<SEC-DOCUMENT>0001140361-21-010661.txt : 20210330
<SEC-HEADER>0001140361-21-010661.hdr.sgml : 20210330
<ACCEPTANCE-DATETIME>20210330063143
ACCESSION NUMBER:		0001140361-21-010661
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210330
FILED AS OF DATE:		20210330
DATE AS OF CHANGE:		20210330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AerCap Holdings N.V.
		CENTRAL INDEX KEY:			0001378789
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33159
		FILM NUMBER:		21783555

	BUSINESS ADDRESS:	
		STREET 1:		AERCAP HOUSE
		STREET 2:		65 ST. STEPHEN'S GREEN
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
		BUSINESS PHONE:		35 31 819 2010

	MAIL ADDRESS:	
		STREET 1:		AERCAP HOUSE
		STREET 2:		65 ST. STEPHEN'S GREEN
		CITY:			DUBLIN
		STATE:			L2
		ZIP:			2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>nc10022463x1_6k.htm
<DESCRIPTION>6-K
<TEXT>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">FORM&#160;6 - K</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc16742b0938f4d6597d398d1bd2c3c50" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 42.48%; vertical-align: top;">
              <div style="text-indent: -10.1pt; margin-left: 28.1pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">For the month of March 2021</div>
            </td>
            <td style="width: 3.88%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt; font-weight: bold;">&#160;</div>
            </td>
            <td style="width: 53.64%; vertical-align: top;">
              <div style="text-align: right; margin-right: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commission File Number 001-33159</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold;">AERCAP HOLDINGS N.V.</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Translation of Registrant&#8217;s Name into English)</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AerCap House, 65 St. Stephen&#8217;s Green, Dublin D02 YX20, Ireland, +353 1 819 2010</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">(Address of Principal Executive Office)</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form&#160;40-F.</div>
      <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z76544435c1874c25b2cf0d78f05e433e" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 22%; vertical-align: top;">
              <div style="text-indent: -10pt; margin-left: 82pt; font-family: 'Times New Roman', Times, serif;">Form&#160;20-F &#9746;</div>
            </td>
            <td style="width: 5%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Form&#160;40-F&#160; &#9744;</div>
            </td>
          </tr>

      </table>
      <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is submitting the Form&#160;6-K in paper as permitted by Regulation S-T Rule&#160;101(b)(1): &#9744;</div>
      <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Note</font>:&#160; Regulation S-T Rule&#160;101(b)(1)&#160;only permits the submission in paper of a Form&#160;6-K if submitted solely to provide an attached
        annual report to security holders.</div>
      <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is submitting the Form&#160;6-K in paper as permitted by Regulation S-T Rule&#160;101(b)(7): &#9744;</div>
      <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule&#160;101(b)(7)&#160;only permits the submission in paper of a Form&#160;6-K if submitted to furnish a report or other
        document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules&#160;of the
        home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a
        material event, has already been the subject of a Form&#160;6-K submission or other Commission filing on EDGAR.</div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-indent: 21.6pt; font-family: 'Times New Roman', Times, serif;">
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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      <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Events</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">On March 30, 2021, AerCap Holdings N.V. (&#8220;AerCap&#8221;) made available on its website documents relating to certain matters to be considered at the Annual General Meeting of AerCap&#8217;s shareholders
        to be held on May 12, 2021. These documents are attached as exhibits 99.1 through 99.4 hereto.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Forward Looking Statements</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">This communication contains forward-looking statements that involve risks and uncertainties. In some cases, forward-looking statements can be identified by the use of forward-looking
        terminology such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or &#8220;continue&#8221; or the negatives thereof or variations thereon or similar terminology. Any statements other than
        statements of historical fact included in this communication are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and 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, including the
        impacts of, and associated responses to: the Covid-19 pandemic; our ability to consummate the Proposed Transaction (as defined in the Shareholders&#8217; Circular attached hereto as Exhibit 99.2); our ability to obtain requisite regulatory and
        shareholder approval and the satisfaction of other conditions to the consummation of the Proposed Transaction; our ability to successfully integrate the GECAS Business&#8217;s (as defined in the Shareholders&#8217; Circular attached hereto as Exhibit 99.2)
        operations and employees and realize anticipated synergies and cost savings; and the potential impact of the announcement or consummation of the Proposed Transaction on relationships, including with employees, suppliers, customers and competitors.
        As a result, we cannot assure you that the forward-looking statements included in this communication will prove to be accurate or correct. Further information regarding these and other risks is included in AerCap&#8217;s annual report on Form 20-F and
        other filings with the SEC. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this communication might not occur. Accordingly, you should not rely upon
        forward-looking statements as a prediction of actual results of AerCap, GECAS Business or the combined company and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required
        by applicable law, 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.</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibits</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div><a href="nc10022463x1_ex99-1.htm"><font style="font-family: 'Times New Roman', Times, serif;">99.1</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Notice and Agenda for Annual General
          Meeting.</font></div>
      <div><br>
      </div>
      <div><a href="nc10022463x1_ex99-2.htm"><font style="font-family: 'Times New Roman', Times, serif;">99.2</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Shareholders&#8217; Circular.</font></div>
      <div><br>
      </div>
      <div><a href="nc10022463x1_ex99-3.htm"><font style="font-family: 'Times New Roman', Times, serif;">99.3</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Explanation to the Agenda for the Annual
          General Meeting.</font></div>
      <div><br>
      </div>
      <div><a href="nc10022463x1_ex99-4.htm"><font style="font-family: 'Times New Roman', Times, serif;">99.4</font></a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Proposed Changes to Articles of
          Association (English Translation).</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">2<br>
      </div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">SIGNATURE</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160; <br>
      </div>
      <div style="text-indent: 36pt; margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160; <br>
      </div>
      <table style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z94a9aa8501fc42b984de3646185aa7db" cellpadding="0" cellspacing="0">

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              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td colspan="2" style="width: 45.81%; vertical-align: top;">
              <div style="text-indent: -10pt; margin-left: 20pt; font-family: 'Times New Roman', Times, serif;">AERCAP HOLDINGS N.V.</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
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              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
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              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 39.16%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="font-family: 'Times New Roman', Times, serif;">/s/ Aengus Kelly</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
          </tr>
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              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Aengus Kelly</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
          </tr>
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              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Authorized Signatory</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
          </tr>
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            <td style="width: 29.34%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
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            <td style="width: 29.34%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 29.34%; vertical-align: top;">
              <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif;">Date: March 30, 2021</div>
            </td>
            <td style="width: 6.66%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td style="width: 39.16%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
            <td style="width: 24.84%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">3<br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>nc10022463x1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<!--Begin Page 1-->
<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_100-ex99-1_pg1"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: right;">Exhibit 99.1</div><div class="h1" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; text-align: center;">AERCAP HOLDINGS N.V.</div><div class="h1" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; text-align: center;">NOTICE OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Notice is hereby given of the annual general meeting of shareholders of AerCap Holdings N.V., a public limited liability company (naamloze vennootschap) incorporated in the Netherlands with corporate seat in Amsterdam and Dutch trade register number 34251954 (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) to be held on Wednesday May&#160;12, 2021 at 10:30 a.m. (Amsterdam time) at the Steigenberger Airport Hotel Amsterdam, Stationsplein, ZW 951|117 CE, Schiphol-Oost, The Netherlands (the &#8220;<font style="font-weight: bold;">Meeting</font>&#8221;).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The agenda for the Meeting, including proposals made by the Board of Directors, is as follows:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Opening.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Report of the Board of Directors for the 2020 financial year (for discussion).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Adoption of the annual accounts for the 2020 financial year (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Reservation and dividend policy (for discussion).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Release of liability of the directors with respect to their management during the 2020 financial year (voting item). </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Approval pursuant to Article 2:107a Dutch Civil Code and article 16.7 of the Company's articles of association in relation to the anticipated acquisition of the GECAS Business (voting item). </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.&#8199;&#8194;&#8201;(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional re-appointment of the Company's Chief Executive Officer, Mr.&#160;Aengus Kelly, as executive director for a period of four years in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional re-appointment of Mr.&#160;Paul Dacier as non-executive director for a period of four years in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(c)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Re-appointment of Mr.&#160;Michael Walsh as non-executive director for a period of four years (voting item). </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(d)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Re-appointment of Mr.&#160;James Lawrence as non-executive director for a period of four years (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional appointment of Ms.&#160;Jennifer VanBelle as non-executive director for a period of four years in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Approval of increase in number of ordinary shares in the Company's capital available for issuance under the Company's equity incentive plan (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Appointment of Mr.&#160;Peter L. Juhas as the person referred to in article 16, paragraph 8 of the Company's articles of association (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">11.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Appointment of PricewaterhouseCoopers Accountants N.V. for the audit of the Company's annual accounts for the 2021 financial year (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.&#8194;&#8201;(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Authorization of the Board of Directors to issue shares and to grant rights to subscribe for shares (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Authorization of the Board of Directors to limit or exclude pre-emptive rights in relation to agenda item 12(a) (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(c)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Authorization of the Board of Directors to issue additional shares and to grant additional rights to subscribe for shares (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(d)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Authorization of the Board of Directors to limit or exclude pre-emptive rights in relation to agenda item 12(c) (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(e)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional authorization of the Board of Directors to issue additional shares and to grant additional rights to subscribe for shares in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr></table></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_100-ex99-1_pg2"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(f)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional authorization of the Board of Directors to limit or exclude pre-emptive rights in relation to agenda item 12(e) in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 40pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13.&#8194;&#8201;(a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Authorization of the Board of Directors to repurchase shares (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional authorization of the Board of Directors to repurchase additional shares (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Reduction of capital through cancellation of shares (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Conditional amendment to the Company's articles of association, to increase the authorized share capital to EUR 4,500,000 and to permit the interim filling of vacancies on the Board of Directors, and the designation of each of the Company's directors and each (candidate) civil law notary and lawyer at NautaDutilh to implement the amendment to the Company's articles of association (voting item).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Questions.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Closing.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Copies of the agenda for the Meeting stating the topics to be considered; the explanation to the agenda; the annual report comprising the annual accounts and the report of the Board of Directors for the 2020 financial year; and the shareholders' circular concerning the anticipated acquisition of the GECAS Business; the draft deed of amendment including the proposed amendment to the Company's articles of association and other meeting documents (collectively, the &#8220;<font style="font-weight: bold;">Proxy Materials</font>&#8221;) can be obtained free of charge by shareholders who are registered in the Company's shareholders' register (&#8220;<font style="font-weight: bold;">Holders of </font><font style="font-weight: bold;">Registered Shares</font>&#8221;), shareholders who hold their shares indirectly through Cede &amp; Co., as nominee for the Depositary Trust Company (&#8220;<font style="font-weight: bold;">Holders of Listed Shares</font>&#8221; and together with the Holders of Registered Shares, the &#8220;<font style="font-weight: bold;">Shareholders</font>&#8221; and such shares the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;), others with meeting rights under Dutch law in respect of the Company (&#8220;<font style="font-weight: bold;">Others with Meeting Rights</font>&#8221;) and their respective representatives, until the close of the Meeting, at the place of the Meeting, at the offices of the Company at AerCap House, 65 St. Stephen&#8217;s Green, Dublin D02 YX20, Ireland, and at Broadridge Corporate Issuer Solutions, Inc., the Company&#8217;s transfer agent in connection with the listing of the Company&#8217;s shares at the New York Stock Exchange, at 1155 Long Island Avenue, Edgewood, NY, 11717, U.S.A. and are also available free of charge during the Meeting. Copies of the Proxy Materials are also available on the Company's website (<u>www.aercap.com</u>).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors has determined that only those who are Shareholders or Others with Meeting Rights on April&#160;14, 2021 (the &#8220;<font style="font-weight: bold;">Record Date</font>&#8221;) and who are registered in the Company's shareholders' register on that date, or have a valid proxy from such Shareholders or Others with Meeting Rights, may attend and, if applicable, vote at the Meeting. Holders of Registered Shares and Others with Meeting Rights who are not yet registered may send a registration request by e-mail to <u>shareholdersmeeting@aercap.com</u>. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company will mail the Proxy Materials and a proxy form to Shareholders who owned their Shares (whether or not through Cede &amp; Co., as nominee for the Depositary Trust Company) on March&#160;25, 2021. This mailing will allow Shareholders more time to read and consider the Proxy Materials. However, such Shareholders&#8217; votes will not count unless they are Shareholders on the Record Date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company will make a second distribution of Proxy Materials following the Record Date to Shareholders who acquired their Shares after March&#160;25, 2021 and who continued to hold their Shares up to and including the Record Date, to ensure that all Shareholders who hold Shares on the Record Date have the opportunity to vote.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is recommended that Shareholders vote promptly after receipt of the Proxy Materials and proxy form in accordance with the voting instructions contained therein, to allow sufficient time for the voting instructions and proxies to be tabulated.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Shareholders and Others with Meeting Rights wishing to exercise their meeting rights by submitting a proxy must return the proxy in accordance with the instructions set forth in the proxy form no later than </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_100-ex99-1_pg3"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">May&#160;5, 2021. Shareholders and Others with Meeting Rights wishing to exercise their meeting rights in person must (i)&#160;notify the Company by submitting an e-mail stating their name and the number of Shares they hold, or to which their meeting rights relate, to <u>shareholdersmeeting@aercap.com</u> and (ii)&#160;in the case of Holders of Listed Shares, provide the Company with appropriate evidence of ownership of and authority to vote such Shares, no later than May&#160;5, 2021.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Access to the Meeting by Shareholders, Others with Meeting Rights or proxy holders will be permitted after verification of personal identification. In the current context, to prioritise the health and safety, AerCap strongly discourages physical attendance at the AGM and highly recommends shareholders to vote by proxy. AerCap is closely following the evolving nature of the global pandemic and will apply local and AGM-location-specific restrictions in this regard. Updates in this regard will be posted on our corporate website if arrangements in relation to the AGM change.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">For further information please see <u>www.aercap.com</u>.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Requests for information can also be sent to: <u>shareholdersmeeting@aercap.com</u>.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Board of Directors</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">March&#160;25, 2021</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;"></div></div></div>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>nc10022463x1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg1"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: right;">Exhibit 99.2</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 108.5pt; text-align: center;">SHAREHOLDERS&#8217; CIRCULAR<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">AERCAP HOLDINGS N.V. (&#8220;AerCap&#8221;)<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Regarding agenda items 6., 7., 8., 12. and 15. relating to the acquisition of the GECAS Business</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 103.5pt; text-align: center;">Annual general meeting of shareholders to be held on 12 May 2021<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Venue: Steigenberger Airport Hotel Amsterdam, Stationsplein Zuid West 951, 1117 CE <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Schiphol-Oost, the Netherlands.<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Time: 10:30 a.m. (Amsterdam time)</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg2"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">IMPORTANT INFORMATION</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">This circular contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are forward-looking statements that involve risks and uncertainties. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as &#8220;may,&#8221; &#8220;might,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;predict,&#8221; &#8220;potential&#8221; or &#8220;continue&#8221; or the negatives thereof or variations thereon or similar terminology. Any statements other than statements of historical fact included in this circular are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions and 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, including the impacts of, and associated responses to: the Covid-19 pandemic; our ability to consummate the Proposed Transaction (as defined herein); our ability to obtain requisite regulatory and shareholder approval and the satisfaction of other conditions to the consummation of the Proposed Transaction; our ability to successfully integrate the operations and employees of the GECAS Business (as defined herein) and realize anticipated synergies and cost savings; and the potential impact of the announcement or consummation of the Proposed Transaction on relationships, including with employees, suppliers, customers and competitors. As a result, we cannot assure you that the forward-looking statements included in this circular will prove to be accurate or correct. Further information regarding these and other risks is included in AerCap&#8217;s annual report on Form 20-F and other filings with the United States Securities and Exchange Commission (&#8220;<font style="font-weight: bold;">SEC</font>&#8221;). Copies of such annual report on Form&#160;20-F are available online at http://www.sec.gov or from AerCap upon request. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this circular might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results of AerCap, the GECAS Business or the combined company and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, 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. Certain figures contained in this circular have been subject to rounding adjustments. Accordingly, in certain instances the sum of the numbers in a column or a row in tables contained herein may not conform exactly to the total figure given for that column or row. With the exception of the information contained in Chapter 5, which has been provided by General Electric Company, the information in this circular has been solely provided by and at the responsibility of AerCap. This circular has not been submitted to, or reviewed by, any securities commission of any jurisdiction. This circular is governed by Dutch law and any dispute arising in connection therewith is subject to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg3"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">TABLE OF CONTENTS</div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDEF">1.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -2.5pt; text-align: left;"><a href="#tDEF">DEFINITIONS<font style="padding-left: 2.3pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tDEF"><font style="padding-left: 15.55pt;">1</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tINT">2.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tINT">INTRODUCTION<font style="padding-left: 3.97pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tINT"><font style="padding-left: 15.55pt;">6</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tELU">3.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tELU">EVENTS LEADING UP TO THE PROPOSED TRANSACTION<font style="padding-left: 0.67pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tELU"><font style="padding-left: 15.55pt;">8</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRFT">4.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRFT">RATIONALE FOR THE PROPOSED TRANSACTION<font style="padding-left: 4.92pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tRFT"><font style="padding-left: 10.55pt;">10</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSIO">5.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSIO">SELECTED INFORMATION ON THE GECAS BUSINESS AND GENERAL ELECTRIC<font style="padding-left: 0.14pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tSIO"><font style="padding-left: 10.55pt;">12</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUSP">6.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUSP">UNAUDITED SELECTED PRO FORMA COMBINED FINANCIAL INFORMATION<font style="padding-left: 0.53pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tUSP"><font style="padding-left: 10.55pt;">16</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSOT">7.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSOT">SUMMARY OF THE TERMS OF THE PROPOSED TRANSACTION<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tSOT"><font style="padding-left: 10.55pt;">18</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFOT">8.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFOT">FINANCING OF THE PROPOSED TRANSACTION<font style="padding-left: 2.7pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tFOT"><font style="padding-left: 10.55pt;">27</font></a></div></td></tr><tr><td style="width: 2.56%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRBT">9.</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRBT">RECOMMENDATION BY THE BOARD<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tRBT"><font style="padding-left: 10.55pt;">28</font></a></div></td></tr><tr><td colspan="4" style="width: 96.15%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEXA">EXHIBIT A<font style="padding-left: 2.69pt;"></font></a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 2.56%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: -8.55pt; text-align: left;"><a href="#tEXA">A-29</a></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg4"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tDEF"><!--Anchor--></a>1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">DEFINITIONS</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Unless the context otherwise requires, in this shareholders&#8217; circular:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">AerCap</font>&#8221; means AerCap Holdings N.V., a Netherlands public limited liability company.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">AerCap Articles Amendment</font>&#8221; means the proposed amendment to the articles of association of AerCap to increase the authorized share capital to EUR 4,500,000 divided into 450,000,000 ordinary shares and to permit the interim filling of vacancies on the Board.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">AerCap Entities</font>&#8221; means the U.S. Purchaser and the Ireland Subscriber.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">AerCap Group</font>&#8221; means AerCap, the AerCap Entities and AerCap&#8217;s other subsidiaries from time to time.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;AerCap Notes&#8221; <font style="font-weight: normal;">has the meaning ascribed thereto in Chapter 7 (</font><font style="font-style: italic; font-weight: normal;">Summary of the terms of the Proposed Transaction</font><font style="font-weight: normal;">) </font><font style="font-weight: normal;">of this shareholders&#8217; circular.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;AerCap Senior Notes&#8221; <font style="font-weight: normal;">has the meaning ascribed thereto in Chapter 7 (</font><font style="font-style: italic; font-weight: normal;">Summary of the terms of the Proposed </font><font style="font-style: italic; font-weight: normal;">Transaction</font><font style="font-weight: normal;">) of this shareholders&#8217; circular.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;AerCap Subordinated Notes&#8221; <font style="font-weight: normal;">has the meaning ascribed thereto in Chapter 7 (</font><font style="font-style: italic; font-weight: normal;">Summary of the terms of the </font><font style="font-style: italic; font-weight: normal;">Proposed Transaction</font><font style="font-weight: normal;">) of this shareholders&#8217; circular.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Board</font>&#8221; means the board of directors of AerCap.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Bridge Commitment Letter</font>&#8221; has the meaning ascribed thereto in Chapter 8 (<font style="font-style: italic;">Financing of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Bridge Facility</font>&#8221; has the meaning ascribed thereto in Chapter 8 (<font style="font-style: italic;">Financing of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Bridge Loans</font>&#8221; has the meaning ascribed thereto in Chapter 8 (<font style="font-style: italic;">Financing of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Cash Consideration</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">CEO</font>&#8221; means Mr.&#160;Aengus Kelly, the Chief Executive Officer and Executive Director of AerCap.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">CFIUS</font>&#8221; means the Committee on Foreign Investment in the United States.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Chairman</font>&#8221; means Mr.&#160;Paul Dacier, the chairman of the Board.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Citi</font>&#8221; has the meaning ascribed thereto in Chapter 8 (<font style="font-style: italic;">Financing of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Company</font>&#8221; has the meaning ascribed thereto in Chapter 2 (<font style="font-style: italic;">Introduction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Completion</font>&#8221; means the completion of the Proposed Transaction in the manner contemplated by the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Completion Effective Time</font>&#8221; means the time of Completion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Completion Failure</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Consideration</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">DCC</font>&#8221; means the Dutch Civil Code (<font style="font-style: italic;">Burgerlijk Wetboek</font>).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Debt Financing Agreements</font>&#8221; means the definitive agreements as are to be entered into pursuant to the Bridge Commitment Letter and the fee letter relating to the Bridge Facility.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Excluded Action</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg5"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Excluded Liabilities</font>&#8221; means any liability or obligation to the extent arising out of or incurred in connection with (i)&#160;the ownership or operation of the businesses being retained by General Electric, whether any such liability or obligation arises before or after Completion, is known or unknown or is contingent or accrued and (ii)&#160;certain specified matters. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Existing Ireland Company 1 Shares</font>&#8221; means 2,274,411 &#8220;A&#8221; shares, 7,662,771 &#8220;B&#8221; shares and 1,945,733 preference shares of the Ireland Company 1, which represent 100% of the issued and outstanding share capital of the Ireland Company 1 and which were held by the Existing Ireland Shareholder 1 at the date of the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Existing Ireland Shareholder 1</font>&#8221; means GE Ireland USD Holdings ULC, a private unlimited company incorporated under the laws of Ireland with registration number 568854.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Existing Ireland Shareholder 2</font>&#8221; means GE Financial Holdings ULC, a private unlimited company incorporated under the laws of Ireland with registration number 383420.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Existing Shareholders</font>&#8221; means the Existing U.S. Shareholder, the Existing Ireland Shareholder 1 and the Existing Ireland Shareholder 2.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Existing U.S. Shareholder</font>&#8221; means GE Capital US Holdings, Inc., a Delaware corporation.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">FAA</font>&#8221; means the U.S. Federal Aviation Administration.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">FAA Aircraft</font>&#8221; means each aircraft (i) (a) title to which was, as of February&#160;28, 2021, owned directly by the GECAS Companies or their respective subsidiaries as of February&#160;28, 2021 or (b) that is acquired by the GECAS Companies or their respective subsidiaries after such date and (ii)&#160;that, immediately prior to Completion, is beneficially owned by the GECAS Companies or their respective subsidiaries and registered with the FAA.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Financial Reporting Agreement</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the </font><font style="font-style: italic;">Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Fitch</font>&#8221; means Fitch Ratings, Inc.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">GECAS Business</font>&#8221; means (i)&#160;the business of providing financing products and services for aircraft, aircraft engines and aircraft parts, including operating leases, asset trading and servicing and aircraft parts management, in each case having the scope reflected in the GECAS Business Financial Statements as of the GECAS Business Reference Balance Sheet Date, as such business is owned, operated, engaged in or conducted by General Electric and its subsidiaries, and (ii)&#160;the ownership of certain minority interests.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">GECAS Business Financial Statements</font>&#8221; means, collectively, the unaudited statements of earnings of the GECAS Business for the nine months ended September&#160;30, 2019 and September&#160;30, 2020, the unaudited statements of cash flows of the GECAS Business for the nine months ended September&#160;30, 2019 and September&#160;30, 2020, the audited statements of earnings of the GECAS Business for the years ended December&#160;31, 2018 and December&#160;31, 2019, the audited statements of financial position of the GECAS Business as of December&#160;31, 2018 and December&#160;31, 2019 and the audited statements of cash flows of the GECAS Business for the years ended December&#160;31, 2018 and December&#160;31, 2019.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">GECAS Business Liabilities</font>&#8221; means any liability or obligation to the extent arising out of or incurred in connection with the ownership or operation of the GECAS Business or the GECAS Companies or their respective subsidiaries (in the case of the GECAS Companies or their respective subsidiaries, other than any Excluded Liabilities), whether any such liability or obligation arises before or after Completion, is known or unknown or is contingent or accrued.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">GECAS Business Reference Balance Sheet Date</font>&#8221; means 11:59 p.m. Eastern time on September&#160;30, 2020.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">GECAS Companies</font>&#8221; means the U.S. Company and the Ireland Companies.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">General Electric</font>&#8221; means General Electric Company, a New York corporation.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">General Meeting</font>&#8221; has the meaning ascribed thereto in Chapter 2 (<font style="font-style: italic;">Introduction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Goldman Sachs</font>&#8221; has the meaning ascribed thereto in Chapter 8 (<font style="font-style: italic;">Financing of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg6"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">ILFC</font>&#8221; has the meaning ascribed thereto in Chapter 4 (<font style="font-style: italic;">Rationale of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Ireland Companies</font>&#8221; means the Ireland Company 1, the Ireland Company 2 and the Ireland Company 3.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Company 1</font>&#8221; means GE Capital Aviation Funding ULC, a private unlimited company incorporated under the laws of Ireland with registration number 393838.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Company 1 F Reorganization</font>&#8221; means collectively, (i)&#160;Ireland Company 1 redeeming or otherwise canceling all Existing Ireland Company 1 Shares that are preference shares, (ii)&#160;Existing Ireland Shareholder 1 forming a new Irish company as a direct subsidiary (&#8220;<font style="font-weight: bold;">Irish Newco</font>&#8221;), (iii)&#160;Existing Ireland Shareholder 1 contributing the Existing Ireland Company 1 Shares to Irish Newco and (iv)&#160;Ireland Company 1 electing to be treated as disregarded from Irish Newco for U.S. Federal income tax purposes, with steps (ii)-(iv)&#160;intended, when taken together, to qualify as a &#8220;reorganization&#8221; described in Section 368(a)(1)(F) of the U.S. Internal Revenue Code of 1986, as amended.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Company 2</font>&#8221; means Celestial Transportation Finance Ireland Limited, a private company limited by shares incorporated under the laws of Ireland with registered number 404100.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Company 2 Shares</font>&#8221; means 165 ordinary shares of the Ireland Company 2, which represent 100% of the issued and outstanding share capital of the Ireland Company 2 and which were held by the Existing Ireland Shareholder 2 at the date of the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Company 3</font>&#8221; means GECAS Trading Ireland Limited, a private company limited by shares incorporated under the laws of Ireland with registered number 601289.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Company 3 Shares</font>&#8221; means one (1) ordinary share of the Ireland Company 3, which represent 100% of the issued and outstanding share capital of the Ireland Company 3 and which were held by the Existing Ireland Shareholder 2 at the date of the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Ireland Subscriber&#8221;</font> means AerCap Aviation Leasing Limited, a private company limited by shares incorporated under the laws of Ireland with registered number 689205 and a wholly owned indirect subsidiary of AerCap.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Law</font>&#8221; means any supranational, federal, state, local or foreign law (including common law), statute or ordinance, or any rule, regulation, or agency requirement of any governmental authority.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">LIBOR</font>&#8221; has the meaning ascribed thereto in Chapter 8 (<font style="font-style: italic;">Financing of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Long-Stop Date</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">MAR</font>&#8221; has the meaning ascribed thereto in Chapter 3 (<font style="font-style: italic;">Events Leading up to the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Material Adverse Effect</font>&#8221; means a material adverse effect on the business, assets, results of operation or financial condition of (i)&#160;the GECAS Companies and their respective subsidiaries or the GECAS Business, taken as a whole, or (ii)&#160;the AerCap Group, taken as a whole (as applicable); <font style="font-style: italic;">provided</font> that the effects of certain types of events are excluded in determining whether a &#8220;Material Adverse Effect&#8221; has occurred, including among other things, to the extent arising or resulting from: (a) changes after the date of the Transaction Agreement in general business, economic, political or market conditions in the United States, Ireland, the Netherlands or other securities or credit markets, (b) any outbreak or escalation of hostilities or war after the date of the Transaction Agreement affecting the industries in which the GECAS Companies, the GECAS Business or the AerCap Group operate, (c) changes after the date of the Transaction Agreement in accounting standards or law, (d) any pandemic (including Covid-19) or other natural disaster, (e) incidents related to the Boeing 737 MAX that occurred on or prior to the date of the Transaction Agreement or the consequences of such events and (f) a failure to meet internal or public projections, forecasts or budgets (but not the underlying causes) if, in the case of clauses (a) through (e), such changes or occurrences are not reasonably expected to have a materially disproportionate adverse effect on (i)&#160;the GECAS Companies and their respective subsidiaries or the GECAS Business, taken as a whole, or (ii)&#160;the AerCap Group, taken as a whole (as applicable), in each case relative to other comparable participants in the aircraft leasing industry.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Morgan Stanley</font>&#8221; means Morgan Stanley &amp; Co. LLC.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg7"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Moody&#8217;s</font>&#8221; means Moody&#8217;s Investors Service, Inc.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">New Ireland Company 1 Note</font>&#8221; means one or more debt instruments of Ireland Company 1 or its subsidiaries, in form and on terms reasonably satisfactory to AerCap and General Electric, with an aggregate face amount equal to the aggregate balance of certain intercompany accounts of Ireland Company 1 on the Completion date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">New Ireland Company 2 Note</font>&#8221; means one or more debt instruments of Ireland Company 2, in form and on terms reasonably satisfactory to AerCap and General Electric, with an aggregate face amount equal to the aggregate balance of certain intercompany accounts of Ireland Company 2 on the Completion date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">New Ireland Company 3 Note</font>&#8221; means one or more debt instruments of Ireland Company 3, in form and on terms reasonably satisfactory to AerCap and General Electric, with an aggregate face amount equal to the aggregate balance of certain intercompany accounts of Ireland Company 3 on the Completion date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">New Ireland Company Notes</font>&#8221; means the New Ireland Company 1 Note, the New Ireland Company 2 Note and the New Ireland Company 3 Note.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">New Ireland Company 1 Shares</font>&#8221; means the new A ordinary shares of USD 1 each in the capital of the Ireland Company 1 to be subscribed for in cash by the Ireland Subscriber at the Completion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Nomination and Compensation Committee</font>&#8221; means the Nomination and Compensation Committee of the Board.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Noteholder</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Noteholder Agreement</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Order</font>&#8221; means any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award by a governmental authority of competent jurisdiction.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Proposals</font>&#8221; has the meaning ascribed thereto in Chapter 2 (<font style="font-style: italic;">Introduction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Proposed Transaction</font>&#8221; has the meaning ascribed thereto in Chapter 2 (<font style="font-style: italic;">Introduction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Registration Rights Agreement</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the </font><font style="font-style: italic;">Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;Required AerCap Shareholder Approval&#8221;<font style="font-weight: normal;"> means the adoption of resolutions at the General Meeting to </font><font style="font-weight: normal;">(i)&#160;approve the Proposed Transaction pursuant to article 2:107a of the DCC and article 16.7 of AerCap&#8217;s articles of </font><font style="font-weight: normal;">association, (ii)&#160;approve the appointment of Ms.&#160;Jennifer VanBelle, who was the individual designated in writing by </font><font style="font-weight: normal;">General Electric prior to the date of this circular, for appointment to the Board as a non-executive director and </font><font style="font-weight: normal;">(iii)&#160;designate the Board as the corporate body authorized to issue the Stock Consideration and to exclude </font><font style="font-weight: normal;">pre-emption rights of AerCap shareholders in connection therewith.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">S&amp;P</font>&#8221; means S&amp;P Global Ratings, a division of S&amp;P Global Inc.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">SEC</font>&#8221; means the United States Securities and Exchange Commission.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Section 338 Elections</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Shareholders&#8217; Agreement</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">Shares</font>&#8221; means ordinary shares in the capital of AerCap with a par value of EUR 0.01 each.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Stock Consideration</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the Proposed </font><font style="font-style: italic;">Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Transaction Agreement</font>&#8221; means the transaction agreement, dated as of 9 March 2021, by and among the Existing Shareholders, General Electric, AerCap and the AerCap Entities, relating to the Proposed Transaction.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Transaction Documents</font>&#8221; means, collectively, the Transaction Agreement, the disclosure letters related thereto, the instruments of transfer of the membership interests of the U.S. Company, the letter pursuant to which Ireland Subscriber agrees to subscribe for the New Ireland Company 1 Shares at Completion, the instruments of transfer for </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg8"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">the Transferred Assets, the Debt Financing Agreements, the AerCap Notes and any related guarantees (if any), the indenture or indentures governing the AerCap Notes (if any), the Shareholders&#8217; Agreement, the Registration Rights Agreement, the Noteholder Agreement (except in the event that no AerCap Notes are issued), the Financial Reporting Agreement, the Transition Services Agreement, the Transitional Trademark License Agreement, the letter agreement entered into in connection with the Transaction Agreement and certain officers&#8217; certificates to be delivered pursuant to the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Transferred Assets</font>&#8221; means certain assets of the GECAS Business not owned by the GECAS Companies or their respective subsidiaries that AerCap agreed to purchase pursuant to the Transaction Agreement. The Transferred Assets include investments in Mubadala Infrastructure Partners LP and MIP C.I.P. LP, as well as the rights, title and interest as lessee and lessor of certain aircraft subject to lease-in, lease-out (&#8220;LILO&#8221;) arrangements.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Transition Services Agreement</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the terms of the </font><font style="font-style: italic;">Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Transitional Trademark License Agreement</font>&#8221; has the meaning ascribed thereto in Chapter 7 (<font style="font-style: italic;">Summary of the </font><font style="font-style: italic;">terms of the Proposed Transaction</font>) of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">&#8220;<font style="font-weight: bold;">U.S. Company</font>&#8221; means GE Capital Aviation Services LLC, a Delaware limited liability company.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">U.S. Company Membership Interests</font>&#8221; means 1,000 membership interests of U.S. Company, which represent 100% of the issued and outstanding equity interests of U.S. Company and which were held by the Existing U.S.&#160;Shareholder at the date of the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">U.S. Purchaser</font>&#8221; means AerCap US Aviation LLC, a Delaware limited liability company and a wholly owned indirect subsidiary of AerCap.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Voting Agreement Period</font>&#8221; means the period beginning on the date of the Shareholders&#8217; Agreement and ending on the first business day on which the collective beneficial ownership of Shares of General Electric and its permitted transferees, as a group, is less than or equal to 24.9% of the then-issued and outstanding Shares.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">&#8220;<font style="font-weight: bold;">Voting Agreement Period Voting Shares</font>&#8221; means, at any time of calculation during the Voting Agreement Period, the number of Shares equal to the product of (a) the quotient of (i) 24.9 <font style="font-style: italic;">divided by </font>(ii) 75.1 <font style="font-style: italic;">times </font>(b) the difference of (i)&#160;the total number of AerCap Shares outstanding at such time <font style="font-style: italic;">minus </font>(ii)&#160;the total number of AerCap Shares beneficially owned by General Electric and its permitted transferees (collectively) at such time.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg9"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tINT"><!--Anchor--></a>2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">INTRODUCTION</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">This shareholders&#8217; circular has been prepared by AerCap to inform its shareholders, and other persons entitled to vote, at its annual general meeting of shareholders to be held on 12 May 2021 (the &#8220;<font style="font-weight: bold;">General Meeting</font>&#8221;), on the acquisition by the AerCap Entities of the GECAS Business, through (a) (i)&#160;the issuance by the applicable Ireland Company or its subsidiary, as applicable, and the subscription by Ireland Subscriber, of the New Ireland Company Notes and (ii)&#160;the applicable Ireland Company or such subsidiary repaying certain of its intercompany accounts with the proceeds of the issuance of the applicable New Ireland Company Note and (b) immediately after the transactions described in the foregoing clause (a)(ii), (i)&#160;the purchase by the U.S. Purchaser of the U.S. Company Membership Interests from the Existing U.S. Shareholder, (ii)&#160;the Ireland Subscriber&#8217;s subscription for the New Ireland Company 1 Shares and subsequent redemption and cancelation of the Existing Ireland Company 1 Shares, (iii)&#160;the purchase by the Ireland Subscriber of the Ireland Company 2 Shares and the Ireland Company 3 Shares from the Existing Ireland Shareholder 2 and (iv)&#160;the purchase by AerCap or one of its designated Affiliates from General Electric or one of its affiliates of the Transferred Assets, in exchange for the following consideration: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">USD 23,905,398,192 (as adjusted pursuant to the terms of the Transaction Agreement);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">111,500,000 Shares (as adjusted pursuant to the terms of the Transaction Agreement), expected to represent approximately 46% of AerCap&#8217;s outstanding Shares after the Completion; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">USD 1,000,000,000 to be paid in the form of one or more of the following (at the election of AerCap): (i)&#160;subordinated notes, (ii)&#160;senior unsecured notes or (iii)&#160;cash;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">in each case, subject to the terms of the Transaction Documents (the &#8220;<font style="font-weight: bold;">Proposed Transaction</font>&#8221;). </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">This shareholders&#8217; circular provides further details of the Proposed Transaction in connection with items 6., 7. (a) and (b), 8., 12. (e) and (f) and 15. on the agenda for the General Meeting. Additional details relating to the items on the agenda for the General Meeting are set forth in the explanatory notes to the agenda. The Board believes that the Proposed Transaction is in the best interests of AerCap and its business, taking into account the interests of its shareholders and other stakeholders, and is at fair terms and price. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Accordingly, the Board recommends that the AerCap shareholders, and other persons entitled to vote, vote in favour of the proposals with respect to items 6., 7. (a) and (b), 8., 12. (e) and (f) and 15. on the agenda for the General Meeting. The Proposed Transaction is expected to close in the fourth quarter of 2021, subject to, among other things, the Proposed Transaction having been approved at the General Meeting.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In order to enable AerCap (for the purposes of the below agenda items the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) to enter into the Proposed Transaction, AerCap shareholders, and other persons entitled to vote, will be asked to vote in favour of the following proposals (the &#8220;<font style="font-weight: bold;">Proposals</font>&#8221;) at the General Meeting (among other matters): </div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Agenda item 6.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Approval pursuant to Article 2:107a Dutch Civil Code and article 16.7 of the Company&#8217;s articles of association in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Agenda item 7.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(a) Conditional re-appointment of the Company&#8217;s Chief Executive Officer, Mr.&#160;Aengus Kelly, as executive director for a period of four years in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; 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font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(b) Conditional re-appointment of Mr.&#160;Paul Dacier as non-executive director for a period of four years in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; 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font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Conditional appointment of Ms.&#160;Jennifer VanBelle as a non-executive director for a period of four years in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Agenda item 12.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(e) Conditional authorization of the Board to issue additional shares and grant rights to subscribe for shares in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg10"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">(f) Conditional authorization of the Board to limit or exclude pre-emptive rights in relation to item 12(e) in relation to the anticipated acquisition of the GECAS Business (voting item).</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">&#160;</div></td></tr><tr><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Agenda item 15.</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 71.79%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amendment to the Company&#8217;s articles of association to increase the authorized share capital to EUR 4,500,000 divided into 450,000,000 ordinary shares and to permit the interim filling of vacancies on the Board, and the designation of each of the Company&#8217;s directors and each (candidate) civil law notary and lawyer at NautaDutilh to implement the amendment to the Company&#8217;s articles of association (voting item).</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Proposal under agenda item 8. is conditional on the adoption of agenda items 6. and 12. (e) and (f), and if the Proposal under agenda item 8. is adopted, the appointment shall be subject to, and effective as of, the Completion Effective Time. The Proposals under agenda items 7.(a) and (b), 12. (e) and (f) and 15. are conditional on the adoption of agenda item 6.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under AerCap&#8217;s articles of association, the adoption of the Proposals requires an absolute majority of the votes at the General Meeting cast in favour of the Proposals, except for agenda item 12. (f), which requires a majority of at least two-thirds of the votes cast at the General Meeting in favour of such proposal if less than half of AerCap&#8217;s issued share capital is represented at the General Meeting. At the date of this shareholders&#8217; circular AerCap&#8217;s issued and outstanding share capital amounts to EUR 1,388,473, consisting of 138,847,345 Shares, all of which Shares are fully paid-up.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Dublin, 25 March 2021</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg11"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tELU"><!--Anchor--></a>3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">EVENTS LEADING UP TO THE PROPOSED TRANSACTION</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">During 2020, the Chief Executive Officer of General Electric, Mr.&#160;H. Lawrence Culp, Jr., and the Chief Executive Officer of AerCap, Mr.&#160;Aengus Kelly, had occasional telephone conversations regarding the possibility of a potential transaction between AerCap and General Electric involving the sale of the GECAS Business.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 17 November 2020, Mr.&#160;Culp and Mr.&#160;Kelly met in Boston, Massachusetts to explore the possibility of a potential transaction between AerCap and General Electric involving the sale of the GECAS Business.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 10 December 2020, the Board was informed that tentative discussions had progressed with General Electric and unanimously authorized preliminary due diligence to further explore the possibility of a potential transaction between AerCap and General Electric involving the sale of the GECAS Business.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 11 December 2020, General Electric and AerCap signed a confidentiality agreement and commenced preliminary due diligence.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Subsequently, additional tentative discussions took place between AerCap and General Electric on a basis for entering into negotiations and an in-depth due diligence phase, including on matters such as a potential transaction structure and valuation.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 23 December 2020, the Board held a meeting at which it considered an initial, high-level overview of the GECAS Business and received an update on tentative discussions, including a high-level overview of the potential structure of a transaction and the consideration should a valuation be agreed upon. The Board also discussed potential sources of funding for a transaction.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 5 January 2021, the Board held a meeting at which it considered further a high-level overview of the GECAS Business and its historical financials, based upon information received from General Electric. AerCap&#8217;s management also provided an update on tentative discussions with General Electric to the Board.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 15 January 2021, the Board held a meeting at which it considered a high-level preliminary assessment of the valuation of the GECAS Business and its assets with a view to assessing whether there was a basis to enter into negotiations and in-depth due diligence to assess a potential transaction. The Board discussed that, as part of any transaction, General Electric would become a significant shareholder of AerCap because any transaction would involve a mix of cash and stock consideration. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 20 January 2021, representatives of General Electric and AerCap reached an agreement in principle around the consideration for the Proposed Transaction subject to confirmatory diligence, pursuant to which General Electric would receive approximately $24&#160;billion in cash, 111.5&#160;million AerCap Shares and $1&#160;billion principal amount of AerCap notes. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 22 January 2021, the Board held a meeting at which it was appraised of an updated high-level preliminary assessment of the valuation of the GECAS Business and its assets with a view to further refining whether there was a basis to enter negotiations and in-depth due diligence to assess a potential transaction. The Board unanimously acknowledged the results of the ongoing tentative discussions and unanimously agreed that, based on a high-level consensus on valuation and a potential transaction structure, further negotiation was warranted and an in-depth due diligence phase should commence. Subsequently, AerCap and General Electric began conducting in-depth commercial, financial, tax and legal due diligence investigations on each other, which due diligence investigations continued until the entry into the Transaction Agreement.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Also on 22 January 2021, a limited number of the senior management team of the GECAS Business were informed of the ongoing discussions between AerCap and General Electric. On or about the same day, AerCap contacted Citi in relation to the Proposed Transaction.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Also on 22 January 2021, AerCap&#8217;s internal disclosure committee determined that the stage of the potential transaction process had progressed to a point that the information on the progress of discussions constituted inside information under the European Market Abuse Regulation (&#8220;<font style="font-weight: bold;">MAR</font>&#8221;), and reaffirmed that its internal controls and processes complied with MAR. AerCap&#8217;s disclosure committee decided to delay disclosure of that inside information to the public on the basis that (i)&#160;immediate disclosure would prejudice the discussions and negotiations with General Electric, (ii)&#160;the delay was unlikely to mislead the public and (iii)&#160;AerCap was able to ensure the confidentiality of the inside information (including pursuant to the foregoing confidentiality agreement with General Electric).</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;8<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg12"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">On 5 February 2021, the Board held a meeting at which it received additional detail on the GECAS Business&#8217; key businesses with a particular focus on its helicopter and engine leasing businesses.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 15 February 2021, the Board held a meeting at which it received an update on the ongoing tentative discussions on the valuation of the GECAS Business and its assets. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 19 February 2021, the Board held a meeting at which it received an update on the progress of due diligence and negotiations with General Electric. The Board considered initial pro forma projections for AerCap and the GECAS Business on a combined basis, based upon due diligence data received to date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 24 February 2021, the Board held a meeting at which it received a further update on the progress of due diligence and negotiations with General Electric. The Board again considered initial pro forma projections for AerCap and the GECAS Business on a combined basis, based upon due diligence data received to date. The Board also received an update on engagement with relevant rating agencies. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 5 March 2021, the Board held a meeting at which it received a further update on the progress of due diligence and negotiations with General Electric, which included a discussion of the terms of the draft Transaction Documents and Bridge Commitment Letter. At this meeting, Citi reviewed with the Board Citi&#8217;s preliminary financial analysis relating to the Proposed Transaction and Cravath, Swaine and Moore LLP gave a presentation providing an overview of the Transaction Documents.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 7 March 2021, the Board held a meeting at which it discussed the terms of the draft Transaction Documents and Bridge Commitment Letter, and various other business, financial, market and legal factors in connection with the Proposed Transaction. At that meeting, Citi confirmed that, except for updating certain market data, there were no material changes to Citi&#8217;s financial analysis relating to the Proposed Transaction reviewed with the Board at the 5&#160;March 2021 meeting. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Also on 7 March 2021, various media outlets reported that AerCap and General Electric were in discussions about a potential transaction between AerCap and the GECAS Business. On 8 March 2021, AerCap confirmed that discussions were ongoing between AerCap and General Electric with respect to the GECAS Business.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 8 March 2021, the Board held a meeting at which it received a further update on the progress of negotiations with General Electric, which included a discussion of the terms of the draft Transaction Documents and Bridge Commitment Letter.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 9 March 2021, the Board held a meeting at which it discussed the terms of the draft Transaction Documents and Bridge Commitment Letter and various other business, financial, market and legal factors in connection with the Proposed Transaction. Following this discussion, Citi delivered a written opinion, dated 9 March 2021, to the Board to the effect that, as of such date and based on and subject to various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi, the aggregate consideration to be paid in the Proposed Transaction was fair, from a financial point of view, to AerCap. Following further discussion and deliberation, the Board unanimously resolved to approve the entry into the Transaction Agreement, the other Transaction Documents and the Bridge Commitment Letter.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Transaction Agreement and the Bridge Commitment Letter were executed on 9 March 2021.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Proposed Transaction was announced by AerCap and General Electric in the morning of 10 March 2021.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap has been advised by Cravath, Swaine and Moore LLP, NautaDutilh N.V., McCann FitzGerald, Covington &amp; Burling LLP and Herbert Smith Freehills as legal advisors, Citi and Morgan Stanley as financial advisors, and KPMG International Limited as tax advisor with respect to the Proposed Transaction.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg13"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tRFT"><!--Anchor--></a>4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">RATIONALE FOR THE PROPOSED TRANSACTION</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board proposes that AerCap consummate the Proposed Transaction and recommends that the AerCap shareholders, and other persons entitled to vote, vote in favour of the Proposals. Prior to reaching its determination to support the Proposed Transaction, the Board considered a variety of factors, including the strategic and financial benefits of the transaction, the unique opportunity presented and the strong track record of AerCap in executing successful M&amp;A transactions. The Board also consulted with and discussed various aspects of the Proposed Transaction with AerCap&#8217;s management and evaluated the Proposed Transaction with the assistance of AerCap&#8217;s legal, financial and tax advisors. In reaching its determination to support the Proposed Transaction, the Board considered a variety of factors, including the following material factors:</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Creates an Industry Leader across All Areas of Aviation Leasing</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap&#8217;s acquisition of the GECAS Business will create an industry leader across all areas of aviation leasing, with leading positions across aircraft, engine and helicopter leasing.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The combined company will have over 2,000 owned and managed aircraft, over 900 owned and managed engines, over 300 owned helicopters and approximately 300 customers around the world. In addition, the combined company will have an order book of approximately 500 new technology aircraft, of which over 90% are narrowbody aircraft, on a pro forma basis. The combined company had total assets on a pro forma basis of approximately USD 76&#160;billion as of 31 December 2020, and it will be a strategic partner to OEMs and customers globally.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap will become a world leading engine leasing company, with over 900 owned and managed engines across approximately 50 customers. The owned engine portfolio is comprised almost entirely of General Electric and CFM International engines, which power the world&#8217;s most popular and in-demand aircraft, including Boeing 787 aircraft, Boeing 777-300ER aircraft, Boeing 737 aircraft, Airbus A320 Family aircraft, Boeing 737-MAX aircraft and Airbus A320neo Family aircraft. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap will also become a world-leading helicopter leasing company, with the youngest helicopter fleet in the industry with an average age of approximately 6&#160;years. In connection with the Proposed Transaction, we expect that the assets of the helicopter leasing business will be written down significantly, which will improve the yields of these assets and the profitability of this business.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Attractive Purchase Price at Discount to Net Asset Value</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of 31 December 2020, the GECAS Business had a net asset value of approximately USD 34.2&#160;billion, excluding the U.S. deferred tax liability of approximately USD 0.8&#160;billion that will be eliminated as a result of elections under Section 338(h)(10) of the U.S. Tax Code that the Existing U.S. Shareholder and AerCap will jointly make (or cause to be made) in connection with the Proposed Transaction. Based on the closing price of AerCap&#8217;s Shares as of 5&#160;March 2021, the Consideration has a value of approximately USD 30.6&#160;billion, representing a discount of approximately USD 3.6&#160;billion compared to the net asset value of the GECAS Business as of 31 December 2020.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Proposed Transaction includes a &#8220;cash lockbox&#8221; feature, whereby the earnings and cash flows of the GECAS Business between the GECAS Business Reference Balance Sheet Date and the Completion Effective Time will accrue to AerCap. Any net earnings generated by the GECAS Business during this period are expected to increase the net asset value of the GECAS Business.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the Proposed Transaction, AerCap will recognize the GECAS Business balance sheet at fair value on the Completion date, which is expected to result in a reduction in the carrying value of the assets of the GECAS Business. This is expected to improve the yields and returns on these assets and underpin the strength of AerCap&#8217;s balance sheet in the future.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Positive Impact on Long-term Shareholder Value</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We believe the Proposed Transaction will enhance AerCap&#8217;s revenues, cash flows, operating earnings and operating cash flows and create significant value for AerCap&#8217;s shareholders over the long term. The Proposed Transaction is expected to be accretive to AerCap&#8217;s operating cash flows, earnings and earnings per Share. The enhancement of AerCap&#8217;s earnings and earnings per Share will be driven in part by the discount between the Consideration being paid and the net asset value of the GECAS Business, which we expect will result in significant reductions in depreciation and interest expense relative to historical results for the GECAS Business. In addition, upon completion of the integration of the AerCap and the GECAS Business, we expect to generate SG&amp;A synergies of approximately $150&#160;million compared to the combined 2019 SG&amp;A expenses for the two businesses.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg14"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">In addition to these financial benefits, we believe that the complementary customer bases and aircraft portfolios of AerCap and the GECAS Business will diversify the revenues and assets of AerCap. Moreover, we believe that the enhanced product offering and reach of the combined company will result in additional attractive business opportunities.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Enhances Many of AerCap&#8217;s Key Credit Metrics</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Proposed Transaction is expected to enhance a number of AerCap&#8217;s key credit metrics. We expect that the combined company will have stronger cash flows, a broader revenue base, less customer concentration and more unencumbered assets than AerCap currently has on a stand-alone basis.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap&#8217;s investment grade ratings have been a key strength of the company. In connection with the Proposed Transaction, AerCap will maintain its strong commitment to investment grade ratings. We have received feedback from the rating agencies regarding the Proposed Transaction and, based upon this feedback, we expect the combined company to maintain its current investment grade ratings.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap will continue to maintain its current liquidity and leverage targets, including a target adjusted debt-to-equity ratio of 2.7x. We expect that the adjusted debt-to-equity ratio of the combined company at the Completion will be approximately 3.0x. We believe that, following the Completion, the combined company will be able to reduce its leverage to its target level rapidly.</div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Broader Combined Customer Profile Will Provide Greater Diversification</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The combined company will have approximately 300 customers and greater customer diversification. The top 10 customers of the combined company are expected to represent approximately 30% of the company&#8217;s net book value, compared to approximately 45% for AerCap currently. </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Proven Track Record of Successful M&amp;A and Integration</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Over the past decade, AerCap has grown through two significant acquisitions, the acquisition of Genesis Lease announced in 2009 and the acquisition of International Lease Finance Corporation (&#8220;<font style="font-weight: bold;">ILFC</font>&#8221;) announced in 2013.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Following the ILFC acquisition, AerCap successfully integrated ILFC well ahead of original expectations, including the integration of all departments, systems and procedures.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We believe that the integration of the GECAS Business will be more straightforward than the integration of ILFC, in part because:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">AerCap is a larger company than the GECAS Business and has full capabilities across all departments, whereas ILFC was approximately three times the size of AerCap and had considerably greater capabilities in certain areas.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The primary office of the GECAS Business is in Shannon, Ireland, which is also the location of AerCap&#8217;s second-largest office; in contrast, ILFC&#8217;s primary offices were in Los Angeles.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Most of the aircraft fleet of the GECAS Business is already Ireland-based, whereas ILFC&#8217;s fleet was almost entirely U.S.-based and was moved to Ireland post-acquisition.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The GECAS Business&#8217; engine leasing and helicopter leasing businesses are already based in Ireland, have deep and complementary expertise and are relatively self-contained.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Given AerCap&#8217;s position as an industry leader in aircraft leasing and the company&#8217;s deep expertise in aircraft leasing, sales and financing, we believe the company is well-positioned to acquire and manage the GECAS Business. AerCap has leased over 1,000 aircraft during the past five years and over the last decade has raised over USD 83&#160;billion of total financing, including over USD 9&#160;billion raised since the beginning of the Covid-19 pandemic in March 2020.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;11<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg15"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tSIO"><!--Anchor--></a>5.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">SELECTED INFORMATION ON THE GECAS BUSINESS AND GENERAL ELECTRIC</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">The GECAS Business</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The GECAS Business is a world-leading aviation lessor and financier. The GECAS Business began leasing aircraft in 1967 and is wholly owned by General Electric. The GECAS Business has a range of attractive assets, including narrowbody and widebody aircraft, regional jets, turboprops, freighters, engines, and helicopters. The GECAS Business offers a broad array of financing products and services on these assets, including operating leases, sale-leasebacks and airframe parts management. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of 31 December 2020, the portfolio of the GECAS Business included 1,007 owned and managed aircraft, 336&#160;owned helicopters and 931 owned and managed engines, including engines leased to the Shannon Engine Support joint venture. The GECAS Business&#8217; owned engine fleet is concentrated in CFM56 and LEAP engines, which power the world&#8217;s most popular aircraft. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The GECAS Business has commitments to purchase 252 new aircraft directly from aircraft manufacturers, 27 new helicopters and 8 new engines through 2026 (not including any new assets subject to purchase and leaseback arrangements). The GECAS Business serves over 200 customers in approximately 75 countries from a network of 15 offices around the world.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: justify;">For the year ended 31 December 2020, the GECAS Business had total revenues of approximately USD 3.8&#160;billion. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The following table presents the GECAS Business&#8217; aircraft portfolio by aircraft type as of 31 December 2020: </div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Aircraft type</div></td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">owned <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">aircraft<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div></td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">managed <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">aircraft</div></td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 12.78%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total owned and <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">managed aircraft</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A320 family<font style="padding-left: 0.85pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;">275</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">36</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.87pt;">311</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A320neo family<font style="padding-left: 1.41pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">95</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt;">100</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A330<font style="padding-left: 0.29pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">17</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="padding-left: 5pt;">1</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">18</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A350<font style="padding-left: 0.29pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5.37pt;">11</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="padding-left: 5pt;">5</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">16</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 737NG<font style="padding-left: 0.85pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;">231</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">39</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt;">270</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 737 MAX<font style="padding-left: 3.63pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">29</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">&#8212;</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">29</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 747<font style="padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">10</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">&#8212;</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">10</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 767<font style="padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">25</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="padding-left: 5pt;">3</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">28</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 777-200ER<font style="padding-left: 4.18pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 10pt;">8</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">&#8212;</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 17.5pt;">8</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 777-300/300ER<font style="padding-left: 1.4pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">28</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="padding-left: 5pt;">1</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">29</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 787<font style="padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 10pt;">9</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">&#8212;</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 17.5pt;">9</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Embraer E190/E195<font style="padding-left: 4.74pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="padding-left: 5pt;">58</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;">&#8212;</div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">58</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 0.99pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 15pt;">121</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 10pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 22.5pt;">121</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.31pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 15pt;">917</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 13.8pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 10pt;">90</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 22.5pt;">1,007</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><div class="ftnote" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 4.5pt; margin-left: 0pt; text-align: left;">Notes:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Other includes 92 Bombardier CRJ200 and Embraer E170 and E175 aircraft; 19 ATR and De Havilland Canada DHC-8-400 aircraft; eight Boeing 737 classic aircraft; and two Boeing 757-200 aircraft.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Owned aircraft include 67 cargo aircraft, including 33 Boeing 737NG aircraft; 9 Boeing 747 aircraft; 14 Boeing 767 aircraft; three Boeing 777-200ER aircraft; and eight other cargo aircraft. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The GECAS Business is one of the world&#8217;s largest engine leasing companies, with 931 owned and managed engines across approximately 50 customers. The owned engine portfolio is comprised almost entirely of General Electric and CFM International engines, the most liquid engine types that power the world&#8217;s most popular and in-demand aircraft, including Boeing 787 aircraft, Boeing 777-300ER aircraft, Boeing 737 aircraft, Airbus A320 Family aircraft, Boeing 737-MAX aircraft and Airbus A320neo Family aircraft. The engine leasing business has deep relationships with two key engine OEMs, GE Aviation and CFM International, and its two largest customers, GE Aviation and Shannon Engine Support (a subsidiary of CFM International), represent over 50% of the net book value of the owned engine portfolio.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;12<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg16"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The GECAS Business leases helicopters to approximately 40 customers. Its largest lessees are Babcock International, Bristow Helicopters, CHC and Saudi Aramco. Approximately 60% of the helicopters by net book value are used for the oil and gas industry, a reduction from approximately 80% in 2015.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The GECAS Business predominantly enters into net operating leases that require the lessees to pay all operating expenses, normal maintenance and overhaul expenses, insurance premiums and taxes. The leases relating to the GECAS Business&#8217; owned aircraft have remaining terms of up to 12&#160;years, and the weighted average lease term remaining on the current leases, based on the net book value of owned aircraft, was approximately seven years as of 31 December 2020. The leases are generally payable in U.S. dollars with lease rates fixed for the term of the lease. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In addition to its primary leasing activities, the GECAS Business provided fleet management services for aircraft portfolios for a management fee, for 90 aircraft and 236 engines as of 31 December 2020.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Below are the GECAS Business&#8217; statements of financial position for the year ended 31 December 2020 (preliminary and unaudited) and 31 December 2019 (audited) and statements of earnings for the year ended 31 December 2020 (preliminary and unaudited), 31 December 2019 (audited) and 31 December 2018 (audited). The financial information of the GECAS Business presented below as of and for the year ended 31 December 2020 is preliminary and unaudited and is subject to the completion of the GECAS Business&#8217; financial closing procedures and related review. In addition, no independent auditor has audited, reviewed, compiled or performed any procedures with respect to the financial information of the GECAS Business presented below as of and for the year ended 31&#160;December 2020. Accordingly, the financial position and financial results of the GECAS Business as of and for the year ended 31 December 3020 may change relative to the information set forth below, and those changes may be material. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;13<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg17"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">GECAS Business Balance Sheet</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td colspan="4" style="width: 23.5%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">As of 31 December</div></td></tr><tr class="header"><td style="width: 74.36%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(U.S. Dollars in thousands)</div></td><td class="gutter" style="width: 1.07%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.07%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.68%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unaudited</div></td><td class="gutter" style="width: 1.07%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.07%; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 10.68%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4.25pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Audited</div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><u>Assets</u><br></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Cash and cash equivalents<font style="padding-left: 2.77pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 17.5pt;">96,156</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 18.24pt;">91,111 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Restricted cash<font style="padding-left: 3.86pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 27.5pt;">3,220</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 27.5pt;">2,494 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Financing receivables, net of allowance for credit losses<font style="padding-left: 0.34pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,709,807</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,773,889 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease receivables, net<font style="padding-left: 0.85pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,088,155</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.87pt;">703,118 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Equipment leased to others, net<font style="padding-left: 1.38pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">29,194,772</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">29,405,789 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets held for sale<font style="padding-left: 4.99pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">374,233</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,709,407 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Pre-delivery payments on flight equipment<font style="padding-left: 0.55pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,729,686</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,934,259 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Goodwill and intangible assets, net<font style="padding-left: 1.94pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">103,573</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">305,712 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Associated companies<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 1.79pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">624,008</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">592,331 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other assets and receivables, net<font style="padding-left: 1.96pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,177,146</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">924,901 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease right-of-use assets<font style="padding-left: 0.02pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">130,125</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">151,107 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Assets of discontinued operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 4.59pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 40pt; border-bottom: 1pt solid #000000; min-width: 50pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 50pt;">248,370 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 5.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Assets<font style="font-weight: normal; padding-left: 4.21pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 50pt;">$38,230,881</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 5.25pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 5.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 50pt;">$39,842,488 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><u>Liabilities and Equity</u><br></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 5.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Short-term borrowings, net of debt issuance costs<font style="padding-left: 2.53pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 17.5pt;">65,366</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 12.87pt;">119,265 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred income<font style="padding-left: 2.2pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">187,692</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">223,141 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Sales deposits<font style="padding-left: 3.3pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">28,307</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">681,887 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Security deposits<font style="padding-left: 1.08pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">249,433</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">330,862 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Maintenance reserves<font style="padding-left: 2.77pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,375,096</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">1,570,006 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Long-term borrowings, net of debt issuance costs<font style="padding-left: 3.08pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt;">99,240</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">164,873 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease liabilities<font style="padding-left: 1.65pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">134,277</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.87pt;">123,711 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Deferred income taxes<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup><font style="padding-left: 4.59pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,366,674</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">2,455,487 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other liabilities<font style="padding-left: 2.19pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">352,078</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">375,190 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Liabilities of discontinued operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 0.13pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 40pt; border-bottom: 1pt solid #000000; min-width: 50pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 22.5pt; border-bottom: 1pt solid #000000; min-width: 50pt;">68,637 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total liabilities<font style="font-style: normal; padding-left: 4.2pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10pt;">4,858,163</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 10.37pt;">6,113,059 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Commitments and contingencies<br></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net parent investment<font style="padding-left: 0.53pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">33,447,643</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">33,818,247 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accumulated other comprehensive loss<font style="padding-left: 0.56pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; min-width: 50pt;">(74,925</font><font style="min-width: 50pt;">)</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 19.17pt; border-bottom: 1pt solid #000000; min-width: 50pt;">(88,818</font><font style="min-width: 50pt;">)</font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total equity<br></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">33,372,718</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">33,729,429 </font></div></td></tr><tr><td style="width: 74.36%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Liabilities and Equity<font style="font-weight: normal; padding-left: 0.88pt;"></font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 50pt;">$38,230,881</font></div></td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.07%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 10.68%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 50pt;">$39,842,488</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><div class="ftnote" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 4.5pt; margin-left: 0pt; text-align: left;">Notes:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Associated companies includes $624&#160;million and $592&#160;million as of 31 December 2020 and 2019, respectively, related to non-consolidated affiliates, primarily relating to Shannon Engine Support.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Assets of discontinued operations and liabilities of discontinued operations represents the assets and liabilities, respectively, of PK Finance, which was sold by the GECAS Business on 25 June 2020. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Deferred income taxes includes $822&#160;million and $933&#160;million related to deferred U.S. income taxes as of 31 December 2020 and 2019, respectively.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;14<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg18"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">GECAS Business Income Statement</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4pt;">&#8203;</td><td class="gutter" style="width: 1.18%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td colspan="7" style="width: 33.55%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">For the year ended 31 December</div></td></tr><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">(U.S. Dollars in thousands)</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 4pt;">&#8203;</td><td class="gutter" style="width: 1.18%; font-size: 2pt; padding-top: 4pt; padding-bottom: 4pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2020 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Unaudited</div></td><td class="gutter" style="width: 1.18%; font-size: 2pt; padding-top: 4pt; padding-bottom: 4pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.18%; font-size: 2pt; padding-top: 4pt; padding-bottom: 4pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2019 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Audited</div></td><td class="gutter" style="width: 1.18%; font-size: 2pt; padding-top: 4pt; padding-bottom: 4pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.18%; font-size: 2pt; padding-top: 4pt; padding-bottom: 4pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 9.62%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 4pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">2018 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Audited</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><u>Revenues</u><br></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease revenue, net<font style="padding-left: 1.17pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$3,251,769</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$3,623,210</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$3,776,056 </div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Finance lease and interest revenue, net<font style="padding-left: 3.97pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">196,925</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">252,347</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">232,019 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Gain on disposal of equipment leased to others, net<font style="padding-left: 1.19pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">193,380</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">358,722</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">312,132 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease revenue from GE<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 1.05pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">179,717</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">161,648</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">173,666 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other revenue<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup><font style="padding-left: 1.01pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">26,652</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">51,539</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.87pt; border-bottom: 1pt solid #000000; min-width: 45pt;">116,684 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Revenues<font style="font-weight: normal; padding-left: 1.77pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">3,848,443</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">4,447,466</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">4,610,557 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><u>Expenses</u><br></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depreciation on equipment leased to others<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup><font style="padding-left: 1.05pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$1,938,005</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$1,927,932</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$1,958,714 </div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Impairments on equipment leased to others<font style="padding-left: 0.9pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">568,529</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">75,349</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt;">41,729 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Impairment on goodwill<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup><font style="padding-left: 4.89pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.87pt;">117,194</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 35pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 35pt;">&#8212; </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Interest expense, net<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup><font style="padding-left: 0.19pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">902,466</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">939,064</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">860,227 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Operating lease expense<font style="padding-left: 3.66pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">141,739</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">213,661</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">152,060 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Selling, general and administrative expense<font style="padding-left: 0.07pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">179,684</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">278,386</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">272,093 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other expense<font style="padding-left: 4.2pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">147,237</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">140,700</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">94,624 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total Expenses<font style="font-weight: normal; padding-left: 2.88pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">3,994,854</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">3,575,092</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">3,379,447 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 10pt; text-indent: -10pt; text-align: left;">(Losses)/earnings from continuing operations before income taxes and share of earnings from associated companies<font style="font-weight: normal; padding-left: 4.05pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 9.72pt; border-bottom: 1pt solid #000000; min-width: 45pt;">(146,411</font><font style="min-width: 45pt;">)</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">872,374</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5.55pt; border-bottom: 1pt solid #000000; min-width: 45pt;">1,231,110 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Provision for income taxes<font style="padding-left: 2.54pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 19.17pt;">(4,832)</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 9.17pt;">(147,935)</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 9.17pt;">(176,196)</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Share of earnings from associated companies<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup><font style="padding-left: 3.84pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.87pt; border-bottom: 1pt solid #000000; min-width: 45pt;">38,411</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">158,275</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">124,979 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net (losses)/earnings from continuing operations<font style="font-weight: normal; padding-left: 2.76pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 9.72pt;">(112,832)</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt;">882,714</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 2.75pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 2.75pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 5pt;">1,179,893 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Earnings from discontinued operations, net of taxes<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(7)</sup><font style="padding-left: 2.45pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">48,394</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 12.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">145,789</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2.75pt; padding-bottom: 4pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="padding-left: 17.5pt; border-bottom: 1pt solid #000000; min-width: 45pt;">72,255 </font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 4pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Net (losses)/earnings<font style="font-weight: normal; padding-left: 4.21pt;"></font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 9.17pt;">(64,438)</font></div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$1,028,503</div></td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.18%; border-bottom: none; font-size: 2pt; padding-top: 4pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">$1,252,148</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 13.25pt;"> </div></div><div class="ftnote" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 4.5pt; margin-left: 0pt; text-align: left;">Notes:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Operating lease revenue from GE primarily reflects revenue with respect to engines leased to GE Aviation.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Other revenue primarily reflects revenue generated by the GECAS Business parts business, which is subject to variability related to the aviation business cycle.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Depreciation on equipment leased to others includes $145&#160;million, $114&#160;million and $106&#160;million for the years ended 31 December 2020, 2019 and 2018, respectively, related to the amortization of amounts capitalized in connection with maintenance events. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Impairment on goodwill of $117&#160;million for the year ended 31 December 2020 was taken as part of the annual impairment testing performed, and related to legacy goodwill balances acquired prior to the acquisition of the GECAS Business&#8217; helicopter leasing business.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Interest expense, net reflects interest costs assessed to GECAS from GE Capital&#8217;s centralized treasury function, which were determined on the basis of the debt allocated by GE Capital to the GECAS Business and a calculated leverage ratio for the GECAS Business. The weighted average interest rate was 3.22%, 3.49% and 3.27% for the years ended 31 December 2020, 2019 and 2018, respectively.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: justify;">Share of earnings from associated companies includes earnings from unconsolidated entities in which the GECAS Business does not have a controlling financial interest, but over which it has significant influence; interests in these entities are accounted for as equity method investments. These investments include a 50% indirect economic interest in SES; a 30% investment in Global Infrastructure Management LLC (&#8220;GIP&#8221;); investments ranging from 6% to 50% in certain funds of Mubadala Infrastructure Investments Limited; and a 9.5% interest in Einn Volant Aircraft Leasing Holdings Ltd. In 2019, GIP sold its stake in Gatwick Airport, resulting in recognition by the GECAS Business of $13&#160;million of gain on disposal of this investment, which resulted in proceeds of $323&#160;million to the GECAS Business.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(7)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Earnings from discontinued operations represents the earnings from PK Finance.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">General Electric</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">General Electric, the ultimate parent of the Existing Shareholders, is a high-tech industrial company that operates worldwide through its power, renewable energy, aviation and healthcare segments, and its financial services business General Electric Capital. General Electric serves customers in over 170 countries. Among other products, General Electric produces commercial and military aircraft engines, integrated engine components, electric power and mechanical aircraft systems, and serves as a provider of aircraft engines to the GECAS Business. General Electric&#8217;s common stock is listed on the New York Stock Exchange under the ticker symbol GE.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;15<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg19"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tUSP"><!--Anchor--></a>6.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">UNAUDITED SELECTED PRO FORMA COMBINED FINANCIAL INFORMATION</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">This Chapter 6 shows certain unaudited selected financial information for the combined company on a pro forma basis for the fiscal year ended 31 December 2020. The selected pro forma financial information should be read in conjunction with the audited financial report as of and for the fiscal year ended 31 December 2020 of AerCap, including the notes thereto, which have been filed with the SEC, and the unaudited preliminary financial information as of and for the fiscal year ended 31 December 2020 of the GECAS Business set forth in Chapter 5 of this shareholders&#8217; circular.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Accounting rules require that, when combining the balance sheet of an acquired business with its own, the acquirer (in the Proposed Transaction, AerCap) must state the identifiable assets and liabilities of the acquired business at their fair market value. In the unaudited selected pro forma combined financial information herein, certain preliminary pro forma adjustments have been made to illustrate potential impacts of such fair value adjustments. These and other pro forma adjustments are based on current market conditions and available information and are therefore preliminary and have been made solely for the purpose of providing illustrative unaudited pro forma combined financial information. Significant differences between these preliminary estimates and the final purchase accounting may occur and these differences could be material.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The unaudited selected pro forma financial information herein is included for illustrative purposes only and does not represent any actual financial position or any actual results of operations. The unaudited balance sheet and results of operations of the combined company following the Completion of the Proposed Transaction will be made available as part of the financial results announcements of AerCap following the Completion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap does not claim or represent that the unaudited selected pro forma combined financial information is indicative of its financial position or results that would have been achieved had the Proposed Transaction actually taken place or the financial position or results that may be achieved in the future. There can be no assurance that the assumptions used in the preparation of the illustrative financial information, including in relation to the successful integration of the businesses of AerCap and the GECAS Business and the success of AerCap&#8217;s strategy following the completion of the Proposed Transaction, will prove to be correct. Certain factors could cause actual results to differ materially from the financial information provided herein, including the following: AerCap may not realize expected cost savings, synergies and other benefits because of integration difficulties, difficulty implementing the Proposed Transaction structure and other challenges; actual fair value adjustments to assets and liabilities acquired and acquisition accounting may materially differ upon closing following further analysis of available information and as a result of changes in market conditions at the closing date of the Proposed Transaction; AerCap&#8217;s future results may suffer if the combined company does not effectively manage its expanded operations following the transaction; and the fact that AerCap is expected to incur substantial expenses related to the Proposed Transaction and the integration of the GECAS Business that may not be offset by cost savings, synergies and other benefits. As further described in Chapter 5 (<font style="font-style: italic;">Selected Information on the GECAS Business and General Electric</font>), the financial information of the GECAS Business as of and for the fiscal year ended 31 December 2020, which was used in the calculation of the unaudited pro forma combined financial information herein, is preliminary and unaudited, and may change materially. In addition, the unaudited pro forma combined information provided herein has not been prepared in accordance with the requirements of Regulation S-X promulgated by the SEC, including the requirements related to preparation of pro forma financial information. Any pro forma financial information provided in the future may be prepared in accordance with the requirements of Regulation S-X promulgated by the SEC, and may therefore be prepared differently, and vary materially, from the pro forma financial information set forth herein.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In addition, the information below includes certain forward-looking statements. For further information regarding forward-looking statements, see &#8220;Important Information.&#8221;</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Pro Forma Assets and Capital Structure</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As of 31 December 2020, on a pro forma basis the combined company had over 2,000 owned and managed aircraft; over 900 owned and managed engines; and over 300 owned helicopters.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;16<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg20"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">The following table presents the owned and managed aircraft fleet of the combined company on a pro forma basis as of 31 December 2020:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 64.1%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Aircraft type</div></td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">owned <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">aircraft</div></td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 8.04%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Number of <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">managed <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">aircraft</div></td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 1.17%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 12.78%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Total owned and <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">managed aircraft</div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A320 Family<font style="padding-left: 3.63pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 7.5pt;">549</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">80</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt;">629</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A320neo Family<font style="padding-left: 4.18pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 7.5pt;">260</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">10</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt;">270</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A330<font style="padding-left: 0.29pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">77</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">10</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">87</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Airbus A350<font style="padding-left: 0.29pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">38</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 10pt;">5</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">43</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 737NG<font style="padding-left: 0.85pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 7.5pt;">459</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">82</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt;">541</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 737 MAX<font style="padding-left: 3.63pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">34</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">34</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 747<font style="padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">10</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">10</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 767<font style="padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">47</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 10pt;">3</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">50</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 777-200ER<font style="padding-left: 4.18pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">24</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 10pt;">2</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">26</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 777-300/300ER<font style="padding-left: 1.4pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">49</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 10pt;">2</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">51</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Boeing 787<font style="padding-left: 0.28pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 7.5pt;">100</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 10pt;">1</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt;">101</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Embraer E190/195 &#8211; E2<font style="padding-left: 3.08pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">15</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">15</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Embraer E190/195<font style="padding-left: 0.85pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 12.5pt;">58</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 12.5pt;">58</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other<font style="padding-left: 4.73pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 22.5pt;">136</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 15pt;">&#8212;</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="padding-left: 7.5pt; border-bottom: 1pt solid #000000; min-width: 22.5pt;">136</font></div></td></tr><tr><td style="width: 64.1%; text-align: left; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 0.64pt;"></font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 7.56pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 22.5pt;">1,856</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 8.04%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 11.3pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 15pt;">195</font></div></td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.17%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 12.78%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 18.67pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 22.5pt;">2,051</font></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The following table presents, for the combined company on a pro forma basis, long-lived assets, including flight equipment held for operating leases, flight equipment held for sale, investment in finance and sales-type leases, net attributable to individual countries, based on each lessee&#8217;s principal place of business, in each case as of 31&#160;December 2020:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.73%; font-size: 2pt; padding-top: 6pt; padding-bottom: 3.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 11.36%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Year Ended <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">December 2020</div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">China<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><font style="padding-left: 2.87pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="padding-left: 5pt;">17%</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">United States<font style="padding-left: 1.07pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="padding-left: 5pt;">15%</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Brazil<font style="padding-left: 1.07pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="padding-left: 10pt;">5%</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Russia<font style="padding-left: 3.84pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="padding-left: 10pt;">5%</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">France<font style="padding-left: 3.29pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="padding-left: 10pt;">4%</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Other countries<font style="padding-left: 2.75pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="padding-left: 5pt; border-bottom: 1pt solid #000000; min-width: 15pt;">54</font><font style="min-width: 15pt;">%</font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="font-weight: normal; padding-left: 3.64pt;"></font></div></td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.73%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 11.36%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 19.08pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 15pt;">100</font><font style="min-width: 15pt;">%</font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 12.75pt;"> </div></div><div class="ftnote" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 4pt; margin-left: 0pt; text-align: left;">Notes:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Includes mainland China, Hong Kong and Macau.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Total assets of the combined company on a pro forma basis were approximately USD 76&#160;billion as of 31&#160;December&#160;2020. On a pro forma basis, as of 31 December 2020, the combined company&#8217;s aircraft leasing business comprised approximately 90% of total flight equipment assets, with the engine and helicopter leasing businesses each comprising approximately 5% of total flight equipment assets, in each case, as measured by pro forma net book value as of 31 December 2020. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The adjusted debt-to-equity ratio at the Completion date is expected to be approximately 3.0x. AerCap plans to maintain its current target adjusted debt-to-equity ratio of 2.7x following the Completion date. As a result of the strong cash flow and earnings profile of the combined company, AerCap expects the adjusted debt-to-equity ratio to decrease to this target level rapidly. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Pro Forma Liquidity and Leverage</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The combined company will continue to target a strong liquidity position. The combined company will manage its liquidity by, among other things, considering its sources of cash compared to its uses of cash over the next 12 months as of a given date. Sources of cash include unrestricted cash, revolving credit facilities and other undrawn committed facilities, contracted sales and estimated operating cash flow for the next 12 months. Uses of cash include contracted debt maturities and estimated cash capital expenditures over the next 12 months.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">At the Completion date, AerCap expects the ratio of next 12 months&#8217; sources-to-uses of the combined company to be approximately 1.5x, with a longer-term liquidity target of 1.2x.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;17<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg21"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><a name="tSOT"><!--Anchor--></a>7.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">SUMMARY OF THE TERMS OF THE PROPOSED TRANSACTION</div></td></tr></table><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">IMPORTANT INFORMATION</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In this Chapter 7, certain important terms of the Transaction Documents are summarized. This summary is for ease of understanding the Proposed Transaction and does not in any way purport to be complete and is qualified in its entirety by the full text of the agreements described herein, which are publicly available as attachments to the Form&#160;6-K furnished by AerCap with the SEC on 12 March 2021.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Transaction Agreement</u></div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 7pt; margin-left: 0pt; text-align: left;">Consideration</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">USD 23,905,398,192 (as adjusted pursuant to the terms of the Transaction Agreement) (the &#8220;<font style="font-weight: bold;">Cash </font><font style="font-weight: bold;">Consideration</font>&#8221;);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">111,500,000 Shares (as adjusted pursuant to the terms of the Transaction Agreement) (the &#8220;<font style="font-weight: bold;">Stock </font><font style="font-weight: bold;">Consideration</font>&#8221;), expected to represent approximately 46% of AerCap&#8217;s outstanding Shares after the Completion; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">up to USD 1,000,000,000 to be paid in the form of one or more of the following (at the election of AerCap): (i)&#160;subordinated notes (any such subordinated notes, the &#8220;<font style="font-weight: bold;">AerCap Subordinated Notes</font>&#8221;), (ii)&#160;senior unsecured notes (any such senior unsecured notes, the &#8220;<font style="font-weight: bold;">AerCap Senior Notes</font>,&#8221; and together with the AerCap Subordinated Notes, the &#8220;<font style="font-weight: bold;">AerCap Notes</font>&#8221;) or (iii)&#160;cash (the AerCap Notes and any such cash paid in lieu of all or any portion thereof at the election of AerCap, together with the Cash Consideration and the Stock Consideration, the &#8220;<font style="font-weight: bold;">Consideration</font>&#8221;);</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">in each case, subject to the terms of the Transaction Documents.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Conditions to closing </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The respective obligations of General Electric and the Existing Shareholders, on the one hand, and AerCap and the AerCap Entities, on the other hand, to complete the transactions contemplated by the Transaction Agreement at the Completion are subject to the satisfaction or waiver, at or prior to the Completion, of each of the following conditions (which conditions may be waived only by the mutual agreement of General Electric and AerCap, and only to the extent permitted by applicable law): </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">specified anti-trust waiting periods (and any extensions thereof) shall have expired or been terminated and certain specified regulatory approvals being obtained (or deemed to have been obtained by the expiration of the applicable waiting period), and Completion being permitted to occur pursuant to the expiration or termination of such waiting periods and the receipt of such approvals; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">General Electric and AerCap shall have obtained CFIUS and other foreign direct investment approvals; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">no Order by any governmental authority of competent jurisdiction shall be in effect, and no Law shall have been enacted by any governmental authority of competent jurisdiction that, in any case, restrains, enjoins or otherwise prohibits or makes illegal the consummation of the transactions contemplated by the Transaction Documents or requires the taking of an Excluded Action (such Order or Law, a &#8220;<font style="font-weight: bold;">Legal </font><font style="font-weight: bold;">Restraint</font>&#8221;);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Required AerCap Shareholder Approval shall have been obtained; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Ireland Company 1 F Reorganization shall have occurred in accordance with the Transaction Agreement.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The respective obligations of General Electric and the Existing Shareholders to complete the transactions contemplated by the Transaction Agreement at the Completion are further subject to the satisfaction or waiver, at or prior to the Completion, of each of the following conditions (which conditions may only be waived in whole or in part in writing by General Electric): </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">AerCap&#8217;s and the AerCap Entities&#8217; warranties must be accurate as of the Completion date (subject, in certain cases, to &#8220;materiality&#8221; and Material Adverse Effect qualifiers);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The covenants in the Transaction Agreement required to be complied with by AerCap or the AerCap Entities on or before the Completion date shall have been complied with in all material respects; </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;18<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg22"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The AerCap Group must not have experienced a Material Adverse Effect between the date of the Transaction Agreement and the Completion date; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Stock Consideration shall have been listed on the New York Stock Exchange, subject to official notice of issuance; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Registration Rights Agreement, the Noteholder Agreement (except in the event that no AerCap Notes are issued), the Shareholders&#8217; Agreement, the Financial Reporting Agreement, the Transition Services Agreement and the Transitional Trademark License Agreement shall have been executed and delivered by each member of the AerCap Group party thereto.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The respective obligations of AerCap and the AerCap Entities to complete the transactions contemplated by the Transaction Agreement at the Completion are further subject to the satisfaction or waiver, at or prior to the Completion, of each of the following conditions (which conditions may only be waived in whole or in part in writing by AerCap): </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the title to, and registration with the FAA of, each FAA Aircraft being held by, and registered with the FAA in the name of, a U.S. owner trustee (for the benefit of the GECAS Companies or their respective subsidiaries);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">General Electric&#8217;s and the Existing Shareholders&#8217; warranties must be accurate as of the Completion date (subject, in certain cases, to &#8220;materiality&#8221; and Material Adverse Effect qualifiers);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The covenants in the Transaction Agreement required to be complied with by General Electric or the Existing Shareholders on or before the Completion date shall have been complied with in all material respects; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the GECAS Business or the GECAS Companies and their respective subsidiaries, taken as a whole, must not have experienced a Material Adverse Effect between the date of the Transaction Agreement and the Completion date; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Registration Rights Agreement, the Noteholder Agreement (except in the event that no AerCap Notes are issued), the Shareholders&#8217; Agreement, the Financial Reporting Agreement, the Transition Services Agreement and the Transitional Trademark License Agreement shall have been executed and delivered by each member of the General Electric group party thereto; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the Ireland Company 1 and its relevant subsidiaries shall have complied with the provisions of section 82 (financial assistance) of the Companies Act 2014 of Ireland in connection with the consummation of the transactions contemplated by the Transaction Agreement.</div></td></tr></table><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20pt; margin-left: 0pt; text-align: left;">Regulatory approvals</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As described above, the consummation of the Proposed Transaction is conditional upon the approval of certain regulatory and anti-trust authorities in a number of jurisdictions, including the United States, the European Union and China, and other foreign direct investment approvals.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap and the AerCap Entities, on the one hand, and General Electric and the Existing Shareholders, on the other hand, are required to use reasonable best efforts to take the steps necessary, proper or advisable (including commercial negotiations or concessions or, in connection with any requirement of any regulatory or anti-trust, competition or anti-monopoly governmental authority, committing to take any action, including agreeing to divest assets of the GECAS Companies or their respective subsidiaries, or any business or assets of the AerCap group) to obtain or cause to be obtained as promptly as possible after the date of the Transaction Agreement (which shall not be later than any date required by applicable law) all governmental approvals that are necessary to complete and make effective the transactions contemplated by the Transaction Documents, including the regulatory and anti-trust approvals described above. However, neither party is required to divest, sell, dispose of, hold separate or otherwise take or commit to take any action that limits such party&#8217;s freedom of action that (x)&#160;is not conditioned on the Completion, (y) when combined with other actions taken pursuant to the provision described in this paragraph, would reasonably be expected to have an adverse impact that is material to the GECAS Business, taken as a whole, or if such action is imposed on the AerCap business, an adverse impact that is material to the AerCap business, taken as a whole, or (z) is in respect of assets or businesses of the General Electric group other than the GECAS Business (any such action, an &#8220;<font style="font-weight: bold;">Excluded Action</font>&#8221;). </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;19<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg23"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Warranties</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Transaction Agreement contains warranties made by General Electric and the Existing Shareholders to AerCap and the AerCap Entities, and by AerCap and the AerCap Entities to General Electric and the Existing Shareholders. Certain of the warranties in the Transaction Agreement are subject to &#8220;materiality&#8221; or Material Adverse Effect qualifications or knowledge qualifications. </div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Operating covenants</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">General Electric and the Existing Shareholders have agreed to certain covenants in the Transaction Agreement regarding the conduct of the GECAS Business between the entry into the Transaction Agreement and the Completion. AerCap has also agreed to certain covenants in the Transaction Agreement regarding the conduct of its business between the entry into the Transaction Agreement and the Completion.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Indemnity</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">General Electric and the Existing Shareholders, on the one hand, and AerCap and the AerCap Entities, on the other hand, will indemnify each other for breaches of certain key warranties and breaches of covenants. In addition, AerCap and the AerCap Entities will indemnify General Electric and the Existing Shareholders for any GECAS Business Liability, and General Electric and, subject to the foregoing indemnity by General Electric and the Existing Shareholders for breaches of certain key warranties and breaches of covenants, General Electric and the Existing Shareholders will indemnify AerCap and the AerCap Entities for any Excluded Liability. General Electric and the Existing Shareholders have also agreed to indemnities to implement the allocation of responsibility for taxes described below under the heading &#8220;Tax Provisions.&#8221; </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The warranties and the pre-completion covenants for which General Electric and the Existing Shareholders, on the one hand, and AerCap and the AerCap Entities, on the other hand will indemnify each other, will generally survive for 24 months after Completion (with certain &#8220;fundamental warranties&#8221; surviving indefinitely, certain warranties related to taxes surviving for 36 months after closing and certain warranties related to sufficiency of assets for the operation of the GECAS Business surviving for 12 months after closing). The covenants that are to be performed at or after Completion will survive until fully performed in accordance with their respective terms. All warranties other than the indemnifiable warranties will terminate and be extinguished as of the Completion date, and the parties will have no liability with respect to such warranties after the Completion date.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Deductible &#8211; Indemnification for warranties (other than fundamental warranties) is subject to reciprocal deductibles of USD 40&#160;million.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Cap &#8211; Indemnification for warranties (other than fundamental warranties) is subject to reciprocal caps of USD&#160;1.0&#160;billion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Aggregate Liability Cap &#8211; General Electric and the Existing Shareholders&#8217; aggregate liability under the Transaction Agreement is capped at USD 5.0&#160;billion (other than in respect of Excluded Liabilities) and AerCap and the AerCap Entities&#8217; aggregate liability under the Transaction Agreement is capped at USD 2.0&#160;billion (other than in respect of GECAS Business Liabilities).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Gross-Up &#8211; AerCap and the AerCap Entities are required to &#8220;gross up&#8221; indemnification payments to General Electric and the Existing Shareholders, as a result of the Existing Shareholders&#8217; equity stake in AerCap on the date of payment, for losses incurred by AerCap.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">No-Shops</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">General Electric and the Existing Shareholders are prohibited from soliciting any offers or proposals for, and entering into or continuing any discussions or negotiations in respect of, certain competing transactions.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap and the AerCap Entities are also prohibited from soliciting any offers or proposals for, and entering into or continuing any discussions or negotiations with respect to, certain competing transactions. However, if, prior to the time the Required AerCap Shareholder Approval is obtained, AerCap receives an unsolicited offer/proposal which the Board determines constitutes or would reasonably be expected to result in a proposal that is superior to the Proposed Transaction, AerCap may engage or participate in any discussions or negotiations with respect to a competing transaction subject to certain requirements as set forth in the Transaction Agreement. AerCap may only do so if the Board determines in good faith after consultation with its outside legal counsel that failure to take such action would reasonably be expected to be inconsistent with the directors&#8217; fiduciary duties under applicable law.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;20<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg24"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">General Meeting/Change of Board Recommendation</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap is required to hold a General Meeting for its shareholders and other persons entitled to vote, to vote on the Proposed Transaction, even if the Board changes its recommendation.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board has the flexibility to change its recommendation that the General Meeting approve the Proposed Transaction as a result of certain post-signing developments if it determines in good faith after consultation with its independent financial advisor and outside legal counsel that failure to do so would reasonably be expected to be inconsistent with the directors&#8217; fiduciary duties under applicable law. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap must negotiate with General Electric and the Existing Shareholders for a period of four business days before the Board changes its recommendation regarding changes to the Proposed Transaction which would make it no longer necessary for the Board to change its recommendation.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Tax provisions</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap will make (or cause to be made) an election (i)&#160;jointly with the Existing U.S. Shareholder under Section 338(h)(10) of the U.S. Tax Code with respect to each GECAS Company that is a U.S. domestic corporation; and (ii)&#160;under Section 338(g) of the U.S. Tax Code with respect to each GECAS Company that is a foreign corporation for U.S. federal income tax purposes (together, the &#8220;<font style="font-weight: bold;">Section 338 Elections</font>&#8221;).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">General Electric and the Existing Shareholders will generally indemnify AerCap for (i)&#160;all taxes of the GECAS Companies and their respective subsidiaries arising prior to 1 October 2020, up to an aggregate liability cap of USD&#160;2.0&#160;billion (which cap is subject to a dollar-for-dollar reduction for any losses arising from breaches of representations and warranties that were indemnified by General Electric and the Existing Shareholders); (ii)&#160;all consolidated tax liabilities of General Electric; and (iii)&#160;all taxes arising as a result of the Proposed Transaction and the Section 338 Elections described above, up to General Electric and the Existing Shareholders&#8217; aggregate liability cap of USD&#160;5.0&#160;billion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap will generally indemnify General Electric and the Existing Shareholders for all taxes of the GECAS Companies and their respective subsidiaries arising on or after 1 October 2020, up to AerCap&#8217;s aggregate liability cap of USD 2.0&#160;billion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap will bear 100% of any transfer taxes imposed on the Proposed Transaction unless the ownership percentage of General Electric and its affiliates in AerCap as of the Completion has decreased at the time such transfer taxes are paid. If the ownership percentage of General Electric and its affiliates in AerCap has decreased at the time any transfer taxes are paid, General Electric will bear a portion of such transfer taxes, as determined by a formula linked to their decrease in ownership (and capped at the Completion date ownership percentage).</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Compensation and benefits matters</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Existing Shareholders will retain all obligations and liabilities with respect to benefit plans that are not sponsored by the GECAS Companies or their respective subsidiaries, including all equity compensation arrangements. The GECAS Companies or their respective subsidiaries will retain obligations and liabilities with respect to benefit plans sponsored by the GECAS Companies or their respective subsidiaries.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">General Electric and its affiliates will be prohibited from soliciting certain senior employees of the GECAS Companies or their respective subsidiaries for two years following the Completion. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If any employee of the GECAS Business is terminated within one year following the Completion, AerCap will provide such employee with severance payments and benefits that are no less favourable than those provided by the Existing Shareholders.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Termination rights</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">Either AerCap or General Electric can terminate the Transaction Agreement if: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">AerCap and General Electric mutually agree to terminate in writing;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Completion does not occur within 12 months of signing (subject to (i)&#160;an extension on one occasion for a period of three months in certain circumstances and (ii)&#160;an extension of five business days in certain circumstances related to the financing) (the &#8220;<font style="font-weight: bold;">Long-Stop Date</font>&#8221;); <font style="font-style: italic;">provided</font> that the terminating party shall not have materially breached or failed to perform any of its warranties or covenants in a manner that resulted in the failure of the Completion to occur on or before the Long-Stop Date;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;21<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg25"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Required AerCap Shareholder Approval shall not have been obtained at the General Meeting;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a Legal Restraint enjoining the Proposed Transaction shall be in effect and shall have become final and unappealable; <font style="font-style: italic;">provided</font> that the terminating party shall not have materially breached or failed to perform any of its warranties or covenants in a manner that resulted in the imposition of such Legal Restraint;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">AerCap (in the case of termination by General Electric), or General Electric (in the case of termination by AerCap), has breached or failed to perform any of its or their warranties or pre-completion covenants and such breach would result in the failure of a closing condition, and such breach has not been cured by the earlier of the Long-Stop Date and the date falling three months after the date of such breach; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">a Material Adverse Effect on the GECAS Business (which allows AerCap to terminate) or on the AerCap Group (which allows General Electric to terminate) has occurred since the date of the Transaction Agreement, and has not been cured by the earlier of the Long-Stop Date and the date falling three months after the date of the occurrence of the Material Adverse Effect. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Existing Shareholders or General Electric can also terminate if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Board changes its recommendation; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">all of the closing conditions are satisfied or waived (except those that are to be satisfied at Completion), General Electric has given notice to AerCap that General Electric and the Existing Shareholders are prepared to close, the marketing period under the Transaction Agreement has ended and AerCap or the AerCap Entities fail to close by the date required pursuant to the Transaction Agreement (a &#8220;<font style="font-weight: bold;">Completion </font><font style="font-weight: bold;">Failure</font>&#8221;).</div></td></tr></table><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Termination fees</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">AerCap is required to pay the Existing Shareholders a USD 100&#160;million termination fee if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">General Electric terminates because the Board changes its recommendation prior to the receipt of the Required AerCap Shareholder Approval;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">certain competing offers are made, the Transaction Agreement is then terminated because either the Required AerCap Shareholder Approval shall not have been obtained at the General Meeting or Completion has not occurred by the Long-Stop Date (and the General Meeting has not yet approved the transaction at the time of termination), and AerCap enters into an alternative transaction within 12 months of termination; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">General Electric terminates because of a Completion Failure or the AerCap Entities terminate because the Completion does not occur by the Long-Stop Date under circumstances where General Electric or the Existing Shareholders could have terminated because of a Completion Failure.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If the Transaction Agreement is terminated under (3) above in a situation where AerCap does not obtain debt financing sufficient to pay the Cash Consideration, General Electric&#8217;s sole recourse against AerCap for such termination shall be the payment of a USD 100&#160;million termination fee; <font style="font-style: italic;">provided </font>that, (A) General Electric will be entitled to seek specific performance to enforce AerCap&#8217;s obligation to use its reasonable best efforts to obtain such debt financing and (B) payment of such termination fee will not relieve AerCap or any AerCap Entities of liability for any wilful breach of any provision of the Transaction Agreement prior to such termination or for fraud.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Specific performance</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The parties have agreed that they will be entitled to an injunction or injunctions to prevent breaches of the Transaction Agreement and to enforce specifically the terms and provisions of the Transaction Agreement without proof of damages or otherwise. Specific performance is available to the parties in addition to any other remedy to which they are entitled, except that the Existing Shareholders are not entitled to receive a termination fee in addition to a grant of specific performance to consummate the Proposed Transaction. Specific performance will not be available to General Electric to the extent that the Transaction Agreement is terminated and General Electric has received a termination fee as set forth above.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 12pt; margin-left: 0pt; text-align: left;">Governing law and submission to jurisdiction</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Transaction Agreement is governed by Delaware law. All disputes (other than actions against lenders related to the debt financing) will be brought and resolved in the Court of Chancery of the State of Delaware (or, only if such </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;22<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg26"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">court declines to accept jurisdiction over a particular matter, then in the United States District Court for the District of Delaware or, if jurisdiction is not then available in the United States District Court for the District of Delaware (but only in such event), then in any Delaware state court sitting in New Castle County) and any appellate court from any of such courts. All actions against lenders related to the debt financing will be brought and resolved in a New York State court or a Federal court sitting in New York County and any appellate court from any of such courts and shall be governed by New York law.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;"><u>Shareholders&#8217; Agreement</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a condition to the Completion, General Electric, certain of the Existing Shareholders and AerCap will enter into a shareholders&#8217; agreement to regulate, among other matters, certain voting arrangements between AerCap and the Existing Shareholders (the &#8220;<font style="font-weight: bold;">Shareholders&#8217; Agreement</font>&#8221;).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Board and committee nomination rights</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For as long as General Electric and its wholly owned subsidiaries (collectively, the &#8220;<font style="font-weight: bold;">GE Investors</font>&#8221;) collectively beneficially own at least 10% of the outstanding Shares, General Electric will be entitled to designate two directors to the Board, and for as long as the GE Investors collectively beneficially own any of the Shares, General Electric will be entitled to nominate one director to the Board, in each case for approval by AerCap&#8217;s shareholders at the next annual general meeting of AerCap. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Prior to the date of this circular, General Electric designated one individual, Ms.&#160;Jennifer VanBelle, for appointment to the Board as a non-executive director. If the AerCap Articles Amendment is approved at the General Meeting, General Electric will be permitted to appoint a second non-executive director to the Board in between AerCap&#8217;s annual general meetings on an interim basis, in accordance with the terms of the AerCap Articles Amendment and the Shareholders&#8217; Agreement. If the AerCap Articles Amendment is not approved at the General Meeting, General Electric will be entitled to nominate a second non-executive director to the Board at the next annual general meeting of AerCap, and until such time, such individual will be permitted to attend meetings of the Board in an observer capacity.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If any individuals designated by General Electric are not appointed to the Board at any AerCap annual general meeting (including if Ms.&#160;Jennifer VanBelle is unable to serve or has resigned from her position of employment at General Electric as of the Completion, or is not elected prior to the Completion), General Electric may designate a replacement (or initial, as applicable) individual for appointment to the Board, who will be appointed to the Board on an interim basis (if the AerCap Articles Amendment is approved at the General Meeting) or will be proposed and recommended for appointment at an extraordinary general meeting of AerCap. Until such time, any such individual will be permitted to attend meetings of the Board in an observer capacity.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">One of General Electric&#8217;s nominated directors will resign if the GE Investors&#8217; collective beneficial ownership decreases below 10% of AerCap&#8217;s outstanding Shares and the second will resign if the GE Investors collectively cease to beneficially own any Shares. General Electric&#8217;s nominees must meet certain eligibility requirements, and may be rejected by AerCap in certain limited circumstances. AerCap has also agreed not to grant any person the right to nominate more directors than General Electric. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For so long as General Electric is entitled to nominate a director to the Board, (i)&#160;AerCap will cause a director nominated by General Electric to be appointed to the Nomination and Compensation Committee and (ii)&#160;the other director nominated by General Electric (or, if there is only one director nominated by General Electric, such director) will be permitted to attend any meeting of each other committee of the Board in an observer capacity.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the event of a death or disability of a director nominated by General Electric, or the resignation or removal of a director nominated by General Electric in connection with the termination of such director&#8217;s employment with General Electric or its affiliates, if the next annual general meeting following such event will not occur within the next six months following such event, AerCap will cause an extraordinary general meeting to be convened as promptly as practicable for the purpose of approving the appointment of a replacement director nominated by General Electric; <font style="font-style: italic;">provided</font> that if the AerCap Articles Amendment is approved at the General Meeting, General Electric will instead be permitted to appoint a new director under such circumstances in accordance with the terms of the AerCap Articles Amendment and the Shareholders&#8217; Agreement. Until such time, any such appointee will be permitted to attend meetings of the Board in an observer capacity.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;23<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg27"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Restrictions on voting of Shares</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In general, the GE Investors may vote Shares constituting up to the Voting Agreement Period Voting Shares and must abstain from voting the remainder of their Shares. This voting restriction will not apply to, and the GE Investors may vote 100% of their Shares in connection with:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any transaction requiring approval of the General Meeting under article 2:107a DCC, other than change of control transactions not approved by the Board;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any merger or sale of substantially all of the assets of AerCap or other change of control transactions involving AerCap, in each case approved by the Board;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">any amendment or series of related amendments to AerCap&#8217;s organizational documents that would have a materially adverse and disproportionate effect on the rights of the GE Investors relative to AerCap&#8217;s other shareholders;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any proposal at a General Meeting to limit or exclude the GE Investors&#8217; pre-emptive rights; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the appointment or dismissal of directors nominated by General Electric.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Until the GE Investors collectively beneficially own less than 10% of the then-issued and outstanding Shares, the GE Investors must abstain from voting any of their Shares in connection with the election or removal of any director nominees not approved by the Board and any change of control transaction not approved by the Board.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Foundation structure</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the unforeseen event that any of the GE Investors would challenge the enforceability of the voting restrictions in the Shareholders&#8217; Agreement, subject to certain conditions, AerCap would be entitled to implement the foundation structure and the GE Investors are required to use reasonable best efforts to take the steps necessary, proper or advisable to implement the foundation structure. In such event the GE Investors will transfer their Shares to a Dutch foundation (<font style="font-style: italic;">stichting</font>), in exchange for which the GE Investors will receive a corresponding number of registered depository receipts from the foundation which will provide the GE Investors with the economic benefits of AerCap Shares, while the voting rights will remain with the foundation.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The foundation would be subject to the same voting agreement as the GE Investors, and the GE Investors would be able to instruct the foundation how to vote on the specific matters on which the GE Investors would be entitled to vote under the voting agreement provisions of the Shareholders&#8217; Agreement. The members of the board of the foundation would be appointed by AerCap.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 13pt; margin-left: 0pt; text-align: left;">Lock-up periods</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The GE Investors are prohibited from selling any Shares prior to nine months after the date of Completion. The GE Investors may sell up to 1/3 of the Shares the GE Investors acquire pursuant to the Transaction Agreement beginning nine months after the date of Completion, 2/3 of the Shares the GE Investors acquire pursuant to the Transaction Agreement beginning 12 months after the date of Completion and all of the Shares the GE Investors acquire pursuant to the Transaction Agreement beginning 15 months after the date of Completion.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 13pt; margin-left: 0pt; text-align: left;">Restrictions on transfer of Shares</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The GE Investors may not transfer more than 9.9% of the then-outstanding Shares to any one transferee (or, to General Electric&#8217;s knowledge, any transferees that form a group), except pursuant to a bona fide broadly distributed underwritten public offering, and for as long as the GE Investors collectively beneficially own more than 5% of the outstanding Shares, the GE Investors may not transfer any of the Shares in connection with any tender offer or exchange offer not approved and recommended by the Board. Restrictions on the transfer of the GE Investors&#8217; Shares will not apply to transfers to AerCap or wholly owned subsidiaries of General Electric, or to transfers in connection with a merger or acquisition approved by the Board. In addition, no GE Investor may enter into a derivative instrument, swap or other transaction that hedges or transfers, directly or indirectly, the economic consequences of its ownership of the outstanding Shares if the number of Shares referenced in, or that underlie, any such transaction or series of related transactions would exceed 9.9% of the outstanding Shares. Change of control transactions, mergers of equals or similar business combinations involving General Electric, and subject to certain conditions, certain bona fide sales, spinoffs or other divestitures of certain business units or divisions of General Electric or its affiliates, will not be considered transfers for purposes of the above restrictions. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;24<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg28"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">AerCap and the GE Investors will agree not to take any action that would cause the GE Investors collectively to beneficially own more than 50% of the Shares; <font style="font-style: italic;">provided</font> that if the GE Investors do come to collectively own more than 50% of the Shares, either alone or together with one or more persons each owning at least 10% of such Shares (the number of Shares in excess of such 50% level, the &#8220;<font style="font-weight: bold;">Excess Shares Amount</font>&#8221;), then the GE Investors may transfer a number of Shares equal to the Excess Shares Amount freely without regard to the transfer restrictions described above.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18pt; margin-left: 0pt; text-align: left;">Standstill provisions</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Until six months after the first date on which the GE Investors collectively own less than 10% of the outstanding Shares, the GE Investors will be subject to customary standstill provisions.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18pt; margin-left: 0pt; text-align: left;">Pre-emptive rights</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If AerCap issues equity securities for cash in an amount equal to or greater than 20% of AerCap&#8217;s share capital, AerCap shall not exclude or limit the GE Investors&#8217; pre-emptive rights, except to the extent the Board, as a matter of applicable mandatory law, is unable to offer pre-emptive rights to investors, to purchase the portion of the issued Shares required to maintain its ownership percentage in AerCap.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18pt; margin-left: 0pt; text-align: left;">Share repurchases</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If AerCap offers to repurchase Shares from other shareholders, it is required to offer to repurchase General Electric&#8217;s Shares pro rata.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18pt; margin-left: 0pt; text-align: left;">Specific performance</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The parties have agreed that they will be entitled to an injunction or injunctions to prevent breaches of the Shareholders&#8217; Agreement and to enforce specifically the terms and provisions of the Shareholders&#8217; Agreement without proof of damages or otherwise in addition to any other remedy to which they are entitled. </div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18pt; margin-left: 0pt; text-align: left;">Governing law, submission to jurisdiction and dispute resolution</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Shareholders&#8217; Agreement is governed by Dutch law. The Shareholders&#8217; Agreement provides that all disputes will be settled in the courts of Amsterdam, The Netherlands. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Equity Registration Rights Agreement</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a condition to the Completion, General Electric and AerCap will enter into a registration rights agreement with respect to the Stock Consideration (the &#8220;<font style="font-weight: bold;">Registration Rights Agreement</font>&#8221;).</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Registration rights</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Registration Rights Agreement provides that, subject to the lock-up periods described above, from and after the date that is 210 days after the Completion, the GE Investors will have customary registration rights with respect to the Stock Consideration.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Specific performance</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The parties have agreed that they will have the right to injunctive relief, in addition to all of their other rights and remedies at law or in equity, to enforce the provisions of the Registration Rights Agreement.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 18.5pt; margin-left: 0pt; text-align: left;">Governing law, submission to jurisdiction and dispute resolution</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Registration Rights Agreement provides that all disputes will be settled in the Court of Chancery of the State of Delaware (or, only if such court declines to accept jurisdiction over a particular matter, then in the United States District Court for the District of Delaware or, if jurisdiction is not then available in the United States District Court for the District of Delaware (but only in such event), then in any Delaware state court sitting in New Castle County) and any appellate court from any of such courts.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;25<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg29"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;"><u>Noteholder Agreement</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the event any AerCap Notes are issued, then, as a condition to the Completion, the issuer(s) of the AerCap Notes, General Electric (or any designated affiliate of General Electric that purchases the AerCap Notes) (the &#8220;<font style="font-weight: bold;">Noteholder</font>&#8221;) and the guarantors of the AerCap Notes, if any, will enter into a Noteholder Agreement (the &#8220;<font style="font-weight: bold;">Noteholder Agreement</font>&#8221;).</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Lock-up periods</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the event any AerCap Subordinated Notes are issued, the Noteholder will be prohibited from transferring such AerCap Subordinated Notes prior to six months after the date of Completion. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the event any AerCap Senior Notes are issued, the Noteholder will be prohibited from transferring such AerCap Senior Notes prior to 90 days after the date of Completion.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">AerCap Notes registration rights</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the event any AerCap Notes are issued, the Noteholder Agreement will provide that, subject to the lock-up periods described above, from and after the date that is 60 days prior to the termination of the earliest applicable lock-up period (as described above), the Noteholder will have customary registration rights with respect to each series of AerCap Notes issued to the Noteholder.</div><div class="h4" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Specific performance and governing law, submission to jurisdiction and dispute resolution</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the event any AerCap Notes are issued, the Noteholder Agreement will contain provisions relating to specific performance, governing law, submission to jurisdiction and dispute resolution that are similar to those contained in the Registration Rights Agreement described above.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;"><u>Transitional Trademark License Agreement</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a condition to the Completion, General Electric, the GECAS Companies, Celestial Limited, GECAS Trading Limited and AerCap will enter into a transitional trademark license agreement (the &#8220;<font style="font-weight: bold;">Transitional Trademark </font><font style="font-weight: bold;">License Agreement</font>&#8221;), pursuant to which General Electric shall grant to the GECAS Companies, Celestial Limited and GECAS Trading Limited a limited worldwide license to use certain trademarks owned by General Electric for a period of three months following the Completion.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;"><u>Transition Services Agreement</u> </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a condition to the Completion, General Electric and AerCap will enter into a transition services agreement (the &#8220;<font style="font-weight: bold;">Transition Services Agreement</font>&#8221;), pursuant to which each of General Electric and AerCap will provide to the other party or their respective subsidiaries or affiliates, as applicable, certain services, use of facilities and other assistance on a transitional basis following the Completion.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;"><u>Financial Reporting Agreement</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As a condition to the Completion, General Electric and AerCap will enter into a financial reporting agreement (the &#8220;<font style="font-weight: bold;">Financial Reporting Agreement</font>&#8221;), pursuant to which AerCap will agree to, among other things, provide General Electric with reports and access to certain information and personnel.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;26<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg30"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">8.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><a name="tFOT"><!--Anchor--></a>FINANCING OF THE PROPOSED TRANSACTION</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">The Cash Consideration is expected to be funded through new debt financing.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the financing of the Proposed Transaction, AerCap has entered into a 364-day bridge loan facility commitment letter (the &#8220;<font style="font-weight: bold;">Bridge Commitment Letter</font>&#8221;) with Citi, Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC (collectively, &#8220;<font style="font-weight: bold;">Goldman Sachs</font>&#8221;), pursuant to which Citi and Goldman Sachs have committed to provide a senior unsecured 364-day bridge loan facility in an aggregate principal amount of up to USD 24&#160;billion (the &#8220;<font style="font-weight: bold;">Bridge Facility</font>&#8221;). The borrower under the Bridge Facility is AerCap Ireland Capital Designated Activity Company, and AerCap, together with certain subsidiaries of AerCap that currently guarantee certain of AerCap&#8217;s other existing credit facilities, will guarantee the Bridge Facility.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If drawn, the loans under the Bridge Facility (the &#8220;<font style="font-weight: bold;">Bridge Loans</font>&#8221;) will mature 364 days after the Completion. The interest rate per annum applicable to the Bridge Loans will be, at the election of AerCap, either (i)&#160;a reserve-adjusted London interbank offer rate (&#8220;<font style="font-weight: bold;">LIBOR</font>&#8221;) (which shall not be less than 0.00%) plus an initial 150 basis point margin, which increases to 175 basis points 90 days after the Completion, to 200 basis points 180 days after the Completion and to 225 basis points 270 days after the Completion, or (ii)&#160;a customary &#8220;Base Rate&#8221; (which shall not be less than the one-month LIBOR plus 1.00%) plus an initial 50 basis point margin, which increases to 75 basis points 90 days after the Completion, to 100 basis points 180 days after the Completion and to 125 basis points 270 days after the Completion.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In the case of both Bridge Loans bearing interest by reference to LIBOR and Bridge Loans bearing interest by reference to the Base Rate, the interest rate margins applicable thereto as described above are subject to adjustment based on a ratings-based pricing grid, pursuant to which, with respect to each interest rate margin described above, the interest rate margin will (i)&#160;decrease by 25 basis points from the interest rate margins described above if the consensus majority senior unsecured rating of AerCap from S&amp;P, Fitch and Moody&#8217;s is BBB, BBB and Baa2, respectively (and in certain other ratings circumstances), (ii)&#160;will decrease by 37.5 basis points from the interest rate margins described above if the consensus majority senior unsecured rating of AerCap from S&amp;P, Fitch and Moody&#8217;s is BBB+, BBB+ and Baa1 (or higher), respectively (and in certain other ratings circumstances), and (iii)&#160;will increase by 25 basis points from the interest rate margins described above if the consensus majority senior unsecured rating of AerCap from S&amp;P, Fitch and Moody&#8217;s is BB+, BB+ and Ba1 (or lower), respectively (and in certain other ratings circumstances). The foregoing pricing is subject to the &#8220;flex&#8221; provisions in the fee letter relating to the Bridge Facility, pursuant to which, subject to the conditions set forth therein, the interest rate margin applicable to the Bridge Loans may be increased per annum by up to an amount set forth therein.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">AerCap Ireland Capital Designated Activity Company has the right under the Bridge Facility to reduce the commitments thereunder, and to prepay any amounts outstanding, without penalty or premium. The Bridge Facility contains representations, warranties, covenants and events of default based on and substantially similar to that certain Third Amended and Restated Revolving Credit Agreement dated as of October&#160;22, 2019, among AerCap, AerCap Ireland Capital Designated Activity Company, the subsidiary guarantors party thereto from time to time, the lenders party thereto from time to time and Citibank, N.A., and has limited conditions on borrowing, including a condition that the Proposed Transaction be consummated prior to or substantially concurrently with the making of the Bridge Loans. In connection with the Bridge Facility, AerCap has agreed to pay certain fees and expenses to Citi and Goldman Sachs or their respective affiliates.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As an alternative to borrowing the Bridge Loans, AerCap intends to issue senior unsecured notes or other debt securities, subordinated notes, or hybrid securities, or borrow senior unsecured or secured term loans, collectively, in an aggregate principal amount of up to USD 24&#160;billion. AerCap has engaged Citi and Goldman Sachs, and has agreed to pay certain fees and expenses to Citi and Goldman Sachs or their respective affiliates, in connection with such potential issuances or borrowings.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;27<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg31"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">9.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;"><a name="tRBT"><!--Anchor--></a>RECOMMENDATION BY THE BOARD </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board, after having duly considered the strategic, economic, financial and social aspects of the Proposed Transaction, including the conditional re-appointment of Mr.&#160;Aengus Kelly as executive director and Mr.&#160;Paul Dacier as non-executive director, the conditional appointment of Ms.&#160;Jennifer VanBelle as a non-executive director, the conditional authorization to issue additional shares and grant subscription rights for shares and to limit or exclude pre-emptive rights in relation thereto and the AerCap Articles Amendment, has determined that it is in the best interest of AerCap and its business, taking into account the interests of its shareholders and other stakeholders. The Board conducted discussions with AerCap&#8217;s management, AerCap&#8217;s legal advisors, Cravath Swaine &amp; Moore LLP and NautaDutilh N.V. and Citi, in its capacity as AerCap&#8217;s financial advisor. The Board also received an opinion, dated 9 March 2021, from Citi as to the fairness, as of the date of the opinion, from a financial point of view, to AerCap of the aggregate consideration provided for pursuant to the Transaction Agreement, which opinion was based on and subject to various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken as more fully described in such opinion (attached as Exhibit A). As the Board was aware, Citi and its affiliates in the past have provided, currently are providing and in the future may provide investment banking, commercial banking and other similar financial services to General Electric or certain of its affiliates, for which services Citi and its affiliates have received and expect to receive compensation, including, during the approximately two-year period prior to the date of Citi&#8217;s opinion, having acted or acting as (i)&#160;financial advisor to General Electric or certain of its affiliates in connection with certain sale transactions, (ii)&#160;joint bookrunning manager in connection with certain debt and equity offerings of General Electric or certain of its affiliates and (iii)&#160;joint bookrunner, joint lead arranger and syndication agent in connection with, and as a lender under, a credit facility of General Electric. As the Board also was aware, Citi provided preliminary financial advice to General Electric regarding the GECAS Business prior to April 2020. In engaging Citi as financial advisor to AerCap in connection with the Proposed Transaction, the Board determined that Citi&#8217;s services to General Electric would not be inconsistent with the Board&#8217;s fiduciary duties in respect of the Proposed Transaction after considering, among other things, (i)&#160;Citi&#8217;s industry knowledge and familiarity with AerCap, General Electric, the GECAS Business and the Proposed Transaction and the inefficiencies and confidentiality sensitivities in engaging another financial advisor, and (ii)&#160;legal advice from NautaDutilh N.V., AerCap&#8217;s Dutch legal advisor, on the Board&#8217;s fiduciary duties in arriving at the Board&#8217;s determination. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board unanimously supports the Proposed Transaction, including the conditional re-appointment of Mr.&#160;Aengus Kelly as executive director and Mr.&#160;Paul Dacier as non-executive director, the conditional appointment of Ms.&#160;Jennifer VanBelle as a non-executive director, the conditional authorization to issue additional shares and grant subscription rights for shares and to limit or exclude pre-emptive rights in relation thereto and the AerCap Articles Amendment, and recommends that AerCap&#8217;s shareholders and other persons entitled to vote exercise their voting rights at the General Meeting in favour of the Proposals, including the approval of the Proposed Transaction, the conditional re-appointment of Mr.&#160;Aengus Kelly as executive director and Mr.&#160;Paul Dacier as non-executive director, the conditional appointment of Ms.&#160;Jennifer VanBelle as a non-executive director, the conditional authorization to issue additional shares and grant subscription rights for shares and to limit or exclude pre-emptive rights in relation thereto and the AerCap Articles Amendment.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The board of directors of each of the Existing Shareholders and General Electric have resolved to enter into and support the Proposed Transaction, including the conditional re-appointment of Mr.&#160;Aengus Kelly as executive director and Mr.&#160;Paul Dacier as non-executive director, the conditional appointment of Ms.&#160;Jennifer VanBelle as a non-executive director, the conditional authorization to issue additional shares and grant subscription rights for shares and to limit or exclude pre-emptive rights in relation thereto and the AerCap Articles Amendment, subject to the terms of the Transaction Documents.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;28<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg32"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tEXA"><!--Anchor--></a>EXHIBIT A<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Opinion of Citigroup Global Markets Inc.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">March&#160;9, 2021</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Board of Directors <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">AerCap Holdings N.V.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">AerCap House<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">65 St. Stephen&#8217;s Green<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Dublin D02 YX20<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Ireland</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">The Board of Directors:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">You have requested our opinion as to the fairness, from a financial point of view, to AerCap Holdings N.V. (&#8220;AerCap&#8221;) of the Consideration (defined below) to be paid pursuant to the terms and subject to the conditions set forth in a Transaction Agreement (the &#8220;Agreement&#8221;) proposed to be entered into among GE Ireland USD Holdings ULC (&#8220;GE Ireland Shareholder 1&#8221;), GE Financial Holdings ULC (&#8220;GE Ireland Shareholder 2&#8221;), GE Capital US Holdings, Inc. (&#8220;GE U.S. Shareholder&#8221;), General Electric Company (&#8220;GE Parent&#8221;), AerCap, AerCap US Aviation LLC (&#8220;AerCap U.S. Purchaser&#8221;) and AerCap Aviation Leasing Limited (&#8220;AerCap Ireland Subscriber&#8221;). As more fully described in the Agreement, AerCap will acquire the GE Capital Aviation Services (GECAS) aviation leasing business of GE Parent (the &#8220;Business&#8221; and, such acquisition, the &#8220;Transaction&#8221;) for aggregate consideration consisting of (a) 111,500,000 ordinary shares, with nominal value &#8364;0.01 per share, of AerCap (&#8220;AerCap Ordinary Shares&#8221; and, such number of shares, the &#8220;Stock Consideration&#8221;), (b) US$23,905,398,192 in cash (the &#8220;Base Cash Consideration&#8221;) and (c) non-cumulative subordinated and/or senior unsecured notes of AerCap (or, at AerCap&#8217;s option, cash in lieu of all or any portion thereof) in an aggregate principal amount of up to US$1,000,000,000 (the &#8220;AerCap Notes&#8221; and, together with the Stock Consideration and the Cash Consideration, the &#8220;Consideration&#8221;), subject to certain adjustments and allocations (as to which adjustments and allocations we express no opinion) as set forth in the Agreement. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Agreement provides, among other things, that the Transaction will be effected through (i)&#160;the acquisition by AerCap U.S. Purchaser from GE U.S. Shareholder of all outstanding equity interests in GE Capital Aviation Services LLC (&#8220;U.S. Company&#8221;), (ii)&#160;the subscription by AerCap Ireland Subscriber for newly issued equity interests in GE Capital Aviation Funding ULC (&#8220;Irish Company 1&#8221;) and the cancellation of existing equity interests in Irish Company 1 held by GE Ireland Shareholder 1, (iii)&#160;the acquisition by AerCap Ireland Subscriber from GE Ireland Shareholder 2 of all outstanding equity interests in Celestial Transportation Finance Ireland Limited (&#8220;Irish Company&#160;2&#8221;) and GECAS Trading Ireland Limited (&#8220;Irish Company 3&#8221; and, together with Irish Company 1 and Irish Company 2, the &#8220;Irish Companies&#8221; and each individually, an &#8220;Irish Company&#8221;), (iv)&#160;the acquisition by AerCap or an affiliate thereof from GE Parent of specified assets and liabilities related to the Business, and (v)&#160;prior to consummation of the transactions described in clauses (i)&#160;through (iv)&#160;above, the subscription by AerCap Ireland Subscriber for one or more debt instruments of each of the Irish Companies or its subsidiaries in an aggregate principal amount equal to the aggregate balance of specified intercompany accounts of such Irish Company, as applicable, the proceeds of which will be used immediately to repay specified intercompany indebtedness between the entities transferred in the Transaction and entities related to GE Parent other than the entities transferred in the Transaction. The terms and conditions of the Transaction and related transactions are more fully set forth in the Agreement and related documents. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In arriving at our opinion, we reviewed a draft, dated March&#160;9, 2021, of the Agreement and held discussions with certain senior officers, directors and other representatives and advisors of AerCap, certain senior officers of the Business and certain senior officers and other representatives and advisors of GE Parent concerning the Business, AerCap and their respective operations and prospects. We reviewed certain publicly available and other business and financial information relating to the Business and AerCap provided to or discussed with us by the management of AerCap, including certain financial forecasts and other information and data (including, without limitation, certain leverage assumptions) relating to the Business and AerCap (both on standalone bases and pro forma for the Transaction) provided to or discussed with us by the management of AerCap as well as potential cost savings, strategic implications and financial and operational benefits (including the amount, timing and achievability thereof) anticipated by such management to result from the Transaction and related transactions. We also reviewed the financial terms of the Transaction as set forth in the Agreement in relation to, among other things: current and </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: justify;">historical market prices of AerCap Ordinary Shares; the financial condition and certain historical and projected<br></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg33"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The Board of Directors <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">AerCap Holdings N.V. <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">March 9, 2021 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Page 2 </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">financial and operating data of the Business and AerCap; the assumed capital structure of the Business and the capitalization of AerCap. We analyzed certain financial, stock market and other publicly available information relating to the businesses of certain other companies whose operations we considered relevant in evaluating those of the Business and AerCap and we also analyzed, to the extent publicly available, financial terms of certain other transactions which we considered relevant in evaluating the Transaction. We also analyzed, for informational reference, AerCap on a standalone basis relative to AerCap and the Business pro forma for the Transaction and reviewed certain other potential pro forma financial effects of the Transaction on AerCap utilizing the financial forecasts and other information and data relating to the Business and AerCap and the potential cost savings, strategic implications and financial and operational benefits referred to above. In addition to the foregoing, we conducted such other analyses and examinations and considered such other information and financial, economic and market criteria as we deemed appropriate in arriving at our opinion. The issuance of our opinion has been authorized by our fairness opinion committee. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In rendering our opinion, we have 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 us and upon the assurances of the management and other representatives of AerCap that they are not aware of any relevant information that has been omitted or that remains undisclosed to us. With respect to the financial forecasts and other information and data (including, without limitation, leverage assumptions) that we have been directed to utilize in our analyses, we have been advised and we have assumed, with your consent, that such financial forecasts and other information and data have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of AerCap as to, and are a reasonable basis upon which to evaluate, the future financial performance of the Business and AerCap under the alternative business scenarios reflected therein, the potential cost savings, strategic implications and financial and operational benefits (including the amount, timing and achievability thereof) anticipated by the management of AerCap to result from, and other potential pro forma financial effects of, the Transaction and the other matters covered thereby. We express no view or opinion as to any financial forecasts and other information or data (or underlying assumptions on which any such financial forecasts and other information or data are based) provided to or otherwise reviewed by or discussed with us and we have assumed, with your consent, that the financial results, including with respect to the potential cost savings, strategic implications and financial and operational benefits, reflected in such financial forecasts and other information and data will be realized in the amounts and at the times projected. For purposes of our analyses and opinion, we have assumed a value for the AerCap Notes equal to the principal amount thereof.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have relied, at your direction, upon the assessments of the management of AerCap as to, among other things, (i)&#160;the potential impact on the Business and AerCap of macroeconomic, geopolitical, market, competitive and other conditions, trends and developments in and prospects for, and governmental, regulatory and legislative matters relating to or otherwise affecting, the aviation industry and the aviation leasing sector thereof, including with respect to the geographical regions in which the Business, AerCap and their respective lessees operate, (ii)&#160;implications for the Business and AerCap of the global COVID-19 pandemic and (iii)&#160;the ability of AerCap to integrate the operations of the Business and AerCap and to realize the potential cost savings, strategic implications and financial and operational benefits as contemplated. We have assumed, with your consent, that there will be no developments with respect to any such matters, or any adjustments to or allocations of the Consideration, that would have an adverse effect on the Business, AerCap, the Transaction or related transactions (including the contemplated benefits thereof) or that otherwise would be meaningful in any respect to our analyses or opinion. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have not made or been provided with an independent evaluation or appraisal of the assets or liabilities (contingent, accrued, derivative, off-balance sheet or otherwise) of the Business, AerCap or any other business or entity nor have we made any physical inspection of the properties or assets of the Business, AerCap or any other business or entity. We have not evaluated the solvency or fair value of the Business, AerCap or any other business or entity under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. We express no view or opinion as to any actual or potential litigation, claims or governmental, regulatory or other proceedings, enforcement actions, consent or other orders or investigations or the potential impact thereof on the Business, AerCap </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: justify;">or any other business or entity. We also have assumed, with your consent, that all transition services and other<br></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg34"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The Board of Directors <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">AerCap Holdings N.V. <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">March 9, 2021 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Page 3 </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">contractual arrangements and all assets, properties and rights necessary for the operation of the Business will be acquired and retained, appropriate indemnification arrangements or other provisions have been or will be made relating to, and that there are no undisclosed liabilities of, the Business and AerCap will not directly or indirectly incur any liabilities or other obligations that are contemplated to be assumed or retained directly or indirectly by GE Parent in connection with the Transaction or related transactions or otherwise. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We have assumed, with your consent, that the Transaction and related transactions will be consummated in accordance with their respective terms and in compliance with all applicable laws, documents and other requirements, without waiver, modification or amendment of any material term, condition or agreement, and that, in the course of obtaining the necessary governmental, regulatory or third party approvals, consents, releases, waivers and agreements for the Transaction or related transactions or otherwise, no delay, limitation, restriction, condition or other action, including any divestiture or other requirements, amendments or modifications, will be imposed or occur that would have an adverse effect on the Business, AerCap, the Transaction or related transactions (including the contemplated benefits thereof) or that otherwise would be meaningful in any respect to our analyses or opinion. Representatives of AerCap have advised us, and we also have assumed, that the final terms of the Agreement will not vary materially from those set forth in the draft reviewed by us. We also have assumed, with your consent, that the Transaction and related transactions will qualify for the intended tax treatment contemplated by the Agreement. We are not expressing any view or opinion as to the actual value of AerCap Ordinary Shares, AerCap Notes or any other securities when (and, in the case of the AerCap Notes, if) issued in connection with the Transaction or related transactions or the prices at which AerCap Ordinary Shares, AerCap Notes or any other securities will trade or otherwise be transferable at any time, including following the announcement or consummation of the Transaction and related transactions. We are not expressing any view or opinion with respect to accounting, tax, regulatory, legal or similar matters, including, without limitation, as to tax or other consequences of the Transaction, the related transactions or otherwise or changes in, or the impact of, accounting standards or tax and other laws, regulations and governmental and legislative policies affecting the Business, AerCap, the Transaction or related transactions (including the contemplated benefits thereof), and we have relied, with your consent, upon the assessments of representatives of AerCap as to such matters.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our opinion addresses only the fairness, from a financial point of view and as of the date hereof, to AerCap of the Consideration (to the extent expressly specified herein), and does not address any terms, aspects or implications of the Transaction or any related transactions, including, without limitation, the form or structure of the Transaction or the Consideration, the form or terms of the AerCap Notes, any adjustments to or allocations of the Consideration, or any terms, aspects or implications of any pre-closing reorganization and/or tax elections, guarantees, indemnification or settlement arrangements, transition services or other ancillary agreements or any other agreement, arrangement or understanding to be entered into in connection with or contemplated by the Transaction, related transactions or otherwise. We express no view as to, and our opinion does not address, the underlying business decision of AerCap to effect or enter into the Transaction and related transactions, the relative merits of the Transaction or related transactions as compared to any alternative business strategies that might exist for AerCap or the effect of any other transaction which AerCap might engage in or consider. We also express no view as to, and our opinion does not address, the fairness (financial or otherwise) of the amount or nature or any other aspect of any compensation or other consideration to any officers, directors or employees of any parties to the Transaction or related transactions, or any class of such persons, relative to the Consideration or otherwise. Our opinion is necessarily based upon information available, and financial, stock market and other conditions and circumstances existing and disclosed, to us as of the date hereof. Although subsequent developments may affect our opinion, we have no obligation to update, revise or reaffirm our opinion. As you are aware, the credit, financial and stock markets, the industry in which the Business and AerCap operate and the securities of AerCap have experienced and may continue to experience volatility and we express no view or opinion as to any potential effects of such volatility on the Business, AerCap, the Transaction or related transactions (including the contemplated benefits thereof).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Citigroup Global Markets Inc. has acted as financial advisor to AerCap in connection with the proposed Transaction and will receive a fee for such services, of which a portion is payable upon delivery of this opinion and the principal </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: justify;">portion is contingent upon consummation of the Transaction. AerCap also has agreed to reimburse our expenses and<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: justify;"> </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_101-ex99-2_pg35"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">The Board of Directors <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">AerCap Holdings N.V. <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">March 9, 2021 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Page 4 </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">to indemnify us against certain liabilities arising from our engagement. As you are aware, we and/or certain of our affiliates expect to act as joint lead arranger, joint bookrunner and/or administrative agent for the financing of the Transaction and related refinancing, for which services we and such affiliates expect to receive compensation. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As you also are aware, we and our affiliates in the past have provided, currently are providing and in the future may provide investment banking, commercial banking and other similar financial services to AerCap and/or certain of its affiliates unrelated to the proposed Transaction, for which services we and our affiliates have received and expect to receive compensation, including, during the approximately past two years, having acted or acting as (i)&#160;sole underwriter or joint lead bookrunning manager in connection with a secondary equity offering and certain debt offerings of AerCap and/or certain of its affiliates and (ii)&#160;joint lead arranger, joint bookrunner and administrative agent in connection with, and as a lender under, certain credit facilities of AerCap and certain of its affiliates. As you further are aware, we and our affiliates in the past have provided, currently are providing and in the future may provide investment banking, commercial banking and other similar financial services to GE Parent and/or certain of its affiliates, for which services we and our affiliates have received and expect to receive compensation, including, during the approximately past two years, having acted or acting as (i)&#160;financial advisor to GE Parent or certain of its affiliates in connection with certain sale transactions, (ii)&#160;joint bookrunning manager in connection with certain debt and equity offerings of GE Parent and/or certain of its affiliates and (iii)&#160;joint bookrunner, joint lead arranger and syndication agent in connection with, and as a lender under, a credit facility of GE Parent. In the ordinary course of business, we and our affiliates may actively trade or hold the securities or financial instruments (including loans and other obligations) of AerCap, GE Parent and/or their respective affiliates for our own account or for the account of our customers and, accordingly, may at any time hold a long or short position or otherwise effect transactions in such securities or financial instruments. In addition, we and our affiliates (including Citigroup Inc. and its affiliates) may maintain relationships with AerCap, GE Parent and/or their respective affiliates. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Our advisory services and the opinion expressed herein are provided solely for the information of the Board of Directors of AerCap (the &#8220;Board&#8221;), solely in its capacity as such, in its evaluation of the proposed Transaction, and may not be relied upon by any third party or used for any other purpose. Our opinion is not intended to be and does not constitute advice or a recommendation as to how the Board or any securityholder should vote or act on any matters relating to the proposed Transaction or otherwise.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Based upon and subject to the foregoing, our experience as investment bankers, our work as described above and other factors we deemed relevant, we are of the opinion that, as of the date hereof, the Consideration to be paid in the Transaction is fair, from a financial point of view, to AerCap.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Very truly yours, </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">CITIGROUP GLOBAL MARKETS INC.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg1"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: right;">Exhibit 99.3</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">EXPLANATION TO THE AGENDA</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Explanation to the agenda for the annual general meeting of shareholders of AerCap Holdings N.V., a public limited liability company (<font style="font-style: italic;">naamloze vennootschap</font>) incorporated in the Netherlands with its corporate seat in Amsterdam and Dutch trade register number 34251954 (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) to be held on Wednesday May&#160;12, 2021 at 10:30 a.m. (Amsterdam time) at the Steigenberger Airport Hotel Amsterdam, Stationsplein, ZW 951|1117 CE, Schiphol-Oost, The Netherlands (the &#8220;<font style="font-weight: bold;">Meeting</font>&#8221;).</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 2 (for discussion):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Dutch Civil Code requires that the Board of Directors prepare a report with respect to, among other things, the business of the Company and the conduct of its affairs during the preceding financial year. In accordance with Dutch law and the articles of association of the Company, a summary of the contents of the report of the Board of Directors for the financial year 2020 will be discussed at the annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Due to the international nature of the Company&#8217;s business, the report of the Board of Directors for the financial year 2020 has been prepared in the English language, which is permitted under Article 2:391(1) of the Dutch Civil Code, subject to approval by the Company&#8217;s general meeting of shareholders. Such approval has been obtained for the 2006 financial year and subsequent financial years. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 3 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Dutch Civil Code requires the preparation of the Company&#8217;s annual accounts, consisting of a balance sheet and a profit and loss account with respect to the preceding financial year, together with the explanatory notes thereto. Under Article 2:406 of the Dutch Civil Code, the annual accounts consist of the annual accounts of the Company on an unconsolidated basis and the consolidated accounts of the Company and its subsidiaries. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Due to the international nature of the Company&#8217;s business, the annual accounts for the financial year 2020 have been prepared in the English language, which is permitted under Article 2:362 of the Dutch Civil Code, subject to approval by the Company&#8217;s general meeting of shareholders. Such approval has been obtained for the 2006 financial year and subsequent financial years.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 4 (for discussion):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors has determined that the entire 2020 profit shall be reserved and that no profits shall be distributed as dividends to the shareholders. Pursuant to the articles of association of the Company, the decision to reserve profits is at the discretion of the Board of Directors. The Board of Directors continues to believe that it is in the best interests of the Company to reserve all profits, noting that this policy may be reconsidered in the future. Any reconsideration of this policy will depend on the Company&#8217;s future earnings and capital needs, the Company&#8217;s operating and financial condition, and other factors that the Board of Directors may deem relevant.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors continuously assesses the best use of the Company&#8217;s capital, including aircraft purchases, acquisitions, deleveraging, and return of capital to the Company&#8217;s shareholders through share repurchases and/or dividend payments, if any. In 2020, the Company repurchased approximately 2,130,509&#160;million of its own shares. These share repurchases were conducted at arm&#8217;s length and in accordance with the authorizations granted at the annual general meetings of shareholders in 2019 and 2020. The timing of repurchases and the exact number of shares to be repurchased will - within the scope of the authorizations granted by the Company&#8217;s general meeting of shareholders in this respect - be determined by the Board of Directors, in its discretion, and will depend upon market conditions and other factors. The program will be funded using the Company&#8217;s cash on hand and cash generated from operations. The program may be suspended or discontinued at any time.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 5 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed to release the directors (<font style="font-style: italic;">leden raad van bestuur</font>) from liability (<font style="font-style: italic;">kwijting verlenen aan</font>) with respect to their management during the 2020 financial year. Such release only applies to matters that are disclosed in the Company&#8217;s annual accounts or have otherwise been disclosed to the Company&#8217;s general meeting of shareholders prior to the resolution to release.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;">&#8201;1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg2"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;"><u>Agenda item 6:</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">On 9 March 2021, the Company, AerCap Aviation Leasing Limited (the &#8220;<font style="font-weight: bold;">Ireland Subscriber</font>&#8221;), AerCap US Aviation LLC (the &#8220;<font style="font-weight: bold;">US Purchaser</font>&#8221; and, together with the Ireland Subscriber, the &#8220;<font style="font-weight: bold;">AerCap </font><font style="font-weight: bold;">Entities</font>&#8221;), GE Ireland USD Holdings ULC (the &#8220;<font style="font-weight: bold;">Existing Ireland Shareholder 1</font>&#8221;), GE Financial Holdings ULC (the &#8220;<font style="font-weight: bold;">Existing Ireland Shareholder 2</font>&#8221; and, together with the Existing Ireland Shareholder 1, (the &#8220;<font style="font-weight: bold;">Existing Ireland Shareholders</font>&#8221;), GE Capital US Holdings, Inc. (the &#8220;<font style="font-weight: bold;">Existing US </font><font style="font-weight: bold;">Shareholder</font>&#8221; and, together with the Existing Ireland Shareholders, the &#8220;<font style="font-weight: bold;">Existing Shareholders</font>&#8221;) and General Electric Company (&#8220;<font style="font-weight: bold;">GE Parent</font>&#8221; or &#8220;<font style="font-weight: bold;">GE</font>&#8221;), entered into a certain transaction agreement (the &#8220;<font style="font-weight: bold;">Transaction Agreement</font>&#8221;), relating to the acquisition by the AerCap Entities of the GECAS Business, as defined in the Shareholders&#8217; Circular (as defined below), in consideration for cash, notes (or cash) and registered shares in the Company&#8217;s share capital, on the terms of the Transaction Agreement and subject to the conditions set forth therein (the &#8220;<font style="font-weight: bold;">Proposed Transaction</font>&#8221;). </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In giving effect to its obligations under the Transaction Agreement and with a view to the provisions of article 2:107a of the Dutch Civil Code and article 16.7 of the Company&#8217;s articles of association, the Board of Directors now proposes to the general meeting of shareholders of the Company to grant the approval referred to in the aforesaid provisions in relation to the entering into of the Proposed Transaction by the Company. For a further explanation on the Proposed Transaction, reference is made to the shareholders&#8217; circular prepared in connection with the Proposed Transaction (the &#8220;<font style="font-weight: bold;">Shareholders&#8217; Circular</font>&#8221;). </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;"><u>Agenda item 7:</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr.&#160;Aengus Kelly was re-appointed as executive director and Chief Executive Officer of the Company at the 2018 annual general meeting of shareholders, with his term set to end on the day of the 2023 annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr.&#160;James Lawrence and Mr.&#160;Michael Walsh were each appointed as non-executive directors of the Company at the 2017 annual general meeting of shareholders, with their term set to end on the day of the 2021 annual general meeting of shareholders. Mr.&#160;Paul Dacier, currently the Chairman of the Board of Directors, was re-appointed as non-executive director of the Company at the 2020 annual general meeting of shareholders, with his term set to end on the day of the 2022 annual general meeting of shareholders.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In order to secure continuity on the Board of Directors for the near future and also in view of the Proposed Transaction, the Board of Director is now proposing to the Company&#8217;s general meeting of shareholders to re-appoint Mr.&#160;Kelly, Mr.&#160;Lawrence, Mr.&#160;Walsh and Mr.&#160;Dacier as described below.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;"><u>Agenda item 7a (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As indicated above, conditional upon the adoption of agenda item 6., and also consistent with the Company&#8217;s objective to retain its executive management team on a long term basis to, amongst other Company objectives, successfully implement the Proposed Transaction (if approved by the general meeting of shareholders), it is proposed that Mr.&#160;Aengus Kelly, the Company&#8217;s executive director and Chief Executive Officer, be re-appointed as executive director of the Company and Chief Executive Officer. At the 2018 annual general meeting of shareholders, Mr.&#160;Kelly was re-appointed for a period of four years, commencing at the close of the 2019 annual general meeting of shareholders, and ending at the close of the 2023 annual general meeting of shareholders. The currently proposed re-appointment will commence at the close of the 2022 annual general meeting of shareholders, and will end at the close of the 2026 annual general meeting of shareholders, such that, effectively, Mr.&#160;Kelly&#8217;s term as Chief Executive Officer is extended for a period of 5&#160;years from the date of this Meeting.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">We believe that it is in the interest of the Company and its shareholders and other stakeholders to secure Mr.&#160;Kelly&#8217;s re-appointment prior to the end of his current term and in conjunction with the approval of the Proposed Transaction. The same approach was strongly supported by the Company&#8217;s shareholders in February 2014 and again in April 2018 upon Mr.&#160;Kelly&#8217;s reappointment. As noted, we believe that Mr.&#160;Kelly is critical to the Company&#8217;s ongoing success. Under Mr.&#160;Kelly&#8217;s leadership, the Company has transformed to become the industry leader and delivered exceptional performance. The Board of Directors strongly believes that Mr.&#160;Kelly is the best person to further develop the Company&#8217;s position </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">&#8201;2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg3"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">in the highly dynamic and competitive environment of the aircraft leasing industry, and to successfully execute on the Proposed Transaction and, further, lead the Company into the next decade. In this regard, it is also noted that Mr.&#160;Kelly is the Company&#8217;s sole executive director. For these and other reasons, it is in the Company&#8217;s interest to secure Mr.&#160;Kelly&#8217;s ongoing engagement in a timely manner, and to secure continuity of the Company&#8217;s leadership on a long-term basis.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Before his appointment as executive director and Chief Executive Officer of the Company, Mr.&#160;Kelly served as Chief Executive Officer of the Company&#8217;s U.S. operations from 2008 to May 2011 and as Group Treasurer from 2005 through 2007. He started his career in the aviation leasing and financing business with Guinness Peat Aviation in 1998 and continued working with its successors AerFi in Ireland and debis AirFinance and AerCap in Amsterdam. Prior to joining GPA in 1998, he spent three years with KPMG in Dublin. Mr.&#160;Kelly is a Chartered Accountant and holds a Bachelor&#8217;s degree in Commerce and a Master&#8217;s degree in Accounting from University College Dublin.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the proposed re-appointment of Mr.&#160;Kelly, the Board of Directors has designed and approved a compensation package for him. The objective of the package is to continue to retain Mr.&#160;Kelly on competitive terms (taking into account that the Company is the industry leader), and, in accordance with the Company&#8217;s long term objectives for the benefit of the Company&#8217;s shareholders and other stakeholders, to incentivize continued superior performance. The key elements of this compensation package are outlined below.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;"><u>I. Annual compensation</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">An annual base salary, an annual target cash bonus, and an annual target stock bonus of EUR 850,000 each. These amounts and their structure are consistent with those approved by the Company&#8217;s general meeting of shareholders in 2018 and will remain unchanged.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;"><u>II. Long-term equity award</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The grant of a long-term equity award. In designing such long-term equity award, the Company has sought to balance the key objective of continuing to incentivize superior performance while also ensuring that an appropriate component of the award is contingent on the successful completion of the Proposed Transaction (if approved by the general meeting of shareholders). An additional component of the total long-term equity award is dependent upon achieving significant shareholder return by way of substantial and maintained increases in the Company&#8217;s share price. The components of the total long-term equity award are:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">An equity award of 2,500,000 ordinary shares in the Company&#8217;s capital (the &#8220;<font style="font-weight: bold;">First </font><font style="font-weight: bold;">Component</font>&#8221;). An additional award of 500,000 ordinary shares (the &#8220;<font style="font-weight: bold;">Second Component</font>&#8221;) will be contingent upon completion of the Proposed Transaction in the manner contemplated by the Transaction Agreement (the &#8220;<font style="font-weight: bold;">Completion</font>&#8221;). These awards are designed to encourage superior performance over a prolonged period of time. In addition to conditionality noted in the prior sentence, the design of the awards is consistent with the prior long-term equity awards granted to Mr.&#160;Kelly in 2014 and 2018. As such, 66.67% of the awards will be subject to performance-based vesting in 2025 and 33.33% of the awards will be subject to time-based vesting in 2026.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A further equity award of 250,000 ordinary shares in the Company&#8217;s capital, also contingent upon Completion. These will vest only in the event that the average closing price of the ordinary shares in the Company&#8217;s capital on the New York Stock Exchange over any period of thirty consecutive calendar days following the date of Completion (the &#8220;<font style="font-weight: bold;">Completion Date</font>&#8221;) will equal or exceed $75 (the &#8220;<font style="font-weight: bold;">Third Component</font>&#8221;). </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A further equity award of 250,000 ordinary shares in the Company&#8217;s capital, also contingent upon Completion. These will vest only in the event that the average closing price of the ordinary shares in the Company&#8217;s capital on the New York Stock Exchange over any period of thirty consecutive calendar days following the Completion Date will equal or exceed $90 (the &#8220;<font style="font-weight: bold;">Fourth Component</font>&#8221;).</div></td></tr></table></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;">&#8201;3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg4"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">All components of the long-term equity award will cliff vest, subject to meeting the applicable vesting conditions and at the end of the applicable vesting period, meaning that there will be no vesting in the interim, and all shares will remain at risk until the end of the vesting period. The vesting of the performance-based part of the First and Second Components will be conditional upon the achievement of the Company&#8217;s U.S. GAAP EPS target over the vesting period, as determined by the Board of Directors. The Board of Directors has considered that the EPS target is challenging but achievable. If the EPS target is not met, then none or only a portion of the performance-based shares will vest, with the remaining shares being forfeited, in accordance with a formula determined by the Board of Directors. It is the Company&#8217;s intention to include ESG-related targets in future performance-based vesting conditions.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors believes that the design of the long-term equity award promotes and encourages good performance over a prolonged period of time in support of the objectives of long-term value creation and appropriate risk-taking. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As per the Company&#8217;s ownership and retention guidelines, which have remained unchanged since 2018, Mr.&#160;Kelly will be required to hold, post vesting, 50% of the net shares (after satisfaction of tax withholding obligations) delivered to him pursuant to the annual stock bonuses and the long-term equity award, for so long as he remains employed by the Company (or, if earlier, until he reaches 65 years of age). The Board of Directors believes that these stringent guidelines will keep Mr.&#160;Kelly&#8217;s interests aligned with those of the Company and its shareholders even beyond the vesting dates.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;"><u>III. Other benefits</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Other benefits include participation in the Company&#8217;s pension plan, Company paid health insurance, other regular employment benefits and a pre-agreed severance payment, which are not materially different from the benefits that are part of Mr.&#160;Kelly&#8217;s current compensation arrangement. There has been no change to these arrangements since 2014 and no change has been made on this occasion or in connection with the Proposed Transaction.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr.&#160;Kelly&#8217;s compensation package will be adjusted as summarized above, and he will receive the long-term equity award described above, with effect from the date of the Meeting, subject to his re-appointment by the Meeting. The Board of Directors believes that the proposed terms and conditions of Mr.&#160;Kelly&#8217;s proposed compensation provide sufficient incentives for him to remain with the Company over a prolonged period and appropriately keep his interests aligned with those of the Company and its shareholders and other stakeholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors considers Mr.&#160;Kelly as critically important for the successful implementation of the Proposed Transaction and integration of the GECAS Business (if approved by the Company&#8217;s general meeting of shareholders) and more generally, believes that the Company would greatly benefit from his continued service if he were to be re-appointed.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;"><u>Advice of Willis Towers Watson &#8211; independent consultant</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Company engaged Willis Towers Watson as an independent consultant to provide advice to the Board of Directors in regard to the 2020 annual compensation for Mr.&#160;Kelly&#8217;s services. The independent consultant conducted a benchmarking study with aircraft leasing companies as the primary reference and other relevant companies in the speciality finance, equipment leasing and asset management sectors as secondary references. Market data was regressed to reflect AerCap&#8217;s size and financial parameters relative to its peers. The study indicated that AerCap&#8217;s CEO 2020 total compensation levels are aligned with market competitive ranges.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">With regard to the proposed long-term equity award to Mr.&#160;Kelly, the Board of Directors designed the award to ensure it was both retentive and aligned with performance. The Board of Directors sought Willis Towers Watson&#8217;s commentary and they noted that the proposed long-term equity award is heavily weighted towards performance, supporting a pay-for-performance philosophy.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">&#8201;4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg5"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;"><u>Agenda item 7b (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As indicated above, conditional upon the adoption of agenda item 6., it is proposed that Mr.&#160;Paul Dacier be re-appointed as a non-executive director of the Company with immediate effect for a period of four years. His renewed term of appointment will end at the close of the 2025 annual general meeting of shareholders.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr.&#160;Dacier has been a Non-Executive Director of the Company since 2010 and Chairman of the Board of Directors since 2020. Mr.&#160;Dacier is also the general counsel at Indigo Agriculture, a privately held start-up company, and he is on the Board of Directors of Progress Software Inc. (a software application development company). Until 2016, Mr.&#160;Dacier was Executive Vice President and General Counsel of EMC Corporation (an information infrastructure technology and solutions company), where he worked in various positions from 1990. He was a Non-Executive Director of GTY Technology Holdings Inc. from October 2016 until November 2019 and a Non-Executive Director of Genesis from November 2007 until the date of its amalgamation with AerCap International Bermuda Limited in March 2010. Prior to joining EMC, Mr.&#160;Dacier was an attorney with Apollo Computer Inc. (a computer work station company) from 1984 to 1990. Mr.&#160;Dacier received a B.A. in history and a J.D. in 1983 from Marquette University. He is admitted to practice law in the Commonwealth of Massachusetts and the state of Wisconsin.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors believes that it is in the interest of the Company and its shareholders and other stakeholders to secure the re-appointment of Mr.&#160;Dacier, the current Chairman of the Board of Directors, in connection with the Proposed Transaction (if approved by the Company&#8217;s general meeting of shareholders), and furthermore believes that Mr.&#160;Dacier is an eminent non-executive director and that the Company would greatly benefit from his continued service if he were to be re-appointed. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;"><u>Agenda item 7c (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As indicated above, consistent with the Company&#8217;s rotation schedule for the Board of Directors, it is proposed that Mr.&#160;Michael Walsh be re-appointed as a non-executive director of the Company with immediate effect for a period of four years. His renewed term of appointment will end at the close of the 2025 annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr.&#160;Walsh has been a Director of AerCap since 2017. He previously served as a Non-Executive Director, including Chairman, of a number of companies which finance and lease aircraft and trains throughout the world. Mr.&#160;Walsh has over 30&#160;years&#8217; experience as a Non-Executive Director, senior executive and commercial lawyer in the aircraft leasing and financing industry. In 1989, he joined GPA Group plc, the aircraft leasing and financing company, and held a number of senior management positions, including General Counsel. Following the acquisition of GPA by debis AirFinance in 2000, Mr.&#160;Walsh was appointed General Counsel of debis AirFinance and held that position until 2002. From 2003 to 2005, he served as Chief Legal Officer of Bord Gais Eireann, the Irish gas utility. From 1986 to 1989, he was a diplomat in the Irish Diplomatic Service. Mr.&#160;Walsh is a barrister and a law graduate of University College, Cork, Ireland.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors believes Mr.&#160;Michael Walsh is an eminent non-executive director and that the Company would greatly benefit from his continued service if he were to be re-appointed. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;"><u>Agenda item 7d (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As indicated above, consistent with the Company&#8217;s rotation schedule for the Board of Directors, it is proposed that Mr.&#160;James Lawrence be re-appointed as a non-executive director of the Company with immediate effect for a period of four years. His renewed term of appointment will end at the close of the 2025 annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr.&#160;Lawrence has been a Director of AerCap since 2017. He is currently Chairman of Lake Harriet Capital, a private investment firm. Previously, Mr.&#160;Lawrence served as Chairman of Rothschild North America and earlier as Chief Executive Officer of Rothschild North America and as co-head of global investment banking at Rothschild from 2010 to 2015. Prior to Rothschild, Mr.&#160;Lawrence was Chief Financial Officer of Unilever and he served as Executive Director on the boards of Unilever NV and Unilever PLC. He joined Unilever in 2007 after serving as the Vice Chairman and Chief Financial Officer of General Mills for nine years. Prior to General Mills, Mr.&#160;Lawrence was Executive Vice President and </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;">&#8201;5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg6"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">Chief Financial Officer of Northwest Airlines from 1996 to 1998, and before that Mr.&#160;Lawrence was a division President at PepsiCo, serving as CEO of Pepsi-Cola Asia, Middle East, Africa from 1992 to 1996. In 1983, he cofounded The LEK Partnership, a corporate strategy and merger/acquisition firm, headquartered in London. Before that he was a Partner of Bain and Company having opened their London and Munich offices. Prior to that, he worked for The Boston Consulting Group. Mr.&#160;Lawrence is currently a Non-Executive Director of Avnet Inc. and Smurfit Kappa Group. His aviation industry experience dates from 1990, and it includes, in addition to being the Chief Financial Officer of Northwest Airlines, serving on the boards of IAG (International Consolidated Airlines Group), Continental Airlines, TWA, Mesaba and British Airways. Since 1990, Mr.&#160;Lawrence has served on 16 public company boards, several private company boards and numerous non-profit boards. Mr.&#160;Lawrence earned a Bachelor of Arts in Economics from Yale University and an M.B.A. with distinction from Harvard Business School.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors believes Mr.&#160;James Lawrence is an eminent non-executive director and that the Company would greatly benefit from his continued service if he were to be re-appointed. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;"><u>Agenda item 8 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In connection with the Proposed Transaction, the Company has among other things agreed that it will propose and nominate for election to the Board of Directors one candidate non-executive director nominated by GE Parent. Her appointment shall be subject to and with effect from the Completion Date. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In giving effect to the Company&#8217;s obligations under the Transaction Agreement and conditional upon the adoption of agenda item 6., the Board of Directors proposes to appoint Ms.&#160;Jennifer VanBelle as non-executive director of the Company, subject to and with effect from the Completion Date. Her term of appointment will end at the close of the 2025 annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Ms.&#160;VanBelle is Senior Vice President and Treasurer of GE and the CEO of GE Capital, a GE business segment (&#8220;<font style="font-weight: bold;">GE Capital</font>&#8221;). She has served as CEO of GE Capital since January 2021, as Senior Vice President of GE since March 2019 and Treasurer of GE since January 2018. From 2016-2018, Ms.&#160;VanBelle served as the Capital Markets leader for GE Capital and from 2012-2016 served as GE Capital&#8217;s Chief Risk Officer for Capital Management. From 2007-2012, Ms.&#160;VanBelle served as Deputy Treasurer at GE Treasury where she led rating agency relationships and liquidity management efforts. Ms.&#160;VanBelle joined GE in 1998 and previously held positions at Chemical Bank and ING in underwriting and capital markets roles. Ms.&#160;VanBelle holds a B.A. in Economics from Bates College and an MSc in Finance from the London Business School. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors believes that the Company would greatly benefit from the appointment of Ms.&#160;VanBelle.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; margin-left: 0pt; text-align: left;"><u>Agenda item 9 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">As provided for in the remuneration policy for the Board of Directors, the directors, officers and employees of the Company participate in the Company&#8217;s equity incentive plan, as approved by the Company&#8217;s general meeting of shareholders on February&#160;13, 2014 (the &#8220;<font style="font-weight: bold;">Existing Equity Plan</font>&#8221;).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors proposes to increase the number of ordinary shares in the Company&#8217;s capital available for issuance (the &#8220;<font style="font-weight: bold;">Equity Pool</font>&#8221;) under the Existing Equity Plan, given the fact that the Equity Pool will likely be depleted in the near future. Consequently, the Board of Directors proposes an increase of the Equity Pool by 4,500,000 additional ordinary shares in the Company&#8217;s capital (the &#8220;<font style="font-weight: bold;">Equity Pool </font><font style="font-weight: bold;">Increase</font>&#8221;). This amount is consistent with the Equity Pool approved by the Company&#8217;s general meeting of shareholders in 2014.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In accordance with Article 2:135(5) of the Dutch Civil Code and article 15.8 of the Company&#8217;s articles of association, the Equity Pool Increase is now proposed to the Company&#8217;s general meeting of shareholders for approval.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12.5pt; margin-left: 0pt; text-align: left;"><u>Agenda item 10 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A person appointed in accordance with article 16, paragraph 8 of the Company&#8217;s articles of association shall be temporarily responsible for the management of the Company in case all directors are absent or prevented from acting.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">&#8201;6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg7"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">It is proposed to appoint Mr.&#160;Peter L. Juhas as the person referred to in article 16, paragraph 8 of the Company&#8217;s articles of association.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Mr. Juhas was appointed Chief Financial Officer of the Company in 2017, following his appointment as Deputy Chief Financial Officer of the Company in 2015. Prior to joining the Company, Mr.&#160;Juhas was the global head of strategic planning at AIG, where he led the sale of ILFC to the Company in 2014. Prior to joining AIG, Mr.&#160;Juhas was a Managing Director at Morgan Stanley, where he led the Company&#8217;s initial public offering in 2006. Prior to joining Morgan Stanley, Mr.&#160;Juhas was an attorney in the Mergers and Acquisitions group at Sullivan &amp; Cromwell LLP, the New York law firm. Mr.&#160;Juhas received his A.B. from Harvard College and his J.D. from Harvard Law School.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;"><u>Agenda item 11 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The registered accountant examines the annual accounts of the Company. Article 2:393 of the Dutch Civil Code stipulates that the general meeting of shareholders is authorized to appoint the registered accountant for the audit of the Company&#8217;s annual accounts. It is proposed to appoint PricewaterhouseCoopers Accountants N.V. for the audit of the Company&#8217;s annual accounts for the financial year 2021. The Board of Directors believes that, in view of their continued focus on engagement performance and quality, renewal of the appointment of PricewaterhouseCoopers Accountants N.V. would best serve the Company and its shareholders.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18.5pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12:</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under Dutch law and article 4, paragraph 1 of the Company&#8217;s articles of association, the Company&#8217;s general meeting of shareholders may designate the Board of Directors as the corporate body authorized to resolve upon the issuance of shares in the capital of the Company and to determine the price and further terms and conditions of such issuance, and the granting of rights to subscribe for shares in the capital of the Company. On such designation, the number of shares that may be issued must be specified. Under Dutch law and article 5, paragraph 3 of the Company&#8217;s articles of association, the Company&#8217;s general meeting of shareholders may designate the Board of Directors as the corporate body authorized to resolve to limit or exclude pre-emptive rights. Both designations shall only be valid for a specified period of not more than five (5) years and may from time to time be extended for a period of not more than five (5) years. In Dutch corporate practice, a period of eighteen (18) months is customary. The general meeting of shareholders has most recently made the abovementioned designations, each for a period of eighteen (18) months, at the 2020 annual general meeting of shareholders.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Furthermore, in giving effect to the Company&#8217;s obligations under the Transaction Agreement and conditional upon the adoption of agenda item 6, it is proposed to designate the Board of Directors as the authorized corporate body to resolve upon (a) the issuance of 111,500,000 ordinary shares in the capital of the Company in accordance with the terms of the Transaction Agreement (the &#8220;<font style="font-weight: bold;">Issue Shares</font>&#8221;) (subject to such adjustments pursuant to the Transaction Agreement as may be determined by the Board of Directors in accordance with the terms of the Transaction Agreement, provided always that the number of Issue Shares shall not exceed the number of ordinary shares in the Company&#8217;s capital that may be issued under the Company&#8217;s articles of association from time to time) and (b) to limit or exclude pre-emptive rights in connection with such issuance. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12a (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed to authorize the Board of Directors and for that purpose, designate the Board of Directors as the authorized corporate body, to resolve upon the issuance of shares in the capital of the Company and to determine the price and further terms and conditions of such issuance, and the granting of rights to subscribe for shares in the capital of the Company, for a period of eighteen (18) months from the date of this annual general meeting of shareholders, and provided that the aggregate number of shares that may be issued and rights that may be granted pursuant to this authorization shall not exceed 10% of the issued share capital at the date of such authorization (May&#160;12, 2021).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The Board of Directors may use the authorization pursuant to this agenda item 12a for any purpose as it deems fit. </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;">&#8201;7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg8"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12b (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is furthermore proposed to authorize the Board of Directors and for that purpose, designate the Board of Directors as the authorized corporate body, to resolve to limit or exclude pre-emptive rights in respect of any issue of shares or granting of rights to subscribe for shares to be resolved upon by the Board of Directors pursuant to agenda item 12a, for a period of eighteen (18) months from the date of this annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A resolution of the Company&#8217;s general meeting of shareholders to designate the Board of Directors as the authorized corporate body, to resolve to limit or exclude pre-emptive rights in respect of any issue of shares or granting of rights to subscribe for shares, as described above, shall require a two-thirds majority vote if less than half of the issued share capital is present or represented at the general meeting of shareholders.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12c (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed to further authorize the Board of Directors and for that purpose, designate the Board of Directors as the authorized corporate body, to resolve upon the issuance of additional shares in the capital of the Company and to determine the price and further terms and conditions of such issuance, and the granting of additional rights to subscribe for shares in the capital of the Company, for a period of eighteen (18) months from the date of this annual general meeting of shareholders, and provided that:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the aggregate number of shares that may be issued and rights that may be granted pursuant to this further authorization shall not exceed 10% of the issued share capital at the date of such authorization (May&#160;12, 2021); and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the shares that may be issued and rights that may be granted pursuant to this further authorization may only be used in connection with mergers and/or strategic alliances and/or acquisitions of a business or a company.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If approved, the authorizations proposed under agenda items 12a and 12c will together allow the Board of Directors to resolve upon the issuance of shares in the capital of the Company, and the granting of rights to subscribe for shares in the capital of the Company, up to a maximum of 20% of the Company&#8217;s issued share capital at the date of such authorizations (May&#160;12, 2021). In case of a merger and/or strategic alliance and/or acquisition of a business or a company as referred to under b), the Board of Directors may resolve to first use the authorization pursuant to agenda item 12c and secondly, if needed, use the authorization pursuant to agenda item 12a.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12d (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed to further authorize the Board of Directors and for that purpose, designate the Board of Directors as the authorized corporate body, to resolve to limit or exclude pre-emptive rights in respect of any issue of shares or granting of rights to subscribe for shares to be resolved upon by the Board of Directors pursuant to agenda item 12c, for a period of eighteen (18) months from the date of this annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A resolution of the Company&#8217;s general meeting of shareholders to designate the Board of Directors as the authorized corporate body, to resolve to limit or exclude pre-emptive rights in respect of any issue of shares or granting of rights to subscribe for shares, as described above, shall require a two-thirds majority vote if less than half of the issued share capital is present or represented at the general meeting of shareholders. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12e (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In giving effect to the Company&#8217;s obligations under the Transaction Agreement and conditional upon the adoption of agenda item 6, it is proposed to designate the Board of Directors as the authorized corporate body to resolve upon the issuance of the Issue Shares in accordance with the terms of the Transaction Agreement (subject to such adjustments pursuant to the Transaction Agreement as may be determined by the Board of Directors in accordance with the terms of the Transaction Agreement, provided always that the number of Issue Shares shall not exceed the number of ordinary shares in the Company&#8217;s capital that may be issued under the Company&#8217;s articles of association from time to time), for a period of eighteen (18) months from the date of this annual general meeting of shareholders.</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">&#8201;8<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg9"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">If approved, the authorization proposed under this agenda item 12e shall apply in addition to the authorizations proposed under agenda items 12a and 12c.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 12f (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">In giving effect to the Company&#8217;s obligations under the Transaction Agreement and conditional upon the adoption of agenda item 6, it is proposed to designate the Board of Directors as the authorized corporate body to resolve to limit or exclude pre-emptive rights in respect of any issue of shares or granting of rights to subscribe for shares to be resolved upon by the Board of Directors pursuant to agenda item 12e, for a period of eighteen (18) months from the date of this annual general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A resolution of the Company&#8217;s general meeting of shareholders to designate the Board of Directors as the authorized corporate body, to resolve to limit or exclude pre-emptive rights in respect of any issue of shares or granting of rights to subscribe for shares, as described above, shall require a two-thirds majority vote if less than half of the issued share capital is present or represented at the general meeting of shareholders. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If approved, the authorization proposed under this agenda item 12f shall apply in addition to the authorizations proposed under agenda items 12b and 12d.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 13:</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Under article 6, paragraph 1 of the Company&#8217;s articles of association and in accordance with Dutch law, the Company may, subject to certain Dutch statutory provisions, acquire and hold up to half of the Company&#8217;s issued share capital. Any such acquisitions are subject to the authorization of the general meeting of shareholders, which authorization shall be valid for no more than eighteen (18) months. The general meeting of shareholders has most recently granted the abovementioned authorization at the 2020 annual general meeting of shareholders. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 13a (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed to authorize the Board of Directors for a period of eighteen (18) months from the date of this annual general meeting of shareholders to acquire the Company&#8217;s own shares up to 10% of the issued share capital at the date of such authorization (May&#160;12, 2021), whether through purchases on the New York Stock Exchange or by any other means, for a price per share that is between an amount equal to zero and an amount which is not higher than 10% above: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the closing price of the Company&#8217;s shares quoted on the New York Stock Exchange on the last trading day prior to the day that, at the discretion of the Board of Directors, (x)&#160;the acquisition of such shares (&#8220;<font style="font-weight: bold;">Acquisition</font>&#8221;) is effected or (y) the binding commitments (through contract, tender offer or otherwise) with respect to an Acquisition (&#8220;<font style="font-weight: bold;">Binding Commitments</font>&#8221;) are entered into, in each case outside opening hours of the New York Stock Exchange; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the price of the Company&#8217;s shares quoted on the New York Stock Exchange or, should such quotation not exist, the last previous quotation on the New York Stock Exchange, at the time that, at the discretion of the Board of Directors, (x)&#160;the Acquisition is effected or (y) the Binding Commitments are entered into, in each case during opening hours of the New York Stock Exchange; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">in the case of an accelerated repurchase arrangement or similar program, the volume weighted average price, or such other average price as determined by the Board of Directors, of the Company&#8217;s shares quoted on the New York Stock Exchange over the term of the arrangement, as such average price may be adjusted as a result of market disruptions or similar factors in accordance with the terms of such arrangement;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">provided that the number of shares which the Company may at any time hold in its own capital will not exceed 10%.</div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;"><u>Agenda item 13b (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed to further authorize the Board of Directors for a period of eighteen (18) months from the date of this annual general meeting of shareholders, to acquire the Company&#8217;s own shares up to an </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;">&#8201;9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg10"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: justify;">additional 10% of the issued share capital at the date of such authorization (May&#160;12, 2021), whether through purchases on the New York Stock Exchange or by any other means, for a price per share that is between an amount equal to zero and an amount which is not higher than 10% above: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the closing price of the Company&#8217;s shares quoted on the New York Stock Exchange on the last trading day prior to the day that, at the discretion of the Board of Directors, (x)&#160;the Acquisition is effected or (y) the Binding Commitments are entered into, in each case outside opening hours of the New York Stock Exchange; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the price of the Company&#8217;s shares quoted on the New York Stock Exchange or, should such quotation not exist, the last previous quotation on the New York Stock Exchange, at the time that, at the discretion of the Board of Directors, (x)&#160;the Acquisition is effected or (y) the Binding Commitments are entered into, in each case during opening hours of the New York Stock Exchange; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">in the case of an accelerated repurchase arrangement or similar program, the volume weighted average price, or such other average price as determined by the Board of Directors, of the Company&#8217;s shares quoted on the New York Stock Exchange over the term of the arrangement, as such average price may be adjusted as a result of market disruptions or similar factors in accordance with the terms of such arrangement;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">provided that the number of shares which the Company may at any time hold in its own capital will not exceed 10% (and that the authorization pursuant to this agenda item 13b shall thus be conditional upon cancellation of shares pursuant to agenda item 14). </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If approved, the authorizations proposed under agenda items 13a and 13b will together allow the Company to acquire up to a maximum of 20% of its issued share capital, if applicable subject to cancellation of shares in accordance with agenda item 14. The Company may repurchase and acquire such shares at any time during the period of eighteen (18) months, starting from May&#160;12, 2021. Repurchased shares may be cancelled with regularity, provided that the general meeting of shareholders adopts the proposal under agenda item 14. </div><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;"><u>Agenda item 14 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">It is proposed by the Board of Directors to reduce the Company&#8217;s issued share capital through the cancellation of shares that may be acquired by the Company during the period of eighteen (18) months from the date of this annual general meeting of shareholders, pursuant to the authorizations to repurchase shares, as outlined under agenda item 13, or otherwise (for example through a legal merger or for no consideration). </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Pursuant to article 7 of the Company&#8217;s articles of association, the general meeting of shareholders may resolve to reduce the issued share capital of the Company by cancelling shares, provided that the amount of the issued share capital does not fall below the minimum share capital as required by law.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The number of shares to be cancelled following this resolution will be determined by the Board of Directors or the Company&#8217;s Chief Executive Officer. The cancellation may be executed in one or more tranches. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The capital reduction will enable the Company to further improve its equity structure and shall take place with due observance of the applicable provisions of Dutch law and the Company&#8217;s articles of association. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A resolution of the general meeting of shareholders to cancel the Company&#8217;s shares, as described above, shall require a two-thirds majority vote if less than half of the issued share capital is present or represented at the general meeting of shareholders. </div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; margin-left: 0pt; text-align: left;">&#8201;10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 492pt;"><a name="nc10022463x1_6k_102-ex99-3_pg11"><!--Anchor--></a><div class="border-box" style="border-top: 2pt solid #2674FF; border-left: 2pt solid #2674FF; border-right: 2pt solid #2674FF; border-bottom: 2pt solid #2674FF; margin-bottom: 12pt; padding-top: 12pt; padding-bottom: 12pt; width: 492pt; margin-left: 0pt;"><div class="page-content" style="margin-left: 36pt;"><div class="block-main" style="width: 420pt; margin-left: 0pt;"><div class="h2" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;"><u>Agenda item 15 (voting item):</u></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Conditional upon the adoption of agenda item 6., it is proposed to increase the Company&#8217;s authorized share capital, through an amendment of the Company&#8217;s articles of association, to an amount of EUR 4,500,000 divided into 450,000,000 ordinary shares, as the issuance of the Issue Shares will result in the Company&#8217;s issued share capital increasing to a level close to the Company&#8217;s current authorized share capital. As required by Dutch law, such increase is now submitted to the general meeting of shareholders for approval. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">Conditional upon the adoption of agenda item 6, it is furthermore proposed to amend article 16.8 of the Company&#8217;s articles of association to provide for a customary arrangement for situations where a shareholder has nomination rights in respect of one or more directors (<font style="font-style: italic;">bestuurders</font>), as will be the case for GE Parent under the shareholders&#8217; agreement, as described in the Shareholders&#8217; Circular. Under that proposed arrangement, in situations where a director is unable to perform his or her duties (<font style="font-style: italic;">belet</font>) or the director&#8217;s seat is vacant (<font style="font-style: italic;">ontstentenis</font>), the Board of Directors may designate an individual to replace such director temporarily. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The abovementioned amendments will take effect promptly following the issuance of the Issue Shares (if approved by the general meeting of shareholders).</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">For a further information on the proposed amendment to the Company&#8217;s articles of association, reference is made to the draft text of the proposed amendment and the explanation included therein.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">If this agenda item is adopted, each of the Company&#8217;s directors and each (candidate) civil law notary and lawyer at NautaDutilh N.V. will be designated to execute the notarial deed effecting the abovementioned amendments to the Company&#8217;s articles of association.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">The Board of Directors</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">March&#160;25, 2021</div></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 12pt;"><div class="unknown" style="color: #2674FF; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: right;">&#8201;11<br></div></div></div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>nc10022463x1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg1"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: right;">Exhibit 99.4</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">CONTINUOUS TEXT of the articles of association of <font style="font-weight: bold;">AerCap Holdings N.V.</font>, with corporate seat in Amsterdam, after partial amendment to the articles of association, by deed executed before P.C.S. van der Bijl, civil law notary in Amsterdam, on <font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>24 April 2019</strike></font><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;&#8199;</sup></font><font style="color: #2674FF;"><u>[</u></font><font style="color: #2674FF; font-style: italic;"><u>date</u></font><font style="color: #2674FF;"><u>] 2021</u></font>. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Trade Registry number 34251954.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">This is a translation into English of the original Dutch text. An attempt has been made to be as literal as possible without jeopardizing the overall continuity. Inevitably, differences may occur in translation, and if so the Dutch text will by law govern.<br><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 2pt; margin-left: auto; margin-right: auto;"> </div></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">ARTICLES OF ASSOCIATION</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">NAME AND SEAT</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 1</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The name of the Company is: <font style="font-weight: bold;">AerCap Holdings N.V.</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Company is established in Amsterdam.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">OBJECTS</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 2</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-align: left;">The objects of the Company are:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">to enter into financial engagements, particularly into financial and operational lease agreements, with respect to airplanes and helicopters, airplane and helicopter engines, (spare) components of airplanes and helicopters, as well as related technical equipment and other technical equipment as the Company deems fit;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to enter into service agreements which support the before mentioned engagements;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">c.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to acquire, exploit and sell the before mentioned objects;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">d.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">to participate in, to finance, to collaborate with, to conduct the management of and provide advice and other services to legal persons and other enterprises with the same or similar objects;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">e.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to acquire, use and/or assign industrial and intellectual property rights;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">f.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to provide security for the debts of legal persons or of any other Company;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">g.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">to do anything which is, in the widest sense of the word, connected with or may be conducive to the attainment of these objects.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">SHARE CAPITAL</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 3</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The authorised share capital of the Company is <font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>three</strike></font><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;&#8199;</sup></font><font style="color: #2674FF;"><u>four</u></font> million five hundred thousand euros (EUR <font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>3,500,000</strike></font><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;&#8199;</sup></font><font style="color: #2674FF;"><u>4,500,000</u></font>), divided into <font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>three</strike></font><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;&#8199;</sup></font><font style="color: #2674FF;"><u>four</u></font> hundred and fifty million (<font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>350,000,000</strike></font><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;&#8199;</sup></font><font style="color: #2674FF;"><u>450,000,000</u></font>) ordinary shares, each having a nominal value of one eurocent (EUR 0.01).</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20pt; margin-left: 0pt; text-align: left;">Issuance of shares and Payment on shares</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 4</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Upon a proposal of the Board of Directors containing the price and further terms and conditions of issue, the general meeting of shareholders shall have the power to resolve upon the issuance of shares and, with due observance of the proposal of the Board of Directors, to determine the price and further terms and conditions of such share issuance. The general meeting of shareholders may designate the Board of Directors as the authorized corporate body for this purpose. A designation as referred to above shall only be valid for a specific period of no more than five years and may from time to time be extended with a period of not more than five years. Unless the designation provides otherwise, it may not be withdrawn. The designation shall specify the number of shares which may be issued. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;"></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg2"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">As long as and to the extent that the Board of Directors is authorized to resolve upon the issuance of shares pursuant to paragraph 1 hereof, the general meeting of shareholders cannot pass resolutions to issue shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Without prejudice to what has been provided in article 2:80 paragraph 2 of the Dutch Civil Code, shares shall at no time be issued below par. Shares must be fully paid up upon issuance.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Payment must be made in cash to the extent that no other contribution has been agreed upon. If the Company so agrees, payment in cash can be made in a currency other than euro. In the event of payment in a foreign currency the obligation to pay is fulfilled to the extent of the amount for which the payment is freely convertible into euro, the decisive factor being the rate of exchange on the day of payment, or, as the case may be, after application of the next sentence, on the day mentioned therein. The Company may require payment at the rate of exchange on a certain day within two months prior to the ultimate day on which payment must be made, provided the shares shall immediately upon their issuance be admitted to a listing at a stock exchange outside of the Netherlands.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The provisions of this article 4 shall equally apply to the granting of rights to subscribe for shares, but shall not apply to the issuance of shares to a person who exercises a previously acquired right to subscribe for shares. The Board of Directors shall be authorized to issue such shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Company is authorized to cooperate in the issuance of depository receipts for shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors will be authorized to perform the legal acts as referred to in article 2:94 of the Dutch Civil Code without the prior approval of the general meeting of shareholders.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Pre-emptive rights</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 5</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In the event of an issuance of shares, each shareholder shall have a pre-emptive right pro rata to the number of shares held by each such shareholder. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Should a shareholder who is entitled to a pre-emptive right not or not fully exercise such right, the other shareholders shall be similarly entitled to pre-emption rights in respect of those shares which have not been claimed. If the latter collectively do not or do not fully exercise their pre-emptive rights either, then the authorized corporate body will be free to decide to whom the shares which have not been claimed shall be issued.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">In respect of the issuance of shares there shall be no pre-emptive right to shares issued against a contribution other than in cash or issued to employees of the Company or of a group company.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders will have the power to limit or exclude the pre-emptive rights. The pre-emptive right may also be limited or excluded by the Board of Directors designated pursuant to article 4 paragraph 1 of these articles, if, by a resolution of the general meeting of shareholders, it was designated and authorised for a specified period, not exceeding five years, to limit or exclude such pre-emptive right. The designation may be extended, from time to time, for a period not exceeding five years. Unless the designation provides otherwise, it may not be withdrawn.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">As long as the Board of Directors is authorized to limit or exclude the pre-emptive rights pursuant to paragraph 3 hereof, the general meeting of shareholders cannot pass such resolutions.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A resolution by the general meeting of shareholders to limit or exclude the pre-emptive rights or to designate the Board of Directors as the authorized corporate body for this purpose in accordance with paragraph 3 hereof requires, in order to be validly adopted, a majority of at least two-thirds of the votes cast in a meeting of shareholders if less than half of the issued share capital is present or represented at such meeting.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company shall announce any issuance of shares with pre-emptive rights in the Staatscourant (Gazette) and in a national daily newspaper, and the period of time within which such pre-emptive right can be exercised.<br></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22pt; text-align: justify;">Such pre-emptive right can be executed during at least two weeks after the day of notice in the Staatscourant (Gazette).</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg3"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Acquisition by the company of its shares</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 6</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Company may acquire shares in its own share capital for valuable consideration if and in so far as:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">its shareholders' equity less the purchase price to be paid by the Company for such shares is not less than the aggregate amount of the paid up and called for part of the issued share capital and the reserves which must be maintained pursuant to the law or these articles of association;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the aggregate par value of the shares in its share capital which the Company acquires, (already) holds or on which it holds a right of pledge (pand), or which are held by a subsidiary of the Company, amounts to no more than such part of the aggregate par value of the issued share capital set by law from time to time; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">c.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the general meeting of shareholders has authorized the Board of Directors to acquire such shares, which authorization shall be valid for no more than eighteen months on each occasion,</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-align: justify;">notwithstanding any further applicable statutory provisions and the provisions of these articles of association.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Shares thus acquired may again be disposed of by the Company. If depository receipts for shares in the share capital of the Company have been issued, such depository receipts shall for the application of the provisions of this paragraph and paragraph 1 hereof be treated as shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">In the general meeting of shareholders no votes may be cast in respect of:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">share(s) held by the Company or by a subsidiary of the Company;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">share(s), depository receipts of which are held by the Company or by a subsidiary of the Company; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">c.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">share(s) on which the Company or a subsidiary of the Company holds a right of usufruct or a right of pledge.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">However, the holders of a right of usufruct and the holders of a right of pledge on shares held by the Company or by a subsidiary of the Company are nonetheless not excluded from the right to vote such shares, if the right of usufruct or the right of pledge was granted prior to the time such share was acquired by the Company or by a subsidiary of the Company.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: justify;">Shares in respect of which voting rights may not be exercised shall not be taken into account when determining to what extent the shareholders have cast their votes, to what extent they are present or represented at the general meeting of shareholders or to what extent the share capital is provided or represented.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 17pt; margin-left: 0pt; text-align: left;">Reduction of share capital</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 7</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders may resolve to reduce the issued share capital of the Company by cancelling shares or by reducing the par value of shares by an amendment to the articles of association, provided that the amount of the issued share capital does not fall below the minimum share capital as required by law in effect at the time of the resolution.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A resolution of the general meeting of shareholders shall require a two-thirds majority vote if less than half of the issued share capital is present or represented at such meeting.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Cancellation of shares may apply to shares which are held by the Company itself or to shares for which the Company holds depository receipts (beneficial rights).</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Partial repayment on shares shall be made on all shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Reduction of the par value of shares without repayment or partial repayment on shares shall be effected pro rata to all shares. The pro rata requirements may be waived by agreement of all shareholders concerned.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The notice of a general meeting of shareholders at which a resolution referred to in this article is to be adopted shall include the purpose of the reduction of the issued share capital and the manner in which such reduction shall be effectuated. The resolution to reduce the issued share capital shall specify the shares to which the resolution applies and shall describe how such a resolution shall be implemented.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg4"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company shall file a resolution to reduce the issued share capital with the trade register and shall publish such filing in a national daily newspaper.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Within two months after publication of the filing referred to above in paragraph 5 hereof, any creditor may oppose the resolution to reduce the issued share capital of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">7.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A resolution to reduce the issued share capital shall not take effect as long as opposition may be instituted. If opposition has been instituted within the two month period, the resolution shall take effect upon the withdrawal of the opposition or upon a court order setting aside the opposition.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12.5pt; margin-left: 0pt; text-align: left;">Shares and share certificates</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 8</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The shares shall be in registered form. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">A shareholder may request the Company to issue share certificates for his registered shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Share certificates shall be available in such denominations as the Board of Directors shall determine.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">All share certificates shall be signed by or on behalf of a director; the signature may be effected by printed facsimile. In addition all share certificates may be validly signed by one or more persons designated by the Board of Directors for that purpose.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">All share certificates shall be identified by numbers and/or letters in such manner to be determined by the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Board of Directors may determine the form and contents of share certificates.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The expression share certificate as used in these articles of association shall include a share certificate in respect of more than one share.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8.8<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company may, pursuant to a resolution of the Board of Directors, cooperate in the issuance of depository receipts in bearer form.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12pt; margin-left: 0pt; text-align: left;">Missing or damaged share</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 7pt; margin-left: 0pt; text-align: left;">certificates<font style="text-transform: none;"> </font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 9</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Upon written request by or on behalf of a shareholder, missing or damaged share certificates may be replaced by new share certificates or duplicates bearing the same numbers and/or letters, provided the shareholder who has made such request, or the person making such request on his behalf, provides satisfactory evidence of his title and, in so far as applicable, the loss of the share certificates to the Board of Directors, and further subject to such conditions as the Board of Directors may deem appropriate.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The issuance of a new share certificate or a duplicate shall render the share certificates which it replaces invalid.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The issuance of new share certificates or duplicates for share certificates may in appropriate cases, at the discretion of the Board of Directors, be published in newspapers to be determined by the Board of Directors.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12pt; margin-left: 0pt; text-align: left;">Shareholders' register</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 10</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">With due observance of the applicable statutory provisions in respect of registered shares, a shareholders' register shall be kept by or on behalf of the Company, which shareholders' register shall be regularly updated and, at the discretion of the Board of Directors, may, in whole or in part, be kept in more than one copy and at more than one address. At least one copy shall be kept at the office of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Part of the shareholders' register may be kept elsewhere in order to comply with applicable provisions set by a foreign stock exchange.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Each shareholder's name, his address and such further information as required by law and the information as the Board of Directors deems appropriate, whether at the request of a shareholder or not, shall be recorded in the shareholders' register.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg5"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The form and the contents of the shareholders' register shall be determined by the Board of Directors with due observance of the provisions of paragraphs 1 and 2 hereof.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Upon his request a shareholder shall be provided with written evidence of the contents of the shareholders' register with regard to the shares registered in his name free of charge, and the statement so issued may be validly signed on behalf of the Company by a director or by a person to be designated for that purpose by the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The provisions of paragraphs 1 up to and including 4 hereof shall equally apply to persons who hold a right of usufruct or a right of pledge on one or more shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors shall have power and authority to permit inspection of the shareholders' register by and to provide information recorded therein, as well as any other information regarding the direct or indirect share holding of a shareholder of which the Company has been notified by that shareholder, to the authorities entrusted with the supervision and/or implementation of the trading of securities on a foreign stock exchange on behalf of the Company and its shareholders, in order to comply with applicable foreign statutory provisions or applicable provisions set by such foreign stock exchange, if and to the extent such requirements apply to the Company and its shareholders as a result of the listing of shares in the share capital of the Company on such foreign stock exchange or the registration of such shares or the registration of an offering of such shares under applicable foreign securities laws.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">request to issue or cancel share certificates</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 11</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">11.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Subject to the provisions of article 8, a holder of shares may, upon his request, obtain one or more share certificates for his shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">11.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Subject to the provisions of article 8, a holder of shares may request the Company to cancel the share certificate(s) for his shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">11.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors may require a request, as referred to in this article 11, to be made on a special form, to be provided to the shareholder free of charge, to be signed by such shareholder. Any requests made pursuant to and in accordance with the provisions of articles 8, 9, 10 and this article 11 may be sent to the Company at such address(es) as to be determined by the Board of Directors, at all times including an address in the municipality or city where a stock exchange on which shares in the share capital of the Company are listed has its principal place of business.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">11.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company is entitled to charge amounts, at no more than cost, and to be determined by the Board of Directors, to those persons who request any services to be carried out pursuant to articles 8 to 11 inclusive.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Transfer of shares</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 12</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Unless the law provides otherwise and except as provided by the provisions of the following paragraphs of this article, the transfer of a share shall require an instrument intended for such purpose and, unless the Company itself is a party to the transaction, the written acknowledgement of the transfer by the Company; service upon the Company of such instrument of transfer or of a copy or extract thereof signed as a true copy by a civil law notary or the transferor shall be considered to have the same effect as an acknowledgement.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In cases where no share certificate is issued for the relative shares, an instrument of transfer on a form to be supplied by the Company free of charge, must be submitted to the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In cases where a share certificate is issued, the relative share certificate must be submitted to the Company, provided that an instrument of transfer printed on the back of the share certificate, has been duly completed and signed by or on behalf of the transferor and the transferee, or a separate instrument is submitted together with the share certificate.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">If a transfer of a share for which a share certificate is issued, has been effected by service upon the Company </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg6"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 22pt; text-align: justify;">of the relative share certificate with or without a separate instrument of transfer, the Company shall, at the discretion of the Board of Directors, either endorse the transfer on the share certificate or cancel the share certificate and issue to the transferee one or more share certificates registered in his name up to an equal nominal amount.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company's written acknowledgement of a transfer of a share for which a share certificate is issued shall, at the discretion of the Board of Directors, be effected either by endorsement of the transfer on the share certificate as proof of the acknowledgement or by the issuance to the transferee of one or more share certificates registered in his name up to an equal nominal amount.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">If the transfer of a share does not take place in accordance with the provisions of paragraphs 2 and 3 of this article, the transfer of a share can only take place with the permission of the Board of Directors. The Board of Directors may make its permission subject to such conditions as the Board of Directors may deem necessary or desirable. The applicant shall always be entitled to demand that said permission be granted on the condition that transfer takes place to a person designated by the Board of Directors. The permission shall be deemed to have been granted, should the Board of Directors not have decided on granting permission for the request within six weeks of being requested to do so.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The provisions of the preceding paragraphs of this article shall apply correspondingly to the allotment of shares in the event of a division of any share constituting joint property, the transfer of a shares as a consequence of a writ of execution and the creation of limited rights on a share.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12pt; margin-left: 0pt; text-align: left;">Right of pledge</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 13</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">A right of pledge may be created on the shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">If a right of pledge is created on shares, the shareholder shall be exclusively entitled to the voting rights attached to the shares concerned and the voting rights may not be conferred on the holder of the right of pledge.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The holder of the right of pledge shall not be entitled to any of the rights which the law grants a holder of depository receipts issued with the cooperation of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The provisions of article 12 shall equally apply to the creation or release of a right of pledge on shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Company may accept a pledge on its own shares only if:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the shares to be pledged are fully paid-up;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the nominal amount of its own shares to be pledged and those already held by it or pledged to it do not together amount to more than one-tenth of the issued share capital; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">c.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the general meeting of shareholders has approved the pledge agreement.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12pt; margin-left: 0pt; text-align: left;">Right of usufruct</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 14</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">A right of usufruct may be created on the shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">If a right of usufruct is created on shares, the shareholder shall be exclusively entitled to the voting rights attached to the shares concerned and voting rights may only be conferred on the holder of the right of usufruct in accordance with applicable law.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The holder of the right of usufruct without voting rights shall not be entitled to any of the rights which the law grants a holder of depository receipts issued with the cooperation of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The provisions of article 12 shall equally apply to the creation, transfer or release of a right of usufruct on shares.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 12pt; margin-left: 0pt; text-align: left;">Board of directors</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 15</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company has a one-tier board structure. The Company will be managed by the Board of Directors. The Board of Directors is consisting of at least three (3) and at most twelve (12) directors, including at least one (1) </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg7"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 22pt; text-align: justify;">executive director and at least two (2) non-executive directors. The Board of Directors shall determine the total number of directors, as well as the number of executive directors and the number of non-executive directors comprised therein, taking into account the previous sentence. The Board of Directors shall grant to one executive director the title of Chief Executive Officer (&#8220;CEO&#8221;). Only natural persons may be appointed as director.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders shall appoint the directors and determine in respect of each of them whether the director shall be an executive director or a non-executive director, with due observance of the previous paragraph.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">A resolution to appoint a director may be passed by an absolute majority of the valid votes cast, provided that the resolution is passed further to a proposal by the Board of Directors. The executive directors shall not be allocated the task of making such a proposal. The general meeting of shareholders may appoint a director, without there being a proposal by the Board of Directors to this effect, by a resolution passed by an absolute majority of the valid votes cast representing at least one-third of the issued capital.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A director is appointed or reappointed for a period starting on the date of (re)appointment and ending at the end of the annual general meeting of shareholders that will be held in the fourth year upon (re)appointment, or such earlier time as determined at the time of (re)appointment.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders may at any time suspend or remove any director. A resolution of the general meeting of shareholders to remove or suspend a director may be passed by an absolute majority of the valid votes cast, provided that the resolution is passed further to a proposal by the Board of Directors. The general meeting of shareholders may remove or suspend a director, without there being a proposal by the Board of Directors to this effect, by a resolution passed by an absolute majority of the valid votes cast representing at least one-third of the issued capital. An executive director may also at any time be suspended by the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders and, in the event the director concerned was suspended by the Board of Directors, also the Board of Directors, shall be authorized to resolve to terminate or continue the suspension of a director within three months after the suspension of such director has taken effect. Should both the general meeting of shareholders and the Board of Directors fail to adopt such resolution, the suspension shall lapse after three months.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A resolution to continue the suspension may be adopted only once and in such event the suspension may be continued for a maximum period of three months commencing on the day the general meeting of shareholders or, as the case may be, the Board of Directors, has adopted the resolution to continue the suspension.<br></div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 22pt; text-align: justify;">If within the period of continued suspension no resolution to either dismiss the director concerned is adopted by the general meeting of shareholders or to terminate the suspension is adopted by the general meeting of shareholders or, to the extent applicable, the Board of Directors, the suspension shall lapse.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors shall appoint from the number of directors one of the non-executive directors as chairman of the Board of Directors and, if the Board of Directors resolves so, one of the non-executive directors as vice-chairman of the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general policy with regard to the remuneration of the Board of Directors shall be determined by the general meeting of shareholders, upon a proposal of the nomination and compensation committee of the Board of Directors. The remuneration policy shall, at a minimum, address the items set out in Articles 2:383c up to and including 2:383e of the Dutch Civil Code, to the extent that these relate to the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">15.8<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The remuneration of directors shall be set, with due regard for the remuneration policy, by the Board of Directors. With regard to arrangements concerning remuneration in the form of shares or share options, the Board of Directors shall submit a proposal to the general meeting of shareholders for its approval. This proposal must, at a minimum, state the number of shares or share options that may be granted to directors and the criteria that apply to the granting of such shares or share options or the alteration of such arrangements. An executive director shall not be allocated the task of determining the remuneration of the executive directors. An executive director shall also not participate in any decision-making in respect of the remuneration of the executive directors.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg8"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">DUTIES AND POWERS</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 16</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors is charged with the management of the Company, subject to the restrictions contained in these articles of association. The Board of Directors shall divide its management tasks between the non-executive directors and one or more executive directors. Such division of tasks shall in any event entail that one or more executive directors shall be charged with the day to day affairs of the Company and that the non-executive directors shall be charged with supervising the executive director(s) in the performance of their duties. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors shall draw up rules governing its internal affairs. Such rules shall elaborate on the division of tasks referred to in the previous paragraph and may also detail the authorities and responsibilities entrusted to a committee. Such rules may not violate the provisions of these articles of association. If the Board of Directors has established rules governing its internal affairs, resolutions of the Board of Directors shall be adopted in accordance with these articles of association and the provisions of such rules. The Board of Directors may determine that one or more directors can validly resolve on matters that are part of their task. Such determination is made in the abovementioned rules or otherwise in writing.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The chairman shall use its best efforts to see to it that the majority of the meetings of the Board of Directors shall be held in Ireland. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The contemporaneous linking together by telephone conference or audio-visual communication facilities of the directors, shall be deemed to constitute a meeting of the Board of Directors for the duration of the connection. Any director taking part, shall be deemed present in person at the meeting and shall be entitled to vote or counted in quorum accordingly.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Resolutions of the Board of Directors may, instead of in a meeting, be passed in writing - including any electronic message and facsimile, or in the form of a message transmitted by any accepted means of communication and received or capable of being produced in writing - provided that all directors are familiar with the resolution to be passed and none of them objects to this decision-making process and provided that the resolution is signed by a majority of the directors in office.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors shall establish a group executive committee, a group portfolio and investment committee, a group treasury and accounting committee, an audit committee and a nomination and compensation committee. The Board of Directors may establish any other committee as the Board of Directors shall decide. The Board of Directors shall draw up rules governing a committee's internal affairs.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Without prejudice to any other applicable provision in these articles of association, the Board of Directors shall require the approval of the general meeting of shareholders for resolutions of the Board of Directors with regard to an important change in the identity or character of the Company or the enterprise, including in any event:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the transfer of the enterprise or almost the entire enterprise to a third party;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">entry into or termination of any long-term cooperation by the Company or a subsidiary of the Company with another legal entity company or partnership, or as a fully liable partner in a limited or general partnership, if such cooperation or termination thereof is of far-reaching significance to the Company;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">c.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">acquisition or disposal by the Company, or a subsidiary of the Company, of a participating interest in the capital of a company with a value of at least one third of the amount of the assets as shown on the balance sheet with explanatory notes or, if the Company prepares a consolidated balance sheet, as shown on the consolidated balance sheet with explanatory notes according to the most recently adopted annual accounts of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The absence of approval by the general meeting of shareholders of a resolution as referred to in this paragraph shall not affect the representative authority of the directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.8<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>Where one or more directors are absent or prevented from acting</strike></font><font style="color: #2674FF;"><u>If a director is absent or incapacitated, he or </u></font><font style="color: #2674FF;"><u>she may be replaced temporarily by a person whom the Board of Directors has designated for that purpose and, </u></font><font style="color: #2674FF;"><u>until then</u></font>, the remaining director(s) shall be charged with the entire management of the Company. Where all directors or the only director are/is absent or prevented from acting, the management shall be conducted temporarily by one or more persons to be appointed for that purpose by the general meeting of shareholders.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;8<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg9"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">16.9<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Where a director has a personal interest which conflicts directly or indirectly with the interests of the Company or the enterprise associated with the Company, such director shall not participate in the decision-making process. If as a result of the previous sentence no resolution of the Board of Directors can be adopted, such resolution may nonetheless be adopted by the Board of Directors.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">REPRESENTATION</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 17</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Board of Directors, as well the CEO acting individually, is entitled to represent the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company may grant special and general powers of attorney, whether or not such persons are employed by the Company, authorizing them to represent the Company and bind it vis-&#224;-vis third parties. </div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 15.5pt; margin-left: 0pt; text-align: left;">Indemnification<font style="text-transform: none;"> </font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 18</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Subject to the limitations included in this article, every person or legal entity who is, or has been, a director, proxy-holder, staff member or officer (specifically including the Chief Financial Officer and the Chief Legal Officer as from time to time designated by the Board of Directors), who is made, or threatened to be made, a party to any claim, action, suit or proceeding in which he/she or it becomes involved as a party or otherwise by virtue of his/her or its being, or having been, a director, proxy-holder, staff member or officer of the Company, shall be indemnified by the Company, to the fullest extent permitted under the laws of the Netherlands, concerning (A) any and all liabilities imposed on him/her or on it, including judgements, fines and penalties, (B) any and all expenses, including costs and attorneys' fees, reasonably incurred or paid by him/her or by it, and (C) any and all amounts paid in settlement by him/her or by it, in connection with any such claim, action, suit or other proceeding.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">A director, proxy-holder, staff member or officer shall, however, have no right to be indemnified against any liability in any matter if it shall have been finally determined that such liability resulted from the intent, wilful recklessness or serious culpability of such person or legal entity.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Furthermore, a director, proxy-holder, staff member or officer shall have no right to be indemnified against any liability in any matter if it shall have been finally determined that such person or legal entity did not act in good faith and in the reasonable belief that his/her or its action was in the best interest of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In the event of a settlement, a director, proxy-holder, staff member or officer shall not lose his/her or its right to be indemnified unless there has been a determination that such person or legal entity engaged in intent, wilful recklessness or serious culpability in the conduct of his/her or its office or did not act in good faith and in the reasonable belief that his/her or its action was in the best interest of the Company:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">by the court or other body approving settlement; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">by a resolution duly adopted by the general meeting of shareholders; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">by written opinion of independent counsel to be appointed by the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The right to indemnification herein provided (i)&#160;may be insured against by policies maintained by the Company, (ii)&#160;shall be severable, (iii)&#160;shall not affect any other rights to which any director, proxy-holder, staff member or officer may now or hereafter be entitled, (iv)&#160;shall continue as to a person or legal entity who has ceased to be a director, proxy-holder, staff member or officer, and (v)&#160;shall also inure to the benefit of the heirs, executors, administrators or successors of such person or legal entity.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Nothing included herein shall affect any right to indemnification to which persons or legal entities other than a director, proxy-holder, staff member or officer may be entitled by contract or otherwise.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">18.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Subject to such procedures as may be determined by the Board of Directors, expenses in connection with the preparation and presentation of a defence to any claim, action, suit or proceeding of the character described in this article 18 may be advanced to the director, proxy-holder, staff member or officer by the Company prior to final disposition thereof upon receipt of an undertaking by or on behalf of such director, proxy-holder, staff member or officer to repay such amount if it is ultimately determined that he/she or it is not entitled to indemnification under this article 18.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg10"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">General meeting of shareholders</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 19</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The annual general meeting of shareholders shall be held within six months after the close of the financial year.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">At this general meeting of shareholders the following subjects shall be considered:</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the written annual report prepared by the Board of Directors on the course of business of the Company and the conduct of its affairs during the past financial year;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">b.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the adoption of the annual accounts;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">c.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">discussion regarding the Company's reserves and dividend policy and justification thereof by the Board of Directors;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">d.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if applicable, the proposal to pay a dividend;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">e.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the discharge of the directors in respect of their management during the previous financial year;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">f.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the appointment of directors;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">g.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the designation of the person referred to in article 16.8;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">h.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">each substantial change in the corporate governance structure of the Company; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">i.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">the proposals placed on the agenda by the Board of Directors together with proposals made by shareholders in accordance with the provisions of these articles of association.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Extraordinary general meetings of shareholders shall be held as often as deemed necessary by the Board of Directors and shall be held if one or more shareholders and other persons entitled to attend such meetings jointly representing at least one-tenth of the issued share capital make a written request to that effect to the Board of Directors, specifying in detail the business to be considered.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">19.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">If the Board of Directors fails to comply with a request referred to in the preceding paragraph in such manner that the general meeting of shareholders can be held within six weeks after the request, the persons who have made the request may be authorized by the summary proceedings judge of the district court in Amsterdam to convene the meeting themselves.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20pt; margin-left: 0pt; text-align: left;">PLACE AND NOTICE OF THE GENERAL MEETING OF SHAREHOLDERS</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 20</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">General meetings of shareholders shall be held in Amsterdam, Haarlemmermeer (Schiphol Airport), Rotterdam or The Hague. The notice convening the meeting shall inform the shareholders and other persons entitled to attend meetings of shareholders accordingly.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">All notices to shareholders and persons entitled to attend meetings of shareholders shall be published in a national daily newspaper. If required by law, notices to shareholders and persons to attend meetings of shareholders shall, in deviation from the previous sentence, be made by way of an electronically published announcement on the Company's website which shall until the general meeting be directly and permanently accessible.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">20.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The notice convening a general meeting of shareholders shall be published by either the Board of Directors, or by the persons who according to the law or these articles of association are entitled thereto.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20pt; margin-left: 0pt; text-align: left;">Notice period and Agenda</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 21</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The notice convening a general meeting of shareholders shall be published with due observance of the relevant statutory convening period. The notice shall always contain (i)&#160;the agenda for the meeting, notwithstanding the statutory provisions regarding reduction of issued share capital and amendment of articles of association, (ii)&#160;the location and time of the general meeting of shareholders and (iii)&#160;the procedure for participating in the meeting through a proxy holder.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg11"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The agenda shall contain such subjects to be considered at the meeting as the person(s) convening the meeting shall decide, and furthermore such other subjects, as one or more shareholders and others entitled to attend the meetings, at least representing the thresholds set by law from time to time, have so requested the Board of Directors in writing by reasoned request or as a proposal for a resolution to include in the agenda, at least sixty days before the date of the meeting. No valid resolutions can be adopted at a general meeting of shareholders in respect of subjects which are not mentioned in the agenda.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Chairman of general meetings of shareholders and Minutes</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 22</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">22.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">General meetings of shareholders shall be presided by the chairman of the Board of Directors. In case of absence of the chairman of the Board of Directors the meeting shall be presided by any other person nominated by the Board of Directors. The chairman of the meeting shall appoint the secretary of that meeting.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">22.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The secretary of the meeting shall keep the minutes of the business transacted at the meeting, which minutes shall be adopted and signed by the chairman and the secretary of the meeting.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">22.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The chairman of the Board of Directors may request a civil law notary to include the proceedings at the meeting in a notarial report.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">ATTENDANCE OF GENERAL MEETING OF SHAREHOLDERS</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 23</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">All shareholders and persons entitled to attend meetings are entitled to attend general meetings of shareholders, to address the general meeting of shareholders and - to the extent they have the voting rights to the shares - to vote the shares thereat.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Prior to being admitted at a general meeting of shareholders, a shareholder or its proxy shall have to sign an attendance list, stating his name and the number of votes that can be cast by him. A proxy shall also state the name(s) of the person(s) for whom he acts.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Paragraph 1 will be applicable to those who (i)&#160;are a shareholder or another person entitled to attend a meeting as per a certain date, determined by the Board of Directors, such date hereinafter referred to as: the &#8220;record date&#8221;, and (ii)&#160;who are as such registered in a register (or one or more parts thereof) designated thereto by the Board of Directors, hereinafter referred to as: the &#8220;register&#8221;, regardless who will be shareholder at the time of the general meeting of shareholders. Shareholders and others entitled to attend the meeting who wish to attend a general meeting of shareholders, or who wish to be represented at the meeting by a proxy holder, must give notice to the Company prior to the general meeting of shareholders in accordance with the procedures described in the convening notice for the relevant meeting.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The record date mentioned in paragraph 3 shall be the twenty-eight day prior to the day of the general meeting of shareholders. The Board of Directors shall determine the date mentioned in paragraph 3 on which the intention to attend the general meeting of shareholders has to be given at the latest. The notice of the general meeting of shareholders will contain those times, the place of meeting and the proceedings for registration and notification.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Those who have a written proxy shall give their proxy to the holder of the register prior to the notification described in paragraph 4. The holder of the register will send the proxies together with the notification to the Company as described in paragraph 3 sub (iii). The Board of Directors may resolve that the proxies of holders of voting rights will be attached to the attendance list.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Shareholders and other persons entitled to attend meetings of shareholders may be represented by proxies duly authorized in writing, and such proxies shall be admitted upon production of such written instrument.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders may adopt rules regarding the length of time for which shareholders may speak. In so far as such rules are not applicable, the chairman may determine the time for which shareholders may speak if the chairman considers this desirable with a view to the orderly proceeding of the meeting.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;11<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg12"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">23.8<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">All matters regarding the admittance to the general meeting of shareholders, the exercise of voting rights and the result of votings, as well as any other matters regarding the proceedings at the general meeting of shareholders shall be decided upon by the chairman of that meeting, with due observance of the provisions of article 2:13 of the Dutch Civil Code.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Votes and adoption of resolutions</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 24</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">At the general meeting of shareholders each share entitles its holder to one (1) vote.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Unless otherwise stated in these articles of association, resolutions shall be validly adopted if adopted by absolute majority of votes cast. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Blank votes, abstentions and invalid votes shall not be considered as votes cast. Shares in respect of which a blank or invalid vote has been cast, or in respect of which the holder thereof present or represented at the meeting has abstained from voting, shall be taken into account when determining which part of the Company's issued share capital is present or represented at a general meeting of shareholders. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The chairman of the meeting shall decide on the method of voting and on the possibility of voting by acclamation.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Annual accounts and Report of the board of Directors</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 25</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The financial year of the Company shall coincide with the calendar year.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Each year, within the relevant period prescribed by applicable law, the Board of Directors shall draw up the annual accounts, consisting of a balance sheet and a profit and loss account in respect of the preceding financial year, together with the explanatory notes thereto. The Board of Directors shall furthermore prepare a report on the course of business of the Company in the preceding year.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors shall draw up the annual accounts in accordance with applicable generally accepted accounting principles and all other applicable provisions of the law.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The annual accounts shall be signed by all directors. Should the signature of one or more of them be missing, then mention shall be made thereof, stating the reason.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors shall cause the annual accounts to be examined by one or more registered accountant(s) or other experts designated for the purpose in accordance with article 2:393 of the Dutch Civil Code by the general meeting of shareholders. The auditor or the other expert designated shall report on his examination to the Board of Directors and shall issue a certificate containing the results thereof.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Copies of the annual accounts accompanied by the certificate of the expert referred to in the preceding paragraph, the report of the Board of Directors, and the information to be added to each of such documents pursuant to the law, shall be made freely available at the office of the Company for the shareholders and the other persons entitled to attend meetings of shareholders as from the date of the notice convening the general meeting of shareholders at which meeting they shall be discussed, until the close thereof.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The general meeting of shareholders decides on the adoption of the annual accounts.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 18pt; margin-left: 0pt; text-align: left;">DistributionS<font style="text-transform: none;"> </font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 26</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">From the profits, as apparent from the annual accounts adopted by the general meeting of shareholders such amounts shall be reserved as the Board of Directors shall determine.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The profits that remain after the application of paragraph 1 hereof shall be distributed to the shareholders pro rata to the number of shares held by each such shareholder.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Dividends payable in cash shall be paid in United States Dollars, unless the Board of Directors determines that payment shall be made in another currency.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;12<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg13"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company can only declare distributions insofar as its shareholders' equity exceeds the amount of the paid up and called portion of the issued share capital, plus the statutory reserves.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">26.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Subject to the provisions of article 2:105 paragraph 4 of the Dutch Civil Code and with due observance of the provisions of paragraph 4 of this Article, the Board of Directors may resolve to declare any interim dividends and/or other interim distributions. Such dividends and/or distributions shall be made to shareholders pro rata to the number of shares held by each shareholder.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Article 27</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Distributions pursuant to article 26 shall be payable as from a date to be determined by the Board of Directors. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Distributions under article 26 shall be made payable at an address or addresses to be determined by the Board of Directors, and in any case at least at one address in each country where the shares of the Company are listed on a stock exchange.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The Board of Directors may determine the method of payment in respect of cash distributions on shares.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The person entitled to a distribution under article 26 on shares shall be the person in whose name the share is registered, or in the event of others entitled thereto, if their right is sufficiently established, at the date to be fixed for that purpose by the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Notice of distributions and of the dates and places referred to in the preceding paragraphs of this article shall be made in accordance with applicable law and further in such manner as the Board of Directors may deem desirable.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">Distributions in cash under article 26 that have not been collected within five years and two days after have become due and payable shall revert to the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.7<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Board of Directors may cause the Company to declare distributions to shareholders under article 26 in full or partially in the form of shares in the share capital of the Company.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8195;<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In the case of a distribution in the form of shares in the share capital of the Company, any shares in the Company not claimed within a period to be determined by the Board of Directors shall be sold for the account of the persons entitled to the distribution who failed to claim the shares. The net proceeds of such sale shall thereafter be held at the disposal of the above persons in proportion to their entitlement; the right to the proceeds shall lapse, however, if the proceeds are not claimed within thirty years after the date on which the distribution in shares was made payable.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.8<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">In the case of a distribution in the form of shares in the Company, those shares shall be registered in the shareholders' register of the Company, and, were applicable, certificates shall be issued to the holders thereof.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27.9<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The provisions of paragraphs 4 and 7 shall apply correspondingly in respect of any other distributions that do not take place pursuant to article 26.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Amendment articles of association</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 28</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">28.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The general meeting of shareholders may resolve to amend the articles of association of the Company, provided that such resolution has been proposed to the general meeting of shareholders by the Board of Directors. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">28.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The complete proposal to amend the articles of association shall be made freely available for the shareholders and the other persons entitled to attend meetings of shareholders, at the office of the Company as from the day of notice convening such meeting until the close of that meeting.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Dissolution and Liquidation</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7pt; margin-left: 0pt; text-align: left;">Article 29</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">29.1<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Company shall be dissolved pursuant to a resolution of the general meeting of shareholders, provided that such resolution has been proposed to the general meeting of shareholders by the Board of Directors. The provisions of article 28 shall apply correspondingly.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;13<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="nc10022463x1_6k_103-ex99-4_pg14"><!--Anchor--></a><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">29.2<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If the Company is dissolved, the liquidation shall be carried out by the Board of Directors.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">29.3<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The liquidation shall take place with due observance of the provisions of the law. During the liquidation period these articles of association shall, to the extent possible, remain in full force and effect.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">29.4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The balance of the assets of the Company remaining after all liabilities have been paid shall be distributed to the shareholders pro rata to the number of shares held by each such shareholder.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">29.5<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">After settling the liquidation, the liquidators shall render account in accordance with the provisions of the law.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 22pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">29.6<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">After the Company has ceased to exist, the books and records of the Company shall remain in the custody of the person designated for that purpose by the liquidators during a seven-year period.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Choice of law and exclusive jurisdiction</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Article 30</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: justify;">The legal relationship among or between (a) the Company, (b) any of its current or former directors, and/or (c) any of its current or former holders of shares in the capital of the Company and derivatives thereof, including but not limited to (i)&#160;actions under statute, (ii)&#160;actions under the articles of association, including actions for breach thereof, and (iii)&#160;actions in tort, shall be governed in each case exclusively by the laws of the Netherlands, unless such legal relationship does not pertain to or arise out of the abovementioned capacities. Any dispute, suit, claim, pre-trial action or other legal proceeding, including summary or injunctive proceedings, by and between those persons pertaining to or arising out of the above-mentioned capacities shall be exclusively submitted to the courts of the Netherlands.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 240pt; text-align: left;">THE UNDERSIGNED</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 240pt; text-align: justify;">P.C.S. van der Bijl, civil law notary in Amsterdam, hereby declares that the unofficial English translation of the articles of association of AerCap Holdings N.V., with corporate seat in Amsterdam, immediately after execution of the abovementioned deed of amendment to the articles of association, read as per the text printed above.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 240pt; text-align: left;">Signed at Amsterdam, on <font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;</sup></font><font style="color: #FC0014;"><strike>1 May 2019</strike></font><font style="color: #FC0014;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8199;&#8199;</sup></font><font style="color: #2674FF;"><u>[</u></font><font style="color: #2674FF; font-style: italic;"><u>date</u></font><font style="color: #2674FF;"><u>] 2021</u></font>.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 240pt; text-align: left;">(Signed): P.C.S. van der Bijl</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">&#8201;14<br></div></div></div>
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