Exhibit (C)(2)

Strictly Private and Confidential Citi Banking, Capital Markets & Advisory | TransportationOctober 28, 2019 Project EuropaMaterials for the Board of Directors

Citi Confidential Disclaimer The following pages contain material provided to the Board of Directors of Aircastle Limited (“Europa” or the “Company”) by Citigroup Global Markets Inc. (“Citi”) in connection with a potential transaction involving the Company.The accompanying material was compiled or prepared on a confidential basis solely for the use of the Board of Directors of the Company and not with a view toward public disclosure under any securities laws or otherwise. The information contained in the accompanying material was obtained from the Company and other sources. Any estimates and projections for the Company contained herein have been prepared or adopted by the management of the Company, obtained from public sources, or are based upon such estimates and projections, and involve numerous and significant subjective determinations, and there is no assurance that such estimates and projections will be realized. Citi does not take responsibility for such estimates and projections, or the basis on which they were prepared. No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. In preparing the accompanying material, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the managements and other representatives of the Company that they are not aware of any relevant information that has been omitted or that remains undisclosed to Citi.The accompanying material was not prepared for use by readers not as familiar with the Company as the Board of Directors of the Company and, accordingly, neither the Company nor Citi nor their respective legal or financial advisors or accountants take any responsibility for the accompanying material if used by persons other than the Board of Directors of the Company. The accompanying material is necessarily based upon information available, and financial, stock market and other conditions and circumstances existing and disclosed, to Citi as of the date of the accompanying material. Citi does not have any obligation to update or otherwise revise the accompanying material. Nothing contained herein shall be construed as legal, regulatory, tax or accounting advice. 1

1. Trading Overview

Total Shareholder Return Performance vs. Select Aircraft Lessors Total Shareholder Return (1)(Since January 1, 2014) FactSet. Market data as of October 23, 2019.Total shareholder return assumes dividends are reinvested in the respective security as of distribution. Source: (1)(2) Reflects price performance since market close on August 5, 2019, the day before Europa’s Q2 2019 earnings announcement on the morning of August 6, 2019.. 64% 83% TSR 25% 63% Price Return 20 40 60 80 100 120 140 160 180 200% Jan-14 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16 Nov-16Brexit Vote US Election (June 23, (November 6,2016) 2016) Apr-17 Sep-17 Feb-18 Jul-18Inflation and Interest Rate Concerns (February 2018) Dec-18 May-19Trade Tensions and Growth Uncertainty (December 2018) Oct-19 2 51%48% 51%42% AL Europa AER S&P 500 (5)08/05 08/16 08/27 09/07 09/18 09/29 10/10 10/21 25% Q2 2019 Earnings (2) 24% 20 15 15% 10 12% 5 6% 0 Total Shareholder Return Since Total Shareholder Return Since Jan. 1, 2014 2-Years LTM YTD Europa 64% 15% 30% 44% 5.0% AL 48 3 13 48 1.2 AER S&P 500 5183 1022 1412 4622 ---- LQA DividendYield

$36.3 $17.8 $7.8 $15.9 $2.8 3.7 6.2 9.5 3.1 7.4 1,042 361 283 337 98 $8.2 $5.0 $1.8 $6.4 $0.7 $36.4 $17.9 $6.8 $19.0 $3.0 Benchmarking Select Publicly-Listed Aircraft Lessors Number of Aircraft(Last Reported Quarter; Owned and Managed) Firm Value and Equity Value($ in billions) Aircraft Net Book Value(Last Reported Quarter; $ in billions) Source: Public filings and presentations. FactSet. Market data as of October 23, 2019. Average Age of Aircraft(Last Reported Quarter; In Years) Firm Value Equity Value EuropaPurchase Commitments (Number of Aircraft) 331 343 32 162 29 Europa Europa Europa 3

5.5% 6.0% 8.2% 5.1% 6.8% 2.4x 2.5x 3.1x 3.0x 3.1x 12.7% 11.4% 11.2% 15.7% 12.1% 10.8% 10.6% 14.7% 10.7% Benchmarking Select Publicly-Listed Aircraft Lessors (Cont’d) SG&A as a % of Total Revenues(LTM) Portfolio Yield (1)(LTM) Net Debt / Equity(Last Reported Quarter) Post-Tax ROE(LTM; Adjusted for Impairments) Source: (1) (2) Public filings and presentations, Bloomberg, FactSet. Market data as of October 23, 2019. Calculated as Total Lease Revenues / Average Net Book Value of Aircraft, excluding maintenance reserves and overhaul revenues, as disclosed by each company.As reported by each respective company in latest filings. (3) (4) FLY LTM Post-Tax ROE is 15.4%, calculated excluding gain on sale of aircraft. Assumes effective tax rate over prior four quarters.Reflects Europa Base Case estimates for Europa and Wall Street estimates for other select publicly- listed aircraft lessors. FLY figure is 2020E, based on available broker research. Average Debt Cost (2) -- / BBB / BBB Baa3 / BBB- / BBB- Baa3 / BBB- / BBB- -- / A- / A- Ba3 / BB- / -- 3.5% 4.8% 4.2% 3.6% 4.8% Long Term ROE (2021E) (4) Europa Europa EuropaCredit Ratings (M / S / F) Europa 10.2% 13.1% 9.6% 12.2% 15.4% SG&A as a % of Average Total Assets0.6% 0.6% 1.0% 0.5% 0.9% 22.5%(3) 4

0.40 0.80 1.601.20 2.00x Jan-14 Jun-14 Dec-14 Jun-15 Dec-15 May-16 Nov-16 May-17 Nov-17 Apr-18 Oct-18 Apr-19 Oct-19 Historical Trading Multiples for Europa and Select Aircraft Lessors Price / Book(January 1, 2014 – Present) Price / NTM Pre-Tax Income(January 1, 2014 – Present) Source: Note: AER shown after May 14th, 2014, the closing date of the acquisition of International Lease Finance Corporation. AER AL 0.93x0.89x0.87x 6.6x 5.6x 10.3x 2.0 6.0 10.0 14.0x Jan-14 Jun-14 Dec-14 Jun-15 Dec-15 May-16EuropaPublic filings and presentations, FactSet. Market data as of October 23, 2019. Nov-16 May-17 Nov-17 Apr-18 Oct-18 Apr-19 Oct-19 5 Trailing Averages Since Jan. 1, 2014 3-Years 2-Years LTM Europa 9.6x 9.0x 8.8x 8.7x AL 6.8 6.1 6.0 5.1 AER 6.6 6.5 6.6 6.1 Trailing Averages Since Jan. 1, 2014 3-Years 2-Years LTM Europa AL AER 0.92x1.150.98 0.88x1.060.88 0.83x1.020.86 0.76x0.860.78

2. Preliminary Financial Analysis

Overview of Base Case and Sensitivities Base Case Assumes aircraft acquisitions of $1.4 billion - $1.7 billion per yearDebt / equity of 2.5x - 2.8x For Reference Only Higher Growth Sensitivity Aircraft acquisitions increased to $1.7 billion - $2.2 billion per yearDebt / equity of 3.0x by 2021E Lower Growth Sensitivity Aircraft acquisitions reduced to $1 billion - $1.4 billion per yearDebt / equity of 2.5x - 2.9x Source: Note: Europa Management.Base Case and sensitivities assume no share repurchases and treat forecast stock based compensation as a cash cost. 6

$2,418 $2,579$2,522 $2,073$2,073 $2,171$2,158 $2,301 $2,480 $2,667 $1,834 $1,908 $2,009 $2,073$2,046 $2,155$2,122 $2,265 $2,390$2,251$2,175 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E $995 $1,114 $911$894 $1,021 $1,062 $911$911$911 $1,078 $1,203 $1,307$1,194 $812 $852 $890 $890 $975$923 $957$938 2019E 2020E 2021E 2022E 2023E $1,400 $1,700 $1,700 $1,700 $1,269 $1,038 $1,212 $1,374 $1,239 $1,269$1,269 $2,200 $1,700 $1,800 $2,100 $1,331 $1,038 $1,317 $1,198 $1,053 $1,100 2018A 2019E 2020E 2021E 2022E 2023E Source: Note: (1) Company filings, Europa Management, Wall Street research.Consensus estimates represent the median of latest available Wall Street research. Includes gains on sale of aircraft. Europa Comparison (Base Case and Sensitivities) # of Brokers 6 6 4 2016A 2017A 2018AShareholders’ Equity($ in millions) 19-21E CAGR 5.4%4.5%4.2%3.1% 19-21E CAGR 8.8%4.5%3.7%1.5% # of Brokers 9 9 6 Total Revenue (1)($ in millions) 4 4 3 # of Brokers Aircraft Acquisition($ in millions) # of Brokers $236 $229 $164$164 $235 $290 $305 $164 $184$178 $265 $278 $151 $148 $248 $151 $197$184 $212$200$193 2016A 2017A 2018A 2021E 2022E 2023EEuropa – Higher Growth Sensitivity Europa – Base CaseEuropa – Lower Growth Sensitivity Historicals / Consensus Estimates 19-21E CAGR19.5%15.1%13.7%8.5% 2016A 2017ANet Income($ in millions) 6 62019E 2020E 3 7

Implied Per Share Value (1) Latest Reported Quarter (2)Price / Book Range: 0.87x - 0.93xCurrent Book Value per Share of $26.96 Europa - Base CasePrice / 2020E Pre-Tax Income Range: 5.3x - 6.9x 2020E Pre-Tax Income per Share of $2.56 Europa - Base CasePrice / 2020E Net Income Range: 6.9x - 7.8x 2020E Earnings per Share of $2.39Europa - Base Case Terminal Year Price / Book: 0.80x - 1.00x; Cost of Equity: 8.00% - 10.50% Gross Debt / Equity Target of 2.5xTrading Range 52-Week Intraday Trading Range to 10/23/2019 Discounted Analyst Targets (3)Price Target Range: $18.00 - $26.00Discounted at Mid-Point Cost of Equity: 9.25% Selected Precedent Premiums Paid Analysis 20.0% - 30.0% Premium to Unaffected Share Price as of 10/23/2019 of $23.86 20.0% - 30.0% Premium to Share Price as of 8/6/2019 (Q2 2019 Earnings) of $19.73 Net Asset Value per ShareBased on Average of Third Party Appraisals for Maintenance-Adjusted CMV Selected Companies Analysis Price / Book Price / Pre-Tax Income Price / Earnings Discounted Dividends Analysis For Reference Only Reference Metrics $23.60 $13.70 $16.60 $21.50 $15.75 $16.80 $28.60 $11.64 $25.10 $17.70 $18.60 $28.90 $23.86 $23.80 $31.00 $23.70 $25.60 Summary Preliminary Financial Analysis Source: Note: (1) Company filings, Europa Management, FactSet. Market data as of October 23, 2019. Assumes illustrative valuation date of June 30, 2019.Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa Management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Rounded to the nearest $0.10, except for Trading Range and Net Asset Value per Share. Based on Book Value Per Share calculated as Shareholders’ Equity of $2,021 million divided by shares issued and outstanding of 74.983 million as of June 30, 2019 and as stated in Europa’s Second Quarter 2019 Earnings Presentation.Discounted to current assuming 1-year forward estimate as of analyst publication date. Share Price as of 8/6/2019: Share Price as of 10/23/2019: $19.73$23.86 Offer Range:$28.00 - $30.00 Excludes selected transactions due to lack of publicly available information regarding recent aircraft leasing platform sales, which are typically private transactions.Methodology 8

Discounted Dividends Analysis Discounted cash flow analysis based on forecasted dividends Excess equity capital is distributed annually in the form of a dividend to shareholders based on a target debt to equity ratioAssumes Europa net debt of $5,043 million as of June 30, 2019Assumes any incremental debt is financed through Europa’s existing revolver capacity at a rate of L + 150 bpsAssumes minimum cash of $100 millionMid-period discounting convention applied to dividend stream Price / Book terminal multiple range applied to terminal Book Equity Source: Note: (1) Company filings, Europa Management.Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa Management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Rounded to the nearest $0.10. Assumptions Implied Per Share Value (1) Europa - Base Case Terminal Year Price / Book: 0.80x - 1.00x Cost of Equity: 8.00% - 10.50% Gross Debt / Equity Target of 2.5x For Reference Only Europa - Higher Growth SensitivityTerminal Year Price / Book: 0.80x - 1.00x Cost of Equity: 8.00% - 10.50%Gross Debt / Equity Target of 3.0x $22.80 $30.00 Europa - Lower Growth SensitivityTerminal Year Price / Book: 0.80x - 1.00x Cost of Equity: 8.00% - 10.50%Gross Debt / Equity Target of 2.5x $22.10 $28.50 $21.50 $28.90 9

Implied Multiples at Various Prices Source: Note: (1)(2)(3)(4) Company filings, Europa Management, Wall Street research, FactSet. Market data as of October 25, 2019. Balance sheet data as of June 30, 2019.Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Date prior to Europa announcement of review of strategic alternatives. Shares closed at $23.86. Date of Europa’s Q2 2019 earnings announcement. Shares closed at $19.73.Assumes net debt of $5,043 million and $79 million in investment in affiliates per Q2 2019 filings.Book Value Per Share calculated as Shareholders’ Equity of $2,021 million divided by shares issued and outstanding of 74.983 million as of June 30, 2019 and as stated in Europa’s Second Quarter 2019 Earnings Presentation. 10 Price / Book CurrentJune 30, 2019A (4) $26.96 0.99x 1.04x 1.11x Price / Pre-Tax Income Europa Base Case October 25, 2019 Offer Range ($ in millions, except per share items) Metric $26.80 $28.00 $30.00 Implied Premium to Share Price on October 25, 2019 $26.80 -- 4% 12% Implied Premium to Share Price on October 23, 2019 (1) 23.86 12% 17 26 Implied Premium to Share Price on August 6, 2019 (2) 19.73 36 42 52 % Premium / (Discount) to: 52-Week Intraday High Pre-Announcement (on October 23, 2019) $23.86 12% 17% 26% 52-Week Intraday Low (on December 26, 2018) 15.75 70 78 90 VWAP for the 12 Months Prior to August 6, 2019 19.85 35 41 51 VWAP since August 6, 2019 22.04 22 27 36 Equity Value $2,056 $2,148 $2,302 Firm Value (3) 7,021 7,113 7,266 Dividend Yield LQA $1.20 4.5% 4.3% 4.0% 2019E $2.35 11.4x 11.9x 12.8x 2020E 2.56 10.5 10.9 11.7 Price / Earnings Europa Base Case2019E $2.14 12.5x 13.1x 14.0x 2020E 2.39 11.2 11.7 12.5

Selected Companies Analysis Financial Data Source: Note: (1) Public filings and presentations, FactSet. Market data as of October 23, 2019. Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa Management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Rounded to the nearest $0.10. (2) (3) Book Value Per Share calculated as Shareholders’ Equity of $2,021 million divided by shares issued and outstanding of 74.983 million as of June 30, 2019 and as stated in Europa’s Second Quarter 2019 Earnings Presentation.Represents Europa Base Case. Per Share(1) Methodology Reference Reference Range Low High Low High Considered But Excluded RationaleBOC Aviation considered but excluded due to majority controlling ownership by Chinese SOE (Bank of China) as well as Hong Kong listingFLY Leasing considered but excluded as the company is a publicly traded vehicle externally managed by BBAMImplied Reference Ranges Europa (Consensus) $23.86 5.0% $1.8 $6.8 11.1x 8.7x 11.9x 9.6x 0.89x Europa (Base Case) 23.86 5.0 1.8 6.8 10.2 9.3 11.1 10.0 0.89 ($ in billions, Share LQA Equity Firm Price / Pre-Tax Income Price / Earnings Price / except per share data) Price Yield Value Value 2019E 2020E 2019E 2020E Book AerCap (AER) $57.72 -- $8.2 $36.4 6.2x 6.9x 7.3x 7.8x 0.87x Air Lease (AL) 44.12 1.2% 5.0 17.9 6.8 5.3 8.7 6.9 0.93 Considered But Excluded: BOC Aviation $9.17 3.0% $6.4 $19.0 8.5x 7.7x 9.4x 8.5x 1.48x Fly Leasing 20.78 -- 0.7 3.0 3.3 5.2 3.7 6.1 0.86 (2) Price / Book Current BVPS: $26.96 0.87x 0.93x $23.60 $25.10 Price / Pre-Tax Income 2020E Pre-Tax Income per Share: $2.56 (3) 5.3 6.9 13.70 17.70 (3) Price / Earnings 2020E Earnings per Share: $2.39 6.9 7.8 16.60 18.60 11

3. Reference Materials

12/24/201852-Week Low (2)($16.19) Share Price Performance over the Last Twelve Months Source: Note: (1) (2) FactSet. Market data as of October 23, 2019.Select Aircraft Lessors include AER and AL. Represents a market cap weighted index.Reflects price performance since market close on August 5, 2019, the day before Europa’s Q2 2019 earnings announcement on the morning of August 6, 2019. Does not indicate total shareholder return.At market close. Price 10/23/201952-Week High (2)($23.86 )$23.86Unaffected Price Offer Range:$28.00 - $30.00 $19.85VWAP 12 Months Prior to August 6th $22.04VWAP Since August 6th Relative Share Price Performance Since Q2 2019 Earnings Release (1) 22% 6% 20151050(5) 25% 08/05 08/16 08/27 09/07Europa AER 09/18 09/29 10/10 10/21AL S&P 500 For Illustrative Purposes and Reference OnlyShare Price Performance 12 15%12% 14 16 18 20 22 24 26 28 30 $32 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

-- -- -- -- 2% 3% 9% 8% 4% 13% 15% 6% $15.50 - $16.46 - $17.41 - $18.37 - $19.32 - $20.28 - $21.23 - $22.19 - $23.14 - $16.46 $17.41 $18.37 $19.32 $20.28 $21.23 $22.19 $23.14 $24.10 34% 32% Volume Weighted Average Trading Ranges 3% 11% 5% 19% 56% 58% 13% -- -- Cumulative Volume as a Percentage of Public Float 2% 6% 3% 12% 34% 36% 8% $15.50 -$16.46 $16.46 -$17.41 $17.41 -$18.37 $18.37 -$19.32 $19.32 -$20.28 $20.28 -$21.23 $21.23 -$22.19 $22.19 -$23.14 $23.14 -$24.10 Source: FactSet. Market data as of October 23, 2019. VWAP: $22.04 Since Q2 Earnings (August 6, 2019) Unaffected Share Price$23.86 Cumulative Volume as a Percentage of Public Float 52-Week High$23.86 Unaffected Share Price$23.86 52-Week High$23.86 VWAP: $19.85 For Illustrative Purposes and Reference Only12 Months Prior to Q2 Earnings (August 6, 2019) 13

$23.00 $23.00 $21.00 $20.00 $20.00 $18.00 $26.00 $26.00 $25.00 $25.00 $25.00 $26.00 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Current Target Price Range vs. Share Price Ratings and Median Target Price Over TimeBuy Hold Sell 89% 78% 78% 11% 11% 30% 67% 67% 50% 22% 22% 22% 22% 20% 11% $24.00 $24.50 $24.00$23.00 $22.50 $22.50 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Current Source: (1) Company filings, Wall Street research, and FactSet. Market data as of October 23, 2019. Unaffected price as of October 23, 2019. Median Share Price 14 Wall Street Analyst Target Prices For Illustrative Purposes and Reference Only Unaffected Share Price: $23.86 (1) Premium to Broker Report Date Rating Target Price Unaffected Price J.P.Morgan 10/21/19 Sell $26.00 9.0% Stephens 10/01/19 Hold 22.00 (7.8) Bank of America Merrill Lynch 08/12/19 Sell 20.00 (16.2) Compass Point 08/07/19 Hold 23.00 (3.6) Barclays 08/07/19 Hold 22.00 (7.8) Cowen & Company 08/06/19 Buy 25.00 4.8 Macquarie 08/06/19 Buy 25.00 4.8 Deutsche Bank 08/06/19 Hold 23.00 (3.6) Credit Suisse 08/06/19 Hold 21.00 (12.0) Goldman Sachs 08/06/19 Sell 18.00 (24.6) Median $22.50 (5.7%) Maximum 26.00 9.0 Minimum 18.00 (24.6)

Selected Premiums Paid Analysis Number of Deals Source: Note: Deal Intelligence.Includes friendly and unsolicited transactions involving a US target with an equity value of $1.0-$3.0 billion. Excludes hostile transactions. 25% 27% 36% 28% 26% 25% 2014 2015 2016 2017 2018 2019 YTD All Cash Deals Median Premium 27% 75th Percentile 47 25th Percentile 17 Number of Deals 224 27 37 48 37 44 31 For Illustrative Purposes and Reference OnlyMedian 1-Day % Premium(All Cash Deals; January 1, 2014 – October 23, 2019) 15

Europa Net Asset Value Implied Net Asset Value($ in millions; as of June 30, 2019) $7,842Net Book Value $6,692Appraiser 1 $6,694Appraiser 2 $6,693Average Appraisal Cash (1) $150 $150 $150 $150 Fleet Value 7,842 (2) 6,692 6,694 6,693 Other Assets (2) 292 292 292 292 Total Assets $8,284 $7,134 $7,136 $7,135 Debt (3) $5,193 $5,193 $5,193 $5,193 Other Liabilities 1,070 1,070 1,070 1,070 Total Liabilities $6,263 $6,263 $6,263 $6,263 Implied Net Asset Value $2,021 $872 $873 $873 Basic Shares Outstanding (4) 74.983 74.983 74.983 74.983 Implied Net Asset Value per Share $26.96 $11.63 $11.65 $11.64 Source: Europa Management, Company filings.Assumed pro forma $150 million cash balance as per Europa Management guidance.Includes finance leases, lease incentives & lease premiums and flight equipment held for sale.Represents gross debt outstanding, pro forma for the July 14, 2019 redemption of $500 million Senior Notes due 2019.Europa basic shares outstanding of 74.983 million as listed on the Company’s balance sheet as of June 30, 2019. For Illustrative Purposes and Reference OnlyBook Value vs. Maintenance-Adjusted Current Market Value($ in millions; as of June 30, 2019) 16

Discounted Dividends Analysis – Europa Base Case Source: Note: (1)(2) Company filings, Europa Management.Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa Management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Calculated relative to Europa Base Case forecast.Treats forecast stock based compensation as a cash cost. Excess equity capital is distributed annually in the form of a dividend to shareholders based on a target of 2.5x debt / equityAssumes Europa net debt of $5,043 million as of June 30, 2019Assumes any incremental debt is financed through Europa’s existing revolver capacity at a rate of L + 150 bpsAssumes minimum cash of $100 millionMid-period discounting convention applied to dividend streamPrice / Book terminal multiple range applied to terminal Book EquitySensitivity AnalysisImplied Per Share Value (@ 2.50x Debt / Equity) For Illustrative Purposes and Reference Only Leverage Sensitivity (@ 0.90x Terminal Multiple)Illustrative Discount Rate TargetLeverage 8.00% 9.25% 10.50% 2.00x $25.80 $24.50 $23.28 2.50 26.29 25.03 23.83 3.00 27.33 26.19 25.10 Assumptions ($ in millions) 2H 2019E 2020E 2021E 2022E 2023E Discounted cash flow analysis based on forecasted dividends Net Income $98 $184 $212 $265 $278 After-Tax Interest Savings (Expense) on Paydown / Incremental Debt (1) 1 5 8 9 9 (Gains) Losses from Dispositions (36) (28) (29) (32) (32) Depreciation & Impairment Expense 182 378 415 458 502 Finance Leases 14 28 21 17 15 Other Non-Cash Charges (2) 21 55 47 51 35 FFO $279 $622 $675 $767 $807 Change in Net Working Capital 7 (5) (8) (11) (15) Cash Flow from Operations $286 $617 $666 $756 $792 Capital Expenditures, net (302) (1,093) (1,269) (1,246) (1,065) Change in Debt (352) 452 518 461 315 Other Financing Cash Flows 11 31 98 118 119 Dividends Paid (44) (8) (13) (90) (161) Net Change in Cash ($400) -- -- -- -- Leverage after Dividend Payment 6/30/2019A 2019E 2020E 2021E 2022E 2023E Debt $5,543 $5,191 $5,643 $6,161 $6,622 $6,937 Cash 500 100 100 100 100 100 Net Debt $5,043 $5,091 $5,543 $6,061 $6,522 $6,837 Shareholders' Equity (2) $2,021 $2,077 $2,257 $2,464 $2,649 $2,775 Total Debt / Equity 2.7x 2.5x 2.5x 2.5x 2.5x 2.5x Net Debt / Equity 2.5 2.5 2.5 2.5 2.5 2.5 17

Discounted Dividends Analysis – Higher Growth Sensitivity For Illustrative Purposes and Reference OnlyAssumptionsDiscounted cash flow analysis based on forecasted dividendsExcess equity capital is distributed annually in the form of a dividend to shareholders based on a target of 3.0x debt / equityAssumes Europa net debt of $5,043 million as of June 30, 2019Assumes any incremental debt is financed through Europa’s existing revolver capacity at a rate of L + 150 bpsAssumes minimum cash of $100 millionMid-period discounting convention applied to dividend streamPrice / Book terminal multiple range applied to terminal Book Equity Source: Note: (1)(2) Company filings, Europa Management.Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa Management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Calculated relative to Europa Higher Growth Sensitivity forecast. Treats forecast stock based compensation as a cash cost. Leverage Sensitivity (@ 0.90x Terminal Multiple)Illustrative Discount Rate 8.00% 9.25% 10.50% 2.00x2.503.00 $26.5226.6427.47 $25.1825.3026.22 $23.9324.0425.05 TargetLeverage Sensitivity AnalysisImplied Per Share Value (@ 3.00x Debt / Equity) Illustrative Discount Rate 8.00% 9.25% 10.50% 0.80x0.901.00 $24.9727.4729.96 $23.8526.2228.59 $22.8025.0527.30 TerminalMultiple ($ in millions) 2H 2019E 2020E 2021E 2022E 2023E Net Income $98 $197 $235 $290 $305 After-Tax Interest Savings (Expense) on Paydown / Incremental Debt (1) (0) 1 3 4 3 (Gains) Losses from Dispositions (36) (28) (29) (32) (32) Depreciation & Impairment Expense 182 403 448 493 546 Finance Leases 14 28 21 17 15 Other Non-Cash Charges (2) 21 57 49 53 37 FFO $278 $657 $727 $824 $874 Change in Net Working Capital 7 (6) (8) (11) (15) Cash Flow from Operations $285 $651 $718 $813 $859 Capital Expenditures, net (302) (1,893) (1,269) (1,346) (1,465) Change in Debt (240) 1,191 513 522 589 Other Financing Cash Flows 11 51 102 130 130 Dividends Paid (155) -- (64) (120) (112) Net Change in Cash ($400) -- -- -- -- Leverage after Dividend Payment 6/30/2019A 2019E 2020E 2021E 2022E 2023EDebt $5,543 $5,304 $6,494 $7,007 $7,529 $8,118Cash 500 100 100 100 100 100Net Debt $5,043 $5,204 $6,394 $6,907 $7,429 $8,018Shareholders' Equity (2) $2,021 $1,964 $2,162 $2,336 $2,510 $2,706Total Debt / Equity 2.7x 2.7x 3.0x 3.0x 3.0x 3.0xNet Debt / Equity 2.5 2.6 3.0 3.0 3.0 3.0 18

Discounted Dividends Analysis – Lower Growth Sensitivity For Illustrative Purposes and Reference OnlyAssumptionsDiscounted cash flow analysis based on forecasted dividendsExcess equity capital is distributed annually in the form of a dividend to shareholders based on a target of 2.5x debt / equityAssumes Europa net debt of $5,043 million as of June 30, 2019Assumes any incremental debt is financed through Europa’s existing revolver capacity at a rate of L + 150 bpsAssumes minimum cash of $100 millionMid-period discounting convention applied to dividend streamPrice / Book terminal multiple range applied to terminal Book Equity Source: Note: (1)(2) Company filings, Europa Management.Europa fully diluted share count of 76.729 million as of August 2, 2019 per Europa Management. Consists of 74.951 million basic shares, 0.067 million RSUs, and 1.711 million PSUs (assuming maximum LTIP payout).Calculated relative to Europa Lower Growth Sensitivity forecast. Treats forecast stock based compensation as a cash cost. Leverage Sensitivity (@ 0.90x Terminal Multiple)Illustrative Discount Rate 8.00% 9.25% 10.50% 2.00x2.503.00 $25.5526.3027.25 $24.2825.1226.19 $23.0924.0125.18 TargetLeverage Sensitivity AnalysisImplied Per Share Value (@ 2.50x Debt / Equity) Illustrative Discount Rate 8.00% 9.25% 10.50% 0.80x0.901.00 $24.1426.3028.47 $23.0725.1227.18 $22.0624.0125.97 TerminalMultiple ($ in millions) 2H 2019E 2020E 2021E 2022E 2023E Net Income $98 $178 $193 $236 $229 After-Tax Interest Savings (Expense) on Paydown / Incremental Debt (1) 1 4 7 9 10 (Gains) Losses from Dispositions (36) (28) (29) (32) (32) Depreciation & Impairment Expense 182 372 393 422 450 Finance Leases 14 28 21 17 15 Other Non-Cash Charges (2) 21 55 46 49 32 FFO $279 $609 $632 $700 $704 Change in Net Working Capital 7 (5) (8) (11) (15) Cash Flow from Operations $286 $604 $624 $690 $689 Capital Expenditures, net (302) (730) (780) (920) (604) Change in Debt (352) 200 196 257 33 Other Financing Cash Flows 10 29 82 116 107 Dividends Paid (44) (102) (122) (143) (226) Net Change in Cash ($400) -- -- -- -- Leverage after Dividend Payment 6/30/2019A 2019E 2020E 2021E 2022E 2023EDebt $5,543 $5,192 $5,391 $5,588 $5,844 $5,877Cash 500 100 100 100 100 100Net Debt $5,043 $5,092 $5,291 $5,488 $5,744 $5,777Shareholders' Equity (2) $2,021 $2,077 $2,157 $2,235 $2,338 $2,351Total Debt / Equity 2.7x 2.5x 2.5x 2.5x 2.5x 2.5xNet Debt / Equity 2.5 2.5 2.5 2.5 2.5 2.5 19

Europa Capitalization Source: Note: (1) Company filings, Europa Management.All debt shown before issuance costs and discounts.Pro forma for redemption of $500 million senior notes in July 2019. (2)(3)(4) Unsecured debt has single trigger change of control provision unless otherwise indicated. Assumes maximum LTIP payout.Assumes $150 million proceeds from incremental revolver draw. Shares Outstanding (3) $2.8 billion of debt with dual trigger change of control provision Standalone Pro Forma ($ in millions) 6/30/2019 Adjustment (1) 6/30/2019 Unrestricted Cash $500 ($350) $150 DebtSecured ECA Financings $169 -- $169 Bank Financings 1,059 -- 1,059 Total Secured Debt $1,228 -- $1,228 Unsecured (2) For Illustrative Purposes and Reference OnlyCapitalization Senior Notes due 2019 $500 ($500) -- Senior Notes due 2020 300 -- $300 Senior Notes due 2021 500 -- 500 Senior Notes due 2022 500 -- 500 Senior 5.00% Notes due 2023 500 -- 500 Senior 4.40% Notes due 2023 650 -- 650 Senior Notes due 2024 500 -- 500 Senior Notes due 2026 650 -- 650 Unsecured Term Loans 215 -- 215 Revolving Credit Facilities -- $150 (4) 150 Total Unsecured Debt $4,315 ($350) $3,965 Total Debt $5,543 ($350) $5,193 Net Debt 5,043 -- 5,043 Shareholder's Equity $2,021 -- $2,021 Metrics: Debt / Equity 2.7x 2.6x Net Debt / Equity 2.5 2.5 20

2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0x Jan-14 Jun-14 Dec-14 Jun-15 Dec-15 May-16 Nov-16 May-17 Nov-17 Apr-18 Oct-18 Apr-19 Oct-19 Historical Trading Multiples for Europa and Select Aircraft Lessors 7.7x7.2x 10.3x Source: Public filings and presentations, FactSet. Market data as of October 23, 2019. AER AL Europa Trailing Averages Since Jan. 1, 2014 3-Year 2-Year LTM Europa 10.7x 9.7x 9.4x 9.1x AL 10.1 8.6 8.0 6.6 AER 8.3 7.6 7.6 7.1 For Illustrative Purposes and Reference OnlyPrice / NTM EPS(January 1, 2014 – Present) 21