AUGUST 5TH, 2015

Avolon: 2015 Second Quarter Results

Dublin | August 5, 2015: Avolon (NYSE: AVOL), the international aircraft leasing company, today announced
results for the second quarter of 2015 (“Q2”) and the first six months of 2015.

2015 Second Quarter | Financial Highlights
 Net Income up 133% to $56 million versus Q2 2014
 Adjusted Net Income up 83% to $62 million versus Q2 20141
 Sold three aircraft in Q2 with a net book value of $170 million at a gain of $23 million or 13.3% premium to net book value
 $622 million of new sale and leaseback commitments in Q2
 730 basis point year-on-year increase in Return on Equity from 7.1% in Q2 2014 to 14.4%
 600 basis point increase in Adjusted Return on Equity from 10.0% in Q2 2014 to 16.0%
 Undrawn debt of $849 million at end Q2; further reduction in average interest rate2 to 3.5% at end of Q2
 Post quarter end, Bohai Leasing made a tender offer to acquire a 20% interest in Avolon at $26 per share
SLB agreement with Hainan Airlines for five Boeing 787-9 aircraft, subject to completion of tender offer

2015 Second Quarter | Portfolio Highlights
 Owned and managed fleet of 152 aircraft at end of Q2; Owned, managed and committed fleet of 260 aircraft
 At end of Q2, average age of owned fleet of 2.6 years; average remaining lease term of 7.2 years
 Delivered 14 new aircraft to 10 airlines based in 10 countries in Q2
 Placement of first aircraft from Avolon’s Boeing 737 MAX order; letter of intent signed for three MAX aircraft
 Avolon’s 2016 commitments now stand at almost $1.4 billion; excluding three Boeing 787-9 aircraft which would deliver in 2016 under the five aircraft sale and leaseback transaction with Hainan Airlines
 All new deliveries placed through July 2018

 Re-affirm 2015 full year expectations to deliver aircraft with a net book value of $1.67 billion
 Upgrading guidance on aircraft trading for 2015 full year – expected full year Net Trading Gains for 2015
of $60 million to $65 million increased from $55 million to $60 million range as at March 31, 2015
 Guidance on 2015 returns unchanged: expected to deliver Adjusted Return on Equity of 14.7% to 15.0%1 or a Return on Equity of 12.8% to 13.1%
 Costs associated with Bohai Leasing investment of c. $5 million to $6 million in Q3 2015

Dómhnal Slattery, Avolon, CEO commented:
“Avolon has again delivered double-digit growth against key financial and operating performance metrics in the second quarter. We have added significant commitments to our pipeline, upgraded our 2015 full year aircraft trading guidance and recorded an adjusted ROE of 16%. Post quarter-end, we have also announced two important developments with the launch of a tender offer by Bohai Leasing for a 20% stake in Avolon at $26 per share and, subject to the completion of that offer, a significant sale and leaseback transaction with Hainan Airlines.

We are particularly pleased with our continued execution of both sale and leaseback transactions and the sale of aircraft in the quarter. This is testament to the strength of our team and our network of relationships. We delivered $622 million of new commitments reflecting our proven ability to secure growth through sale and leasebacks in both the contested and uncontested markets. We have now secured close to $1.4 billion of delivery commitments for 2016 which locks in substantial growth for the business in the year ahead.

The second quarter also marks twelve consecutive quarters of profitable aircraft trading for Avolon. As a result of our consistent execution, we expect to exceed our prior full year trading volume target and have upgraded our profit guidance for this segment of our business.

We believe we have the right team and right business model, together with best-in-class risk management systems, to continue to deliver superior growth with lower risk, which will ultimately drive returns for our shareholders. We re-affirm our 2015 guidance and look forward to the continued growth of the business into 2016.”