#1AVIATION CAPITAL GROUP 737-8 Q2 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 June 30, 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#3ACG Highlights Strong Investment Grade Ratings Baa2 / BBB- Moody's / S&P Scale Player 484 Most Liquid Assets 97% Young Fleet 5.9 years Transitioning to New Technology 58% Owned, managed and committed aircraft Narrowbody fleet composition¹ Weighted-average fleet age² Owned aircraft + Commitments Long-term Committed Cash Flows 6.9 years Strong Diversification 90 Conservative Leverage 2.5x Significant Unencumbered Assets $12.1 billion Weighted-average remaining lease term² Airline customers across 45 countries³ Net debt/equity Unencumbered assets5 2#4. Key Market Highlights Air travel growth remains strong Domestic travel above 2019 levels • Rents and values increasing Aircraft supply constrained • OEM delivery delays continue ACG's Cash Collections Rate² >100% ACG's Aircraft on Ground³ ~2% 120% 100% 80% 60% 40% 20% 0% JAN-20 Passenger Air Traffic Demand Recovery 1 MAR-20 MAY-20 JUL-20 SEP-20 Nov-20 JAN-21 MAR-21 MAY-21 JUL-21 SEP-21 Nov-21 JAN-22 MAR-22 MAY-22 JUL-22 SEP-22 Nov-22 JAN-23 MAR-23 MAY-23 GLOBAL LATIN AMERICA AFRICA MIDDLE EAST ASIA PACIFIC NORTH AMERICA EUROPE 3#5ACG's Worldwide Presence Global diversification by customer and geography1 ~90 Lessees spirit + 0 Avianca American Airlines Top lessees 4% 4% United States & Canada COPA Airlines 4% 16% LOT Polish Airlines 3% Spirit Airlines 3% Sky Express 3% Asiana Airlines 3% Frontier Airlines 3% Central America, VivaAerobus South America & 3% Mexico Vietnam Airlines 3% 20% Europe 23% 100 by We Middle East & Africa 7% ~45 Countries Top countries China 14% Asia Pacific 20% United States 13% Vietnam 7% China 14% Mexico 5% South Korea 5% Colombia 4% Greece 4% Panama 4% Canada 4% Israel 4% 4#6Portfolio Focus - High in Demand Narrowbody Aircraft Total Aircraft Assets $11.2B Narrowbody by Count 97% ACG Aircraft Portfolio Fleet Age¹ 5.9 Years Aircraft Family Owned Aircraft % NBV² Managed Aircraft Committed Total Aircraft Aircraft Airbus A320neo 96 42% 6 65 167 Boeing 737 MAX 16 7% 34 50 New Technology Airbus A220 4 1% 20 24 Boeing 787 6 6% 2 8 Airbus A350 3 4% 3 Boeing 737 NG 88 20% 22 110 Airbus A320ceo 80 20% 27 107 Boeing 757 11 11 Airbus A330 3 3 Boeing 777 1 1 Total 304 100% 61 119 484 AVIATION CAPITAL GROUP 5#7Future Aircraft Commitments 100% of ACG's orderbook is fuel efficient, new technology aircraft Future Aircraft Deliveries ACG's Fleet Transition to Next Generation Aircraft¹ 28 29 19 1 12 7 13 7 15 13 11 12 22 15 15 23% 15 15 10 41% 2023 2024 2025 2026 2027 2028 Global Fleet % New Technology ACG Owned % New Technology Airbus A320neo Family Boeing 737 MAX Airbus A220 58% AVIATION CAPITAL GROUP ACG Owned + Commitments % New Technology 6#8Long-Term Contractual Cash Flows Long-dated lease portfolio with over $6B in committed lease rentals Future lease rentals¹ ($ in Thousands) Portfolio Concentration by Lease Maturity² Years Ended December 31: 2023 2024 2025 2026 2027 Thereafter Total $510,316 951,176 Weighted-average remaining lease term 6.9 years 825,013 38% 739,950 679,690 2,621,055 13% 10% 11% 6% 7% $6,327,200 5% 5% 2% 3% 2023 2024 2025 2026 2027 2028 2029 I 2030 2031 Beyond 7#9Proactive Capital Management Industry-Leading Leverage 2.5x NTM Forward Liquidity Coverage³ Unencumbered Assets¹ $12.1B ($M) Unencumbered Asset Coverage² 1.5x NTM Debt Maturities Coverage³ ($M) 5,500 4,500 5,000 4,000 4,500 4,000 ECA Support4 Estimated Operating 3,500 Cash Flow 3,500 1.5x 3,000 3,000 2,500 2,500 Scheduled Principal 2,000 Cash and Revolving Payments 2,000 Cash and Revolving Credit Facilities5 1,500 Credit Facilities5 1,500 1,000 1,000 Aircraft Commitments 500 500 0 0 Sources Uses Sources 2.8x Scheduled Principal Payments Uses 8#10Proven Access to Capital Across Markets Unsecured Debt Maturities¹ ($M) MOODY'S Baa2 Stable S&P Global BBB- Stable $1,655 $1,477 $1,492 155 177 267 • $3.9B Revolving Credit Facilities Sep Jul 750 $905 $845 425 Dec ● $5.5B Unsecured Senior Notes outstanding $1.7B liquidity raised in 2023 75 155 1,000 $655 Oct 55 300 $500 Dec 500 Jan Nov 750 750 Apr Aug Jul 600 Jul 270 Jan 500 500 $55 300 Remaining 2024 2023 2025 2026 2027 2028 2029 2030 Senior Notes ☐ Term Loans 9#11Debt Financing Summary ($ in Thousands) Unsecured debt obligations: Senior Notes Term Loans (USD) Commercial Paper Term Loans (JPY) Carrying Amount Maturity Date Interest Rate Туре $5,450,000 2,059,500 689,000 Jan 2024 - Jul 2030 Jul 2023 Dec 2029 Jul 2023 2.0% -6.4% 5.8% -7.2% Fixed Floating¹ 5.7% -6.0% 74,488 Jul 2023 0.3% Fixed Floating Secured debt obligations: Secured loans 509,319 May 2024-Feb 2034 1.5% -6.7% Fixed & Floating Debt acquisition costs (39,001) Original issuance discounts (25,925) Debt financings, net $8,717,381 10#12Appendix: Non-GAAP Reconciliation Reconciliation of net debt to debt financings, net ($ in millions, except multiples) Debt financings, net Less: 6/30/2023 $8,717 Cash and restricted cash 415 Net debt Total Equity Net debt to equity $8,302 $3,309 2.5x 11#13Appendix: Footnotes Slide 2 1 - Based on narrowbody by count, which 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-Owned and managed aircraft. 4- 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. 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 3 1 - Source: Alton Aviation Consultancy; IATA. 2-Cash collections calculated for the 12 months ended June 30, 2023. Our cash collection rate is calculated as the sum of cash collected from lease rentals and maintenance reserves, including cash recovered from outstanding receivables from previous periods, as a percentage of the total lease and maintenance receivables due during the period and is calculated after giving effect to lease deferral arrangements made as of June 30, 2023. 3- Aircraft on ground without a sales or lease commitment as of June 30, 2023. 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- Weighted average age of owned aircraft based on net book value. 2- Excludes investments in finance leases. Slide 6 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 7 1 - Future minimum lease rentals (inclusive of executed deferral and restructuring agreements) we are due under operating leases as of June 30, 2023. 2- Weighted average remaining lease term figure excludes aircraft off-lease and investments in finance leases. Slide 8 1-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). 2- Debt covenant to maintain 1.25x unencumbered assets to unsecured debt. 3- Sources and Uses are for the next twelve months as of June 30, 2023. Outstanding commercial paper as of June 30, 2023 is subtracted from the amount of undrawn revolving credit available to us, and therefore is not included in the "Uses" column. 4- 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 June 30, 2023. 5-Comprised of $1.97 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, and $410 million in unrestricted cash. Slide 9 1 - Excludes revolving lines of credit and commercial paper, which had outstanding balances of $0 million and $689 million, respectively, as of June 30, 2023. Slide 10 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 December 2027. As of June 30, 2023, our interest rate swaps had a notional value of $600 million. 12#14AMAITON CAPITAL GROUP 787-