November 16, 2016  2016 Investor Day  AerCap Holdings N.V. 

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

 Agenda    |  Introduction    John WikoffHead of Investor Relations    |  AerCap Update    Aengus KellyChief Executive Officer    |  Leasing    Philip ScruggsPresident & Chief Commercial Officer    |  Q&A and Break     

 Agenda    |  Portfolio Management    Edward O’ByrneChief Investment Officer    |  Financial Performance    Keith HelmingChief Financial Officer           Peter JuhasDeputy Chief Financial Officer    |  Q&A and Closing Remarks     

 AerCap Update    Aengus KellyChief Executive Officer 

         10 Years of Consistent Profitability  Combination of factors unique to AerCap and the aircraft leasing industry     Airline/Passenger TrafficFew Global CompetitorsWell Priced Fleet & Order BookLT Assets on LT Leases    REVENUE GENERATORS  RISK MITIGANTS  Portfolio Management Proper Liability StructureCredit Risk ManagementOEM Duopoly  BEST IN CLASS PLATFORM      10 YEARS Consistent Profitability15% RoE1 Industry Leader  Average adjusted RoE. 

     10 Years of Consistent Profitability  Reinvesting profits from a position of strength          2012    2013    2014    2015    2009    2010    2011    2007    2008    AerCap’s acquisition of Genesis    SLB for 41 737NGs American    NUMBER OF AIRCRAFT SOLD  SLB for 25 widebodies LATAM  ~17%1Share buyback  ~24%1Share buyback  49  31  15  20  29  70  28  83  83  % of total shares which were retired during the indicated period.    REAL PROFITS REAL CASH FLOW          3QYTD ‘16  100      SLB for 7 787s VAA    AerCap’s acquisition of ILFC    10 YEARS Large Opportunistic M&A and SLBsLarge Scale Asset SalesSignificant Share Repurchases 

   Key Highlights    AerCap has delivered on a number of strategic objectives…  ILFC Acquisition Complete    Exceeded all financial and integration targets set at ILFC acquisition announcement    Record Level of Aircraft Transactions    Executed 996 transactions: leased 697, purchased 85 and sold and parted-out 214 aircraft1    Strong Liquidity    $23 billion of financing raised since ILFC acquisition announcement    Notable Deliveries & Leases    Largest 787 lessor in the World 1st A350 delivered in Asia  1st A320neo delivered in North America 1st A350 delivered in Africa  Since the ILFC acquisition, i.e., from 3Q 2014 through 3Q 2016. 

 

   Key Highlights    …which have generated strong performance and several key milestones  Strong Earnings & Cash Flow  Generated $2.8 billion of adjusted net income1  Investment Grade Credit Ratings  Regained Investment Grade credit ratings from S&P and Fitch   Distribution to Capital Providers   $3.7 billion returned to capital providers; $2.2 billion to debt holders and $1.5 billion to shareholders  Share Repurchases  17% of the company repurchased in the last 18 months, with an additional $250 million authorized  Since the ILFC acquisition, i.e., from 3Q 2014 through 3Q 2016. 

             Air Travel Resilience   Air travel remains resilient in an unpredictable world  Air Traffic Growth1 (RPKs, billion per month)  650  550  450  350  250  150  50  China, Brexit  Russiancrisis, Zika    Average growth, seasonally adjusted  5.5%  Ebola    MERS    ISIS    2007  2008  2009  2010    Turkey    2011  2012  2013  2014  2015  2016    Brazil    Financial crisis      Euro crisis    ACTS OF TERROR      Peak oil $147/bbl                                                          IATA Air Passenger Analysis.                              

 

     Orders Cycle  Aircraft orders are cyclical in nature and can vary significantly from one year to another  Airbus Orders Cycle1  Airbus orders to September 30, 2016. 

 

     Deliveries vs. Orders Cycle  Deliveries cycle does not match orders cycle   Airbus Deliveries vs. Orders Cycle1  Airbus orders to September 30, 2016 and deliveries to October 14, 2016.  Growth in deliveries has remained consistent over the past 20 years 

 

   AerCap’s Competitive Advantage  Our global vision, reach and scale differentiate us from other lessors   INDUSTRY LEADER    Broad market penetration with long-standing customer relationships    Entrenched position with OEMs and diversified aircraft portfolio    Strong balance sheet and access to capital    Independent company with unmatched speed of execution    Flat organizational structure with highly experienced management    Ability to leverage market intelligence to make buy-sell decisions 

 

           AerCap’s Business Principles  AerCap’s consistent profitability is rooted in our key business principles  Protection against interest rate volatility through a mix of interest rate caps, swaps & fixed-rate loansRelationships with over 85 banking institutions globally  Focus on maintaining the most liquid aircraft types through aircraft acquisitions & disposals Assets owned in appropriate tax jurisdictions  Focus on highly diversified, long-term funding & long-term assetsFlexible repayment profilesConservative leverage  Proactive risk managementHighly diversified customer baseSecurity deposits & maintenance reserves  HEDGING PROGRAM  PORTFOLIOMANAGEMENT  LEASINGSTRATEGY  CAPITAL STRUCTURE  CONSISTENT PROFITABILITY 

 

     Industry Landscape  Since 2014, the Industry has evolved through consolidation and emergence of new platforms   Consolidation among the largest lessors has resulted in relatively few platforms with global reachBohai  Avolon / CITMacquarie  AWAS1 AerCap  ILFCEmergence of China-based leasing platforms, including ICBC, CDB, and BohaiVibrant and highly diversified group of smaller leasing platforms and other financial institutions make up the balance of the leasing market  Portfolio acquisition of a large portion of AWAS’ owned fleet. 

 

     AerCap’s Consistent Profitability  Ten consecutive years of strong profitability     Adjusted Net income  Net Income and Return on Equity1    Adjusted RoE  ($ million)      Average RoE15%    ~$4.7 BILLION ADJUSTED NET INCOMEover the past 10 years  Adjusted net income and adjusted RoE. 

 

   Conclusions      VISIBILITY AND CONSISTENCY OF EARNINGS   ~2.5x increase in EPS1      CONTRACTED & OTHER OPPORTUNITIES FOR GROWTH  6% contracted growth from our order book through 2020 Emerging SLB opportunities in the $100+ billion market for new technology aircraft in the coming years      ADVANTAGES OF SCALE AND PLATFORM  ~4.4x growth in assets2       DISCIPLINED APPROACH TO CAPITAL ALLOCATION  ~$3.7 billion returned to capital providers3  GOOD STEWARD OF SHAREHOLDER CAPITAL   FY 2013 adjusted EPS of $2.57 vs. expected FY 2016 adjusted EPS of ~$6.50. December 31, 2013 vs. September 30, 2016.Since the ILFC acquisition, i.e., from 3Q 2014 through 3Q 2016. 

 

 Leasing    Philip ScruggsPresident & Chief Commercial Officer 

 

 The Sky is Falling!!  BRAZIL  RUSSIA  COUP D’ETAT  FINANCIAL CRISIS IN CHINA  EBOLA is here!  BREXIT  GLOBAL ECONOMIC GROWTH SLOWING  Another Terrible Attack!  ZIKA  OIL PRICE CRASHING 

 

     Nope. The Sky is Still in Place  TRAFFIC GROWTH AND LOAD FACTORS1  IATA Passenger Analysis for January – September 2016.      +5.9%  GLOBAL TRAFFIC      80.6%  INDUSTRY LOAD FACTOR      +5.4%  Worldwide Domestic      +6.3%  Worldwide International      82.0%  Worldwide Domestic      79.8%  Worldwide International 

 

       Robust Global Traffic  World Annual Traffic1  Air Travel Growth is Resilient  2015 & 2016 crises did not derail air travel growth  Airbus Global Market Forecast 2016, RPK: Revenue-Passenger-Kilometers.IATA June 2016 Forecast – Actual or estimate for 2015 and forecast for 2016 for global commercial airlines.  Oil crisis      Gulf crisis      Asian crisis       9/11& SARS          Oil, Financial, & Euro crises& Russia, Ebola                                                                                                                                                                                                                                                                                                                                        x 2  x 2  x 2      Expected growth p.a. through 2035  4.5%    1975  1980  1985  1990  1995  2000  2005  2010  2015  2020  2025  2030  2035  Air traffic doubles every 15 years12016 world traffic expected to grow by 6.2%22016 total passengers expected to be 3.8 billion, up from 3.6 billion in 20152  

 

     Middle Class is Growing and Flying  Middle Class to move from 2.8 billion to 4.8 billion in 20 years  Middle Class (millions of people)1  2005  1,867  130  1995e2  1,297  2015  2,792  206  66  Emerging Countries  Developing Countries  Mature Countries  2035  4,830  2025  3,776  5.7  6.5  7.2  8.1  8.8  World population (billion)  23%  29%  38%  46%  55%  % of world population    History  Forecast  Oxford Economics, Airbus; Households with yearly income between $20,000 and $150,000 at PPP in constant 2015 prices.Estimate split for 1995 by region. 

 

     Airlines Need Over 39,600 New Aircraft  Airlines and lessors are expected to receive 5 new aircraft every day for the next 20 years  Global Commercial Aircraft Fleet1  Boeing Current Market Outlook 2016 (includes regional jets).    Stay in service    Replacement    Growth    39,620 NEW AIRCRAFT 

 

       Leasing Represents a Significant Share of Major Airlines’ Fleets2  Increasing Demand for Operating Leases  Over the past 20 years the world fleet has DOUBLEDwhile the operating lease fleet size has QUADRUPLED   Proportion of Global Fleet on Operating Lease1  Leased fleet    Owned fleet    21%  42%Leased      % Leased  Virgin Atlantic  Spirit  KLM  Air France  American  China Southern  British Airways  Cathay Pacific  Ascend Fleets database as of September 30 for each respective year - Airbus, Boeing, McDonnell-Douglas in service passenger jets.Ascend as of September 30, 2016 - Leased summary share, Airbus, Boeing, McDonnell-Douglas in service, passenger jets. 

 

   AerCap’s Platform Capabilities    60 Widebody Aircraft Lease Transactions1    AerCap has executed 283 lease transactions over the past 12 months  223 Narrowbody Aircraft Lease Transactions1   As of September 30, 2016. 

 

   Used Aircraft Placement Remains Strong  Owned fleet scheduled expiries as of December 31, 2015. Placements include aircraft leased either under a lease or letter of intent and aircraft identified as sale or part-out as of November 10, 2016.    Future unplaced expiries lowest it has been in years  We Have Placed the Majority of Our Upcoming Scheduled Expiries      Placed scheduled expiries1   Unplaced scheduled expiries1 

 

 Forward Order Placement Remains Strong    We Have Placed the Majority of Our Upcoming New Aircraft Deliveries      Placed scheduled deliveries1  Unplaced scheduled deliveries  Placements include aircraft leased either under a lease or letter of intent as of November 10, 2016.    95% of our committed aircraft deliveries through 2018 are leased 

 

     As of September 30, 2016.  AerCap Understands Widebody Aircraft  Leased1  Sold1  AerCap leased or sold over 230 widebody aircraft since the ILFC acquisition 

 

   Scheduled expiries as of December 31, 2014.Required placements as per our 4Q 2015 financial results presentation.Placed aircraft include released, extended, sold or to be parted­-out either under a contract or letter of intent as of November 10, 2016.    Placement Status of Boeing 777s  777 Placements Are on Track              38 777s leased or sold in past 22 months3    View as of:Now3    View as of:YE 20152    View as of:YE 20141 

 

   Aircraft leasing is the mechanism by which the market quickly and efficiently distributes capacity around the world   Vision, Reach & Scale – The AerCap Advantage                     

 

       Long-standing, strong customer relationships    Largest Lessor Partner to Airlines Worldwide  Customer  Years of Relationship  Number of Aircraft1  AerCap Lessor Market Position1    28  85   #1    22  49  #1    22  52  #1    17  21  #1    24  16  #1    22  19  #2    19  11  #1    13  20  #1    22  7  #1  Customer  Years of Relationship  Number of Aircraft1  AerCap Lessor Market Position1    25  20  #2    24  47  #1    28  7  #1    14  13  #1    28  15  #1    21  16  #2    27  10  #2    24  5  #2  Owned, managed and AerDragon aircraft as of September 30, 2016. Lessor position based on Ascend Fleets database by number or value of aircraft fleet. 

 

   Resilient Business      Revenue for the next 3 years already contracted      Contracted revenues through 2019  Assumed  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.  99%  94%  85%    Contracted revenues 

 

 UTILIZATION RATE1  99.5%  Our Planes are Consistently Flying and Earning Revenue   YTD as of September 30, 2016. 

 

 Strong Company in a Solid Sector  STABLE PROFITSFOR SHAREHOLDERS 

 

 Portfolio Management    Edward O’ByrneChief Investment Officer 

 

         Portfolio Management  Discipline enables sustainable superior returns for our leasing portfolio  Maintain the Most Liquid Portfolio of In-Demand Assets Balance Yield & Manage Residual ValueGenerate Minimum of $1 Billion in Annual Liquidity  GOALS    RESULTS1  99+ % Portfolio UtilizationConsistently Profitable, $1.6 Million per Aircraft on Average ~$5 Billion of Sales through the End of 2016    Disciplined Investment / Divestment PolicyProactive Depreciation PolicyWorld’s Most Active Mid-Life Aircraft Trader  ACTIONS      Since the ILFC acquisition, i.e., from 3Q 2014 through 3Q 2016. 

 

         Portfolio Transformation  By 2020, our portfolio will have grown by more than a 1/3rd and will consist of 2/3rd new technology   Portfolio at ILFC Acquisition1  As of June 30, 2014; September 30, 2016; December 31, 2020 respectively. Includes maintenance rights intangible and finance leases. Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.WB: 777s and A330s; Out-of-production aircraft: 757s, 767s, 737 classics, CRJ, MD-11, 747s, A340s, A310s.  Current Portfolio1  2020 Portfolio1  FLEET: 1,134 / VALUE: ~$36 billion  FLEET: 1,040 / VALUE: ~$34 billion  FLEET: ~1,160 / VALUE: ~$47 billion  AVERAGE AGE: 7.6   AVERAGE AGE: 7.6   AVERAGE AGE: ~6   2  2  2 

 

 Buy-Side 

 

         Buy-Side: Leveraging Scale but Staying Disciplined  SCALE  DISCIPLINE  BARGAININGPOWEROEMs: Largest buyer of aircraftAirlines: Large scale SLBs (LATAM, AMR, VAA)  UNIQUE PIPELINE Leveraging our ~200 customer baseWe see all dealsWe create our own opportunities   Market Intelligence 

 

     Average of ~70 New Aircraft Deliveries per Year1    Attractive Order Book of Liquid Aircraft  AerCap well-positioned to meet current and future demand  Bulk orders to obtain best pricingAirbus largest customerBoeing 787 largest leasing customerEmbraer E2 launch customerFocus on the most liquid aircraftContracted growth rate of ~6% net of depreciation and salesNew technology aircraft delivering promised operating cost gains  Order Book Strategy  As of September 30, 2016.        Widebody  Narrowbody  Regional Jet    Already delivered 

 

     SLB Opportunities Set to Increase Tenfold  Significant opportunity for incremental growth beyond contracted deliveries   SLB MARKET1: ~30% OF TOTAL DELIVERIES   Ascend Fleets – Airbus and Boeing only; New Tech. aircraft: A320neo Family, A330neo, A350, 737MAX, 787, 777X. AerCap purchase price estimates.  # OF AIRCRAFT AVAILABLE FOR SLB TRANSACTIONS  200  400  600    0  2019F  2018F  2017F  2016F  2015  2014  2013  2012  2011                                2020F  CURRENT TECH. AIRCRAFTAERCAP DOES NOT PARTICIPATE IN  NEW TECH. AIRCRAFT      $100+BILLION    NEW TECH. AIRCRAFT AVAILABLE FOR SLB TO INCREASE10x by 2020     

 

 Sell-Side 

 

       10-Year Track Record  Track Record Since ILFC Acquisition  Aircraft Trading Results  Aircraft trading generates cash, gains on sale and reduces impairment risk  Sales since the ILFC acquisition, i.e., from 3Q 2014 and expected to close by year end as of September 30, 2016. Includes sales and reclassifications to finance and sales-type leases.Owned aircraft only.  Owned aircraft sold  Trading gain per aircraft sold  Total sales expected by YE 20161      177      $1.6M      ~$5B  FOCUS ON MID-LIFE AIRCRAFT TO IMPROVE OVERALL QUALITY OF OUR PORTFOLIO & EARNINGS    $1.0BPost-ILFC Acquisition Yearly Sales Target        400+  Aircraft Sold2 

 

     LEVERAGING AERCAP SERVICING PLATFORM2    Widebody Sales: Liquid Trading Supported by Solid Fundamentals  $2.4 billionOF WIDEBODIES TRADED SINCE ILFC ACQUISITION3  ~$180 millionIN TRADING GAINS3        $0.7B  15A330s      $1.0B  13777s      $0.7B  37Other  65OWNED WIDEBODIESSOLD  IATA Passenger Analysis for January – September 2016.Transactions for both owned and managed aircraft.Sales since the ILFC acquisition, i.e., from 3Q 2014 and expected to close by year end as of September 30, 2016. Includes sales and reclassifications to finance and sales-type leases.    Int’l traffic (+6.3%) outpacing domestic (+5.4%)    DYNAMIC INTERNATIONAL TRAVEL1 

 

   Aircraft Trading Process    Trading target: Mid-life aircraft    AIRCRAFT LIFE  Hold  Sell  Hold    8    0    15    25      KEY TRADING TARGET:MID-LIFE AIRCRAFT      Part-Out Sale to Airlines  AVERAGE TRADING AGE1    12      Tangible/Infrastructure Like AssetCurrent YieldTermDiversificationStable Cash FlowsSelf Depreciating Asset Reducing RV Exposure  BUYER MAKE-UP  Weighted average age of 3QYTD 2016 owned aircraft sales.  INVESTOR CONSIDERATIONS 

 

 Key Investment Themes 

 

   Efficiency Gains Maxing Out = More Aircraft Needed      1      2  ~20% more seats produced in 10 years with same aircraft1More aircraft required to produce the same capacity growth        Traffic Growth  Capacity Growth      Higher Load Factors & Seat densification  Increase of a/c utilization    Reaching physical limitations  MORE AIRCRAFT    Replacement Wave  6,000 aircraft reaching 25 years of age by 2024 (30% of global fleet)         3      4  Strong Outlook  Compares yearly RPK produced by an A330-200 in 2004 vs. 2014.IATA Passenger Analysis – Domestic traffic for January – September 2016.   Strong outlook for short and medium term aircraft demand  Swing capacity managementMore airlines recognize that peak/off-peak capacity is better managed with older & cheaper aircraftBeneficial fuel environmentStable low fuel  Lower yield  Stimulate trafficRetirement rate expected to be ~1% vs. 3% historical avg. in 2016      Increased Appetite for Used Aircraft  Continued Growth in EM Middle Income Households2  China: 10.5% traffic growth & 1.4 billion inhabitantsIndia: 23.4% traffic growth & 1.3 billion inhabitants     

 

       OEMs Rational Delivery Policy  Manufacturers Backlog Management  Matching short-term supply & demand through cycles  Stable Aircraft Deliveries (as % of the fleet)1    Reduced delivery volatility:Regional diversification permits OEMs to reallocate deliveries Differentiated airline business models growing at different paceOrder cycle management No white tail policyActive overbookingContinuous advancement and deferralsRate management (~12 months production)    Gulf Crisis    Asian Crisis    9/11    Financial Crisis          AIRCRAFT ARE NOT DELIVERED WHEN NOT NEEDED  Ascend Fleets trends. 

 Conclusions    Conclusions      DISCIPLINEDPORTFOLIOMANAGEMENT  Profitable trading history demonstrates integrity of balance sheet      Disciplined approach to portfolio management      Well positioned portfolio mix with New Tech migration in progress      Strong locked-in asset growth with significant incremental opportunities 

 

 Financial Performance    Keith HelmingChief Financial Officer  Peter JuhasDeputy Chief Financial Officer 

 

 Key Financial Highlights  Strong Earnings & Cash Flows  Generated $2.8 billion of adjusted net income and $7.5 billion of operating cash flows since the ILFC acquisition1              Capex  Significant Deleveraging  Return of Capital  ~$4 billion of cash flow (net of sales) used for capex to buy new technology aircraft  ~$2 billion of cash flow used to de-lever balance sheet from 3.8x to 2.7x debt-to-equityRegained investment grade credit ratings from S&P and Fitch  ~$1.5 billion of cash flow returned to shareholders through repurchases of over 35 million shares  Since the ILFC acquisition, i.e., from 3Q 2014 through 3Q 2016. 

 

   Consistent Earnings & Cash Flow Generation  AerCap’s Platform Has Generated Strong and Consistent Results since the ILFC Acquisition      Operating Cash Flows (~$7.5 billion)  Adjusted Net Income (~$2.8 billion)1    Net income adjusted for maintenance rights related expenses, mark-to-market on interest rate caps and swaps, ILFC transaction and integration related expenses and AeroTurbine pre-tax results, including restructuring related expenses.  ($ million)  Average: ~$300 million per quarter  ($ million)  Average: ~$800 million per quarter 

 

   Improved Debt / Equity Ratio & Book Value Per Share  AerCap has significantly de-levered while growing book value per share      Book Value Per Share  Adjusted Debt / Equity Ratio1  Debt/equity ratios calculated by dividing adjusted net debt by adjusted equity. Adjusted net debt calculated as follows: debt less cash and cash equivalents, less 50% equity credit for long-term. subordinated debt. Adjusted equity calculated as follows: total equity plus 50% equity credit for long-term subordinated debt.  3.0x      ~$2 billion of cash flows used to de-lever  >30% Growth since the ILFC acquisition  2.7x 

 

   Commitment to Investment Grade Ratings  AerCap has regained Investment Grade credit ratings from S&P and Fitch        MAY 2014Acquisition of ILFC  FEB. 2015Both Standard & Poor’s and Moody’s place AerCap on positive outlook  AUG. 2015Fitch places AerCap on positive outlook  MAR. 2016Standard & Poor’s upgrades AerCap to BBB-  APR. 2016Moody’s upgrades AerCap to Ba1      Moody’s(STABLE)  Ba1  JUL. 2016Fitch upgrades AerCap to BBB-        Standard & Poor’s(STABLE)  BBB-      Fitch(STABLE)  BBB-  INVESTMENT GRADE RATINGS  STABLE RATINGS                   

 

     Share Repurchases2  Return of Capital / Market Cap1  Total dollar volume of share repurchases over market capitalization at the beginning of each period. Pre-Acquisition covers January 1, 2011 through June 30, 2014 period.Since the ILFC acquisition, i.e., based on June 30, 2014 shares outstanding through September 30, 2016.   Track Record of Returning Capital to Shareholders  Over 35 million shares repurchased  17% 

 

   Disciplined, dynamic approach to deploying excess capital  Approach to Capital Deployment  We approach capital deployment dynamically, taking into account both the operating and market environments            Evaluated in context of overall environment as well as our stock priceExecuted systematically through steady purchases over timeIn current environment, share repurchases remain very attractive  Primary use of our excess capital from May 2014 through end of 2015Use of excess capital for further debt repayment not currently necessary given 2.7 to 1 debt-to-equity ratio  Continuously monitoring opportunitiesRecent opportunities are not as attractive as share repurchases given our current share price  In general, our preferred choice for deployment of excess capitalFocus on new technology aircraftActively evaluate sale/leasebacks, but current opportunities are not meeting our return hurdles          Return of Capital  M&A  Debt Repayment  Aircraft Purchases  Excess CapitalUses 

 

 Liquidity & Funding 

 

 Conservative Approach to Liquidity & Funding  AerCap is committed to maintaining a strong balance sheet      Liquidity  Target: ≥ 1.2x NTM sources-to-uses coverage1.5x NTM sources-to-uses$9 billion of available liquidity  Status as of September 30, 2016. ILFC acquisition announced in December 2013.      Access to Capital  Target: Diverse sources of funding~$23 billion of funding raised since the ILFC transaction announcement      Debt Mix  Target: ≤ 30% secured debt to total assets~28% secured debt to total assetsUnencumbered assets/value of $25 billion, 1.7x unsecured debt      Leverage  Target: Range of 2.7-3.0 to 1 debt-to-equity2.7 to 1 debt-to-equity      Interest Rate Risk  Target: Fully hedgedInterest rate risk fully hedged through interest rate caps, swaps and natural hedges           

 

   Strong Liquidity Position  Current available liquidity covers next ~18 months of future cash needs      Liquidity Levels Since ILFC Acquisition  Sources vs. Uses (Next 12 Months)  Sources assume no additional financing for deliveries of new aircraft purchases.Includes cash payments for next 12 months’ aircraft deliveries and pre-delivery payments.  Sources (for 12 months to September 30, 2017) ($ billion)    Unsecured Revolver  3.0   Other Facilities and Contracted Sales  3.8  Unrestricted Cash   2.2  Total Available Liquidity  9.0  Estimated Operating Cash Flow  3.3  Total Sources1  12.3      Uses (for 12 months to September 30, 2017)    Debt Maturities  (3.9)  Capex (Cash payments for purchases)2  (4.4)  Total Uses  (8.3)      Excess Coverage (Sources less Uses)  4.0  Ratio of Sources to Uses  1.5x  ($ billion)  1.2x Target    Available Liquidity    Ratio of Sources to Uses 

 

   Diversified Funding Sources    AerCap sources capital from a wide array of secured and unsecured markets            UPSIZE OF EXISTING REVOLVERS AND LCs  ~$2.0billion        REFINANCING OF EXISTING SECURED TERM LOANS  ~$5.8billion            TAKE OUT UNSECURED NOTES  $2.6billion        NEW SECURED CREDIT FACILITIESfor 90+ new & used aircraft  ~$4.5billion        SENIOR UNSECURED NOTES ISSUED4 issuances  $3.8billion        NEW JUNIOR SUBORDINATED NOTES  $0.5billion        NEW REVOLVING FACILITIES  $3.8billion  AERCAP HAS CLOSED $23 BILLION OF FUNDING SINCE THE ILFC ACQUISITION ANNOUNCEMENT1  ILFC acquisition announced in December 2013. 

 

 Global Funding Partners    Over 85 bank relationships and over 450 fixed income investors    U.S.A. & Canada  Apple Bank  Bank of America  BankUnited  Capital Bank  Citi  City National Bank   Columbia State Bank  Everbank  Fifth Third Bank  FirstBank  Goldman Sachs  IDB NY  JP Morgan  Key Corp  Morgan Stanley  New York Life  RBC  Scotia   SunTrust   Toronto Dominion  US Ex-Im  Wells Fargo  AIG    Europe  Allied Irish Bank  AKA  Barclays  BAWAG   BLB  BNP Paribas  Bank of Ireland  CIC  Credit Agricole  Credit Suisse  Dekabank  Deutsche Bank  DVB  European ECAs  Helaba  HSBC  ING  KFW  Natixis  Nord LB  RBS  Santander  Siemens  UBS    Asia Pacific  Aozora Bank  Bank of Kaohsiung  Bank of Taiwan  Bank SinoPac  Cathay United Bank  CBA  CDB  Chailease Finance (B.V.I) Co.  Chang Hwa Bank  CCB  CTBC Bank  Development Bank of Japan  DBS Bank  E.SUN Commercial Bank   Ex-Im Bank of ROC  KGI Bank  Korea Development Bank  Land Bank of Taiwan  Mega ICBC  Mizuho  MUFG  National Australia Bank  NTT  Samsung Life Insurance  Shanghai Commercial & Savings Bank  SMBC  SMTB  State Bank of India  Taichung Commercial Bank  Taipei Fubon Bank   Taishin International Bank  Taiwan Business Bank  Taiwan Cooperative Bank  Taiwan Shin Kong Commercial Bank  The Bank of East Asia  The Tokyo Star Bank  Yuanta Commercial Bank  First Commercial Bank of Taiwan  First Gulf Bank  Hua Nan Commercial Bank  ICBC  Industrial Bank of Korea  Industrial Bank of Taiwan  The Iyo Bank  KEB Hana Bank  Recent additions to lender group 

 

   AerCap’s Hedging Program    AerCap’s hedging program protects the company against increases in interest rates  Forms of Hedging1  Interest Rate Caps & Swaps  Floating Rate Leases,Cash & Other  Fixed Rate Debt  Total Debt ~$28 Billion  We continuously monitor ourinterest rate exposure to ensure we remain fully hedged  A 100 bps increase in interest rates would increase our annualinterest expense by ~$30-35 million  Primarily driven by the difference between current rates and strike rates of caps  As of September 30, 2016. 

 

 Portfolio Valuation 

 

   AerCap’s Prudent Approach to Depreciation        Components of AerCap’s depreciation policy    INDUSTRY STANDARD CURVE    ILFC ACQUISITION  TAILORED APPROACH  Overall depreciation rate of ~5.8%1, versus 5.0% implied by industry standard curve.Depreciation policy validated by sales of 177 aircraft since the ILFC acquisition – 16% of original fleet sold  Based on 25-year useful life and 15% residual valueDepreciation curve for AerCap’s newer aircraft  ILFC aircraft fair valued at time of acquisitionDepreciation curve for most of AerCap’s older aircraft customized  We perform a detailed review of depreciation schedules by aircraft each year in order to assess their adequacyWe perform a specific review for all aircraft over 15 years of ageWe also implement accelerated depreciation for aircraft where we consider it appropriate based on market information or other specific circumstances  Depreciation rate on adjusted basis. 

 

     Average of Third-Party Appraisals is Above AerCap’s Carrying Value  Aircraft Portfolio Valuation  AerCap’s and appraisers’ values as of March 31, 2016, adjusted for subsequent aircraft purchases and sales through September 30, 2016.Average of three appraisers’ half-life current market values as of March 31, 2016, including adjustments to full life for EOL aircraft.  ($ billion)  Carrying Value1      Flight Equipment    $32.8  Maintenance Rights Intangible   2.6   Maintenance Liability   (2.8)       Net Carrying Value   $32.6   Market Value from Appraisers2  $35.4  Difference  $2.8  Net Carrying Value  Market Value2  Potential Embedded Value Per Appraisers    8-9%  Note: Information from appraisers reflects their opinions of the value of aircraft in our portfolio. Their estimates may not be indicative of the current or future market values of aircraft.  

 

 Financial Outlook 

 

   On Track for a Strong Full Year 2016    Expected full year 2016 financial performance  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.            TOTAL REVENUE  ~$5.1billion      ~$6.50    ADJUSTED DILUTED EPS      ~$1.4billion    ADJUSTED PRE-TAX EARNINGS      ~$1.2billion    ADJUSTED NET INCOME 

 

   Contracted Portfolio Growth    By 2020, our portfolio will grow by 1/3rd driven by $22B of contracted new tech. aircraft purchases      Old Technology  Current Technology    New Technology    2017  2018  2019  2020  Contracted Purchases ($ billion)  5.5  6.8  5.4  4.0  Expected Sales ($ billion)  ~1.0  ~1.0  ~1.0  ~1.0  Weighted Average Age (years)  6.9  6.5  6.2  6.1  Includes flight equipment, held for sale, finance leases and maintenance rights intangible. Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.  AERCAP EXPECTED PORTFOLIO SIZE 

 

   Highly Predictable Contracted Revenue    Revenue line booked well into the future  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.      Assumed  Contracted  ~93% of our lease rents through 2019 are already contractedTotal contracted lease revenues are ~$13 billion through 2019Average remaining lease term of 6.1 yearsProvides significant visibility and stability to our future revenues and cash flows 

   Key Drivers    Younger aircraft portfolio while maintaining strong margins  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.Age at year end.Basic lease rents divided by average book value of flight equipment and maintenance rights intangible.Interest expense including fair value amortization divided by average debt, including debt fair value.Depreciation rate on adjusted basis.  Weighted average age of portfolio will decrease as we take delivery of new aircraft, resulting in both a lower yield and a lower depreciation rateIncreasing level of new technology aircraft reduces average age and overall risk in aircraft portfolio    2016E  2017E  2018E  Weighted Average Age1  7.4  6.9  6.5          Yield2  12.6%  12.1%  11.6 - 11.7%  Average Interest Rate3  3.8%  3.9%  3.9%  Net Spread  9.5%  8.9%  8.5 - 8.6%  Depreciation Rate4  5.8%  5.6%  5.2 - 5.3%  Net Spread Less Depreciation  3.7%  3.3%  3.2 - 3.4% 

 

   Excess Capital Generation    AerCap will continue to generate significant excess capital going forward  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.  We expect to generate a total of $1.0+ billion of excess capital during 2017 and 2018 after contracted purchasesThis assumes ~$1.0 billion of asset sales per year  ($ billion)  2017  2018        Excess capital available before contracted purchases   ~$2.0  ~$1.9  Excess capital for contracted purchases   (~1.1)  (~1.7)        Excess capital remaining after contracted purchases  ~$0.9  ~$0.2 

 

   EPS Outlook    Core EPS will continue to grow through 2018  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor.  2016 Earnings on Track:Core EPS of ~$5.50 and adjusted EPS of ~$6.50 including gains and non-recurring items2017 Core EPS:~($0.15) reduction in EPS from impact of delivery delays2018 Core EPS:Up ~15% over 2017, driven by ~10% growth in leased assets from contracted purchases~$1 billion of annual core earnings is expected to continue    Core EPS    Gain on Sales and Non-recurring Items  ADJUSTED DILUTED EPS OUTLOOK 

 

   Financial Summary    AerCap continues to exceed financial targets  Very strong earnings and cash flow generationCompleted ~$5 billion of aircraft sales since the ILFC acquisition, de-risking the portfolio and further increasing cash flowsDe-levered rapidly and returned to investment grade status ahead of schedule Developed broad access to capital and built up significant liquidityReturned a significant amount of capital to shareholdersDouble-digit growth in book value per share  Very strong earnings and cash flow outlookFurther improving portfolio mix through delivery of order book and continued salesStrong earnings growth in 2018 and continued double-digit growth in book value per share  Book Value Per Share  Jun14  Sep16  PERFORMANCE TO DATE  OUTLOOK  Refer to slide 2: Disclaimer Incl. Forward Looking Statements & Safe Harbor. 

 

 Conclusions    Conclusions      CREATING LONG-TERM VALUE FOR INVESTORS  Strong balance sheet with broad access to capital and liquidity      Strong, predictable earnings and cash flow generating significant excess capital      Attractive growth and return profile driven by contracted revenues and portfolio growth      Good steward of capital with proven track record 

 Q&A 

 

 AerCap Holdings N.V.AerCap House65 St. Stephen’s GreenDublin 2, Ireland+353 1 819 2010contact@aercap.com  Follow us on