Amsterdam, Netherlands; February 23, 2015

Adjusted net income* was $296.7 million for the fourth quarter of 2014 (reported net income of $298.2 million), and $855.5 million for the full year 2014 (reported net income of $810.4 million)

Adjusted basic earnings* per share were $1.40 for the fourth quarter of 2014 (reported basic earnings per share of $1.41), and $4.86 for the full year of 2014 (reported basic earnings per share of $4.61)

The new share repurchase program will run through December 31, 2015 and will allow total repurchases of up to $250 million in 2015.

• Adjusted net income and earnings per share has been redefined and no longer includes an adjustment relating to share-based compensation costs. The adjustments made include the mark-to-market of interest rate caps and swaps, transaction and integration related expenses, and maintenance rights related expense.

Update on Strategic Execution

Integration of ILFC remains on plan.

Maintained one of the industry’s most attractive order books, purchasing 33 aircraft during 2014 with a total value of $2.3 billion.

Demonstrated the scale of our platform and continued demand for modern fuel efficient aircraft, executing 365 aircraft transactions in 2014.

Made substantial progress deleveraging, ending the quarter with debt/equity ratio of 3.4:1; expect debt/equity ratio of 3:1 in 2015.

Authorized a share repurchase program of up to $250 million, which will run through December 31, 2015.

Aengus Kelly, CEO of AerCap, commented: “AerCap’s record results demonstrate the strength of our portfolio and order book following the successful acquisition of ILFC. Our integration remains on track due to the focused dedication of our people, and the efficiency and effectiveness of our integration plan. Demand for our product remains robust and we continue to expect lower fuel costs and higher global GDP to bolster the aircraft leasing environment in 2015. As we look to 2015, we are confident that we can deliver impressive results for our shareholders by continuing to execute our strategy and enhance value through our share repurchase program.”

Operational Update

Key targets relating to the acquisition of ILFC have been met or exceeded:

transfer of aircraft to Ireland has been completed;

de-leveraging plan has been accelerated;

annualized earnings of $1 billion has been reached; and

relocation of personnel has been completed and realization of cost synergies remains on plan.

Fleet utilization rate was 99.2% for the full year of 2014. As of December 31, 2014, the average age of the owned fleet was 7.7 years and the average remaining contracted lease term was 5.7 years.

As of December 31, 2014, the Company had committed to purchase 380 aircraft with scheduled delivery dates up to 2022. Over 90% of our committed aircraft purchases delivering through December 2017 and over 60% delivering through 2019 are placed, either under lease contract or letter of intent.

Since September 30, 2014, the Company signed agreements for the lease of 44 Airbus A320neo family aircraft and five Airbus A350 aircraft from our order book.

As of December 31, 2014, the Company had $7.3 billion of available liquidity. Since the announcement of the ILFC transaction in December 2013, $13.0 billion of financing has been raised.

Fourth Quarter 2014 Financial Results

Fourth quarter 2014 reported net income was $298.2 million, compared with $65.6 million for the same period in 2013. Fourth quarter 2014 reported basic earnings per share were $1.41, compared with $0.58 for the same period in 2013. The increase in net income and earnings per share over the fourth quarter 2013 were driven primarily by the ILFC transaction.

Fourth quarter 2014 adjusted net income was $296.7 million, compared with $72.8 million for the same period in 2013. Fourth quarter 2014 adjusted earnings per share were $1.40, compared with $0.64 for the same period in 2013. The increases in adjusted net income and earnings per share over the fourth quarter 2013 were driven primarily by the ILFC transaction.

Annualized net spread for the fourth quarter 2014 was 9.8%, up from 8.7% in the same period of 2013 and was 9.7% for full year 2014, up from 8.6% for full year 2013. Interest expense in the fourth quarter of 2014 includes ~$12 million of one-time charges relating to debt breakage costs on aircraft sales and interest costs on our ALS investment.

Our debt/equity ratio was 3.4 to 1 at December 31, 2014, compared to 2.6 to 1 for the same period in 2013, reflecting our acquisition of ILFC.

Total assets were $43.9 billion as of December 31, 2014 compared to $9.5 billion at year-end 2013, reflecting our acquisition of ILFC.

Net Income/Earnings Per Share

Set forth below are the details to reconcile reported net income to adjusted net income, including the specific adjustments.

Fourth quarter 2014 adjusted net income increased 308% over the same period in 2013 and fourth quarter 2014 adjusted earnings per share increased 118% over the same period in 2013. The increases were driven primarily by the ILFC transaction.

Adjusted net income reflects expensing the maintenance rights asset over the remaining economic life of the aircraft as compared to expensing this asset during the remaining lease term as reflected in reported net income. The maintenance rights asset represents the difference between the actual physical condition of the aircraft at the ILFC acquisition date and the value based on the contractual return conditions in the lease contracts. We believe this measure may further assist investors in their understanding of our operational and financial performance. The difference in the two methods will have no economic impact as it is non-cash and equalizes over time.

Revenue and Net Spread

Basic lease rents were $1,159.0 million for the fourth quarter of 2014, compared with $234.9 million in the same period in 2013. The increase was driven primarily by the ILFC transaction and new aircraft purchases. Our average lease assets for the fourth quarter 2014 were $36.1 billion, compared with $8.1 billion for the same period in 2013.

Lease revenue for the fourth quarter of 2014 was $1,283.1 million, compared with $261.5 million for the same period in 2013.

Net gain on sale of assets for the fourth quarter of 2014 was $25.8 million relating to nine aircraft, compared with $9.6 million for the same period in 2013.

Other income for the fourth quarter of 2014 was $28.0 million, compared with $6.7 million for the same period in 2013. The increase was driven by the ILFC acquisition and relates primarily to income from our AeroTurbine subsidiary.

As shown in the table above, adjusted interest expense was $275.5 million in the fourth quarter of 2014, a 365% increase compared with the same period in 2013. Net spread was $883.5 million in the fourth quarter of 2014, a 403% increase compared with the same period in 2013.

Selling, General and Administrative Expenses

The increase in selling, general, and administrative expenses, period over period, reflects the ILFC acquisition.

Effective Tax Rate

AerCap’s blended effective tax rate during the full year of 2014 was 15.0%. The blended effective tax rate for the year ended December 31, 2013 was 8.4%. The increase is driven primarily by the ILFC acquisition. The full year tax rate of 15.0% is lower than previously expected. The decrease was driven primarily from more ILFC transaction related expenses and financing costs meeting deductibility criteria, and lower servicing profit in the U.S. The blended effective tax rate in any year is impacted by the source and amount of earnings among AerCap’s different tax jurisdictions.

Financial Position

As of December 31, 2014, AerCap’s portfolio consisted of 1,659 aircraft that were owned (including aircraft owned by AerDragon, a non-consolidated joint venture), on order, under contract or managed. The average age of the owned fleet as of December 31, 2014 was 7.7 years and the average remaining contracted lease term was 5.7 years.

Share Repurchase Program

Repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable U.S. federal securities laws. The timing of repurchases and the exact number of shares of common stock to be purchased will be determined by the Company’s management and board, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company’s cash on hand and cash generated from operations. The program may be suspended or discontinued at any time.