03 May 2011

Air Lease Corporation Continues Expansion of Aircraft Lease Placements in Asia

LOS ANGELES, CA, May 2, 2011 – Air Lease Corporation (ALC) announced today that it has signed lease agreements for 29 aircraft with Asia-region airlines. The aircraft were signed with customers including China Eastern, China Southern, Air China, Asiana, Garuda, MIAT Mongolian, and Orient Thai Airlines.

In the largest single lease placement to date in ALC's history, China Eastern Airlines and ALC have entered into long term lease agreements for 10 new A320-200’s and five new B737-800’s, for deliveries in 2012 and 2013. ALC will also acquire from China Eastern three Boeing 767-300ER aircraft, two of which have been placed under lease with MIAT Mongolian for delivery in May and November 2011, and one to Orient Thai Airlines for delivery in August 2011. The transaction with China Eastern includes nearly $700 million of new and used aircraft.

ALC and China Southern Airlines have entered into long term lease agreements for two new A320-200’s, for deliveries in November and December 2011.

ALC and Air China have entered into 12 year lease agreements for two new A330-200 aircraft for deliveries in July and October 2011.

ALC and Asiana have entered into lease agreements for two new A321-200’s for delivery in May and November 2012, and one new A330-300 for delivery in July 2012. The A321-200’s have an eight year lease term, and the A330-300 has a 10 year lease term.

ALC and Garuda have entered into agreements for three new B737-800’s, for delivery in November and December 2013, and September 2014. All three aircraft have 12 year lease terms.

ALC and MIAT Mongolian have entered into lease agreements for the two used B767-300ER’s for delivery in May and November 2011, and one new B737-800 for delivery in May 2014.

“Airlines in the Asia-Pacific region have been working closely with ALC management to develop long term jet aircraft leasing programs to cover both growth and replacement requirements. Today’s announcement validates the important airline relationships that ALC has developed in Asia,” said Steven F. Udvar-Hazy, Chairman and CEO of Air Lease Corporation.

About Air Lease Corporation (NYSE: AL)
Launched in 2010, Air Lease Corporation (ALC) is an 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 partners worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.

Investors:
Ryan McKenna
Director, Strategic Planning and Investor Relations
Email: rmckenna@airleasecorp.com

Media:
Laura St. John
Media and Investor Relations Coordinator
Email: lstjohn@airleasecorp.com

Air Lease Corporation
Phone: 310.553.0555
Fax: 310.553.0999




Investors

Depalma Maryliz 004

Mary Liz DePalma

Director of Investor Relations

Phone: +1 310.553.0555
Fax: +1 310.553.0999
Email: mdepalma@airleasecorp.com

Media

Stjohn Laura 018 Lorez

Laura Woeste

Manager, Media and Investor Relations

Phone: +1 310.553.0555
Fax: +1 310.553.0999
Email: lwoeste@airleasecorp.com