Exhibit (C)(3)

Strictly Private and Confidential Citi Banking, Capital Markets & Advisory | TransportationNovember 5, 2019 Project EuropaPresentation to the Board of Directors

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

Implied Proposed Merger Consideration Metrics Source: Note: (1)(2)(3)(4) Company filings, Europa Management, FactSet.Projections provided by Europa Management. Balance sheet data as of September 30, 2019.Europa fully diluted share count of 76.413 million as of November 4, 2019 per Europa Management. Consists of 74.635 million basic shares, 0.067 million RSUs, and 1.711 million PSUs. Day prior to Europa announcement of strategic alternatives.Day of Europa’s Q2 2019 earnings announcement.Net debt of $4,982 million and $69 million in investment in affiliates as of September 30, 2019 per Europa Management.Book Value Per Share calculated as Shareholders’ Equity of $2,038 million as of September 30, 2019 divided by basic shares issued and outstanding of 74.635 million as of September 30, 2019. (1) 2 Proposed Price / Pre-Tax Income 2019E $2.36 10.1x 13.6x 2020E 2.57 9.3 12.5 Price / Earnings 2019E $2.15 11.1x 14.9x 2020E 2.40 9.9 13.3 October 23, 2019 Merger Consideration ($ in millions, except per share items) Metric $23.86 $32.00 Implied Premium / (Discount) to Closing Share Price on November 4, 2019 $27.31 (13%) 17% Implied Premium / (Discount) to Closing Share Price on October 23, 2019 (1) 23.86 -- 34 Implied Premium / (Discount) to Closing Share Price on August 6, 2019 (2) 19.73 21 62 % Premium / (Discount) to: 52-Week Intraday High Prior to Announcement of Strategic Alternatives (October 23, 2019) $23.86 -- 34% 52-Week Intraday Low (December 26, 2018) 15.75 51% 103 VWAP for the 12 Months Prior to October 23, 2019 (1) 20.00 19 60 Equity Value $1,823 $2,445 Firm Value (3) 6,736 7,358 Price / Book September 30, 2019A (4) $27.31 0.87x 1.17x

Updates to the Analysis Since October 28th Board Meeting Valuation date as of September 30, 2019Balance sheet and share count have been rolled forwardBalance sheet data now as of September 30, 2019Share count as of November 4, 2019Cost of equity estimate has been refinedAssumes ~2.5x net debt / equity based on Discounted Dividends Analysis assumed target leverageMarket update of selected companies analysis as of November 4, 2019 3

Summary Financial Analysis Source: Note: Company filings, Europa Management, FactSet.Projections provided by Europa Management. Assumes illustrative valuation date of September 30, 2019.Europa fully diluted share count of 76.413 million as of November 4, 2019 per Europa (1) PSUs.Rounded to the nearest $0.10, except for Trading Range and Net Asset Value per Share. Management. Consists of 74.635 million basic shares, 0.067 million RSUs, and 1.711 million (4) Book Value Per Share calculated as Shareholders’ Equity of $2,038 million as of September 30, 2019 divided by basic shares issued and outstanding of 74.635 million as of September 30, 2019.Discounted to November 4, 2019 assuming 1-year forward estimate as of analyst publication date. As of June 30, 2019 based on average of two latest available appraisals.Day of Europa’s Q2 2019 earnings announcement.Day prior to Europa’s announcement of strategic alternatives. Share Price as of 8/6/2019(5): $19.73 Share Price as of 10/23/2019(6): $23.86 Proposed Merger Consideration: $32.00 (6) 4 Implied Per Share Value (1) Excludes selected transactions due to lack of publicly available information regarding recent aircraft leasing platform sales, which have typically been private transactions.Methodology Price / Book Range: 0.89x - 0.96x Current Book Value per Share of $27.31 (9/30/2019)(2)Price / 2020E Pre-Tax Income Range: 5.5x - 7.1x 2020E Pre-Tax Income per Share of $2.57Price / 2020E Net Income Range: 7.2x - 7.9x 2020E Earnings per Share of $2.40Terminal Year Price / Book: 0.80x - 1.00x; Cost of Equity: 8.1% - 9.4% Gross Debt / Equity Target of 2.5x Trading Range52-Week Intraday Trading Range to Unaffected Date of 10/23/2019 Intraday Trading Range from Unaffected Date of 10/23/2019 (6) to 11/4/2019 Discounted Wall Street Research Analyst Price Targets (3)Price Target Range: $18.00 - $26.00 Discounted at Mid-Point Cost of Equity: 8.8%Selected Precedent Premiums Paid Analysis (6)20.0% - 30.0% Premium to Unaffected Share Price as of 10/23/2019 of $23.86 20.0% - 30.0% Premium to Share Price as of 8/6/2019 (Q2 2019 Earnings) of $19.73(5) Net Asset Value per Share (4)Based on Average of Two Third-Party Appraisals for Maintenance-Adjusted Current Market Value Selected Companies Analysis Price / Book Price / Pre-Tax Income Price / Earnings Discounted Dividends Analysis For Reference Only $24.40 $14.20 $17.30 $22.70 $15.75 $16.90 $11.64 $26.30 $18.20 $19.10 $29.00 $23.86 $24.00 $31.00 $23.70 $27.74 $28.60$25.60

1. Supporting Materials

$1,269 $1,400 $1,700 $1,700 $1,700 $1,331 $1,038 $1,317 $1,198 $1,053 $1,100 2018A 2019E 2020E 2021E 2022E 2023E $911 $911 $995 $1,114 $1,194 $812 $852 $890 $890 $923 $957 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E $2,069 $2,154 $2,261 $2,415 $2,575 $1,834 $1,908 $2,009 $2,046 $2,122 $2,175 Source: Note: (1) Company filings, Europa Management, Wall Street research.Consensus estimates represent the median of latest available Wall Street research as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives.Includes gains on sale of aircraft. Europa Management Forecast # of Brokers 6 6 4 Shareholders’ Equity($ in millions) 18A-21E CAGR # of Brokers 9 9 6 Total Revenue (1)($ in millions) 4 4 3 # of Brokers Aircraft Acquisition($ in millions) Europa Management Historicals / Wall Street Estimates # of Brokers $164 $184 $212 $265 $278 $151 $148 $248 $184 $200 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E 2016A 2017ANet Income (1)($ in millions) $1516 6 3 18A-21E CAGR3.8%2.5% 4.0% 2.7% 18A-21E CAGR(5.0%)(6.8%) 5

($ in billions, Share Dividend Equity Firm Price / Pre-Tax Income Price /Earnings Price / except per share data) Price Yield (1) Value Value 2019E 2020E 2019E 2020E Book AerCap (AER) $59.00 -- $8.3 $36.6 6.4x 7.1x 7.4x 7.9x 0.89x Air Lease (AL) 45.76 1.1% 5.2 18.1 7.1 5.5 9.0 7.2 0.96 Considered But Excluded: BOC Aviation (2588-HK) $9.59 2.9% $6.7 $19.3 8.9x 8.1x 9.9x 8.9x 1.55x Fly Leasing (FLY) 20.85 -- 0.7 3.0 3.3 5.2 3.7 6.1 0.86 Selected Companies Analysis Financial Data Europa (Wall Street Estimates) (2) $23.86 5.0% $1.8 $6.8 11.1x 8.7x 11.9x 9.6x 0.89x Europa (Europa Managment) (2) 23.86 5.0 1.8 6.8 10.1 9.3 11.1 9.9 0.89 Source: (1) (2) (3)(4) Public filings and presentations, Europa Management, and FactSet. Market data as of November 4, 2019.For Air Lease and Europa, calculated based on annualized Q3 2019 dividends paid. For BOC Aviation, calculated based on annualized 2H 2019 dividends paid.Market data as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives. Firm value assumes net debt of $5,043 million and $79 million in investment (5) in affiliates per Q2 2019 filings and Europa Management. Assumes BVPS of $26.96 per Q2 Earnings Presentation. Rounded to the nearest $0.10.Book Value Per Share calculated as Shareholders’ Equity of $2,038 million as of September 30, 2019 divided by basic shares issued and outstanding of 74.635 million as of September 30, 2019.Per Europa Management. Considered But Excluded RationaleBOC Aviation considered but excluded due to majority controlling ownership by Chinese SOE (Bank of China) as well as Hong Kong listingFLY Leasing considered but excluded as the company is a publicly traded vehicle externally managed by BBAMImplied Reference Ranges 6 Reference Range Implied Per Share Value (3) Methodology Reference Low High Low High Price / Book 9/30/2019A Book Value Per Share: $27.31 (4) 0.89x 0.96x $24.40 $26.30 Price / Pre-Tax Income 2020E Pre-Tax Income per Share: $2.57 (5) 5.5 7.1 14.20 18.20 Price / Earnings 2020E Earnings per Share: $2.40 (5) 7.2 7.9 17.30 19.10

Discounted Dividends Analysis Source: Note: (1)(2) Company filings, Europa Management.Europa fully diluted share count of 76.413 million as of November 4, 2019 per Europa Management. Consists of 74.635 million basic shares, 0.067 million RSUs, and 1.711 million PSUs. Calculated relative to Europa Management forecasts.This analysis treats forecast stock based compensation as a cash expense, so it is not added back as an other non-cash charge. AssumptionsDiscounted dividend analysis based on Europa Management forecastsExcess equity capital is distributed annually in the form of a dividend to shareholders based on a target of 2.5x debt / equityEuropa net debt of $4,982 million as of September 30, 2019Assumes any incremental debt is financed through Europa’s existing revolver capacity at a rate of L + 150 bpsAssumes minimum cash of $100 millionMid-period discounting convention applied to dividend streamPrice / Book terminal multiple range applied to terminal Book Equity Leverage Sensitivity (@ 0.90x Terminal Multiple) Cost of Equity 8.1% 8.8% 9.4% 2.00x2.503.00 $26.0126.4427.56 $25.3625.8126.99 $24.7425.1926.44 TargetLeverage Sensitivity AnalysisImplied Per Share Value (@ 2.50x Debt / Equity) Cost of Equity 8.1% 8.8% 9.4% 0.80x0.901.00 $23.8326.4429.04 $23.2625.8128.35 $22.7125.1927.67 TerminalMultiple ($ in millions) 2H 2019E 2020E 2021E 2022E 2023E Net Income $55 $184 $212 $265 $278 After-Tax Interest Savings (Expense) on Paydown / Incremental Debt (1) 0 5 8 9 9 (Gains) Losses from Dispositions (23) (28) (29) (32) (32) Depreciation & Impairment Expense 91 378 415 458 502 Finance Leases 7 28 21 17 15 Other Non-Cash Charges (2) 10 55 47 51 35 FFO $140 $622 $675 $767 $807 Change in Net Working Capital 0 (5) (8) (11) (15) Cash Flow from Operations $141 $617 $666 $756 $792 Capital Expenditures, net (233) (1,093) (1,269) (1,246) (1,065) Change in Debt (45) 452 518 461 315 Other Financing Cash Flows (1) 31 98 118 119 Dividends Paid (17) (8) (13) (90) (162) Net Change in Cash ($154) -- -- -- -- Leverage after Dividend Payment 9/30/2019A 2019E 2020E 2021E 2022E 2023EDebt $5,237 $5,192 $5,644 $6,161 $6,622 $6,937Cash 254 100 100 100 100 100Net Debt $4,982 $5,092 $5,544 $6,061 $6,522 $6,837Shareholders' Equity (2) $2,038 $2,077 $2,258 $2,465 $2,649 $2,775Total Debt / Equity 2.6x 2.5x 2.5x 2.5x 2.5x 2.5xNet Debt / Equity 2.4 2.5 2.5 2.5 2.5 2.5 7

Cost of Equity Calculation Source: Company filings, Bloomberg. AER and AL market data as of November 4, 2019. Europa market data as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives.Based on Dividend Discount Analysis assumed target capital structure of ~2.5x net debt / equity.Per guidance from Europa Management.The Adjusted Equity Beta is based on a five year regression against the MSCI Global Index.Represents (Adjusted Equity Beta + Debt Beta x (1-Marginal Tax Rate) x (Book Value of Debt / Market Value of Equity)) / 1+((1-Marginal Tax Rate) x (Book Value of Debt / Market Value of Equity)). (3) (4) (2) (2) WACC Calculation Inputs Target Capital Structure (Net Debt / Total Capital): 71.4After-Tax Cost of Debt:Expected Long-Term Yield:– Current Statutory Marginal Tax Rate:Cost of Equity: 5.5% Equity Market Risk Premium 8.16.7% Equity Market Risk Premium 9.4Risk Free Rate (30-Year Treasury Bond):Assumed Equity Market Risk Premium - low: Assumed Equity Market Risk Premium - high:Relevered Equity Beta: 1.07Unlevered Asset Beta:Selected “Standard” Beta Measurement Period (Years):Implied Net Debt / Equity Ratio: 250.0 ––––– (1)71.4 %3.3 %3.5 %(2)4.7 %8.1 %9.4 %2.3 %5.5 %6.7 %1.070.3155250.0 % Weighted Average Cost of Capital: 4.7 – 5.0 % 5.5% Equity Market Risk Premium 4.7 – 4.7 % 6.7% Equity Market Risk Premium 5.0 – 5.0 % The low end of the WACC is based upon the low end of the equity market risk premium (5.5%) and the high end of the net debt / total capital ratio. The high end is based on the high end of the equity market risk premium (6.7%) and the low end of the capital structure. 8

2. Reference Materials

14 16 18 2220 24 32302826 $34 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 12/24/201852-Week Low (2)($16.19) Share Price Performance over the Last Twelve Months Source: (1) (2) FactSet. Market data as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives.Reflects price performance since market close on August 5, 2019, the day before Europa’s Q2 2019 earnings announcement, through October 23, 2019. Does not indicate total shareholder return.At market close. Price 10/23/201952-Week High (2)($23.86)$23.86Unaffected Price Proposed Merger Consideration: $32.00 $20.00VWAP for the 12 Months Prior to October 23rd Relative Share Price Performance Since Q2 2019 Earnings Release (1) 22% 6% 20151050(5) 25% 08/05 08/16 08/27 09/07Europa AER 09/18 09/29 10/10 10/21AL S&P 500 For Illustrative Purposes and Reference OnlyLTM Share Price Performance Prior to October 23, 2019(October 23, 2018 – October 23, 2019) 15%12% 9

Total Shareholder Return Performance vs. Select Aircraft Lessors FactSet. Market data as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives. Total shareholder return assumes dividends are reinvested in the respective security as of distribution.For AL and Europa, calculated based on annualized Q3 2019 dividends paid. Source: Note: (1)(2) Reflects price performance since market close on August 5, 2019, the day before Europa’s Q2 2019 earnings announcement, through October 23, 2019. 64% 83% TSR 25% 63% Price Return 20 40 60 80 100 120 140 160 180 200% Jan-14 May-14 Oct-14 Mar-15 Aug-15 Jan-16 Jun-16 Nov-16Brexit Vote US Election (June 23, (November 6,2016) 2016) Apr-17 Sep-17 Feb-18 Jul-18Inflation and Interest Rate Concerns (February 2018) Oct-19 51%48% 51%42% Dec-18 May-19Trade Tensions and Growth Uncertainty (December 2018)AER AL Europa S&P 500 (5)08/05 08/16 08/27 09/07 09/18 09/29 10/10 10/21 25% Q2 2019 Earnings (2) 24% 20 15 15% 10 12% 5 6% 0 Total Shareholder Return Since For Illustrative Purposes and Reference OnlyTotal Shareholder Return Through October 23, 2019(January 1, 2014 – October 23, 2019) 10 Europa 64% 15% 30% 44% 5.0% AL 48 3 13 48 1.1 AER S&P 500 5183 1022 1412 4622 ---- Total Shareholder Return Since Jan. 1, 2014 2-Years LTM YTD Dividend Yield (1)

0.40 0.80 1.20 1.60 2.00x Jan-14 Jun-14 Dec-14 Jun-15 Dec-15 May-16 Nov-16 May-17 Nov-17 Apr-18 Oct-18 Apr-19 Oct-19 Historical Price / Book Trading Multiples vs. Select Aircraft Lessors Source: Note: Europa AER ALPublic filings and presentations, FactSet. Market data as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives. AER shown after May 14th, 2014, the closing date of the acquisition of International Lease Finance Corporation. 0.93x0.89x0.87x For Illustrative Purposes and Reference OnlyPrice / Book Through October 23, 2019(January 1, 2014 – October 23, 2019) Trailing Averages Since Jan. 1, 2014 3-Years 2-Years LTM Europa AL 0.92x1.15 0.88x1.06 0.83x1.02 0.76x0.86 AER 0.98 0.88 0.86 0.78 11

$23.00 $23.00 $21.00 $20.00 $20.00 $18.00 $26.00 $26.00 $25.00 $25.00 $25.00 $26.00 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Current Wall Street Research Analyst Price Targets Price Target Range vs. Share Price Ratings and Median Price Target Over TimeBuy Hold Sell 89% 78% 78% 11% 11% 30% 67% 67% 50% 22% 22% 22% 22% 20% 11% $24.00 $24.50 $24.00$23.00 $22.50 $22.50 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Current Source: Note: (1) Company filings, Wall Street research, and FactSet. Market data as of October 23, 2019.Price targets do not reflect any updates following Europa’s announcement of strategic alternatives on October 24, 2019. Unaffected price as of October 23, 2019, the day prior to Europa’s announcement of strategic alternatives. Median Unaffected Share Price: $23.86 (1) Premium / (Discount) to Broker Report Date Rating Price Target Unaffected Price J.P.Morgan 10/21/19 Sell $26.00 9.0% Stephens 10/01/19 Hold 22.00 (7.8) Bank of America Merrill Lynch 08/12/19 Sell 20.00 (16.2) Compass Point 08/07/19 Hold 23.00 (3.6) Barclays 08/07/19 Hold 22.00 (7.8) Cowen & Company 08/06/19 Buy 25.00 4.8 Macquarie 08/06/19 Buy 25.00 4.8 Deutsche Bank 08/06/19 Hold 23.00 (3.6) Credit Suisse 08/06/19 Hold 21.00 (12.0) Goldman Sachs 08/06/19 Sell 18.00 (24.6) Median $22.50 (5.7%) Maximum 26.00 9.0 Minimum 18.00 (24.6) Share Price For Illustrative Purposes and Reference Only 12

Selected Precedent Premiums Paid Analysis Number of Deals Source: Note: Citi Deal Intelligence.Includes friendly transactions involving a US target with an equity value of $1.0-$3.0 billion. Excludes hostile transactions. 25% 27% 36% 28% 26% 25% 2014 2015 2016 2017 2018 2019 YTD All-Cash Deals Median Premium 27% 75th Percentile 47 25th Percentile 17 Number of Deals 226 27 37 48 37 44 33 For Illustrative Purposes and Reference OnlyMedian 1-Day % Premium(All-Cash Deals; January 1, 2014 – November 4, 2019) 13

Net Asset Value Per Share $7,842 $6,692 $6,694 $6,693 $7,735 Net Book Value Net Book Value Appraiser 1 Appraiser 2 Average Appraisal ($ in millions) Implied Net Asset Value Source: Company filings, Europa Management.Assumes June 30, 2019 $150 million cash balance as per Europa Management guidance, pro forma for July 14, 2019 redemption of $500 million Senior Notes due 2019.Includes finance leases, lease incentives & lease premiums and flight equipment held for sale.Represents gross debt outstanding.Represents gross debt outstanding, pro forma for the July 14, 2019 redemption of $500 million Senior Notes due 2019.Europa basic shares outstanding of 74.635 million as of September 30, 2019.Europa basic shares outstanding of 74.983 million as listed on the Company’s balance sheet as of June 30, 2019. For Illustrative Purposes and Reference OnlyNet Book Value vs. Maintenance-Adjusted Current Market Value ($ in millions) Cash $254 $150 (1) $150 (1) $150(1) $150(1) Fleet Value(2) 7,735 7,842 6,692 6,694 6,693 Other Assets 331 292 292 292 292 Total Assets $8,321 $8,284 $7,134 $7,136 $7,135 Debt (3)$5,237 (4)$5,193 (4)$5,193 (4)$5,193 (4)$5,193 Other Liabilities 1,046 1,070 1,070 1,070 1,070 Total Liabilities $6,282 $6,263 $6,263 $6,263 $6,263 Implied Net Asset Value $2,038 $2,021 $872 $873 $873 Basic Shares Outstanding (5)74.635 (6)74.983 (6)74.983 (6)74.983 (6)74.983 Implied Net Asset Value per Share $27.31 $26.96 $11.63 $11.65 $11.64 As of 9/30/19 As of 6/30/19 Net Book Value Maintenance-Adjusted Current Market Value 14