May 16, 2011 11:54 PM Eastern Daylight Time

LOS ANGELES—(BUSINESS WIRE)—Air Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) (NYSE: AL) today announced the results of its operations for the first quarter ended March 31, 2011.

On April 25, 2011, we completed an initial public offering of our Class A Common Stock and listing of our shares on the New York Stock Exchange (“NYSE”) under the symbol “AL.” The offering was upsized by 20% and the underwriters exercised their over-allotment option in full, resulting in the sale of an aggregate of 34,825,470 shares of Class A Common Stock. After deducting the underwriting discounts and commissions and offering expenses payable by us, we received net proceeds of approximately $868.1 million. These funds are not included in the financial results of the Company as of March 31, 2011.

First Quarter 2011 Highlights:

We recorded our first quarterly positive pre-tax income of $4.9 million and net income of $3.2 million and recorded cash flow from operations of $38.5 million for the three months ended March 31, 2011. For the same period, we recorded adjusted net income1 of $11.7 million and adjusted EBITDA1 of $45.2 million.

We signed additional lease placements for aircraft delivering during 2011, 2012 and 2013. As of today, our total lease placements include all of our aircraft to be delivered in 2011, 32 out of 38 aircraft to be delivered in 2012, nine out of 25 aircraft to be delivered in 2013 and one out of 24 aircraft to be delivered in 2014.

During the quarter, we entered into 21 lease transactions covering 60 aircraft across 18 customers. Our largest transaction covered 18 aircraft with China Eastern, which includes entering into separate long-term lease agreements for ten new Airbus A320-200s and five new Boeing 737-800s from our order book as well as purchasing three used Boeing 767-300ER aircraft which have been placed under leases with other carriers in Asia.

During the quarter, we purchased nine additional aircraft, all of which have been leased, increasing our fleet from 40 aircraft as of December 31, 2010 to 49 aircraft across 30 airlines in 17 countries as of March 31, 2011. As of May 16, 2011, our fleet has further grown to 56 aircraft across 37 airlines in 22 countries.

On April 1, 2011, we executed an amendment to the Warehouse Facility that took effect on April 21, 2011. This facility, as amended, provides us with financing of up to $1.25 billion. We are able to draw on the amended facility during an availability period that was extended to June 2013 (extended from May 2012) and the interest rate on the amended facility was reduced to LIBOR plus 2.50% on drawn balances and 0.75% on undrawn balances.

As of March 31, 2011, ALC had built a diverse lending group consisting of 17 banks with an overall composite cost of funds of 3.29%2. During the first quarter of 2011, we closed three additional unsecured revolving bilateral credit facilities totaling $63.0 million and increased the capacity of one of our existing facilities by $5.0 million. In addition, we entered into three fixed-rate secured term facilities totaling $132.5 million with interest rates ranging from 4.57% to 4.89% and entered into an $86.0 million facility with a $40.0 million tranche at a fixed rate of 4.34% and a $46.0 million tranche at a floating rate of LIBOR plus 2.35%.

1 Adjusted net income and adjusted EBITDA are measures of both operating performance and liquidity that are not defined by Generally Accepted Accounting Principles (“GAAP”). We believe adjusted net income and adjusted EBITDA provide useful information on our earnings from ongoing operations, our ability to service our long-term debt and other fixed obligations, and our ability to fund our expected growth with internally generated funds. See notes 1 and 2 to the Consolidated Statement of Operations included in this press release for a discussion of adjusted net income and adjusted EBITDA, respectively, and for a reconciliation of such measures to cash flows from operating activities.

2 This rate does not include the effect of upfront fees, undrawn fees or issuance cost amortization.

Fleet Growth

Building on our base of 40 aircraft at December 31, 2010, we added nine aircraft during the first quarter of 2011 and ended the quarter with 49 aircraft. As of May 16, 2011, our fleet further grew to 56 aircraft. We continue to evaluate opportunities on an ongoing basis to acquire attractive aircraft from other leasing companies and our airline customers, as well as opportunistic transactions with the airframe manufacturers such that we estimate we will grow our fleet to approximately 100 aircraft by the end of 2011. We expect that our weighted average fleet age will further decrease as we continue to take delivery of new aircraft in 2011 and beyond from our order book.

As of March 31, 2011, ALC had built a diverse lending group consisting of 17 banks providing lending facilities with an overall composite cost of funds of 3.29%. During the first quarter of 2011, we closed three additional unsecured revolving bilateral credit facilities totaling $63.0 million and increased the capacity of one of our existing facilities by $5.0 million. As of quarter end, we had 12 unsecured revolving bilateral credit facilities totaling $308.0 million. In addition, we entered into three fixed-rate secured term facilities totaling $132.5 million in financing with interest rates ranging from 4.57% to 4.89% and entered into an $86.0 million facility with a $40.0 million tranche at a fixed rate of 4.34% and a $46.0 million tranche at a floating rate of LIBOR plus 2.35%.

On April 1, 2011, we executed an amendment to the Warehouse Facility that took effect on April 21, 2011. This facility, as amended, provides us with financing of up to $1.25 billion. We are able to draw on this facility, as amended, during an availability period that was extended to June 2013. The interest rate on this facility, as amended, was reduced to LIBOR plus 2.50% on drawn balances and 0.75% on undrawn balances.

Financial Results

For the quarter ended March 31, 2011, we recorded $54.6 million in rental revenue, which includes overhaul revenue and management fee revenue of $1.7 million and $0.4 million, respectively. As aircraft are added throughout the respective periods, the full impact on rental revenue of these aircraft will be reflected in subsequent periods. For the same period, we recorded our first quarterly positive pre-tax income of $4.9 million and net income of $3.2 million and achieved cash flow from operations of $38.5 million. Our adjusted net income and adjusted EBITDA were $11.7 million and $45.2 million, respectively.

Building on our base of 40 aircraft at December 31, 2010, we acquired nine aircraft during the first quarter of 2011. As of March 31, 2011, we owned 49 aircraft. The Company recorded $530.1 million of aircraft additions in the first quarter of 2011, bringing our net aircraft purchases to $2.2 billion as of March 31, 2011.

Interest expense of $11.4 million for the three months ended March 31, 2011 principally consisted of $9.1 million in interest and unutilized fees on our debt facilities and an additional $2.3 million in amortization of our deferred debt issue costs.

Conference Call

In connection with the earnings release, Air Lease Corporation will host a conference call on May 16, 2011 at 5:30 PM Eastern Time to discuss the Company’s financial results for the first quarter of 2011.

Investors can participate in the conference call by dialing 1-888-679-8034 domestic or 1-617-213-4847 international. The passcode for the call is 16067072.

For your convenience, the conference call can be replayed in its entirety beginning at 8:30 PM ET on May 16, 2011 until 11:59 PM ET May 17, 2011. If you wish to listen to the replay of this conference call, please dial 1-888-286-8010 domestic or 1-617-801-6888 international and enter passcode 79032262.

The conference call will also be broadcast live through a link on the Investor Relations page of the Air Lease Corporation website at www.airleasecorp.com. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investor Relations page of the Air Lease Corporation website.

About Air Lease Corporation

Launched in 2010, Air Lease Corporation 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.