Second Quarter 2009 Highlights    --  Second quarter 2009 net income was $56.6 million, compared with net       income of $68.6 million for the same period in 2008. Second quarter       2009 net income excluding the impact of the mark-to-market of interest       rate caps and share-based compensation was $39.1 million, compared       with $58.2 million in second quarter 2008 on the same basis. The       decrease in net income was largely due to lower income from the sale       of assets in second quarter 2009 as compared to second quarter 2008.   --  Second quarter 2009 basic and diluted earnings per share were $0.67.       Second quarter 2009 basic and diluted earnings per share excluding the       impact of the mark-to-market of interest rate caps and share-based       compensation were $0.46.   --  Lease revenue for the second quarter 2009 was $169.8 million, compared       to $144.4 million for the same period in 2008, an increase of 18%.   --  Net spread, the difference between basic lease rents and interest       expense excluding the impact from the mark-to-market of interest rate       caps, was $112.6 million in second quarter 2009 compared to $93.1       million in second quarter 2008, an increase of 21%.  This measure       reflects the increase in leasing income.   --  Total revenue for the second quarter 2009 was $294.7 million, compared       to $333.4 million for the same period in 2008. The decrease was mainly       due to lower aircraft sales revenue partially offset by higher lease       revenue and other revenue.   --  Sales revenue for the second quarter 2009 was $111.6 million, compared       to $180.7 million for the same period in 2008, and was generated from       the sale of aircraft, engines and parts inventory.   --  Total assets were $6.1 billion at June 30, 2009, an increase of 18%       over total assets of $5.2 billion at June 30, 2008.    --  Committed purchases of aviation assets delivered or scheduled for       delivery in 2009 are $1.8 billion, of which $0.8 billion closed in the       first half year of 2009.    Second Quarter 2009 Financing Highlights - previously disclosed    --  $4.5 billion in financings completed since the second quarter of 2008.   --  Signed a joint-venture agreement with Waha Capital for a 50/50 joint       investment in AerVenture.   --  Signed a facility agreement with a German bank for a $221 million       pre-delivery financing of ten A330 aircraft.    --  Closed on the initial fundings for 16 A320 aircraft into the ALS II       facility ($499.1 million).  The ALS II facility has the capacity to       fund a total of 30 A320 aircraft.   

Klaus Heinemann, CEO of AerCap, commented: "Our net spread, which is our industry's key measure of lease rental income after interest expense, increased by 21 percent in second quarter 2009 as compared to the same period in 2008, while we were managing our portfolio through the worst recession since World War II. Our cash position reached nearly $350 million on June 30, 2009 representing over 50 percent of our current market capitalization." Klaus Heinemann added: "We achieved our key goal for the first half of 2009; all of our aircraft orders to be delivered in 2009 through 2011 are placed with airline clients with committed financing arranged. AerCap has strong growth prospects as one of the leading players in the global aircraft operating lease market with financial resources and a commitment to participate in the anticipated market recovery during 2010."

AerCap's CFO, Keith Helming, said: "We are pleased with our second quarter results, notwithstanding the difficult market conditions. The growth in our net spread highlights the increasing profitability of our core leasing portfolio which also demonstrates the continued improvement in the quality of our reported earnings. We are also committed to further growth in our total aircraft assets, as we strive to create profitable long-term value for our shareholders." Keith Helming added: "AerCap has now raised $4.5 billion in financing since the second quarter of 2008, during the peak of the credit crisis. The strength of our business model has been further validated by the significant investment by Waha Capital, who have become our joint partner/shareholder in AerVenture. We have also broadened and reinforced our lessee portfolio, adding Virgin Atlantic, one of the premier long haul carriers, to our sizeable list of reputable clients."

Summary of Financial Results

AerCap recorded a second quarter 2009 net income of $56.6 million or $0.67 earnings per basic and diluted share. Included in the second quarter 2009 net income amount were mark-to-market of interest rate caps and share-based compensation of $17.5 million or $0.21 per basic and diluted share, net of tax. The after-tax gain relating to the mark-to-market of our interest rate caps was $18.3 million and the after-tax charge from share-based compensation was $0.8 million.

   Detailed Financial Data   ($ in Millions)    Operating results                             Three months ended        Six months ended                                June 30,                  June 30,                                        %increase/                 %increase/                          2009    2008  (decrease)   2009    2008  (decrease)                          ----    ----  ---------    ----    ----  ---------    Revenues             $294.7  $333.4    -12%     $503.2  $627.9     -20%   Net income             56.6    68.6    -17%       86.6   119.5     -28%   Net income excluding    the impact of    mark-to-market of    interest rate caps    and share-based    compensation          39.1    58.2    -33%       70.7   118.1     -40%    

Total revenue in second quarter 2009 decreased 12% compared with second quarter 2008. This decrease was largely driven by lower sales revenue in the second quarter 2009 partially offset by higher lease revenue and higher other revenue.

Net income excluding the impact of mark-to-market of interest rate caps and share-based compensation decreased by 33%. This decrease was driven by lower income from the sale of assets ($28.6 million) and the costs relating to airline defaults which occurred in 2008 ($5.1 million), partially offset by an increase in net spread.

   Revenue breakdown                           Three months ended           Six months ended                               June 30,                     June 30,                                        %increase/                 %increase/                        2009      2008  (decrease)   2009     2008 (decrease)                        ----      ----  ---------    ----     ---- ---------    Lease revenue:    Basic lease rents $141.4    $126.6     12%     $282.8   $253.1     12%    Maintenance rents   26.9      13.8     95%       39.5     23.0     72%    End-of-lease     compensation and     other receipts      1.5       4.0    -63%        8.7     12.1    -28%                         ---       ---    ----        ---     ----    ----   Lease revenue      $169.8    $144.4     18%     $331.0   $288.2     15%   Sales revenue       111.6     180.7    -38%      153.4    323.2    -53%   Management fees and    interest income      6.4       7.9    -19%       11.7     16.0    -27%   Other revenue         6.9       0.4   1625%        7.1      0.5   1320%                         ---       ---   -----        ---      ---   -----   Total revenue      $294.7    $333.4    -12%     $503.2   $627.9    -20%                      ======    ======    ====     ======   ======    ====    

Basic lease rents continue to increase when compared to prior periods as a result of our growing asset base. The increase in basic lease rents was reduced by the impact from decreasing interest rates on floating rate lease rentals between the periods. However, the decrease in basic lease rents on floating rate leases was offset by lower interest costs on the debt associated with the floating rate leases. While basic lease rents for the second quarter 2009 increased 12% compared to second quarter 2008 to $141.4 million, interest expense excluding the impact of mark-to-market of interest rate caps decreased 14% compared with second quarter 2008 to $28.8 million, as shown in the table below. We refer to the difference in these amounts as net spread, which increased 21% in second quarter 2009 over the same period in 2008 to an amount of $112.6 million. Our average lease assets increased by 23% to $4.3 billion compared to second quarter 2008.