Slide l 1 INVESTOR PRESENTATION ATSG JOE HETE l CEO MIKE BERGER l PRESIDENT QUINT TURNER l CFO STEPHENS ANNUAL INVESTMENT CONFERENCE NOVEMBER 14, 2023

Slide l 2 AIR TRANSPORT SERVICES GROUP SAFE HARBOR STATEMENT Except for historical information contained herein, the matters discussed in this presentation 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. These factors include, but are not limited to, unplanned changes in the market demand for our assets and services, our operating airline's ability to maintain on-time service and control costs; the cost and timing with respect to which we are able to purchase and modify aircraft to a cargo configuration; fluctuations in ATSG's traded share price and in interest rates, which may result in mark-to-market charges on certain financial instruments; the number, timing and scheduled routes of our aircraft deployments to customers; our ability to remain in compliance with key agreements with customers, lenders and government agencies; the impact of current supply chain constraints, both within and outside the U.S., which may be more severe or persist longer than we currently expect; the impact of the current competitive labor market; changes in general economic and/or industry-specific conditions, including inflation; and other factors as contained from time to time in our filings with the SEC, including ATSG’s 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. This presentation also refers to non-GAAP financial measures from continuing operations, including adjusted earnings, adjusted earnings per share, adjusted pretax earnings, adjusted EBITDA, and adjusted free cash flow. Management believes these metrics are useful to investors in assessing ATSG's financial position and results. These non-GAAP measures are not meant to be a substitute for ATSG’s GAAP financials. We advise you to refer to the reconciliations to GAAP measures, which are included in the company’s 8-K and accompanying earnings release furnished and dated 11/06/2023.

Slide l 3 WORLD'S LARGEST FREIGHTER LESSOR BOEING 767F AIRBUS A321F AIRBUS A330F RECURRING STRONG CASH FLOW Growing portfolio of multi-year freighter leases & operating agreements GLOBAL LEASING NETWORK Currently leasing freighter aircraft in nine countries TOP PROVIDER OF U.S. E-COMMERCE FLYING Currently flying 63 freighter aircraft in DHL and Amazon Air networks TOP FREIGHTER LESSOR 91 89 44 35 34 Top 5 Global Freighter Lessors Source: Trade and Transport Group 10/2023

Slide l 4 -GLOBAL FLEET STRATEGY ($ in thousands)767-300 Freighter Our flagship offering will continue with one aircraft for lease delivered in November 2023; seven more expected in 2024 A321-200 Freighter We own the STC for conversion and have one aircraft for lease delivery in December 2023; five more expected in 2024 A330-200/300 Freighter First three for lease deliveries in 2H24; total of 30 conversion slots available for delivery through 2028 Freighter Fleet 767-200 Freighter 20 767-300 Freighter 75 A321-200 Freighter 2 767-300 Freighter (IC) 7 767-300 Feedstock 6 A321-200 Freighter (IC) 7 B767 Staging for Lease 1 118 IC = in or awaiting conversion Passenger Fleet 777-200 Pax 3 767-300 Pax 5 767-200 Pax 2 757-Combi 4 14 Total 132 OWNED FLEET 9/30/23

Slide l 5 -LEASING PROJECTED LEASE DEPLOYMENTS 2024 TYPE #1 #2 #3 #4 #5 #6 #7 #1 #2 #3 #4 #5 #1 #2 #3 A330-300 Q1 Q2 Q3 Q4 767-300 A321-200

Slide l 6 -LEASING MARKET OUTLOOK 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. TOTAL RETAIL & E-COMMERCE SALES WORLDWIDE $5.0 $5.3 $5.8 $6.3 $6.9 $7.5 $8.0 $26.4 $28.1 $29.7 $31.1 $32.5 $33.7 $34.9 18.9% 18.9% 19.5% 20.3% 21.2% 22.2% 23.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 2021 2022 2023 2024 2025 2026 2027 Global ecommerce Sales Global Retail Sales ecommerce as a % of Retail Sales AIR CARGOE-COMMERCE ($ in trillions) Airfreight continues to show declines, imports from Asia were down almost 16% in September and 24% for the first nine months of the year and the decline isn’t isolated to Chinese trade AVAILABLE CAPACITYCARGO SUPPLY Source: Trade & Transport Group US Trade Monitor, emarketer June 2023, IATA Monthly Statistics

Slide l 7 LEASING FLYING SUPPORT SERVICES 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 -ATSG MARKET STRATEGY WE ARE the backbone of our customers’ U.S. express networks and the largest commercial mover of troops for the DoD WE ARE the world’s largest freighter aircraft lessor to companies that support express networks around the world WE ARE a provider of critical ancillary services that add incremental returns and differentiate us from any lessor

Slide l 8 -ATSG CUSTOMERS EMBRACE LEASE PLUS SOLUTIONS MODEL ATSG provides customers a holistic solution across leasing, flying and value-added support services