BOC Aviation : Daiwa North Asia Corporate Day

BOC Aviation Investor Presentation

JUNE 2023

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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Developments in 2023 YTD

	• 635 aircraft owned, managed and on
		order1
STRONG ASSET	•	4.6 years2 average fleet age; 8.0 years2
	average remaining lease term
QUALITY
• 99% aircraft utilization rate
	• Took delivery of two new aircraft in 1Q 2023
	• Signed 13 lease commitments in 1Q 2023
	• Committed to acquire three aircraft in 1Q
PROACTIVE		2023
•	Committed to acquire another seven Airbus
INVESTMENT
	A320NEO family aircraft and six Boeing 737-8
STRATEGY
	aircraft in May
	•	Delivered the first of 11 new Boeing 737-8

		• More than US$5 billion of available liquidity3
		• Supplemented by additional US$1 billion of
		bonds raised in May at yield of 5.015% (for 10Y)
	ROBUST	and 4.627% (for 5Y)
	• More than covers 2023 target capex and
	LIQUIDITY	maturing liabilities
		• Well positioned to support future investment
	A	• A- by S&P Global Ratings
	STRONG CREDIT	• A- by Fitch Ratings
	RATINGS

	aircraft to Lynx Air in April
	• Delivered another three new Boeing 787
	aircraft from our orderbook to American
FUTURE	Airlines in May, a total of 13 delivered to the
airline since delivery of the 787 aircraft
GROWTH	resumed in August 2022
	• Expecting another five to be delivered to
	American Airlines through to 2024

EXPERIENCED

MANAGEMENT AND

OWNERSHIP

• Experienced management team successfully managed through multiple cycles
• Bank of China provides ongoing support
• Announced the appointment of Mr. Liu Jin as Chairman of the Board of BOC Aviation
• Mr. Liu is the Vice Chairman of the Board of BOC and President of BOC

Long-term sustainable growth

All data as at 31 March 2023 unless otherwise indicated

See Appendices - Endnotes

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How We Invest

Global

Financial

Crisis

Number of aircraft delivered, purchased and sold

European
	Opportunistic PLB
Crisis		acquisitions in the
		down cycle

Covid-19

Russia-

Ukraine

conflict

																	19	41
													24				13	16
				45							27	(3)	9	14		41		22
										16		7
					22						17	6				4					12
		14				18	21											29
		31													43
		5								58	61		50			17
(5)	12			6	5				41	44	48
	27				31						23
14	17			22	22											11		17
	7
(12)	(12)	(3)	(10)			(10)	(6)		(21)						(30)		(28)		(12)		(23)	(17)
											(33)	(43)	(37)	(34)		(1)
															(7)	(5)
															(3)
																		(5)	(12)
																	(11)
														(10)
2007	2008	2009	2010			2011	2012	2013	2014	2015	2016	2017	2018	2019		2020		2021	2022
High liquidity	Low liquidity													High liquidity
			Low liquidity										Low liquidity
				From orderbook		From PLB				Owned aircraft sold			Acquired by airline lessee at delivery

Committed to acquire more than 1,000 aircraft since inception

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	97	15	0	112
Airbus A320NEO family	92	0	114	206
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	13	0	85
Boeing 737-8/9	52	0	85	137
Boeing 777-300ER	27	4	0	31
Boeing 787 family	25	1	8	34
Freighters	5	1	0	6

Total

393

35

207

635

71% of existing fleet is latest technology aircraft2

All data as at 31 March 2023

See Appendices - Endnotes

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