenue

Percentages subject to rounding

Rev

enue

($M

M)

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$234.2 $216.1

4Q16 4Q15

ACMI (including CMI)$265.2

$228.1

4Q16 4Q15

Charter

$26.6 $24.0

4Q16 4Q15

Dry Leasing

ACMI44%

Charter50%

Dry Leasing5%

Other1%

4Q16

ACMI46%

Charter48%

Dry Leasing5%

Other1%

4Q15

4Q16 vs. 4Q15 Segment Contribution

Percentages subject to rounding

Dire

ct C

ontr

ibut

ion

($M

M)

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$78.7

$47.6

4Q16 4Q15

ACMI (including CMI)

$55.1

$39.8

4Q16 4Q15

Charter

$8.4 $7.9

4Q16 4Q15

Dry Leasing

ACMI55%

Charter39%

Dry Leasing6%

4Q16

ACMI50%

Charter42%

Dry Leasing8%

4Q15

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In $Millions 12/31/2016 12/31/2015

Cash, Equivs, S-T Invsts & Rstr Cash 142.6 444.0

Total Balance Sheet Debt 1,851.4 1,901.3

Net Leverage Ratio (Incl. operating leases and EETC Investments)*

4.8 4.6

Balance Sheet & Financial Ratios

*See Appendix for Non-GAAP reconciliation.

Leverage Ratio and Asset Base

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Expect to pay down ~$45 to $50 million of debt per quarter in 2017

5.8x 5.6x 5.5x

5.3x

4.8x 4.6x 4.5x 4.6x

4.9x

5.4x 5.3x

4.8

1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q16

Net Leverage Ratio

Leverage Ratio, Net (Incl. EETC)

60 60 60 60 63 63 64 66 67

81 8283

20 1919

1Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q16

Asset Base

Fleet Size Remaining Amazon Aircraft

*See Appendix for Non-GAAP reconciliation.

AAWW Leading The Way Forward

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2016 was historic year– Acquired Southern Air– Long-term agreements with Amazon– FedEx, NCA and now Asiana agreements

Strong finish– Record quarterly revenues, significant

increase in reported earnings, record adjusted earnings

Well-positioned to grow earnings in 2017– New customer agreements– Initial accretion from Amazon operations– First full year of Southern Air– Partially offset by higher maintenance,

lower cost-based rates paid by the military

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Appendix AAWW Fourth-Quarter 2016 Review

February 23, 2017

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$29 $35 $38 $42

$4$2 $2 $0

$23 $18 $11$2

1QA 2QA 3QA 4QA

2016 Maintenance Expense

$57 $55 $50 $44

In $Millions

Heavy Maintenance

LineMaintenance

• Line maintenance expense increases commensurate with additional block hour flying • Line maintenance expense is approximately $682 per block hour• Non-heavy maintenance includes discrete events such as APU, thrust reverser, and landing gear overhauls• Includes impact of Southern Air acquisition as of 2Q16

$206

$54

$144

Totals

$8Non-heavy Maintenance

Figures subject to rounding

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$38 $42 $45 $48

$2$2 $1 $2

$30$14 $11 $6

1QE 2QE 3QE 4QE

2017 Maintenance Expense

$70 $58 $57 $56

In $Millions

Heavy Maintenance

LineMaintenance

• Line maintenance expense increases commensurate with additional block hour flying • Line maintenance expense is approximately $668 per block hour• Non-heavy maintenance includes discrete events such as APU, thrust reverser, and landing gear overhauls

$240

$60

$173

Totals

$7Non-heavy Maintenance

Figures subject to rounding

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Reconciliation to Non-GAAP Measures

In $Millions 4Q16 3Q16 2Q16 1Q16 4Q15 3Q15 2Q15 1Q15 4Q14 3Q14 2Q14 1Q14Face Value of Debt $ 1,943.4 $ 1,967.7 $ 2,001.7 $ 1,972.2 $ 2,008.1 $ 1,899.0 $ 2,134.4 $ 1,958.2 $ 2,009.0 $ 2,058.0 $ 2,109.5 $ 2,158.9 Plus: Present Value of Operating Leases 749.9 774.7 799.4 823.7 848.0 872.2 891.0 914.8 939.7 964.3 988.7 1,012.8 Adjusted Debt 2,693.2 2,742.4 2,801.1 2,795.9 2,856.1 2,771.2 3,025.5 2,873.0 2,948.7 3,022.3 3,098.2 3,171.7

Less: Cash and Equivalents $ 138.3 $ 115.6 $ 168.3 $ 331.9 $ 438.9 $ 387.8 $ 530.5 $ 351.4 $ 312.9 $ 275.8 $ 289.6 $ 292.2 Less: EETC Asset 32.3 34.8 35.8 38.1 42.7 45.9 131.3 138.1 138.3 137.9 138.7 140.0

LTM EBITDAR $ 526.0 $ 485.9 $ 484.7 $ 496.4 $ 521.2 $ 517.5 $ 514.6 $ 492.4 $ 468.3 $ 476.5 $ 473.6 $ 473.4 Net Leverage Ratio (Incl. EETC Invest) 4.8 5.3 5.4 4.9 4.6 4.5 4.6 4.8 5.3 5.5 5.6 5.8

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Thank you.