Atlas Air Worldwide : Fourth-Quarter 2020 Results View Conference Call / Webcast View Slides

Quarterly Review
JOHN W. DIETRICH
4Q 2020	President & CEO
SPENCER SCHWARTZ
February 18, 2021	Executive Vice President & CFO

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.

Such forward-looking statements speak only as of the date of this presentation. 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 and expressly disclaims any obligation to revise or update publically any forward-looking statement to reflect future events or circumstances.

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 release dated February 18, 2021, which is posted atwww.atlasairworldwide.com.

Key Takeaways

SAFETY IS OUR TOP PRIORITY

• • Taking every precaution to protect our employees and operations

• • Delivering safe and high-quality service for our customers

GRATEFUL TO SUPPORT COVID-19 RELIEF EFFORTS

• • Transporting vaccines, pharmaceuticals, medical supplies and PPE

• • Carrying e-commerce, educational supplies and other necessities

DELIVERING RESULTS IN A CHALLENGING ENVIRONMENT

• • Navigating complex regulatory and operational hurdles

• • Entered numerous long-term charter agreements

• • Made possible through efforts of our dedicated team

EXECUTING OUR STRATEGIC PLAN

• • Leveraging unrivaled fleet and global network

• • Continuing to diversify our business

• • Providing customers with modern, fuel-efficient aircraft

• • Excited about recent 747-8F order

4Q20 Highlights

SOLID FINISH TO 2020

• • Strong demand for our assets and services

• • Higher commercial charter yields

• • Reactivated fourth 747 converted freighter

• • Reduction of available capacity in the market

STRATEGICALLY ALLOCATING RESOURCES

• • Strengthened balance sheet

• • Reduced net leverage ratio

• • Remain focused on managing costs

RESULTS ALSO REFLECTED

• • Ongoing operational complexities

• • Higher heavy maintenance expense

• • Higher pilot costs