Air Lease Corporation Delivers One New Airbus A321-200 Aircraft to WOW air

Air Lease Corporation (NYSE: AL) today announces the delivery of one new Airbus A321-200 on long-term lease to WOW air (Iceland). This new A321-200 MSN 7237 is the second of six new A320/A321 family jets leased by WOW air from ALC.

“We are very pleased to deliver this new A321-200 to WOW air, a new customer for ALC. We look forward to continuing our successful relationship with their management team as the airline optimizes its fleet for its low cost model,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation.

“We are thrilled to welcome yet another brand new Airbus A321 to our fast growing fleet and continue to expand our thriving collaboration with ALC. WOW air is on track to expand its fleet from 11 aircraft in 2016 to 17 aircraft in year 2017,” said Skúli Mogensen, founder and CEO of WOW air.

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 a low-fare and high-performance airline based in Iceland, with the newest aircraft fleet and the lowest emissions in the country. The airline was founded in November 2011 and serves 30 destinations across Europe and North America. The airline currently operates Airbus A320, A321, and A330-300 aircraft.

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Air Lease CorporationInvestors:Ryan McKenna, 310-553-0555Vice [e-mail]:Laura St. John, 310-553-0555Manager, Media and Investor [e-mail]