25 May 2016

Air Lease Corporation Announces Lease Placement of Three New Airbus A321-200s, One New Airbus A321-200neo and One New Airbus A320-200neo with WOW Air

LOS ANGELES, May 25, 2016 – Air Lease Corporation (NYSE: AL) announced today the placement of three new Airbus A321-200 CEOs, one new Airbus A321-200neo and one new A320-200neo aircraft on long-term leases to WOW air (Iceland). One A321-200 CEO delivered to the airline earlier this month, with the remaining two A321-200 CEOs delivering in Q3 and Q4 2016. The A320-200neo and A321-200neo aircraft are scheduled to deliver in Q1 2017 and Q1 2018, respectively. ALC purchased three of the aircraft from another operator just after delivery from Airbus and the other two aircraft are from ALC’s order book with Airbus.

“ALC is very pleased to announce these five new A321 and A320 lease placements with our new customer, WOW air. We look forward to a long-term relationship with WOW air as they continue to add new modern Airbus aircraft to modernize their expanding fleet and grow their network,” said Grant Levy, Air Lease Corporation’s Executive Vice President.

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 WOW air

WOW air is the only ultra-low-cost transatlantic airline offering the cheap fares, a modern fleet with the lowest emissions and the biggest smile; this is the WOW air promise to its valuable customers.

As of summer 2016, the airline will serve 29 destinations across Europe and North America including London, Frankfurt, Paris, Washington DC, San Francisco, Los Angeles, Montreal, Toronto and Boston.

Created in November 2011 by Icelandic entrepreneur Skúli Mogensen, the purple airline flies Airbus A320 aircraft across Europe and Airbus A321/A330 aircraft that service the transatlantic routes.

WOW air was ranked as the 7th best low-cost airline in Europe at the 2013, 2014 and 2015 Skytrax World Airline Awards and was the youngest airline in the top ten.

For more information: www.wowair.co.uk.





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 St. John

Manager, Media and Investor Relations

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