Air Methods Corporation

NASDAQ: AIRM

Corporate Presentation
May 2011

Forward Looking Statements

This presentation includes certain forward-looking statements, including stock prices, EBITDA and EBITDA multiples which are subject to various risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including but not limited to the size, structure and growth of the Company's air medical services and products markets; flight volume of community-based operations; collection rates for patient transports; the continuation and/or renewal of air medical service contracts; the acquisition of new and profitable Products Division contracts and other flight fli ht service operations; th successful expansion of th communityi ti the f l i f the it based operations, and other matters set forth in the Companys public filings.

Air Methods Profile

AIRM is the largest provider of air medical transportation services in the estimated $2.5 Billion U.S. market, transporting approximately 100,000 patients in 2010 and operating in 39 states.

Two Service Delivery Models

Community-Based Services (CBS) Community Based

AIRM owns program and provides ALL services, including medical

Hospital-Based Services (HBS)

Hospital owns the program, while AIRM provides the aviation services to hospital as a vendor

Differences of Service Delivery Models

Community-Based S i C i B d Services (CBS)
64% of TTM Flight Revenues Typically no contract with third party Aviation services PLUS medical staffing, dispatch and communications, and billing and collections 100% variable revenue stream 38 c a , ases 138Aircraft, 114 Bases Approx. $3.1 million of revenue and $705,000 of average net pre-tax divisional profit per base Growth primarily driven from outsourced hospital programs, new base expansion and increases in reimbursement

Hospital-Based Services H i l B dS i (HBS)

36% of TTM Flight Revenues Long term contract with hospital Aviation services only Approx. 78% fi d revenue stream A fixed 167 Aircraft, 121 Bases Approx. $1.6 million of revenue and $136,000 f t t di i i l fit of average net pre-tax divisional profit per base Growth primarily driven from satellite p , expansion, new contracts and annual contractual prices
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Combined Flight Services Map

Hospital Base Community Base Headquarters - Denver Support Facilities Rialto, Rialto CA; St Louis; St. Denver; Pittsburgh Dispatch Omaha, NE

Key Growth Drivers

Growth of CBS Operations

2008 CBS Revenue Growth Re en e Gro th Divisional Contribution Patients Transported Patients Transported + Missed due to Weather # of Bases Fleet Size Net Revenue per Transport T t $297,388 $297 388 $40,887 42,394 42 394 55,797 100 129 $6,878 2009 $287,425 $287 425 $42,883 39,613 39 613 53,665 105 131 $7,310 % Change (3.4%) (3 4%) 4.9% (6.6%) (6 6%) (3.8%) 5.0% 5 0% 1.6% 6.3% 2010 $337,057 $337 057 $70,291 40,046 40 046 53,585 113 134 $8,457 % Change 17.3% 17 3% 63.9% 1.1% 1 1% (0.1%) 7.6% 7 6% 2.3% 15.7% TTM 3/31/11 $350,152 $350 152 $79,897 40,329 40 329 54,389 114 138 $8,719 % Change 3.9% 3 9% 13.7% 0.7% 0 7% 1.5% 0.9% 0 9% 3.0% 3.1%

CBS Operational Growth Drivers

Pricing power
Net revenue per transport increased 16% in 2010 despite slight deterioration in payer mix.

Conversion of HBS bases to CBS bases

Five conversions since 5/10 have contributed $6.8 million of annualized contribution.

Conversion of older twin engine aircraft to single engine aircraft

Converted 17 twin engine aircraft to single engine aircraft during 2010 with an annual savings in excess of $200,000 per helicopter. New aircraft have a higher in-service rate when compared to older aircraft.

Ancillary revenue
FEMA/Disaster Recovery contract renewed at favorable terms. No revenue the past two years.

CBS base additions

Thirteen green fi ld b Thi field base expansions since 1/09 h i i have contributed $11 5 million of annualized ib d $11.5 illi f li d contribution.
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CBS Patient Transports

8,875

# of Transports T

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CBS Net Revenue Per Transport

(After Medicare/Medicaid Discount & Bad Debt Expense)
$8,837

Key Variables
Price Increases Payor Mix Collection Percentage by Payor Type

16.0% increase since 1/10 9.7% compounded annual increase during the last three years
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CBS Payor/Reimbursement Mix

Patient Mix
(TTM 12/31/10)

Reimbursement Rate by Payor

(TTM 9/30/10)

14% 21% 29% 36%

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Potential Growth Through Improved Payor/Reimbursement Mix

Potential increase in EBITDA if return to 12/31/07 (pre-recession) payor mix - $37 million. Potential EBITDA impact of Health Care Reform:
1% shift from Uninsured to Medicaid = $1.1 million 1% shift from Uninsured to Medicare = $2.7 million 1% shift from Uninsured to Insured = $6 9 million $6.9

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Growth of HBS Operations

2008 2009 % Change 5.7% 5 7% 391.4% (11.0%) 2010 % Change 1.1% 1 1% (5.3%) (4.7%) TTM 3/11 $189,104 $189 104 $15,900 121 4 5 (2.9%) 167 % Change 0.4% 0 4% 5.3% (1.6%)

HBS Revenue Growth (1) Divisional Contribution (1) # of Dedicated Bases New Bases added during period Outsourced Bases Fleet Size

$176,311 $176 311 $4,074 145 8

$186,431 $186 431 $15,946 129 3

$188,282 $188 282 $15,098 123 4 5

178

172

(3.4%)

167

(1) Excludes revenue and divisional contribution from bases converted to CBS operations
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AIRM Free Cash Flow

($ Millions)

FY 2008 EBITDA Interest Income Taxes Cap Ex, Excluding Asset Buyouts and Sales Purchase of Treasury Stock Excess Cash Flow $50.0 $ $5.1 $(15.7) $14.7 $4.9 $41.0

FY 2009 $71.5 $ $4.9 $9.8 $11.0 $45.8

FY 2010 $101.0 $ $5.7 $19.6 $15.1 $60.6

TTM 3/11 $111.4 $ $5.4 $20.0 $14.3 $71.7

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Uses of Free Cash Flow

Opportunity to convert aircraft rentals to EBITDA 2010 cost of $29.7 million with annual rent reduction of $5.4 million 2011 cost of $49.2 million with annual rent reduction of $6.7 million 2012 cost of $106.6 million with annual rent reduction of $15.7 million d i f $1 illi
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Opportunity for Additional Consolidation

AIRM - $545M TTM
Based on Revenue

National Competitors (4) Air Medical Group Holdings (Air Evac/MedTrans)- est. TTM $360M (recently acquired for 9.5 x EBITDA) PHI, Inc. - $161M OmniFlight, Inc. - est. TTM $175M Metro Aviation, Inc. - est. TTM $75M e o v a o , c. es . $75 Regional Competitors (numerous) Reach - est. TTM $50M Hospitals and Other - est. $1.2B
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Products Division
E Expert in design, engineering, manufacturing, i d i i i f i installation and certification of aero medical and aerospace products Supports AIRM fleet ISO 9001 certified Includes two exclusive military contracts to retro fit Blackhawk helicopters and Medical Evacuation Vehicles (MEV) with anticipated (MEV), significant future orders Good gross margins Significant backlog over $20 million
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Summary of Opportunities & Positive Trends

Continued i i C ti d pricing power for CBS transports f t t Conversion of twin engine aircraft to single engine aircraft Potential for FEMA revenue in 2011
none in 2010 or 2009

Balance sheet strength and cash flow

opportunities to buy out leases

Outsourcing opportunities for HBS Division Favorable valuation to recent private equity valuations F bl l i i i l i Potential for improved reimbursement
payor mix shift and Health Care Reform

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Summary of Operational Challenges/Uncertainties

Recent softness in demand for service due to the economy and weather Th economy and its impact on payor mix The d it i t i Health Care Reform uncertainties R Retention of key hospital contractual relationships i fk h i l l l i hi Industry accidents and their impact on regulatory environment, insurance costs and public confidence i t d bli fid Renewing collective bargaining agreement (expired April 30, 2009) P t ti l increase in aircraft within the industry and the related Potential i i i ft ithi th i d t d th l t d increase in capacity
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