X0304 4 2011-08-25 0 0000894081 Air Transport Services Group, Inc. ATSG 0001374566 MESDAG WILLEM 10100 SANTA MONICA BOULEVARD SUITE 925 LOS ANGELES CA 90067 0 0 1 0 0001374588 RED MOUNTAIN CAPITAL PARTNERS LLC 10100 SANTA MONICA BOULEVARD SUITE 925 LOS ANGELES CA 90067 0 0 0 1 Please refer to Remarks below. 0001374602 RED MOUNTAIN CAPITAL PARTNERS II, L.P. 10100 SANTA MONICA BOULEVARD SUITE 925 LOS ANGELES CA 90067 0 0 0 1 Please refer to Remarks below. 0001374600 RED MOUNTAIN CAPITAL PARTNERS III, L.P. 10100 SANTA MONICA BOULEVARD SUITE 925 LOS ANGELES CA 90067 0 0 0 1 Please refer to Remarks below. 0001374607 RED MOUNTAIN CAPITAL MANAGEMENT INC 10100 SANTA MONICA BOULEVARD SUITE 925 LOS ANGELES CA 90067 0 0 0 1 Please refer to Remarks below. 0001374606 RMCP GP LLC 10100 SANTA MONICA BOULEVARD SUITE 925 LOS ANGELES CA 90067 0 0 0 1 Please refer to Remarks below. Common Stock 3176148 I See footnote and Remarks below. Common Stock 2011-08-25 4 P 0 345800 4.8664 A 5551882 I See footnote and Remarks below. Common Stock 2011-08-26 4 P 0 300400 5.2710 A 5852282 I See footnote and Remarks below. Common Stock 2011-08-29 4 P 0 409300 5.5120 A 6261582 I See footnote and Remarks below. These shares are held directly by Red Mountain Capital Partners III, L.P. ("RMCP III") These shares are held directly by Red Mountain Capital Partners II, L.P. ("RMCP II") Weighted average price of shares acquired on August 25, 2011. Weighted average price of shares acquired on August 26, 2011. Weighted average price of shares acquired on August 29, 2011. This Form 4 is jointly filed by (i) Red Mountain Capital Partners LLC ("RMCP LLC"), (ii) RMCP II, (iii) RMCP III, (iv) RMCP GP LLC ("RMCP GP"), (v) Red Mountain Capital Management, Inc. ("RMCM"), and (vi) Willem Mesdag. RMCP is the general partner of each of RMCP II and RMCP III. RMCP LLC is the managing member of RMCP GP. RMCM is the managing member of RMCP LLC. Mr. Mesdag is the president, sole executive officer, sole director and sole shareholder of RMCM. Each of the reporting persons hereunder disclaims beneficial ownership of the reported securities except to the extent of its or his pecuniary interests therein. In addition, RMCP II disclaims beneficial ownership of any securities held directly by RMCP III, and RMCP III disclaims beneficial ownership of any securities held directly by RMCP II. Each reporting person (other than Mr. Mesdag) disclaims beneficial ownership of any securities held directly by Mr. Mesdag. This Form 4 shall not be deemed to be an admission that any reporting person hereunder is the beneficial owner of any of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. /s/ Willem Mesdag (on behalf of himself and the Red Mountain Entities) 2011-08-29