UBS Business Services, Leisure and Transport Conference 2018 London September 2018 Disclaimer This presentation contains general background information about the activities of BOC Aviation Limited (“BOC Aviation”), current as at the date hereof. 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 in any jurisdiction or an inducement to enter into investment activity. 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. The information set out herein may be subject to revision and may change materially. 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The information contained in this document is provided as at the date of this document and is subject to change without notice. 2 1H18 OVERVIEW 3 1H18 - Another Record Performance Strong earnings growth1 Robust balance sheet5 US$297 million 24% US$17.1 billion 7% Net profit after tax Total assets US$0.43 24% US$4.0 billion 4% Total equity Earnings per share2 US$5.75 4% Net assets per share2 Driven by: US$825 million 23% Higher dividend per share Total revenues and other income US$0.1284 24%7 US$312 million 20% Interim dividend per share6 Core lease rental contribution3 8.5% Stable Net lease yield4 All data as at 30 June 2018 Notes: 1. Compared to the first six months of 2017 2. Based on the number of shares outstanding as at the end of the relevant period 3. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease transaction closing costs 4. Calculated as lease rental income less finance expenses divided by average net book value of aircraft 5. Compared to 31 December 2017 6. Payable to shareholders registered at the close of business on the record date, being 5 October 2018 7. Compared to US$0.1038 paid for 1H17 4 Continued Growth in Net Assets and Earnings Per Share US$ 6.0 0.5 0.43 0.36 1 0.4 0.35 0.29 0.3 5.0 5.75 5.50 0.2 5.10 4.87 0.1 4.0 0.0 2H16 1H17 2H17 1H18 Net assets per share (LHS) Earnings per share (RHS) 18% EPS CAGR since IPO All data as at the end of the relevant period Note: 1. Excludes the adjustment for net deferred tax liabilities in the USA 5 Strong Operational Performance • Ended June 2018 with total fleet of 4871 • Portfolio utilization of 100% and cash collection rate of 99.5% • Average fleet age of 3.0 years2 • Average lease term of 8.3 years2 • Took delivery of 27 aircraft in 1H183 • Delivered our 250th Boeing and first Boeing 737 MAX 8 aircraft • Added ten new airline customers • Signed 30 lease commitments in 1H18 • Sold 18 owned and one managed aircraft in 1H18 • Increased 2018 CAPEX by US$0.9 billion to US$3.5 billion • 31 deliveries from our orderbook scheduled for delivery in 2H18 • Announced the purchase of eight4 new Airbus A330NEO family aircraft in August 2018, scheduled for delivery to Lion Air Group in 2019/20 Strong momentum from 1H18 sustained into 2H18 All data as at 30 June 2018 unless otherwise indicated Notes: 1. Included owned, managed and aircraft on order 2. Weighted by net book value of owned fleet 3. Including one acquired by an airline customer on delivery 4. Including four where the airline customer has the right to acquire the relevant aircraft on delivery 6 1H18 Revenue and NPAT Growth Fleet growth underpins lift in revenues Operating margin > 40%2 US$ million 825 41.7% 41.5% 42.6% 42.6% 41.3% 670 579 520 535 1H14 1H15 1H16 1H17 1H18 1H14 1H15 1H16 1H17 1H18 Higher core lease rental contribution1 Strong NPAT growth US$ million 312 US$ million 297 259 240 220 212 192 203 163 171 1H14 1H15 1H16 1H17 1H18 1H14 1H15 1H16 1H17 1H18 All data as at 30 June 2018 Notes: 1. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease transaction closing costs 2. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease transaction closing costs divided by lease rental income 7 Lease Rental Income Dominates P&L Lease rental income consistently c.90% of total revenue and other income Interest & fee income and others US$ million 4.2% 825 Net gain on sale of aircraft 4.4% 670 37 48 753 607 1H17 1H18 Lease rental income Lease rental income Net gain on sale of aircraft 91.4% Interest & fee income and others Depreciation of aircraft plus financing costs make up >85% of total costs Other variable costs US$ million 495 5.6% Other fixed costs 402 8.0% 162 120 227 266 Finance Aircraft costs1 expenses 53.7% 1H17 1H18 1 32.7% Aircraft costs Finance expenses Other fixed costs Other variable costs All data as at 30 June 2018 Note: 1. Comprises aircraft depreciation and impairment charges 8 Core Leasing Business Anchors Earnings Growth c.80% of PBT is from core lease rental We have a longer average remaining lease contribution1 term2 Interest, fee income and others Number of years 10% 8.2 8.3 Net gain on sale 7.5 7.4 7.3 of aircraft 11% Core lease rental contribution 79% 2014 2015 2016 2017 1H18 …and reflects rising investment in our fleet … and high future committed lease revenue US$ billion US$ billion (0.7) (0.3) 15.3 1.6 14.7 12.3 12.7bn 10.0 10.4 unchanged 13.7 14.3 since 1 Jan 18 Aircraft NBV Additions Sales Aircraft Aircraft NBV at 1 Jan 18 costs at 30 Jun 18 2014 2015 2016 2017 1H18 All data as at 30 June 2018 unless otherwise indicated Notes: 1. Calculated as lease rental income less depreciation and finance expenses, amortization of debt issue costs and lease transaction closing costs 2. Weighted by net book value of owned fleet 9 Consistently High Net Lease Yield Drives Profitability Higher lease rate factor1,5 reflects increased ... with a higher proportion of fixed rate debt proportion of fixed rate leases affecting finance expenses3,5 10.8% 3.1% 2.8% 10.5% 2.5% 10.3% 1.9% 2.0% 9.9% 9.8% 2014 2015 2016 2017 1H18 2014 2015 2016 2017 1H18 Proportion of fixed rate leases rising steadily2 Maintaining net lease yield > 8%4,5 By net book value 8.4% 8.5% 8.3% 8.2% 8.2% 30% 46% 34% 65% 56% 70% 54% 66% 35% 44% 2014 2015 2016 2017 1H18 2014 2015 2016 2017 1H18 Fixed rate Floating rate All data as at 30 June 2018 Notes: 1.