LOS ANGELES, October 18, 2016 — Air Lease Corporation (NYSE: AL) announced today the placement of twelve new Airbus A321neo aircraft on long term lease to Vietnam Airlines. Six of the aircraft will deliver in 2018 and six of the aircraft will deliver in 2019, all from ALC’s order book with Airbus. Last year ALC announced long term lease contracts with Vietnam Airlines for eight new Boeing 787-10s, which are scheduled to begin delivering in 2019 and continue through 2021.

"Since 2010 ALC has been working closely with the leadership of Vietnam Airlines to develop a long term fleet plan encompassing the most modern and efficient Airbus and Boeing airplanes for the airline. ALC has played an instrumental role in fulfilling the airline’s wide body strategy with the introduction of eight new Boeing 787-10s, and on the single aisle side, the addition of 12 new Airbus A321neos; all 20 aircraft to be leased from ALC. We’re excited to support the development of one of the fastest growing airlines in Asia, and will continue to drive this important relationship between ALC and Vietnam Airlines," said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation.

“Our relationship with Vietnam Airlines spans over two decades as we’ve worked together to provide new and efficient aircraft to optimize their fleet. This transaction demonstrates that our airline customers value ALC as an advisor and resource when planning the growth and replacement of their fleets,” said Jie Chen, Executive Vice President and Managing Director, Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.

About Vietnam Airlines

Vietnam Airlines is the flag carrier of Vietnam. Founded in 1956 under the name Vietnam Civil Aviation, the airline was established as a state-owned enterprise in April 1989. Vietnam Airlines is headquartered in Long Bien District, Hanoi, with hubs at Noi Bai International Airport and Tan Son Nhat International Airport.