AerCap Global Aviation Trust

Annual report

For the financial year ended 31 December 2023

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Contents

Year end Management responsibility statement 1

Management report 2 - 8

Independent Auditor's report 9 - 14

Income statement 15

Statement of comprehensive income 16

Statement of financial position 17

Statement of changes in equity 18

Notes to the financial statements 19 - 56

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Year end Management responsibility statement

In preparing these financial statements, the Management is required to:

• select suitable accounting policies and apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with applicable accounting standards,

identify those standards, and note the effect and the reasons for any material departure from those standards; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that AerCap

Global Aviation Trust will continue in business.

Management is responsible for ensuring that AerCap Global Aviation Trust keeps or causes to be kept adequate

accounting records which correctly explain and record the transactions of AerCap Global Aviation Trust enable at

any time the assets, liabilities, financial position and profit or loss of AerCap Global Aviation Trust to be determined

with reasonable accuracy, and enable the financial statements to be audited.

They are also responsible for safeguarding the assets of AerCap Global Aviation Trust and hence for taking

reasonable steps for the prevention and detection of fraud and other irregularities.

We confirm to the best of our knowledge:

• The audited financial statements for the year ended 31 December 2023, have been prepared in accordance with

applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and

income statement of AerCap Global Aviation Trust.

• The management report includes a fair review of the development and performance of the business and position

of AerCap Global Aviation Trust, together with a description of the principal risks and uncertainties it faces.

Approved and authorised by management on 26 April 2024 and signed on its behalf by:

.........................................

S. Crean

Chief Financial Officer

.........................................

S. Fitzgerald

Chief Executive Officer

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023

Background

AerCap Global Aviation Trust's ("Trust") business primarily comprises the leasing of commercial jet aircraft. The

Trust lease most of its aircraft to airlines under operating leases. Rather than purchasing their aircraft, many airlines

operate their aircraft under operating leases because operating leases reduce their capital requirements and costs, and

allow them to manage their fleet more efficiently.

The Trust is an indirect wholly-owned subsidiary of AerCap Holdings N.V. ("AerCap"), a global leader in aircraft

leasing. AerCap and it subsidiaries ("AerCap Group") is the global leader in aviation leasing with 2,078 aircraft

owned, managed or on order, approximately 1,000 engines (including engines owned and managed by Shannon

Engine Support Ltd (''SES'')), over 300 owned helicopters, together with an order book of 338 of the most

in-demand new technology aircraft in the world. AerCap serves approximately 300 customers around the world with

comprehensive fleet solutions.

The Trust operates its business on a global basis, leasing aircraft to customers in every major geographical region.

AerCap is incorporated in the Netherlands and is listed on the New York Stock Exchange under the ticker symbol

AER. The Group has its headquarters in Dublin with offices in Shannon, Singapore, Amsterdam, Shanghai, Dubai

and other locations. We also have a representative office with one of the world’s largest aircraft manufacturers,

Boeing in Seattle and Airbus in Toulouse.

AerCap Holdings N.V. and AerCap Ireland Capital Designated Activity Company ("AICDC") entered into an

agreement with American International Group Inc. ("AIG") for the purchase of 100% of International Lease Finance

Corporation ("ILFC"), AIG's aircraft leasing business in late 2013.

The Trust, a statutory Trust in the State of Delaware, United States, was formed on 5 February 2014, with its

principal office in Ireland. AICDC is the principal beneficiary of AerCap Global Aviation Trust. On the Closing

Date, immediately after completing the ILFC Transaction, substantially all of ILFC’s assets were transferred as an

entirety to, and substantially all of ILFC’s liabilities were assumed by, the Trust (the ‘‘Reorganisation’’).

In connection with the Reorganisation, the Trust agreed to assume ILFC’s obligations under its debt agreements and

AerCap and certain of its subsidiaries agreed to guarantee such obligations. Accordingly, the Trust became the

successor obligor in respect of the notes issued under ILFC’s various indentures (“ILFC Legacy Notes”). These

ILFC Legacy Notes were listed on the Main Securities Market of the Irish Stock Exchange and were repaid during

2022. Since the closing of the ILFC transaction, AICDC and the Trust have co-issued a series of notes which are

jointly and severely, and fully unconditionally guaranteed by AerCap Holdings N.V.

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023 (continued)

Principal risks and uncertainties

Management is subject to numerous risks and uncertainties that could materially and adversely affect the Trust's

future operating profit or financial position. The principal risks and uncertainties are described below:

Asset risk

The Trust leases aircraft on an operating lease and bears the asset risk of a deterioration in the underlying value of

the aircraft. Management look to mitigate this risk by where possible either extending the lease term on the aircraft

or remarketing the aircraft.

Credit risk

The Trust’s financial condition depends, in part, on the financial strength of its lessees, and factors outside of the

Trust’s control may adversely affect its lessees’ operations, their ability to meet the obligations to the Trust or their

demand for the Trust’s aircraft. The Trust bears the credit risk of the airline during the life of the lease. Management

look to mitigate this risk by collecting maintenance reserves and/or collecting security deposits where appropriate.

Geopolitical and economic risk

The Trust is exposed to geopolitical, economic and legal risks associated with the international operations of the

business and those of the lessees, including many of the economic and political risks associated with emerging

markets. The Trust is exposed to concentrated political and economic risks in certain geographical regions in which

lessees are concentrated. The adequacy and timeliness of the Trust's response to emerging risks in these jurisdictions

are of critical importance to the mitigation of their potential impact on the Trust's results and financial position.

The Trust's assets are subject to various environmental regulations and concerns, including those relating to climate

change, that may be supplemented by additional regulations and requirements or become more stringent, which may

negatively affect operations. In addition, corporate responsibility, specifically related to environmental, social and

governance (“ESG”) matters, may impose additional costs and expose the Trust to new risks.

Macroeconomic risks

After a sustained period of relatively low inflation rates, rates of inflation increased significantly during the years

ended 31 December 2023 and 2022, reaching or exceeding recent historical highs in the United States, the European

Union, the United Kingdom, and other countries. While rates of inflation in a number of these countries have

decreased from their recent highs, they remain above levels of recent years and in some cases above the inflationary

targets of the relevant central banks. High rates of inflation may have a number of adverse effects on the business.

Inflation may increase the costs of goods, services and labour used in operations, thereby increasing expenses.

To the extent that the Trust derives income from leases with fixed rates of payment, high rates of inflation and

interest rates will cause a greater decrease in the value of those payments than had the rates of inflation and interest

remained lower. Typically, leases are for multi-year periods, there may be a lag in the ability to adjust the lease rates

for particular flight equipment accordingly.

During the years ended 31 December 2023 and 2022, interest rates increased significantly in the United States, the

European Union, the United Kingdom and other countries, and may remain high or increase further during 2024. If

and when interest rates increase, the Trust will be obligated to make higher interest payments to the lenders of

floating rate debt; this negatively impacts the net income to the extent that those payments are not hedged. As leases

are primarily for multiple years with fixed lease rates for the duration of the lease, there will be a lag in the ability to

adjust and pass on the costs of increasing interest rates.

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023 (continued)

Funding risk

As at 31 December 2023, the Trust had 112 aircraft on order. Due to the capital-intensive nature of the business, the

Trust expects that it will incur additional indebtedness in the future and continue to maintain substantial levels of

indebtedness. The Trust have significant principal and interest payments on our outstanding indebtedness and

substantial aircraft forward purchase contract payments. In order to meet these commitments, and to maintain an

adequate level of unrestricted cash, the Trust will need to raise additional funds by accessing committed debt

facilities, securing additional financing from banks or through capital markets transactions, or possibly selling

aircraft. The Trust's typical sources of funding may not be sufficient to meet its liability needs, in which case it may

be required to raise capital from new sources, including by issuing new types of debt.

The Trust primarily uses fixed rate debt to finance its business, which provides an interest rate hedge against lease

rentals, which in turn are largely fixed over their term.

Interest rate benchmarks, including the London Interbank Offered Rates (“LIBOR”), were the subject of ongoing

reform and, in some cases, discontinuation. On 27 July, 2017, the Chief Executive of the U.K. Financial Conduct

Authority (the “FCA”), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks

to submit rates for the calculation of LIBOR after 2021. This had subsequently been extended to June 2023 for the

major USD LIBOR tenors. In April 2023, the FCA announced that the one-month, three-month and six-month US

Dollar LIBOR tenors would continue to be published in synthetic form until September 2024, at which point these

LIBOR tenors would cease. The transition of the Trust's LIBOR-based instruments to Secured Overnight Financing

Rate (“SOFR” or “Term SOFR”) was completed in October 2023. As of 31 December, 2023, we had $Nil (2022:

$450m) of floating rate debt outstanding that used either one-month, three-month or six-month USD LIBOR as the

applicable reference rate to calculate interest on such debt.

Management present their report and the audited financial statements for the financial year ended 31 December

2023.

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023 (continued)

Impact of changes in interest rates

Like many leasing companies, we are subject to interest rate risk. We use a mix of fixed rate and floating rate debt to

finance our business. Our cost of borrowing is affected by the interest rates that we obtain on our debt financings,

which can fluctuate based on, among other things, general market conditions, the market’s assessment of our credit

risk, prevailing interest rates in the market, fluctuations in U.S. Treasury rates and other benchmark rates and the

duration of the debt we issue.

During the years ended December 31, 2022 and 2023, interest rates increased significantly in the United States, the

European Union, the United Kingdom and other countries, and may remain high or increase further during 2024. If

and when interest rates increase, we are obligated to make higher interest payments to the lenders of our floating rate

debt; this negatively impacts our net income to the extent that those payments are not hedged. Increasing rates may

also increase the cost of any new financing we may raise during this period, which could impact the trust’s net

income. Typically, we are not able to immediately offset this negative impact by increasing the rates on our leases.

During the year ended 31 December, 2023, 98.5% of AerCap Group's basic lease rents from flight equipment under

operating leases was attributable to leases with fixed lease rates and 1.5% was derived from leases with lease rates

tied to floating interest rates.

Rising interest rates may also have a negative impact on the financial condition of our lessees, who may find it more

difficult to service their debt and obtain new financing on favourable terms. While most of our leases have fixed

lease rates, some lessees do have floating rate leases, and rising interest rates may increase the risk of a lessee with

floating rate lease rates defaulting as payments due to us increase.

We are also exposed to certain risks from interest rate decreases. Decreases in interest rates may adversely affect our

interest revenue on cash deposits and our lease revenue, in part because a decrease in interest rates would cause a

decrease in our lease revenue from leases with lease rates tied to floating interest rates. We could also experience

reduced lease revenue from our fixed rate leases if interest rates decrease because these are based, in part, on

prevailing interest rates at the time we enter into the lease. As a result, new fixed rate leases we enter into at a time

of lower interest rates may be at lower lease rates than had no such interest rate decrease occurred, adversely

affecting our lease revenue. This may be particularly harmful to our business if we incur debt at higher interest rates

and enter into leases at a time of lower interest rates.

AerCap Group's primary market risk exposure is interest rate risk associated with short- and long-term borrowings

bearing variable interest rates and lease payments under leases tied to floating interest rates. To manage this interest

rate exposure, from time to time, we enter into interest rate swap and cap agreements and U.S. treasury rate lock

agreements.

Lease Expirations

In the event of lease expirations, Management actively plan for their re-lease, or plan for a lease extension or plan

for aircraft sale or part out sale. Management of the Trust continually monitor lease expirations.

Financial Instruments Risks

Due to the nature of its business, the Trust is exposed to the effects of fluctuations in interest rates. In order to

manage these exposures, the Trust is using primarily fixed interest rates.

The Trusts limited exposure to the effects of fluctuations in foreign currency exchange rates as the majority of the

transactions are denominated in the functional currency. Refer to "Impact of changes in interest rates" for further

information.

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023 (continued)

Impact from the risks related to the Ukraine Conflict

On 24 February 2022, Russia launched a large-scale military invasion of Ukraine and has since been engaged in a

broad military conflict with Ukraine (the “Ukraine Conflict”). In response to the Ukraine Conflict and ongoing

related hostilities, the United States, the European Union, the United Kingdom and other countries have imposed

broad, far-reaching sanctions against Russia, certain Russian persons and certain activities involving Russia or

Russian persons (the “Sanctions”).

In compliance with all applicable Sanctions in March 2022, the AerCap Group terminated the leasing of all aircraft

and engines with Russian airlines. These terminations have resulted in reduced revenues and operating cash flows in

AerCap.

The Ukraine Conflict, the Sanctions and the actions of former Russian lessees and the Russian government together

represent an unusual and infrequent event and therefore the related net charges are classified separately on the

income statement as “Net recoveries/(charges) related to Ukraine Conflict”. During the year ended 31 December

2023, the Trust recognised recoveries of flight equipment of $22.8m related to the Ukraine Conflict. During the year

ended December 31, 2022 the Trust recognised a pre-tax net charge of $252.7 million to the earnings, comprised of

write-offs and impairments of flight equipment, which were partially offset by the derecognition of lease-related

assets and liabilities (including maintenance rights and lease premium intangible assets, maintenance liabilities,

security deposits and other balances) and the collection of letters of credit proceeds. Please refer to note 6 for further

details.

The lessees are required to provide insurance coverage with respect to leased aircraft and the Trust is named as

insured under those policies in the event of a total loss of an aircraft or engine. AerCap also purchase contingent and

possessed insurance (“C&P Policy”) which provides coverage when flight equipment is not subject to a lease or

where a lessee’s policy fails to indemnify us. AerCap are pursuing claims in the London Commercial Court with

respect to assets that remain in Russia against the insurers under the C&P Policy. The AerCap Group have also

adopted a captive insurance program to complement the overall insurance program.

In parallel with the C&P Policy claim, during 2023, AerCap Group commenced claims in the Commercial Court in

London, England against various reinsurers under reinsurance policies of the Russian airlines’ insurance policies

(the “Operator Reinsurance Policies”) in respect of the aircraft and engines which remain in Russia. During the year

ended December 31, 2023, several of those claims were discontinued, and several others were amended to

discontinue claims in respect of certain aircraft and engines, following completion of insurance settlements with

several Russian airlines and their Russian insurers.

AerCap Group intend to continue to vigorously pursue our claims under the C&P Policy and the Operator

Reinsurance Policies. However, the collection, timing and amount of any potential recoveries are uncertain and

AerCap Group have not recognized any claim receivables as of 31 December 2023.

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023 (continued)

Business review

The significant events that occurred during the period ended 31 December 2023 and their impact on the financial

statements are described below:

During the year ended 31 December 2023, the Trust realised a profit of $4,212.8m (2022: $149.0m) with a turnover

of $634.0m (2022: $629.3m). We would like to draw your attention to the following movements:

• The gross profit margin increased to 59.6% for the year ended 31 December 2023 from 53.9% for the year ended

31 December 2022. This increase is primarily as a result of a reduction in impairment.

• Other operating income for the period ended 31 December, 2023 decreased by $17.6m to $5.3m. This compared

with $22.9m during the equivalent period in 2022. The decrease is primarily due to a reduction in other income

of $17.1m from the prior year. Other Income in 2022 included proceeds from legal settlements of $15.0m

• Operating expenses increased by $40.9m to $143.1m for the year ended 31 December 2023 from $102.1 for the

year ended 31 December 2022. The increase is primarily due to the provision for Intercompany Receivables of

$60.9m from $6.9 for the comparable period in 2022. This is partially offset by a reduction in other operating

expenses of $12.3m to $9.6m for the year ended 31 December 2023.

• Profit on sale of tangible fixed assets for the year ended 31 December 2023 was $172.2m. This compared with a

profit of $32.8m on sale of tangible fixed assets during the equivalent period in 2022. This is primarily driven by

an increase in the number of aircraft sold (60 in 2023, 41 in 2022) and also by the different composition of

aircraft sales during the two periods.

• The Trust recognised recoveries of $22.8m with respect to an aircraft located outside of Russia since the start of

the Ukraine Conflict. This compared with net charges as a result of the Ukraine Conflict of $252.8m for the

comparable period in 2022.

• The Trust realised an impairment on its investment in subsidiaries of $1,766m following on from the dividend

income receipts as noted below.

• Interest receivable and similar income increased by $1,070.9m to $2,295.7m for the year ended 31 December

2023. This increase is primarily due to a rise in interest rates.

• Interest payable and similar expenses increased by $43.7m to $1,295.9m for the year ended 31 December 2023.

This increase is primarily due to a rise in interest rates.

• Dividend income of $4,544.1m (2022: $136.3m) was received from subsidiary entities during the year ended 31

December 2023.

The most significant movement in the statement of financial position between 31 December 2023 and 31 December

2022 were the increases in investments and the changes in loans and borrowings. Furthermore, there were changes

in the net book value of tangible assets and in the Trust's equity.

• AerCap Aviation Leasing Limited was acquired by AICDC in July 2023 from AerCap Ireland Limited at a sales

price of $9,918m. AICDC issued shares to AerCap Ireland Limited at a premium. AICDC used the proceeds of

the share allotment to make a capital contribution to AGAT of $9,918m. The Trust's investments increased by

$8,157m primarily as a result of this acquisition of shares in AerCap Aviation Leasing Limited.

• The net book value of the tangible assets decreased by $150.8m This was driven by the sale of 60 aircraft with a

net book value of $2,051.8m and depreciation and impairment of $256.3m partially offset by new acquisitions of

$2,130.4m. Of the 60 aircraft sold during the year ended 31 December 2023, 49 were intercompany sales.

• In February 2023, AerCap Trust and AICDC completed the redemption of all $600 million outstanding

aggregate principal amount of their 4.125% Senior Notes due 2023.

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AerCap Global Aviation Trust

Management report for the financial year ended 31 December 2023 (continued)

• In June 2023, AerCap Trust and AICDC redeemed $1.0 billion aggregate principal amount of the

then-outstanding $1.25 billion aggregate principal amount of their 4.50% Senior Notes due 2023.

• In June 2023, AerCap Trust and AICDC co-issued $1.0 billion aggregate principal amount of 5.75% Senior

Notes due 2028.

• In September 2023, AerCap Trust and AICDC co-issued $900 million aggregate principal amount of 6.10%

Senior Notes due 2027 and $850 million aggregate principal amount of 6.15% Senior Notes due 2030.

• In November 2023, AerCap Trust and AICDC completed an exchange offer (the “November Exchange Offer”)

whereby they co-issued $1.5 billion aggregate principal amount of 6.45% Senior Notes due 2027 in exchange

(together with cash payment) for $356 million aggregate principal amount of 1.75% Senior Notes due 2024,

$276 million aggregate principal amount of 2.875% Senior Notes due 2024 and $1.0 billion aggregate principal

amount of 1.65% Senior Notes due 2024. All exchanged Senior Notes were retired upon consummation of the

exchange.

• A number of the Trust's subsidiaries received cash insurance settlement proceeds in the total amount of $940

million in full settlement of their insurance claims under the Russian airline's insurance policies. The claims were

in respect of 50 aircraft and 16 engines the Trust's subsidiaries leased to Russian airlines at the time of Russia's

invasion of Ukraine in February 2022.

GECAS Transaction

AerCap completed the acquisition of GE Capital Aviation Services (“GECAS”) from General Electric (“GE”) (the

“GECAS Transaction”) on November 1, 2021 (the “Closing Date”). Immediately following the completion of the

GECAS Transaction, GE held approximately 46% of AerCap’s issued and outstanding ordinary shares. During the

year ended 31 December 2023, GE sold all 111,500,000 of its AerCap ordinary shares. As of 16 November 2023,

GE no longer beneficially owned any AerCap outstanding ordinary shares.

Results and dividends

The results of the Trust for the year are set out in the income statement on page 15 of the financial statements and in

the related notes. The Trust's profit for the year amounted to $4,212.8m (2022: $149.0m).

The Trust made a distribution of $5,052m during the year which is presented as distributions within the statement of

changes in equity. A dividend of $4,697.9m was paid in 2022.

Post balance sheet events

In January 2024, AerCap Trust and AICDC co-issued $800 million aggregate principal amount of 5.1% Senior

Notes due 2029 and $700 million aggregate principal amount 5.3% Senior Notes due 2034.

In April 2024, AerCap Trust and AICDC completed an exchange offer whereby outstanding privately-placed 6.45%

Senior Notes due 2027 that were issued in November 2023 were exchanged for a like principal amount of new

6.45% Senior Notes due 2027, pursuant to an SEC-registered public offering.

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INDEPENDENT AUDITOR’S REPORT TO THE MANAGEMENT OF AERCAP GLOBAL

AVIATION TRUST

Report on the audit of the financial statements

Opinion

We have audited the financial statements of AerCap Global Aviation Trust (‘the Trust’) for the year

ended 31 December 2023 set out on pages 15 to 56, which comprise the Income Statement,

Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in

Equity and related notes, including the summary of significant accounting policies set out in note 2.

The financial reporting framework that has been applied in their preparation is FRS 102 The Financial

Reporting Standard applicable in the UK and Republic of Ireland issued in the United Kingdom by the

Financial Reporting Council. These financial statements have been prepared for the reasons set out

in note 2.

In our opinion:

• the financial statements give a true and fair view of the assets, liabilities and financial position

of the Trust as at 31 December 2023 and of the Trust’s profit for the year then ended; and

• the Trust financial statements have been properly prepared in accordance with FRS 102 The

Financial Reporting Standard applicable in the UK and Republic of Ireland.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs

(Ireland)) and applicable law. Our responsibilities under those standards are further described in the

Auditor's Responsibilities for the audit of the financial statements section of our report. We have

fulfilled our ethical responsibilities under, and we remained independent of the Trust in accordance

with ethical requirements that are relevant to our audit of financial statements in Ireland, including the

Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), as

applied to listed entities.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

Conclusions relating to going concern.

In auditing the financial statements, we have concluded that the management's use of the going

concern basis of accounting in the preparation of the financial statements is appropriate. Our

evaluation of the management’s assessment of the Trust’s ability to continue to adopt the going

concern basis of accounting included inter alia, review of the management cashflow forecasts:

• Completion of a risk assessment to identify factors that could impact the going concern basis

of accounting.

• Evaluation of the managements' assessment of the Trust’s ability to continue to adopt the

going concern basis of accounting. In our evaluation of the management conclusions, we

considered the inherent risks to the Trust’s business model and analysed how those risks

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Independent Auditor’s Report

AerCap Global Aviation Trust

29 April 2024

might affect the Trust’s funding and liquidity position or ability to continue operations over the

going concern period.

• Consideration of sensitivities over the level of available financial resources to the Trust from

the ultimate parent, AerCap Holdings N.V.

Based on the work we have performed, we have not identified any material uncertainties relating to

events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to

continue as a going concern for a period of at least twelve months from the date when the financial

statements are authorised for issue.

Our responsibilities and the responsibilities of the management with respect to going concern are

described in the relevant sections of this report.

Detecting irregularities including fraud

We identified the areas of laws and regulations that could reasonably be expected to have a material

effect on the financial statements and risks of material misstatement due to fraud, using our

understanding of the entity's industry, regulatory environment and other external factors and inquiry

with management. In addition, our risk assessment procedures included:

- Inquiring with management as to the Trust’s policies and procedures regarding compliance with

laws and regulations, identifying, evaluating and accounting for litigation and claims, as well as

whether they have knowledge of non-compliance or instances of litigation or claims.

- Inquiring of management as to the Trust’s policies and procedures to prevent and detect fraud,

including the internal audit function, and the Trust’s channel for “whistleblowing”, as well as

whether they have knowledge of any actual, suspected or alleged fraud.

- Inquiring of management regarding their assessment of the risk that the financial statements may

be materially misstated due to irregularities, including fraud.

- Inspecting the Trust’s regulatory and legal correspondence.

- Reading Board meeting minutes.

- Considering remuneration incentive schemes and performance targets for management including

the EPS target for management remuneration.

We discussed identified laws and regulations, fraud risk factors and the need to remain alert among

the audit team.

Firstly, the Trust is subject to laws and regulations that directly affect the financial statements

including companies and financial reporting legislation. We assessed the extent of compliance with

these laws and regulations as part of our procedures on the related financial statement items,

including assessing the financial statement disclosures and agreeing them to supporting

documentation when necessary.

Secondly, the Trust is subject to many other laws and regulations where the consequences of non-

compliance could have a material effect on amounts or disclosures in the financial statements, for

instance through the imposition of fines or litigation. We identified the following areas as those most

likely to have such an effect: anti-bribery, employment law, regulatory capital and liquidity and certain

aspects of company legislation recognising the financial nature of the Trust’s activities and its legal

form.

Auditing standards limit the required audit procedures to identify non-compliance with these non-direct

laws and regulations to inquiry of the directors and inspection of regulatory and legal correspondence,

if any. These limited procedures did not identify actual or suspected non-compliance.

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Independent Auditor’s Report

AerCap Global Aviation Trust

29 April 2024

We assessed events or conditions that could indicate an incentive or pressure to commit fraud or

provide an opportunity to commit fraud. As required by auditing standards, we performed procedures

to address the risk of management override of controls We did not identify any additional fraud risks.

In response to the fraud risks, we also performed procedures including:

- Identifying journal entries to test based on risk criteria and comparing the identified entries to

supporting documentation.

- Evaluating the business purpose of significant unusual transactions

- Assessing significant accounting estimates for bias

- Assessing the disclosures in the financial statements

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have

detected some material misstatements in the financial statements, even though we have properly

planned and performed our audit in accordance with auditing standards. For example, the further

removed non-compliance with laws and regulations (irregularities) is from the events and transactions

reflected in the financial statements, the less likely the inherently limited procedures required by

auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

controls. We are not responsible for preventing non-compliance and cannot be expected to detect

non-compliance with all laws and regulations.

Key audit matters: our assessment of risks of material misstatement

Key audit matters are those matters that, in our professional judgment, were of most significance in

the audit of the financial statements and include the most significant assessed risks of material

misstatement (whether or not due to fraud) identified by us, including those which had the greatest

effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of

the engagement team. These matters were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion

on these matters.

In arriving at our audit opinion above, the key audit matters, in decreasing order of audit significance,

were as follows unchanged from 2022;

Impairment of Aircraft $5.5 million (2022: $51.4 million)

Refer to page 22 (accounting policy) and pages 31 to 32 (Tangible Assets disclosures)

The key audit matter

How the matter was addressed in our audit

At 31 December 2023, the carrying

value of the Trust’s Tangible assets

made up $4.3 billion or 10% of Total

Assets.

The Trust applies the requirements of

FRS 102

In relation to the audit of the impairment assessment of

aircraft and related components, the procedures we

undertook included, amongst others:

We obtained an understanding of and documented the

key controls around the impairment assessment of

aircraft and related components, testing the

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

Independent Auditor’s Report

AerCap Global Aviation Trust

29 April 2024

Impairment of Assets in order to

determine whether it is

necessary to recognise an impairment

loss on any aircraft

and related components.

Determining whether or not an

impairment exists, and the amount of

any impairment, requires the exercise of

significant judgement relating to tangible

assets current market values and

estimated future residual values, future

lease rates, the timing and cost of

maintenance events and the discount

rate applied to the portfolio as well as

consideration of both internal and

external sources of information.

effectiveness of design and implementation, including

consideration of approval by Management.

We evaluated the (i) competence, capabilities and

objectivity of the external valuers employed by the

Trust to provide aircraft current market values and (ii)

the appropriateness of their work as audit evidence.

We obtained the external valuers valuation reports to

validate the inputs into the impairment model.

We assessed and evaluated the key inputs and

significant assumptions used in management

determination of recoverable amounts for each aircraft

(aircraft current market values and estimated future

residual values, future lease rentals, timing and

discount rate) by comparing these to, in-force

contractual arrangements (specifically lease and any

related deferral (or similar) arrangements), recent

trends and externally available industry, economic

data (including that provided by the Trust’s external

valuers).

We evaluated management identification of impairment

indicators, and assessed the methodology adopted in

its impairment model with reference to our

understanding of the Trust’s business and the

requirements of the accounting standards. We

assessed the calculations underlying the impairment

model by checking that the key inputs and

assumptions input into the model were in agreement

with those that we had evaluated.

We performed sensitivity analysis of the discount rates

applied and the assumptions in respect of lease rates

and residual values used by management in the

impairment model through applying additional

downside sensitivities to assess what changes thereto,

either individually or collectively, would result in a

different conclusion being reached and assessed

whether there were any indicators of management bias

in the setting of key assumptions.

We assessed the adequacy of the disclosures made

by the Trust regarding the impairment assessment of

aircraft and related components in the financial

statements for compliance with the accounting

standards.

Based on the procedures we performed, we

considered that the key inputs and significant

assumptions used in the impairment assessment are

reasonable

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Independent Auditor’s Report

AerCap Global Aviation Trust

29 April 2024

Our application of materiality and an overview of the scope of our audit

Materiality for the Trust’s financial statements was set at $81m (2022: $75m), determined with

reference to a benchmark of Total Assets, of which it represents 1% and adjusted accordingly to align

with AerCap Group materiality.

We reported to the board any corrected or uncorrected identified misstatements exceeding $4m

(2022: $4m), in addition to other identified misstatements that warranted reporting on qualitative

grounds.

We applied materiality to assist us determine what risks were significant risks and the procedures to

be performed.

Our audit of the Trust was undertaken to the materiality specified above and was all performed by one

engagement team in Ireland.

Other information

The management are responsible for the preparation of the other information presented in the Annual

Report together with the financial statements. The other information comprises the information

included in the Management’s report.

The financial statements and our auditor’s report thereon do not comprise part of the other

information. Our opinion on the financial statements does not cover the other information and,

accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of

assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our

financial statements audit work, the information therein is materially misstated or inconsistent with the

financial statements or our audit knowledge. Based solely on that work we have not identified material

misstatements in the other information.

Based solely on our work on the other information undertaken during the course of the audit, we

report that:

• we have not identified material misstatements in the Management’s report; and

• in our opinion, the information given in the Management’s report is consistent with the

financial statements.

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

Independent Auditor’s Report

AerCap Global Aviation Trust

29 April 2024

Respective responsibilities and restrictions on use

Management’s responsibilities

As explained more fully in Management Responsibility statement set out on page 8, management are

responsible for: the preparation of the financial statements including being satisfied that they give a

true and fair view; such internal control as they determine is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error;

assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related

to going concern; and using the going concern basis of accounting unless they either intend to

liquidate the Trust or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole

are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report

that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement

when it exists. Misstatements can arise from fraud or error and are considered material if, individually

or in the aggregate, they could reasonably be expected to influence the economic decisions of users

taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on IAASA’s website at

https://iaasa.ie/publications/description-of-the-auditors-responsibilities-for-the-audit-of-the-financial-

statements/.

The purpose of our audit work and to whom we owe our responsibilities.

Our report is made solely to the management, as a body, in accordance with our engagement letter

dated 17 April 2023. Our audit work has been undertaken so that we might state to the Management

those matters we are required to state to them in an auditor’s report and for no other purpose. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the

Trust and management, as a body, for our audit work, for this report, or for the opinions we have

formed.

Colm O'Rourke 29 April 2024

for and on behalf of

KPMG

Chartered Accountants, Statutory Audit Firm

1 Harbourmaster Place

IFSC

Dublin 1

D01 F6F5

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Income statement

for the financial year ended 31 December 2023

Note

2023

$ 000

2022

$ 000

Turnover

4 634,006 629,253

Depreciation and impairment

(256,312) (289,991)

Gross profit

377,694 339,262

Other operating income

5 5,295 22,857

Operating expenses

7 (143,071) (102,153)

Profit on sale of tangible fixed assets 172,249 32,845

Operating profit

412,167 292,811

Net recoveries/(charges) related to Ukraine Conflict

6 22,750 (252,776)

Impairment provision on investment

12 (1,766,051) -

Interest receivable and similar income

8 2,295,710 1,224,805

Interest payable and similar expenses

9 (1,295,882) (1,252,175)

Dividend income

4,544,091 136,340

Profit before taxation

4,212,785 149,005

Tax on profit - -

Profit for the financial year

4,212,785 149,005

The above results were derived from continuing operations.

The notes on pages 19 to 56 form an integral part of these financial statements.

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AerCap Global Aviation Trust

Statement of comprehensive income

for the financial year ended 31 December 2023

Note

2023

$ 000

2022

$ 000

Profit for the year

4,212,785 149,005

Other comprehensive income - -

Total comprehensive income for the year

4,212,785 149,005

The notes on pages 19 to 56 form an integral part of these financial statements.

Page 16

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AerCap Global Aviation Trust

Statement of financial position

as at 31 December 2023

Note

2023

$ 000

2022

$ 000

Fixed assets

Tangible assets

11 4,318,047 4,468,889

Investments

12 9,180,252 1,022,788

Prepayments on aircraft purchases 461,995 655,926

13,960,294 6,147,603

Current assets

Inventory

2 437

Debtors: (including $173.6m due after more than one year 2022:

$213.3m)

14, 13 37,741,606 39,127,884

Cash and cash equivalents

22,974 220,930

37,764,582 39,349,251

Creditors

: Amounts falling due within one year

(6,007,594) (6,445,349)

Net current assets

31,756,988 32,903,902

Creditors

: Amounts falling due after more than one year

(27,993,493) (30,405,701)

Net assets

17,723,789 8,645,804

Capital and reserves

Share capital

- -

Beneficial ownership interest

24 4,544,018 4,544,018

Capital contributions

10,119,752 201,843

Retained earnings 3,060,019 3,899,943

Total equity

17,723,789 8,645,804

The notes on pages 19 to 56 form an integral part of these financial statements.

Page 17

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AerCap Global Aviation Trust

Statement of changes in equity

for the financial year ended 31 December 2023

Beneficial

ownership

interest

$ 000

Other reserves

$ 000

Retained

earnings

$ 000

Total

$ 000

At 1 January 2023

4,544,018 201,843 3,899,943 8,645,804

Profit for the financial year

- - 4,212,785 4,212,785

Distributions

- - (5,052,709) (5,052,709)

Capital contribution - 9,917,909 - 9,917,909

At 31 December 2023

4,544,018 10,119,752 3,060,019 17,723,789

Beneficial

ownership

interest

$ 000

Other reserves

$ 000

Retained

earnings

$ 000

Total

$ 000

At 1 January 2022

4,544,018 4,899,765 3,750,938 13,194,721

Profit for the financial year

- - 149,005 149,005

Distributions

- (4,697,922) - (4,697,922)

At 31 December 2022

4,544,018 201,843 3,899,943 8,645,804

The notes on pages 19 to 56 form an integral part of these financial statements.

Page 18

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

1 General information

AerCap Global Aviation Trust is a Delaware Statutory Trust, formed on 5 February 2014, with its principal offices

in Ireland. The address of its registered office is Aviation House, Shannon, Co. Clare, Ireland.

AerCap Ireland Capital Designated Activity Company owns 100% of AerCap Global Aviation Trust.

AerCap Global Aviation Trust has subsidiaries which are referenced in note 12 to the financial statements.

2 Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These

policies have been consistently applied to all the financial years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared on the going concern basis in accordance with Generally Accepted

Accounting Standards in the Republic of Ireland, including Financial Reporting Standards 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and present the Trust on an entity

basis only. Were AerCap Trust to prepare consolidated financial statements, the consolidated statement of financial

position, consolidated income statement and consolidated statement of comprehensive income would be materially

different from that presented in these accounts.

These financial statements have been prepared using the historical cost convention and are stated in US Dollars,

which is the principal operating currency of the Trust and of the aviation industry.

Going Concern

For the year ended 31 December 2023, the Trust recognised a net profit and as at 31 December 2023 it is in a net

current asset position. Management have a reasonable expectation that the Trust will continue in operational

existence for the twelve months from the date of approval of the financial statements ("the period of assessment")

and have prepared the financial statements on a going concern basis. In making the assessment Management

considered the potential impact on the Trust's results including:

• aviation industry market conditions, including general economic and political conditions;

• the Trust's funding and liquidity position;

• cashflow forecasts and potential impact of rent deferral agreements granted or other lease modifications granted;

• the Trust's capital commitments; and

• the ability and intent of the ultimate parent, AerCap Holdings N.V. to provide support to the Trust.

These financial statements are presented in US Dollars, which is the functional currency of AerCap Trust, denoted

by the symbol "$", which is the principal operating currency of the AerCap Group.

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

2 Accounting policies (continued)

These audited financial statements were prepared on a consistent basis with the audited financial statements for the

year ended 31 December 2023. AerCap Trust’s financial statements have been prepared under the historical cost

convention and are stated in U.S. dollars, which is the principal operating currency of AerCap Group.

The principal activity of the Trust continues to be the leasing of commercial jet aircraft. While the Trust continues to

borrow funds externally and lends these onwards to group entities, this is not its principal activity and therefore

management have concluded that it is not a financial institution. The Trust did not earn net interest margin in the

current year from lending to subsidiaries and is not exposed to any additional significant risk in this respect that is

not already disclosed in the financial statements.

AerCap Trust is considered a qualifying entity for the purposes of FRS 102. Note 12 gives details of AerCap Trust’s

ultimate controlling party into which it consolidates and from where its consolidated financial statements may be

obtained.

As a qualifying entity AerCap Trust has availed of a number of exemptions from the disclosure requirements of FRS

102 in the preparation of the entity financial statements. In accordance with FRS102 the Trust has availed of the

following exemptions:

• The requirements of section 7 and paragraph 3.17(d) to present a statement of cash flows;

• The requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26 (in

relation to those cross-referenced paragraphs from which a disclosure exemption is available), 12.27, 12.29(a),

12.29(b), and 12.29A to disclose information about financial instruments;

• The requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23 to disclose certain information about share

based payment arrangements: and

• The requirements of paragraph 33.7 to disclose the Trust key management personnel compensation.

Lease classification

On the inception of each new lease, a detailed assessment is carried out to classify the lease as an operating or

finance lease. The assessment examines whether the lease is for the major part of the economic life of the asset

and/or if there are any purchase options available to the lessee at the end of the lease term. Where the specific

criteria are met, the Trust will classify the lease as an operating or finance lease accordingly. Where there is an

amendment to an existing lease that meets the definition of a lease modification it is considered a new lease. A lease

is classified as a finance lease if it transfers substantially all the risks and rewards incident to ownership. All other

leases are classified as operating leases.

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

2 Accounting policies (continued)

Turnover

Income from flight equipment on operating leases is recognised and presented as Turnover in the Income statement,

as it accrues over the period of the lease on a straight line basis. Variable rents are recognised when earned.

Unearned revenue from finance leases is amortized to lease income in a manner which produces a constant rate of

return on the net investment in the lease.

Most of the Trust's lease contracts require payment in advance. Rentals received, but unearned under these lease

agreements, are recorded as deferred or accrued income on the statement of financial position. Penalties & charges

on lessee notes receivable is recognised as other income as it accrues.

In most lease contracts not requiring the payment of supplemental rents, the lessee is required to re-deliver the

aircraft in a similar maintenance condition (normal wear and tear excepted) as when accepted under the lease. To the

extent that the aircraft are redelivered in a different condition than at acceptance, there is normally an end-of-lease

compensation adjustment for the difference at redelivery. The Trust recognise receipts of end-of-lease compensation

adjustments as operating lease income and payments of end-of-lease adjustments as leasing expenses when agreed.

Lease termination fees arise from contractual obligations upon early termination of leases by lessees. The Trust

recognises this revenue in operating lease income at the fair value of consideration received or receivable.

Finance income and costs

Interest income and interest expense are recognised using the effective interest method. Interest income is presented

as interest receivable and similar income and interest expense is presented as interest payable and similar charges in

the income statement. Accrued interest is included in the creditors / debtors balances on the statement of financial

position.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of

the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items

measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary

items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at

period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the

income statement.

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

2 Accounting policies (continued)

Tangible assets

Flight equipment consists of aircraft and engines. These are stated at historical cost less accumulated depreciation.

Additional depreciation is charged to reduce the carrying value of specific assets to the recoverable amount where

impairment is considered to have occurred in accordance with Section 27 of FRS102. An impairment review is

required where there has been an indication of impairment. Where the recoverable amount is greater than the

carrying value no adjustment is made.

Recoverable amount is the higher of the net realisable value and value in use. Net realisable value is the amount at

which an asset could be disposed of less any direct selling costs, and value in use is the present value of future

cashflows obtainable as a result of an asset's continued use, including those resulting from its ultimate disposal,

discounted at 7.5% (2022: 7.5%). In instances where the purchase of flight equipment includes consideration which

can be allocated to the value of an acquired lease containing above market terms, such allocated costs are recognised

as a lease premium asset and depreciated, on a straight line basis, over the term of the related lease.

Cost comprises the invoiced cost net of manufacturers' discounts, but inclusive of applicable capitalised interest.

Depreciation is calculated on a straight-line basis. The estimates of useful lives and residual values are reviewed

periodically. Original cost is defined as the average purchase price of each asset type in the year of manufacture. The

estimated useful life of aircraft is up to 25 years from the date of manufacture. The remaining estimated useful life is

1 - 25 years for flight equipment held at 31 December 2023.

Disposal of tangible fixed assets

Gains or losses from aircraft trading transactions are recognised separately in the income statement when the

contract for sale or supply of the relevant aircraft is completed and the risk of ownership of the equipment is

transferred.

Prepayments on aircraft purchases

The Trust recognise non-refundable deposits on aircraft purchase commitments as assets on the statement of

financial position when the deposit is paid to the aircraft manufacturer. The Trust capitalise interest on the

prepayments and add the capitalised interest to the prepayment. The non-refundable deposits are recognised on a

current or non-current basis, dependent on the expected aircraft delivery date.

Investments

Investments are shown at cost less provisions for impairments in value. Investments are reviewed for impairment

whenever events or changes in circumstances indicate that the related carrying amount may not be recoverable.

Determining whether an impairment has occurred typically requires various estimates and judgements. Income from

investments is recognised in the income statement in the period in which it is earned.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments

that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

2 Accounting policies (continued)

Debtors

Debtors are amounts due from customers in relation to lease rentals in the ordinary course of business. If collection

is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as

current assets. If not, they are presented as non-current assets.

Debtors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest

method. For amounts due from Group Companies the Trust is applying accounting policy in accordance with

Section 11 and 12 of FRS102.

Provision for bad debts

Provisions are made for doubtful debts where it is considered that there is a significant risk of non recovery. The

assessment of risk of non recovery is primarily based on the extent to which amounts outstanding exceed the value

of the security held together with an assessment of the financial strength and condition of a lessee and the economic

conditions persisting in the lessee's operating environment.

Inventory

Inventory is stated at the lower of cost and net realisable value. Cost comprises purchase price, cost of conversion

and where applicable, those costs that have been incurred in bringing the inventory to its present location and

condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs

to be incurred in marketing, selling and distribution. Any write downs to net realisable value are recognised in the

income statement in the periods in which the write down occurs.

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business

from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the

effective interest method.

Conditional sales agreements ("CSA")

Where the Trust has entered into a CSA to sell an asset at a future date, the Trust holds the asset until the risks and

rewards related to the asset transfer to the purchaser. On the date that the CSA is signed ("CSA commencement

date"), the initial instalment payment received from the purchaser is recorded as a liability within creditors. This

liability is adjusted for lease rents transferable to the purchaser during the CSA period. When the conditions required

to complete the sale are met by both the buyer and seller, the sale is recognised and the instalment payment accrual

is applied as part of the sales proceeds.

During the CSA period, interest is calculated on a monthly basis on the instalment payment liability based on the

rate of interest set out in the relevant CSA. This interest is recorded within creditors and interest payable and similar

charges.

Security deposits

Lessee security deposits are recognised at their fair value and discounting is applied where appropriate. All

discounted amounts are accreted to their respective nominal values using the effective interest method within

interest expense.

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

2 Accounting policies (continued)

Maintenance advances and liabilities

In most lease contracts the lessee has the obligation to pay for maintenance costs on airframes, engines and other

major life-limited components which arise during the term of the lease. In many lease contracts the lessee makes a

payment of supplemental rent to cover the anticipated maintenance cost. In the majority of leases, the Trust does not

recognise supplemental rent as revenue, but as an accrued liability. In these contracts, upon lessee presentation of

invoices evidencing the completion of qualifying maintenance on the aircraft, the Trust reimburses the lessee for the

maintenance up to a maximum of the supplemental rent received in respect to the lease contract. In addition, the

Trust may be obligated in some instances to contribute to the maintenance work from its own reserves. Any surplus

amounts of accrued maintenance liability existing on termination of a lease are recorded as income at that time.

In most lease contracts not requiring the payment of supplemental rents, the lessee is required to re-deliver the

aircraft in a similar maintenance condition (normal wear and tear accepted) as when accepted under the lease, with

reference to major life-limited components of the aircraft. To the extent that such components are redelivered in a

different condition than at acceptance, there is normally an end-of-lease compensation adjustment for the difference

at redelivery. The Trust recognise receipts of end-of-lease compensation adjustments as supplemental rent when

received and payments of end-of-lease adjustments as leasing expenses when paid.

Lessor contributions

Lessor contributions to the cost of maintenance work performed by lessees are recorded as a liability at the

beginning of a lease contract. The corresponding asset is recognised as a lease incentive asset. Lease incentive assets

are included within debtors and lessor contributions are included within creditors. The lease incentive asset is

amortised to lease income on a straight line basis over the life of the lease. The liability is released when the

obligation is settled or no longer required.

Loans and borrowings

Loans and borrowings are carried at the principal amount borrowed, including unamortised discounts and premiums,

fair value adjustments and debt issuance costs, where applicable. The Trust amortises the amount of discounts,

premiums and fair value adjustments over the period the debt is outstanding using the effective interest method. The

costs incurred for issuing debt are deferred and amortised to the income statement over the expected term of the debt

using the effective interest method. Where debt is repaid, the related portion of the original deferred financing cost is

expensed.

Lease incentives

The Trust capitalises the amounts paid or value provided to lessees as lease incentives. These lease incentives are

amortised on a straight-line basis over the term of the related lease as a reduction in lease revenue.

Reportable segments

We manage our business and analyze and report our results of operations on the basis of one business segment:

leasing, financing, sales and management of commercial flight equipment.

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

2 Accounting policies (continued)

Finance lease receivable

Leases where the lessee assumes substantially all risks and rewards incidental to ownership of the leased assets are

classified as finance leases. Assets recognised under finance leases are classified as finance lease receivable at the

inception of the leases based on the lower of the fair value of the lease assets and the present value of the minimum

lease payments.

Lease receipts are apportioned between finance income in the income statement and reduction in the outstanding

finance lease receivable so as to achieve a constant rate of interest on the remaining balance.

Dividends

Dividend distribution to the Trust's shareholders is recognised as a liability in the financial statements in the

reporting period in which the dividends are approved by management. Dividend income is recognised when the right

to receive payment is established. Dividend income is presented in the Income statement.

3 Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statements requires Management to make judgements, estimates and assumptions that

affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised and in any future periods affected.

In particular, information about significant areas of estimation uncertainty and critical judgements in applying

accounting policies that have the most significant effect on the amount recognised in the financial statements are

described in the following:

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AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

3 Critical accounting judgements and key sources of estimation uncertainty (continued)

Flight equipment

We test aircraft for impairment whenever there is an indication that the carrying amount of the assets may not be

recoverable. Impairment trigger events, include potential sale transactions, early terminated leases, credit events

impacting lessees or forecasted significant and permanent declines in the demand for aircraft types.

The quantitative impairment test is performed at the lowest level for which identifiable cash flows are largely

independent of other groups of assets, which is the individual aircraft, including the lease-related assets and

liabilities of that aircraft, such as lease incentives, and maintenance liabilities (the “Asset Group”). An impairment is

measured by comparing the net carrying value of the Asset Group with the recoverable amount. The recoverable

amount is the higher of the net realisable value and value in use. Value in use is based on the anticipated future cash

flows, lease rates and residual value discounted at 7.5% (2022: 7.5%). In addition to discount rate other key

assumptions used in the impairment test are uncontracted lease rates and aircraft residual values.

Expected future lease rates are based on all relevant information available, including current contracted rates for

similar aircraft and industry trends.

The Trust estimates the expected useful life and the expected residual value of flight equipment. An increase in the

expected useful life or the residual value of flight equipment would result in a reduced depreciation charge in the

profit and loss account. Estimates are determined through the use of industry experience supported by estimates

received from independent appraisers taking into consideration the type, vintage and the expected utilisation of

flight equipment. The assumptions used in the valuation of aircraft include certain forward-looking projected

financial information that is based on current estimates and forecasts. Actual results could differ materially.

Investments

Investments are tested annually for impairment where an indicator of impairment exists. For impairment testing the

assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that is

largely independent of the cash inflows of other assets or cash generating units ('CGUs'). Management apply

judgement to determine the CGUs based on characteristics of investments held by the Trust at year end.

Lessor contributions

Lessor contributions are estimated at a commencement of the lease based on the amount that the lessor is expected

to pay out and contribute towards the expected maintenance events during the lease term. This estimate is based on

maintenance forecasting model which forecasts the maintenance inflows and outflows from the lease

commencement date to the lease termination date using data for expected aircraft utilisation as well as time and cost

of specific maintenance events.

Collectability of trade debtors

Evaluating the collectability of trade debtors requires some level of subjectivity and judgement. When the

collectability of rental payments is not deemed probable, the lease debtor is considered for impairment.

Collectability is evaluated based on factors such as the lessee’s credit rating, payment performance, financial

condition and requests for modifications of lease terms and conditions as well as security received from the lessee in

the form of security deposits, guarantees and/or letters of credit.

Page 26

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

4 Turnover

2023

$ 000

2022

$ 000

Operating lease income

464,305 495,772

Finance lease income

6,734 21,321

Supplemental rent

162,967 112,160

634,006 629,253

Supplemental rent consists of both the release of maintenance reserves on lease terminations of $108.3m (2022:

$59.3m) and end of lease compensation adjustments of $54.6m (2022: $52.8m).

Management have overall responsibility for the Trust’s activities and are therefore considered the chief operating

decision maker. Management are of the opinion that the Trust is engaged in a single segment of business, being

leasing of commercial jet aircraft. Management consider this appropriate due to the nature of the revenue earned for

the business as a whole from its flight equipment, being lease income from lessees.

Income arising from the leasing of flight equipment under operating leases and finance leases is captured below. The

source of the income is derived from the following regions where the customers are based:

2023

$ 000

2023

2022

$ 000

2022

France

47,322 10.05% 61,926 11.98%

China

49,211 10.45% 90,123 17.43%

United States of America

73,399 15.58% 83,487 16.15%

The Netherlands

41,803 8.87% 43,503 8.41%

Canada

38,024 8.07% 25,143 4.86%

Israel

36,175 7.68% 36,179 7.00%

Jordan

17,107 3.63% 21,665 4.19%

Thailand

26,008 5.52% 21,449 4.15%

United Kingdom

16,608 3.53% 17,332 3.35%

Russia

- -% 7,928 1.53%

Other 125,382 26.62% 108,358 20.95%

471,039 100.00% 517,093 100.00%

Page 27

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

4 Turnover (continued)

Minimum operating lease rentals receivable under non-cancellable leases:

2023

$ 000

2022

$ 000

Less than one year

462,403 891,827

One to two years

398,069 790,870

Two to three years

342,741 656,296

Three to four years

294,560 562,320

Four to five years

248,983 503,362

More than five years

937,227 1,507,304

2,683,983 4,911,979

5 Other operating income

The analysis of the Trust's other operating income for the year is as follows:

2023

$ 000

2022

$ 000

Lease termination income

1,479 1,253

Sale of parts

344 436

Other income

3,009 20,120

Gain from changes in provisions 463 1,048

5,295 22,857

Other income primarily relates to flight equipment rebates of $2.0m for the year ended 31 December 2023. This

compares with proceeds from legal settlements of $15.0m for the comparable period in 2022.

Page 28

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

6 (Net recoveries)/charges related to Ukraine Conflict

The analysis of the trust's exceptional items for the year are as follows:

2023

$ 000

2022

$ 000

(Recoveries) write-offs and impairments of flight equipment

(22,750) 404,206

Derecognition of lease-related assets and liabilities

- (150,630)

Letter of credit receipt - (800)

(22,750) 252,776

For the year ended 31 December 2023, we recognised recoveries related to flight equipment of $22.8m (2022:

$404.2m charges) to our earnings.

7 Operating expenses

The analysis of the Trust's operating expenses for the year are as follows:

2023

$ 000

2022

$ 000

Repairs maintenance and technical costs

37,375 15,227

Group recharges

34,291 47,708

Other operating expenses

9,592 21,949

Loss from changes in provisions

61,813 16,499

Foreign exchange - 770

143,071 102,153

Included in the loss from changes in provisions is a provision for amounts due from Group Companies of $60.9m

(2022: $6.9m) and a write off of trade receiveables of $1.8m (2022: $Nil). In addition the Trust recognised a gain on

the provision of finance leases of $0.9m (2022: $0.9m expense).

8 Interest receivable and similar income

2023

$ 000

2022

$ 000

Interest on amounts due from group companies

2,284,301 1,217,195

Other finance income 11,409 7,610

2,295,710 1,224,805

Page 29

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

9 Interest payable and similar expenses

2023

$ 000

2022

$ 000

Interest payable to group undertakings (i)

129,658 78,525

External debt interest

1,164,329 1,173,313

Other finance costs 1,895 337

1,295,882 1,252,175

(i) Interest is payable in respect of loans from group undertakings and are payable on demand.

10 Dividend income

2023

$ 000

2022

$ 000

Dividend income

4,544,091 136,340

Dividend income amounting to $4,544.1m (2022: $136.3m) was received from subsidiary entities during the year.

Page 30

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

11 Tangible assets

2023

Flight

equipment

$ 000

2022

Flight

equipment

$ 000

Cost

Opening balance at 1 January

6,886,124 7,698,851

Additions

2,130,356 1,218,286

Disposals

(2,576,572) (1,398,542)

Recoveries (write-offs and impairments) related to Ukraine Conflict 26,909 (632,471)

At 31 December 6,466,817 6,886,124

Depreciation

Opening balance at 1 January

2,417,235 2,791,075

Charge for the year

250,790 238,601

Disposals

(524,777) (435,567)

Impairment

5,522 51,391

Write-offs and impairments Related to Ukraine Conflict - (228,265)

At 31 December 2,148,770 2,417,235

Carrying amount

At 31 December

4,318,047 4,468,889

At beginning of the year

4,468,889 4,907,776

Aircraft may be analysed as follows based on the remaining term outstanding on the associated operating leases for

a further period of:

2023

$ 000

2022

$ 000

Aircraft not on lease

50,016 134,145

Less than one year

233,491 277,704

From one to two years

403,268 654,729

From two to five years

998,160 1,014,668

After five years 2,633,112 2,387,643

4,318,047 4,468,889

The following table presents our aircraft portfolio by type of aircraft:

Page 31

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

11 Tangible assets (continued)

2023

Number of

aircraft

2023

% of total net

book value

2022

Number of

aircraft

2022

% of total net

book value

Passenger aircraft

Airbus A320 family

42 13.80% 53 16.73%

Airbus A320neo family

16 17.70% 17 17.74%

Airbus A330

6 2.67% 7 2.98%

Airbus A350

2 3.93% 2 3.94%

Boeing 737NG

26 12.19% 36 16.39%

Boeing 767

2 0.14% 5 0.34%

Boeing 777-200ER

- 0.00% 1 0.03%

Boeing 777-300 / 300ER

8 7.07% 7 6.81%

Boeing 787

19 40.94% 16 34.99%

Embraer E2

2 1.49% - 0.00%

Other 1 0.07% 1 0.05%

124 100.00% 145 100.00%

In accordance with the Trust’s stated accounting policy, an impairment review was performed. As a result of this

review, an impairment provision of $5.5m was recognised during the year ended 31 December, 2023 (2022:

$51.4m). Impairment is mainly as a result of potential sale transactions, early terminated leases, and credit events

impacting lessees. The impairment provision was calculated by comparing the net carrying value of the aircraft to

the higher of their net realisable value and value in use, based on anticipated future cash flows, discounted at 7.5%

(2022: 7.5%). The Trust recognised recoveries of flight equipment of $22.8m (2022: write offs and impairment of

flight equipment $404.2m) related to the Ukraine Conflict. Please refer to note 6 for further details.

12 Investments

2023

$ 000

2022

$ 000

Opening balance at the start of year

1,022,788 5,720,710

Additions

9,923,515 -

Return on investment

- (4,697,922)

Impairment (1,766,051) -

Closing balance at the end of year

9,180,252 1,022,788

In 2023, AICDC contributed the shares in AerCap Aircraft Leasing Limited, valued at $9.9bln to the Trust. The

investment decreased primarily as a result of an impairment to its investment in subsidiaries following dividends

paid by subsidiaries during 2023.

Page 32

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Details of undertakings

The following were subsidiary undertakings of AerCap Trust at 31 December 2023:

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Subsidiary undertakings

AerCap Aircraft Leasing Netherlands

B.V.

Netherlands Active Flight Equipment Leasing 100% 100%

AerCap Aviation Leasing Limited Ireland Active Flight Equipment Leasing 100% 0%

Celestial Aviation Funding Unlimited

Company

Ireland Active Flight Equipment Leasing 100% 100%

AerCap Aircraft Leasing Cyprus Limited Cyprus Active Flight Equipment Leasing 100% 100%

AerCap Aviation Solutions S.A.R.L. France Active Flight Equipment Leasing 100% 100%

AerCap Do Brasil Serviços De

Administração E Marketing LTDA

Brazil Active Flight Equipment Leasing 100% 100%

AerCap Rus LLC Russian

Federation

Active Flight Equipment Leasing 100% 100%

Celestial Aircraft Leasing Limited United Arab

Emirates

Active Flight Equipment Leasing 100% 100%

Celestial Aviation Operations Limited Ireland Active Flight Equipment Leasing 100% 100%

AerCap Aviation Services (Shanghai)

Co., Limited

China Active Flight Equipment Leasing 100% 100%

AerCap Aviation Singapore Private

Limited

Singapore Active Flight Equipment Leasing 100% 100%

AerCap Aviation Solutions S.A.R.L. France Active Flight Equipment Leasing 100% 100%

AerCap Do Brasil Serviços De

Administração E Marketing LTDA

Brazil Active Flight Equipment Leasing 100% 100%

AerCap Hong Kong Limited Hong Kong Active Flight Equipment Leasing 100% 100%

AerCap Rus LLC Russian

Federation

Active Flight Equipment Leasing 100% 100%

AerCap UK Aviation Limited United Kingdom Active Flight Equipment Leasing 100% 100%

Celestial France S.A.R.L. France Active Flight Equipment Leasing 100% 100%

Page 33

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Celestial Aviation Services Limited Ireland Active Flight Equipment Leasing 100% 100%

Aircraft 32A-10078019X (Ireland)

Limited

Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Holding 101 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 101 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 1 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 10 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 100 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 11 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 12 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 13 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 14 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 15 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 16 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 17 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 19 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 2 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 20 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 21 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 22 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 23 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 24 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 25 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 26 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 27 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 28 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 29 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 3 Limited Ireland Active Flight Equipment Leasing 100% 100%

Page 34

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Celestial Aviation Trading 30 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 31 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 32 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 33 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 35 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 36 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 37 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 38 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 39 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 4 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 41 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 42 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 43 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 44 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 45 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 46 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 47 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 48 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 49 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 5 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 50 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 51 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 52 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 53 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 54 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 55 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 56 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 57 Limited Ireland Active Flight Equipment Leasing 100% 100%

Page 35

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Celestial Aviation Trading 6 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 62 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 63 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 64 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 65 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 66 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 67 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 68 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 69 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 7 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 71 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 8 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading 9 Limited Ireland Active Flight Equipment Leasing 100% 100%

Crescent Leasing 9 Limited Ireland Active Flight Equipment Leasing 100% 100%

NAS Aircraft Investments 11 Limited Ireland Active Flight Equipment Leasing 100% 100%

Premier Aircraft Leasing (EXIM) 1

Designated Activity Company

Ireland Active Flight Equipment Leasing 100% 100%

Premier Aircraft Leasing (EXIM) 5

Designated Activity Company

Ireland Active Flight Equipment Leasing 100% 100%

Celestial ECA Ireland Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial ECA Trading 1 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial ECA Trading 2 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial ECA Trading 3 Limited Ireland Active Flight Equipment Leasing 100% 100%

Crescent Leasing 4 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial EX-IM 2 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial EX-IM Trading 2 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial EX-IM Trading Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial EX-IM Trading 1 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial EX-IM Trading 5 Limited Ireland Active Flight Equipment Leasing 100% 100%

Page 36

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Celestial France S.A.R.L. France Active Flight Equipment Leasing 100% 100%

Celestial Sverige Aircraft Leasing

Worldwide AB

Sweden Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Group Limited Bermuda Active Flight Equipment Leasing 100% 100%

Milestone Export Holdings No. 2, Ltd. Bermuda Active Flight Equipment Leasing 100% 100%

Milestone Export Leasing No. 2, Limited Ireland Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Asset Holding

Group No. 1 Ltd.

Bermuda Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Asset Holding

Group No. 12 Ltd.

Bermuda Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Asset Holding

Group No. 19 Ltd.

Bermuda Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Asset Holding

Group No. 24 Ltd.

Bermuda Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Asset Holding

Group No. 25 Ltd.

Bermuda Active Flight Equipment Leasing 100% 100%

Milestone Aviation UK No. 2 Limited United Kingdom Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Asset Holding

Group No. 8 Ltd.

Bermuda Active Flight Equipment Leasing 100% 100%

Milestone Aviation France No. 3 S.A.R.L France Active Flight Equipment Leasing 100% 100%

Milestone Aviation France No.2 S.A.R.L France Active Flight Equipment Leasing 100% 100%

Milestone Aviation France S.A.R.L France Active Flight Equipment Leasing 100% 100%

Milestone Aviation UK Ltd United Kingdom Active Flight Equipment Leasing 100% 100%

Vertical Aviation No 1 Limited Ireland Active Flight Equipment Leasing 100% 100%

Vertical Aviation No 2 Limited Ireland Active Flight Equipment Leasing 100% 100%

Vertical Aviation No.1 (Tianjin) Leasing

Company Limited

China Active Flight Equipment Leasing 100% 100%

Vertical Aviation No 3 Limited Ireland Active Flight Equipment Leasing 100% 100%

Vertical Aviation No 4 Limited Ireland Active Flight Equipment Leasing 100% 100%

Celestial Aviation Trading Ireland

Limited

Ireland Active Flight Equipment Leasing 100% 100%

Page 37

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Celestial Transportation Finance Ireland

Limited

Ireland Active Flight Equipment Leasing 100% 100%

AerCap Dutch Global Aviation B.V. Netherlands Active Flight Equipment Leasing 100% 100%

Calais Location S.A.R.L. France Active Flight Equipment Leasing 100% 100%

Grenoble Location S.A.R.L. France Active Flight Equipment Leasing 100% 100%

ILFC France S.A.R.L. France Active Flight Equipment Leasing 100% 100%

ILFC Labuan Limited Malaysia Active Flight Equipment Leasing 100% 100%

ILFC UK Limited United Kingdom Active Flight Equipment Leasing 100% 100%

International Lease Finance Corporation

(Sweden) AB

Sweden Active Flight Equipment Leasing 100% 100%

AerCap U.S. Global Aviation LLC United States Active Flight Equipment Leasing 100% 100%

AerCap US Holdings Aviation LLC United States Active Flight Equipment Leasing 100% 100%

International Lease Finance Corporation United States Active Flight Equipment Leasing 100% 100%

AerCap Corporate Services Inc. United States Active Flight Equipment Leasing 100% 100%

AerCap Hangar 52, Inc. United States Active Flight Equipment Leasing 100% 100%

AerCap US Aviation LLC United States Active Flight Equipment Leasing 100% 100%

NAS Aviation Services LLC United States Active Flight Equipment Leasing 100% 100%

AerCap ACM, Inc. United States Active Flight Equipment Leasing 100% 100%

AerCap Materials, Inc. United States Active Flight Equipment Leasing 100% 100%

AerCap Materials Limited Ireland Active Flight Equipment Leasing 100% 100%

AerCap Materials UK United Kingdom Active Flight Equipment Leasing 100% 100%

Logistechs, LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 67-F, Inc. United States Active Flight Equipment Leasing 100% 100%

AFS Investments 75, Inc. United States Active Flight Equipment Leasing 100% 100%

AFS Investments I, Inc. United States Active Flight Equipment Leasing 100% 100%

AFS Investments X LLC United States Active Flight Equipment Leasing 100% 100%

Spoon River Aircraft Finance, Inc. United States Active Flight Equipment Leasing 100% 100%

GIF Management, Inc. United States Active Flight Equipment Leasing 100% 100%

Spoon River Aircraft Finance, Inc. United States Active Flight Equipment Leasing 100% 100%

Page 38

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

NAS FSC Carpenter-J, Inc. United States Active Flight Equipment Leasing 100% 100%

Spoon River Aircraft Finance, Inc. United States Active Flight Equipment Leasing 100% 100%

NAS Investments 75, Inc. United States Active Flight Equipment Leasing 100% 100%

NAS Investments 76, Inc. United States Active Flight Equipment Leasing 100% 100%

NAS Investments 77, Inc. United States Active Flight Equipment Leasing 100% 100%

AFS Investments 48 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 52 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 54 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 55 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 56 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 57 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 60 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 66 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 67 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 68 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 69 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 70 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 71 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 72 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 73 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments 74 LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XI LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XII LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XIII LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XIX LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XL-C LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XLI LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XLII LLC United States Active Flight Equipment Leasing 100% 100%

Page 39

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

AFS Investments XVIII LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XX LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XXII LLC United States Active Flight Equipment Leasing 100% 100%

AFS Investments XXVII LLC United States Active Flight Equipment Leasing 100% 100%

NAS Investments 10 LLC United States Active Flight Equipment Leasing 100% 100%

NAS Investments 12 LLC United States Active Flight Equipment Leasing 100% 100%

NAS Investments 2 LLC United States Active Flight Equipment Leasing 100% 100%

NAS Investments 8 LLC United States Active Flight Equipment Leasing 100% 100%

NAS Investments 9 LLC United States Active Flight Equipment Leasing 100% 100%

Silvermine River Finance Two LLC United States Active Flight Equipment Leasing 100% 100%

Vertical Aviation No. 1 LLC United States Active Flight Equipment Leasing 100% 100%

NAS U.S. Equity Holdings, Inc. United States Active Flight Equipment Leasing 100% 100%

Sukuk Aviation Leasing LLC United States Active Flight Equipment Leasing 100% 100%

The Milestone Aviation Group LLC United States Active Flight Equipment Leasing 100% 100%

AerCap, LLC United States Active Flight Equipment Leasing 100% 100%

AerCap Group Services, LLC United States Active Flight Equipment Leasing 100% 100%

AerCap Leasing USA I, LLC United States Active Flight Equipment Leasing 100% 100%

AerCap Leasing USA II, LLC United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-1658 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-2024 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-2731 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 73B-28252 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 73B-41806 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 73B-41815 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 77B-29404 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 77B-32723 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft SPC-3, Inc. United States Active Flight Equipment Leasing 100% 100%

CABREA, Inc. United States Active Flight Equipment Leasing 100% 100%

Page 40

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

ILFC Dover, Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft SPC-8, Inc. United States Active Flight Equipment Leasing 100% 100%

Apollo Aircraft Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 73B-30036 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 73B-32841 Inc. United States Active Flight Equipment Leasing 100% 100%

Pelican 35302, Inc. United States Active Flight Equipment Leasing 100% 100%

Archerfish Aviation Inc. United States Active Flight Equipment Leasing 100% 100%

Diadem Aircraft Inc. United States Active Flight Equipment Leasing 100% 100%

Fleet Solutions Holdings LLC United States Active Flight Equipment Leasing 100% 100%

AeroTurbine, LLC United States Active Flight Equipment Leasing 100% 100%

Floran Aircraft Leasing Inc. United States Active Flight Equipment Leasing 100% 100%

ILFC AIRCRAFT 32A-10072 Inc. United States Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 78B-38799 Inc. United States Active Flight Equipment Leasing 100% 100%

ILFC Australia Holdings Pty. Limited Australia Active Flight Equipment Leasing 100% 100%

AerCap Australia PTY LTD Australia Active Flight Equipment Leasing 100% 100%

Wombat 3668 Leasing Pty Limited Australia Active Flight Equipment Leasing 100% 100%

Aircraft 33A-358 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft SPC-4, Inc. United States Active Flight Equipment Leasing 100% 100%

Brokat Leasing, LLC United States Active Flight Equipment Leasing 100% 100%

Euclid Aircraft, Inc. United States Active Flight Equipment Leasing 100% 100%

ILFC Aviation Consulting, Inc. United States Active Flight Equipment Leasing 100% 100%

ILFC Volare, Inc. United States Active Flight Equipment Leasing 100% 100%

Interlease Aircraft Trading Corporation United States Active Flight Equipment Leasing 100% 100%

Interlease Management Corporation United States Active Flight Equipment Leasing 100% 100%

Rhenium Aviation Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft SPC-12, LLC United States Active Flight Equipment Leasing 100% 100%

Whitney Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Page 41

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Aircraft SPC-9, LLC United States Active Flight Equipment Leasing 100% 100%

Sierra Leasing Limited Bermuda Active Flight Equipment Leasing 100% 100%

ILFC Labuan ECA Limited Malaysia Active Flight Equipment Leasing 100% 100%

Calliope Limited Ireland Active Flight Equipment Leasing 100% 100%

Excalibur Aircraft Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Flying Fortress Investments, LLC United States Active Flight Equipment Leasing 100% 100%

Flying Fortress Financing, LLC United States Active Flight Equipment Leasing 100% 100%

Flying Fortress Holdings, LLC United States Active Flight Equipment Leasing 100% 100%

Flying Fortress Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Arfaj Aircraft Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Flying Fortress Bermuda Leasing Limited Bermuda Active Flight Equipment Leasing 100% 100%

Fortress Aircraft 1 Limited Ireland Active Flight Equipment Leasing 100% 100%

Fortress Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 32A-666 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 33A-444 Limited Ireland Active Flight Equipment Leasing 100% 100%

Flying Fortress US Leasing Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-585 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-645 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-726 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-760 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-775 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 32A-782 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 33A-132, Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 34A-395 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 34A-48 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 34A-93 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 74B-27602 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 75B-28834 Inc. United States Active Flight Equipment Leasing 100% 100%

Page 42

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

Aircraft 75B-28836 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 76B-26261 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 76B-26329 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 76B-27613 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft 76B-28206 Inc. United States Active Flight Equipment Leasing 100% 100%

Aircraft B757 29377 Inc. United States Active Flight Equipment Leasing 100% 100%

Grand Staircase Aircraft, LLC United States Active Flight Equipment Leasing 100% 100%

Park Topanga Aircraft, LLC United States Active Flight Equipment Leasing 100% 100%

Temescal Aircraft, LLC United States Active Flight Equipment Leasing 100% 100%

Ballysky Aircraft Ireland Limited Ireland Active Flight Equipment Leasing 100% 100%

Belmar Bermuda Leasing Limited Bermuda Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 32A-3114 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 32A-3116 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 32A-3124 Limited Ireland Active Flight Equipment Leasing 100% 100%

Mentes V Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Mentes VI Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Mentes VII Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Sunstar Limited China Active Flight Equipment Leasing 100% 100%

Temescal UK Limited United Kingdom Active Flight Equipment Leasing 100% 100%

ILFC (Bermuda) 5, Limited Bermuda Active Flight Equipment Leasing 100% 100%

ILFC (Bermuda) III, Limited Bermuda Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 1 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 76B-27616 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Cayman Limited Cayman Islands Active Flight Equipment Leasing 100% 100%

ILFC Ireland Limited Ireland Active Flight Equipment Leasing 100% 100%

Aistrigh Limited Bermuda Active Flight Equipment Leasing 100% 100%

Bright Star Company Limited China Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 3 Limited Ireland Active Flight Equipment Leasing 100% 100%

Page 43

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

12 Investments (continued)

Name of company

Country of

incorporation Status Holding

Proportion

of voting

rights and

shares held

2023 2022

ILFC Aircraft 32A-1808 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 32A-1901 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 4 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 5 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 6 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 7 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 73B-30667 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Aircraft 73B-30669 Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Ireland Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

ILFC Singapore Pte. Limited Singapore Active Flight Equipment Leasing 100% 100%

Lucky Star Company Limited China Active Flight Equipment Leasing 100% 100%

North Star Company Limited China Active Flight Equipment Leasing 100% 100%

Whitney Leasing Limited Bermuda Active Flight Equipment Leasing 100% 100%

Whitney UK Leasing Limited United Kingdom Active Flight Equipment Leasing 100% 100%

Quiescent Holdings Limited Ireland Active Flight Equipment Leasing 100% 100%

Shrewsbury Aircraft Leasing Limited Ireland Active Flight Equipment Leasing 100% 100%

Castle Harbour Leasing Inc. TICHLI United States Active Flight Equipment Leasing 100% 0%

Milestone Export Leasing Trust United States Active Flight Equipment Leasing 100% 0%

Acsal Holdco LLC United States Active Flight Equipment Leasing 19.44%19.44%

Jade Aircraft Leasing Limited Ireland Active Flight Equipment Leasing 100% 0%

Page 44

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

13 Debtors: Amounts falling due after more than one year

2023

$ 000

2022

$ 000

Trade debtors (i)

5,709 -

Finance lease receivables (see note 15)

88,382 103,523

Lease incentives

79,492 76,608

Accrued income - 33,646

173,583 213,777

(i) Included in trade debtors, the Company has a contractually deferred balance of $5.7m (2022: $nil).

14 Debtors: Amounts falling due within one year

2023

$ 000

2022

$ 000

Trade debtors(i)

24,881 34,543

Provision for impairment of trade debtors (ii) (123) (536)

Net trade debtors

24,758 34,007

Amounts due from group companies (iii)

37,495,618 38,816,282

Other debtors and prepayments

32,136 27,582

Finance lease receivables (see note 15)

15,368 36,236

Lease incentives 143 -

37,568,023 38,914,107

(i) Included above, the Trust has a contractually deferred balance of $21.6m (2022: $31.9m).

Page 45

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

14 Debtors: Amounts falling due within one year (continued)

(ii) The opening balance of provision for impairment of debtors was $0.5m with a closing provision of $0.1m at 31

December, 2023.

(iii) Included within amounts due from group companies are amounts under sublease arrangements of $Nil (2022:

$1.9m). Opening balance of provision with respect of amounts due from group companies was $115.4m (2022:

$108.4m opening balance) and closing balance of provision was $176.2m. Movement during the financial year

represents an increase in the provision with respect of amounts due from group companies of $60.9m. (2022:

$6.9m.). Interest is charged at a composite rate of 6.6% (2022: 3.6%).

The Trust is managing the credit risk by monitoring the quality of assets of the group companies and initiating

additional capital contribution to be provided by the ultimate parents company to the relevant group company as

necessary. All amounts due from group companies are unsecured and are repayable on demand; therefore, there is

no amount considered past due as of financial year end. Management of the Trust assess all outstanding balances as

recoverable.

15 Finance lease receivables

2023

$ 000

2022

$ 000

Present value of minimum lease payments

Not later than one year

15,368 36,236

Later than one year and not later than five years

79,009 87,676

Later than five years 9,373 15,847

103,750 139,759

2023

$ 000

2022

$ 000

Gross investment in finance lease

Not later than one year

21,039 42,524

Later than one year and not later than five years

88,005 101,298

Later than five years 10,895 19,001

119,939 162,823

The total unearned finance lease income as at 31 December 2023 was $16.2m (2022: $22.1m). Unguaranteed

residual value accruing to the benefit of the lessor amounted to $53.6m (2022: $90.1m). An allowance of $Nil

(2022: $0.9m) was recognised in the period. During 2023, the number of finance leases reduced from 12 to 10 due to

external sales and intercompany transfers.

Page 46

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

16 Cash and cash equivalents

2023

$ 000

2022

$ 000

Cash at bank

22,622 220,930

Restricted cash 352 -

22,974 220,930

17 Creditors: Amounts falling due within one year

2023

$ 000

2022

$ 000

Creditors (i)

4,349 24,131

Accrued expenses

6,152 7,813

Amounts due to Group companies (ii)

538,476 1,992,670

Loans and borrowings (see note 19)

5,139,733 4,058,969

Accrued interest

305,441 300,689

Deferred income

3,798 -

Security deposits

2,773 12,187

Maintenance reserves

6,872 44,742

Lessor contributions - 4,148

6,007,594 6,445,349

(i) Creditors include $11.2m (2022: $21.7m) of initial instalment payments received under CSA.

(ii) All amounts owed to Group companies are due to the parent undertaking and fellow subsidiary undertakings and

are repayable on demand. Interest is charged at a composite rate of 6.6% (2022: 3.6%).

Page 47

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

18 Creditors: Amounts falling due after more than one year

2023

$ 000

2022

$ 000

Loans and borrowings (see note 19)

27,509,003 30,006,778

Security deposits

72,862 76,847

Maintenance reserves

277,949 199,973

Lessor contributions

99,106 82,177

Vendor credit allocations 34,573 39,926

27,993,493 30,405,701

The increase in maintenance reserves during the year is primarily due to billings of $62.2m offset by releases of

$17.6m and claims of $4.5m.

The lessees of the Trust's aircraft have provided letters of credit totalling $61.7m (2022: $27.6m) as security against

their rental and maintenance obligations under the lease agreements.

Included in security deposits are amounts of $54.1m greater than 5 years (2022: $55.5m). Included in maintenance

reserves are amounts of $93.6m million greater than 5 years (2022: $66.3 million).

19 Loans and borrowings

2023

$ 000

Nominal value

2023

$ 000

Book value

2022

$ 000

Nominal Value

2022

$ 000

Book Value

Unsecured Notes

AerCap Trust & AICDC

12,823,719 12,808,066 10,700,000 10,643,563

GE notes

1,000,000 1,000,000 1,000,000 1,000,000

GE acquisition notes 17,391,630 17,291,659 21,000,000 20,877,849

Total unsecured notes

31,215,349 31,099,725 32,700,000 32,521,412

ECAPS subordinated debt

999,788 1,000,000 999,788 999,788

Junior subordinated notes

500,000 496,467 500,000 496,387

Other secured debt 47,801 52,544 47,801 47,801

Balance at 31 December

32,762,938 32,648,736 34,247,589 34,065,388

Page 48

DocuSign Envelope ID: FBDA4135-4731-4630-B792-4F495AEA1AEE

AerCap Global Aviation Trust

Notes to the financial statements for the financial year ended 31 December 2023

(continued)

19 Loans and borrowings (continued)

Analysis of the maturity of loans is given below:

2023

$ 000

2022

$ 000

Loan Maturity

Amounts falling due within one year

5,139,733 4,058,969

Amounts falling due within one to two years

4,133,904 6,765,634

Amounts falling due within two to five years

14,519,396 10,945,477

Amounts falling due after more than five years 8,855,703 12,295,308

32,648,736 34,065,388