On January 9, 2015, Lee G. Beaumont sent a response letter to the Independent Directors of AeroCentury Corp. expressing his disappointment in the Board's response. Lee G. Beaumont challenged the Board's assertion that its long-term strategy for improved financial condition would be the best way to unlock shareholder value, highlighting the dramatic decline in stock price since August 2014.

Lee G. Beaumont expressed his view that the Company's stockholders will only be able to realize the value of their equity holdings through a sale of the Company. In addition, Lee G. Beaumont stated in the response Letter that although his previous offer of $12.50 per share represented a significant premium to the current and expected future price of the Company's common stock, he would be willing to discuss a possible increase in the original offer with the Independent Directors' commitment to engage in good faith negotiations, together with favorable results of additional due diligence investigation. Further, Lee G. Beaumont stated that if the he does not receive a positive response from the Independent Directors by January 14, 2015, he will move forward with other alternative avenues to increasing the Company's stock price, including seeking representation on the Board.