#1ATSG INVESTOR DAY 2023 ATSG AIR TRANSPORT SERVICES GROUP#2AIR TRANSPORT SERVICES GROUP SAFE HARBOR STATEMENT Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that involve risks and uncertainties. A number of important factors could cause Air Transport Services Group, Inc.'s ("ATSG's") actual results to differ materially from those indicated by such forward-looking statements. Such factors include, but are not limited to: (i) unplanned changes in the market demand for our assets and services, including the loss of customers or a reduction in the level of services we perform for customers; (ii) our operating airlines' ability to maintain on-time service and control costs; (iii) the cost and timing with respect to which we are able to purchase and modify aircraft to a cargo configuration; (iv) fluctuations in ATSG's traded share price and in interest rates, which may result in mark-to-market charges on certain financial instruments; (v) the number, timing, and scheduled routes of our aircraft deployments to customers; (vi) our ability to remain in compliance with key agreements with customers, lenders and government agencies; (vii) the impact of current supply chain constraints both within and outside the United States, which may be more severe or persist longer than we currently expect; (viii) the impact of a competitive labor market, which could restrict our ability to fill key positions; (ix) changes in general economic and/or industry-specific conditions, including inflation; (x) the impact of geographical events or health epidemics such as the COVID-19 pandemic. and (xi) other factors that are contained from time to time in our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should carefully review this presentation and should not place undue reliance on ATSG's forward-looking statements. These forward-looking statements were based on information, plans and estimates as of the date of this presentation. Except as may be required by applicable law, ATSG undertakes no obligation to update any forward- looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes. We use non-GAAP measures in this presentation including adjusted EBITDA and Free Cash Flow. Management believes these metrics are useful to investors in assessing ATSG's financial position and results. Non-GAAP measures are not meant to be a substitute for ATSG's GAAP financials. Please refer to the reconciliations to the GAAP measures in the accompany appendix. Slide 12 ATSG AETEENEET NTWYKir#3INVESTOR DAY SPEAKERS Rich Corrado President & Chief Executive Officer Mike Berger Chief Strategy Officer Paul Chase Chief Commercial Officer Joe Payne Chief Legal Officer Quint Turner Chief Financial Officer Slide 13 ATSG#4INVESTOR DAY Welcome Slides Presenter AGENDA = ATSG Overview & Strategy 5-16 Rich Corrado Aircraft Leasing Segment 17-26 Paul Chase Flying Segment 27-34 Mike Berger Support Services 35-37 Mike Berger Customer Relationships 38-39 Paul Chase Sustainability 40-43 Joe Payne Prime Air amazon Break 10 minutes Financial Outlook 45-61 Quint Turner Closing Remarks 62-63 Rich Corrado 64-65 Q&A Slide 14 ATSG www.#5|ATSG OVERVIEW & STRATEGY 10 10 10 10 n 16 " 100 BOO DO Slide 15 ATSG#6-ATSO WHY WE ARE HERE We believe we represent an attractive differentiated value and investment proposition synergizing leasing, air operations, and support services We believe our stock is significantly undervalued and represents an opportunity for investors to realize significant appreciation While we have no direct peers for the full breadth of services our model offers, we will show you a sum of the parts valuation which supports a much higher stock price We will share our projections for free cash flow generation after growth capex investment and update guidance through 2025 Slide 16 ATSG#7ATSG AIR TRANSPORT SERVICES GROUP WORLD'S LARGEST FREIGHTER LESSOR BOEING 767F AIRBUS A321F AIRBUS A330F TOP FREIGHTER LESSOR Top 5 Global Freighter TOP PROVIDER OF U.S. E-COMMERCE FLYING GLOBAL 92 80 Lessors 6/2023 41 33 30 ATSG AerCap Titan WSA Source: Trade and Transport Group 06/2023 ASL Currently flying 63 freighter aircraft in DHL and Amazon Air networks LEASING NETWORK Currently leasing freighter aircraft in nine countries RECURRING STRONG CASH FLOW Growing portfolio of multi-year freighter leases & operating agreements Slide 17 ATSG .#8-ATSG HERITAGE DRIVES CURRENT CULTURE Founded 1980 - 2003 3rd Largest Express Company Airborne Express 2003 Fleet - 115 2003-2009 DHL Cost-Plus Operated via DHL Cost Plus Model 2009 Fleet - 62 2010 Forward Differentiated, Lease First Model LEASE+PLUS Pioneered A+CMI 2022 Fleet - 128 LEASING CAM CARGO AIRCRAFT MANAGEMENT FLYING AIR TRANSPORT INTERNATIONAL ABX AIR OAT OMNI AIR INTERNATIONAL SUPPORT SERVICES LGSTX AIRBORNE MAINTENANCE & ENGINEERING SERVICES SERVICES PEMCO CONVERSIONS DRY LEASING ENGINE LEASING ENGINE PBC SERVICES CMI SERVICES ACMI SERVICES WET2DRY TRANSITIONING CHARTER POSTAL & GATEWAY OPERATIONS GROUND SERVICES HEAVY & LINE MAINTENANCE COMPONENT SERVICES ENGINEERING SERVICES MHE DESIGN & SERVICE P2F CONVERSIONS Slide 18 ATSG#9-ATSG LEASE+PLUS MARKET STRATEGY LEASING FLYING SUPPORT SERVICES WE ARE the world's largest freighter aircraft lessor to companies that support express networks around the world WE ARE the backbone of our customers' U.S. express networks and the largest commercial mover of troops for the DoD WE ARE a provider of critical ancillary services that add incremental returns and differentiate us from any lessor Capital investments to acquire and convert aircraft to freighters for lease Revenue from multi-year lease agreements support strong Adj. EBITDA margins Capital-light model operating aircraft for customers under CMI, ACMI, and charter services Multi-year agreements provide strong predictable cash flow Incremental services help secure initial aircraft lease and renewals Provides incremental returns above and beyond the lease revenues Seamless full-service option for customers UNIQUE BUSINESS MODEL AND MARKET LEADERSHIP POSITIONS Slide 19 ATSG#10-ATSO COMPELLING VALUE PROPOSITION MARKET REALITY Mid-size freighters are the asset of choice for express and e-commerce driven regional air networks Global demand for e-commerce expected to grow 38% through 2027 Additional aircraft types will be needed to meet the forecasted demand growth Conversion economics better than acquiring new freighter aircraft Conversion feedstock and slots are limited ATSG CAPABILITIES Focus on mid-size converted freighters. Existing lease portfolio that generates strong cash flow and returns ATSG's global offering and customer base well positioned to meet this demand growth ATSG already delivering A321s, and first A330 to begin freighter conversions in October 2023 Managed more passenger-to-freighter conversions at 260+ than any other company A leader in securing future A321/A330 conversion slots Slide | 10 ATSG#11-ATSO CUSTOMERS EMBRACE LEASE+PLUS SOLUTIONS MODEL ABX AIR CARGO CMI-ACMI AIR TRANSPORT INTERNATIONAL CARGO CMI-ACMI OMNI AIR INTERNATIONAL PASSENGER CMI-ACMI FLYING LEASING CAM CARGO AIRCRAFT MANAGEMENT AIRCRAFT LEASING AIRCRAFT MAINTENANCE AIRBORNE MAINTENANCE & ENGINEERING SERVICES PASSENGER TO FREIGHTER CONVERSIONS PEMCO CONVERSIONS 321 PRECISION CONVERSIONS SUPPORT SERVICES LOGISTICS SERVICES LGSTX SERVICES ATSG AIR TRANSPORT SERVICES GROUP LEASING FLYING SUPPORT SERVICES amazon + + + BHL + + + AMERideT + + + CARGOJET + + ups + + + NAC + + + NORTHERN AR CARGO GOVERNMENT CUSTOMERS + + ATSG provides customers a holistic solution across leasing, flying and value-added support services Slide | 11 ATSG#12-ATSG CUSTOMERS LEASING amazon ups DHL ups MERIJET MAERSK mas STRAL RAYA AIRWAYS DELIVERING TRUST AND VALUE AVIATION GLOBALX AIR CANADA SkyTaxi NAC NORTHERN AIR CARGO CARGOJET FLYING amazon Condor AIR CANADA Vacations Hawai ExxonMobil Avianca WESTJET Aer Lingus norwegian Air transat Caribbean Airlines Bo BOA Boliviana de Aviacion SAS Scandinavian Airlines open skies BRITISH AIRWAYS Aloha Air Cargo PARTMENT OF DEFENSE US Department of Defense AIR MOBILITY COMMAND DOD AIR SURVEY AND CARRIER ANALYSIS US DoD Air Carriers RESERVE US Air Mobility Command CRAF STRY OF DEFENC UNITED UK Ministry of Defense AIR FI 防衛省 MINISTRY OF DEFENSE Japanese Ministry of Defense XL National airways ✅OFIJI AIRWAYS Defence Canadian National Defense amentum > JTB WALT DISNEY PICTURES UNIVERSAL SUPPORT SERVICES ups amazon DHL ▲ DELTA AIR LINES FedEx FRONTIER NCAA allegiant spirit NFL 20th CENTURY FOX Google STATE FARM QT INSURANCE QuikTrip UNITED LESS MONEY. MORE GO. AIRLINES MERIJET ATLAS AIR PEPSICO leidos Tropicana THE HOME DEPOT NAC NORTHERN AIR CARGO IS Innovative Solutions & Support UNITED STATES POSTAL SERVICE Cargill TM Slide | 12 ATSG#13-ATSO LEASING MARKET DOMINANCE TOTAL EXTERNALLY LEASED FREIGHTERS NAC Air Canada Cargo 96 Northern Air Cargo 91 Cargojet Airways 85 73 ups 59 62 UPS Amazon Air 51 41 2016 2017 2018 2019 2020 2021 2022 2023E Amerijet Mas Air GLOBALX Maersk Air GlobalX DHL DHL ++ DHL Sky Taxi Georgian Airlines Astral Aviation DHL - ME Raya Airways Over 2/3 market share in the B767-leasing market Largest freighter lessor to both DHL and Amazon at 12 and 37 B767s, respectively We are global! Currently lease to 13 customers into 9 different countries and 75% of our 2023-2024 leases are expected to be outside the US Most of our leasing customers fly in Integrator/e-commerce networks for UPS, FedEx, DHL or Amazon Slide | 13 ATSG#14-ATSG FLYING MARKET LEADERSHIP CMI AIRCRAFT IN RELATION TO LEASED Capital-light airline operations contract flying services to customers through a Crew, Maintenance, and Insurance (CMI) structure Customers provide owned and leased aircraft to ATSG totaling 16 aircraft by year end 2023 Customer fills the aircraft, pays for ancillary costs, and fuel Largest airline service provider to Amazon, with 71% 68% 66% 66% 65% 60% 58% 53% 96 91 85 73 65 59 62 99 63 56 51 41 42 37 33 31 28 46 aircraft flying, ~3x more than the next competitor Largest airline service provider to DHL in their US network We fly over half of our leased aircraft 2016 2017 2018 2019 2020 2021 2022 2023E Airline ACMI/CMI Total Leased % ACMI to Lease Slide | 14 ATSG#15-ATSG FY 2022 FINANCIALS BY SEGMENT REVENUE* ADJ. EBITDA** LEASING SUPPORT SERVICES (CAM) (OTHER) 19% 20% FLYING (ACMI SERVICES) 61% LEASING (CAM) 66% FLYING (ACMI SERVICES) 33% ($ in millions) SUPPORT SERVICES (OTHER) 1% Total* = $2,269 Leasing drives 2/3 of our Adj. EBITDA Total = $641 Flying is a strong driver of revenue and represents 1/3 of our Adj. EBITDA Our segments are highly synergistic with significant contribution from each segment * Segment revenue before elimination of internal revenues on FY 2022 results ** Non-GAAP measure, please see enclosed GAAP reconciliation Slide | 15 ATSG#16No other company in the world bundles aircraft leasing, airline solutions, engine power, maintenance, and logistics solutions. ATSG AIR TRANSPORT SERVICES GROUP Slide | 16 ATSG#17|ATSG AIRCRAFT LEASING SEGMENT 10 10 10 10 n " 16 100 BOO DO Slide | 17 ATSG#18ATSG AIR TRANSPORT SERVICES GROUP WORLD'S LARGEST FREIGHTER LESSOR ENGINE LEASING MULTIPLE POWER BY THE CYCLE PROGRAMS FOR PRATT AND GE ENGINES 137 B767 A321 OWNED FLEET SIZE 6/30/23 GLOBAL LEASING PORTFOLIO LEASE+PLUS SUPPORTS CUSTOMER LEASING CHOICE ABX AIR B767-300 FLEET 5 YEARS OUT OF CONVERSION ON AVERAGE WITH A 20+ YEAR EXPECTED LIFE SPAN CONVERSION PORTFOLIO ATSG HAS CONVERTED MORE THAN 260 AIRCRAFT Slide | 18 ATSG www.mar#19-LEASING THE VALUE OF A CONVERSION 20+Year Aircraft Life Expected After Conversion Rerouting of Control Cables (ceiling) 9G Rigid Barrier Install a cargo loading system Maintenance Completed including: C-Check and Required Directives New Cargo Lining and Ceiling Installed Floor Beams Replaced Engine Inspection and Overhaul Install an upper deck cargo door Modified Systems: Oxygen System; ECS Modification; Venting Decompression; Water, Waste & Drain Slide I 19 ATSG#20-LEASING YOUNG FLEET POST-CONVERSION 20+ year expected life span after conversion After Conversion expected lifespan 75 767-300 Freighter 5 Avg. years in service 20+ years After Conversion expected lifespan A321-200 Freighter 20+ years After Conversion expected lifespan A330-300 Freighter ATO 20+ years 2 In service today In service today O In service today <1 Year in service 1 Month to first conversion induction Current airframe average life out of conversion Slide 1 20 ATSG#21-LEASING MARKET OUTLOOK Source: Airbus Global Market Forecast 2023, Boeing Commercial Market Outlook June 2023, Trade & Transport Group US Trade Monitor, IATA Cargo Market Analysis April 2023, World ACD, emarketer June 2023 OPPORTUNITY ($ in trillions) $33.7 $34.9 $31.1 $29.7 $28.1 $32.5 $26.4 SOLUTION 650 Boeing Freighter Forecast 2022-2042 ■Large Widebody ■Medium Widebody Standard-body 23.0% 18.9% 18.9% 19.5% 20.3% 21.2% 22.2% 1290 2,825 $5.0 $5.3 $5.8 $6.3 $6.9 $7.5 $8.0 New Freighters 2021 2022 2023 Global ecommerce Sales 2024 2025 Global Retail Sales 2026 2027 ecommerce as a % of Retail Sales TOTAL RETAIL & ECOMMERCE SALES WORLDWIDE E-commerce growth will continue to outperform brick-and- mortar. E-commerce growth is expected to outpace in-person shopping by nearly 2x through 2024. 720 885 Airbus Freighter Forecast 2020-2042 ■Grow Replace Retain 1270 1,590 of new freighters are conversions 2,510 Growth and Replacement Total 1240 Slide 1 21 ATSG#22-LEASING B767 FREIGHTER DOMINANCE ATSG currently dominates the leasing market for the Boeing 767 freighter Preferred airframe of the e-commerce and express market offering 15,634 ft³ of cargo volume Five of the Top Ten 767-300 leased freighter operators are ATSG customers 18 conversion slots for delivery 2024-2025 OWNED FLEET 6/30/23 Freighter Fleet 767-200 Freighter 767-300 Freighter 767-300 Freighter (IC) 20 A321-200 Freighter (IC) 767-300 staging for lease 70 22222 9 IC-in or awaiting conversion 123 Passenger Fleet The B767 freighter is not only the flagship of the ATSG fleet, but it also represents over 57% of all medium widebody cargo operations globally 14 Total 137 Slide 1 22 ATSG#23-LEASING NEW FREIGHTER OFFERINGS ATSG A321-200 FREIGHTER Adequate feedstock allowing ATSG to enter the narrowbody freighter leasing market Natural replacement for the 757-200 freighter and targets operators of B737F About 95% of the cubic volume of the 757 with an 18% fuel burn advantage and lower maintenance costs Flightdeck commonality with the A330 A330-300 FREIGHTER Logical alternative for the 767-300, the A330-300 is about 20% larger Significant feedstock availability Target Operators - 767, 777 operators, European and Pacific markets for medium range air cargo delivery A330s selected for network operations by DHL and Amazon Slide 1 23 ATSG#24-LEASING PROVEN LEASING MODEL TYPICAL PROFILE OF A FREIGHTER LESSEE Experienced aircraft operators and/or blue chip, multi-national corporations with strong safety cultures Operate in the e-commerce and express network Time definite deliveries drive aircraft capacity requirements Operate as regional support to major carriers including UPS, Amazon and DHL LEASE PROFILE Typical initial term of 7 to 10 years Major maintenance events are customarily pre- paid by customers with reserves Most leases contain like-for-like provisions requiring lessees to return assets in the same condition as at delivery Customers typically extend their aircraft leases beyond initial lease term Slide 1 24 ATSG ar#25-LEASING GLOBAL LEASING FOOTPRINT NAC ups Astral Aviation Northern Air Cargo Amerijet Amazon Air DHL UPS DHL Maersk Air Sky Taxi 75% OF 2023 LEASE DEPLOYMENTS WILL BE WITH CUSTOMERS OUTSIDE THE U.S. & EXPECT THE TREND TO CONTINUE AFRICA AMERICAS Mas Air Cargojet Airways Air Canada Cargo の EUROPE GLOBALX GlobalX DHL DHL-ME # Georgian Airlines ASIA PACIFIC Raya Airways Slide 125 ATSG#26|ATSG FLYING SEGMENT 10 10 10 10 n 16 " 100 BOO DO Slide 1 26 ATSG#27-FLYING BUSINESS OVERVIEW Our capital-light CMI flying allows us to separate ourselves from any other lessor and provides incremental returns on top of the lease Our unique A+CMI model leverages our deep experience in express/e-commerce operations Our Cargo Wet2Dry model allows us to grow our leasing business Our passenger ACMI operations with heavy emphasis on government flying represents reliable revenue and cash flow less impacted by global trade and global business cycles. Wet2 Dry INTERNATIONAL AIR TRANSPORT Our airlines fly for customers as an ACMI carrier to prove leasing concept Airline provides aircraft in addition to CMI model Flies the routing provided by the customer so that the customer can build the lane Customer can test the economics of the aircraft prior to lease DHL, Amazon, Amerijet, Northern, Raya were all Wet2Dry customers Slide 1 27 ATSG#28-FLYING CMI CAPITAL-LIGHT VALUE STRUCTURE Minimizes risk while affording customer flexibility CUSTOMER ROLE Customer leases the aircraft from CAM, generally 7-10 years Customer then sub-leases the aircraft to one of our cargo airlines to fly CMI agreements generally run 4-6 years with renewal options Customer responsible for filling the payload plus determines the routing Customer responsible for the heavy maintenance on the airframe and engines Customer pays for fuel and ancillary fees AIR OPERATIONS ROLE Airline is responsible for safety of flight Airline provides the flight crews and insurance Customer may also add their own or other leased aircraft to the CMI Agreement Airline provides ground training for loading personnel Airline provides the line maintenance and parts Airline flies the schedule provided by the customer Slide 128 ATSG#29** -FLYING FY 2022 SEGMENT CONTRIBUTION REVENUE* ADJ. EBITDA** LEASING SUPPORT SERVICES (CAM) (OTHER) 19% 20% FLYING (ACMI SERVICES) 61% LEASING (CAM) 66% FLYING (ACMI SERVICES) 33% Total = $2,269 Total = $641 The ACMI Segment represents 61% of our revenue, and 33% of our EBITDA Segment revenue before elimination of internal revenues on FY 2022 results Non-GAAP measure, please see enclosed GAAP reconciliation ($ in millions) SUPPORT SERVICES (OTHER) 1% Slide 1 29 ATSG#30-FLYING AIRLINE FACT SHEET OMNI AIR INTERNATIONAL ABX AIR AIR TRANSPORT INTERNATIONAL Passenger airline offering ACMI and Charter Services 75% of revenue is from the US Government Largest commercial mover of U.S. troops 14 total aircraft, 3-777s and 11 - 767s All-cargo airline flying 767s CMI contracts with DHL and Amazon Largest airline for DHL in their USA network 24 Total Aircraft - all 767s Predominately cargo airline CMI contract with Amazon, Combi contract with the U.S. DoD 48 total aircraft 44 - 767s and 4 -757 Combi Aircraft OMNI-AIR INTERNATIONAL ABX AIR AIR TRANSPORT INTERNATIONAL Slide 130 ATSG#31-FLYING FULFILLING DEMAND Our Cargo Airlines target CMI flying for large e- commerce networks Our cargo airlines are the largest CMI providers for the Amazon and DHL USA networks, the largest outsourced networks in the US Our passenger airline is the largest commercial mover of US troops around the world and the leader of the Patriot Team, one of two CRAF teams Our heritage has allowed us to excel in this space due to our deep understanding of air operations and our cultural understanding of our customers' business CMI network flying is more resilient than general cargo point to point flying due to the need to service specific geographies with time definite commitments AIRLINE CMI BUSINESS* 65 63 56 33 37 42 28 31 2016 2017 2018 2019 2020 2021 2022 2023E *Includes CAM leased and customer provided freighter aircraft Slide 131 ATSG#32-FLYING AIRLINE PERFORMANCE History of executing at a high level Performance measured on every flight through controllable delays Historical overall performance for flying is in the 90TH percentile for on-time and reliability Best in Class among ACMI/CMI cargo competition Omni is frequently the US Government choice for challenging assignments Strong airline leadership experience 98% AVERAGE ON-TIME PERFORMANCE CARGO FLYING 2019-2022 93% AVERAGE SERVICE PERFORMANCE DOD INTERNATIONAL VERY GOOD RATING 2019-2022 Omni Air International ** Slide 1 32 ATSG#33-FLYING UNDERLYING ECONOMICS $1.4 BILLION 2022 TOTAL FLYING SEGMENT REVENUE $209 MILLION 2022 TOTAL FLYING SEGMENT ADJ. EBITDA 68 REVENUE ($ in millions) $1,404 $1,185 $1,147 $1,078 2019 2020 2021 2022 AIRCRAFT SERVICING CARGO CMI BUSINESS 18 AIRCRAFT SERVICING PASSENGER AND COMBI BUSINESS More resilient than general air cargo Disruption creates opportunity Adj. EBITDA margins remain consistently in the low teens Slide 133 ATSG#34|ATSG SUPPORT SERVICES 10 10 10 10 n " 16 100 BOO DO Slide 134 ATSG www.#35-SUPPORT SERVICES BUSINESS OVERVIEW AVIATION MAINTENANCE & CONVERSION SERVICES Heavy and Line Maintenance Component Services Engineering Services Passenger to Freighter Conversions. Boeing and Airbus Capability LOGISTICS SERVICES Sort Operations Ground Support Equipment Leasing = Facility Support Services Material Handling Design and Service Strong network of MRO facilities and established relationship with major US and global carriers ABP STRONG ARRAY OF CAPABILITLIES TO COMPLEMENT LEASING AND FLYING SERVICES Slide 135 ATSG#36-SUPPORT SERVICES ENHANCE CUSTOMER VALUE Raya Airways, Best E-Commerce Carrier of the Year -Asia Pacific at the Payload Asia Awards, first A321 freighter was converted by MRO (Conversion) Support Services raya 4487 26 MRO Support Services provided cockpit flat panel upgrades for UPS Support Services support Amazon operations at their Wilmington Air Park Hub LGSTX amazon Logistics Support Services operated gateway package operations for Amazon & USPS DHL uses Logistics Support Services for Material Handling Equipment Maintenance Slide 136 ATSG#37ATSG CUSTOMER RELATIONSHIPS 10 10 10 10 n " 16 100 BOO DO Slide 137 ATSG#38-CUSTOMER RELATIONSHIPS KEY CUSTOMER OVERVIEW amazon SOLIN DEPARTMEN STATES OF OF DEFENSE F AMERIC Providing service to the DoD for over 20 years through ATI and since 1995 with Omni Air International Leading provider of CRAF passenger airlift services to the U.S. DoD and additional cargo services Our government services expand beyond the DoD to other agencies for passenger lift, cargo lift, plus maintenance and engineering services 30% of FY22 Revenue Began with ACMI agreement for five Boeing 767 aircraft in 2015 Amazon business has expanded to currently leasing 37 aircraft Our airlines operate a total of 41 aircraft in addition to ancillary services procured by Amazon Uses our MRO for maintenance, gateway freight operations, and material handling equipment service and engineering Currently largest shareholder with ~19.5% 34% of FY22 Revenue DHL= Long-term contracts since August 2003 The total of leased aircraft is twelve 767 freighters CMI agreement has a total operated under that agreement is ten plus an additional six customer provided aircraft Utilizes our MRO for heavy and line maintenance plus component services; they have a multi-location agreement for material handling equipment service 12% of FY22 Revenue Slide 138 ATSG#39ATSG SUSTAINABILITY 10 10 10 10 n " 16 100 BOO DO Slide 139 ATSG#40-SUSTAINABILITY ENVIRONMENTAL ENERGY EFFICIENCY Installed energy efficient lighting and HVAC systems in hangars and offices reducing CO2 emissions by 4,612 tons annually Installed electric vehicle charging stations to make recharging more convenient and affordable for our employees at our office locations in Ohio and Oklahoma FUEL BURN/CO2 REDUCTION Installed fleet monitoring equipment on our aircraft to track and reduce fuel burn through predictive maintenance practices Expanded the use of flight planning software that utilizes real time weather conditions to optimize flight altitudes and speeds Continued to adopt best practices in our daily operations Resulted in a reduction of fuel burn of 23.14 million gallons; reduced CO2 emissions by 216,983 tons from 2020 to 2022 RESOURCE CONSERVATION AND FLEET MODERNIZATION Extend aircraft useful life through passenger to freighter conversions = Adding the A321 and A330 to our fleet, which are newer, more fuel-efficient aircraft Partnered with our customers to make Sustainable Aviation Fuel more available at our largest operating airline location in northern Kentucky Slide | 40 ATSG www.mar#41-SUSTAINABILITY SOCIAL WORKFORCE INVESTMENT On-site Health Clinic for employees at the Wilmington Air Park Employee Fitness Center at the Wilmington Air Park that is available 24 hours Launched a company-wide Diversity and Inclusion campaign Paid parental leave available to all eligible employees, regardless of gender for birth, adoption, and foster care ATSG CAREER AND COMMUNITY OUTREACH Career exploration opportunities and tours for more than 2,500 students = ATSG Aviation Camp five-day immersive aviation career experience for grades 6-12 ✔ Highlights careers in Manufacturing, Flight, Engineering, Inspection, Aviation Maintenance, Airport Operations, and Safety COMMUNITY OUTREACH Support for charitable causes exceeded $850,000 during 2022, an increase of more than 65% over the prior year Girls In Aviation Day developed aviation patch program with regional Girl Scout organization ATSG continued outreach to our Veteran workforce raising awareness of issues facing this community such as increased suicide rates Slide | 41 ATSG#421 to 5 -SUSTAINABILITY GOVERNANCE BOARD TENURE & DIVERSITY CORPORATE GOVERNANCE CORPORATE GOVERNANCE GENDER & RACIAL/ETHNIC DIVERSITY 20% 20% 80% DIRECTOR TENURE 30% 10% 10% 6 to 10 50% 80% RACIAL/ETHNIC DIVERSITY Identifies as racial/ethnic mino 11 to 15 16+ years AGE DIVERSITY 10% Identifies as Caucasian GENDER DIVERSITY Identifies as female Identifies as male 50% 40% 45-55 56-65 66+ Increased size of Board to 10 directors, increasing both gender and racial diversity of the Board by 20% Board delegated to the Nominating and Governance Committee (N&G) responsibility for the oversight and review of ESG matters Amended the N&G Committee Charter to require that initial list of director candidates include qualified under- represented candidates, taking into account factors such as gender, race and ethnicity 2022 SUSTAINABILITY REPORT Increased stock ownership requirements for directors and officers to further align with stockholders' interests Created Management Sustainability Committee Formalized a Human Rights Statement to address issues relevant to the company and our industry ATSG Slide | 42 ATSG#43|ATSG BREAK ~10 MINUTES 10 10 10 10 n " 16 100 BOO DO Slide | 43 ATSG#44|ATSG FINANCIAL OUTLOOK 10 10 10 10 n 16 " 100 BOO DO Slide | 44 ATSG#45-FINANCIAL FINANCIAL OUTLOOK DISCUSSION Historical consolidated and segment performance Consolidated and segment outlook Capital spending and free cash flow outlook Cash flow visibility and capital allocation priorities Strong balance sheet and access to debt capital Understated Asset Value Valuation Upside Slide | 45 ATSG#46-FINANCIAL RESILIENT FINANCIAL PERFORMANCE Track record of strong Revenue and Adj. EBITDA* growth, with consistent margins Resilient business model delivered strong performance through pandemic years ATSG HISTORICAL PERFORMANCE $2,045 $1,734 $1,571 $1,452 $641 $452 $497 $541 ($ in millions) 12% 3-Year Revenue CAGR 2019 2020 2021 2022 Revenue ■Adj. EBITDA * * Non-GAAP measure, please see enclosed GAAP reconciliation Slide | 46 ATSG#47-FINANCIAL SEGMENT ADJ. EBITDA * EVOLUTION Leasing business a large and growing contributor to Adj. EBITDA* over time 38% 2019 62% Total = $452 38% 2020 62% Total = $497 CAM Leasing * Non-GAAP measure, please see enclosed GAAP reconciliation ** ACMI 2020 and 2021 excludes the benefit of $47M and $112M respectively from government grants *** Results of non-reportable businesses and reconciling items; See appendix for non-GAAP reconciliation 32% 2021 68% Total = $541 ACMI✶✶ Other Services*** 34% 2022 ($ in millions) Total = $641 66% Slide | 47 ATSG#48-FINANCIAL LEASING SEGMENT PERFORMANCE Strong growth from record deployment of converted freighters supporting e-commerce growth ADJ. EBITDA* PERFORMANCE $426 $368 $307 $282 2019 2020 2021 2022 94 100 107 111 CAM OWNED IN-SERVICE FLEET (YE) * Non-GAAP measure, please see enclosed GAAP reconciliation ($ in millions) 15% 3-Year EBITDA CAGR Slide | 48 ATSG#49-FINANCIAL FLYING + SUPPORT SERVICES PERFORMANCE = Strong historical revenue growth and consistent adj. EBITDA margin performance across varying economic environments. HISTORICAL PERFORMANCE* $1,366 $1,284 13% 14% * Combined ACMI + Other Services results $170 2019 ** Non-GAAP measure, please see enclosed GAAP reconciliation $190 $1,461 ($ in millions) $1,728 10% 3-Year Revenue CAGR -12% 12% $173 $215 2020 2021 2022 Revenue Adj. EBITDA ** Adj. EBITDA %** Slide | 49 ATSG#50($ in millions) -FINANCIAL STRONG LEASING GROWTH OUTLOOK Expect to deploy 43 newly converted freighters to lease customers in 2023 through 2025 LEASING ADJ. EBITDA OUTLOOK $426 $430 - $435 $525 - $530 $465 - $470 2022 2023E 2024E 2025E Slide | 50 ATSG#51-FINANCIAL STABLE FLYING OUTLOOK Performance trends back toward pre-COVID levels Consistently high service performance creates opportunities for provider replacement and additional growth with customers. ACMI + OTHER SERVICES ADJ. EBITDA OUTLOOK $215 $180 - $185 $180 - $185 $175 - $180 ($ in millions) 2022 2023E 2024E 2025E Slide | 51 ATSG#52-FINANCIAL FUTURE SUCCESS Strong existing customer base, and delivery of additional converted freighters, expected to drive strong Adj. EBITDA growth through 2025 Leasing grows to approximately 75% of Adj. EBITDA in 2025E Adj. EBITDA CAGR of 7.7% since 2019-2025 CONSOLIDATED ADJ. EBITDA* OUTLOOK $700 - $710 $641 $645 - $655 $610 - $620 $541 $497 $452 2019 2020 * Non-GAAP measure, please see enclosed GAAP reconciliation ($ in millions) 2021 2022 2023E 2024E 2025E Slide 152 ATSG#53-FINANCIAL ($ in millions) HISTORICAL CAPEX AND ADJ. FREE CASH Capital Spending $718 $599 $510 $505 $454 $510 $412 $353 $322 $328 $126 $157 $183 $187 $208 2019 2020 2021 2022 TTM 2Q23 Sustaining Growth Adj. Free Cash Flow* $400 $355 $271 $285 SUSTAINING CAPITAL EXPENDITURES GROWTH CAPITAL EXPENDITURES Cost of planned airframe maintenance, engine overhauls, technology, and other property and equipment. Cost of aircraft acquisitions and freighter modifications. $423 Adj. Free Cash Flow in 2022 negatively impacted by timing of a fuel receivable, which was collected in 2023 Trailing Twelve Month Adj. Free Cash flow has consistently been $375 - $400 million range 2019 2020 2021 2022 TTM 2Q23 * Adj. Free Cash Flow is Non-GAAP measure defined as Net Cash from Operations minus Sustaining Capital Slide 153 ATSG#54-FINANCIAL PATH TO STRONG FREE CASH GENERATION Capital Spending ($ in millions) LEASE DEPLOYMENTS 2023 2024 2025 B767-300 14 9 LO 5 $785 A330-300 0 3 3 $599 $605 A321-200 5 4 0 $545 $320 $412 $440 TOTAL 19 16 8 $170 $187 $240 $165 $150 IN/AWAITING CONVERSION AT 19 13 7 YEAR END 2022 2023E 2024E 2025E Sustaining Growth Free Cash Flow* $210 ($55) 2022 2023E 2024E 2025E ($127) ($193) * Free Cash Flow is a Non-GAAP measure defined as Net Cash from Operations minus Capital Spending FCF outlook calls for improving trend through 2025 as focus is narrowed to key customer demand Retain flexibility to increase converted freighter deployments if outlook warrants Slide 154 ATSG#55-FINANCIAL STRATEGIC CAPITAL ALLOCATION Business model generates strong recurring cash flow Sustaining Capex Growth Capex Share Buy Back Debt Paydown Strategic M&A Invest to maintain existing fleet, engines, facilities, and other services portfolio Fund feedstock purchases and conversions to support lease portfolio growth at attractive returns Available when the market is not reflecting appropriate value for our unique strategy and asset base Maintain conservative leverage profile of under 3.0x debt to EBITDA under bank agreement History of successful and synergistic acquisitions (e.g., Omni, CHI, Pemco) Slide 155 ATSG#56-FINANCIAL CASH FLOW VISIBILITY Recurring revenue streams, multi-year agreements account for >80% of current revenue; majority from investment grade credits Growth capital is discretionary and based on expected future returns Non-discretionary sustaining capex is expected to decline and is not impacted by additional owned aircraft as leased freighter maintenance is responsibility of lessees. FY 2023E REVENUE BY TYPE* RECURRING > 80% NON- RECURRING <20% *Recurring revenue includes revenues under customer agreements with more than 12 months in duration. Slide 156 ATSG#57-FINANCIAL STRONG BALANCE SHEET WITH ACCESS TO DEBT CAPITAL TOTAL DEBT MATURITY VALUES $1,527 $1,518 $1,319 $1,459 $1,640 LEVERAGE RATIO BANK AGREEMENT 3.6X 2.8X 2.0X 2.2X 2.7X OWNED AIRCRAFT INCLUDING IN- CONVERSION 104 108 121 133 137 $259 $759 $1,035 $839 $959 $1,268 $759 $620 $605 $360 2019 2020 2021 2022 2023PF Secured Unsecured ($ in millions) Funded fleet expansion of 33 owned aircraft with minimal increased debt Currently >$1.5 billion of available unencumbered aircraft collateral Low debt leverage ratio allowed for opportunistic share repurchase 75% of 2023PF total debt maturity is at a fixed interest rate Rated just below investment grade by Moody's (Bal) and S&P (BB+) Slide 157 ATSG#58-FINANCIAL STRONG UNDERLYING ASSET VALUE Book Value of B767-300 freighters below market value by ~$350 million 75 767-300 freighters currently in service $20.0 Average Book Value per 767-300 $24.8 Estimated Market Value* * Based on an estimated replacement cost to place a new 767-300 in service of $33 million; adjusted for life since conversion, or $4.8 million per plane more than carrying value; approximately $350 million total above carrying value $350 Estimated Market Value less Carrying Value ($ in millions) Slide 1 58 ATSG#59-FINANCIAL REDUCTION IN SHARE COUNT 9.4 million shares repurchased since October 2022 (12.6% of shares outstanding at 9/30/22) Board share repurchase authorization of $103 million remaining ✓ August 2023 convert financing resulted in repurchase of 5.4 million shares and retirement of $204 million of the convertible issued 2017, resulting in a further reduction of 6.4 million in the diluted share count GAAP Diluted Share Count 86.4 83.1 79.5 73.0 67.0 4Q22 1Q23 2Q23 3Q23E 4Q23E Slide 1 59 ATSG#60-FINANCIAL SIGNIFICANT VALUATION UPSIDE ATSG trades at a significant discount on a sum-of-the-parts basis; Current stock price of ~$21 reflects a multiple of only 6x Leasing EBITDA, while valuing the rest of the business at $0 2023E ADJ. EBITDA FLYING & SUPPORT SVS $180-185 LEASING $430-435 TOTAL: $610-620 CURRENT INDICATIVE 2023 EV/EBITDA MULTIPLES 5-8x AIRLINE PEERS 9-10x LEASING PEERS 5x CURRENT ATSG MULTIPLE Slide 160 ATSG#61|ATSG CLOSING REMARKS 10 10 10 10 n 16 " 100 BOO DO Slide 1 61 ATSG#62-ATTRACTIVE INVESTMENT OPPORTUNITY Strong balance sheet and emerging free cash flow Strong existing base of leased aircraft ATSG has a best-in-class value proposition for investors to a well-positioned global e- commerce enabler. Our bundled solutions, including leasing, flying, and support services offers higher returns for shareholders, opportunities for our people, and flexible solutions for our customers. Conversion slot and feedstock position a competitive advantage ATSG AIR TRANSPORT SERVICES GROUP E-commerce demand outlook remains positive Bundled solution set unmatched in the industry New aircraft platforms build on midsize credibility looking toward the future Slide 1 62 ATSG#63|ATSG QUESTION AND ANSWER 10 10 10 10 n 16 " 100 BOO DO Slide 1 63 ATSG#64ATSG GUESTS Joe Hete Board of Directors, Chairman Todd France President, CAM Jeff Dominick Chris Teets Board of Directors Board of Directors Matt Fedders VP, Controller Trisha Frank VP, Government Programs Ed Koharik Chief Operating Officer Russ Smethwick VP, Treasury & Corporate Development Kym Cooper Parks Director, Marketing Slide 164 ATSG#65|ATSG APPENDIX 10 10 10 10 n " 16 100 BOO DO Slide 165 ATSG#66-FINANCIAL FINANCIAL DETAILS METRIC CAM ADJ. EBITDA* 2022 2023E 2024E 2025E 426 430-435 465-470 525-530 ACMI+OTHER ADJ. EBITDA* 215 180-185 180-185 175-180 ATSG ADJ. EBITDA* 641 610-620 645-655 700-710 CAPEX (599) (785) (605) (320) GROWTH CAPEX (412) (545) (440) (170) SUSTAINING CAPEX (187) (240) (165) (150) Adj. FCF* 285 371 385 380 FREE CASH FLOW* * Non-GAAP measure, please see enclosed GAAP reconciliation (127) (193) (55) 210 ($ in millions) Slide 166 ATSG#67-SEGMENT ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION NON-GAAP RECONCILIATION ($ in thousands) Segment Earnings (GAAP) Remove: Government grants Add: lease incentive amortization Add: charges for non-consolidated affiliates Add: net loss (gain) on financial instruments Add: debt issuance costs Add: transaction fees Add: other non-service components of retiree benefit costs, net Add: impairment of aircraft and related assets Add: net charges for hangar foam incident Adjusted Pretax Earnings Add: net interest expense Add: Depreciation and amortization Adjusted EBITDA 2019 2020 2021 2022 CAM ACMI Other and Reconciling Leasing Services Items Other and Other and Total CAM ACMI Reconciling Leasing Services Items Total CAM ACMI Reconciling Leasing Services Items 68,643 32,055 (29,126) 71,572 77,424 114,128 (150,159) (47,231) 41,393 (47,231) 106,161 158,733 36,311 (111,673) 16,708 470 17,178 18,509 2,162 20,671 20,040 3,054 Total 301,205 (111,673) 23,094 CAM ACMI Reconciling Leasing Services 143,008 95,198 Other and Items 22,292 Total 260,498 20,118 3,145 23,263 17,445 17,445 13,587 13,587 2,577 2,577 7,607 7,607 12,302 12,302 100,771 100,771 (29,979) (29,979) (9,022) (9,022) 6,505 6,505 373 373 9,404 9,404 (12,032) (12,032) 39,075 39,075 (17,827) (17,827) (20,046) (20,046) 53 925 978 85,351 32,525 38,300 24,950 158,470 96,191 282,121 153,666 10,398 3,024 2,871 16,293 128,274 66,274 257,532 452,080 95,933 69,059 (8,758) 39,304 20,542 2,825 172,003 101,748 4,316 278,067 307,240 191,349 (1,617) 496,972 156,234 62,671 126,201 50,114 38,160 18,066 203,675 101,541 368,036 169,721 2,525 3,232 3,344 (2,413) 173,902 58,751 308,448 541,101 163,126 98,396 30,880 13,818 231,663 96,996 425,669 209,210 1,756 1,748 2,405 263,278 46,446 331,064 5,909 640,788 This presentation, including the attached non-GAAP reconciliation tables, contains financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States ("non-GAAP financial measures"). Management uses these non-GAAP financial measures to evaluate historical results and project future results. Management believes that these non-GAAP financial measures assist in highlighting operational trends, facilitating period-over-period comparisons, and providing additional clarity about events and trends affecting core operating performance and cash flows. Disclosing these non-GAAP financial measures provides insight to investors about additional metrics that management uses to evaluate past performance and prospects for future performance. Non-GAAP measures should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP and may be calculated differently by other companies. Slide 1 67 ATSG#68-ADJUSTED FREE CASH FLOW AND FREE CASH FLOW NON-GAAP RECONCILIATION 2020 2021 Net Cash Provided by Operating Activities (GAAP) Less Sustaining Capital Expenditures 2019 396,938 512,302 583,557 472,120 (125,464) (156,990) (183,104) (186,836) (207,680) 2022 TTM 2Q23 630,487 SUSTAINING CAPITAL EXPENDITURES Adj Free Cash Total (Non GAAP) Less Growth Capital Expenditures Free Cash (Non GAAP) 271,474 355,312 400,453 285,284 422,807 (328,038) (353,427) (321,644) (412,595) (510,466) (56,564) 1,885 78,809 (127,311) (87,659) GROWTH CAPITAL EXPENDITURES These measures facilitate the comparison of financial results among periods. Presenting these measures provides investors with comparative metrics of net cash generated from operations compared to capital expenditures and should not be considered an alternative to Net cash provided by operating actives or other GAAP cash flow metrics. ($ in thousands) Cost of planned airframe maintenance, engine overhauls, technology, and other property and equipment. Cost of aircraft acquisitions and freighter modifications. This presentation, including the attached non-GAAP reconciliation tables, contains financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States ("non-GAAP financial measures"). Management uses these non-GAAP financial measures to evaluate historical results and project future results. Management believes that these non-GAAP financial measures assist in highlighting operational trends, facilitating period-over-period comparisons, and providing additional clarity about events and trends affecting core operating performance and cash flows. Disclosing these non-GAAP financial measures provides insight to investors about additional metrics that management uses to evaluate past performance and prospects for future performance. Non-GAAP measures should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP and may be calculated differently by other companies. Slide 168 ATSG