LOS ANGELES, California, December 14, 2015 — Today Air Lease Corporation (NYSE: AL) announced an agreement to lease two new Boeing 787-9 Dreamliner aircraft to El Al. Both aircraft are on long-term lease from ALC’s order book with Boeing and are scheduled to deliver to Israel’s flag carrier airline in the third quarter and early fourth quarter of 2017. These new Boeing 787-9 Dreamliner aircraft will replace older Boeing 747-400s in El Al's fleet and will be the first two 787s for the airline.

“We are very pleased to announce this lease placement with El Al, a new customer for ALC. We believe the efficiency and interior design of the new Dreamliner aircraft is a valuable addition to El Al’s all-Boeing fleet and will further strengthen the airline’s long-term stability and success,” said Kishore Korde, Executive Vice President of Air Lease Corporation.

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 El Al

El Al Israel Airlines Ltd (TASE: ELAL), trading as El Al, is the flag carrier of Israel and has been ranked by IATA as one of the most efficient airlines in the world. EL AL was established in 1948 as the national airline of Israel and has since become a prestigious international carrier. The airline’s all-Boeing fleet has grown to serve some 45 destinations, operating scheduled domestic and international services and cargo flights to Europe, North America, Africa and the Near and Far East from its main base in Ben Gurion International Airport.