BOC Aviation : Morgan Stanley Twenty-First Annual Asia Pacific Summit

BOC Aviation Investor Presentation

NOVEMBER 2022

Disclaimer

This presentation contains information about BOC Aviation Limited ("BOC Aviation"), current as at the date hereof or as at such earlier date as may be specified herein. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of BOC Aviation or any of its subsidiaries or affiliates or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities.

Certain of the information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this presentation. The information set out herein may be subject to revision and may change materially. BOC Aviation is not under any obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice.

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Any securities or strategies mentioned herein (if any) may not be suitable for all investors. Recipients of this document are required to make their own independent investigation and appraisal of the business and financial condition of BOC Aviation and/or any other relevant person, and any tax, legal, accounting and economic considerations that may be relevant. This document contains data sourced from and the views of independent third parties. In replicating such data in this document, BOC Aviation does not make any representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should not be treated as an indication that BOC Aviation agrees with or concurs with such views.

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3Q 2022 and Recent Developments

	• 612 aircraft owned, managed and
	on order1
	• 4.3 years2 average fleet age; 8.2
STRONG ASSET	years2 average remaining lease
term
QUALITY
• 96% aircraft utilization rate

• 12 aircraft deliveries, including six used aircraft transitions
• 21 lease commitments signed
  PROACTIVE • Committed to acquire nine new

INVESTMENT	aircraft,	including	six	Airbus
STRATEGY	A320NEO	aircraft	placed	with

JetSMART

	• US$6 billion of available liquidity3
	• More than covers 2H 2022 target
		capex and maturing liabilities
ROBUST	•	Well positioned to support future
LIQUIDITY		investment
	•	Limited refinancing required

A	• A- by S&P Global Ratings
STRONG CREDIT • A- by Fitch Ratings
RATINGS

• Delivered seven new Boeing 787 aircraft from our orderbook to American Airlines since delivery of
  the 787 aircraft resumed in

FUTURE	August 2022
• Expecting	another 11	to be
GROWTH
	delivered	to American	Airlines

through to end-2023

EXPERIENCED

MANAGEMENT AND

OWNERSHIP

• Experienced management team successfully managed through multiple cycles
• Bank of China provides ongoing support

Long-term sustainable growth

All data as at 30 September 2022 unless otherwise indicated

See Appendices - Endnotes

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How We Invest

Number of aircraft delivered, purchased and sold

		Global		European		Opportunistic PLB
	Financial			acquisitions in the					Covid-19
			Crisis
		Crisis				down cycle
									19	41
							24		13
							(3)	9	16	14	41	22
		45				27
					16			7	4
			22				6
			18		17
	14	31	21							43	29	15
	5				58	61
	12	6	5		41	44	48	50		11
(5)
	27	31					23
14	17	22	22								15
7								11
		(10)	(10)	(6)										(6)
(12)	(12)	(3)	(21)							(12)	(23)
						(33)		(37)	(30)	(34)	(28)	(1)	(5)
							(43)
													(7)
										(3)		(12)
										(5)
									(11)
								(10)
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	Sep-22
High liquidity	Low liquidity	Low liquidity					High liquidity
			From orderbook	From PLB	Owned aircraft sold	Acquired by airline lessee at delivery
				Investing in aircraft through multiple cycles

All data as at the end of the relevant period

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Popular and Fuel-Efficient Fleet

Our aircraft portfolio

Aircraft type	Owned aircraft	Managed aircraft	Aircraft on order1	Total
Airbus A320CEO family	100	15	0	115
Airbus A320NEO family	93	0	117	210
Airbus A330CEO family	8	1	0	9
Airbus A330NEO family	6	0	0	6
Airbus A350 family	9	0	0	9
Boeing 737NG family	72	14	0	86
Boeing 737 MAX family	52	0	50	102
Boeing 777-300ER	27	4	0	31
Boeing 787 family	23	1	14	38
Freighters	5	1	0	6
Total	395	36	181	612

100% of orderbook comprises latest technology aircraft

All data as at 30 September 2022

See Appendices - Endnotes

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