LOS ANGELES, July 27, 2015 - Air Lease Corporation (NYSE: AL) announced a long term lease agreement with Air Vanuatu, an international airline based in Port Vila, Vanuatu, for one new Boeing 737-800. The aircraft is from ALC’s order book with Boeing and will deliver in January 2016.

“ALC is very pleased to announce this strategic new 737-800 lease placement with Air Vanuatu, a new customer for ALC in the South Pacific region. We look forward to a long-term relationship with the airline as they grow and modernize their fleet,” said Steven F. Udvar-Házy, Air Lease Corporation’s Chairman and Chief Executive Officer.

“Air Vanuatu looks forward to the introduction of the brand new Boeing 737-800 with the enhanced SKY interior and the latest technology and customer features, in January 2016, on long term lease contract from Air Lease Corporation," said Joseph Laloyer, Air Vanuatu's Chief Executive Officer.

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 Air Vanuatu

Air Vanuatu is an international airline with its head office in Port Vila, Vanuatu. It is Vanuatu’s national flag carrier, with its main base at Bauerfield International Airport, Port Vila. As of July 2015 Air Vanuatu operates nine international routes to Australia, Fiji, New Caledonia, New Zealand and Solomon islands, in addition to numerous domestic routes.