#1777-300ER AVIATION CAPITAL GROUP 21.0 0000000 Investor Presentation Q1 2022 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 order book. 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. These risks may be increased or intensified as a result of the COVID-19 pandemic, including if there are continued resurgences of the COVID-19 virus, and by the impact of sanctions imposed in connection with the Russian invasion of Ukraine. The extent to which these events ultimately impact our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. 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 March 31, 2022 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#3Continued Momentum in Recovery in Q1 2022 Industry shifting to growth as vaccinations spur recovery in certain regions of the world . The number of aircraft deliveries in 2022 is expected to surpass that of 2019, signaling a return to growth¹ Forecasted aircraft demand remains robust Our fleet, which is 96% narrowbody, is well positioned to benefit from strong domestic traffic recovery Deliveries 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Airbus Airbus and Boeing Deliveries Demand For Some 39,000 Aircraft Over the Next 20 Years is Expected² Fleet in service (thousands) Airbus delivery share 90% 549 50 46,720 New deliveries 45 80% 40 40 70% 35 60% 30 Grow 23,770 (60% of deliveries) 39,020 50% 22,950 25 40% 20 30% 15 Replace 15,250 (40% of deliveries) 20% 10 10% 5 Stay 7,700 0% (34% of 2020 fleet) 2023 0 Beginning 2020 2040 2021-2040 New Deliveries 2018 2019 2020 2021 2022 Source - Cirium Fleets Analyzer and 2021 Cirium Fleet Forecast for 2022-2023 2012 2013 2014 2015 2016 2017 Boeing Airbus delivery share 2#4Portfolio Centered Around High Demand Narrowbody Aircraft ACG is committed to growth and we have added nearly 70 narrowbody aircraft to our orderbook since December 2021 Owned Aircraft Type % NBV¹ Aircraft Managed Aircraft Committed Aircraft * Total Aircraft Airbus A220 4 1% 20 24 Airbus A320ceo Family 85 25% 31 116 Airbus A320neo Family 76 35% 4 76 155 Airbus A330 2 3 5 Airbus A350 2 3% I 2 Boeing 737NG Family 88 24% 25 I 113 Boeing 737 MAX 11 5% 13 24 Boeing 757 11 11 Boeing 777 1 1 Boeing 787 6 7% 2 8 Total 285 100% 66 109 460 * We committed to purchase an additional 9 aircraft in April 2022 3#5Fuel-Efficient, New Technology Order Book Supports Our Commitment to Sustainability 25 25 20 20 Future Aircraft Deliveries Airbus A220 Boeing 737 MAX Airbus A320neo Family 15 10 5 0 15 15 4 9 7 6 7 10 15 15 2022 2023 2024 2025 2026 2027 2028 4#6Young Narrowbody Fleet with Minimal Near-Term Maturities Narrowbody by Count¹ Fleet Age² Remaining Lease Term² 25% 96% 5.7 Years Portfolio Concentration by Lease Maturity³ 6.8 Years 20% 15% 10% 5% 12% 11% 8% 4% 5% 6% 0% 9% 3% 2% 25% اس 15% Remainder 2023 2024 2025 2026 2027 2028 2029 2030 2031 Beyond of 2022 5#7Diversified Aircraft Placements Mitigate Portfolio Risk Lessee Diversification¹ ~85 Lessees Country Diversification¹ ~45 Countries Top lessees² Regional Concentration² Top countries² China 16% American Airlines 5% Asia Pacific 22% United States 10% Viva Air 4% Central America, South America & Mexico 20% Vietnam 8% LOT Polish Airlines 4% Europe 17% Colombia 6% Asiana Airlines 4% China 16% Mexico 6% VivaAerobus 4% United States & Canada 13% South Korea 6% Vietnam Airlines 3% Middle East and Africa 7% Ο India 5% ΕΙ ΑΙ 3% South Asia 5% ✡ Israel 4% Hainan Airlines 3% Poland 4% Aerolineas Argentinas 3% Taiwan 3% Volaris 3% 6#8Strong Liquidity Position Access to liquid commercial paper market $6,000 3.3x Sources to Uses² ($ Thousands) $5,000 Projected Debt Issuances $1.9 billion of cash and undrawn revolving credit $4,000 $3,000 ~$500 million in committed ECA support through 2023 $2,000 $1,000 $198 million available in warehouse facility for our AFS¹ business line $0 ECA Support³ and other funding facilities4 Estimated Operating CF and Committed Sales Cash and Revolving Credit Facilities Sources Scheduled Debt Payments Aircraft Commitments Uses 7#9Broad Access to Capital Unsecured Debt Maturities¹ ($ Millions) JBIC Term Loan NEXI Term Loan 2018 Term Loan Senior Notes Investment grade rated A- / Baa2 / BBB- | Kroll / Moody's / S&P $2,000 $1,800 $1,600 $150 $1,400 $150 $1,200 Dec $500 Sept $750 $1,000 $800 Jul $285 Dec $1,000 $112 Oct $600 $300 $400 May Jan $750 Nov $750 $650 Aug $200 Jan $500 $38 $300 $0 2022 2023 2024 2025 2026 2027 Senior unsecured: 144A, RCF, term loans, commercial paper Structured finance: ABS and Aircraft Financing Solutions Export-import financing: EXIM, ECA and NEXI 8#106.0 5.0 4.0 3.0 2.0 1.0 Low Leverage & Significant Asset Coverage Superior leverage of 2.1x1 Net Debt to Adjusted Equity 1,4 ($ Millions) $10.3 billion unencumbered assets² $4,000 2.0 $3,800 1.5 $3,600 $3,400 1.0 $3,200 0.5 $3,000 $2,800 2018 2019 2020 2021 Q1 2022 Adjusted Equity Net Debt to Adjusted Equity ~1.4x unencumbered asset coverage3 Unencumbered Asset Coverage³ ($ Millions) 2018 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $- 2019 2020 2021 Q1 2022 Unsecured Debt Unencumbered Asset Coverage Unencumbered Assets 9#11ESG Mission and Initiatives Environmental Mission: Reduce the environmental impact of the aviation industry; continually improve our operational sustainability Recent Initiatives: • Added nearly 70 new technology, fuel-efficient aircraft to our order book since December 2021 Support of Airbus' ESG fund initiative, which will contribute towards investment into sustainable aviation development projects Social Mission: Support diversity, equity and inclusion, both internally and externally, and contribute to the communities in which our employees have a footprint Recent Initiative: Donations to Airlink for Ukraine: ACG raised funds for Airlink in March, with all proceeds used to provide passenger tickets for humanitarian aid workers and volunteers providing medical, mental health, and other services for Ukrainian refugees Governance Mission: Uphold a high standard of corporate governance, encouraging a company-wide culture of responsibility, ethics, efficiency and diversity Recent Initiative: . Establishing ESG governance and reporting protocols in order to ensure a high standard of corporate governance with respect to ESG matters 10#12Highlights Scale player Optimal portfolio High asset quality Long-term committed cash flows Strong diversification Conservative leverage Significant unencumbered assets Strong investment grade ratings 460 Owned, managed and committed aircraft¹ 96% 5.7 years 6.8 years Narrowbody fleet composition² Weighted-average fleet age³ Weighted-average remaining lease term³ ~45 countries Airline operating geographies4 2.1x Net debt/equity5 $10.3 Billion Unencumbered assets6 A-Baa2/BBB- Kroll / Moody's / S&P 11#13Appendix: Non-GAAP Reconciliation Reconciliation of net debt to debt financings, net (In $Millions, except multiples) Debt financings, net Less: 3/31/2022 $7,556 Cash and cash equivalents 197 Restricted cash 89 Net debt $7,270 Equity $3,399 Net debt to equity 2.1x 12#14Appendix: Footnotes Slide 2 1 Source: IATA 2 Source: Airbus Slide 3 1- Excludes investments in finance leases. Slide 5 1- Narrowbody by count is the percent of the number of owned aircraft that are 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- Percentages based on net book value of owned aircraft, excluding aircraft off lease. Slide 6 1- Owned and managed aircraft. 2-All percentage calculations are based on net book value and exclude aircraft off-lease and investments in finance leases. "Asia Pacific" excludes China and South Asia. Slide 7 1- ACG's Aircraft Financing Solutions (AFS) program focuses on the development, marketing and execution of ACG credit-enhanced financing structures that provide airline customers with greater access to additional sources of capital for aircraft purchases 2- Sources and Uses are for the next twelve months as of March 31, 2022. 3.3x figure does not include projected debt issuances. Outstanding commercial paper as of March 31, 2022 is subtracted from the amount of undrawn revolving credit available to us, and therefore is not included in the "Uses" column. 3- 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 March 31, 2022. 4-In March 2020, we entered into a secured funding facility to support the growth of our AFS business. Amounts available under this facility can be drawn on to fund AFS transactions through September 2022. Slide 8 1- Excludes revolving lines of credit and commercial paper, which had outstanding balances of $300 million and $696 million, respectively. Slide 9 1- Calculated as Net Debt divided by Equity. Net Debt is calculated as debt financings net of cash and cash equivalents and restricted cash. Net Debt is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure. 2-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). 3-Debt covenant to maintain 1.25x unencumbered assets to unsecured debt. 4- Adjusted Equity is calculated as total equity less accumulated other comprehensive loss (AOCL). The AOCL adjustment to equity is only applicable through 2018. AOCL was zero for all subsequent periods. Slide 11 1- Includes 285 owned aircraft, 66 managed aircraft and 108 unconditional aircraft purchase commitments. 2- Based on narrowbody by count, which is the percent of the number of owned aircraft that are narrowbody aircraft. 3- Weighted average of owned aircraft based on net book value. Remaining lease term figure excludes aircraft off-lease and investments in finance leases. 4-Owned and managed aircraft. 5- Calculated as Net Debt divided by Equity. Net Debt is calculated as debt financings net of cash and cash equivalents and restricted cash. Net Debt is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure. 6- 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). 13#15777-300ER AVIATION CAPITAL GROUP 21.0 0000000 AVIATION CAPITAL GROUP A Tokyo Century Company