Investor Presentaiton

-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

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