 2014 Fourth Quarter & Full Year | Earnings March 2015 Exhibit 99.2 |
 Avolon | Slide 2 Disclaimer Concerning Forward-Looking Statements and Non-GAAP Information This document includes forward-looking statements, beliefs or opinions, including statements with respect to Avolon’s business, financial condition, results of operations and plans. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control and all of which are based on our management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe,” “expects,” “may,” “will,” “could,” “should,” “shall,” “risk,” “intends,” “estimates,” “aims,” “plans,” “predicts,” “continues,” “assumes,” “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. Forward-looking statements may and often do differ materially from actual results. No assurance can be given that such future results will be achieved. These risks, uncertainties and assumptions include, but are not limited to, the following: general economic and financial conditions; the financial condition of our lessees; our ability to obtain additional capital to finance our growth and operations on attractive terms; decline in the value of our aircraft and market rates for leases; the loss of key personnel; lessee defaults and attempts to repossess aircraft; our ability to regularly sell aircraft; our ability to successfully re-lease our existing aircraft and lease new aircraft; our ability to negotiate and enter into profitable leases; periods of aircraft oversupply during which lease rates and aircraft values decline; changes in the appraised value of our aircraft; changes in interest rates; competition from other aircraft lessors; and the limited number of aircraft and engine manufacturers. These and other important factors, including those discussed under “Item 3. Key Information—Risk Factors” included in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 3, 2015, may cause our actual events or results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements contained in this document. Such forward-looking statements contained in this document speak only as of the date of this document. We expressly disclaim any obligation or undertaking to update these forward-looking statements contained in this document to reflect any change in our expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. The financial information included herein includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including adjusted net income, adjusted earnings per share, adjusted return on equity (“adjusted ROE”), Cash selling, general and administrative expenses (“cash SG&A”) and net debt to equity. The Appendix to this presentation includes a reconciliation of adjusted net income, adjusted earnings per share, adjusted ROE, cash SG&A and net debt to equity with the most directly comparable financial measures calculated in accordance with GAAP. See slides 19 to 24. |
 Avolon | Slide 3 FY 2013 FY 2014 Change Revenue 450 606 +35% Adjusted Net Income 1 Net Income Commitments 125 113 3,891 179 91 6,593 +43% -19% +69% Adjusted ROE 2 ROE 9.7% 8.7% 12.5% 6.4% +29% -26% Undrawn Debt 823 1,176 +43% Cost of Funds 4.4% 3.8% -60bps Average Fleet Age 2.5 years Average Remaining Lease Term 7.1 years Debt Weighted Average Life (WAL) 4.6 years Interest Rate Risk Match Funded 2015 Placements 100% Fleet Utilisation 99.9% Impairments Zero Strong Growth with Low Risk STRONG GROWTH LOW RISK 1 Non-GAAP measure. See slide 19 2 Non-GAAP measure. See slide 21 $ millions |
 Avolon | Slide 4 $554m of Aircraft Deliveries 8 Aircraft $638m of New Commitments 15 Aircraft: eight B737-800, six $347m of Additional Debt Financing Commitments One-off IPO Expenses Share Based Compensation $54m Continued Momentum Across the Business Q4 2014 A320-200 and one A321-200 $0.8m Debt Prepayment Costs Related to Disposals $11.8m Gains; Sale of 4 Aircraft IPO Related Costs $11.7m in full year 2014 |
 Avolon | Slide 5 Net Book Value Growth 2011 B/S Not Available +19% +32% Owned Aircraft 87 99 126 OWNED FLEET +$1.3bn Net Book Value Growth From FY13 41 Aircraft Deliveries in 2014 1 $6.6bn Capital commitments 1 Owned and Managed Portfolio Delivering Robust Fleet Growth 3.6 4.3 5.6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2012 2013 2014 |
 Avolon | Slide 6 ASSET TYPE 1 GEOGRAPHIC SPLIT 1 Attractive & Diversified Portfolio Single - Aisle 73% Twin - Aisle 27% Americas 28% EMEA 32% Asia Pacific 40% 2.5 Average Fleet Age 1 49 Airline Customers 2 28 Countries 2 1 Owned Portfolio as at Dec 31 st 2014 measured by Net Book Value. Single-Aisle includes :B737-800, A319ceo, A320ceo, A321ceo, E190. Twin- Aisle includes: A330-300, B787-8 and B777-300ER 2 Owned and Managed Aircraft |
 Avolon | Slide 7 OWNED FLEET – 126 AIRCRAFT $ millions APPRAISAL METHODOLOGY • 9 Appraisal Firms • Valuation date 31 st Dec 2014 • Market values adjusted for lease redelivery condition • Removed highest and lowest and took an average of the remaining Embedded Value Per Share 2 $6.95 Current Market Value 1 6,175 Less Net Book Value 2 -5,607 Embedded Equity Value 568 1 Premium to Net Book Value 10.1% Deep Intrinsic Value on Balance Sheet 1) Our estimates are based on the value opinions for our portfolio that we have received from independent aircraft appraisers, reports by industry analysts and data providers, news of similar aircraft sales and other assumptions. Although we believe our estimated values are based on reasonable assumptions and estimates, our estimates may not be indicative of the current or future market value of our portfolio or of prices that we could achieve if we were to sell the portfolio. 2) Per Share Embedded Value = Embedded Equity Value / outstanding shares as at 31st December 2014 ($568m/81,681m) |
 Avolon | Slide 8 Sustainable Trading Gains FY 2012 FY 2013 FY 2014 Trading Gain 1 11.3 31.1 64.4 Total Interest Breakage Costs – – 7.5 Net Book Value 154.9 564.1 510.2 % Gain on Sale 2 7.3% 5.5% 12.6% Average 8.7% Gain TRADING GAINS of $107 million on $1.2bn of aircraft sold Sources: Company data 1 Trading gain defined as actual sale price less disposal expenses less book value at sale of asset; number of aircraft sold in 2013 includes one aircraft constituting an insured total loss 2 Gain on sale % calculated as trading gain / Net Book Value 3 Weighted by Net Book Value 27 AIRCRAFT SOLD 3 $ millions Single - Aisle 72% Twin - Aisle 28% |
 FINANCIAL HIGHLIGHTS |
 Avolon | Slide 10 $554m of Aircraft Deliveries 8 Aircraft; 3 x October, 4 x November and 1 x December $638m of New Commitments 15 Aircraft: eight B737-800, six A320-200 and one A321-200; 11 delivering in 2015, 4 delivering in 2016 $11.8m Gains; Sale of 4 Aircraft: $0.8m Funding Prepayment Costs Related to Disposals $347m of Additional Debt Financing Commitments One-time IPO Expenses Share Based Compensation $54m IPO Related Costs $11.7m in full year 2014 Early Lease Termination of 1 Aircraft on Lease to Spicejet Maintenance Revenue +$9.6m Leasing Expenses ($9.8m) Termination Fee $1.3m Aircraft off lease for 1 month in Q4 2014 and Q1 2015 Contracted with new lessee, to commence in Q1 2015 Continued Momentum Across the Business Q4 2014 |
 Avolon | Slide 11 FY 2014 Sustained Strong Growth NET BOOK VALUE $ millions $ millions $ millions CAGR 25% ADJUSTED NET INCOME 1 $ millions CAGR 57% REVENUE CAGR 36% NET INCOME CAGR 22% 1 Non-GAAP measure. See slide 19 3,576 4,260 5,607 0 1,000 2,000 3,000 4,000 5,000 6,000 2012 2013 2014 326 450 606 0 100 200 300 400 500 600 700 2012 2013 2014 61 113 91 0 20 40 60 80 100 120 2012 2013 2014 73 125 179 0 100 200 2012 2013 2014 Avolon | Slide 11 |
 Avolon | Slide 12 FY 2014 Selected Financial Highlights $ thousands FY 2013 FY 2014 % Change Lease Revenue 415,006 537,547 +30% Maintenance Income 6,102 16,428 Lease Revenue excl. Maintenance Income 408,904 521,119 +27% Interest Expense (154,360) (206,580) +34% Unrealized (gain) loss on derivatives (6,390) 12,240 Interest Breakage Cost 0 7,500 Interest excl. derivatives and breakage costs (160,750) (186,840) +16% Depreciation 145,615 182,437 +25% Avolon | Slide 12 |
 Avolon | Slide 13 Driving Returns Yield and ROE Progression Net Debt: Equity³ 2011 B/S Not Available 2.4 2.6 3.1 INCREASING YIELD RETURN ON EQUITY CAGR 40% Adjusted ROE CAGR 10% ROE 1 4 3) Non-GAAP measure. See slide 22 4) Non-GAAP measure. See slide 21 11.0% 3.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 2011 2012 2013 2014 Annualised Lease Yield Interest Rate 2 6.4% 9.7% 12.5% 5.3% 8.7% 6.4% 0% 2% 4% 6% 8% 10% 12% 14% 2012 2013 2014 Adjusted ROE ROE 1) Annualised Lease Yield - annualised lease revenue for flight equipment held at the end of each reporting period divided by the aggregate Net Book Value of flight equipment held at each reporting period 2) Interest Rate -annualised cost of debt as at the end of each period, does not include the effect of up front fees, undrawn fees, issuance cost amortization or fair value gains / losses on derivative financial instruments. Adjusted ROE continues to expand driven by yield and net debt to equity ratio |
 Avolon | Slide 14 Diluted EPS ($) 0.92 1.44 1.16 Adjusted EPS ($) 0.89 1.53 2.19 Weighted Average Shares Outstanding Diluted 66,407,415 78,241,330 78,402,878 Outstanding Shares 31 st December 81,681,131 81,681,131 81,681,131 FY 2014 Diluted Earnings Per Share 1 Non-GAAP measure. See slide 20 2.19 1.44 1.1 0.89 1.53 2.19 0.92 1.44 1.16 0.00 0.50 1.00 1.50 2.00 2.50 2012 2013 2014 Adjusted EPS Diluted EPS 1 Adjusted EPS CAGR 12% Diluted EPS CAGR 57% 1 |
 Avolon | Slide 15 3.8% Cost of Funds 3 : 1 Net Debt : Equity 31 Lenders 4.6 Years WAL $1.2bn Undrawn Debt FY 2014 Prudent Balance Sheet & Capital Structure 71% of debt is fixed rate 19% of debt associated with floating rate leases 11% of debt is hedged by interest rate derivatives 1 Annualized Cost of Funds at Dec 31, 2014 does not include the effect of up front fees, undrawn fees, issuance cost amortization or fair value gains / losses on derivative financial instruments 2 Non-GAAP measure. See slide 22 DIVERSIFIED DEBT CHANNELS MATCHED FUNDING OF INTEREST RATE EXPOSURE % Total Debt $ millions Full recourse term facilities 43% 1,974 Non recourse term facilities 18% 797 Securitizations 13% 588 ECA and EXIM backed facilities 16% 725 Warehouse facility 4% 171 Lines of credit 4% 198 Loan interest accrued but not paid 0% 12 Capital Lease 2% 83 Capital Lease Interest accrued but not paid 0% 0 Total 100% 4,548 2 1 |
 Avolon | Slide 16 Adjusted ROE 1 range of 14.7% - 15.0%; ROE of 12.8% - 13.1% Assuming no impact for interest rate caps Current commitments of $1.6bn delivering in 2015 Expected Net Trading Gains of $55m - $60m SG&A of $65m. Cash SG&A 2 $55m excluding Share Based Compensation Share Based Compensation charge under go forward plan, expense recognition marked to corporate performance standards Effective Tax Rate – 6% 1 Non-GAAP measure. See slide 23 2 Non-GAAP Measure. See slide 24 2015 Financial Outlook Target c. 8% gain on expected sale volume of c. $700m Letters of intent signed for the sale of aircraft with a net book value of $318m Approximately $400m deliveries in Q1 (mainly March), $700m deliveries in Q2 Consistent with net D:E target of approximately 3:1 Slightly higher net D:E end Q2 due to timing of deliveries |
 Avolon | Slide 17 Strengths of our Franchise Strong, committed growth profile Upward ROE trajectory Fleet quality; embedded value Balance sheet positioned to support growth Favourable industry outlook – attractive opportunity set |
 APPENDIX |
 Avolon | Slide 19 $ thousands FY 2012 FY 2013 FY 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Net Income 61,161 112,800 91,103 36,422 23,928 43,830 (13,078) Amortization of debt issuance costs 9,457 18,766 24,277 5,711 4,670 7,548 6,349 Unrealized (gain) loss on derivatives 2,199 (6,390) 12,240 4,134 5,332 (277) 3,051 Share based compensation - - 53,733 - - - 53,733 Tax effect 268 (25) (2,359) (345) (364) (142) (1,508) Adjusted net income 73,085 125,151 178,994 45,922 33,566 50,959 48,547 Adjusted net income is a measure of both liquidity and operating performance that is not defined by GAAP and should not be considered as an alternative to net income, income from operations, net cash provided by operating activities, or any other liquidity or performance measure derived in accordance with GAAP. We use adjusted net income to assess our core operating performance on a consistent basis from period to period. In addition, adjusted net income helps us identify certain controllable expenses and make decisions designed to help us meet our near-term financial goals. Adjusted net income has important limitations as an analytical tool and should be considered in conjunction with, and not as substitutes for, our results as reported under GAAP. Reconciliation of Adjusted Net Income |
 Avolon | Slide 20 Reconciliation of Adjusted EPS Net Income ($ thousands) 61,161 112,800 91,103 Weighted Average Shares Outstanding Diluted (number of shares) 66,407,415 78,241,330 78,402,878 Adjusted Net Income ($ thousands) 73,085 125,151 178,994 Outstanding Shares 31st December (number of shares) 81,681,131 81,681,131 81,681,131 $ FY 2012 FY 2013 FY 2014 Diluted EPS 0.92 1.44 1.16 Amortization of debt issuance costs 0.14 0.24 0.31 Unrealized (gain) loss on derivatives 0.03 (0.08) 0.16 Share based compensation - - 0.69 Tax effect 0.00 (0.00) (0.03) Effect of number of outstanding shares 31st December (0.21) (0.07) (0.09) Adjusted EPS 0.89 1.53 2.19 |
 Avolon | Slide 21 Reconciliation of Adjusted ROE FY 2012 FY 2013 FY 2014 Net Income ($ thousands) 61,161 112,800 91,103 Total shareholder’s equity ($ thousands) 1,146,618 1,293,751 1,432,997 ROE 5.3% 8.7% 6.4% Amortization of debt issuance costs 0.8% 1.5% 1.7% Unrealized (gain) loss on derivatives 0.2% (0.5%) 0.9% Share based compensation - - 3.7% Tax effect 0.0% (0.0%) (0.2%) Adjusted ROE 6.4% 9.7% 12.5% Adjusted ROE is (Adjusted Net Income) / (Total shareholder’s equity) |
 Avolon | Slide 22 Reconciliation of Net Debt to Equity $ thousands FY 2012 FY 2013 FY 2014 Debt Financing 2,573,104 3,442,749 4,465,187 Capital Lease Obligation 231,676 94,043 83,261 Total Debt 2,804,780 3,536,792 4,548,448 Cash and cash equivalents 53,844 177,924 111,392 Net Debt 2,750,936 3,358,868 4,437,056 Total shareholder’s equity 1,146,618 1,293,751 1,432,997 Debt to Equity 2.4 2.7 3.2 Net Debt to Equity 2.4 2.6 3.1 Net Debt to Equity is calculated as (Debt Financing + Capital Lease Obligation – Cash and cash equivalents) / Total shareholder’s equity |
 Avolon | Slide 23 Reconciliation of 2015 Adjusted ROE % FY 2015 FY 2015 ROE 12.8% 13.1% Amortization of debt issuance costs 1.4% 1.4% Unrealized (gain) loss on derivatives - - Share based compensation 0.6% 0.6% Tax effect (0.1%) (0.1%) Adjusted ROE 14.7% 15.0% |
 Avolon | Slide 24 Reconciliation of 2015 Cash SG&A $ millions FY 2015 Selling, general and administrative costs 65 Share Based Compensation 10 Cash SG&A 55 Cash SG&A is (Selling, general and administrative costs) – (Share Based Compensation) |
 Avolon | Slide 25 Quarterly Income Statement Revenues Q1 14 Q2 14 Q3 14 Q4 14 FY 14 Lease revenue 118,223 123,072 137,379 158,873 537,547 Management fee revenue 354 563 478 1,971 3,366 Net gain on disposal of flight equipment 16,826 9,219 26,523 11,841 64,409 Interest income 351 241 60 44 696 Total revenues 135,754 133,095 164,440 172,729 606,018 Expenses Depreciation (39,954) (43,173) (47,731) (51,579) (182,437) Interest expense (48,063) (48,806) (56,579) (53,132) (206,580) Selling, general and administrative costs (9,986) (16,198) (15,389) (68,574) (110,147) MR Costs - - - (9,785) (9,785) Total expenses (98,003) (108,177) (119,699) (183,070) (508,949) Income before income tax and interest in earnings from unconsolidated equity investees 37,751 24,918 44,741 (10,341) 97,069 Income tax expense (1,382) (857) (1,132) (2,902) (6,273) Earnings from unconsolidated equity investees, net of tax 53 (132) 221 165 307 Net income and total comprehensive income 36,422 23,929 43,830 (13,078) 91,103 $ thousands |
 Avolon | Slide 26 Quarterly Balance Sheet Q1 14 Q2 14 Q3 14 FY 14 Assets 31 MAR 30 JUN 30 SEP 31 DEC Cash and cash equivalents 176,297 99,481 95,869 111,392 Restricted cash 289,734 242,572 217,143 195,095 Accounts receivable 4,898 11,590 10,439 11,010 Assets held for sale - - 39,741 - Flight equipment, net 4,388,530 5,001,367 5,221,876 5,606,556 Derivative financial assets 16,088 16,623 8,451 8,137 Deposits on flight equipment 210,885 201,747 203,183 199,514 Deferred issuance costs, net 85,063 93,380 93,599 105,952 Deferred income taxes 18,458 18,056 16,426 18,996 Investment in unconsolidated equity investees 5,970 10,233 12,338 16,453 Loan receivables 10,580 - - Other assets 21,125 24,293 38,919 53,002 Total Assets 5,227,628 5,719,342 5,957,984 6,326,107 Liabilities, Temporary Equity and Shareholders’ Equity Accounts payable 1,265 2,232 3,243 203 Accrued expenses and other liabilities 15,872 10,962 14,993 27,223 Liabilities related to assets held for sale - - 378 - Income tax payable 487 753 443 434 Deferred revenue 29,618 31,688 32,947 35,193 Accrued maintenance liabilities 141,645 157,900 175,171 180,526 Lease deposits liability 45,665 56,035 67,295 82,677 Debt financing 3,558,847 4,009,085 4,172,366 4,465,187 Capital lease obligation 91,346 88,683 85,981 83,261 Deferred income taxes 12,131 12,131 12,131 17,006 Derivative financial liabilities 579 1,362 695 1,400 Total Liabilities 3,897,455 4,370,831 4,565,643 4,893,110 Total shareholders equity 1,330,173 1,348,511 1,392,341 1,432,997 Total Liabilities, temporary equity and shareholders equity 5,227,628 5,719,342 5,957,984 6,326,107 $ thousands |
 Avolon | Slide 27 Portfolio at December 31 2014 AIRCRAFT TYPE OWNED MANAGED COMMITTED TOTAL A319 1 - - 1 A320ceo 46 3 10 59 A321ceo 7 1 3 11 A320neo - - 20 20 A330neo - - 15 15 A330-200/300 11 - - 11 B737-800 51 3 19 73 B737 MAX - - 20 20 B787-8/9 1 - 11 12 Boeing B777-300ER 3 - - 3 B777-200LRF - 4 - 4 E190 6 - - 6 126 11 98 235 |
 THANK YOU |