Investor Presentaiton

-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

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