LSE: AVAP12 May 2020

Jeff ChatfieldExecutive Chairman

Iain CawteChief Financial Officer

Richard WolanskiFinance Director

Duncan ScottGroup General Counsel

COVID-19 Strategy and Investor Update

Important Notice

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Some of the statements in this presentation constitute “forward-looking statements” that do notdirectly or exclusively relate to historical facts. These forward-looking statements reflect theCompany’s current intentions, plans, expectations, assumptions and beliefs about future eventsand are subject to risks, uncertainties and other factors, many of which are outside theCompany’s control. Important factors that could cause actual results to differ materially from theexpectations expressed or implied in the forward-looking statements include known andunknown risks. Because actual results could differ materially from the Company’s currentintentions, plans, expectations, assumptions and beliefs about the future, you are urged to viewall forward-looking statements contained in this presentation with caution.Neither the issue of this Presentation nor any part of its contents is to be taken as any form ofcommitment on the part of the Company to undertake or proceed with any transaction. In nocircumstances will the Company be responsible for any costs, losses or expenses incurred inconnection with any appraisal or investigation of the Company. No reliance may be placed forany purpose whatsoever on the information or opinions contained in or given during thisPresentation. The information and opinions contained in or given during this Presentation areprovided as at the date hereof, are not necessarily complete and are subject to change withoutnotice. No representation, warranty or undertaking is given by or on behalf of the Company or itsdirectors, officers, shareholders, employees, agents and advisors as to the accuracy,completeness or reasonableness of the information or opinions contained in or given during thisPresentation and no liability is accepted or incurred by any of them for or in respect of any suchinformation or opinions, provided that nothing in this paragraph shall exclude liability for anyrepresentation or warranty made fraudulently.

COVID-19 Liquidity Strategy

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Avation was a first mover in working with our airline customers to help them through this short-term, difficult environment, while aiming to remain operationally

cash flow positive and preserving sufficient liquidity

Reduce Senior Debt Amortisation

CAPEX/ Dividend

Moratorium

Reduce Cash Expenses

AirlineCash Flow

Management

Preserve Liquidity & Maintain

Cash Flow

MaximizeCash Flow

Avation is utilizing prudent cash flow discipline to navigate through COVID-19 and position the franchise for long-term growth

Global Travel is Resilient

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Global travel has been resilient to a broad variety of disruptions historically, including previous coronavirus-related pandemics (SARS, MERS, etc.)

Oil Crisis

GulfCrisis

AsianCrisis

9/11 SARS Financial Crisis

x2

x2

World Annual Traffic (Trillion RPKs)

Source: ICAO, Airbus GMF 2019.

Traffic Has Proven Resilient to External Shocks and Doubles Every 15 Years

0

2

4

6

8

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1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

19 Airline Customers in 16 Countries

No lessees based in mainland China

Customer Overview

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Support for Airline Customers

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v Proactive, first mover in securing COVID-related short term amendment strategies

v Made deferral agreements with 15 of our 19 airline customers

v Generally 3-6 month deferrals of a portion of monthly revenue with 6-9 month repayment periods

v Airlines continue to pay maintenance reserves

v Avation has no scheduled lease expiries before August 2021

Rent deferred by airlines represents around 7% of annual revenue

Revenue to 31 March 2020 quarter increased to $100.1 million (unaudited, 2019: $87.2 million)

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Cash rent receipts are planned to be lower in the short term

Avation has worked with senior lenders to adjust the amortisation profile of senior loans to enhance near-term liquidity

v In principle agreements in place with largest bank lenders representing over $370 million of senior debt

v To date, banks have agreed to reschedule 31% of loan amortization in 2020 ($25 million)

Banks have been supportive of Avation given our longstanding relationships and professional approach to managing the business

through the pandemic

Support from Senior Lenders

Virgin Australia Update

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v Virgin Australia entered Voluntary Administration 21 April.

v Objective of Administrator is to sell the airline as a going concern, bids in May with final offers June. Airline flying around 64 routes

Avation’s Exposure to Virgin Australia is 13 aircraft.

v Total debt associated with these 13 aircraft is a manageable $45.9 million, book value of aircraft significantly exceeds this

v Total security deposits and maintenance reserves held by Avation totals $8.2 million

v Engines and landing gear on ATR aircraft are on P&W power by the hour agreements with the accrued value in those agreements transferring back to Avation in a repossession

v Avation’s initial unsecured claim filed in Virgin’s administration is $97 million

Virgin Australia Update (cont.)

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Avation’s aircraft with Virgin Australia

2 Fokker F100’s (~$1.9 million book value at 31 December)

v Final purchase option payment is $1.3 million

v Administrator has suggested final installment will be paid.

5 ATR72-600’s (~$78.5 million book value at 31 December)

v May be retained in restructure

v 7.4 year-old aircraft, on average, with broad operator base

6 ATR72-500’s (~$79.0 million book value at 31 December)

v 3 aircraft to be repositioned for lease to another airline

v 3 aircraft will be transitioned / stored pending outcome

Exposure manageable

Asia and Europe travel is returning

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v Domestic travel will start before international routes

v The majority of Avation’s young, fuel efficient fleet is designed for domestic & short-haul

v VietJet flew >1000 flights w/e 4 May

v AirBaltic receives €250 million investment from Latvian government

v AirBaltic - Latvia, Lithuania and Estonia to recommence 15 May

v Australia/New Zealand Trans-Tasman travel bubble proposed Photo: 10 May 2020

Friday’s Flight Radar

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Asia (8 May 2020)

Europe (8 May 2020)

Liquidity Update

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Maturities and loan covenants:Ø Zero scheduled senior loan

maturities until August 2021.Ø Avation currently complies with all

senior bank loan covenants.

Unsecured Bonds:Ø $350m 6.5% unsecured notes

maturity in May 2021.Ø Avation will consider a refinance

and will conduct capital structure review post pandemic.

Unencumbered aircraft 2 $53.9mA320-200 (2009) $19.4m

A321-200 (2001) $14.6m

ATR 72-600 (2019) $19.9m

Finance lease receivables

$1.3m

May 2020 $0.8m

Aug 2020 $0.5m

Total cash 1 $130.2mUnrestricted $66.5m

Restricted $63.7m

Balances:

1. As at 30 April 2020.2. Maintenance adjusted market values as at

31/12/2019, per IBA appraisal.

Preserve liquidity

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Ensuring cash is flowing during pandemic

Supporting airline customers

Delivering for all stakeholders

Maintaining franchise to prosper long-term

Concluding Remarks

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Avation PLC65 Kampong Bahru RoadSingapore 169370Phone: + 65 6252 2077www.avation.net

Jeff ChatfieldExecutive Chairmanjeff@avation.net

Richard WolanskiFinance Directorrichard.w@avation.net

Iain CawteChief Financial Officeriain@avation.net

Question & Answer Section

Duncan ScottGroup General Counselduncan@avation.net