Air Lease Corporation Announces Third Quarter 2013 Results

Los Angeles, California, November 7, 2013 — Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its operations
for the three and nine months ended September 30, 2013.

Highlights
Air Lease Corporation reports another consecutive quarter of fleet, revenue, profitability and financing growth:
• Diluted EPS increased 28% to $0.46 per share for the three months ended September 30, 2013 compared to $0.36 per share for the three months ended September 30, 2012
• Revenues increased 23% to $216 million for the three months ended September 30, 2013 compared to $175 million for the three months ended September 30, 2012
• Income before taxes increased 31% to $75 million with a pretax margin of 35% for the three months ended September 30, 2013 compared to income before taxes of $57 million with a pretax margin of 33% for the three months ended September 30, 2012
• Received an investment grade corporate and long-term debt credit rating of BBB- with a stable outlook from Standard & Poor’s Ratings Services
• Amended our Unsecured Syndicated Revolving Credit Facility, increasing the capacity by $300.0 million to $2.0 billion.
• Delivered eight aircraft from our order book, growing our fleet to 182 aircraft spread across a broad customer base of 79 airlines in
45 countries
• Our Board of Directors declared ALC’s fourth quarterly cash dividend of $0.03 per share on our outstanding common stock, representing a 20% increase from our previous quarterly cash dividends

“ALC’s strong results accelerated during the third quarter as we increased our diluted EPS 27.8% compared to Q3 of 2012. Our pretax profit margin of 35% is the highest ALC has achieved to date. ALC’s Board of Directors declared $0.03 per share cash dividend, which represents a 20% increase over the previous quarterly cash dividends. We achieved our stated goal of an investment grade rating from Standard and Poor’s during the quarter and we will continue to push for additional ratings and upgrades in the coming years. The demand for our future aircraft deliveries remains strong and is driven by the continued global passenger growth and the increasing needs of airlines to modernize aging aircraft fleets,” said Steven F. Udvar-Házy, Chairman and Chief Executive Officer of Air Lease Corporation.

“Our fleet of 182 aircraft continues to perform at 100% utilization with a stable overall portfolio lease rate factor. We are concluding placements in 2015 and now marketing 2016 positions and beyond with good demand. Inbound inquiries from the banking community caused us to re-open our bank revolver and upsize the facility from $1.7 billion to $2.0 billion adding three new banks along with a number of existing banks increasing their participation size. The strong support from the banking community reinforces our ample liquidity and along with our investment grade rating drove our composite cost of funds down to 3.46%,” said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation.

Fleet Growth
During the quarter we added eight aircraft, increasing our fleet to 182 aircraft spread across a broad customer base of 79 airlines in 45 countries as of September 30, 2013, compared to 174 aircraft spread across 78 airlines in 44 countries as of June 30, 2013.

Debt Financing Activities
During the third quarter of 2013 and through November 7, 2013, the Company expanded our banking group to 43 institutions and entered into additional debt facilities aggregating $517.0 million, which included a $300.0 million addition to our Syndicated Unsecured Revolving Credit Facility, $185.0 million in senior unsecured notes, and additional facilities aggregating $32.0 million. We ended the third quarter of 2013 with total unsecured debt outstanding of $3.9 billion. The Company’s unsecured debt as a percentage of total debt increased to 70.7% as of September 30, 2013 from 60.2% as of December 31, 2012, while reducing our composite cost of funds to 3.46% from 3.94% as of December 31, 2012. We ended the third quarter of 2013 with a conservative balance sheet with a low residual value risk profile. As of September 30, 2013 and through November 7, 2013, we had ample available liquidity of $1.5 billion.

Our financing plan remains focused on raising unsecured debt in the global bank and capital markets, reinvesting cash flow from operations, and to a limited extent utilizing export credit financing. In May 2013, the Company received a corporate credit rating of A- from Kroll Bond Ratings, followed by a second investment grade corporate credit rating of BBB- from S&P with a stable outlook in August 2013, further broadening our access to attractively priced capital.