Investor Presentaiton

-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

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