Form 6-K AerCap Holdings N.V. For: Sep 11

 2015 Investor Day  AerCap Holdings N.V.  September 10, 2015, New York  

 This presentation contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this presentation are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this presentation might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. We do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.The information in this document is the property of AerCap Holdings N.V. and its subsidiaries and may not be copied or communicated to a fourth party, or used for any purpose other than that for which it is supplied without the express written consent of AerCap Holdings N.V. and its subsidiaries.No warranty or representation is given concerning such information, which must not be taken as establishing any contractual or other commitment binding upon AerCap Holdings N.V. or any of its subsidiaries or associated companies.  Disclaimer Incl. Forward Looking Statements & Safe Harbor 

 Agenda    |  Introduction    John WikoffHead of Investor Relations    |  AerCap Overview    Aengus KellyChief Executive Officer    |  Leasing Strategy    Philip ScruggsPresident & Chief Commercial Officer    |  Portfolio Management    Edward O’ByrneChief Investment Officer    |  Q&A and Break         

   |  Risk Management  Anton JoinerChief Risk Officer    |  OEM Relations  Martin OlsonHead of OEM Relations     |  Financial Performance  Keith HelmingChief Financial Officer     |  Q&A      |  Summary and Closing  Aengus KellyChief Executive Officer  Agenda   

 AerCap Overview  Aengus KellyChief Executive Officer   

 AerCap Investor Day – Key Takeaways  Aircraft leasing is a stable and profitable business with tremendous growth opportunitiesMore people will travel each year than did in the previous year for the foreseeable future  A well-managed aircraft portfolio will generate stable and durable cash flows over the long termSelling aircraft is as important as buying aircraft We are the industry leading platform with only a few discernable competitorsHigh barriers to entry ensure this won’t change any time soonWe are a global platform with transferrable assetsWe can move aircraft from nonperforming areas while airlines are trapped in their local marketsWe take pride in our risk management culture and emphasize the importance of ‘getting paid’Since 2006, our average annual utilization rate is 98.6% and average impairments are 0.13% of assets  We are here to make money for our shareholders and disciplined in how we do it 

   AerCap has continued its expansion over the years with deep roots in the industry     1980s    1990s    2000s    2010-today  ILFC places landmark order for Airbus and Boeing aircraftGPA becomes the world’s largest lessor  AIG acquires ILFC GPA restructuring with partial aircraft sale to GECASGPA becomes AerFi as part of TPG deal  debis AirFinance acquires AerFiCerberus acquires debis AirFinance, renames to AerCapAerCap IPO on NYSE  Cerberus share repurchase representing ~25% of outstandingInvestment Grade Rating (S&P, Fitch)AerCap acquires ILFCAIG fully divests ($750M share repurchase)    established  Emergence of Industry Leadership  Formation of “New” AerCap  Ownership Changes & Industry Growth  Transformation to Industry Leader    is the leader in aircraft leasing  A Legacy of Growth and Innovation 

 Since 2007 AerCap has grown its assets ten-fold with consistent 12% annual average EPS1 growth through all economic cycles    2007 Adjusted EPS: $2.48; 1H 2015 Annualized Adjusted EPS: $6.32  9.6%Average NIM    4.2%Average NIM less Depreciation  10xAsset Increase     Financial Crisis        Ebola/Russian Crisis    European Crisis    Oil Crisis                Historical Average  Historical Average  121086420    2007  2008  2009  2010  2011  2012  2013  2014  YTD 2015  454035302520151050      AerCap’s Consistent Profitability  ($ billion)      Peak oil $145/bbl    (%) 

       Then and Now  Since the 2013 Investor Day, AerCap has transformed into the leading global lessor  AerCap has surpassed all financial and integration targets set in advance of the ILFC acquisition  Equity  $7.8B  $2.4B  3.2x  Net income  $1.3B  $0.3B  4.3x  Total revenue  $5.2B  $1.1B  4.7x  Assets  $44.1B  $9.5B  4.6x  Aircraft  1,267  378  3.4x  Cash flow  $3.3B  $0.7B  4.7x  Transactions  531  197  2.7x  Orderbook  461  44  10.5x    2015  2013  Change                  As of June 30, 2015 and December 31, 2013 Results LTMOwned and managed fleet, including AerDragon   3  2  2  2  2  1  1 

 AerCap’s operating strategy will remain focused on our key business principles          Highly diversified customer baseWide geographical coverageSecurity deposits and maintenance reserves to protect against lessee defaultsProactive risk management  Focus on long-term funding to match fund long-term assetsFlexible repayment profilesConservative leverageHighly diversified funding sources  Focus on in-production liquid aircraft typesContinually optimize portfolio through aircraft acquisitions and disposalsAssets owned in appropriate tax jurisdictions  Hedge through a mix of interest rate caps, swaps and fixed-rate loansProvides benefit of decreasing interest rates, while protecting against increasing interest rates  Leasing Strategy  Capital Structure  Portfolio Management  Hedging Policy  AerCap’s Business Principles 

 Industry Overview  Aircraft leasing has a strong track record and has been on a robust growth path  Healthy and balanced global demand for existing and new aircraft, with air traffic expected to double over the next 15 years1   Half of world airline fleet expected to be leased by 2020, compared with 42% in 20152  Lessors expected to continue to be responsible for funding the largest share of aircraft deliveries2  38,000 new commercial aircraft to be delivered at a value greater than $5.6 trillion over the next 20 years3  Dominated primarily by Boeing and Airbus, each sharing roughly 50% of the market3     Very few global industry players due to high barriers to entry  FAA ForecastBoeing Current Aircraft Finance Market Outlook 2015Boeing Current Market Outlook 2015 

 Increasing Demand for Operating Leases  Ascend Fleets Database, Airbus, Boeing, Lockheed, McDonnell-Douglas in service passenger jets – excludes regional jetsAscend as of June 30, 2015 - leased summary share, Airbus, Boeing, McDonnell-Douglas in service, passenger jets        PROPORTION OF GLOBAL FLEET ON OPERATING LEASE1  LEASING REPRESENTS A SIGNIFICANT SHARE OF MAJOR AIRLINES’ FLEET2  % leased  Air France  China Southern  American Airlines  British Airways  China Eastern Airlines  United Airlines  Emirates  Over the past 20 years the world fleet DOUBLEDwhile the operating lease fleet size multiplied by FOUR                54%  52%  45%  43%  32%  27%  20%  LATAM    20%  Virgin Atlantic    93%  Garuda    87%    20%  42% 

 Resilient, growing air travel market expected to continue  Air Travel Growth    ASK growth projected to rise in 2015, ranging from 3.1% in North America to 12.9% in the Middle East2   85% world traffic RPK increase since 9/11 despite the different crises around the world  ROBUST GLOBAL TRAFFIC  WORLD ANNUAL TRAFFIC (RPKs – trillions)1  85%  Oil Crisis    Gulf Crisis    Asian Crisis     9/11    SARS    Financial/Euro Crisis    0.0  1.0  2.0  3.0  4.0  5.0  6.0  Airbus Market Outlook 2015IATA June 2015 - Estimate for 2014 and forecast for 2015 for system-wide global commercial airlines   2015 world traffic RPK growth expected at 6.7%, up from 6.0% in 20142  2015 total passenger traffic expected at 3.5 billion, up from 3.3 billion in 20142   7.0  Oil Crisis    1969  1974  1979  1984  1989  1994  1999  2004  2009  2014  Russian Crisis   

       Based on fleet data of owned and managed aircraft for top 40 lessors from Flightglobal’s Ascend Fleets database for December 2014, excludes Boeing Capital  AerCap’s scale and orderbook provide a key competitive advantage  LEASING MARKET SHARE by fleet size1     1,6761    1,6091  Air Lease Corporation5751  SMBC Aviation Capital5991    $30+ BILLION1  $5-12 BILLION1   UNDER $5 BILLION1  This is only a selected group of lessors    31%    40%  34%    26%  Competitive Industry Landscape 

           Objectives for the Future  Our ultimate objective is to make money for our shareholders     Keep aircraft portfolio at the forefront of our thinking  HAVE THE AIRCRAFT CUSTOMERS WANT      CUSTOMER TARGETS  OPERATIONAL TARGETS  Lease aircraft to drive earnings and maintain high aircraft utilization rate  LEASE THE AIRCRAFT      Manage our customers to ensure timely flow of receivables   GET PAID  Monitor maintenance and record keeping to preserve asset value  MAINTAIN THE TECHNICAL VALUE OF THE FLEET  Maintain a stable, long-term debt structure – availability of funds comes first, cost is second   LONG-TERM FUNDING  Maximize tax advantages without compromising portfolio quality   OPTIMIZE TAX POSITION  ENHANCE SHAREHOLDERVALUE 

     Key drivers of shareholder return include:Forward OrdersSale Lease-BackPortfolio Acquisition (M&A)Share Repurchase/DividendNew orders to drive ~5% per annum contracted growth over the next few yearsSale Lease-Back and Portfolio Acquisition opportunities are continually evaluated and acted upon opportunisticallyCapital Allocation represents an important channel for shareholder return  Disciplined Focus on Managing Business  AerCap takes a holistic approach to enhancing shareholder value  GROWTH IN THE BUSINESS  CAPITAL ALLOCATION  Sale Lease-Back  ForwardOrders  Portfolio Acquisition(M&A)  Share Repurchase/Dividend 

 Leasing Strategy  Philip ScruggsPresident & Chief Commercial Officer   

       Global Customer Base  A diverse global network of more than 200 customers in ~90 countries  For the six months ended June 30, 2015  LESSEE DIVERSIFICATION  NORTH AMERICA / CARIBBEAN 14% of YTD 20151 lease revenues  EUROPE32% of YTD 20151 lease revenues  LATIN AMERICA8% of YTD 20151 lease revenues  AFRICA / MIDDLE EAST11% of YTD 20151 lease revenues  ASIA / PACIFIC & RUSSIA35% of YTD 20151 lease revenues  AerCap Office Locations                                                                                                                                                                                                          SELECT TOP AIRLINE CUSTOMERS  Emirates  Air France  American  Aeromexico  LATAM  China Southern   Virgin Atlantic   United  Southwest 

     The Foundation of Our Business   Stable, Dependable Cash Flow    Long-Standing Strong Customers 

   Largest Lessor Partner to Airlines Worldwide  Long-standing, strong customer relationships  By number or value of aircraft fleet      Customer  Years of Relationship  Number of Aircraft  AerCap Lessor Market Position1    27  88   #1    21  54  #1    21  53  #1    16  13  #1    23  18  #1    21  21  #1    18  15  #1    12  23  #1    21  12  #1    23  7  #1  Customer  Years of Relationship  Number of Aircraft  AerCap Lessor Market Position1    24  38   #1    23  44  #1    27  7  #1    19  12  #1    13  13  #1    27  17  #1    15  14  #1    20  14  #2    20  9  #1    26  8  #2  (Part of Etihad Group) 

         Global Leader in Leasing  Scale has its advantages  Ascend, as of July 2015  NUMBER OF AIRCRAFT IN SERVICE / FIRM ORDER1  COMPETITIVE ADVANTAGES OF SCALE  Ability to enter into large, sophisticated, and strategic aircraft transactionsFavorable terms from manufacturersDiversified aircraft portfolioAccess to multiple sources of capital with attractive pricing and termsDiverse customer base and geographic exposureTeams in every region in constant contact with customers  RESULTS  Stable, consistent returns for shareholders  GECAS  1,751  658  ALC  SMBC  BOC  CAL  175  169  CIT  BBAM  ACG  ICBC  AWAS  Avolon  BCC  ALAFCO  Macquarie  188  598  459  447  353  325  325  227      Order book  In-service  1,735 

   VISION: A330-200s around the world              RESPONDING TO DEMAND ENVIRONMENT    IN CRISIS    EXPANDING      GROWING IN VACUUM OF IBERIA RETREAT    LAUNCHING LONG-HAUL     REDUCING FLEET COMPLEXITY & CAPACITY  Move 13    Vision, Reach, Scale - The AerCap Advantage       The Vision to see the whole world    The Reach to build and maintain relationships with airlines across the globe    The Scale to move aircraft around the globe and create unique solutions for customers  Turkish  Sichuan  Gulf Air  Azul  LATAM 

   The AerCap Advantage Drives Superior Results  Moving capacity to maximize long-term shareholder value    737-700s placed with Southwest   27  Transaero  5x  Aerolineas Argentinas  10x  China Eastern  China Southern  8x  4x    Moving aircraft from 3 continents and 4 airlines to match worldwide capacity demand with aircraft supply 

       25x A319-100s  4x 777-200ERs  4x 777-200ERs  17x A319-100s  25x A319-100s  17x A319-100s  24x A320neos            Vision, reach and scale to do transactions others cannot do  The AerCap Advantage Differentiates Us from Competitors   

     Leasing Shapes Global Capacity  Aircraft leasing is the mechanism by which the market quickly and efficiently distributes capacity around the world     AerCap does it better than others 

       AerCap’s Platform Capabilities  AerCap has executed 361 lease transactions over the past 12 months  Extension rate on existing leases  279 NARROW BODY AIRCRAFT LEASE TRANSACTIONS ~53% extensions1  82 WIDE BODY AIRCRAFT LEASE TRANSACTIONS ~69% extensions1  A320neo family 51  A350 6  A3406 

       The System Matters  A well-synchronized organization delivers superior performance  Portfolio Management  Pricing  Receivables  Legal  Tax  Executive Team  Credit  Contracts  Risk  Leasing  Materiel  Strategic Planning  Treasury  Technical  Accounting  Finance  Local, self-sufficient, regional offices with Leasing, Pricing, Technical, Legal, Risk, and Portfolio Management functions that allow us to touch the customer, efficiently manage the business and drive consistent profitability Asia – 25 people Americas – 31 people EMEA – 70 people Delivering consistent results requires strong collaboration amongst team members with specialized skill setsUsing proprietary pricing, risk and communication tools, AerCap operates with the speed and flexibility of a small company and the economic strength of a well-established, multinational corporation 

       ...And the Results Are Clear  AerCap’s placement of NEOs is outpacing the market  Ascend Fleets Database  % OF A320NEO BACKLOG LEASED  OPEN A320NEO POSITIONS  83 aircraft leased by AerCap through 2019 compared to 35 by other lessors  AerCap only has 58 positions available through 2019compared to 263 available with other lessors   80%  100%  40%  60%  20%  0%  Total  2016  2017  2019  2018      AerCap  Others      AerCap  Others  2016  2017  2018  2019 

 Stable Profits for Shareholders  UTILIZATION RATE1  99.3%  For the twelve months ended June 30, 2015 

 China 

   AerCap in China  China represents ~10% of AerCap’s aircraft portfolio1    137 OWNED AIRCRAFT2  ~90%2 of the company’s China exposure consists of A320 family and 737NG aircraft, which are the most liquid asset types  Mainland China; Based on net book value as of June 30, 2015As of June 30, 2015; Based on current market value for the owned fleet    CHINA PORTFOLIO PROFILE  Number of aircraft in China to remain relatively stable    82% of the company’s China exposure is with the “Big 3”  Planned Returns  Projected Fleet  Current Installed Fleet  Planned New Aircraft Deliveries  Planned Used Aircraft Deliveries            137  43  4  38  146  A330-2004 

 Despite the decline in GDP growth over the past 5 years from 9.5% to 7%, traffic growth has accelerated from 10.9% to 12.3%  Historic GDP: World Bank, for 1H 2015, National Bureau of Statistics of China; Fleet growth: Ascend Fleets Airbus and Boeing passenger jets     Traffic Continues to Grow 

   China’s conservative delivery commitments leave a gap for the leasing community to fulfill aircraft requirements  Ascend Airbus and Boeing passenger aircraft 2H 2015 – 2019; Committed deliveries through leases, firm orders and LOIs; GDP forecast: Economist Intelligence Unit    China Has a Conservative Backlog  Over 700 additional aircraft required at conservative growth levels 

 Portfolio Management  Edward O’Byrne Chief Investment Officer   

   Portfolio Management  Discipline enables sustainable superior returns  Aircraft Acquisition: Forward Orders, Purchase & Lease-Backs Aircraft Disposition: Aircraft Sales & TradingMarket Intelligence: Pricing & Analysis    FUNCTIONS  Liquid portfolio of in-demand assetsResidual Value Management Value Optimizationvia hold vs. sell arbitrage$1B+ in annual liquidity    KEY GOALS    RESULTS  Industry-leading orderbook Consistent Trading & Gains on aircraft salesInsignificant impairment activity 

     AerCap focuses its fleet on the most liquid aircraft types today and invests in the most in-demand aircraft for tomorrow  AerCap estimates, Ascend, July 2015; Liquidity is a factor of operator base, fleet size    Perspectives on Aircraft Liquidity   AerCap orderbook  AerCap fleet (current technology)  Divestments or Non-targets  Strong      Outlook  Low  High  Liquidity    Invest/Divest cycles are driven by technology and other factors influencing demand 

 Decades-Long Technology Cycles   Slow technology obsolescence makes for stable residuals  Airbus A320  1988  2018  ~2045  Boeing 737NG  1997(Jurassic 1967)  2019  ~2045  Airbus A330  1993  2018  ~2040  Boeing 777  1995  2022  ~2040    Start  End  Retirement  Assumptions:Ascend Fleets, AerCap estimatesExisting & announced OEMs’ production rateBoeing 2015 CMO ratio of 40% of the production used for replacement, 60% of the production used for growth  57 Years  7,000  48 Years  6,660  47 Years  1,250  45 Years  1,700  Life Cycle Duration  Peak Fleet  Life Cycle 

   Portfolio Today and Tomorrow  As of June 30, 2015 and January 1, 2020 estimate respectively   Over the next 5 years, aircraft portfolio will grow by over 20% and consist of ~50% new technology assets       2015 PORTFOLIOFleet: 1,130 / Value: ~$37B  2020 PORTFOLIOFleet: 1,260 / Value: ~$45B 

   AerCap executes transactions in all segments of the aircraft trading market  Investors in Aircraft Transactions  As of June 30, 2015; excludes ILFC sales before the acquisition   % OF AIRCRAFT VALUE SOLD DURING THE LAST 18 MONTHS1  0 - 5 YEARS  5 - 15 YEARS  15 - 25 YEARS  25+ YEARS  18%  10%  61%  11%    KEY TRADING TARGET: MIDLIFE AIRCRAFT     Leveraging AerCap’s Platform    Aircraft Age  Investor Segment  Over 25  Aircraft Sales at Lease EndPart-Out  15 – 25  Hedge Fund High Yield DesksSpecialized LessorsEstablished Lessors  5 – 15  Institutional Investors InsuranceBDCPensionEstablished Lessors  0 – 5  Retail ProductsTax Products Investors Far East / High Growth LessorsEstablished Lessors 

           New Investors Attracted to Aircraft Assets  Aircraft assets offer a wide array of risk/reward alternatives to satisfy different investment strategies     PRINCIPAL FACTORS DRIVING AIRCRAFT INVESTMENT       High cash yieldSelf-depreciating assetMedium to long term contracted cash flowsLow aircraft value volatilityHigh portfolio utilization  Attractive Investment Profile  Robust Industry Fundamentals  Passenger traffic growth Global fleet growthRational OEM supplyLong technology cyclesLeasing enabling airline fleet flexibility 

   AerCap has one of the world’s most active aircraft trading team  Aircraft Trading and Portfolio Results     Revenue from AerCap owned & managed portfolio aircraft and equity instruments salesAs of June 30, 2015; Pre-tax gain from owned aircraft sales and part-outs, AerCap only – excludes ILFC2006 to 1H 2015: $119.0 million in total impairments, net of corresponding maintenance liability releases and EOL compensation received  393 AIRCRAFT SOLD AND PARTED-OUT SINCE 2006  ACQUISITIONS  5-6% committed CapEx Growth yearly50%+ of Balance Sheet in New Technology by 2020   MANAGEMENT OF RESIDUAL VALUE RISK  Average age of aircraft sold: 14.3 years 73% of units sold since ILFC acquisition are Old TechThese aircraft represent 6% of portfolio today, will be at ~0.5% by 2020Total net impairments since 20063: $53.0 million, average of 0.04% of assets for the period  2006  2007  2008  2009  2010  2011  2012  2013  2014  2015 Q2YTD  AIRCRAFT TRADING  ~400 aircraft sold; Proceeds1 of over $7.0 billionAverage P&L2: $1.6 million per owned aircraft sold 

 Q&A  Aengus KellyChief Executive Officer  Edward O’Byrne Chief Investment Officer    Philip ScruggsPresident & Chief Commercial Officer     

 AerCap Investor Day 2015 - Session Break 

 Risk Management  Anton JoinerChief Risk Officer   

 Risk Management at Center of Operations      ROBUST RISK MANAGEMENT PHILOSOPHY EMBEDDED ACROSS THE ORGANIZATION   CUSTOMER FACING  ANALYTICAL FOCUS  Leasing  PortfolioManagement  Legal / Contracts  Shape customer leasing campaigns Influencing transaction size, terms & conditions and geographic concentrations based on credit preferences  LEASING  Define contractual requirements and refine lease standardsEnsure risk assessment is reflected in documentation   LEGAL / CONTRACTS  Continuous counterparty, geographic and asset risk assessment to define asset disposition strategy and optimize portfolio  PORTFOLIO MANAGEMENT  Focus on key business exercise of counterparty monitoring, getting paid, workout and repossession 

 Robust Risk Management Procedures    LESSEE DILIGENCE    WATCHLIST  Thorough customer diligence at LOI stage Annual financial review of all current and new customersWeighted qualitative and quantitative risk scoringRisk score utilized to determine pricing, underwriting levels, deal terms, marketing focus and critical placement decisions   Derived from risk scoring, payment/technical performance or exogenous shocksIdentify and track potential expenses related to the aircraftMonitoring of lessees considered to be most at risk of causing an economic lossHeightened level of technical, legal and contractual involvement    WORKOUT/REPOSSESSION  Preparedness and action plan are key determinants of Loss Given Default (LGD)Distressed lessee relationships are predominantly managed by Risk departmentExtensive experience in restructuring and repossession Critical to making timely and accurate judgment calls   Multi-disciplinary approach to customer credit management   Through its current and recent leasing activities with over 60% of the world’s ~580 airlines; AerCap is best positioned to analyze industry trends and assess customer risks 

 Principal Lessor Credit Protections  Lease standards have been refined over several decades and continue to be shaped with experience across industry cycles    Restriction on removal of parts  Advance rentals  “Hell or high water” payment clause  Maintenance Reserves  Ability to ground aircraft  Strict maintenance standards  Full operational indemnities  Lessee hull loss, war risk and liability insurance  Security Deposits  Restriction on habitual base  Detailed return conditions  Numerous separate events of default  Lessor’s power to de-register  Lessor can assign rights  TOOLS AVAILABLE FOR ADDITIONAL ENHANCEMENT  Lessee cash flow security assignments  Foreign registry  Guarantees  Enhanced records protection  Entire cost of operation to lessee  Governing law (US/UK)  Rights of set-off  “As is where is” delivery 

   Portfolio content heavily weighted towards industry leaders  AerCap Portfolio    Customer  % Rent1  Flag Carrier  Dominant Position  Diverse Operations    6.7  ✔  ✔  ✔    6.2    ✔  ✔    5.2  ✔  ✔  ✔    3.2    ✔  ✔    3.1    ✔  ✔    2.8  ✔  ✔  ✔    2.0  ✔  ✔  ✔    1.8  ✔  ✔  ✔    1.8  ✔  ✔  ✔    1.8  ✔  ✔  ✔  Top 10 airlines have $172 billion in annual revenues in 2014All airlines have dominant market positions either outright, with equity partnerships, or with strategic alliances High correlation between country exposure and sovereign credit82% of China exposure with the “Big 3”39% of Russia exposure with Aeroflot  For the six months ended June 30, 2015  Country  % Rent1  # of Carriers  % Average per Carrier  USA  10.7  15  0.7  China  10.7  15  0.7  France  7.9  7  1.1  Russia  7.5  16  0.5  UAE  6.0  4  1.5 

   Strong underlying lessee credit quality  Routine Monitoring – Recent Results  Comprehensive financial review of portfolio completed in August158 airlines modeled using 2014 audited financials AerCap lessee weighted average credit score = 5.3675% of AerCap lessees demonstrated significant improvement in risk profile since January 2014AerCap assesses a number of financial metrics on lessees:  FINANCIAL METRIC COMPARISON1  Total Revenues  EBITDA Margin  Cash % Revenue  Fixed Charge Cover  Current Ratio  Leverage  RATINGS BY NBV  76543210      5.36 average    STRONG CREDIT    WEAK CREDIT  $ billion  Based on Moody’s Airlines and Aircraft Leasing Roundtable, October 2014; Note that there are many other qualitative aspects involved in the ratings process not incorporated in the table   EBIT/Interest  FCF/Net Debt  Fleet Age  Debt/EBITDA  Metric  % Weight Moody’s  AerCap Weighted Portfolio (by NBV)  Moody’s Equivalent  Fleet Age  8  11.6  Babased on quantitative metrics  EBITDA Margin  8  11.9%    EBIT/Interest  12  2.8x    RCF/Net Debt  12  16.8%    Debt/EBITDA  12  5.2x   

     Aged balances have been significantly reduced since the ILFC integration   Watchlist Management    Departments to escalate: Contracts, Leasing, Risk & LegalAll cross-department leasing workflows influenced by payment performanceVisual aids in offices to remind of priorities and successes  Watchlist is determined in large part by payment performanceGetting paid is an absolute imperativeDebtor management is one of AerCap’s KPIsAerCap’s unrelenting focus on debtor management instilled across the organization  ESCALATING FOCUS ON DELINQUENCIES  Receivables greater than 30 days   May ‘14  Dec ‘14  Aug ‘15  Aug ‘14  Apr ‘15  $0m  $50m  $25m  Daily  Cash posted and allocated dailyDebtor report circulated  Weekly  Agenda item on Operations Call  15 days over  A range of follow-up actions  30 days over  A remedial plan put in placeItem #1 on weekly Senior Management Meeting    5.7 DSO on 2014 revenues 

 AerCap has ALWAYS been successful in repossessing aircraft  Repossession Management    KEY DETERMINANT OF LGD MITIGATION  Embedded organizational mind-set to act assertively  Ability to plan extensively with a deep knowledge and experience base  Ability to act quickly and globally  Make the right decisions all of the time    Repossessions and unscheduled returns are not everyday occurrences, however they are a common aspect of sub-prime asset pool    AerCap’s proven ability on repossession has underpinned default related costs at less than 1% of revenue for the last 5 years 

   AerCap took quick action to secure its two A330-200s on lease to Yemenia upon escalation of Saudi conflict   Yemenia Repossession      AerCap leased two A330-200s and one spare engine to Yemenia, national carrier of YemenYemenia was a financially challenged lessee, Saudi conflict was the repossession catalystOn closure of Yemeni airspace, AerCap took fast action to detain and secure its assetsAerCap de-registered and placed the aircraft in long-term preservation at qualified MROs in 28 daysTeam members were deployed to negotiate with Yemeni government and work with the U.N. and Dutch diplomats to secure the assetsAircraft were immediately re-leased and delivered to an existing AerCap customer in TurkeyOnly 6 weeks between taking control of assets and commitment from new lessee  WEEK 1  Conflict began March 26; borders, airspace quickly closedA/C 1 evacuated from Yemen to EthiopiaAerCap took control of A/C 2 in Indonesia and spare engine in SingaporeAerCap teams deployed to key locations  WEEK 2  AerCap secured Yemeni ministerial support for aircraft movementsAerCap started de-registration process with Yemenia Intense diplomacy across 5 countries to secure flight permits   WEEK 3  AerCap met with Yemen’s U.N. Ambassador in New York, secured release of A/C 1 in Ethiopia A/C 1 ferried to Amman for preservation; AerCap had full control of both aircraft and spare engine  WEEK 4  Export C of A issued and aircraft de-registered1st aircraft inspection for next lessee arrangedNew Irish aircraft registrations allocated  FOUR WEEKS: MARCH 26 – APRIL 24 

 Sector distress presented certain challenges, but it remains an important market - we have and will take action as necessary      Only 1 out of a fleet of 110 aircraft forcibly repossessed+30 days arrears in Russia is only 0.2% of revenueConsensual approach to exposure reduction and profitable redeployment of fleetRelationships maintained with long-term participants – growth will return Discretionary re-deployment possible but only on economic meritTemporary seasonal payment reliefSuspension of leasing activity to all but top-tier names  AERCAP’S RESPONSE  Devaluing rouble has increased dollar costsDecline in domestic airfares to 2008 levelsSignificant contraction of Russian GDPRussia 54 carriers lost $412 million during 2014However...Long-term Russian air transport needs are compelling, important not to overreact to short-term pressuresConsolidation and capacity rationalisation is underwayAll Russian lessees pay maintenance reserves and security deposits The entire AerCap fleet is registered outside of Russia  MARKET CONDITIONS  Russia – An Important and Performing Market 

 

 OEM Relations  Martin OlsonHead of OEM Relations   

       Ascend: Airbus, Boeing and McDonnell Douglas deliveries by aircraft manager (owner)Boeing Aircraft Finance Market Perspectives, April 2015  DELIVERIES FROM OEMs SINCE 19951    AerCap-OEM Relationship  AerCap is a significant and growing part of the OEM backlog  The global fleet under an operating lease increased from 12% in 1990 to 42% in 20142Trend likely to continue to 50% by 2020Lessors are increasingly important to OEMsLessors provide:Delivery stabilityAccess to customersNear term capacityOrder in sizeSupport for new aircraft launches  GECAS  American  United  Southwest  Delta  Ryanair  China Eastern  China Southern  easyJet 

   OEM Backlog Management    Effective OEM backlog management reduces asset volatility for new aircraft  Ascend    AIRCRAFT DELIVERIES – RESILIENCE1  OEM sophisticated approach to order cycle management rooted in past experience Backlog representing ~9 years at current production ratesDeliveries expected to continue unabatedAnnual deliveries growth at 4% per year since 1980Significant growth in replacement requirement130% of global fleet reaching 25 years of age by 2024Represents 6,000 aircraft    Gulf Crisis    -53%    9/11    -31%    Financial Crisis    -2%  1,3001,2001,1001,0009008007006005004003002001000 

   Customer Diversification  CAPA – Centre for AviationBoeing Current Market Outlook 2015-2034    Increased levels of customer diversification and maturation of LCCs    LCC CAPACITY SHARE (%) OF TOTAL SEATS1  Market liberalization and significant growth of Low Cost Carriers (LCCs)2Increase in LCCs flying short-haul flights under 3,000 miles from 10% in 1994 to ~30% today40% of the 20-year single-aisle deliveries—400 to 500 airplanes every year—will be in this market segmentAverage annual growth rate of LCCs over the past 10 years2 Asia Pacific: 24.5%Europe: 13.4%North America: 2.2%  12.2%  14.2%  17.5%  20.3%  22.8%  25.6%  2003  2004  2005  2006  2007  2008  2009  2010  2011  2012  2013  2014  YTD 2015    2013 25.0% 

   Market Diversification  Ascend deliveries share of narrow body and wide body aircraftBoeing Current Market Outlook 2015-2034, includes regional jets  Increased levels of market diversification and reduced market volatility    WORLD TO TAKE DELIVERY OF OVER 38,000 AIRCRAFT IN NEXT 20 YEARS2    Deliveries (1994-2014)1  Deliveries (2015-2034)2  % Growth  Africa  476  1,170  146  Asia-Pacific  5,934  14,330  141  Europe  5,387  8,460  57  Latin America & Caribbean  1,223  3,020  147  Middle East  930  3,180  242  North America  6,088  7,890  30  Overall  20,038  38,050  90  More than 38,000 aircraft expected to be delivered over the next 20 yearsMore than 60% of the 38,000 aircraft not yet ordered Highest level of demand represented by emerging markets Reduced market volatility due to globalization and less reliance on any particular marketDecrease in North America and Europe RPKs from 73% in 1994 to 49% today               

 Forward Order Considerations  When placing aircraft orders, several considerations factor into decision-making  Considerations underpinning AerCap’s disciplined approach to order placement    Order Size      Flexibility      Engines      Credits      Escalation    Advanced Technology        Liquidity      Performance    Value creation through order placement 

   Best Orderbook in the Industry    AerCap well positioned to meet current and future demand    AVERAGE OF ~61 NEW AIRCRAFT DELIVERIES PER YEAR (2015-2022)  Focus on keeping orderbook fresh and liquidDiverse mix of Airbus and Boeing aircraft to meet customer demandContracted growth rate of ~5% over the next few yearsOver 99% of forward orders are new technology aircraft   As of September 2, 2015        Wide Body  Narrow Body  Regional Jet  3  2015  2016  2017  2018  2019  2020  2021  2022  14  46  66  77  82  79  62  30 

     Orderbook Highlights  Top customer across all modern technology aircraft  Largest lessor customerWorld’s 2nd overall customer  Boeing 787  1st lessor delivery2nd largest lessor customer  Airbus A350  Largest lessor customerWorld’s 3rd overall customer  Airbus A320neo  2nd largest lessor customerWorld’s 3rd overall customer  Boeing 737 MAX  Largest lessor customerLessor launch customer  Embraer Jets-E2 

 Financial Performance  Keith HelmingChief Financial Officer   

 

   Since 2007, AerCap has grown its assets ten-fold with consistent 12% annual average EPS1 growth through all economic cycles  2007 Adjusted EPS: $2.48; 1H 2015 Annualized Adjusted EPS: $6.32Book Value per Share is calculated as of June 30, 2015  Consistent Margins  9.6%Average NIM  4.2%Average NIM less Depreciation    Financial Crisis        Ebola/Russian Crisis    European Crisis    Oil Crisis          121086420  2007  2008  2009  2010  2011  2012  2013  2014  YTD 2015  ($ billion)        (%)      454035302520151050      0      Book Value per Share2    Historical Average    Historical Average 

   AerCap has achieved stable fleet utilization through all economic cycles  For the six months ended June 30, 2015    Oil Crisis    Ebola/Russian Crisis    Financial Crisis    European Crisis    Consistent Fleet Utilization  1  Minimum → 97.7%  Maximum → 99.5%  45 4035302520151050  Total Assets ($ billion)  Utilization Rate                    1.8%10-year range 

 Proven track record of active portfolio management with 280 owned aircraft sold since 2006 (393 incl. managed aircraft)  Excludes loss on ALS and Genesis portfolio sales  Consistent Generation of Gains on Sales  1  1  Historical Average    ~13%average margin on sales/part-outs1  ($ million) 

 Impact for defaults and restructuring have averaged less than 1% of lease revenue since 2010    Limited Impact from Defaults  Historical Average  2010 2011 2012 2013 2014 1H 2015   -10%  0%  10%    ~0.8%historical average  The accounting for default costs is as follows: Maintenance reserves and deposits held are recorded as revenue upon lease terminationCosts are expensed as incurred 

 Consistent Outperformance vs. Bank Returns  Since 2007, AerCap’s ROE outperformed major banks1 by 9.5% on average          Financial Crisis    Ebola/Russian Crisis      Oil Crisis    2007  2009  2010  2011  2008  2012  2013  2014  1H 2015  Historical Average  Historical Average  KWB Bank Index used as proxy for Major Banks Return on Equity (Bloomberg)  AerCap ROE  Major Banks ROE  European Crisis    13.3%AerCap    3.8%Bank index 

 Specific Financial Topics  

 Interest Rate Management        Risk from rising interest rates is essentially hedged  Interest Rate Caps & Swaps  Floating Rate Leases, Cash, & Other  Fixed Rate Debt  Balances as of June 30, 2015    100bps increase in interest rates would have a negative impact of ~$30 million per annumPrimarily driven by the difference between current rates and strike rates of caps  

 Aircraft Portfolio Valuation As of March 31, 2015      Carrying value of assets compares favorably with third-party appraisals   Includes 1,133 owned aircraft as of March 31, 2015Average of half-life current market values from Ascend, BK and AISI as of March 31, 2015  1  Note:Information from Appraisers reflect their opinions of the value of aircraft in our portfolio. Their estimates may not be indicative of the current or future market values of aircraft. Information relating to current market values from appraisers was not used in our determination of fair value of the ILFC portfolio.    $3.3 billion differential translates into ~$15 in per share additional value (post-tax)  VALUE PER SHARE  ($ billion)  Carrying Value      Flight Equipment    33.0  Maintenance Rights Intangible   3.7   Maintenance Liability   (3.2)       Net Carrying Value   33.5   Value from Appraisers2  36.8  Difference   3.3 

     Russia Net Exposure  CURRENT NET EXPOSURE  FORECASTED NET EXPOSURE       (5) Re-leases under LOI (1) Contracted Sale(12) Planned Part-outs  PLANNED ACTIONS  Since 2H 2014, AerCap reduced exposure by 19 aircraft with further 18 planned  Includes Flight Equipment, Finance Leases, Maintenance Rights Intangible, Maintenance Liability and Letters of Credit as of March 31, 2015Average of half-life current market values from Ascend, BK and AISI as of March 31, 2015  Net Exposure1  Aircraft Value2  $2.1 billion  $ 2.7 billion  110 Aircraft  92 Aircraft  Net Exposure1  Aircraft Value2  $1.9 billion  $2.4 billion  (18) Aircraft  A330s24%  A320 Family B737-80055%  Other 21%  AerCap continues to monitor market conditions 

 Guidance  

 Portfolio growth expected to be ~5-6% based on contracted purchases before use of excess capital  Contracted Portfolio Growth    Depreciation Run Rate: ~$2 billion p.a.Planned Sales: ~$1 billion p.a.        Current Flight Equipment    ~5% expected growth per annum to 2017 and ~6% to 2018    Contracted Purchases2016 = ~$5 billion2017 = ~$6 billion2018 = ~$6 billion 

 Portfolio Yields and Depreciation  Portfolio yield / depreciation expected to be relatively stable in coming years    2015  2016  2017  2018  Weighted Average Age1  7.7  7.7  7.4  6.9            Estimated Yield2 (%)  12.7  12.5  12.3  12.0  Estimated Depreciation Rate3 (%)  5.7  5.6  5.5  5.2            Estimated Net Impact (%)  7.0  6.9  6.8  6.8  Age at midyearBasic lease rents divided by average book value of flight equipment and maintenance right intangibleDepreciation rate on adjusted basis  Decreasing average age in aircraft portfolio drives a reduction in yield and depreciation ratesReduction in average age reduces risk in the aircraft portfolio 

 Maintenance Contribution  Net maintenance contribution expected to be $0.10 - $0.15 billion in coming years  Maintenance contribution on adjusted basis  ($ billion)  2015  2016-2018        Estimated Maintenance Income  0.25    Estimated Lease Expense  0.15          Estimated Net Maintenance Contribution1  0.10  0.10-0.16        Maintenance Contribution Yield (%)  0.27  0.37 

 Other Expense Items  Modest variation in other expense items through 2018    2015  2016  2017  2018            Interest Rate (%)1  3.6  3.8  4.0  4.0  SG&A ($ billion)2  0.4  0.4  0.4  0.4  Tax Rate (%)  13.5  12.5-13.0  12.5-13.0  12.5-13.0            Based on current market rates, increase in cost is equal to ~30bps of average leased assetsSG&A includes share based compensation expense 

 Debt/Equity ratio expected to be 3.0x at year end 2015; Excess capital of ~$500m+ expected to be generated per annum1    Rapid Deleveraging    5.5x5.0x4.5x4.0x3.5x3.0x2.5x2.0x  Jun ‘14 Dec ‘14 Mar ‘15 Jun ‘15 Sep ‘15 Dec ‘15 Mar ‘16      ~2.7x - 3.0xTargeted debt/equity range   AerCap’s estimated capital structure (debt/equity ratios), are subject to change, in light of highly fluid market conditions and other factors, refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor    The debt/equity ratios are calculated by dividing adjusted net debt by adjusted equity. Adjusted net debt is calculated as follows: debt less cash and cash equivalents, less 50% equity credit for long-term subordinated debt. Adjusted equity is calculated as follows: total equity plus 50% equity credit for long-term subordinated debt 

 NUMBER OF SHARES THAT CAN BE REPURCHASED: +/- MILLION,COULD RESULT IN ADDITIONAL EPS GROWTH OF ~5%  Use of Expected Excess Capital  Combination of additional aircraft purchases and return of capital expected  Note: Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor  COULD RESULT IN ADDITIONAL AIRCRAFT LEASE ASSET GROWTH OF ~5% ABOVE CONTRACTED LEVELS    IF USED FOR AIRCRAFT PURCHASES    IF USED FOR SHARE REPURCHASES    EXCESS CAPITAL OF ~$1.5+ billionGENERATED 2016 THROUGH 2018  30 

 Targeted Earnings Per Share Growth  ~7-9% EPS growth per annum driven by contracted growth and use of excess capital1  Earnings per Share growth from 2016 to 2018 excludes gains on sales; Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor  ~(2%)-(3%)  ~7-9%  ~5%  ~5-6%  (%) 

 Maintenance Rights Asset  Reflects estimated cash receipts of ~$1.0 billion on end-of-lease contracts which is applied against/reduces the maintenance rights asset  ($ billion)  2014  2015  2016  2017  2018+  Total1                Depreciation Adjustment  (0.17)  (0.25)  (0.25)  (0.25)  (2.06)  (2.98)  Leasing Expenses Adjustment  0.06  0.42  0.48  0.30  1.72  2.98                Net Pre-Tax Adjustment  (0.11)  0.17  0.23  0.05  (0.34)  -                Net Post-Tax Adjustment  (0.10)  0.15  0.20  0.05  (0.30)  -  As a result of the purchase accounting, a portion of the acquired ILFC aircraft value is classified as an intangible asset The amortization cost for this portion of the aircraft asset value is recorded as lease expense instead of depreciation expensePrior to the acquisition, this asset was part of the aircraft book value and subject to normal depreciationThe adjusted amount reflects lease expense and depreciation on an economic basis   Accounting for maintenance rights asset results in accelerated depreciation of aircraft values 

   Keith Helming Chief Financial Officer      Anton JoinerChief Risk Officer  Martin OlsonHead of OEM Relations  Q&A 

 Summary and Closing  Aengus KellyChief Executive Officer   

 AerCap Investment Case  Today AerCap is the largest and most profitable aircraft lessor  Strong and resilient industry fundamentals   Industry leading earnings delivering shareholder value   Proven track record of rapid deleveraging  Efficient and scalable platform  Strong growth profile  Hedging strategies to mitigate risk  Highly experienced management team with deep industry expertise 

 Thank you 

 Head Office, AerCap House  Stationsplein 965  1117 CE Schiphol, The Netherlands  +31 20 655 9655  [email protected]