1

1

2009 Fourth Quarter and Year-end

Investor Conference Call

April 1, 2010, 10:00 am EDT

Exhibit 99.1

2

2

Safe Harbor

Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that

involve risks and uncertainties. There are a number of important

factors that could cause Air Transport Services Group's

("ATSG's") actual results to differ materially from those indicated by such forward-looking statements. These factors include, but

are not limited to, changes in market demand for our assets and services, the timely completion of 767 freighter modifications as

anticipated under ABX Air’s new operating agreement with DHL, ABX Air’s ability to maintain on-time service and control costs

under its new operating agreement with DHL, and other factors that are contained from time to time in ATSG's

filings with the U.S.

Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers

should carefully review this release 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 release. 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.

ATSG, Inc. Non-GAAP Reconciliation

Earnings from Continuing Operations Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)

(Unaudited)

EBITDA and Adjusted EBITDA are non-GAAP financial measures and should

not

be

considered

alternatives

to

net

income

(loss)

or

any

other

performance

measure

derived

in

accordance

with

GAAP.

EBITDA

is

defined

as

income

(loss)

from

operations

plus

net

interest

expense,

provision

for

income

taxes,

depreciation

and

amortization.

The

Company’s

management

uses

these

adjusted

financial

measures

in

conjunction

with

GAAP

finance

measures

to

monitor

and

evaluate

the

performance

of

the

Company,

including

as

a

measure

of

liquidity.

EBITDA

and

Adjusted

EBITDA

should

not

be

considered

in

isolation

or

as

a

substitute

for

analysis

of

the

Company’s

results

as

reported

under

GAAP,

or

as

alternative

measures

of

liquidity.

2007

 2008

2009

14,823

(62,848)

28,202

Income Tax Expense

10,898

6,229

17,156

Interest Income

(4,557)

(2,335)

(449)

Interest Expense

14,067

37,002

26,881

Depreciation and amortization

51,635

93,752

83,964

86,866

71,800

155,754

Impairment of goodwill and

intangibles

0

91,241

0

86,866

163,041

155,754

GAAP Earnings (Loss) from Cont.

Reconciliation Statement ($ in 000s)

Adjusted EBITDA from Cont. Oper.

EBITDA from Cont. Oper.

3

3

2009 Financial Performance

Annual Results

$ in millions

Pre-tax Earnings

From Continuing Operations

2008

$45.4

2009

$34.6*

* Excluding goodwill and intangible impairment charges

Revenues

from Continuing Operations

$451.4

2008

$941.7

$823.5

$29.1

2009

Non-DHL

-$56.6

DHL ACMI

DHL S&R Agreement

$419.3

$282.8

$121.4

$461.2

4

4

2009 Financial Performance

Fourth Quarter Results

$ in millions

2008

$17.6

2009

$25.6*

* Excluding goodwill and intangible impairment charges

Revenues

from Continuing Operations

$116.9

2008

$257.0

$250.5

$22.7

2009

Non-DHL

-$65.7

DHL ACMI

DHL S&R Agreement

$120.0

$58.0

$72.5

$117.4

Pre-tax Earnings

from Continuing Operations

5

5

Debt declines $135.1m, 26.4%

Transfer of

Aircraft Capital

Leases to DHL

$46.3

$43.1

Principal

payments

2008

Long –term

Debt

$377.4

$512.5

$45.7

DHL Promissory

Note

Extinguishment

2009

Long –term

Debt

$ in millions

6

6

Post -retirement obligations decline $144.6m, 48.6%

Gains on

Assets

2008 Post-

Retirement

Obligations

$152.7

$297.3

Actuarial Costs

& Adjustments

2009 Post -

Retirement

Obligations

$83.2

$75.8

$71.7

Employer

Contributions

Workforce

contraction

and plan freeze

$57.3

$ in millions

7

7

2009 Results –

DHL Segment*

* From continuing operations

2008

2009

2008

2009

Revenues

Pre-tax Earnings

Block hours down 78% as DHL

converted U.S. to international-

only service in January 2009

Severance & retention includes

gains on pilot S&R, vacation

reimbursement.

Excludes discontinued operations

(Hub Services and fuel)

$282.8

$451.4

$121.4

$29.1

$404.2

$480.5

$11.2

$13.6

$16.7

$27.9

$14.4

$0.8

ACMI

S&R

8

8

2009 Results –

ACMI Services*

* Earnings include intangible charges totaling $91.2 million pre-tax for goodwill, customer intangibles

2008

2009

Revenues

Pre-tax Earnings

11% increase in block hours

reflect additional 767s in service

Fuel costs down 42%, lowering

reimbursement revenues

ABX Air ACMI losses, including

transatlantic scheduled service

$289.5

$292.8

$75.2

$128.2

$0.5

$7.1

$364.7

$421.0

2008

2009

Fuel & other Reimbursable

ACMI

Impairment charges

-$84.1

-$91.2

9

9

2009 Results -

CAM

2008

2009

2008

2009

Revenues

Pre-tax Earnings

Seven 767 aircraft added

during 2009

767 conversion program on

track with seven of 14 now

completed or in mod

Amerijet completes leases for

first of two 767s in March 2010

including certification, pilot

training, maintenance, etc.

$47.5

$60.7

$18.1

$22.8

10

10

Adjusted EBITDA from Continuing Operations*

2007

$86.9

*Adjusted EBITDA from Continuing Operations is a non-GAAP financial measure and should not be considered as an alternative to net income (loss) or

any other performance measure derived in accordance with GAAP. 2008 amounts exclude impairment charges totaling $91.2 million related to goodwill

and

customer

intangibles.

Please

refer

to

Slide

2

for

a

statement

showing

a

reconciliation

of

Adjusted

EBITDA

from

Continuing

Operations

to

GAAP

Net

Income."

$163.0

2008

2009

$155.8

11

11

Termination Agreement

Settle DC-9 and B767 PC puts at $31.1 million

$15 million pre-payment on DHL Promissory note

Remaining $31 million note balance amortized over 5 years, with any

outstanding balance forgiven if CMI contract terminated

DHL pays $14.4 million under S&R agreement

$3.2 million previously paid by DHL

$11.2 million to be paid per agreement in 2Q

12

12

Aircraft Leases

Minimum 13 B767SF aircraft for seven years

Seven on day one, remainder by April 2011

Interim 767s supplied under similar economic terms

Leases guaranteed by Deutsche Post AG, DHL’s

parent

DHL responsible for routine airframe heavy

maintenance

13

13

Crew, Maintenance and Insurance (CMI) Agreement

Five year agreement through March 2015

Two year extension right at DHL’s option; Five year mutual

Fixed price with escalators through 2012; thereafter U.S. CPI-U

Exclusive operator first 13 767SFs in DHL network

ABX Air provides 767s as backup support

Monthly incentives for on-time performance

penalty for service below target

Heavy maintenance provided by AMES

Termination provisions

Material fee paid by DHL for termination for convenience

Material fee paid by ABX Air if DHL terminates due to ABX Air default 

14

14

Building Integrated, Flexible Customer Solutions

New DHL agreements demonstrate flexibility

Lease/CMI approach an option for new customer relationships

Unlocks value of aircraft from ACMI

Provides long-term platform for crew, maintenance value-adds

More focused marketing strategy

Unique solutions for customers drawing on strengths of multiple ATSG

businesses

Amerijet

an example of ATSG’s

ability to offer aircraft, crew, airframe

and engine maintenance, certification, training, and logistics in a single

turnkey package

Market begins to take note of the new ATSG

Uncertainty lifted

Asset quality and cash flow capability clearly evident