For Reference Only

July 12, 2024

Consolidated Subsidiary Aviation Capital Group to Order 35 Boeing AircraftTokyo Century Corporation (“TC”) is pleased to announce that Aviation Capital Group LLC (“ACG”), a U.S.based commercial aircraft lessor and its wholly-owned subsidiary, resolved on July 11, 2024 Pacific Time, toorder a total of 35 737 MAX aircraft from The Boeing Company (“Boeing”). The ordered aircraft are scheduled
to deliver during the period of TC’s next Medium-Term Management Plan and complete in 2031.
1. Purpose of the Acquisition
ACG is a U.S.-based leading aircraft leasing company that was founded in 1989 and became a wholly-owned
subsidiary of TC in December 2019. ACG owns and manages a total of 364 aircraft, comprising 305 owned
aircraft and 59 managed aircraft. Including the aircraft for which orders have previously been placed, its fleet
count totaled 483 aircraft as of March 31, 2024. ACG has a portfolio consisting of a young fleet with a weighted
average age of 6.2 years, 97% of which are highly-liquid narrow-body aircraft.
TC’s current Medium-Term Management Plan 2027 is based on the theme “transform ourselves and bringabout change” and defines the concept of “TC Transformation (TCX)” as an expression of our strong
commitment toward self-transformation in order to achieve sustainable growth. Based on this concept, weare marching forward with four types of transformation - portfolio transformation (PX), green transformation(GX), digital transformation (DX), and human resource and organizational transformation (HRX).
This acquisition is being pursued as an initiative under PX. Within its solid portfolio management framework,
ACG has been proactively recycling assets while also strengthening its organizational capabilities and risk
management structure, with an aim to achieving both strong profitability and stability under the PX initiative.
From GX perspective, the ordered 737 MAX Family, the latest flagship narrow-body aircraft of Boeing, offers
a longer range, 20% reduction in fuel consumption and CO2 emissions, and a 50% smaller noise footprint
than the airplanes it replaces. It will contribute to the GX initiative with highly economic and environmentalperformance.
Demand for aircraft operating leases is expected to further increase due to growing passenger traffic, which
is driven by population and income growth in emerging and developing countries, together with the needs ofairlines to replace their aircraft with next-generation aircraft. Taking these market trends into account, weexpect continued growth of short to mid-haul traffic resulting in strong demand toward narrow-body aircraftthat will continue during, and even after, the delivery of the ordered aircraft.
TC will continue to support the enhancement of ACG’s business foundation and the transformation of its fleet
to next-generation aircraft, thereby contributing to the growth of the aviation industry and reduction of CO2emissions.

-1-2. Overview of consolidated subsidiary(1) Company name
Aviation Capital Group LLC(2) HQ location

840 Newport Center Drive, Suite 300, Newport Beach, CA, USA(3) CEO and president

Thomas G. Baker(4) Business description

Aircraft leasing

Note: The amount of capital has not been provided since ACG is a Limited Liability Company under U.S.
law with no accurate equivalent to the concept of capital stock.
3. Information on the aircraft to be acquired(1) Aircraft

737 MAX family(2) Number of aircraft35(3) Aircraft model

737-8 x 16
737-10 x 19

Note: The contract for the order has been executed; however, based on the request from the seller, theactual acquisition cost is undisclosed. In addition, ACG has signed contracts to purchase aircraft fromBoeing, Airbus, and airline companies, including the contract signed for this latest order, which brings
the total amount of scheduled payments for aircraft purchases to ¥1,324,724 million as of July 11,2024 (July 12, 2024, Japan Time).
4. Overview of the seller(1) Name of company

The Boeing Company(2) HQ location

929 Long Bridge Drive, Arlington, VA 22202, USA(3) CEODavid L. Calhoun(4) Business description

Manufacturing and sales of aerospace products(5) Capital$5,061 million (approx. ¥818.6 billion)(6) Year of establishment

1916(7) Main shareholder andpercentage of shares held
as of December 31, 2023

The Vanguard Group, Inc. 8.0%
BlackRock, Inc. 6.0%

(8) Relationship with TC

Capital relationship: Not applicable
Personnel relationship: Not applicable
Business relationship: Not applicable
Applicability to related parties: Not applicable(9) Net assets and total assets
for the most recent fiscalyear

Net assets: −$17,016 million (approx. −¥2,752.2 billion)
Total assets: $134,484 million (approx. ¥21,751.4 billion)

Note: Calculations are based on an exchange rate of 161.74 JPY per 1 USD (July 11, 2024). The main
shareholder and percentage of shares held are sourced from The Boeing Company 2024 ProxyStatement.
5. Schedule(1) Resolution by the Board ofRepresentatives of ACG(2) Date of memorandum of
understanding and signing(3) Scheduled completion ofdelivery

Pacific Time: July 11, 2024 (Japan Time: July 12, 2024)
Pacific Time: July 11, 2024 (Japan Time: July 12, 2024)
2031-2-6. Future outlook
This aircraft purchase will not have a significant impact on TC’s consolidated performance for the fiscal year
ending March 31, 2025 since the delivery of the aircraft is not scheduled to begin until the period covered
by TC’s next Medum-Term Management Plan.
###Contact Information:
Tokyo Century Corporation
Public Relations & Investor Relations Division
Kengo Kawai
Inquiries: https://www.tokyocentury.co.jp/en/contact/form.php
Phone: +81-3-5209-6710(Note) This translation is prepared and provided for reference only. In the event of any discrepancy between thistranslated document and the original Japanese document, the original document shall prevail.

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