Tokyo Century Corporation · TSE:8439

Tokyo Century — Merger or Acquisition (September 2019)

11 slides from Tokyo Century's merger presentation, Sep 9, 2019

1. Slide 1: Acquisition of Remaining Interest in Aviation Capital Group

   Acquisition of Remaining Interest in Aviation Capital Group September 9, 2019 All Rights Reserved, Copyright © Tokyo Century Corporation

2. Slide 2: Contents

   Contents 1. Overview of the Acquisition 3 2. Overview of Aviation Capital Group 4~5 3. Strategic Rationale of the Acquisition 6 4. Commercial Aircraft Market 7 5. Tokyo Century’s Aviation Business 8 6. Contemplated Schedule 9 All Rights Reserved, Copyright © Tokyo Century Corporation 2

3. Slide 3: Overview of the Acquisition

   Overview of the Acquisition Target Aviation Capital Group LLC（ACG） Tokyo Century (TC) to acquire the remaining 75.5% interest in ACG from Structure (*1) Pacific Life Insurance Company (Pacific Life), a leading US life insurance company (Acquiring interests through TC Skyward Aviation U.S., Inc., a 1

4. Slide 4: Overview of Aviation Capital Group (1/2)

   Overview of Aviation Capital Group （1/2） Company Name Aviation Capital Group LLC（ACG） HQ Location California, USA Khanh T. Tran President and Chief Executive Officer Company  In the current position since Jan. 2016 Representative  Previously CFO, President, and other roles within Pacific Life Busi

5. Slide 5: Overview of Aviation Capital Group (2/2)

   Overview of Aviation Capital Group （2/2） Characteristics of ACG  No.11 worldwide in aircraft leasing based on the number of aircraft owned and managed  Solid operation centered around narrow body aircraft with high liquidity  Owns platform, including marketing, technical, finance, and asset manag

6. Slide 6: Strategic Rationale of the Acquisition

   Strategic Rationale of the Acquisition Aims to achieve medium- to long-term sustainable growth Strategic Opportunity  Built strong relationship and developed a firm understanding of ACG’s business since our initial investment  Opportunity to acquire a leading aircraft leasing platform and increase

7. Slide 7: Commercial Aircraft Market Outlook

   Commercial Aircraft Market Outlook  The annual number of passengers is expected to reach 8.2 billion in 2037 due to the increase in passengers in Asia region Fleet Developments of Passenger Jet  Passenger transport’s demand will increase the demand for No. of commercial aircraft. The number of com

8. Slide 8: TC's Aviation Business

   Overview of TC’s Aviation Business GA Telesis  TC’s affiliated company (49.2%)  US base world wide servicer  Provide aircraft parts and aftermarket solutions  Strong in outlet processing such as used aircraft and parts sales ※MRO（Maintenance, Repair, Overhaul） Aircraft Parts Trading, Manufacturi

9. Slide 9: Contemplated Schedule

   Contemplated Schedule Sep.9, 2019 Dec.31, 2019 (expected) 〜2020 Definitive Agreement Closing Permanent Financing in stages Procedures under relevant laws and Cash-on-hand Loans from financial institutions regulations Bridge loans Hybrid financing (Antitrust etc.) All Rights Reserved, Copyright © Tok

10. Slide 10: All Rights Reserved, Copyright © Tokyo Century Corporation

    All Rights Reserved, Copyright © Tokyo Century Corporation 10

11. Slide 11: Inquiries

    Disclaimer This document includes forecasts based on information currently available to Tokyo Century Corporation. Please note that actual performance may vary from those forecasts due to various factors. This document is based on data available as of today, and Tokyo Century may change or withdraw

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