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

Quarterly Review	JOHN W. DIETRICH
3Q 2020	President & CEO
	SPENCER SCHWARTZ
November 5, 2020	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 November 5, 2020, which is posted at www.atlasairworldwide.com.

2

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

NAVIGATING CHALLENGING ENVIRONMENT

• Managing evolving regulatory and operational hurdles
• Made possible through efforts of our dedicated team

VITAL COMPONENT OF THE GLOBAL SUPPLY CHAIN

• Committed to moving goods the world needs most
• Airfreight provides unmatched delivery speed, security and reliability
• Actively preparing for timely vaccine distribution

PROVIDING CUSTOMERS UNMATCHED FLEET CHOICES

• Focused on express, e-commerce and fast-growing markets
• 747s and 777s in demand for long-haul, international flying
• 767s and 737s actively serving regional and domestic markets

3

3Q20 Highlights

POSITIVE MOMENTUM IN THE THIRD QUARTER

• Higher commercial charter yields
• Significant demand for airfreight
• Reduction of available cargo capacity in the market

LEVERAGING FLEET AND BUSINESS MODEL

• Deepening position in fast-growing markets
• Added Cainiao and other long-term charter customers
• Expanded 737 operations for Amazon
• Reactivating fourth 747 freighter

RESULTS ALSO REFLECTED

• Challenging operating environment
• Higher heavy maintenance expense
• Higher pilot costs

4