Release #01.34

April 27, 2001

PURCHASE, NY/WASHINGTON, D.C.---Atlas Air, Inc. (NYSE:CGO) and the Air Line Pilots Association, International (ALPA) jointly announced today that they have reached an agreement that will result in the restoration of profit-sharing pay to Atlas Air flight crewmembers retroactive to April 1999. When Atlas Air crewmembers chose ALPA as their bargaining representative on April 26, 1999, their entitlement to participate in profit sharing was suspended pursuant to the terms of the Company’s Profit Sharing Plan, which excluded unionized employees.

On May 6, 1999, the Company filed an action in the United States District Court for the District of Columbia seeking declaratory judgment confirming the enforceability of the exclusion. ALPA countersued, claiming that the exclusion for represented employees violated the Railway Labor Act (RLA). In October 1999 the District Court granted summary judgment in Atlas Air’s favor. ALPA appealed the decision, and in November 2000 the Court of Appeals reversed and remanded the case back to the District Court, finding that exclusion of unionized employees from the profit-sharing plan was a violation of the RLA. Although Atlas Air had previously announced its intention to appeal the decision to the U. S. Supreme Court, the Company believes it is in the best interests of all parties to put this matter behind them and settle the dispute.

"The purpose of our profit sharing plan is to let those people who work hard for the company share in its success -- and that concept has not changed," said Richard Shuyler, Atlas Air’s Chief Executive Officer. "As a result, we are restoring the profit sharing benefit to our crewmembers, which we believe should provide the foundation for an amicable resolution of our ongoing contract negotiations and strengthen our ongoing relationship."

"ALPA is pleased that Atlas Air has signaled that one of its most important priorities will be strengthening its relationship with its crewmembers, who are its most important asset," said ALPA President Duane E. Woerth.

"The Atlas Air crewmembers are encouraged that with the agreement to restore full retroactive profit-sharing pay, we can now put this dispute behind us and move forward together in a cooperative spirit," said Gregory Amussen, chairman of the Atlas Air Master Executive Council, the ALPA unit at Atlas Air.

Atlas Air is a United States certificated air carrier that operates a fleet of 747 freighters under ACMI contracts. These contracts include the provision of Aircraft, Crew, Maintenance and Insurance for some of the world’s leading international carriers.

Formed in 1931 and affiliated with the AFL-CIO, ALPA is the world’s oldest and largest pilots union. As of June 1, ALPA will represent 65,000 pilots at 49 airlines in the United States and Canada.

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ATLAS AIR CONTACT: Vicki L. Foster (914) 701-8400

ALPA CONTACT: Stacy Platone, (703) 481-4440