Press Release

BOC Aviation Upgraded to 'A-' from 'BBB' by Standard and Poor's

20 Mar 2015

NOT FOR DISTRIBUTION IN THE UNITED STATES

BOC Aviation’s long-term corporate credit rating has been upgraded to ‘A-’ from ‘BBB’ with stable outlook by Standard & Poor’s (S&P) Ratings Services. The company first obtained an investment grade corporate rating from S&P in June 2012.

S&P also raised the ratings on BOC Aviation's Global Medium-Term Notes (GMTN) program, drawdowns under the program, and its senior unsecured notes to 'BBB+' from 'BBB-'. The agency removed all the ratings from CreditWatch, where they were placed with positive implications on December 18, 2014.

BOC Aviation is a leading global aircraft leasing company with a portfolio of 250 owned and managed aircraft operated by 60 airlines worldwide in 31 countries, with commitments to acquire 201 aircraft, as of 31 December 2014. BOC Aviation has one of the youngest fleets in the industry with an average owned aircraft age of less than four years. BOC Aviation, owned by Bank of China, is based in Singapore with offices in Dublin, London, Seattle and Tianjin.

This announcement does not constitute or form a part of an offer for sale of securities, nor a solicitation to purchase or subscribe for securities in the United States or any other jurisdiction.  The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.  Any offering of securities to be made in the United States or elsewhere will be made by means of a prospectus or an offering circular that may be obtained from the issuer that will contain detailed information about the issuer and its management, as well as financial statements. Nothing in this announcement shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.

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For more information, please contact:

Claire LEOW

Tel: +65 6325 9638

[email protected]

www.bocaviation.com