LOS ANGELES, California, March 24, 2014 — Today Air Lease Corporation (NYSE: AL) announced lease agreements with Korean Air for six new Boeing 737-800 aircraft, which are scheduled for delivery in 2015 and 2016. These aircraft are from ALC’s order book from Boeing.

"We are thrilled to announce this significant new lease placement with Korean Air, one of the world’s premier carriers. These six new aircraft will support Korean Air’s expanding route network and frequencies, and builds upon ALC’s previously announced lease transactions with Korean Air for Boeing 737-800 and 777-300ER aircraft,” said John Plueger, President and Chief Operating Officer 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 Korean Air

Korean Air is both the flag carrier and the largest airline of South Korea, with global headquarters located inGonghang-dong, Gangseo-gu, Seoul, South Korea. Korean Air's international passenger division and related subsidiary cargo division together serve 130 cities in 45 countries, while its domestic division serves 20 destinations. It is among the top 20 airlines in the world in terms of passengers carried and is also the top-ranked international cargo airline. Incheon International Airport serves as Korean Air's international hub.