#1AVIATION CAPITAL GROUP 737-8 Q4 2023 Investor Presentation AVIATION CAPITAL GROUP A Tokyo Century Company#2Important Notice The information contained in the following slides is presented without any liability whatsoever to Aviation Capital Group LLC or any of its related entities (collectively "ACG", the "Company", "we" or "our") or their respective directors or officers. If any information contained in these slides has been obtained or compiled from outside sources, such information has not been independently verified by ACG. The use of registered trademarks, commercial trademarks and logos or photographic materials within this presentation are exclusively for illustrative purposes and are not meant to violate the rights of the creators and/or applicable intellectual property laws. ACG makes no representation or warranty, expressed or implied, as to the accuracy, completeness or thoroughness of the content of the information, and ACG disclaims any responsibility for any errors or omissions in such information, including any financial calculations, projections and forecasts. In particular, ACG makes no representation or warranty that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in the following slides should or will be achieved. This presentation includes forward-looking statements relating to ACG's business, industry and financial performance including, but not limited to, statements regarding ACG's orderbook. These statements may be identified by words such as "expect", "belief", "estimate", "plan", "anticipate", "target", or "forecast" and similar expressions or the negative thereof; or by the forward-looking nature of discussions of strategy, plans or intentions; or by their context. Actual results are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. The information contained in the following slides refers to ACG and its owned portfolio of aircraft (unless aircraft managed by ACG are noted as included) and does not include aircraft financed or guaranteed through ACG's Aircraft Financing Solutions program. All information is as of December 31, 2023, unless otherwise indicated. ACG does not undertake any obligation to update the information contained herein. Please note that in providing this information, ACG has not considered the objectives, financial position or needs of any reader. The reader should not construe this information as investment, legal, accounting or tax advice, and should obtain and rely on the reader's own professional advice from its tax, legal, accounting and other professional advisers. This presentation includes references to certain non-GAAP financial measures. Management believes that, in addition to using GAAP results to evaluate ACG's business, these non- GAAP financial measures can be useful to evaluate our financial condition and compare results across periods. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP. The non-GAAP measures used by ACG may differ from the non-GAAP measures used by other companies. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measure set forth in the Appendix. 1#3Premier Investment Grade Global Aircraft Lessor AVIATION CAPITAL GROUP A Tokyo Century Company Favorable macro backdrop and industry dynamics ✓ Global aircraft lessor with a scale portfolio of liquid aircraft New technology aircraft investment via multiple channels ✓ Long-term committed cash flows and contracted growth Investment grade issuer, conservative balance sheet Pursuing a more sustainable future 2#4Favorable Macro Backdrop and Industry Dynamics Strong Industry-Wide Recovery in 2023 36.9% YoY RPK growth in 2023¹ 82.3% global passenger load factor in 20231 Airline industry profitable again in 20232 OEM delivery delays constrained supply Rising lease rate factors Rising aircraft values Momentum continues into 2024 3#5Global Operations, Diversified Customer Base ~90 Lessees¹ Top Lessees + Avianca 8% Frontier Airlines 5% United States & Europe 24% Canada American Airlines 4% 17% COPA Airlines 4% spirit Spirit Airlines 4% Scandinavian Airlines 3% SAS LOT Polish Airlines 3% Sky Express 3% Central America, South America & VivaAerobus 3% Asiana Airlines 3% Mexico 22% Middle East & Africa 7% D Headquarters • Representatives ~45 Countries¹ Top Countries United States 14% Asia Pacific 17% China 13% Colombia 8% China 13% Mexico 6% South Korea 5% Greece 4% Vietnam 4% Panama 4% Israel 3% Sweden 3% 4#6Scale Portfolio of Liquid Aircraft Aircraft Family Owned Aircraft Managed Committed % NBV¹ Aircraft Aircraft Total Aircraft Total Aircraft Assets² Airbus A320neo 106 45% 6 53 165 $11.5B AVIATION Boeing 737 MAX 15 6% 47 62 CAPITAL GROUP Airbus A220 4 1% 20 20 24 New Technology Boeing 787 6 6% 2 8 Airbus A350 3 4% 3 Narrowbody by Count 97% Boeing 737 NG 88 19% 20 108 Airbus A320ceo 76 19% 27 103 Other³ 11 4 15 Fleet Age4 6.1 Years Total 309 100% 59 120 488 5#7New Technology Aircraft Investment Multiple Investment Channels Direct from OEM Sale-Leaseback Secondary Market New Technology Aircraft Investment Strategy LATION CAPITAL GROUT AVIATION CAPITAL GROUP A320neo Family B737 MAX Family Liquid High Demand AVIATION CAPITAL GROUP Opportunistic M&A B787 Family ATATION CANTAL G ALGROUP A220-300 A350-900 Large Production Runs Low Transition Costs Primarily Selective Narrowbody Widebody 6#8Long-Term Committed Cash Flows... Committed Lease Rentals ($B) 1 Committed lease rentals $6.5 billion 2.3 Portfolio Concentration by Lease Maturity² Weighted-average remaining lease term 6.8 years 35% 1.0 0.9 0.8 0.8 0.7 13% 9% 9% 8% 7% 5% 4% 5% 5% 2024 2025 2026 2027 2028 Beyond 2024 2025 2026 2027 2028 2029 2030 1 2031 2032 Beyond 7#9..and Contracted Growth Future Aircraft Deliveries 30 29 28 7 13 13 18 6 12 15 16 15 15 12 10 100% of ACG's orderbook is fuel efficient, new technology aircraft 25% Global Fleet¹ 2024 2025 2026 2027 2028 Airbus A320neo Family Boeing 737 MAX Airbus A220 43% ACG Owned % New Technology 59% ACG Owned + Commitments 8#10Investment Grade Issuer, Conservative Balance Sheet Investment Grade Ratings MOODY'S Baa2 Stable S&P Global BBB- Stable Conservative Debt Maturity Profile³ ($B unsecured debt) Solid Liquidity Position 1.6x forward liquidity coverage¹ Unsecured Funding Model 1.5x unencumbered asset coverage² • 1.7 1.5 1.5 1.2 0.9 0.5 2024 2025 2026 2027 2028 2029 2030 Diversified Funding Sources • $4.4B revolving credit facilities4 $6.0B unsecured senior notes • $2.7B raised globally in 2023 9#11Pursuing a more sustainable future ESG Report ALI Sustainability Charter Advocate for a hamework for Pub ESG disclosures leading by example and holding the industry to account assessing and mporting ESO The industry Advocate for Aviation's sunability agenda at the highest level using our position of influence to bring about meaningful change Acc Proactively address climate change, taking effective actions to lead transition to a low carbon future Pursue innovations and advocate the research and development of new low-carbon aircraft technologies (SAF, bydrogen etc.) Mrumise waste within our own operations and Ross arcraft fecycles by maximising reuse and recycling Empower local communities and support the development Promote the employees and continuously invest people Conduct business Create diversity & equal opportunities at the workplace and within the wider Aviation industry with the highest level of integrity and ensure compliance with regulatory systems HELPING SAF Investment Community Involvement HANDS Operational Efficiency Community Development AVIATION CAPITAL GROUP Business Ethics & Compliance Materiality Assessment Cybersecurity & Data Privacy Diversity, Equity | & Inclusion Innovation & Sustainable Aviation Industry Partnerships Sustainable Finance & Investment Circular Economy & Waste Management Responsible Supply Chain Carbon Management ESG Strategy Employee Health. & Wellbeing Climate Action Talent Attraction & Retention LOW AVERAGE HIGH VERY HIGH IMPACT ON ACG Sponsorships AIRLINK SUPPORTING COMMUNITIES IN CRISIS AVIATION CAPITAL GROUP A Tokyo Century Company the ISTATfoundation 10#12ACG Highlights Strong Investment Grade Ratings Baa2 / BBB- Moody's / S&P Scale Player 488 Most Liquid Assets 97% Young Fleet 6.1 years Transitioning to New Technology 59% Long-term Committed Cash Flows 6.8 years Strong Diversification 90 Conservative Leverage 2.5x Significant Unencumbered Assets $12.1 billion Owned, managed and committed aircraft Narrowbody fleet composition¹ Weighted-average fleet age² Owned aircraft + Commitments Weighted-average remaining lease term² Airline customers across 45 countries³ Net debt/equity Unencumbered assets5 11#13Appendices 12#14Appendix: Debt Financing Summary ($ in Thousands) Carrying Amount Maturity Date Interest Rate Туре Unsecured debt obligations: Senior Notes Term Loans Commercial Paper Secured debt obligations: Secured loans $5,950,000 1,287,500 810,250 Jan 2024 - Jul 2030 2.0% - 6.8% - Jul 2025 Dec 2029 Jan 2024 - Feb 2024 5.8% -7.3% 5.9% -6.1% Fixed Floating¹ Fixed 480,215 May 2024 - Feb 2034 1.5% -6.8% Fixed & Floating Debt acquisition costs (39,262) Original issuance discounts (25,727) Debt financings, net $8,462,976 13#15Appendix: Debt Maturity Profile Unsecured Debt Maturities ($M)¹ $1,655 $1,477 $1,492 155 177 267 $1,155 Sep 55 Jul 750 $905 425 Oct Dec 155 500 1,000 Oct 300 $500 Jan Nov 750 750 Apr Jul Aug 600 Jan 500 500 $55 300 55 2024 2025 2026 2027 2028 2029 2030 Senior Notes Term Loans 14#16Appendix: Forward Liquidity Coverage 5,000 4,000 3,000 2,000 1,000 NTM Forward Liquidity Coverage¹ ECA Support² Estimated Operating Cash Flow Cash, Revolving Credit Facilities and AFS Credit Facility³ ($M) 5,000 4,000 NTM Debt Maturities Coverage¹ ($M) 1.6x 3,000 Scheduled Principal Cash, Revolving Credit Payments 2,000 1,000 Aircraft Commitments Facilities and AFS Credit Facility³ 0 0 Sources Uses Sources 2.4x Scheduled Principal Payments Uses 15#17Appendix: Non-GAAP Reconciliation Reconciliation of net debt to debt financings, net ($ in millions, except multiples) Debt financings, net Less: 12/31/2023 $8,463 Cash and restricted cash 79 Net debt Total Equity Net debt to equity $8,384 $3,415 2.5x 16#18Appendix: Footnotes Slide 3 1 - Source: IATA December 2023 Air Passenger Market Analysis. 2- Source: IATA. December 6, 2023 "Airlines Set to Earn 2.7% Net Profit Margin on Record Revenues in 2024" Slide 4 1 - Counts include owned and managed aircraft. All percentage calculations are based on net book value of owned aircraft and exclude aircraft off-lease and investments in finance leases. "Asia Pacific" excludes China. Slide 5 1- Excludes investments in finance leases. 2- Includes $332 million of assets held for sale. 3- Includes 11 owned Boeing 757s, 3 managed Airbus A330s and 1 managed Boeing 777. 4-Weighted average age of owned aircraft based on net book value. Slide 7 1- Committed minimum lease rentals (inclusive of executed deferral and restructuring agreements) we are due under operating leases as of December 31, 2023. 2- Weighted average remaining lease term figure excludes aircraft off-lease and investments in finance leases. Slide 8 1-Source for global fleet percent: Cirium. The global fleet includes commercial aircraft used for passenger service. ACG percentages based on new technology by count. Slide 9 1- See Appendix: Forward Liquidity Coverage on page 15 for calculation details. 2- Debt covenant to maintain 1.25x unencumbered assets to unsecured debt. 3- Excludes revolving lines of credit and commercial paper, which had outstanding balances of $0 million and $810 million, respectively, as of December 31, 2023. 4- Includes $2.66 billion under our syndicated revolving credit facility, $1.2 billion intercompany line of credit with Tokyo Century and $500 million AFS secured credit facility. Slide 11 1- Based on narrowbody by count, which is the percent of the number of owned narrowbody aircraft. 2- Weighted average of owned aircraft based on net book value. Remaining lease term figure excludes aircraft off-lease and investments in finance leases. 3-Owned and managed aircraft. 4- Calculated as Net Debt divided by Equity. Net Debt is calculated as debt financings net of cash and restricted cash. Net Debt is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure. 5-Comprised of cash and cash equivalents, in each case to the extent that such assets are not subject to a lien, and non-pledged aircraft assets (aircraft, engines, airframes, parts and pre-delivery payments). Slide 13 1- We have entered into interest rate swaps that exchange a portion of this floating rate interest to fixed interest rates to manage exposure to changes in SOFR. The interest rate swaps have amortizing notional values and mature in July 2025 and December 2027. As of December 31, 2023, our interest rate swaps had a notional value of $1,025 million. Slide 14 1- Excludes revolving lines of credit and commercial paper, which had outstanding balances of $0 million and $810 million, respectively, as of December 31, 2023. Slide 15 1 - Sources and Uses are for the next twelve months as of December 31, 2023. Outstanding commercial paper as of December 31, 2023 is subtracted from the amount of undrawn revolving credit available to us, and therefore is not included in the "Uses" column. 2- The European ECAs have agreed to guarantee future financings of certain of our Airbus deliveries; we have not entered into any related loan agreements as of December 31, 2023. 3-Comprised of $1.85 billion undrawn commitments out of $2.66 billion total commitments under our syndicated revolving credit facility, $1.2 billion intercompany line of credit with Tokyo Century, $500 million AFS secured credit facility and $72 million in unrestricted cash. 17