Peter Wortel, VP Investor RelationsPeter Wortel, VP Investor Relations

Cowen Conference Cowen Conference -- Boston, Boston, September 3, 2008September 3, 2008

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.

3

Second Quarter 2008 HighlightsSecond Quarter 2008 HighlightsNet income was $58.2 million in the second quarter 2008, exclusive of non-cash impact relating to mark-to-market of interest rate caps and share-based compensationEarnings per share in the second quarter 2008 were $0.68 excluding the items referenced aboveBasic rents in second quarter 2008 increased 2% from second quarter 2007, while interest expense excluding mark-to-market and refinancing charges decreased 32% ― The difference between basic rents and adjusted interest

expense (net spread) was $93.1 million in the second quarter 2008, an increase of 24%

Total assets were $5.2 billion as of June 30, 2008, up 18% from June 30, 2007Committed purchases of aviation assets in 2008 are $1.3 billion, of which $933 million closed in first half 2008

44

AerCap Overview

55

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 22% of H1 2008

lease revenues

Latin America10% of H1 2008lease revenues

Asia / Pacific28% of H1 2008 lease revenues

Total Assets $5.2Bnat June 30, 2008

Contracted Orders $5.2Bn_____

Total Assets $10.4Bn Including Purchase Commitments

314Aircraft76 Engines

112 Customers in 48 CountriesAerCap Locations

Europe 38% of H1 2008 lease revenues

Africa/ Middle East2% of H1 2008lease revenues

6

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

77

2008 Passenger Growth by Region2008 Passenger Growth by Region

Sources: IATA (some 230 airlines, excludes; domestic traffic and non-members; such as charter operators and LCCs),

ATA (12 US major airlines), AEA (32 European members excluding most LCCs and charter airlines)

AAPA (17 major Asian airlines excluding Middle East, China, India and LCCs), ALTA (35 member airlines)

Year on Year RPK Growth May 2008

6.0%

5.1%4.7%

8.9%

0.9%

10.9%

0.4%

5.5%

4.6%

3.6%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

May - I

nterna

tional

(IATA)

May - U

S (ATA)

May - E

urope

(AEA)

May -A

sia (A

APA)

May - L

atin A

merica

(ALTA)

YTD - Inte

rnatio

nal (I

ATA)

YTD - US (A

TA)

YTD - Europ

e (AEA)

YTD -Asia

(AAPA)

YTD - Lati

n Ameri

ca (A

LTA)

8

Aircraft Aircraft LessorsLessors Offer Attractive Valuations with Offer Attractive Valuations with Stable Contracted Earnings and Strong Cash FlowsStable Contracted Earnings and Strong Cash Flows

Lessors are priced as pure aviation plays but operate very differently to airlines

Airline valuations influenced by declining passenger traffic, record high fuel costs and a credit market in crisis

Reality for lessors is different:Contracted earningsSound cash flows

Risk mitigants include:Portfolio purchased at significant discount to current market valuesPortfolio largely consists of favorable and efficient A320s and A330s Individual customer concentrations below 5% of lease revenue (all but one) Leases have good collateral (security deposits and maintenance reserves)

OPPORTUNITIES FOR LEASE ORDERS (SALE AND LEASE BACKS) ARE INCREASING AS AIRLINES LOOK TO FREE UP CASH TO COPE WITH THE INDUSTRY DOWNTURN

8

9

Discussion TopicsDiscussion Topics

Update on Funding

Net Spread

Portfolio Analysis

Additional Cash Flow Disclosures

2008 Outlook

10

Funding/Access to CapitalFunding/Access to Capital

* Free cash only (excludes restricted cash balance of $183.8 million)** Operating cash flow is reduced for interest cost*** Includes revolving lines of credit, ECA financing, and pre-delivery payment financing

$489 Million• TUI Portfolio Acquisition Facility

$100 Million• Engine Acquisition Facility$269 Million• A320 Pre-Delivery Payments Debt Facility

$1.0 Billion• ALS II – 30 new Aircraft Securitisation

~$3.0 Billion Available Lines of Credit at June 30, 2008***

$68 Million• A330 Pre-Delivery Payments Debt Facility

Financing Transactions Completed in Q2 2008 – Nearly $2 Billion

$86 MillionOperating Cash Flow for 2Q 2008**

$176 MillionUnrestricted Cash Balance at June 30, 2008*

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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

1212

~$6 Billion of Purchases (2008 – 2011)

Cash Sources:

Cash in Bank of ~$200 Million

Operating Cash Flows Generated in 2008 - 2011

~$1.5B

~$1.0B

~$1.3B

~$0.5B

~$1.0B

~$0.8B

Capital Requirements and SourcesCapital Requirements and Sources

Sale of 7 Slots Completed

Likely Financing Sources:- ECAs- Bank Debt- Capital

Markets- JOLs- GLLs

Existing Revolving Lines of Credit

Cash Needed for Purchases

ECA Financings in Process

Sales and Remaining Financing

~$6 Billion of Capital

For TUI Aircraft Portfolio Purchase

10 A330s & 20 A320s

30 A320s

Bank Financing

ALS II Securit-zation

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Net Spread (Margin)Net Spread (Margin)($ Millions)

11%

24%

(32%)

2%

% Change

9375Net Spread (Margin)

3,4603,122Average Lease Assets

(34)(50)Less: Interest Expense*

127125Basic Lease Rents

2Q 20082Q 2007

*Excludes non-cash impact relating to the mark-to-market of interest rate caps and 2007 refinancing charges

- Basic lease rents on floating rate leases were lower as a result of lower interest rates- Interest expense was also reduced by the same amount, keeping margins intact- Growth of ~11% in lease assets, plus benefit from caps driving ~24% increase in margins

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Net Spread TrendsNet Spread Trends

($ Millions)

938677Net Spread (Margin)*

2008 2nd Quarter

2008 1st Quarter

2007 Avg. Quarter

* Net Spread = Basic rents minus interest expense (excluding non-cash charges relating to the mark-to-market of interest rate caps and 2007 refinancing charges)

Growth in Net Spread Reflective of Growth in Leasing Income;Growth in Net Spread Reflective of Growth in Leasing Income;2008 Avg. Quarter Expected to be ~$95 Million (+23% over 2007)2008 Avg. Quarter Expected to be ~$95 Million (+23% over 2007)

1515

Lease Yield, Interest Rates, and Net SpreadLease Yield, Interest Rates, and Net Spread

2007 1st Half 2008

Lease Yield (excl. Maintenance) 16.1% 15.3%

Interest Cost (% of Lease Asset) 6.1% 4.4%

Net Spread (% of Lease Asset) 10.0% 10.9%

Note:- Lease Yield incl. Maintenance is 18.1% in 2007 and 17.4% in 1st Half 2008- Interest Cost as a % of Debt is 6.7% in 2007 and 4.7% in 1st Half 2008

Benefits from Use of Interest Rate Caps Driving Improvement in Net Spread Margin %

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High Quality and Well Diversified PortfolioHigh Quality and Well Diversified Portfolio

89% narrowbody – “Work Horses” of industry

High share of liquid / remarketable aircraft

Average age of owned aircraft fleet 7.5 years

76 engines in portfolio, as of June 30, 2008, incl. 2 on order

― CFM56 engines, one of the most widely used engines in the commercial aviation industry, represented 84% 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 15 12.6% - 14 - 29

Airbus A320 58 35.7% 13 48 1 120

Airbus A321 19 16.0% 1 - - 20

Airbus A330 5 5.0% - 30 - 35

Airbus A340 - 0.0% 1 - - 1

Boeing 737 NG 18 16.6% 30 - 3 51

Boeing 737 Classic 16 3.9% - - 2 18

Boeing 757 11 4.2% 2 - - 14

Boeing 767 4 3.4% 3 - - 6

Fokker 100 - 0.0% 1 - - 1

MD 11 Freighter 1 0.9% 1 - - 2

MD-82 6 0.5% 2 - - 10

MD-83 4 0.4% 4 - - 6

Total 158 100.0% 58 92 6 314

Aircraft Portfolio as of June 30, 2008

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Customer DiversificationCustomer DiversificationLessee Percentage of Lessee

H1 2008 lease revenueThai Airways International Public Co., Ltd. 5.3%

US Airways 4.0%

Indian Airlines Ltd 3.6%

My Travel Airways PLC 3.5%

Kingfisher Airlines Ltd. 3.5%

Wizz Air Ltd. 3.4%

SkyBus 3.0%

Tombo Capital Corporation. 3.0%

British Midland Airways Ltd. 3.0%

Air Berlin 2.9%

Asiana Airlines 2.7%

Gemini Air Cargo Inc. 2.5%

Societe Air France 2.3%

TAM 2.3%

Korean Air Lease & Finance Co., Ltd. 2.3%

Thomas Cook Airlines Belgium 2.2%

Air Canada 2.2%

Other 48.5%

Total 100.0%

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Managing Our Aircraft PortfolioManaging Our Aircraft Portfolio

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

61.268.7

103.2

119.7106.8

2004 2005 2006 2007 2008HY1

38.1

50.6

58.763.8

72.0

2004 2005 2006 2007 2008HY1

Lease Terms in Months has Increased Significantly on AerCap Leases

* Excluding the TUI portfolio the average number of months for HY1 is 69.2

*

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Aircraft Portfolio ValuationAircraft Portfolio Valuation($ Billion)

23%

23%

23%

38%

Difference/ Appraisers

Value

7.325.65Total Aircraft Assets

0.260.20B737 Classics and All Others (~3.5% of Portfolio)

6.93

0.13

5.37

0.08

A320 Family, A330s, & B737NGs (~95% of Portfolio; …only ~12% > 8 Years of Age)

B757s, B767s, A300s (~1.5% of Portfolio)

External Appraisers

NBV 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- Based on information as of March 31, 2008 - Excluding JV partner’s share

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Aircraft Portfolio ValuationAircraft Portfolio Valuation

3%Difference is Less than 10%

100%Total

9%Difference is 10 – 14%

63%

25%

Difference is Greater than 20%

Difference is 15 – 19%

% of Aircraft Portfolio

Distribution of Aircraft Portfolio

Difference in NBV/Price Paid versus Appraiser Values, as a % of Appraiser Values

* Includes 10 B737NGs, 4 A320 Family, 6 B757s, 2 B767s, 2 MD80s

*

**

** Includes 3 B737NGs, 8 A320 Family, 1 B757

21

Sales Revenue vs. Proceeds from SalesSales Revenue vs. Proceeds from Sales(Income vs. Cash Flow Statement)(Income vs. Cash Flow Statement)

(7)(7)Non-Cash Maintenance Sales Revenue

(68)(34)Less: Inventory Sales*

323181Sales Revenue ( from Income Statement)

-24Add:Cash Received from Prior Period Sales

248164Proceeds from Sales/Disposal of Assets (from Cash Flow Statement)

1H 20082Q 2008($ Million)

* Reflected in Change in Assets /Liabilities in Cash Flow Statement (Inventories)

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Gain from SalesGain from Sales(Income vs. Cash Flow Statement)(Income vs. Cash Flow Statement)

(20)(10)Less: Inventory Sales*

7340Gain from Sales (Income Statement) …. Sales Revenue less COGS

5330Gain on Disposal of Assets (Cash Flow Statement)

1H 20082Q 2008($ Million)

* Reflected in Change in Assets /Liabilities in Cash Flow Statement (Inventories)

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2008 Financial Outlook2008 Financial Outlook

Purchases of aviation assets in all of 2008 expected to be ~$1.3 billion

2008 “net spread” from leasing (basic lease rents less interest expense) expected to increase ~23% over 2007

Full year 2008 gains from aircraft sales expected to be comparable with 2007

― 2008 sales revenue now expected to be higher than 2007 due to acceleration of remaining older aircraft sales

― Gains from aircraft sales in 2nd half 2008 expected to be ~80% of 1st half 2008

2008 average cost of debt expected to be ~4.5% or lower

2008 tax rate expected to be lower than 2007 (~9-10%)

2008 ROE expected to be ~20%