Klaus Heinemann, CEOKlaus Heinemann, CEO

January 14, 2009January 14, 2009

AerCap Holdings N.V.AerCap Holdings N.V.

2

Forward Looking Statements & Safe HarborForward Looking Statements & Safe Harbor

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,” “will," “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.

33

AerCap OverviewAerCap Overview

Global aviation company with proven track record and integrated business model providing aircraft, engines and parts to customers in every major region of the world

North America/Caribbean 20% of YTD 2008lease revenues

Latin America10% of YTD 2008lease revenues

Asia / Pacific26% of YTD 2008 lease revenues

Total Assets $5.2Bnat September 30, 2008

Contracted Orders $4.5Bn_____

Total Assets ~$10Bn Including Purchase Commitments

314Aircraft74 Engines

103 Customers in 45 CountriesAerCap Locations

Europe 42% of YTD 2008 lease revenues

Africa/ Middle East2% of YTD 2008lease revenues

4

What Makes AerCap Different?What Makes AerCap Different?

Our unique integrated platform allows us to create value throughout the life of aircraft and engines

ManufactureManufacture DisassemblyDisassembly

Buy new aircraft from the

manufacturer

Buy used aircraft from the market

Lease equipment to a global client base

Sell used aircraft to the market

Disassemble aircraft for engine

leasing and part sales

55

Forward Order AircraftForward Order Aircraft

As of December 31, 2007

Total Number of

Aircraft100

Delivered2

Lease Agreement

25

Sold7

Available57

Option5

LOI4

Option5

Available20LOI9

Sold7

Lease Agreement

49

Delivered10

As of September 30, 2008

66

High Quality and Well Diversified PortfolioHigh Quality and Well Diversified Portfolio

91% narrowbody – “Work Horses” of industry

High share of liquid / remarket-able aircraft

Average age of owned aircraft fleet 7.2 years

74 engines in portfolio, as of September 30, 2008, incl. 2 on order

― CFM56 engines, one of the most widely used engines in the commercial aviation industry, represented 76% of our portfolio

Owned PortfolioManaged Portfolio

Number of Aircraft

on OrderNumber

of AircraftOwned

% Net book Value at 30 June, 2008

Number ofAircraft

Number of Aircraft under

Purchase Contract and letter of Intent

Total Owned, Managed

and Ordered Aircraft

Airbus A300 Freighter 1 0.8% - - - 1

Airbus A319 16 13.3% - 11 - 27

Airbus A320 60 37.5% 13 46 119

Airbus A321 18 14.9% 1 3 - 22

Airbus A330 4 4.3% - 30 - 34

Boeing 737 Classic 17 4.0% 30 - 11 58

Boeing 737 NG 18 16.4% - - 3 21

Boeing 757 11 4.1% 3 - - 14

Boeing 767 4 3.4% 2 - - 6

MD 11 Freighter 1 0.9% 1 - - 2

MD-82 2 0.2% 2 - - 4

MD-83 4 0.4% 2 - - 6

Total 156 100.0% 54 90 14 314

Aircraft Portfolio as of September 30, 2008

7

Aircraft Portfolio ValuationAircraft Portfolio Valuation($ Billion)

20%

26%

20%

23%

Difference/ Appraisers

Value

7.515.98Total Aircraft Assets

0.230.17B737 Classics and All Others (~2.0% of Portfolio)

7.06

0.22

5.64

0.17

A320 Family, A330s, & B737NGs (~95% of Portfolio; …only ~11% > 8 Years of Age)

B757s, B767s, A300s (~3.0% of Portfolio)

External Appraisers

Carrying Value or

Price Paid

Note:- Based on data provided by external appraisers (Ascend, BK Associates, and AISI)- Includes AerCap’s currently owned aircraft plus forward orders (discounted to present)- Based on information as of September 30, 2008 - Excluding JV partner’s share

88

Customer DiversificationCustomer DiversificationLessee % of YTD 2008 Lease RevenueThai International 4.9%TUI Aviation GmbH 4.3%US Airways 3.7%Kingfisher Airlines Ltd 3.6%Wizz Air Ltd 3.2%Air Berlin 3.1%Atlas Jet 3.0%Bangkok Airways 3.0%British Midland 2.8%My Travel 2.8%Asiana Airlines 2.6%Indian Airlines 2.5%Societe Air France 2.2%Monarch Airlines 2.1%TACA 2.1%Air Astana 2.0%Tombo Capital Corporation 1.9%Korean 1.8%Other 48.4%Total 100.0%

9

Managing Our Aircraft PortfolioManaging Our Aircraft Portfolio

New Aircraft Leases (Months) Used Aircraft Leases (Months)

61.268.7

103.2

121.0106.8

2004 2005 2006 2007 2008nine

months

38.1

50.658.7

65.072.0

2004 2005 2006 2007 2008nine

months

Lease Terms in Months has Increased Significantly on AerCap Leases

* Reflects 36 lease agreements and 17 LOIs for new aircraft leases signed during 1Q, 2Q and 3Q 2008** Reflects 41 lease agreements and 18 LOIs for used aircraft leases signed during 1Q, 2Q and 3Q 2008

***

1010

Funding

11

Funding EnvironmentFunding Environment

Capital Markets suspended, no immediate relief expected

ECA Funding is available

Commercial Bank Deals are availableEuropean Banks are most active in sector at present – remaining 2008 capacity?

Funding Costs have risenThe higher costs are to some extent set off by lower interest rates

Advance rates are lower

Growing reluctance from banks to offer commitments too far out.

All in all a more difficult funding environmentBut deals are still being done and AerCap is participating

12

Debt and EquityDebt and Equity

($ Million)

6.8%

908

3.1 to 1

2,782

3Q 2007 3Q 2008

4.3%

1,127

3.2 to 1

Average Cost of Debt in the Quarter*

Shareholder Equity

Debt / Equity Ratio

3,603Total Debt

* Interest expense divided by average debt balance, excluding mark-to-market on interest rate caps

13

Funding/Access to CapitalFunding/Access to Capital

* Free cash only (excludes restricted cash balance of $168 million)

** Primarily relates to 2011 and 2012

$73 Million

$4.9 Billion

($2.4)

($2.0)

$0.5**

Operating Cash Flow for 3Q 2008

Remaining Financing Requirements (2009 - 2012)

Less: Available Lines of Credit at September 30, 2008

Less: ECA Financings in Process:

- A330s ($1.4)- A320s ($0.6)

Subtotal

$176 MillionUnrestricted Cash Balance at September 30, 2008*

14

ALS II LimitedALS II Limited

0

5

10

15

Num

ber o

f airc

raft

2008 2009 2010

Year of scheduled delivery from Airbus

$1 Billion “ALS II Ltd” Securitization provides financing requirements for 30 A320 family aircraft from forward order delivering between 2008 and 2010

Key features of deal include:― Issuance of Class A1 and A2 floating rate notes― Commitment to fund aircraft upon delivery― No recourse to AerCap Group― Ratings of A1 / A+ by Moody’s and S&P― Spread of one month LIBOR plus 185bps― Loan to Value 74%― No insurance wrap― Expected final payment date in 2020― AerCap Group remains owner of E note

Type of aircraft

A320-20025 aircraft

A319-1005 aircraft

1515

Hedging Strategy and Interest CostsHedging Strategy and Interest Costs

Hedging Strategy

- Caps Used to Hedge Against Increases in Interest Rates

- Caps Have an Initial Cost but Allow for the Benefits from Lower Interest Rates

- Caps Generally Do Not Require Any Cash Collateral

Lower Interest Costs Expected - AerCap Average Cost of Debt for Full Year 2007 was ~6.7%*

- Average Cost of Debt for Full Year 2008 is Expected to be ~4.5%(Based on Current Interest Rates and Spreads)

* Interest expense excludes mark-to-market on interest rate caps and cost of ALS refinancing

1616

Financials

17

Third Quarter 2008 YearThird Quarter 2008 Year--toto--date Highlightsdate HighlightsNet income was $170.8 million for the first three quarters in 2008, (vs. $143.3 million in 2007)

Earnings per share for the first three quarters 2008 were $2.01,(vs. $1.69 in 2007)

Net spread, the difference between basic rents and adjusted interest expense was $271.8 million for the first three quarters in 2008, an increase of 20% over the same period in 2007

Total revenue for the first three quarters in 2008 was $929.8 million, compared to $892.0 million for the same period 2007

Total assets were $5.3 billion as of September 30, 2008, up 24% from September 30, 2007

Committed purchases of aviation assets in 2008 are $1.4 billion, of which $1.1 billion closed in the first nine months of 2008

18

Total Revenue for First 3 Quarters in 2008Total Revenue for First 3 Quarters in 2008

2435Servicing Fees and Interest Income

930892Total Revenue

420Other Revenue

445420Sales Revenue

386

70

368

49

Basic Lease Rents

Maintenance Rents

3Q YTD 20083Q YTD 2007($ Millions)

19

Net Spread (Margin) for First 3 Quarters in 2008Net Spread (Margin) for First 3 Quarters in 2008($ Millions)

~15%

20%

(19%)

5%

% Change

272227Net Spread (Margin)

~3,500~3,050Average Lease Assets

(114)(141)Less: Interest Expense*

386368Basic Lease Rents

3Q YTD 2008

3Q YTD 2007

*Excludes non-cash impact relating to the mark-to-market of interest rate caps

- Basic lease rents increase due to asset growth, partially offset by interest rate decrease- Interest expense reduced due to lower interest rate, keeping margins intact- Growth of ~15% in lease assets, plus benefit from caps driving 20% increase in margins

20

Net Income (3Net Income (3rdrd Quarter YearQuarter Year--toto--Date)Date)

($ Millions)

17%

(9%)*

(16%)

23%

20%

% Change

3033All Other Items (Including Sales, Maintenance, Taxes, etc.)

179154Net Income Excluding Mark-to-Market and Share-Based Comp.

(123)

149

(106)

121

Depreciation

Subtotal

272227Net Spread

3Q YTD 2008

3Q YTD 2007

* Decrease driven by lower gain-on-sale

21

Maintenance Reserves Maintenance Reserves –– Change in EstimateChange in Estimate

* ~$4 Million Collected from Lessees During 3rd Quarter 2008 and ~$13 Million Collected in Previous Periods

$17 MillionAmounts Not Expected to be Returned to Lessees (Recorded as Maintenance Revenue in 3rd Qtr 2008)*

$208 MillionAccrued Maintenance Liability at September 30, 2008

22

Impact from DefaultsImpact from Defaults

($ Millions)

~ (13)

~ (11)

10

~ (12)

Est. 2008 Total

1

-

~ (10)

~ (13)

~ (3)

Est. 4Q 2008

(1)

8

(6)

3Q 2008

Leasing Expenses

Subtotal

Maintenance Rents

Lost Basic Lease Rents (Net of Security Deposits)

-

2

(3)

2Q 2008

(1)

Accounting Specifics- Security deposits are applied against past-due rents, reducing impact from lost rents- Maintenance rents held are recorded as revenue upon lease termination- Costs are expensed as incurred

23

2008 Financial Outlook (Full Year and 42008 Financial Outlook (Full Year and 4thth Qtr)Qtr)Purchases of aviation assets expected to be ~$1.4 billion for full year 2008

“Net spread” (basic lease rents less interest expense) is expected to increase ~18% for full year 2008 over 2007

Full year sales revenue expected to be slightly above 2007

― Estimate includes the sale of 2 owned aircraft in 4Q 2008 (completed)

Average cost of debt now expected to be ~4.5% for full year 2008

4Q EPS will be negatively impacted by the previously disclosed airline defaults, inventory impairments, and lower maintenance rents compared to 3Q EPS (impact is ~$40 million lower income versus 3Q)

Mark-to-market of interest rate caps was -$34.4 for October and November and an additional negative amount is expected in December

Tax rate expected to be ~4% for full year 2008 (excluding mark-to-market of interest rate caps)

ROE expected to be slightly lower than 20% for full year 2008 (excluding mark-to-market of interest rate caps)