MARCH 27TH, 2015

Avolon delivers a new A321 aircraft to Philippine Airlines

Dublin | March 27, 2015: Avolon (NYSE: AVOL), the international aircraft leasing company, announces the delivery of an A321 aircraft to Philippine Airlines (‘PAL’). The delivery is Avolon’s sixth aircraft on lease to PAL, comprising five A320 family aircraft and one A330 aircraft.

Simon Hanson, Avolon Head of Asia, commented:

“Avolon continues to grow its business with airlines in the Asia Pacific region – this is a key market for the future growth of commercial aviation and one in which we want to play a significant part. Through our strong committed order book of new technology aircraft and our proven ability to execute sale and leaseback transactions, we are able to support the growth of airlines in Asia and around the world. We are very pleased to deepen our relationship with PAL as they continue to develop a young, modern fleet to serve their expanding customer base and we look forward to continuing our great relationship with them in the years ahead.”

Jaime Bautista, Philippine Airlines President & Chief Operating Officer, added:

“Avolon is one of our key lessor relationships. We have been doing business with Simon Hanson and the team for many years and we deeply value their continued support. This new A321 is a core part of our fleet and will continue to provide the best customer experience to our valued customers. We are looking forward to working with Avolon for many years to come. In this business long term trusted relationships is what it’s all about.”