Document:

EXHIBIT 10.6.4

                                                                  EXECUTION COPY

TO THE EXTENT, IF ANY, THAT THIS LEASE SUPPLEMENT  CONSTITUTES CHATTEL PAPER (AS
SUCH TERM IS IN EFFECT IN ANY APPLICABLE JURISDICTION),  NO SECURITY INTEREST IN
THIS LEASE  SUPPLEMENT MAY BE CREATED  THROUGH THE TRANSFER OR POSSESSION OF ANY
COUNTERPART OTHER THAN THE ORIGINAL EXECUTED COUNTERPART  CONTAINING THE RECEIPT
THEREFOR EXECUTED BY THE AGENT ON THE SIGNATURE PAGE HEREOF.

                             LEASE SUPPLEMENT NO. 1

            LEASE SUPPLEMENT No. 1, dated July 27, 2004, between ATLAS FREIGHTER
LEASING III, INC., (the "Lessor"), and ATLAS AIR, INC. (the "Lessee").

            The Lessor and the Lessee have heretofore entered into a Amended and
Restated  Lease  Agreement  (N505MC),  dated as of July 27, 2004 relating to one
Boeing  B747-2D3B  aircraft  (herein  called the "Lease"  and the defined  terms
therein being  hereinafter used with the same meanings).  The Lease provides for
the  execution  and  delivery  from  time to time of Lease  Supplements  for the
purpose  of  leasing  the  Airframe  and  Engines  under  the  Lease as and when
delivered by the Lessor to the Lessee in accordance with the terms thereof.

            The Lease relates to the Airframe and Engines described below, and a
counterpart of the Lease is attached  hereto,  and made a part hereof,  and this
Lease Supplement  together with such attachment,  is being filed for recordation
on the date hereof with the Federal Aviation Administration as one document.

            NOW, THEREFORE,  in consideration of the premises and other good and
sufficient consideration, the Lessor and the Lessee hereby agree as follows:

            1. The Lessor  hereby  delivers  and leases to the Lessee  under the
Lease and the Lessee  hereby  accepts and leases from the Lessor under the Lease
the  following  described  Boeing  B747-2D3B  aircraft (the  "Aircraft"),  which
Aircraft as of the date hereof consists of the following components:

            (i) Airframe:  U.S.  Registration No. N505MC;  manufacturer's serial
      no. 21251; and

            (ii)  Engines:  four (4)  aircraft  engines  bearing,  respectively,
      manufacturer's  serial nos. 517597,  530388,  530389,  and 517599 (each of
      which engines has 750 or more rated takeoff  horsepower or the  equivalent
      of such horsepower).

            2.  The  closing  date of the  Aircraft  is the  date of this  Lease
Supplement  set forth in the  opening  paragraph  hereof.  Except  as  otherwise
provided in the Lease,  the Term for the Aircraft  shall commence on the closing
date and end on the Final Maturity Date.

            3. The Lessee  hereby  confirms  to the  Lessor  that the Lessee has
accepted  the  Aircraft  for all  purposes  hereof  and of the  Lease  as  being
airworthy,  in good working order and

<PAGE>

repair  and  without  defect  or  inherent  vice in  title,  condition,  design,
operation or fitness for use; PROVIDED,  HOWEVER,  that nothing contained herein
or in the Lease  shall in any way  diminish  or  otherwise  affect any right the
Lessee  or the  Lessor  may  have  with  respect  to the  Aircraft  against  the
manufacturer,  any affiliate  thereof,  or any  subcontractor or supplier of the
manufacturer  or  any  affiliate  thereof,   under  any  purchase  agreement  or
otherwise.

            4.  All  of  the  terms  and  provisions  of the  Lease  are  hereby
incorporated  by  reference  in this Lease  Supplement  to the same extent as if
fully set forth herein.

            5. This Lease  Supplement  may be executed by the parties  hereto in
separate counterparts,  each of which when so executed and delivered shall be an
original,  but all such counterparts  shall together  constitute but one and the
same instrument.

                                      -2-
<PAGE>

            IN WITNESS WHEREOF,  the Lessor and the Lessee have each caused this
Lease Supplement to be duly executed as of the day and year first above written.

                                            ATLAS FREIGHTER LEASING III, INC.,
                                             Lessor

                                            By: /s/ William C. Bradley
                                                --------------------------------
                                            Name: William C. Bradley
                                            Title: Treasurer and Secretary

                                                            Amended and Restated
                                                                 Lease Agreement
                                                              (Lease Supplement)
                                                                        (N505MC)
<PAGE>

                                           ATLAS AIR, INC.,
                                            Lessee

                                           By: /s/ William C. Bradley
                                               ---------------------------------
                                               Name: William C. Bradley
                                               Title: Vice President & Treasurer

                                                            Amended and Restated
                                                                 Lease Agreement
                                                              (Lease Supplement)
                                                                        (N505MC)

<PAGE>

Accepted and Agreed:

ATLAS AIR WORLDWIDE HOLDINGS, INC.

By: /s/ William C. Bradley
    --------------------------------
Name: William C. Bradley
Title: Vice President & Treasurer

                                                            Amended and Restated
                                                                 Lease Agreement
                                                              (Lease Supplement)
                                                                        (N505MC)

<PAGE>

                           Schedule to Exhibit 10.6.4

The agreements listed below are substantially identical to this exhibit and are
not being filed separately as exhibits pursuant to instruction 2 to Regulation
S-K, Item 601.

<TABLE>
<CAPTION>
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
REGISTRATION         MANUFACTURER'S SERIAL    LESSEE           LESSOR                    AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
<S>                  <C>                      <C>              <C>                       <C>
N509MC               21221                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N509MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N512MC               21220                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N512MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N517MC               23300                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N517MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N522MC               21783                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N522MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N523MC               21782                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N523MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N524MC               21784                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N524MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N526MC               22337                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N526MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N527MC               22471                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N527MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N528MC               22472                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N528MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N534MC               21832                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N534MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N808MC               21048                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N5808MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N809MC               20887                    Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
                                                               III                       (N580MC) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-50E2 Spare       530168; 517530;          Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
Engines              517790; 517602;                           III                       (CF6-50E2 Spare Engines)
                     517547; 517,538;                                                    dated as of July 27, 2004
                     517,539; 455167; 530255
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-80C2 BSF Spare   704,699; 704860; 704918  Atlas Air, Inc.  Atlas Freighter Leasing   Lease Supplement No. 1
Engines                                                        III                       (CF6-80C2 BSF Spare
                                                                                         Engines) dated as of July
                                                                                         27, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

</TABLE>EXHIBIT 10.6.5

                                                                  EXECUTION COPY

                             AMENDMENT NO. 1 TO THE
                     AMENDED AND RESTATED LEASE AGREEMENT(1)

      AMENDMENT  NO.  1 TO  THE  AMENDED  AND  RESTATED  LEASE  AGREEMENT  (this
"AMENDMENT"),  dated as of November 30, 2004,  between ATLAS  FREIGHTER  LEASING
III,  INC.,  a Delaware  corporation  ("LESSOR"),  ATLAS AIR,  INC.,  a Delaware
corporation  ("LESSEE")  and  accepted  and  agreed  to by ATLAS  AIR  WORLDWIDE
HOLDINGS,  INC.  ("HOLDINGS")  and by DEUTSCHE BANK TRUST COMPANY  AMERICAS,  as
administrative agent under the Credit Agreement (in such capacity, the "AGENT").
Unless otherwise  defined herein,  all capitalized terms used herein and defined
in the Lease referred to below are used herein as therein defined.

                              W-I-T-N-E-S-S-E-T-H:

      WHEREAS,  the Lessor,  the lenders from time to time party thereto (each a
"LENDER" and,  collectively,  the  "LENDERS") and the Agent have entered into an
Amended and Restated  Credit  Agreement,  dated as of July 27, 2004 (the "CREDIT
AGREEMENT");

      WHEREAS,  Lessor and Lessee are party to the  Amended and  Restated  Lease
Agreement,  dated as of July 27,  2004 (the  "LEASE"),  which  Lease is  further
described on Annex A attached hereto; and

      WHEREAS,  subject to the terms and conditions set forth below, the parties
hereto wish to amend certain provisions of the Lease as provided herein;

      NOW, THEREFORE, it is agreed;

A. AMENDMENTS TO THE LEASE

      1. The definition of "ACMI  Contract"  appearing in Section 1 of the Lease
is hereby amended by deleting such  definition in its entirety and inserting the
following text in lieu thereof:

      ""ACMI  CONTRACT"  means  (i) any  contract  entered  into  by the  Lessee
      pursuant to which Lessee  furnishes the aircraft,  crew,  maintenance  and
      insurance and customers bear all

----------
(1)   This Amendment has been executed in several  counterparts.  To the extent,
      if any,  that this  Amendment  constitutes  chattel paper (as such term is
      defined  in the  Uniform  Commercial  Code as in effect in any  applicable
      jurisdiction),  no  security  interest  in this  Amendment  may be created
      through  the  transfer or  possession  of any  counterpart  other than the
      original.  The  counterpart  to  be  deemed  the  original  shall  be  the
      counterpart that contains the receipt  therefor  executed by Deutsche Bank
      Trust Company  Americas,  as  Administrative  Agent, on the signature page
      thereof and no security  interest in this Amendment may be created through
      the transfer of any counterpart other than said original counterpart.

<PAGE>

      other operating expenses,  (ii) any similar contract in which the customer
      provides the flight crew, all in accordance  with the Lessee's  historical
      practices  and (ii) any wet lease or service  contract  whereby the Lessee
      agrees to furnish  an  aircraft  to a third  party  pursuant  to which the
      aircraft shall at all times be in operational control of the Lessee."

      2. Section 1 of the Lease is hereby amended by inserting the following new
definition in the appropriate alphabetical order:

      ""BLADE  AND  DISK  CAPITAL   EXPENDITURES"  means  Consolidated   Capital
      Expenditures  for  under  platform  cracking,  including  blade  and  disk
      replacement, required for CF6-80C2 engines."

      3. The definition of "Exit  Facility"  appearing in Section 1 of the Lease
is hereby amended by deleting such  definition in its entirety and inserting the
following text in lieu thereof:

      ""EXIT  FACILITY"  means the primary senior  revolving  credit facility or
      facilities  of the  Lessee  and/or  Polar Air,  whether  now  existing  or
      hereafter  arising,  which allow the Lessee and/or Polar Air to borrow and
      reborrow  amounts (or have letters of credit issued for its account) up to
      a borrowing  base  determined  by the lenders  thereunder,  as same may be
      amended,  modified,  supplemented,  refinanced  or  replaced  from time to
      time."

      4. The definition of "Maximum  Capital  Expenditure  Amount"  appearing in
Section 1 of the Lease is hereby  amended by  deleting  such  definition  in its
entirety and inserting the following text in lieu thereof:

      ""MAXIMUM  CAPITAL   EXPENDITURE   AMOUNT"  means  for  any  Fiscal  Year,
      $25,000,000."

      5.  Section  7(a)(8) of the Lease is hereby  amended by deleting  the text
"the  Lessee"  appearing  therein  and  inserting  the  text  "Holdings  and its
Subsidiaries" in lieu thereof.

      6. Section  7(b)C.  of the Lease is hereby  amended by inserting  the text
"and the Exit  Facility"  immediately  following  the  text  "Credit  Agreement"
appearing in the first sentence thereof.

      7. Section 7(d)(4) of the Lease is hereby amended by deleting such section
in its entirety and inserting the following text in lieu thereof:

      "(6)  Holdings  and its  Subsidiaries  may become and remain  liable  with
      respect to Contingent Obligations arising under the Exit Facility;"

      8. Section 7(g)(7) of the Lease is hereby amended by deleting such section
in its entirety and inserting the following text in lieu thereof:

      "(7)  Holdings  and its  Subsidiaries  may make (V)  Consolidated  Capital
      Expenditures  not in  excess of the  Maximum  Capital  Expenditure  Amount
      during any Fiscal Year, (W) Consolidated Capital Expenditures  required to
      retrofit airplanes in order to conform to FAA regulations in an amount not
      to  exceed   $7,000,000  in  the  aggregate,   (X)  Consolidated   Capital
      Expenditures constituting the reinvestment of proceeds of Asset

                                      -2-
<PAGE>

      Sales not required to repay the Loan pursuant to subsection 2.4B(ii)(a) of
      the  Amended  Aircraft  Credit  Facility,   (y)  Blade  and  Disk  Capital
      Expenditures  in an amount not to exceed  $15,000,000 in the aggregate and
      (z) Consolidated  Capital Expenditures  required to satisfy  Back-To-Birth
      Traceability  Issues;  PROVIDED  that  up to  50% of any  amount  of  such
      Consolidated Capital Expenditures permitted pursuant to clause (V) of this
      subsection (7), but not made, in any Fiscal Year may be carried forward to
      and made during the immediately succeeding Fiscal Year (but no amount once
      carried  forward to the next  Fiscal  Year may be  carried  forward to any
      Fiscal Year thereafter);"

      9. Section 7(m) of the Lease is hereby  amended by inserting the following
new sentence at the end thereof:

      "Notwithstanding  anything to the contrary contained in clause (1) and (2)
      above in this paragraph,  Holdings and its  Subsidiaries may pledge shares
      of capital stock of any of its Subsidiaries  (including  Holdings and such
      Subsidiary,  but excluding the capital stock of Lessor) to secure the Exit
      Facility or their Contingent Obligations arising thereunder."

B. MISCELLANEOUS PROVISIONS

      1. In order to induce  the Agent to enter  into this  Amendment,  Holdings
hereby  represents  and  warrants  to each of the  Lenders  that  (i) all of the
representations  and  warranties  contained in the Lease are true and correct in
all material  respects on and as of the First  Amendment  Effective  Date,  both
before and after giving effect to this  Amendment  (unless such  representations
and  warranties   relate  to  a  specific  earlier  date,  in  which  case  such
representations  and  warranties  shall be true and  correct as of such  earlier
date),  and (ii)  there  exists  no  Default  or Event of  Default  on the First
Amendment Effective Date, both before and after giving effect to this Amendment.

      2. This  Amendment  is limited as  specified  and shall not  constitute  a
modification, acceptance or waiver of any other provision of the Lease.

      3. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate  counterparts,  each of which  counterparts
when  executed  and  delivered  shall be an  original,  but all of  which  shall
together constitute one and the same instrument.  A complete set of counterparts
executed by all the parties hereto shall be lodged with Holdings and the Agent.

      4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES  HEREUNDER
SHALL BE  CONSTRUED IN  ACCORDANCE  WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK.

      5. This Amendment shall become effective on the date (the "FIRST AMENDMENT
EFFECTIVE DATE") when Holdings, Lessor, Lessee and the Agent shall have signed a
counterpart  hereof (whether the same or different  counterparts) and shall have
delivered  (including by way of telecopier) the same to the Agent,  thereafter a
counterpart  of this Amendment  will be filed for  recordation  with the Federal
Aviation Administration Civil Aircraft Registry.

                                      -3-
<PAGE>

      6. From and after the First  Amendment  Effective  Date, all references in
the Lease and in the other  Loan  Documents  to the Lease  shall be deemed to be
referenced to the Lease as modified hereby.

                                      * * *

                                      -4-
<PAGE>

      IN WITNESS WHEREOF,  the undersigned have caused this Amendment to be duly
executed and delivered as of the date first above written.

                                              ATLAS FREIGHTER LEASING III, INC.

                                              By: /s/ William C. Bradley
                                                  ------------------------------
                                                  Name: William C. Bradley
                                                  Title: Treasurer & Secretary

                                                                 Lease Amendment
                                                                        (N505MC)

<PAGE>

                                              ATLAS AIR, INC.

                                              By: /s/ Dorinda Pannozzo
                                                  ------------------------------
                                                  Name: Dorinda Pannozzo
                                                  Title: Assistant Treasurer

                                                                 Lease Amendment
                                                                        (N505MC)

<PAGE>

Accepted and Agreed:

                                              ATLAS AIR WORLDWIDE HOLDINGS, INC.

                                              By: /s/ T. Wakelee Smith
                                                  ------------------------------
                                                  Name: T. Wakelee Smith
                                                  Title: Senior Vice President &
                                                         Chief Operating Officer

                                                                 Lease Amendment
                                                                        (N505MC)

<PAGE>

Accepted and Agreed:

                                              DEUTSCHE BANK TRUST COMPANY
                                              AMERICAS, as Agent

                                              By: /s/ David J Bell
                                                  ------------------------------
                                                  Name: David J Bell
                                                  Title: Managing Director

                                                                 Lease Amendment
                                                                        (N505MC)

<PAGE>

                                                                         Annex A

1.    BOEING  747-2D3B  AIRCRAFT  WITH  SERIAL  NUMBER  21251 AND UNITED  STATES
      REGISTRATION  NUMBER  N505MC  AND FOUR  GENERAL  ELECTRIC  MODEL  CF6-50E2
      ENGINES WITH SERIAL NUMBERS 517597, 530388, 530389 AND 517599

      LEASE:

      Lease  Agreement  (N505MC)  dated  as of  April  25,  2000  between  Atlas
Freighter  Leasing III, Inc., as lessor,  and Atlas Air,  Inc., as lessee,  with
Lease Supplement No. 1 dated April 25, 2000 attached thereto, which was recorded
by the FAA as one  instrument  on May  24,  2000  and  assigned  Conveyance  No.
DD018944,

      as supplemented  by Lease  Supplement No. 2 dated as of November 13, 2000,
which was recorded by the FAA on December 20, 2000 and assigned  Conveyance  No.
SS016139,

      as amended by Amendment No. 1 to Lease  Agreement  dated as of October 15,
2001, which was recorded by the FAA on January 11, 2002 and assigned  Conveyance
No. SSO18007,

      as amended by Amendment No. 2 to Lease  Agreement  dated as of October 30,
2001,  which was recorded by the FAA on January 9, 2002 and assigned  Conveyance
No. SS018001,

      as amended by Amendment No. 3 to Lease  Agreement dated as of December 14,
2001,  which was recorded by the FAA on March 20, 2002 and  assigned  Conveyance
No. TT016420,

      as amended by Amendment No. 4 to Aircraft Lease Agreement dated as of June
14, 2002 which was recorded by the FAA on August 21,2002 and assigned Conveyance
No. YY034495,

      as amended by Amendment  No. 5 to Lease  Agreement  dated as of August 14,
2002, which was recorded by the FAA on March 4, 2003 and assigned Conveyance No.
GG029430,

      as amended by Amendment No. 6 to Lease  Agreement dated as of December 31,
2002, which was recorded by the FAA on March 4, 2003 and assigned Conveyance No.
GG029431, and

      as amended and restated by Amended and Restated Lease  Agreement  (N505MC)
dated as of July 27,  2004,  with Lease  Supplement  No.1  dated  July 27,  2004
attached thereto,  which was recorded by the FAA on August 24, 2004 and assigned
Conveyance No. NN027685.

<PAGE>

                           Schedule to Exhibit 10.6.5

The agreements listed below are substantially identical to this exhibit and are
not being filed separately as exhibits pursuant to instruction 2 to Regulation
S-K, Item 601.

<TABLE>
<CAPTION>
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
REGISTRATION         MANUFACTURER'S SERIAL    LESSEE           LESSOR                    AGREEMENT
NUMBER               NUMBER(S)
-------------------- ------------------------ ---------------- ------------------------- -----------------------------
<S>                  <C>                      <C>              <C>                       <C>
N509MC               21221                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N509MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N512MC               21220                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N512MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N517MC               23300                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N517MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N522MC               21783                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N522MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N523MC               21782                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N523MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N524MC               21784                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N524MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N526MC               22337                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N526MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N527MC               22471                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N527MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N528MC               22472                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N528MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N534MC               21832                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N534MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N808MC               21048                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N808MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

N809MC               20887                    Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
                                                               III                       and Restated Lease (N809MC)
                                                                                         dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-50E2 Spare       530168; 517530;          Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
Engines              517790; 517602;                           III                       and Restated Lease
                     517547; 517,538;                                                    (CF6-50E2 Spare Engines)
                     517,539; 455167; 530255                                             dated as of November 30,
                                                                                         2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

CF6-80C2 BSF Spare   704,699; 704860; 704918  Atlas Air, Inc.  Atlas Freighter Leasing   Amendment No. 1 to Amended
Engines                                                        III                       and Restated Lease
                                                                                         (CF6-80C2 BSF Spare
                                                                                         Engines) dated as
                                                                                         of November 30, 2004
-------------------- ------------------------ ---------------- ------------------------- -----------------------------

</TABLE>

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